Bloomberg Surveillance

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with Stuart Kaiser & Brian Belski.

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- Ajay Rajadhyaksha, Global Chairman: Research at Barclays
- Dan Ives, Global Head: Technology at Wedbush Securities
- Libby Cantrill, Head: Public Policy at PIMCO
- Nela Richardson, Chief Economist at ADP

Ajay Rajadhyaksha, Global Chairman: Research at Barclays, discusses President Trump's visit to the Federal Reserve today and how Fed independence affects markets. Dan Ives, Global Head: Technology at Wedbush Securities, talks tech earnings and Tesla. Libby Cantrill, Head: Public Policy at PIMCO, discusses President Trump's tariff and economic priorities. Nela Richardson, Chief Economist at ADP, reacts to jobless claims and talks about the labor market in the US.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 24th, 2025
Featuring:
1) Stuart Kaiser, Head: US Equity Trading Strategy at Citi, joins for an extended discussion about the equity rally and fundamentals driving markets higher. Global equities continued their rally as bulls drew fresh conviction from signs the US may strike more trade deals soon after clinching a pact with Japan.
2) Brian Belski, Chief Investment Strategist at BMO Capital Markets, brings us into the market open and talks about why he's remained bullish amid so much policy uncertainty. A gauge of the world’s stocks hit a new record high, and Europe’s Stoxx 600 index advanced after a clutch of strong earnings and reports the US is closing in on an agreement with the European Union.
3) Michael Feroli, Chief U.S. Economist at JPMorgan, talks about the labor market, inflation, and Fed independence. President Trump will visit the Federal Reserve to tour a construction site he has criticized for cost overruns. Trump has been attacking Fed Chair Jerome Powell for not cutting rates and has criticized the Fed's $2.5 billion renovation project.
4) Natasha Sarin, President and co-founder at Yale Budget Lab, talks about their most recent findings from the YBL on the state of US tariffs. President Trump suggested that he would not go below 15% as he sets reciprocal tariff rates ahead of an Aug. 1 deadline. The president has left the door open for countries to make agreements that could lower the tariff rates, and some countries are aiming to bring down their tariff rates to the 15% level.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ report on NBCUniversal reportedly discussing launching a sports cable network and USA Today's report on how hotter summers have travelers ditching the beach for "coolcations."

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Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature a conversation with Mike Mayo.

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- Scott Bessent, Treasury Secretary of the United States
- Howard Lutnick, Commerce Secretary of the United States
- Jack Caffrey, Portfolio Manager at JPMorgan
- Jill Ford, Co-Head: Equity Capital Markets at Wells Fargo

Scott Bessent, Treasury Secretary of the United States, joins to discuss President Trump's economic priorities and the future of Fed Chair Jay Powell. Howard Lutnick, Commerce Secretary of the United States, discusses reaching a trade deal with Japan and progress on trade deals ahead of the August 1 deadline. Jack Caffrey, Portfolio Manager at JPMorgan, offers his equity outlook as tariff and trade clarity come into focus. Jill Ford, Co-Head: Equity Capital Markets at Wells Fargo, talks deal making and business health across the US.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 23rd, 2025
Featuring:
1) Katy Kaminski, Chief Research Strategist at AlphaSimplex, talks about equities' positive trend, fixed income stalemates, and dollar weakness. Global stocks have roared back from their April slump on expectations countries will strike agreements with the US ahead of an Aug. 1 deadline, avoiding significant damage to company earnings and the global economy. Among the companies reporting Wednesday are Tesla and Alphabet.
2) Peter Conti-Brown, professor at Wharton Business School and author of "The Power and Independence of the Federal Reserve," discusses the history and importance of Fed independence. There’s a long history of US presidents putting pressure on the Federal Reserve to lower interest rates, but the techniques have often been subtle or quiet in some way. Investors are taking seriously the prospect that President Trump will find a way or a reason to remove Fed Chair Jay Powell before the end of his term next year.
3) Mike Mayo, Head: US Large Cap Bank Research at Wells Fargo, breaks down recent bank earnings, new regulations, and outlook for America's big banks.
4) Ivan Feinseth, CIO at Tigress Capital Partners, gives us a preview of big tech earnings and talks about his bullish S&P call. Analysts will be studying the latest quarterly earnings from big tech for signs of resilience. A gauge of the so-called “Magnificent Seven” giants halted a nine-day advance Tuesday.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including WSJ's report on Europe turning focus to air conditioning and Business Insider's story on the hottest tote for moms this summer and why Wall Street's paying attention.

