Tariffs, Inflation, and Bank Earnings

Bloomberg Surveillance

Bloomberg

News, Investing, Business News, Business

4 • 1.1K Ratings

🗓️ 16 July 2025

⏱️ 37 minutes

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Summary

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 16th, 2025
Featuring:
1) Amanda Lynam, Head of Macro Credit Research at BlackRock, joins to talk about corporate credit resilience amid continued policy shifts. Stocks slipped as negative tariff headlines and dialed-back expectations for interest-rate cuts prompted doubts about the market’s ability to sustain recent highs. US Treasuries held steady.
2) Gerard Cassidy, Head: US Bank Equity Strategy at RBC Capital Markets, wraps big bank earnings. Investors will continue to follow bank executives' guidance during and after earnings on how they plan to allocate extra capital and drive larger profits.
3) David Malpass, former President at the World Bank, discusses the economic and geopolitical policies of the second Trump administration and what President Trump must do to gain broader support in his second term. It comes amid a rift within the Republican Party over the release of documents related to Jeffrey Epstein and uncertainty over President Trump's tariff policy.
4) Patrick Armstrong, CIO at Plurimi Wealth, brings us into PPI and talks about how inflation could weigh on markets. Robin Brooks, a senior fellow at the Brookings Institution, wrote that “the tariff inflation shock starts to hit” and this effect will keep building in intensity as pre-tariff inventories are depleted.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a New York Post story on the redesigned Waldorf-Astoria and a Boston Globe column on the seven best lobster rolls around Boston.

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Transcript

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0:00.0	A warming planet, complex geopolitics and fierce competition means business operations are under more scrutiny than ever before.
0:08.4	Returning to Singapore this July, the Bloomberg Sustainable Business Summit is uniting leaders and investors to explore how sustainability efforts can bolster resilience and mitigate risk.
0:19.0	Summit advisor Bangkok Bank presenting sponsor Schneider Electric
0:22.7	supporting sponsor Fraser's property.
0:25.2	Learn more at Bloomberg Live.com
0:27.0	slash SBS-Syshirepor.
0:32.0	Bloomberg Audio Studios
0:34.2	Podcasts Radio News.
0:37.1	Music Studios. Podcasts, Radio News.
0:38.3	This is the Bloomberg Surveillance Podcast.
0:43.3	Catch us live weekdays at 7 a.m. Eastern on Apple CarPlay or Android Auto with the
0:50.3	Bloomberg Business app. Listen on demand wherever you get your podcasts or watch us live on YouTube. Amanda Linen with us with us with BlackRock right now hugely. We got a great set of guests today. I know. It's like, you know, summer, Dunkin' Donuts. You get the little Dunkin' Donuts, you get the little Dunkin' Donut closet. You know, it's like... People're coming in studio, too. In too in studio and it's like they're just they're
1:11.8	just coming in for the for mike's air conditioning don't get yourself it's cooler here than larry's
1:16.7	air conditioning good morning Amanda i i to impress you i looked at the not the fed yield curve
1:23.8	which is not the two year tenure but the two the two-year 30-year curve, I regressed it back
1:30.2	three decades, and we're not even to like normal steepness now, are we? Right. Good morning. Thank
1:36.4	you for having me. You're hitting on one of the themes that is actually pretty consistent across
1:41.5	our platform, which is an expectation for steeper curves.
1:45.8	And I think- Back to normal.
1:47.1	Yes, and I think we've already had some steepening, but the expectation across a variety
1:53.2	of different tests is that that steepening trend could continue, driven by a multitude of
1:58.2	factors, but at the long end, the fiscal situation, it ranks among
	...

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