Bloomberg Surveillance 5/26/2026
Спикеры
Steve Chiavarone
— Главный стратег по акциям, Federated Hermes
Sonal Desai
— Редактор, Bloomberg Opinion
Lesley Marks
— Директор по инвестициям, Mackenzie Investments
Mona Mahajan
— Глава инвестиционной стратегии, Edward Jones
Richard Bernstein
— CEO и главный инвестиционный директор, Richard Bernstein Advisors
The episode covers market optimism on a potential US-Iran deal despite renewed clashes, strong earnings driven by AI, and the Fed's new chair Kevin Warsh facing inflation challenges. Strategists debate bond direction, favor emerging markets, and caution against speculative bets.
- US and Iran clash in the Strait of Hormuz even as talks progress, but markets rally on hope of a deal.
- S&P 500 near all-time highs, driven by strong earnings and AI capex.
- Earnings margins grow at 9% YoY, reminiscent of 1995-1999 boom.
- Fed under new chair Kevin Warsh likely to hold rates, with rate hike possible if inflation persists.
- Sonal Desai advises avoiding long-end bonds; Lesley Marks sees bonds as attractive.
- Steve Chiavarone and Mona Mahajan favor emerging markets over developed.
- Consumer sentiment hits record low amid rising gas prices.
- Richard Bernstein warns of speculative environment, advocates short-duration cash-plus.
Идеи
Prefer EM over developed markets
Steve Chiavarone prefers emerging markets over developed markets, arguing that emerging markets are less dependent on the Strait of Hormuz and stand to benefit from a resolution to the conflict, while Europe and parts of Asia are already lagging due to oil sensitivity. He also expects that U.S. equities will outperform as they are least dependent on the conflict.
Avoid long-term Treasury bonds
Sonal Desai advises against going all-in on long-end bonds, arguing that medium-term yields are likely to move higher due to inflation persistence, a return to more orthodox monetary policy, and continued fiscal profligacy in the U.S. He sees the cliff for long-end yields as upward, not downward.
Далее
This Bloomberg Markets video, published May 26, 2026, features Steve Chiavarone, Sonal Desai discussing EEM, TLT. 2 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Steve Chiavarone, Sonal Desai · Tickers: EEM, TLT