Bloomberg Surveillance

Most of President Donald Trump’s global tariffs were ruled illegal by a federal appeals court that found he exceeded his authority in imposing them, but the judges let the levies stay in place while the case is subject to further review. The US Court of Appeals for the Federal Circuit on Friday upheld an earlier ruling by the Court of International Trade that Trump wrongfully invoked an emergency law to issue the tariffs. But the appellate judges sent the case back to the lower court to determine if it applied to everyone affected by tariffs or just the parties involved in the case. Friday’s 7-4 decision by the Federal Circuit could extend the suspense over whether Trump’s tariffs will ultimately stand. The case had been expected to next go to the Supreme Court for a final ruling. The administration could now turn to the justices, who have largely backed the president on other matters. But the White House could also let the Court of International Trade revisit the matter first. “ALL TARIFFS ARE STILL IN EFFECT!” Trump said in a post on Truth Social shortly after the decision was issued. For instant reaction and analysis, Bloomberg Balance of Power cohost Joe Mathieu speaks with Harvard Kennedy School's Ash Center Democracy Visiting Fellow Jeanne Sheehan Zaino and Stonecourt Capital Partner Rick Davis, both Bloomberg politics contributors. See omnystudio.com/listener for privacy information.

Transcribed - Published: 29 August 2025

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Win Thin & Frances Donald. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

Transcribed - Published: 29 August 2025

- Krishna Guha, Vice Chairman at Evercore ISI - Heath Terry, Global Head: Tech and Communications Research at Citi - Dana Telsey, CEO at Telsey Advisory Group - Ryan Wang, US Economist at HSBC Krishna Guha, Vice Chairman at Evercore ISI, joins to talk about Fed independence and the US economic outlook. Heath Terry, Global Head: Tech and Communications Research at Citi, discusses covering equities tied to AI and his outlook for the sector and hyper scaler CapEx. Dana Telsey, CEO at Telsey Advisory Group, talks about consumer health and retail ahead of the school season. Ryan Wang, US Economist at HSBC, reacts to PCE.See omnystudio.com/listener for privacy information.

Transcribed - Published: 29 August 2025

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyAugust 29th, 2025 Featuring: 1) Sarah Wolfe, Senior Economist with Morgan Stanley, Yelena Shulyateva, Senior Economist at The Conference Board, and Michael McKee, International Economics & Policy correspondent for Bloomberg News, react to PCE and discuss the outlook for inflation, labor, and rate cuts in the US. Stocks retreated as traders cut risk before the release of the US inflation data that is testing expectations on how quickly the Federal Reserve can reduce interest rates. 2) Meera Chandan, Co-Head: FX Strategy Team at JPMorgan, joins for an extended discussion on Fed independence, dollar weakness ahead of key economic data points this week and next, and turmoil in France this week. 3) Frances Donald, Chief Economist at RBC, brings us into the market open and talks about labor weakness and inflation and how the US labor market could rapidly deteriorate. It comes as Federal Reserve Governor Christopher Waller called for lower interest rates, saying he would support a reduction in September and anticipates additional cuts over the next three to six months, with the pace driven by incoming data. 4) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ piece on higher prices coming to household staples and a Business Insider piece on Naomi Osaka's big Labubu bling.See omnystudio.com/listener for privacy information.

Transcribed - Published: 29 August 2025

- Gita Gopinath, Deputy Managing Director at the IMF - Stuart Kaiser, Head: US Equity Trading at Citi - Dan Ives, Global Head: Technology at Wedbush Securities - Nela Richardson, Chief Economist at ADP Gita Gopinath, Deputy Managing Director at the IMF, joins to discuss leaving the IMF, her role at the IMF and her outlook for global economies, and ahead of her new role as John Zwaanstra Professor of International Studies and of Economics at Harvard University. Stuart Kaiser, Head: US Equity Trading at Citi, discusses his S&P outlook and talks about how markets are pricing in Nvidia earnings and headline risk. Dan Ives, Global Head: Technology at Wedbush Securities, breaks down Nvidia earnings and talks about the bull case for tech, AI, and Nvidia. Nela Richardson, Chief Economist at ADP, discusses jobless claims and the outlook for the US labor market and US economy.See omnystudio.com/listener for privacy information.

Transcribed - Published: 28 August 2025

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyAugust 28th, 2025 Featuring: 1) Dan Ives, Global Head: Technology at Wedbush Securities, breaks down Nvidia earnings and offers his outlook for AI. Analysts are staying bullish on Nvidia, boosting price targets after its results, citing the chip giant's longer-term prospects. At least 10 firms hiked their 12-month price targets, raising the average by 3% to $202.60, according to data compiled by Bloomberg. Wall Street remains overwhelmingly bullish on the stock, with 72 buy-equivalent ratings, and only seven analysts have a hold rating and the stock has a sole sell rating. 2) Anastasia Amoroso, Chief Investment Strategist, Private Wealth at Partners Group, joins for an extended discussion on private markets. Stocks shook off an initial drag from Nvidia’s sales outlook missing lofty expectations, indicating that momentum behind the record-breaking rally remains intact. 3) John Mowrey, CIO at NFJ, joins for a discussion finding value in markets beyond Nvidia and the big tech names, and discusses concerns about inflation and the US labor market. Investors will turn their focus to next month’s Federal Reserve interest rate decision and data releases, including initial jobless claims data and revised second-quarter gross domestic product figures due later Thursday. 4) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ story on AI-skilled 20-something's making hundreds of thousands a year and an NYT story on chicken nuggets possibly being wiped from cafeteria menus in NYC public schools.See omnystudio.com/listener for privacy information.

