Surveillance: Hochul Calls for Small Business Relief
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 17 December 2020
⏱️ 29 minutes
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Summary
Christopher Harvey, Wells Fargo Securities Head of Equity Strategy, says 2021 will bring overall pedestrian returns and it's essential to look into small-caps and financials. Tom Porcelli, RBC Capital Markets Chief U.S. Economist, says there could be a Fed rate hike as early as 2022. Kathy Hochul, New York Lieutenant Governor, discusses the desperate need for stimulus for small businesses, the lack of state aid in the coronavirus relief bill, and trying to avoid another lockdown. Stephen Stanley, Amherst Pierpont Chief Economist, sees the economy getting back to close to normal in the second half of 2021.
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| 0:00.0 | Join us in Seattle on November 8th for Bloomberg's intelligent automation briefing about transformation in a time of uncertainty. During this special evening event, top business and IT executives will gather to explore ways in which intelligent automation can offset economic |
| 0:15.8 | pressures and help organizations thrive by enhancing operational efficiencies and stakeholder |
| 0:21.2 | value. |
| 0:22.3 | This program is proudly sponsored by IBM. Register at |
| 0:25.7 | Bloomberg Live.com slash automation slash radio. Welcome to the Bloomberg Surveillance Podcast, I'm Tom Keene. |
| 0:33.0 | Daily, we bring you insight. Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene. |
| 0:43.0 | Daily, we bring you insight from the best in economics, finance, investment, and international relations. |
| 0:49.5 | Find Bloomberg Surveillance on Apple Podcasts, SoundCloud, Bloomberg.com, and of course on |
| 0:56.1 | the Bloomberg. |
| 0:57.1 | Joining us now pleased to say Chris Harvey, Wals Fargo Security's head of equity strategy, |
| 1:01.9 | momentum is too rich for our blood over at Wells Fargo. |
| 1:05.5 | Chris, what does that mean? |
| 1:07.5 | So what that means is, excuse me, |
| 1:10.0 | Momentum Strategies have gone too far, right, everyone during the recession ran to momentum strategies. |
| 1:15.6 | They bid them up to a level that I don't think is sustainable. |
| 1:19.1 | And this setup is very much what we've seen in 2003, 2009. |
| 1:24.1 | You have a recession, everyone runs to the safety of momentum, |
| 1:27.4 | they bid them up to a level that's not sustainable, |
| 1:30.0 | recovery comes around and PM say, |
| 1:32.1 | oh, I need to get cyclicality. |
| 1:34.6 | They run for momentum. |
| 1:35.7 | It becomes a contrar indicator. |
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