Surveillance: Hawkish Cut a Mistake, says Crescenzi
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 30 October 2019
⏱️ 33 minutes
🧾️ Download transcript
Summary
Tony Crescenzi, PIMCO Market Strategist and Portfolio Manager, says a hawkish cut is a mistake in this environment. David Kirkpatrick, Techonomy CEO & Founder, says Apple is an astonishingly resilient company. Ira Jersey, Bloomberg Intelligence Chief U.S. Rates Strategist, says the Fed can sound more dovish than the market expects. And Therese Raphael, Bloomberg Opinion Columnist, says at the moment, this is Boris Johnson's election to lose.
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Transcript
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| 0:00.0 | When you get your news from Bloomberg, you don't just get the story. You get the story behind the story. |
| 0:07.0 | How your Evie's battery may not be as green as it seems. |
| 0:11.0 | Why a decrease in global birth rates could send countries scrambling to increase immigration. |
| 0:16.2 | You get context. |
| 0:17.6 | And context changes how you see things, how you change things, because context changes everything. Go to Bloomberg |
| 0:24.6 | dot com to get context. Welcome to the Bloomberg surveillance podcast. I'm Tom Keene. |
| 0:43.3 | Daily, we bring you insight from the best in economics, finance, |
| 0:47.1 | investment, and international relations. |
| 0:49.7 | Find Bloomberg Surveillance on Apple Podcasts, SoundCloud, Bloomberg.com and of course |
| 0:56.2 | on the Bloomberg. |
| 0:57.2 | 2 PM Eastern, that's your main event. |
| 0:59.5 | The Federal Reserve decides Chairman Powell delivers a news conference shortly thereafter. |
| 1:04.4 | Joining Tom and I in the studio I'm pleased to say here in New York Tony Kresensi, |
| 1:08.8 | Pimco Market Strategist and Portfolio Manager, good morning to you Tony. |
| 1:13.3 | Well, I'm in John, thanks for having me here. |
| 1:15.0 | Will they or won't they cut interest rates in a couple of hours time? |
| 1:19.4 | Yes, we think it's highly probable. |
| 1:21.2 | The Federal Reserve did nothing to dissuade the markets from thinking there'll be a move and we know from our conversations that we have regularly with Ben Bernanke that when the market has a very high probability of a certain action that the Federal Reserve need follow |
| 1:36.6 | through with it and what could be called the Hall of Mira's effect where the market's |
| 1:41.0 | looking at the Fed's looking back at the markets and they have to mirror what the markets are doing. |
| 1:46.0 | So the probability of what the markets have in for a hike is 90%, that's too high for the Fed to say no today. |
| 1:52.8 | What's a harkish cut? |
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