Transcribed - Published: 28 August 2025

Featuring: Eswar Prasad, Cornell University professor on Fed independence  Kate Kalutkiewicz, Trade Practice Lead, McLarty Associates on Tariffs Marc Short, Former Chief of Staff to Vice President Mike Pence on the White HouseSee omnystudio.com/listener for privacy information.

Transcribed - Published: 28 August 2025

Nvidia, the world’s most valuable publicly traded company, gave a tepid revenue forecast for the current period, fueling concerns that a massive run-up in artificial intelligence spending is slowing. Sales will be roughly $54 billion in the fiscal third quarter, which runs through October, the company said in a statement Wednesday. Though that was in line with the average Wall Street estimate, some analysts had projected more than $60 billion. The forecast excluded data center revenue from China, a market where it has struggled with US export restrictions and opposing pressure from Beijing. The outlook adds to concern that pace of investment in artificial intelligence systems is unsustainable. The difficulties in China also have clouded Nvidia’s business. Though the Trump administration recently eased curbs on exports of some AI chips to that country, the reprieve hasn’t yet translated into a rebound in revenue. For instant reaction and analysis, hosts Tim Stenovec and Isabelle Lee speak with: Bloomberg Intelligence Global Head of Technology Research Mandeep Singh Bloomberg News Big Tech Team Leader Sarah Frier Jay Goldberg, Senior Analyst, Semiconductors & Electronics with Seaport Research Partners See omnystudio.com/listener for privacy information.

Transcribed - Published: 27 August 2025

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Tony Crescenzi and Adam Posen Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

Transcribed - Published: 27 August 2025

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyAugust 27th, 2025 Featuring: 1) Adam Posen, President at the Petersen Institute for International Economics 2) Mandeep Singh, Bloomberg Intelligence analyst 3) Amanda Agati, CIO: Asset Management at PNC Bank 4) Tony Crescenzi, Executive Vice President at PIMCOSee omnystudio.com/listener for privacy information.

Transcribed - Published: 27 August 2025

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Libby Cantrill & Jeff deGraaf. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

Transcribed - Published: 26 August 2025

- Lael Brainard, former Fed Vice Chair - Torsten Slok, Chief Economist at Apollo - Scott Lincicome, VP: General Economics at Cato Institute - Bill Dudley, former NY Fed President and Bloomberg Opinion columnist Lael Brainard, former Fed Vice Chair, joins to discuss the possible ouster of Fed governor Lisa Cook. Torsten Slok, Chief Economist at Apollo, breaks down recent economic data and risks to the US economy, as well as Fed independence in the wake of President Trump moving to fire Fed governor Lisa Cook. Scott Lincicome, VP: General Economics at Cato Institute, discusses the legal fight between Fed governor Lisa Cook and the Trump administration. Bill Dudley, former NY Fed President and Bloomberg Opinion columnist, talks about Fed independence and how possibly losing it could impact markets.See omnystudio.com/listener for privacy information.

Transcribed - Published: 26 August 2025

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyAugust 26th, 2025 Featuring: 1) Libby Cantrill, Head: Public Policy at PIMCO, joins to talk about Lisa Cook and Fed independence as well as her note on the Trump admin aberration. President Trump moved to oust Federal Reserve Governor Lisa Cook following allegations that she falsified mortgage documents, citing "sufficient cause" to fire her. Forcing out Cook would give Trump an opportunity to secure a four-person majority on the Fed's seven-member Board of Governors, with her term not set to expire until 2038. 2) Cam Harvey, professor at Duke University, joins for an extended discussion on tariffs, rate cuts, and Fed independence. Fed governor Lisa Cook, in challenging President Trump’s removal order, could immediately seek an injunction reinstating her while litigation moves forward. No charges have been filed against her, though a Justice Department official last week signaled possible plans to investigate her. 3) Stephanie Roth, Chief Economist at Wolfe Research, talks about labor market health, rate cut uncertainty, and inflation. European stocks and US equity futures fell due to political turmoil in France and President Trump’s bid to oust Federal Reserve Governor Lisa Cook. 4) Jordan Rochester, Head: FICC Strategy at Mizuho, joins to talk turmoil in France and dollar moves amid President Trump's attempt to fire Lisa Cook. Stocks and bonds were already under pressure after optimism that followed Fed Chair Jerome Powell’s address at Jackson Hole faded on Monday. Doubts about the pace of easing are lingering ahead of an inflation report later this week, expected to highlight sticky price pressures.See omnystudio.com/listener for privacy information.

