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Bloomberg Surveillance

Single Best Idea with Tom Keene: Rebecca Patterson

Bloomberg Surveillance

Bloomberg

News, Business, Business News, Investing

3.81.2K Ratings

🗓️ 22 January 2026

⏱️ 4 minutes

🧾️ Download transcript

Summary

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. 

In this episode, we feature our conversation with Rebecca Patterson of the Council on Foreign Relations. 

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF

See omnystudio.com/listener for privacy information.

Transcript

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0:00.0

Bloomberg Audio Studios, Podcasts, Radio News.

0:12.1

A single best idea, which is to avoid this historic storm.

0:17.1

Rob Carolyn was fabulous to the...

0:19.7

He made very clear that the elements of the storm,

0:23.7

the foundations of the storm, are all the way across the nation to Catalina Island in Los Angeles.

0:30.9

I was stunned by that, but that's why, you know, he's so famous is the linkages here of how you

0:36.4

get a polar vortex or how the winds affect abilene

0:40.2

texas and on and on we thank rob caroline for terrific coverage we'll do much more here in the coming

0:46.3

days as the storm evolves over six seven eight days and then even after that some historic cold

0:52.5

is well rebecca paterson showed up with the Council on Foreign Relations, her recent essay in the

0:59.2

Financial Times, the senior fellow from CFR, Rebecca Patterson, on the dollar at this moment.

1:06.3

I think the important thing about the dollar is time frame and degree.

1:11.3

A lot of the media coverage this week with the threats of possible military intervention

1:16.8

to acquire Greenland against its will and then the backing off it, you saw some market reaction,

1:23.3

but it was really just a one-day sell America.

1:25.7

And everyone's saying, well, gosh, no one sold treasuries. Everything's fine. It's all hype. I'm like, no, it's not. It's time frame. What we're seeing is a slow erosion of confidence in dollar-based assets. This is something that will play out over years, not a day or a week or a month. But it's happening. Just brilliant. And I want to frame there, as Rebecca Patterson correctly said, a lot of the reporting was

1:50.1

treasuries didn't do much, and the answers they did.

1:53.3

A question is, where in the curve?

1:55.2

Short-term market was very stable.

1:57.0

That's a huge Fed influence, the economic data that Michael McKee's so good at. But farther out,

2:03.1

there was some movement in the 30-year bond, some people would say that used to be the benchmark,

2:08.9

30-year bond yield up, price down, began to approach 5%. Now it's turned around from that to a 4.86, I'm guessing,

...

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