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Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with Stephanie Roth & Libby Cantrill.

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- Andrew Hollenhorst, Chief US Economist at Citi
- Russell Brownback, Head: Global Macro Positioning at BlackRock
- Samuel Zief, Head: Global FX Strategy at JPMorgan
- Alexander Altmann, Global Head: Equities Tactical Strategies at Barclays

Andrew Hollenhorst, Chief US Economist at Citi, discusses US inflation, the market rally, and Fed independence. Russell Brownback, Head: Global Macro Positioning at BlackRock, discusses what the bond market is signaling about the US economy. Samuel Zief, Head: Global FX Strategy at JPMorgan, talks about a weakening US dollar and whether there is a bull case for the dollar this year. Alexander Altmann, Global Head: Equities Tactical Strategies at Barclays, talks about the persistence of the equity bull run and where equities could land in the second half.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 22nd, 2025
Featuring:
1) Adam Posen, President of the Peterson Institute for International Economics, joins for an extended discussion on trade, the dollar, and Fed independence. Stocks slipped Tuesday while investors braced for news from companies on how tariffs are filtering through to their earnings. JPMorgan Asset Management Global Market Strategist Hugh Gimber told Bloomberg TV that strong second-quarter earnings won't tell us a huge amount about where we are going forward, and that's where we are spending our energy on this earnings season, trying to gauge where the hit from tariffs will come through.
2) Libby Cantrill, Managing Director: Public Policy at PIMCO, talks about why she thinks Jay Powell will not be fired and why the release of Fannie and Freddie from conservatorship is unlikely. Treasury Secretary Scott Bessent said there should be a review of the decision to renovate parts of the Federal Reserve headquarters in Washington. Bessent said the Fed's independence "is a cornerstone of continued US economic growth and stability", and that its conduct of monetary policy "is a jewel box" that should be preserved.
3) Ian Wyatt, Chief Economist at Huntington Bank, on the broader US economy, US consumer, and why the Southeast is outperforming northern states and has room to run. A record-breaking stock rally has powered on in the face of growing uncertainty over trade negotiations ahead of the Aug. 1 tariff deadline.
4) Ayesha Kiani, NYU Professor and COO at MNNC Group, on the crypto and Bitcoin surge and what the passing of Stablecoin legislation means for the industry, as well as fraud potential. It comes as Bitcoin's price has surged to over $120,000, with its value coming from its finite supply and perceived role as a macro hedge.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including an NYT story on how the affordability crisis in New York City is expanding to a new area of urban life -- animal shelters, as well as a Business Insider story on TikTok's message to managers: Don't 'be nice' during performance reviews.

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Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with Frank Lee & Lori Calvasina.

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- Chris Harvey, Head: Equity Strategy at Wells Fargo
- Angelo Zino, Head: Technology at CFRA
- Charles Myers, Chairman and founder at Signum Global Advisors
- Claudia Sahm, Chief Economist at New Century Advisors

Chris Harvey, Head: Equity Strategy at Wells Fargo, talks about market bullishness and whether his S&P target could change should the president fire Fed Chair Jay Powell. Angelo Zino, Head: Technology at CFRA, joins to discuss Big Tech's AI investment and talent poaching as well as the outlook for the broader tech sector. Charles Myers, Chairman and founder at Signum Global Advisors, discusses Fed independence and how a less independent Fed could reshape markets. Claudia Sahm, Chief Economist at New Century Advisors, on US labor and inflation as well as Jay Powell's future as Fed Chair.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 21st, 2025
Featuring:
1) Lori Calvasina, Head of US Equity Strategy at RBC Capital Markets, discusses her S&P 500 target and whether equity markets will continue to push through policy and Fed uncertainty. It also comes amid European Union envoys getting ready to meet to formulate a plan for measures to respond to a possible no-deal scenario with US President Trump. The US is now seen to want a near-universal tariff on EU goods higher than 10%, with limited exemptions, according to people familiar with the matter.
2) Bob Michele, CIO: Fixed Income at JPMorgan Asset Management, talks about whether the Fed's right to keep monetary policy unchanged and what the full impact of tariffs will be on US companies. Meanwhile, a new theory from Wall Street is zeroing in on a possible dismissal of Fed Chair Jay Powell. The theory behind this "macro trade" is that a new Fed chair would be more likely to fall in line with Trump's lobbying for lower interest rates, pushing down short-term yields and driving yields on long-term debt higher.
3) Frank Lee, Global Head of Tech Hardware and Semiconductor Research, talks about AI investment, the outlook for semiconductors, and the sustainability of CapEx growth for AI hyperscalers.
4) Jordan Rochester, Head: FICC Macro Strategy EMEA, joins to discuss the dollar-yen trade after the Japanese Prime Minister's election setback this weekend. Japanese Prime Minister Shigeru Ishiba says he must fulfill his responsibility to the nation and its people as the biggest party in parliament. Ishiba raised the US trade talks, inflation, and security environment as pressing issues that must not be left to stagnate due to political instability.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including WSJ's story on Amazon quietly raised prices on low-cost products since President Trump's tariff announcement, as well as Business Insider's story on the 'Gen Z stare.'

