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 Mike Wilson & Darrell Cronk. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF See omnystudio.com/listener for privacy information.

- Stephen Auth, CIO: Equity at Federated Hermes - Anastasia Amoroso, Chief Investment Strategist: Private Wealth & Retirement at Partners Group - Frank Lee, Global Head: Tech Hardware & Semi Research at HSBC - Richard Greenfield, Partner at Lightshed Partners Stephen Auth, CIO: Equity at Federated Hermes, joins for a discussion on market volatility and economic data and offers his market outlook for 2025. Anastasia Amoroso, Chief Investment Strategist: Private Wealth & Retirement at Partners Group, discusses opportunities in private investments and the outlook for private markets. Frank Lee, Global Head: Tech Hardware & Semi Research at HSBC, talks tech in the US and globally and 2025 growth across the space. Richard Greenfield, Partner at Lightshed Partners, discusses Disney earnings. See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyAugust 6th, 2025 Featuring: 1) Mike Wilson, Chief US Equity Strategist at Morgan Stanley, joins for an extended discussion on the equity rally, his S&P target, and whether he expects further volatility this year. European stocks erased an advance and US equity futures posted modest gains as investors assessed US President Trump’s latest tariff threats and disappointing economic data. 2) Anastasia Amoroso, Chief Investment Strategist at Partners Group, joins for an extended discussion on private investments and how she's approaching markets and investing in her new role. Recently, Apollo CEO Marc Rowan said trading private assets has the potential to turn the industry “on its head” and that those who resist it are generally charging high fees. Rowan stated that in every industry where transparency of pricing and daily price availability has taken place, the industry has grown massively, and that Apollo's partnership with banks to trade private credit will provide real-time pricing on the asset class. 3) Steve Auth, CIO, Equities at Federated Hermes, talks the soft-hard data gap and the outlook for equities. Data Tuesday showed weakening US services amid sticky price pressures, further complicating the Federal Reserve’s policy challenges after last week’s weak jobs numbers. 4) Douglas Holtz-Eiken, President at the American Action Forum and former Director of the Congressional Budget Office, joins to discuss the dismissal of the BLS chief and the tariff impact on the US economy. 5) Lisa Mateo joins with the latest headlines in newspapers across the US, including Bloomberg's coverage of Disney's ESPN buying NFL Network and other assets and Business Insider's story on Microsoft's stricter return-to-office policy. See omnystudio.com/listener for privacy information.

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

See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyAugust 5th, 2025 Featuring: 1) Andrew Cuomo, NYC Mayoral candidate and former NY Governor, on the state of the race and how New York City is a national story. 2) Erica Groshen, former Commissioner of the Bureau of Labor Statistics and currently a Senior Advisor at Cornell, on President Trump firing a BLS chief after weak jobs data. 3) Henrietta Treyz, co-founder at Veda Partners, on President Trump's tariff push 4) Lisa Mateo joins with the latest headlines in newspapers across the US, including how AI is listening to your meetings and how NYC's iconic Flatiorn Building will get bathed in lights for the first time in 123 years See omnystudio.com/listener for privacy information.

