Surveillance: Fed Tightening with Jones
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 20 September 2022
⏱️ 26 minutes
🧾️ Download transcript
Summary
Kathy Jones, Charles Schwab Chief Fixed Income Strategist, says it's unsustainable to have the Fed hiking rates at a very rapid rate with the economy slowing. Chris Verrone, Strategas Partner & Head of Technical & Macro Strategy, thinks yields are going to remain stickier and higher than consensus. Alicia Levine, BNY Mellon Wealth Management Head of Equities & Capital Market Advisory, expects to see an equity market bump coming out of the US midterm elections. Jonathan Miller, Miller Samuel President & CEO, says we are absolutely underestimating the demand in the housing market.
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Transcript
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| 0:00.0 | Welcome to the Bloomberg Surveillance Podcast. |
| 0:07.3 | I'm Tom Keane, along with Jonathan Farrell and Lisa Abramowitz. |
| 0:12.2 | Daily, we bring you insight from the best. |
| 0:15.1 | An economics, finance investment, and international relations, find Bloomberg Surveillance |
| 0:20.7 | on Apple Podcasts SoundCloud, |
| 0:22.9 | Bloomberg.com, and of course, on the Bloomberg Terminal. |
| 0:28.6 | Kathy Jones is here to weigh in. |
| 0:30.6 | She's fixed income strategist to Chatswaffe. She's not. |
| 0:33.3 | Kathy, stay with us. Don't worry. I'm not coming to you on that. |
| 0:35.9 | Kathy, we all want to know a 10-year through 350, a two-year approaching 4%. Kathy, stay with us. Don't worry. I'm not coming to you on that. Kathy, we all want to know a 10-year through 350, a two-year approaching 4%. Kathy, these big buys, either one of them for you? |
| 0:45.1 | Well, we like extending duration here. I think it's unsustainable to have the Fed hiking rates |
| 0:50.9 | at a very rapid rate doing QT with with, you know, the economy slowing. |
| 0:57.4 | We've had six months of declining LEI. |
| 0:59.8 | We're seeing the housing market decline. |
| 1:03.0 | These are unsustainable trends. |
| 1:04.9 | At some stage of the game of the Fed will have to shift and or, you know, we're just going |
| 1:09.6 | to go into a deeper recession than we may already |
| 1:12.9 | be in and so we do like extending duration albeit yeah rates could continue to move up but I |
| 1:20.1 | think all we're getting is a deeper and deeper inversion of the yield curve here and Kathy this |
| 1:24.5 | call on extended duration ultimately has to be a call on the economy |
| 1:27.9 | rolling over. Do you have an idea of the pain threshold the Fed is willing to go through? |
| 1:33.8 | Well, I did mention pain for households and businesses last time, and I think there's a |
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