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Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with Wei Li & Anna Wong.

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- Christopher Waller, Member-Board of Governors at the Federal Reserve
- Paul Atkins, Chairman of the SEC
- Peter Oppenheimer, Chief Global Equity Strategist at Goldman Sachs
- Sonal Desai, CIO: Fixed Income at Franklin Templeton

Christopher Waller, Member-Board of Governors at the Federal Reserve, joins for a discussion on Fed rate cuts and Fed independence. Paul Atkins, Chairman of the SEC, discusses regulation and the recent Stablecoin bill. Peter Oppenheimer, Chief Global Equity Strategist at Goldman Sachs, talks about the outlook for global and US equities amid an uncertain inflation and policy path. Sonal Desai, CIO: Fixed Income at Franklin Templeton, discusses warnings signals from the bond market.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 18th, 2025
Featuring:
1) Wei Li, Global Chief Investment Strategist at BlackRock, joins for an extended discussion about the outlook for inflation and global growth as well as US equity bullishness. Global equities extended their advance on Friday as growing confidence in the resilience of the US economy and upbeat earnings lent fresh support to risk sentiment.
2) Ted Koenig, Chairman and CEO at Monroe Capital, brings us into the market open and discusses private credit and the overall credit outlook. Cross-asset moves come at the end of a week marked by market jitters over speculation that President Donald Trump might fire Fed Chair Jerome Powell. Equity gains reflected strong economic data and optimism that US companies will post robust second-quarter figures, helping to soothe uncertainty stirred by Trump’s tariff war.
3) Brandon Ogelnski, Airlines Analyst at Barclays, discusses the airline industry and his outlook for American airliners. It comes as United Airlines said the second half of the year has become more predictable and suggested it may be able to beat its earnings targets after customers resumed booking flights.
4) Rohit Chopra, former Director at the Consumer Financial Protection Bureau, joins for a discussion on his role before dismissal and recent CFPB and Fed independence news. Top bosses at some of Wall Street’s biggest banks emphasized the importance of an independent Federal Reserve as the long-running saga between President Trump and central bank Chair Jerome Powell intensified.Bank of America CEO Brian Moynihan and Goldman Sachs' David Solomon joined JPMorgan CEO Jamie Dimon in stressing the importance of the Fed’s autonomy.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a Business Insider story on Goldman Sachs retaining junior talent and a WSJ story on birthday freeloaders.

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Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with Glenn Hubbard & Frances Donald.

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- Torsten Slok, Chief Economist at Apollo
- Jim Bullard, Dean: Purdue University Business School
- Jim DeMare, President: Global Markets at Bank of America
- Scott Kirby, United Airlines CEO

Torsten Slok, Chief Economist at Apollo, discusses his recent notes on the US economy and AI and also discusses Fed independence. Jim Bullard, Dean: Purdue University Business School, talks about the importance of Federal Reserve independence and his path for rate cuts. Jim DeMare, President: Global Markets at Bank of America, discusses the health of the US economy and global economies, as well as the global inflation outlook. Scott Kirby, United Airlines CEO, discusses earnings and the outlook for the airlines industry.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 17th, 2025
Featuring:
1) Glenn Hubbard, Dean Emeritus at Columbia Business School, talks supply side economics and how it's been put into practice by the Trump administration as well as the impact of Fed independence on the US economy. President Trump said he would send letters to more than 150 countries notifying them their tariff rates could be 10% or 15%. Trump said the rate would "be probably 10 or 15%, we haven’t decided yet" in an interview with Real America’s Voice.
2) Lakshman Achuthan, COO and co-founder at ECRI, on his new, un-released research on a forward-looking, non consensus disinflation view. US Treasuries rose for the first time in a week after better-than-estimated producer prices data soothed fears that tariff-stoked inflation will push back Federal Reserve interest rate cuts.
3) Dana Telsey, CEO and Chief Research Officer at Telsey Advisory Group, parses through today's retail sales figures.
4) Frances Donald, Chief Economist at RBC, on the US labor market and Fed independence concerns. President Trump said he's not planning to fire Jerome Powell, but added that he doesn't rule out anything, unless Powell has to leave for fraud. Trump's comments came after he ran the idea of sacking Powell by a receptive group of Republican lawmakers, and an aide said he was likely to follow through. Trump's pressure campaign against Powell is rooted in his view that the Fed is keeping interest rates too high, and he has begun the search for a successor, with his term as chair ending next May.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ story on whether diamonds are luxury anymore and Bloomberg's report that cinemas are considering a launch of a large screen brand to challenge Imax.

