Traders Price in CPI and Trump's Tariff Pause

Bloomberg Surveillance

Bloomberg

News, Investing, Business News, Business

4 • 1.1K Ratings

🗓️ 10 April 2025

⏱️ 52 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 SweeneyApril 10th, 2025
Featuring:
1) Patrick Armstrong, CIO at Plurimi Wealth, Tiffany Wilding, Economist: North America at PIMCO, and Greg Boutle, Head of US Equity & Derivative Strategy at BNP Paribas, react to CPI and discuss the outlook for bonds and equities following President Trump's tariff reversal. Strategists have warned investors against buying the dip in equities due to the risks ahead, with some advising caution amid extreme market volatility.
2) Ian Lyngen, Head of US Rates at BMO Capital Markets, joins to discuss signals from the bond market before and after President Trump's tariff reversal and the outlook for US rates amid the current US economic backdrop. Trump's tariff reversal decision was driven in part by the chaos in financial markets, as well as outreach from other countries making concessions, and he is now considering exemptions for companies facing severe consequences from tariffs.
3) Nancy Tengler, CEO & CIO at Laffer Tengler Investments, talks "amateur hour" at The White House and why markets need a better policy rollout to sustain a rally after Trump's tariff pause. After a frenetic meeting with economic aides, President Trump implemented a three-month pause on expanded tariffs on dozens of countries, excluding China, and raised tariffs on the world's second-largest economy. It comes after the president promised that his policies would "never" change.s
4) Jordan Rochester, Head: FICC Macro Strategy at Mizuho, on the bond market signals to President Trump and market risks from here. The dollar weakened to begin Thursday as concern reemerges about potential longer-term damage to the global economy from conflict over trade.
5) Kona Haque, Head of Commodities Research at ED&F Man, on the commodity turnaround on Trump's tariff reversal and how softs will fare as trade deals are renegotiate. It comes as the flow of oil from the world’s biggest producer to its largest importer is set to thin to virtually zero as a trade war between the two powerhouse economies escalates.

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0:39.9	Bloomberg Audio Studios.
0:42.7	Podcasts Radio News.
0:49.5	This is the Bloomberg Surveillance Podcasts podcast. Catch us live weekdays at 7 a.m. Eastern on Apple CarPlay or Android Auto with the Bloomberg
0:56.6	business app. Listen on demand wherever you get your podcasts or watch us live on YouTube.
1:03.0	We're up on CPI. I can think of no major economic report that I've ignored in the last number of days,
1:10.5	like this important inflation study.
1:13.3	Greg Bottle of BMP Perrybaud will be with us.
1:15.7	Tiffany Wilde will really give us direction, her wonderful work at Pimco.
1:20.2	But first, with his incredible schedule, we had to squeeze in here, Patrick Armstrong.
1:24.7	He's with Plymouth for years with Templeton in Toronto, which is a magical place for me. Patrick Armstrong. He's with Plurring Wealth for years with Templeton in Toronto,
1:28.3	which is a magical place for me. Patrick Armstrong in the United Kingdom, thank you so much for
1:33.6	joining us today. Are we at a point where the foreigners won't buy American stocks and bonds?
1:41.0	Is something radically changed here?
1:51.6	I don't, you say won't, but I do think the wins are pushing against it. And Trump's tariffs are going to carve out some economic wins in the short term because Europe isn't going
1:56.8	to respond immediately to the tariffs that have been put on them. But it is a risk for the United States that you've got global trade XUS, and it turns into
2:06.4	that kind of thing.
	...

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