Transcribed - Published: 26 August 2025

- Liz Thomas, Head: Investment Strategy at SoFi - Steve Ricchiuto, Chief US Economist at Mizuho - Robert Tipp, Chief Investment Strategist t PGIM Fixed Income - Veronica Clark, Director: Citi Research Liz Thomas, Head: Investment Strategy at SoFi, talks about the outlook for the equity rally with the Fed appearing ready to ease monetary policy. Steve Ricchiuto, Chief US Economist at Mizuho, breaks down Jay Powell's Jackson Hole speech and the path for rate cuts in the US. Robert Tipp, Chief Investment Strategist t PGIM Fixed Income, talks about how the 10-year yield and the bond market could react to Fed easing to end the year, even with concerns about inflation looming. Veronica Clark, Director: Citi Research, talks about her outlook for the US economy and a weakening labor market.See omnystudio.com/listener for privacy information.

Transcribed - Published: 25 August 2025

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyAugust 22nd, 2025 Featuring: 1) Ed Yardeni, Chief Investment Strategist at Yardeni Research, joins for an extended discussion the equity rally, his S&P target, and Jay Powell's Jackson Hole speech. Policymakers are grappling with inflation above their 2% goal and a labor market showing signs of weakness, with a high degree of uncertainty about how these factors will evolve, according to Chicago Fed President Austan Goolsbee. 2) Henrietta Treyz, co-founder at Veda Partners, joins for an extended discussion about Congressional priorities as leaders soon return to Congress and the outlook for tariff policy heading into the fall. Making matters harder for policymakers is this week's PCE inflation gauge, which is forecast to show the personal consumption expenditures price index rose 2.9% in July from a year ago, the fastest annual pace in five months. 3) Gennadiy Goldberg, Head of US Rates Strategy at TD Securities, joins to discuss the interest rate path post-Jackson Hole. The Federal Reserve's Jackson Hole symposium was a tense affair, with Chair Jerome Powell signaling an interest-rate cut as soon as the next policy meeting in September, despite clear divisions among policymakers. 4) Lisa Mateo joins with the latest headlines in newspapers across the US, including a Business Insider story on a Harvard professor's concern about AI and a WSJ story on saving to support children financially when they reach their 30s.See omnystudio.com/listener for privacy information.

Transcribed - Published: 25 August 2025

- Bruce Kasman, Chief Economist at JPMorgan - Jean Boivin, Head: Investment Institute at BlackRock - Alex Nowrasteh, VP: Economic & Social Policy Studies at the Cato Institute - Betsey Stevenson, Professor: Public Policy & Economics at the University of Michigan Bruce Kasman, Chief Economist at JPMorgan, discusses the outlook for the US economy and inflation. Jean Boivin, Head: Investment Institute at BlackRock, discusses US market and economic risks in 2025 and the outlook for economic growth in the US and abroad. Betsey Stevenson, Professor: Public Policy & Economics at the University of Michigan, previews Jackson Hole and Jay Powell's final Jackson Hole speech as Fed Chair. Alex Nowrasteh, VP: Economic & Social Policy Studies at the Cato Institute, talks about the Trump administration's economic and political priorities.See omnystudio.com/listener for privacy information.

Transcribed - Published: 22 August 2025

Bloomberg's Tom Keene, Lisa Abramowicz and Michael McKee discuss remarks from Fed Chair Jay Powell following his speech at the Jackson Hole Symposium on a special edition of Bloomberg Surveillance. They speak with: Jim Bullard, Former St. Louis Fed President Kate Moore, Citi Wealth CIO Rich Clarida, Former Fed Vice Chair Federal Reserve Chair Jerome Powell carefully opened the door to an interest-rate cut in September, pointing to rising risks for the labor market even as worries over inflation remain.“The stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance,” Powell said in remarks prepared for the Fed’s annual conference in Jackson Hole, Wyoming on Friday. “Nonetheless, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”  Following Powell’s remarks investors boosted bets that the Federal Open Market Committee would cut rates at their Sept. 16-17 meeting. See omnystudio.com/listener for privacy information.

Transcribed - Published: 22 August 2025

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyAugust 21st, 2025 Featuring: 1) Bloomberg Surveillance host Tom Keene joins from Jackson Hole to preview Jay Powell's speech. The Federal Reserve's annual conference began Thursday evening with a dinner for central bankers, economists, and journalists. Chair Jerome Powell will speak Friday at 10 a.m. New York time, and investors will be listening for any hint of what policymakers may do at their September meeting. 2) Kristina Hooper, Chief Market Strategist at Man Group, joins to talk about markets walking on eggshells ahead of Jackson Hole and discusses the long-term outlook for the 10-year yield. US stock futures paused this week’s run of losses ahead of Federal Reserve Chair Jerome Powell’s Jackson Hole address, with markets scaling back bets on imminent rate cuts. 3) Karen Manna, Investment Director at Federated Hermes, talks about ongoing pressure on the Fed and Fed independence as all eyes remain on Jackson Hole. Fed watchers and investors will be listening for any hint of what policymakers may do at their September meeting. The US central bank may be on the cusp of again lowering interest rates, after keeping them on hold this year to gauge how tariffs would impact the economy. Powell could indicate this week if his colleagues are leaning one way or the other. With inflation above the Fed’s 2% target at the same time that hiring is cooling, officials have so far been divided on how soon cuts can come. 4) RaeAnne Mitrione, Partner at Callan Family Office, discusses the market pricing in Fed easing as consumers remain resilient and inflation remains uncertain. Market pricing shows investors expect a rate cut in September, followed by at least one more later this year. President Donald Trump, a frequent critic of the Fed, has demanded that Powell and his colleagues lower rates significantly, with some in the administration calling for an outsize half percentage point cut next month.See omnystudio.com/listener for privacy information.