- Ed Yardeni, Chief Investment Strategist and founder at Yardeni Research - Michelle Meyer, Chief Economist at the Mastercard Economics Institute - Lynn Martin, President at NYSE - Bill Dudley, Bloomberg Opinion columnist and former NY Fed President Ed Yardeni, Chief Investment Strategist and founder at Yardeni Research, discusses the outlook for the equity rally after President Trump's tariff deadline and his firing of the head of the Bureau of Labor Statistics. Michelle Meyer, Chief Economist at the Mastercard Economics Institute, talks about the outlook for the US consumer, consumer spending, and the US economy. Lynn Martin, President at NYSE, discusses the outlook for IPOs, regulation, and crypto products. Bill Dudley, Bloomberg Opinion columnist and former NY Fed President, discusses his Opinion column on how the Fed is currently under siege and why he believes it will come out OK. See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 31st, 2025 Featuring: 1) Lori Calvasina, Head of US Equity Strategy at RBC Capital Markets, offers her S&P target and talks about risks to the market and whether US government data can be trusted. Stocks clawed back some of last week’s steep losses as equity investors pinned their hopes on the Federal Reserve to ride to the rescue with interest-rate cuts following Friday’s dismal US jobs data. 2) Kathy Jones, Chief Investment Strategist, Fixed Income at Charles Schwab, on how the bond market could punish President Trump for firing the BLS chief, or whether the warnings will go unheeded and the market will continue to rally. Treasuries pared last week’s gains, with yields on the 10-year climbing three basis points to 4.25%. The US 10-year yield had dropped 16 basis points Friday, while policy-sensitive two-year yields fell 28 basis points. 3) Kara Murphy, CIO at Kestra Investment Management, brings us into the market open and talk about asset allocation and the equity outlook. Friday’s tumble on Wall Street — sparked by rising US unemployment and slower job creation — boosted bets on a Fed rate cut to support the economy. Traders rushed into Treasuries despite worries about the inflationary effect of President Trump’s tariffs, which have kept policy makers in hawkish mode. 4) Sevasti Balafas, CEO at GoalVest Advisory, discusses the true risks to the market following a big week of eco moves last week and how clients are positioning. 5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ story on graduate school and the New York Times' story on Curtis Sliwa's appearance as he runs for NYC mayor. See omnystudio.com/listener for privacy information.

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 & Michael Darda. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF See omnystudio.com/listener for privacy information.

- Jamieson Greer, US Trade Representative at Office of the US Trade Representative - Stephanie Roth, Chief Economist at Wolfe Research - Jeffrey Rosenberg, Portfolio Manager: Systematic Multi-Strategy Fund at BlackRock - Tom Forte, Senior Consumer Internet Analyst at Maxim Group - Michael Collins, Exec Portfolio Advisor: Multi-Sector at PGIM Fixed Income Jamieson Greer, US Trade Representative at Office of the US Trade Representative, joins Bloomberg Television for a discussion on tariff policy and US trade as the Trump administration reaches its August 1 deadline on tariffs. Stephanie Roth, Chief Economist at Wolfe Research and Jeffrey Rosenberg, Portfolio Manager: Systematic Multi-Strategy Fund at BlackRock, and Michael Collins, Exec Portfolio Advisor: Multi-Sector at PGIM Fixed Income react to the July jobs report. Tom Forte, Senior Consumer Internet Analyst at Maxim Group, reacts to Apple earnings as Big Tech earnings wrap up. See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 30th, 2025 Featuring: 1) Claudia Sahm, Chief Economist at New Century Advisors, Michael Darda, Chief Economist at Roth Capital, and Kristina Campmany, Senior Portfolio Manager at Invesco, react to the July jobs report. 2) Ernie Tedeschi, Director of Economics at the Yale Budget Lab, offers his latest analysis of US tariffs. The average US tariff will rise to 15.2% if rates are implemented as announced, according to Bloomberg Economics, up from 13.3% earlier — and significantly higher than the 2.3% in 2024 before Trump took office. 3) Anurag Rana, Senior Tech Analyst for Bloomberg Intelligence, wraps Amazon and Apple earnings. Amazon dropped in premarket trading after projecting weaker-than-expected operating income and trailing the sales growth of its cloud rivals, while Apple gained after a beat. 4) Sebastien Page, CIO and Head of Global Multi-Asset at T. Rowe Price, joins to discuss staying in the market and asset allocation. Global stocks extended a selloff in early trading as President Trump’s sweeping import tariffs fueled concerns about the outlook for economic growth. 5) Anna Wong, Chief US Economist at Bloomberg Economics, brings us into the market open and discusses her outlook for labor and the impact of US tariffs. See omnystudio.com/listener for privacy information.

