The Market Rally and NATO Summit
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 7 July 2026
⏱️ 35 minutes
🧾️ Download transcript
Summary
The latest in finance, economics and investment.
Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyTuesday, July 7, 2026
Featuring:
1) Steven Major, Global Macro Advisor at Tradition, talks about the yen trap and real yield illusion
2) Michael Darda, Chief Economist at Roth Capital Partners, on labor market stability and Fed patience
3) Michael Green, Chief Strategist at Simplify Asset Management, talks about AI Thermodynamics and profits as well as affordability in America.
4) Rose Gottemoeller, former deputy secretary-general of NATO and former U.S. Under Secretary of State for Arms Control and International Security, talks about the NATO summit amid her new Foreign Affairs article, "The Strange Defeat of Nuclear Deterrence And the Coming Crisis in Strategic Stability."
See omnystudio.com/listener for privacy information.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | The Bloomberg Sustainable Business Summit returns to Singapore on July 22nd. |
| 0:04.9 | Our fifth annual Asia Pacific Summit will explore how business and finance leaders are shaping the next phase of globalization by strengthening resilience, advancing climate adaptation and driving a multi-speed energy transition across Asia's diverse markets. |
| 0:20.1 | Join us for solutions-driven discussions, |
| 0:22.6 | interactive workshops and networking opportunities. Learn more at Bloomberg Live.com |
| 0:27.4 | slash SBS-Sys Singapore. |
| 0:31.8 | Bloomberg Audio Studios, Podcasts, Radio News. |
| 0:37.1 | Music studios. Podcasts, Radio News. |
| 0:45.1 | This is the Bloomberg Surveillance Podcasts. |
| 0:51.9 | Catch us live weekdays at 7 a.m. Eastern on Apple CarPlay or Android Auto with the Bloomberg business app. |
| 0:56.8 | Listen on demand wherever you get your podcasts or watch us live on YouTube. |
| 1:00.3 | Stephen Major is Global MacroAdvisor a tradition. |
| 1:06.2 | He is absolutely on the high ground of a broader disinflationary tendency. |
| 1:10.4 | Stephen, thank you for your patience and waiting at the NATO meetings. |
| 1:17.0 | Do we still have in place a disinflationary tendency, or is it unanchored? |
| 1:25.1 | Well, it looks from the basis of the break-evens that there is the markets believe in disinflation. And clearly, clearly, that's coming from the sharp drop in energy |
| 1:30.2 | prices, or at least from the oil price, first of all. So that is disinflationary. And it goes |
| 1:36.3 | against the mainstream consensus view that was for higher inflation. And I think that's why it's so |
| 1:43.7 | powerful for markets, Tom, because everyone was positioned for higher inflation. And I think that that's why it's so powerful for markets, Tom, |
| 1:45.4 | because everyone was positioned for higher inflation and higher inflation risk premium, |
| 1:50.6 | but you just don't see it happening. The market is going the other way. Now, I think that's |
| 1:55.9 | interesting. Not everyone's agreeing with me, because what's happening is people are reading |
| 2:00.5 | the higher nominal |
... |
Transcript will be available on the free plan in 14 days. Upgrade to see the full transcript now.
Disclaimer: The podcast and artwork embedded on this page are from Bloomberg, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Bloomberg and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.