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Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with David Malpass & Amanda Lynam.

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- David Malpass, former President at the World Bank
- Devin Ryan, Managing Director at Citizens
- Pierre Ferragu, Head: Global Technology at New Street Research
- Kara Murphy, CIO at Kestra Investment Management

David Malpass, former President at the World Bank, joins to discuss President Trump's economic and political priorities both domestically and abroad. Devin Ryan, Managing Director at Citizens, reacts to bank earnings. Pierre Ferragu, Head: Global Technology at New Street Research, talks about Nvidia's valuation after the latest move by the Trump administration on chip trade curbs and also talks about the broader outlook for big tech. Kara Murphy, CIO at Kestra Investment Management, offers her equity outlook for the second half of 2025.

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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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Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with Barry Ritholtz & Gene Munster.

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- Scott Bessent, US Treasury Secretary
- Sarah Hunt, Chief Market Strategist at Alpine Saxon Woods
- Neil Dutta, Head: US Economic Research
- David Kelly, Chief Global Strategist at JPMorgan Asset Management

Scott Bessent, US Treasury Secretary, joins to discuss President Trump's economic priorities and tariff policy in the months ahead. Sarah Hunt, Chief Market Strategist at Alpine Saxon Woods, talks about the sustainability of the equity rally ahead of today's CPI reading and also breaks down the biggest risks to the market. Neil Dutta, Head: US Economic Research and David Kelly, Chief Global Strategist at JPMorgan Asset Management react to CPI.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 15th, 2025
Featuring:
1) Constance Hunter, Chief Economist at EIU, and Greg Boutle, Head of US Equity & Derivative Strategy at BNP Paribas, react to CPI and discuss their market and economic outlooks. Stocks advanced in early trading after Nvidia secured US assurances to resume sales of some artificial intelligence chips to China.
2) Alison Williams, Senior Analyst at Bloomberg Intelligence, wraps this morning's bank earnings. America’s biggest banks are heading into earnings season with tailwinds from trading and lending as they benefit from market volatility and steady borrowing costs. JPMorgan, Wells Fargo, and Citigroup report today.
3) Huw van Steenis, Vice Chair at Oliver Wyman, joins to talk about how private credit is reshaping portfolios. It comes off the heels of a recent Bloomberg report showing family offices, representing around $3.1 trillion globally, are seeking new sources of returns as private equity distributions slow. According to the 2025 BlackRock Family Office Survey, a third of respondents wanted to increase their allocations to private credit, the highest of any asset class.
4) Jan Szilagyi, CEO of Reflexivity (formerly Toggle AI), talks about AI growth amid Nvidia's rally and what his company's doing to use AI to help investors. Nvidia plans to resume sales of its H20 AI chip in China after securing Washington's assurances that such shipments would get approved. The move is seen as a "massive win" for Nvidia's Chief Executive Officer Jensen Huang, and is also viewed positively by Vey-Sern Ling, managing director at Union Bancaire Privee, who says it is "obviously positive" for Nvidia, the AI semiconductor supply chain, and China tech platforms.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ story on the plunging dollar leaving American travelers with less buying power this summer and a Bloomberg report on Starbucks corporate managers working remotely having to pack their bags and relocate in a year.

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Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with George Bory & Ben Laidler.

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- Michael Darda, Chief Economist at Roth Capital Partners
- Peter Tchir. Head: Macro Strategy at Academy Securities
- Kelly Ann Shaw, Partner at Akin Gump Strauss Hauer & Feld
- Vito Sperduto, Head: US Capital Markets at RBC Capital Markets

Michael Darda, Chief Economist at Roth Capital Partners, joins to discuss how tariff clarity could impact the economy and the risks of inflation in the Us. Peter Tchir. Head: Macro Strategy at Academy Securities, talks about how the market is calculating geopolitical risk as well as President Trump's tariff approach. Kelly Ann Shaw, Partner at Akin Gump Strauss Hauer & Feld, talks about what she envisions President Trump's final tariff policy to be as it comes into focus. Vito Sperduto, Head: US Capital Markets at RBC Capital Markets, discusses the state of M&A.

