Surveillance: U.S. Treasuries Look Cheap Globally, Major Says
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 2 April 2019
⏱️ 30 minutes
🧾️ Download transcript
Summary
Steven Major, HSBC Global Head of FI Research, thinks U.S. bonds look cheap globally. Emma Ross-Thomas, Bloomberg Brexit Editor, updates us on Parliament's plans to avoid a no-deal Brexit. David Page, AXA Investment Managers Senior Economist U.S. & U.K., expects some euro appreciation. Jim Paulsen, The Leuthold Group Chief Investment Strategist, thinks this is a good environment for stocks.
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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 on the |
| 0:56.4 | Bloomberg. Let's bring in Steve, shall we? Steve Major, H.S.B.C. Global Head of Fixed Income Research, |
| 1:07.0 | really happy to say he's with us here in New York. Steve, I want to begin with a view from |
| 1:10.2 | HSBC and quote the following, what appears to be an end to Fed tightening |
| 1:14.4 | and a corresponding shift in market expectations towards our low for longer |
| 1:17.7 | rate view we have changed the tail risk the tail risk in our long-term yield |
| 1:21.9 | scenario analysis. |
| 1:23.1 | As a result, we cut our year-end forecast for both 2019 and 2020 to 2.1%. |
| 1:29.8 | Let's begin right there, the journey to 2.1%. |
| 1:32.4 | Frame it for us Steve sounds familiar is |
| 1:34.9 | that something that I wrote that is something you wrote okay that it's nine months |
| 1:39.8 | until year end and it's a forecast. The favorite conversation I have with people, |
| 1:44.4 | investors for example, is when someone tells me I'm wrong and I love it because you know how |
| 1:49.7 | can a forecast be wrong? Let's meet on New Year's Eve and discuss whether it was wrong |
... |
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