Amazon.com dropped in late trading after projecting weaker-than-expected operating income and trailing the sales growth of its cloud rivals, leaving investors searching for signs that the company’s huge investments in artificial intelligence are paying off. Operating profit will be $15.5 billion to $20.5 billion in the period ending in September, compared with an average estimate of $19.4 billion. Sales will be $174 billion to $179.5 billion, the company said Thursday in a statement. Analysts, on average, expected $173.2 billion. Chief Executive Officer Andy Jassy is engaged in an AI infrastructure arms race with Microsoft Corp. and Alphabet Inc. that requires heavy spending on data centers. Both of those rivals earlier reported strong earnings showing they are benefiting from the AI boom. For instant reaction and analysis, hosts Carol Massar and Tim Stenovec speak with: See omnystudio.com/listener for privacy information.

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

- Esther George, former President and CEO at the Federal Reserve Bank of Kansas City - Jason Furman, Professor: Practice Economic Policy at Harvard Kennedy School - Walter Piecyk, Partner at Lightshed Partners - Gargi Chaudhuri, Chief Investment and Portfolio Strategist, Americas at BlackRock Esther George, former President and CEO at the Federal Reserve Bank of Kansas City, joins to discuss Fed Chair Jay Powell's press conference yesterday and the outlook for rate cuts in 2025. Jason Furman, Professor: Practice Economic Policy at Harvard Kennedy School, joins to discuss the outlook for US growth ahead of President Trump's tariff policy deadline. Walter Piecyk, Partner at Lightshed Partners, joins to preview Apple earnings. Gargi Chaudhuri, Chief Investment and Portfolio Strategist, Americas at BlackRock, joins to talk the outlook for equities and the S&P. See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 29th, 2025 Featuring: 1) Lael Brainard, Senior Fellow at Harvard University and former Fed Vice Chair and former Director of the National Economic Council, talks about the Fed, rate cuts, and Fed independence. Fed Chair Jay Powell said in his press conference after the Fed held rates yesterday that the central bank needed to stay on guard against inflation risk and rejected arguments for an interest-rate cut. 2) Rich Clarida, Global Economic Advisor at PIMCO, offers his reaction to yesterday's Fed decision and talks about the outlook for rate cuts and Fed independence. Fed Chair Jay Powell said the Fed is well-positioned for now, given lingering uncertainties surrounding President Donald Trump’s tariffs and their economic impact, and that a reasonable base case is that the effects on inflation could be short-lived. 3) Meera Pandit, Global Market Strategist at JPMorgan Investment Management, talks markets and rates ahead of tomorrow's jobs report and tariff deadline. Stocks rose in early trading as Big Tech earnings delivered on optimism around the AI boom, with Microsoft Corp. on course to become the second company to reach a $4 trillion market capitalization. 4) Mark Lehmann, CEO at Citizens JMP, on growing M&A sentiment and how the AI race is playing out in San Francisco. It comes as Meta said yesterday it is increasing spending next year, with executives saying now is the time to seize on investment opportunities in artificial intelligence. 5) Anurag Rana, Senior Tech Analyst at Bloomberg Intelligence, wraps Microsoft earnings and looks ahead to Amazon and Apple. See omnystudio.com/listener for privacy information.

Microsoft reported better-than-expected growth in its cloud business and said spending on AI infrastructure hit a record. The closely watched Azure cloud-computing unit posted a 39% rise in sales during Microsoft’s fiscal fourth quarter, the company said in a statement on Wednesday. Analysts projected 34% revenue growth. The shares rose about 7% in extended trading after closing at $513.24 in New York. The company’s stock was up about 22% this year through the Wednesday close. Meta also reported results that sent shares higher after the close. Meta topped projections for second-quarter sales and gave a stronger-than-expected forecast for the current period, a sign that the social media company’s advertising business is still growing quickly enough to support aggressive spending on artificial intelligence. Shares jumped as much as 10% in late trading. Third-quarter sales will be $47.5 billion to $50.5 billion, Meta said in a statement Wednesday, with the midpoint of that range exceeding the average analyst estimate of $46.2 billion, according to data compiled by Bloomberg. The social media giant, which owns Instagram and Facebook, reported second-quarter revenue of $47.5 billion. Meta stock was up 18.7% so far this year before Wednesday’s report. For instant reaction and analysis to earnings for both big tech companies, hosts Carol Massar and Tim Stenovec speak with: See omnystudio.com/listener for privacy information.