Transcribed - Published: 22 August 2025

- Jeffrey Schmid, President of the Federal Reserve Bank of Kansas City - Betsy Duke, former Federal Reserve Governor - Claudio Irigoyen, Head: Global Economics Research at Bank of America - John Stoltzfus, Chief Investment Strategist at Oppenheimer & Co. Jeffrey Schmid, President of the Federal Reserve Bank of Kansas City, sits down with Bloomberg's Michael McKee for an extended discussion, covering topics that include Fed independence, the labor market, and the Fed's position on inflation. Betsy Duke, former Federal Reserve Governor, discusses Fed independence and the Trump administration's pressure to oust Fed governor Lisa Cook. Claudio Irigoyen, Head: Global Economics Research at Bank of America, discusses the US economic and market outlook amid uncertainty surrounding labor and inflation. John Stoltzfus, Chief Investment Strategist at Oppenheimer & Co., discusses his outlook for the S&P and 2025 and the bull case for equities.See omnystudio.com/listener for privacy information.

Transcribed - Published: 21 August 2025

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyAugust 20th, 2025 Featuring: 1) Michael McKee, International Economics & Policy correspondent from Bloomberg News, joins from Jackson Hole. Traders are staying cautious ahead of Fed Chair Jerome Powell’s speech on Friday for guidance on the path for interest rates. Overshadowing Powell's speech is an attempt by the Trump administration to oust Fed governor Lisa Cook as it looks to reshape the FOMC. 2) Wendy Schiller, professor at Brown University, on the latest DC headlines and how President Trump's next priority appears to be reshaping the Fed. President Trump's campaign to oust Federal Reserve Governor Lisa Cook would give him the opportunity to exert more influence over the US central bank by securing a majority on its seven-member board of governors. If Cook were to depart, it would pave the way for four of the seven slots on the Fed's Board of Governors to be filled by Trump appointees. 3) Kara Murphy, CIO at Kestra Investment Management, brings us into the market open and discusses the "Rip van Winkle" Q2 and the outlook for markets and earnings growth. US stock futures pointed to more weakness for tech shares on Thursday after days of selling as investors awaited the Federal Reserve’s gathering at Jackson Hole. 4) Lisa Mateo joins with the latest headlines in newspapers across the US, including a Business Insiders story on older Americans looking for work and a WSJ story on a 9-9-9 rule in baseball.See omnystudio.com/listener for privacy information.

Transcribed - Published: 21 August 2025

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with David Rosenberg & Michael McKee Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

Transcribed - Published: 20 August 2025

Featuring: -Howard Marks, Co-Chairman of Oaktree Capital Management -Eugenio Aleman, Raymond James Chief Economist -Eric Freedman, US Bank CIOSee omnystudio.com/listener for privacy information.

Transcribed - Published: 20 August 2025

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyAugust 20th, 2025 Featuring: 1) David Rosenberg, Founder and President Rosenberg Research & Associates, on how the bloom may be off the rose for markets. 2) Monica Guerra, Head: US Policy at Morgan Stanley, looks ahead to Jackson Hole and what we can expect to hear from Fed Chair Jay Powell. 3) Alicia Levine, Head of Investment Strategy and Equities at BNY, on how Trump's tariffs have quieted concerns about the deficit. 4) Lisa Mateo joins with the latest headlines in newspapers across the US...including how makeup is the answer for Louis Vuitton and Chipotle wants to turn dorm rooms into burrito bowls.See omnystudio.com/listener for privacy information.

Transcribed - Published: 20 August 2025

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Terry Haines & Lori Calvasina. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

Transcribed - Published: 19 August 2025

- Sarah Hunt, Chief Market Strategist at Alpine Saxon Woods - Retired Lt. Gen. Robert Walsh, Geopolitical Intelligence Group Member at Academy Securities - Kit Juckes, Chief FX Strategist at Societe Generale - Priya Misra, Portfolio Manager at JPMorgan Investment Management Sarah Hunt, Chief Market Strategist at Alpine Saxon Woods, joins to discuss her outlook for US equities and the S&P. Retired Lt. Gen. Robert Walsh, Geopolitical Intelligence Group Member at Academy Securities, breaks down the latest talks between President Trump, Ukrainian President Volodymyr Zelenskiy, and European leaders as a Putin-Zelenskiy summit could take place. Kit Juckes, Chief FX Strategist at Societe Generale, offers his outlook for the dollar and markets. Priya Misra, Portfolio Manager at JPMorgan Investment Management, talks about signals from the bond market.See omnystudio.com/listener for privacy information.

