Bloomberg Surveillance 5/22/2026

Watch on YouTube ↗  |  May 22, 2026 at 14:38  |  2:24:15  |  Bloomberg Markets
Speakers
Deborah Cunningham — CEO of Global Liquidity Markets, Federated Hermes
Earl Davis — Head of Fixed Income, BMO Global Asset Management
Bob McNally — President and Founder, Rapidan Energy Group
Alex Altman — Global Head of Equities, Tactical Strategies, Barclays
Brian Levitt — Global Market Strategist, Invesco
Krishna Guha — Vice Chair, Evercore ISI
Tiffany McGhee — CEO, Pivotal Advisors

Summary

Bloomberg Surveillance covers a sustained market rally, AI IPO frenzy, and the energy crisis stemming from the Strait of Hormuz closure. Kevin Warsh is sworn in as Fed Chair amid a divided committee and rising inflation. Analysts highlight opportunities in front-end Treasuries, 10-year bonds, oil, and equal-weight S&P.

  • S&P 500 on track for eighth consecutive weekly gain.
  • Iran-U.S. negotiations stall over uranium and Strait of Hormuz tolls.
  • SpaceX, OpenAI, and Anthropic race to public markets.
  • Kevin Warsh sworn in as Fed Chair amid divided committee.
  • Oil prices could spike if Strait closure continues.
  • Consumer sentiment drops to multi-decade lows.
  • Front-end Treasury yields seen as attractive.
  • Quantum computing gets government backing.
Trade Ideas
Bob McNally President and Founder, Rapidan Energy Group 66:31
Oil prices to jump if Hormuz stays closed.
The Strait of Hormuz closure is depleting global oil inventories. If the closure continues through July, oil prices will jump to $100+ Brent, possibly catalyzing an economic downturn. The risk of military escalation is high, and without a framework deal, prices could spike further.
WTI HIGH
Deborah Cunningham CEO of Global Liquidity Markets, Federated Hermes 92:51
Buy short-term Treasuries for yield and safety.
The front end of the yield curve offers attractive yields in the high 3% range with low risk. The Fed is likely to remain on hold, making short-term rate products like money market funds a good value. We have rearranged our positioning to favor short-rate products over longer maturities.
Short-term U.S. Treasuries HIGH
Alex Altman Global Head of Equities, Tactical Strategies, Barclays 107:57
Equal-weight S&P to benefit from rotation.
The U.S. equity market is overly concentrated in AI/momentum names with stretched metrics. A rotation, possibly triggered by an Iran resolution or oil price drop, would benefit the other 493 S&P stocks. The equal-weighted S&P 500 provides a way to diversify away from the narrow leadership and capture that rotation.
RSP MED
Earl Davis Head of Fixed Income, BMO Global Asset Management 139:46
Buy 10-year Treasuries above 4.50%.
10-year Treasury yields above 4.50% provide an attractive entry point for adding duration. The range of 3.90-4.80 has held, and we are buying on pullbacks. Tax refund season ending will slow growth, and a potential Iran resolution could cause a short-lived relief rally. Yield income and quality are key reasons to own bonds at these levels.
10-year U.S. Treasuries HIGH
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This Bloomberg Markets video, published May 22, 2026, features Bob McNally, Deborah Cunningham, Alex Altman, Earl Davis discussing WTI, Short-term U.S. Treasuries, RSP, 10-year U.S. Treasuries. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Bob McNally, Deborah Cunningham, Alex Altman, Earl Davis  · Tickers: WTI, Short-term U.S. Treasuries, RSP, 10-year U.S. Treasuries