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Bloomberg Surveillance hosted by Tom Keene & Paul Sweeney July 14th, 2025
Featuring:
1) Ben Laidler, Head of Equity Strategy at Bradesco BBI, talks about the sustainability of the US equity rally and staying in the market. Stocks fell in early trading as the Trump administration escalated its trade war, with investors bracing for economic reports that will offer an early read on the impact of tariffs.
2) Rep. Jodey Arrington, Republican Congressman from Texas and Chairman of the House Budget Committee, talks about the passing of the Big, Beautiful Bill and his involvement in getting his party on board as well as Texas flooding.
3) Jane Foley, Head of FX Strategy at RaboBank, talks about the yen carry trade amid liquidity concerns in Japan and also discusses a weak dollar. Japanese bond yields spiked as the pressure in the country is being heightened by the looming election on July 20, with concerns over governments spending beyond their means also applying to the UK, Europe, and US, according to the text.
4) Henrietta Treyz, co-founder at Veda Partners, talks about incoming tariff headlines as President Trump's tariff strategy comes into focus. President Trump's weekend threat to impose tariffs on the European Union and Mexico is testing market resilience, following a series of escalated trade measures against multiple partners.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ story on "Superfake" luxury handbags and the NYT report on the federal government adding new limits on student loan borrowing.

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Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with John Stoltzfus & Jay Bryson.

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- Jose Minaya, Global Head of BNY Investments & Wealth at BNY Wealth
- Steven Ricchiuto, Chief US Economist at Mizuho
- Jeannette Lowe, Director: Policy Research at Strategas Securities
- Angelo Zino, Head: Technology at CFRA Research

Jose Minaya, Global Head of BNY Investments & Wealth at BNY Wealth, joins to discuss his outlook for markets and a potential pullback in the equity rally. Steven Ricchiuto, Chief US Economist at Mizuho, discusses US economic bullishness amid continued policy uncertainty. Jeannette Lowe, Director: Policy Research at Strategas Securities, talks about President Trump's tariff proposals as the administration looked to deliver more clarity on tariff rates this week. Angelo Zino, Head: Technology at CFRA Research, discuss Nvidia's market cap record and the outlook for big tech.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 11th, 2025
Featuring:
1) John Stoltzfus, Chief Investment Strategist at Oppenheimer & Co., joins for an extended discussion on the sustainability of the equity rally and his S&P target as he remains one of Wall Street's leading bulls. Investor appetite for equities remain strong, driven by confidence in the US economy’s resilience and optimism ahead of earnings season, according to the text, with David Chao, a global market strategist at Invesco Asset Management, saying investors are having a “tariff fatigue”.
2) Michael Widmer, Head: Metals Research at Bank of America, joins to talk about President Trump's copper tariffs and how it's reshaping copper and other metals markets. President Trump’s plans to impose import tariffs on copper imports are set to include materials used for power grids, the military and data centers. Plans involve including semi-finished products, according to people familiar with the matter, which would include wires, sheets, tubes and plates.
3) Jurrien Timmer, Director: Global Macro Fidelity Management & Research, joins to discuss the "V-Shaped Rocket Ship." Despite yesterday's record finish for equities, strategists are sounding warnings about the impact of uncertain tariff policy on stocks, saying it could reduce the chances of a September rate cut and increase the chances of an economic slowdown.
4) Ellen Wald, Senior Fellow at the Atlantic Council, talks about Saudi Arabia raising oil prices more than expected and global oil demand. Saudi Arabia has raised prices for its main crude grade for Asian buyers in August by $1 to $2.20 a barrel more than the regional benchmark, exceeding expectations. The price increase comes as OPEC+ agrees to raise production by 548,000 barrels a day in August, which may contribute to a crude surplus later this year. Despite strong summer demand, traders expect the market to soften later this year as consumption wanes and OPEC+ increases contribute to a surplus of crude in storage.
5) Cam Dawson, CIO at NewEdge Wealth, talks about why she's dubbing the current equity rally as the "Honey Badger" market. US equities closed at a new all-time high on Thursday as investors parsed tariff headlines and looked ahead to corporate results.

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Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with Andrew Sheets & Julian Emanuel.