Transcribed - Published: 19 August 2025

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyAugust 19th, 2025 Featuring: 1) Monica DiCenso, Head of Global Investment Opportunities at JPMorgan, joins to talk about the US equity outlook, geopolitical and tariff risks, and US exceptionalism. Investors are turning their attention to earnings from US consumer giants for clues on the impact of tariffs, according to the text. 2) Jim Caron, CIO of Cross Asset Solutions at Morgan Stanley Investment Management, joins to talk markets blowing past tariffs post-Liberation Day and whether there's too much focus on risk rather than staying invested. Meanwhile, options traders are grabbing insurance to protect themselves from a potential plunge in technology stocks in the coming weeks, according to Bloomberg. 3) Doug Kass, president and founder at Seabreeze Partners, offers his macro, tech, and AI outlooks. Money markets are currently betting the Fed will deliver its first rate cut for the year in September, as labor-market weakness outweighs inflation risks, with another move expected before year-end. 4) Kristen Bitterly, Head: Wealth At Work at Citi Global Markets, talks asset allocation for long term investors and concern from clients amid a variety of market risks.See omnystudio.com/listener for privacy information.

Transcribed - Published: 19 August 2025

- Claudia Sahm, Chief Economist at New Century Advisors - Neil Dutta, Head: US Economic Research at Renaissance Macro - Gennadiy Goldberg, Head: US Rates Strategy at TD Securities - Kelly Grieco, Senior Fellow at the Stimson Center Claudia Sahm, Chief Economist at New Century Advisors, joins to discuss the outlook for markets and the labor market ahead of Jay Powell's Jackson Hole speech. Neil Dutta, Head: US Economic Research at Renaissance Macro, talks about the chances of a September rate cut as mixed data on inflation and the consumer come in. Gennadiy Goldberg, Head: US Rates Strategy at TD Securities, discusses the Fed's rate easing cycle and when it could begin. Kelly Grieco, Senior Fellow at the Stimson Center, breaks down the Trump-Putin summit and what's next for the war in Ukraine.See omnystudio.com/listener for privacy information.

Transcribed - Published: 18 August 2025

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyAugust 18th, 2025 Featuring: 1) Michael Darda, Chief Economist at Roth Capital Partners, joins to discuss the Fed's case for a rate cut and what he expects from Jackson Hole this week. Traders are staying cautious ahead of the Federal Reserve’s annual retreat at Jackson Hole later this week, with Chairman Jerome Powell’s speech keenly watched for guidance on a September interest-rate cut. 2) Blake Gwinn, Head of US Rates Strategy at RBC Capital Markets, joins to discuss his rate cut call as traders prep for Jay Powell's Jackson Hole speech. Investor expectations for monetary easing next month fluctuated in recent days, pricing in more than a quarter-point cut at one point, amid mixed signals on inflation and the strength of US consumers. 3) Angela Stent, Senior Fellow at the Brookings Institute, offers her analysis of the Trump-Putin summit and what Russian President Vladimir Putin gained from the meeting. President Trump and Vladimir Putin agreed that the US could offer security guarantees to Ukraine, according to Steve Witkoff, Trump's special envoy. The details of the security guarantees and any potential territorial concessions remain unclear, with Secretary of State Marco Rubio offering less certainty on the topic than Witkoff. 4) Kona Haque, Head of Commodities Research at ED&F Man, discusses her note on the major moves in coffee prices and how tariffs will affect it, and offers her macro and oil outlook. Coffee remains highly volatile due to geopolitical and weather instability.See omnystudio.com/listener for privacy information.

Transcribed - Published: 18 August 2025

US President Donald Trump called his meeting with Russian counterpart Vladimir Putin “extremely productive” but indicated that a deal to end the war had still not been finalized, adding that he would speak to NATO allies and Ukrainian President Volodymyr Zelenskiy. “There’s no deal until there’s a deal,” Trump said Friday in Anchorage, Alaska as he stood alongside Putin for a joint event.  Putin spoke first at the event, casting the conversations as useful and said they were held “in a constructive atmosphere.” He talked of unspecified agreements with Trump, and suggested that Ukraine was only one of multiple issues discussed, pointing to the potential for increased trade and business cooperation as well as work in the Arctic and in space exploration. The event followed the longest ever face-to-face meeting between the two leaders. On this special edition of Bloomberg Balance of Power, we hear instant reaction to and analysis of the summit and the press conference. Host Joe Mathieu speaks with: Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino. Bloomberg Managing Editor Kevin Whitelaw.  Bloomberg Chief Political Correspondent Annmarie Hordern. See omnystudio.com/listener for privacy information.

Transcribed - Published: 16 August 2025

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Peter Tchir & Jennifer Lee. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

Transcribed - Published: 15 August 2025

- Binky Chadha, Chief US Equity & Global Strategist at Deutsche Bank - Eddie Fishman, Professor at Columbia University - Marc Sumerlin, Managing Partner and founder at Evenflow Macro - Veronica Clark, Director: Research at Citi Binky Chadha, Chief US Equity & Global Strategist at Deutsche Bank, joins to discuss his S&P target and outlook for equities amid policy and global uncertainty. Eddie Fishman, Professor at Columbia University, previews the Trump-Putin summit in Alaska. Marc Sumerlin, Managing Partner and founder at Evenflow Macro, discusses the latest on the Fed and chair candidates. Veronica Clark, Director: Research at Citi, offers her outlook on markets, the economy, and inflation.See omnystudio.com/listener for privacy information.

