Traders Closely Watch Tax Bill and Jobs Data

Bloomberg Surveillance

Bloomberg

News, Investing, Business News, Business

4 • 1.1K Ratings

🗓️ 2 July 2025

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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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 2nd, 2025
Featuring:
1) Jim Caron, CIO: Cross Asset Solutions at Morgan Stanley Investment Management, talks about market uncertainty and the underappreciated upside risk to equities. US equity futures held firm ahead of the June payrolls report and trade talks developments. Markets await the monthly payrolls report, which will offer fresh insight into the labor market and the path of interest rates, with US Treasuries retreating across the curve
2) Dan Ives, Global Head: Technology at Wedbush Securities, reacts to Tesla sales. The company's shares rose 23% in the last quarter despite the expected sales decline, but have since fallen amid a feud between Elon Musk and Donald Trump.
3) Maya MacGuineas, President of the Committee for a Responsible Federal Budget, talk about how President Trump's tax legislation would affect the US debt and deficit. Moderate and ultra-conservative GOP lawmakers have pushed for changes to the bill, citing concerns over Medicaid cuts, spending reductions, and the scale of the tax bill, with some vowing to oppose the bill in its current form.
4) John Gimigliano, Principal and head of the Federal Legislative and Regulatory Services Group at KPMG, on why the tax bill is no slam dunk as it heads back to the House, and who are the winners and losers in the bill. House Speaker Mike Johnson can only afford to lose three Republican votes, and with unified Democratic opposition, the bill's passage is uncertain, despite Trump's public pressure on Republicans to back the bill.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ on food makers rolling out lower prices and smaller package sizes, as well as an NYT story on whether someone is "cool."

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Transcript

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0:00.0	This is an IHeart podcast.
0:04.2	A warming planet, complex geopolitics and fierce competition means business operations are under more scrutiny than ever before.
0:13.0	Returning to Singapore this July, the Bloomberg Sustainable Business Summit is uniting leaders and investors
0:19.0	to explore how sustainability efforts can bolster resilience
0:22.9	and mitigate risk. Learn more at Bloomberglive.com slash SBS-SBS-Singapore. That's Bloomberg
0:29.6	Live.com slash SBS-Sys Singapore. Bloomberg Audio Studios Podcasts Radio News
0:41.5	This is the Bloomberg Surveillance Podcasts
0:48.3	This is the Bloomberg Surveillance Podcast. Catch us live weekdays at 7 a.m. Eastern on Apple CarPlay or Android Auto with the Bloomberg business app.
0:56.7	Listen on demand wherever you get your podcasts or watch us live on YouTube. Jim Karen joins us right now
1:03.9	Cross Asset Solutions Morgan Stanley Investment Management. How many times did you rip up your
1:09.7	mid-year report? Many times. I mean, you're all
1:14.5	from home because you couldn't stand each other by the time you were done it. What mid-year report?
1:20.3	So I think one of the big questions that we have or really thoughts is that we're going to start
1:25.4	see more clarity in the second half of the year as opposed to some of the uncertainty.
1:30.3	Now, the reality is that going into the first half of the year, we had tariff policy, we didn't know exactly what that was going to be,
1:36.3	how the economic data was going to shape out and what the market reaction would be.
1:40.3	Now a lot of that is going to be behind us in the second half of the year. For better or for
1:44.6	worse, you're going to know what the tariff policy is. For better or for worse, you're going to
1:47.4	know what the Fed is thinking and what they're going to do in response to that. So that reduction
1:53.2	in uncertainty does add some visibility to the future in earnings and cash flows. And once the
2:00.0	budget bill passes, this is the last
2:02.1	nugget of uncertainty. Once that passes, I think then corporations will have more visibility into the
	...

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