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- Mike Pence, former US Vice President
- Kaja Kallas, VP and Representative: Foreign Affairs & Security Policy at the European Commission
- Liz Ann Sonders, Chief Investment Strategist at Charles Schwab
- Liz Everett Krisberg, Head: Bank of America Institute

Mike Pence, former US Vice President, talks about the second Trump administration's economic and political priorities and the outlook for the Republican party. Kaja Kallas, VP and Representative: Foreign Affairs & Security Policy at the European Commission, analyzes the new trade relationship between Europe and the US. Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, talks about whether the equity rally will remain focused on tariffs or turn its attention to earnings. Liz Everett Krisberg, Head: Bank of America Institute, offers a gauge on the consumer with the Bank of America's latest Consumer Checkpoint Report.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 10th, 2025
Featuring:
1) NYC Mayor Eric Adams talks about his candidacy for re-election, the state of NYC and his former Democratic party, and working with President Trump amid federal funding fears. President Trump has been warning against the prospect of Zohran Mamdani winning the New York mayor’s race. Trump said New Yorkers should not vote for Mamdani in November, calling him a “communist,” and went so far as vaguely suggesting interest in exerting some federal influence on the city.
2) Julian Emanuel, Chief Equity & Quantitative Strategist at Evercore ISI, joins to talk about whether the "unstoppable" stock tear could come to a halt due to the latest tariff rates. Equity futures dipped amid uncertainty over the Trump administration’s trade policies as traders awaited a fresh catalyst for the next leg up in US stocks.
3) Andrew Sheets, Chief Cross Asset Strategist at Morgan Stanley, discusses his mid year global economic outlook and why, no matter the trade, all eyes will remain on US activity. Tariff headlines focused on country specific levies and copper have so far done little to derail a rebound that pushed US stocks to record highs.
4) Dominique Toublan, Head: US Credit Strategy at Barclays, talks about credit spreads and headwinds in fixed income markets. US Treasuries resumed their decline after Wednesday’s rebound, with the 10-year yield rising one basis point to 4.35%.
5) David Sowerby, Managing Director and Portfolio Manager at Ancora, joins in studio to discuss asset allocation, stock picks, and the market rally. Signs of continued economic strength, confidence in the upcoming earnings season and optimism for artificial intelligence have given traders the conviction to drive equities higher, even as doubts over trade policy persist.

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Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with Nancy Lazar & Doug Irwin.

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- Jean Boivin, Global Head: Research at BlackRock Investment Institute
- Ed Mills, Washington Policy Analyst at Raymond James
- Kelly Ann Shaw, Partner at Akin Gump Strauss Hauer & Feld
- Nancy Lazar, Chief Global Economist at Piper Sandler

Jean Boivin, Global Head: Research at BlackRock Investment Institute, talks about how markets are pricing in President Trump firming his tariff deadline and what clarity means for investors. Ed Mills, Washington Policy Analyst at Raymond James, joins to discuss President Trump's economic priorities as he finalizes tariff rates and implementation. Kelly Ann Shaw, Partner at Akin Gump Strauss Hauer & Feld, talks about the latest turn in President Trump's tariff policy. Nancy Lazar, Chief Global Economist at Piper Sandler, talks about expectations for US and global growth and inflation.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 9th, 2025
Featuring:
1) Nancy Lazar, Chief Global Strategist at Piper Sandler, joins to talk about the lack of job growth in the private sector and whether we could see an economic boom from a tax cut-tariff policy. Investors will parse minutes of the Federal Reserve’s June policy meeting for indications on whether officials are closer to lowering interest rates, with swaps almost fully pricing two quarter-point cuts until the end of the year.
2) Ian Lyngen, Head of US Rates at BMO Capital Markets, talks about the impact of the reflationary narrative on Treasuries. Treasuries are holding their ground following the longest streak of declines since April as investors look ahead to a US debt auction and the minutes from last month’s Federal Reserve meeting.
3) Doug Irwin, Professor of Economics at Dartmouth, joins to discuss the latest developments on President Trump's unfolding tariff strategy. President Trump sowed fresh chaos in metals markets by indicating the US would implement a higher-than-expected 50% tariff on copper imports, spurring a record spike in New York futures and a drop in the global benchmark. The plan, announced in an apparently off-the-cuff comment to reporters, marks the latest twist in a tumultuous period for industrial commodities, as the US leader aims to encourage more mining and smelting at home.
4) Leslie Vinjamuri, President and CEO of the Chicago Council on Global Affairs, joins in her new role to discuss the political and economic priorities of the Trump administration, as well as the admin's global intervention in Iran and Ukraine.
5) Oleksandr Komarov, CEO at Kyivstar, joins to discuss his company's role in Ukraine's recovery and construction as the US recommits to sending weapons amid continued Russian attacks. Russia launched a record number of drones and missiles at Ukraine on Wednesday after US President Trump reiterated his displeasure with Vladimir Putin and confirmed he’s sending more defensive weapons to Kyiv.