Transcribed - Published: 15 August 2025

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyAugust 15th, 2025 Featuring: 1) Kate Moore, CIO at Citi Wealth, brings us into retail sales and discusses the outlook for equities and rate cuts amid concern over an inflation resurgence. S&P 500 futures edged higher 0.1% after a flat session Thursday, following back-to-back record closes earlier in the week, after a surprising PPI report that showed higher services costs in the US as tariffs take effect. 2) Peter Tchir, Head: Macro Strategy at Academy Securities, talks about how markets might play or shrug off the Trump-Putin summit and inflation fears reigniting in the US. In Europe, the Stoxx 600 advanced 0.2% toward the highest level since March amid guarded hopes that Friday’s US-Russia summit could be an initial step toward brokering a peace deal in Ukraine and thawing relations. 3) Heidi Crebo-Rediker, Adjunct Senior Fellow at the Council on Foreign Relations, talks about the Trump-Putin summit and why she believes there's "no chance" that Russia negotiates a ceasefire on acceptable terms for Europe and Ukraine. President Trump and Russian president Vladimir Putin will measure success at their summit in Alaska very differently, with Trump seeking a ceasefire in Ukraine and Putin seeing the meeting as a win without making concessions. 4) Jennifer Lee, Senior Economist at BMO Capital Markets, reacts to retail sales and discusses the paradigm shifts across global economies.See omnystudio.com/listener for privacy information.

Transcribed - Published: 15 August 2025

The Trump administration is in talks with Intel Corp. to have the US government potentially take a stake in the beleaguered chipmaker, according to people familiar with the plan, in the latest sign of the White House’s willingness to blur the lines between state and industry. The deal would help shore up Intel’s planned factory hub in Ohio, said the people, who asked not to be identified because the deliberations are private. The company had once promised to turn that site into the world’s largest chipmaking facility, though it’s been repeatedly delayed. The size of the potential stake isn’t clear. The plans stem from a meeting this week between President Donald Trump and Intel Chief Executive Officer Lip-Bu Tan, the people said. While the details are still being sorted, the idea is for the US government to pay for the stake, one of the people said. Another cautioned that the plans remain fluid. Shares of Intel climbed as much as 8.9% on Thursday. For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with: Bloomberg senior executive editor for Global Tech Tom Giles Bloomberg News deals reporter Ryan Gould See omnystudio.com/listener for privacy information.

Transcribed - Published: 14 August 2025

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Jim Bianco & Scott Ladner. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

Transcribed - Published: 14 August 2025

- Ed Yardeni, Chief Investment Strategist at Yardeni Research - Norman Roule, Senior Adviser at Center for Strategic & International Studies - David Malpass, former President at The World Bank - Nela Richardson, Chief Economist at ADP Ed Yardeni, Chief Investment Strategist at Yardeni Research, discusses the equity bull case amid clarity on tariff policy and the potential for rate cuts. Norman Roule, Senior Adviser at Center for Strategic & International Studies, previews the Trump-Putin summit in Alaska. David Malpass, former President at The World Bank, discusses political and economic priorities for the second Trump administration with just over a year to go until the 2026 Midterms. Nela Richardson, Chief Economist at ADP, reacts to jobless claims and PPI and talks about the health of the US labor market.See omnystudio.com/listener for privacy information.

Transcribed - Published: 14 August 2025

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyAugust 14th, 2025 Featuring: 1) Jim Bianco, founder at Bianco Research, joins for an extended discussion on the Fed and rate cuts, as he calls for the Fed to hold and believes an easing cycle would mark a serious policy error. US short-dated bonds yields are near their lowest level in more than three months, reflecting conviction among traders that the Federal Reserve will cut interest rates next month. 2) Dean Curnutt, CEO and founder at Macro Risk Advisors, joins to talk about the "GOAT Portfolio" and the volatility outlook as the Fed looks like it could soon ease monetary policy. Henry Allen, macro strategist for Deutsche Bank AG, said that "suddenly a 25 basis point rate cut seems fairly modest and achievable" in contrast to the large moves called for by Treasury Secretary Scott Bessent and President Donald Trump. 3) Cam Dawson, CIO at NewEdge Wealth, talks the resilience in equities and the pain trade as we get jobless claims and PPI. 4) Tina Fordham, founder at Fordham Global Foresight, joins for an extended look at geopolitical risks ahead of the Trump-Putin summit and how it will ripple through markets. President Trump warned he would impose "very severe consequences" if Vladimir Putin didn't agree to a ceasefire agreement. Trump said he hoped to use his meeting with Putin to set up a "quick second meeting" with Ukrainian leader Volodymyr Zelenskiy, and that he would "rate" the call with European leaders "a 10." Trump assured leaders that he wouldn't negotiate territories with Putin and would push the Russian leader to meet with Zelenskiy, according to multiple people briefed on the discussions. 5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ story on Walmart's newest employee benefit and the Financial Times' sotry on Italy expanding in the pet service industry.See omnystudio.com/listener for privacy information.

Transcribed - Published: 14 August 2025

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with David Seif & Jens Nordvig. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

Transcribed - Published: 13 August 2025

- Scott Bessent, US Treasury Secretary - Liz Ann Sonders, Chief Investment Strategist at Charles Schwab - Jeannette Lowe, Director: Policy Research at Strategas Securities - Tom Porcelli, Chief US Economist at PGIM Fixed Income Scott Bessent, US Treasury Secretary, joins to discuss tariffs, US economic data, the Fed, and the economic priorities of the second Trump administration. Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, talks about the sustainability of the equity rally as tariffs take hold. Jeannette Lowe, Director: Policy Research at Strategas Securities, talks about the latest developments in President Trump's economic and political priorities. Tom Porcelli, Chief US Economist at PGIM Fixed Income, talks about recent eco data and the outlook for the US economy.See omnystudio.com/listener for privacy information.

