Bloomberg Surveillance 8/24/2026

Watch on YouTube ↗ | August 24, 2026 at 15:12 | 2:24:13 | Bloomberg Markets

Speakers

Steve Chiavarone — Chief Equity Strategist, Federated Hermes

Dan Ives — Managing Director, Wedbush Securities

Kelsey Berro — Fixed Income Portfolio Manager, JPMorgan Asset Management

Ajay Rajadhyaksha — Global Chairman of Research, Barclays

Troy Gayeski — Chief Market Strategist, Invesco

Earl Davis — Head of Fixed Income, BMO Global Asset Management

Anne Walsh — Head of New Products, Coinbase

Momei Qu — PSP Growth Managing Director

Kelly Covley — Senior Investment Analyst, Manning & Napier

Betsy Duke — Former Federal Reserve Governor, former Wells Fargo Chair

Summary

The program covers the escalating trade tensions between the U.S. and Canada, as well as the U.S. preparing new economic sanctions on Iran. Market participants are closely watching the bond market's reaction to rising long-term yields and anticipating key speeches from Treasury Secretary Scott Bessent and Fed Chair Kevin Warsh. Meanwhile, the tech sector remains in focus ahead of NVIDIA's highly anticipated earnings report.

U.S. and Canada trade talks collapse, leading to retaliatory tariffs.
Treasury Secretary Scott Bessent prepares to announce new economic sanctions on Iran.
Rising long-term Treasury yields spark debate over potential interventions and Fed policy.
Investors await Fed Chair Kevin Warsh's speech at Jackson Hole for clues on the central bank's reaction function.
NVIDIA faces high expectations ahead of its earnings report amid rising AI server costs.
Record corporate debt issuance by AI hyperscalers tests the investment-grade credit market.

Ideas

Steve Chiavarone Chief Equity Strategist, Federated Hermes 6:12

Unprecedented AI infrastructure spending supports equity multiples.

The largest companies in the world are financing a massive infrastructure build via free cash flow, driving an unprecedented earnings cycle with stable earnings and a higher margin profile, which will support equity multiples.

Dan Ives Managing Director, Wedbush Securities 32:19

Massive chip demand outstrips supply, boosting tech.

A memory super cycle is underway with chip demand outstripping supply by 15:1; rising costs will be passed on, and the AI revolution is still in the early innings, which is bullish for the overall tech trade.

Dan Ives Managing Director, Wedbush Securities 32:19

Massive chip demand outstrips supply, boosting tech.

NVIDIA must prove it can be tomorrow's AI platform by expanding into other areas of the AI stack, such as the Rubin platform and robotics, to justify further stock price appreciation despite strong current fundamentals.

Kelsey Berro Fixed Income Portfolio Manager, JPMorgan Asset Management 47:46

Record retail demand absorbs investment-grade credit supply.

There is record retail demand for investment-grade credit, and if the bond market shows any stability, investors will flood back in to absorb the record supply.

Troy Gayeski Chief Market Strategist, Invesco 84:12

Russell 2000 is expensive with lower growth.

The Russell 2000 is very expensive relative to larger indices on a P/E and enterprise value basis, while offering much lower revenue growth, making it a bad place to put money.

Troy Gayeski Chief Market Strategist, Invesco 84:48

Fed rate cuts will boost private credit.

Private debt is priced at the front end of the curve, so Fed rate cuts will reduce interest expenses for private borrowers, leading to an increase in credit quality.

Earl Davis Head of Fixed Income, BMO Global Asset Management 91:07

Buy 10-year Treasuries at five percent yield.

The 30-year Treasury yield could hit 6% before the 10-year hits 5% due to pressure on the long end; the 10-year at 5% is a strong buy, while the 30-year at 6% carries too much duration risk.

Earl Davis Head of Fixed Income, BMO Global Asset Management 95:05

Shift from high yield to short-duration IG.

Valuations in credit are tight and will reset, prompting a shift out of U.S. high yield into 2-3 year short-duration investment grade, while looking to buy financials, aerospace & defense, and energy on pullbacks.

Earl Davis Head of Fixed Income, BMO Global Asset Management 95:05

Shift from high yield to short-duration IG.

Valuations in credit are tight and will reset, prompting a shift out of U.S. high yield into 2-3 year short-duration investment grade, while looking to buy financials, aerospace & defense, and energy on pullbacks.

Earl Davis Head of Fixed Income, BMO Global Asset Management 95:05

Shift from high yield to short-duration IG.

Valuations in credit are tight and will reset, prompting a shift out of U.S. high yield into 2-3 year short-duration investment grade, while looking to buy financials, aerospace & defense, and energy on pullbacks.

Anne Walsh Head of New Products, Coinbase 108:10

Long-duration AI investment-grade debt carries elevated risk.

The massive capital issuance on the long end of investment-grade credit to fund the AI buildout carries elevated risk and obsolescence concerns, requiring a higher coupon to justify investment.

Kelly Covley Senior Investment Analyst, Manning & Napier 141:18

AI-related corporate bonds are attractive and underleveraged.

Bonds of AI-related companies are attractive on an individual basis because these companies are not particularly leveraged, making demand more of a gating factor than creditworthiness.

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This Bloomberg Markets video, published August 24, 2026, features Steve Chiavarone, Dan Ives, Kelsey Berro, Troy Gayeski, Earl Davis, Anne Walsh, Kelly Covley discussing SPY, XLK, MU, NVDA, LQD, IWM, BIZD, TLT, XLF, ITA, XLE, HYG, Short-duration Investment Grade, Long-duration Investment Grade, AI-related corporate bonds. 12 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Steve Chiavarone, Dan Ives, Kelsey Berro, Troy Gayeski, Earl Davis, Anne Walsh, Kelly Covley · Tickers: SPY, XLK, MU, NVDA, LQD, IWM, BIZD, TLT, XLF, ITA, XLE, HYG, Short-duration Investment Grade, Long-duration Investment Grade, AI-related corporate bonds