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Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with Ed Yardeni & Brad Case.

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- Amanda Lynam, Head: Macro Credit Research at BlackRock
- Rob Casey, Partner and Senior Analyst at Signum Global Advisors
- Sarah Bianchi, Senior Managing Director at Evercore ISI
- Cathie Wood, CEO at Ark Investment Management

Amanda Lynam, Head: Macro Credit Research at BlackRock, joins to discuss bond market signals, credit spreads, and what market and economic activity is catching the attention of corporate credit investors. Rob Casey, Partner and Senior Analyst at Signum Global Advisors, discusses President Trump's economic priorities following his tariff deadline adjustment. Sarah Bianchi, Senior Managing Director at Evercore ISI, discusses the goals of President Trump's tariffs as he sends letters to trading partners regarding tariff rates. Cathie Wood, CEO at Ark Investment Management, discusses tech and AI investing as well as the future of Tesla.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 8th, 2025
Featuring:
1) Ed Yardeni, President at Yardeni Research, joins for an extended discussion about the US equity rally and his updated S&P target amid tariff concerns. Tuesday’s steadiness in stocks reflects traders’ belief in a familiar pattern of US President Donald Trump escalating his trade war only to later de-escalate, betting that any eventual tariffs will be set at a level the global economy can absorb. In the latest round, Trump said he was still open to negotiations and postponed duties of 25% or more on a list for trading partners until at least August 1st.
2) Kelsey Berro, Executive Director: Fixed Income at JPMorgan Asset Management, joins to discuss bond market warnings about the US fiscal situation and offers her market outlook. US stock futures firmed as initial jitters over the Trump administration's latest tariff announcements gave way to optimism that there's ample room for further negotiations. The US economy has held up under the threat of a spiraling global trade war, with hiring healthy and the S&P 500 hitting a record high last week.
3) Ned Lamont, Connecticut Governor (Democrat), offers his reaction to President Trump's tax bill as well as the current state and future of the Democratic party. President Trump secured the passage of his signature tax bill after leveraging his sway over the Republican party to overcome resistance from conservative hardliners and swing-state GOP moderates. Democrats opposed the bill, saying it will strip health care for millions of people who depend on Medicaid to fund tax cuts for the wealthy.
4) Brad Case, Chief Economist at Middleburg Communities, talks about pressures on a frozen housing market, whether the Fed is behind the curve, and the risks of reigniting inflation. The steady flow of tariff threats has fueled uncertainty for markets, central bankers and executives trying to game out the effect on production, inventories, hiring, inflation and consumer demand.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a Bloomberg News story on the TSA rolling out new procedures and the Washington Post's piece on Ben's Chili Bowl in Washington DC closing down for repairs.

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Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with Kathy Bostjancic & Lori Calvasina.

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- Katy Kaminski, Chief Research Strategist at Alphasimplex
- Kate Kalutkiewiz, Senior Managing Director: Trade Practice at Mclarty Associates
- Dan Ives, Global Head: Technology at Wedbush Securities
- Ben Laidler, Head: Equity Strategy at Bradesco Securities

Katy Kaminski, Chief Research Strategist at Alphasimplex, joins for a discussion on the outlook for equities in the US as President Trump's tariff deadline is set to expire. Kate Kalutkiewiz, Senior Managing Director: Trade Practice at Mclarty Associates, talks about trade negotiations with the US as the July 9 tariff deadline looms. Dan Ives, Global Head: Technology at Wedbush Securities, discusses whether Tesla's stock will continue to fall as President Trump and Elon Musk continue to publicly feud. Ben Laidler, Head: Equity Strategy at Bradesco Securities, talks about his S&P target as investors approach 2025 with cautious optimism.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 7th, 2025
Featuring:
1) Lori Calvasina, Head of US Equity Strategy at RBC Capital Markets, discusses her cautious S&P outlook as political and market uncertainty remain front and center. Stocks retreated at the start of the week as US trading partners rushed to finalize trade deals with the Trump administration ahead of a July 9 tariff deadline.
2) Henrietta Treyz, co-founder at Veda Partners, talks about the focus in Washington shifting from taxes to tariffs. Trade tensions are back in view, with President Trump pledging to start issuing unilateral rates to dozens of countries in the coming days, causing uncertainty in the market.
3) Sheila Kahyaoglu, Managing Director: Equity Research at Jeffries, talks airlines and Boeing as summer travel gets into full swing. As areas become overly inhabited by tourists, governments are taking measures like taxation, licensing, and promotion of alternative destinations, but so far, these efforts have had limited success in addressing the issue.
4) Brad Rogoff, Global Head of Research at Barclays, joins to talk bank and lending health ahead of earnings season.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ story on Ketchum, Idaho becoming a pricy mountain town and a Financial Times story on Big Food's bet on America's appetite for snacks.