Transcribed - Published: 13 August 2025

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyAugust 13th, 2025 Featuring: 1) Jens Nordvig, founder & CEO at Exante Data, joins for an extended discussion about FX opportunities and President Trump's strategy to weaken the dollar. 2) David Seif, Chief Economist for Developed Markets at Nomura, joins to discuss recent eco data and why September may mark the beginning of a Fed easing cycle. Equity markets are swept up in a risk-on rally as a modest rise in US goods prices has tempered fears over the impact of tariffs, bolstering bets that the Fed will resume rate cuts. 3) Brian Belski, Chief Investment Strategist at BMO Capital Markets, joins to discuss his S&P target and why he remains extra bullish in the second half of 2025. A rally in global stocks persisted as expectations for Federal Reserve interest rate cuts stoked risk-on sentiment and drove bond yields lower. 4) Stephanie Baker, Senior Writer with Bloomberg News, previews the Trump-Putin Summit. Vladimir Putin is heading to a summit with President Trump confident that Russia is in a dominant position on the battlefield as his military advances in Ukraine. Putin has repeatedly rejected calls for a ceasefire and is likely to seek major territorial concessions in return for one, according to the article. 5) Brent Schutte, Chief Investment Strategist at Northwestern Mutual, brings us into the market open and talks about a potential equity boon from rate cuts.See omnystudio.com/listener for privacy information.

Transcribed - Published: 13 August 2025

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Rebecca Patterson & Ira Jersey. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

Transcribed - Published: 12 August 2025

- David Kelly, Chief Global Strategist at JPMorgan Asset Management - Tiffany Wilding, Economist: North America at PIMCO - Jon Lieber, Head: Research at Eurasia Group - Elizabeth Economy, Hargrove Senior Fellow and professor at Stanford University David Kelly, Chief Global Strategist at JPMorgan Asset Management and Tiffany Wilding, Economist: North America at PIMCO react to CPI and discuss thee outlook for inflation and rate cuts in the US. Jon Lieber, Head: Research at Eurasia Group, talks about President Trump's tariffs and economic and political priorities in a second Trump administrating. Elizabeth Economy, Hargrove Senior Fellow and professor at Stanford University, discusses the latest developments in US-China relationsSee omnystudio.com/listener for privacy information.

Transcribed - Published: 12 August 2025

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyAugust 12th, 2025 Featuring: 1) Constance Hunter, Chief Economist at EIU and Rebecca Patterson, former Chief Investment Strategist at Bridgewater, react to CPI and discusses weakening US labor data, as well as President Trump naming EJ Antoni the new BLS chief. Despite economists concerned about the potential for rising inflation, Wall Street firms, including JPMorgan Chase & Co. and Morgan Stanley, expect investors to focus on strong corporate earnings and interest-rate cuts, according to Andrew Tyler and Mike Wilson. 2) Ethan Harris, former Head of Global Economic Research at Bank of America, talks about CPI and the reliability of American economic data with a new BLS chief. President Trump wrote that Antoni will ensure that the numbers released are "HONEST and ACCURATE", and Steve Bannon called Antoni "the perfect guy at the perfect time to run the BLS." Erica Groshen said that what worries her is that the nominee and his work are not well known in the business, academic or public service communities, and Jason Furman said that Antoni is "completely unqualified" to lead BLS. 3) Kira Rudik, Member of Parliament for the Ukrainian government, on the war in Ukraine, President Trump's summit with Vladimir Putin in Alaska this Friday, and the scheduled call between President Trump, Volodymyr Zelenskiy and other European leaders on Wednesday. President Trump is downplaying expectations for his upcoming meeting with Russian leader Vladimir Putin, calling it a "feel-out meeting." 4) Huw van Steenis, Partner at Oliver Wyman, discusses private credit outlook and the enablement of retirement savings to invest in private assets. 5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a Wall Street Journal on salaries and Bloomberg's reporting on Taylor Swift's album announcement.See omnystudio.com/listener for privacy information.

Transcribed - Published: 12 August 2025

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Angela Stent & Jonathan Hill. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

Transcribed - Published: 11 August 2025

- Eric Rosengren, former President of the Federal Reserve Bank of Boston - Peter Oppenheimer, Chief Global Equity Strategist at Goldman Sachs - Henrietta Treyz, co-founder at Veda Partners - Ryan Petersen, Chairman and CEO of Flexport Eric Rosengren, former President of the Federal Reserve Bank of Boston, joins to discuss recent eco data and outlook for the US labor market and potential for rate cuts. Henrietta Treyz, co-founder at Veda Partners, joins to discuss the Trump administration's trade policy and how it will impact its broader economic agenda. Peter Oppenheimer, Chief Global Equity Strategist at Goldman Sachs, joins to discuss global inflation and the equity outlook in the US and abroad. Ryan Petersen, Chairman and CEO of Flexport, talks tariffs and how the US' reshaped trade policy impacts businesses.See omnystudio.com/listener for privacy information.

