Surveillance: Lagarde's Optimistic Note For The Economy
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 12 December 2019
⏱️ 39 minutes
🧾️ Download transcript
Summary
Steven Major, HSBC Global Head of Fixed Income Research, is taking any increase in yield as a buying opportunity. Frederik Ducrozet, Pictet Wealth Management Strategist, says the first action the ECB has to take next year is to ease. Ted Alden, Council on Foreign Relations Senior Fellow, says he expects the U.S.-China trade deal to be delayed this week. Christine Lagarde, ECB President, says she sees signs of stabilization in euro zone. Stephanie Flanders, Bloomberg News Head of Economics, reacts to the ECB press conference and President Trump's tweets on a nearing trade deal.
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Transcript
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| 0:00.0 | With Bloomberg you get the story behind the story, the story behind the global birth rate, |
| 0:04.7 | behind your EV batteries environmental impact, behind sand. Yeah, sand, you get context. |
| 0:10.8 | And context changes everything. Go to Bloomberg.com to get context. Welcome to the Bloomberg surveillance podcast. I'm Tom Keene. |
| 0:28.0 | Daily, we bring you insight from the best in economics finance investment and international relations |
| 0:34.4 | find Bloomberg surveillance on Apple Podcasts soundcloud bloomberg |
| 0:39.1 | dot com and of course on the bloomer i would say equally as important as the three rate cuts we've had through 2019, |
| 0:46.0 | just as big a change in the last 12 months, the shift in the feds reaction function, |
| 0:51.0 | and I think Power went somewhere yesterday to completing that pivot in the last year. |
| 0:55.0 | Did Steve Major do okay on like getting out front of what those... |
| 0:58.0 | I think Steve Major is always doing better than okay over the last couple of years. |
| 1:02.0 | Pleased to say he's with us in a studio here in London, Steve Major, HSPC Global Head of Fixed Income Research. |
| 1:07.3 | Good morning, good day to you Steve. |
| 1:09.9 | Your thoughts as you reflect on Chairman Powell in the last 24 hours, where does it take us |
| 1:15.1 | through next year and beyond? How do you know what a Central Banker is lying? |
| 1:19.7 | How do you know? His lips move. So the point of that is that we're not going to take too much from what we're told. So for me, building an investment strategy around a central bank head who tells me that they're on hold |
| 1:35.1 | isn't going to take me very far. |
| 1:37.2 | And if I had built my strategy around what he told me this time last year, I would have been |
| 1:41.6 | short the market when it was rallying. |
| 1:44.0 | So I'm not saying that that's the only way that we do things because it's easy to be contrarian. |
| 1:50.0 | It's very easy to just do the opposite. |
| 1:52.0 | It's just that I don't get a lot of guidance. |
| 1:53.9 | I mean he doesn't know what's going to happen. Your point about the reaction |
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