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Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with Sarah Wolfe & Rebecca Patterson.

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- Stephanie Roth, Chief Economist at Wolfe Research
- Jeffrey Rosenberg, Portfolio Manager: Systematic Multi-Strategy Fund at BlackRock
- George Saravelos, Global Head: FX Strategy at Deutsche Bank
- Michael Collins, Executive Portfolio Advisor: Multi-Sector at PGIM Fixed Income

George Saravelos, Global Head: FX Strategy at Deutsche Bank, discusses the path of the dollar and if it will continue to weaken. Michael Collins, Executive Portfolio Advisor: Multi-Sector at PGIM Fixed Income, discusses signals from the bond market about the outlook for the US economy. Stephanie Roth, Chief Economist at Wolfe Research and Jeffrey Rosenberg, Portfolio Manager: Systematic Multi-Strategy Fund at BlackRock, react to the June jobs report.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 3rd, 2025
Featuring:
1) Claudia Sahm, Chief Economist at New Century Advisors, brings us into the June jobs report and talks about the health of the labor market. Sarah Wolfe, Senior Economist and Strategist, Thematic & Macro Investing at Morgan Stanley and Kristina Campmany, Senior Portfolio Manager at Invesco, also offer their analysis of the jobs numbers.
2) Patrick McHenry, former House Speaker pro tempore and current Advisory Board Member BGR, joins to discuss President Trump's tax bill debate in the House. Despite Republicans controlling both the US House and Senate, Trump’s signature legislation ran into resistance from cost-conscious conservatives as well as swing-district moderates, who worry the measure cuts too deeply into Medicaid and other safety-net programs.
3) Wendy Schiller, professor at Brown University, on President Trump aiming to push through his economic agenda early in his second term. President Trump repeatedly blasted Republican lawmakers resisting the legislation as “grandstanders” and threatened to oppose reelection of members who block his agenda.
4) Rebecca Patterson, former Chief Investment Strategist at Bridgewater, reacts to the jobs report and markets. Investors are also closely tracking the US fiscal situation as President Trump aims to implement his economic agenda.
5) Yelena Shulyateva, Economist at the Conference Board, on JOLTS, June Jobs report, ADP, and the US economy. Concerns about mounting US deficits and the detail of Trump’s bill may weigh stronger on bond investors’ minds than the jobs report according to some market commentators.

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Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with Maya MacGuineas & Matthew Winkler.

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- Kevin McCarthy, former Speaker of the US House of Representatives
- Jeetu Patel, Chief Product Officer at Cisco
- Wei Li, Global Chief Investment Strategist at BlackRock
- Joe Lavorgna, Counselor to Secretary at the Treasury Department

Kevin McCarthy, former Speaker of the US House of Representatives, joins to discuss President Trump's signature tax bill heading back to the House and what challenges current Speaker Mike Johnson faces and he aims for Republican solidarity in passing the bill. Jeetu Patel, Chief Product Officer at Cisco, discusses the latest developments from the company's offerings and its outlook in the coming years. Wei Li, Global Chief Investment Strategist at BlackRock, talks about her second half equity and economic outlook. Joe Lavorgna, Counselor to Secretary at the Treasury Department, discuses President Trump's tax bill and economic agenda as the July 9 tariff deadline looms.

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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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Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with Bob Michele & Brad Bechtel.

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- Julian Emanuel, Chief Equity & Quantitative Strategist at Evercore ISI
- Henrietta Treyz, co-founder at Veda Partners
- Blerina Uruci, Chief US Economist at T. Rowe Price
- Collin Martin, Fixed Income Strategist at Charles Schwab

Julian Emanuel, Chief Equity & Quantitative Strategist at Evercore ISI, joins to discuss the sustainability of the equity rally and his S&P 500 target. Henrietta Treyz, co-founder at Veda Partners, talks about the latest on tax bill deliberations in the Senate and whether the bill will be passed by July 4th. Blerina Uruci, Chief US Economist at T. Rowe Price, reacts to recent eco data and offers her outlook for the US economy. Collin Martin, Fixed Income Strategist at Charles Schwab, discusses warning signs about the US economy from the bond market.

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