Transcribed - Published: 11 August 2025

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyAugust 11th, 2025 Featuring: 1) Julian Emanuel, Chief Equity & Quantitative Strategist at Evercore ISI, joins to talk about the AI rally and whether there will be more choppiness in equities to end 2025. Stocks erased gains as traders dialed back optimism that a summit between US President Trump and Russia’s Vladimir Putin would bring the war in Ukraine closer to a resolution. Traders are also awaiting US inflation data on Tuesday to gauge the impact of tariffs on prices. 2) Lauren Saidel-Baker, Economist at ITR Economics, previews tomorrow's CPI report and talks about a well-positioned consumer in spite of a weakening labor market. US consumers probably experienced a slight pickup in underlying inflation in July as retailers raised prices on items subject to higher import duties. Higher US tariffs have started to filter through to consumers in categories such as household furnishings and recreational goods, but a separate measure of core services inflation has so far remained tame. 3) Angela Stent, Senior Fellow at the Brookings Institute, previews the Trump-Putin summit in Alaska. Markets initially found some reassurance in renewed diplomatic efforts to end the war in Ukraine, with President Trump and Russian president Vladimir Putin set to meet in Alaska on Friday, even as Ukrainian President Volodymyr Zelenskiy continues to reject ceding land. However, optimism in markets began to dim. 4) Geoffrey Meacham, Global Head of Healthcare at Citi, discusses his price targets across health stocks and why he's signaling a rebound for Eli Lilly after last week's drop. 5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ story on noise cameras becoming the new frontier in automated traffic enforcement and a Bloomberg News piece on sports entering its streaming era.See omnystudio.com/listener for privacy information.

Transcribed - Published: 11 August 2025

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with James Steel & Dan Tannebaum. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

Transcribed - Published: 8 August 2025

- Savita Subramanian, Head: US Equity & Quantitative Strategy at Bank of America - Bruce Hirsh, former Chief International Trade Counsel at the US Senate Finance Committee - John Vinh, Equity Research Analyst at Keybanc - Collin Martin, Fixed Income Strategist at Charles Schwab Savita Subramanian, Head: US Equity & Quantitative Strategy at Bank of America, discusses the equity bull case and her S&P 500 target. Bruce Hirsh, former Chief International Trade Counsel at the US Senate Finance Committee, discusses the Trump administration's tariff strategy and outlook for US trade. John Vinh, Equity Research Analyst at Keybanc, talks about Intel after President Trump called on their CEO to resign. Collin Martin, Fixed Income Strategist at Charles Schwab, discusses how the bond market is pricing in recent economic data.See omnystudio.com/listener for privacy information.

Transcribed - Published: 8 August 2025

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyAugust 8th, 2025 Featuring: 1) Ian Lyngen, Head of US Rates at BMO Capital Markets, talks about the 2-year and 10-year yield paths amid economic weakening and the outlook for rate cuts. A gauge of the dollar was was flat and Treasury yields were little changed after Thursday’s a weak sale of 30-year debt signaled waning appetite for US debt. 2) Larry McDonald, founder at the Bear Traps Report, joins to talk about how the bond market is pricing in recent tariff and economic policies out of the Trump admin and speculates how President Trump could reshape the Fed and its impact on markets. The S&P 500 is near a record high following a 30% surge from its April lows, supported by robust corporate earnings and hopes the Federal Reserve will cut interest rates to support the economy. 3) Dan Tannebaum, Partner and Global Anti-Financial Crime Practice Leader at Oliver Wyman, talks about the Trump admin's approach to the war in Ukraine and how global economies are managing US tariffs. President Trump said he’d be willing to meet with Vladimir Putin, even if Putin hadn’t yet agreed to also sit down with Ukrainian President Volodymyr Zelenskiy. Trump told reporters he was “very disappointed” with Putin’s behavior and left open the possibility of additional penalties over the war in Ukraine as soon as Friday. 4) Stefanie Stantcheva, Economist at Harvard University, talks about how "zero-sum thinking" is reshaping economics and how a rearing back of inflation could further weigh on American consumers. 5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ story on doctors warning about "AI psychosis" and a Business Insider story on how TikTok users are booking hotels.See omnystudio.com/listener for privacy information.

Transcribed - Published: 8 August 2025

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Anna Wong & Kathy Bostjancic. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

Transcribed - Published: 7 August 2025

- Kate Moore, CIO: Wealth at Citi Wealth - Everett Eissenstat, former Chief Trade Counsel at the Senate Financial Committee - Yelena Shulyatyeva, Senior US Economist at The Conference Board - Mark Hoplamazian, CEO at Hyatt Kate Moore, CIO: Wealth at Citi Wealth, discusses asset allocation and the equity bull case amid continued policy uncertainty out of Washington. Everett Eissenstat, former Chief Trade Counsel at the Senate Financial Committee, discusses President Trump's global tariffs taking effect. Yelena Shulyatyeva, Senior US Economist at The Conference Board, reacts to jobless claims and talks about weakening in the labor market. Mark Hoplamazian, CEO at Hyatt, discusses the travel industry, the impact of tariffs, and the health of US and international consumers.See omnystudio.com/listener for privacy information.

Transcribed - Published: 7 August 2025