Bloomberg's Tom Keene, Jonathan Ferro and Lisa Abramowicz discuss remarks from Fed Chair Jay Powell following the Federal Reserve's latest policy decision on a special edition of Bloomberg Surveillance| Federal Reserve Chair Jerome Powell said interest rates are in the right place to manage continued uncertainty around tariffs and inflation, tempering expectations for a rate cut in September. “There are many, many uncertainties left to resolve,” Powell told reporters Wednesday following the central bank’s decision to once again keep rates unchanged. “It doesn’t feel like we are very close to the end of that process.” The Federal Open Market Committee voted 9-2 to hold its benchmark federal funds rate in a range of 4.25%-4.5%, as they have at each of their meetings this year. Governors Christopher Waller and Michelle Bowman voted against the decision in favor of a quarter-point cut. Traders pared back their expectations for rate cuts as Powell spoke. Interest-rate futures indicated roughly even odds on a reduction at the next meeting in September, down from about 60% earlier in the day. Treasuries extended losses, the dollar surged to the highest since May and the S&P 500 fell. In their post-meeting statement, officials downgraded their view of the US economy, saying “recent indicators suggest that growth of economic activity moderated in the first half of the year.” The Fed had previously characterized growth as expanding “at a solid pace.” See omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature a conversation with Abby Joseph Cohen. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF See omnystudio.com/listener for privacy information.

- Jim Bullard, Business School Dean at Purdue University - Joseph Amato, CIO: Equities at Neuberger Berman - Heidi Crebo-Rediker, Adjunct Senior Fellow at the Council on Foreign Relations - Claudia Sahm, Chief Economist at New Century Advisors Jim Bullard, Business School Dean at Purdue University, looks ahead to the Fed decision and whether the Fed will signal that it will cut rates. Joseph Amato, CIO: Equities at Neuberger Berman, talks about how earnings from Big Tech companies can help propel the S&P rally. Heidi Crebo-Rediker, Adjunct Senior Fellow at the Council on Foreign Relations, discusses recent trade deals as the August 1st tariff deadline approaches. Claudia Sahm, Chief Economist at New Century Advisors, talks about trade, the Fed, and US labor health. See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 28th, 2025 Featuring: 1) Abby Joseph Cohen, professor at Columbia University and former Chief Investment Strategist at Goldman Sachs, brings us into the market open and talks about Fed and trade policy. Fed policymakers are largely expected to hold rates steady for a fifth consecutive meeting in the face of sustained pressure from President Trump on Powell to lower borrowing costs. 2) Amy Wu Silverman, Head of Derivatives Strategy at RBC Capital Markets, joins for an extended discussion on US stock volatility and why expectations are volatile but not volatility itself. S&P 500 contracts were little changed in the lead-up to the Federal Reserve interest-rate decision, which have become a cause of contention between the White House and Fed Chair Jerome Powell. 3) Ryan Majerus, former Assistant General Counsel at the Office of the U.S. Trade Representative during the first Trump Administration, talks about who's driving the Trump administration's trade policy and what tariffs will look like August 1st. President Trump's recent trade deal announcements are light on detail, with key aspects still under negotiation and partners giving mixed signals about what they signed up for. 4) Mark Howard, Managing Director and Senior Multi-Asset Specialist at BNP Paribas, joins to discuss why today will either prove to be a "trifecta" of economic news, or a "trilemma." As the Fed meeting comes into focus in the afternoon, investors will watch for any signs of a greater openness from the Fed to easing when it next gathers in September. 5) Ari Wald, Head of Technical Analysis for Oppenheimer, talks about why the bull market is just overbought but not over. Before the Fed, GDP figures this week will offer an update on the health of the American economy in the buildup to Friday’s key payrolls report. The relentless rush of big earnings continues in the US later, with Microsoft and Meta both reporting. See omnystudio.com/listener for privacy information.