Stock Rally Stalls as Bonds Climb on Retail Sales | Bloomberg Businessweek Daily 2/10/2026

Watch on YouTube ↗  |  February 10, 2026 at 21:35  |  42:31  |  Bloomberg Markets
Speakers
Ira Jersey — Bloomberg Intelligence Chief US Interest Rate Strategist
Gary Evans — CEO, Critical Minerals Company
Paul Andre Huet — Chairman & CEO, America's Gold & Silver Corporation
Stuart Paul — Bloomberg Economics US and Canada Economist
Elizabeth Renter — Senior Economist, NerdWallet
Cheryl McKissack Daniel — Chair of the Board, McKissack & McKissack
Charlie Pellett — Anchor/Reporter, Bloomberg

Summary

Bloomberg Businessweek Daily covers a mixed U.S. economic picture: retail sales stalled, consumer delinquencies rose, and Treasury yields fell as investors digested weak consumer data. Guests discuss a weak labor market and curve-steepening trade, then two critical-minerals CEOs detail a U.S. antimony joint venture and government support. Later, an infrastructure executive discusses cautious construction optimism, power-grid constraints, and her family's legacy.

  • Retail sales unexpectedly stalled in December; consumer delinquencies hit 13%.
  • Treasuries rallied; Ira Jersey sees curve steepening continuing and a supported Treasury market.
  • Elizabeth Renter warns of rising household financial fragility.
  • America's Gold & Silver and U.S. Antimony announce an Idaho antimony processing JV.
  • CEOs highlight China's antimony export cutoff, U.S. stockpile plans, and price-floor support.
  • Cheryl McKissack Daniel says construction is cautiously optimistic but power capacity is constrained.
  • Market flash covers software, media M&A, and QVC bankruptcy talks.
Ideas
Ira Jersey Bloomberg Intelligence Chief US Interest Rate Strategist 7:12
Curve steepener continues despite crowded positioning.
Jersey says the bigger move in Treasuries is at the long end and the yield-curve steepening trade—short-term yields falling faster than long-term yields—will continue, though it is crowded and will move in fits and starts with occasional sharp reversals. He sees the trade supported by a weaker consumer and labor market backdrop.
TLT HIGH
Ira Jersey Bloomberg Intelligence Chief US Interest Rate Strategist 8:28
Staples favored; discretionary spending under pressure.
Jersey sees some optimism in consumer staples, while consumer discretionary spending—especially on imported, durable, high-ticket goods—faces frustration as the consumer weakens and tariff policy bites. He frames this as a relative consumer-sector read.
XLP LOW
Ira Jersey Bloomberg Intelligence Chief US Interest Rate Strategist 8:28
Staples favored; discretionary spending under pressure.
Jersey sees some optimism in consumer staples, while consumer discretionary spending—especially on imported, durable, high-ticket goods—faces frustration as the consumer weakens and tariff policy bites. He frames this as a relative consumer-sector read.
XLY LOW
Paul Andre Huet Chairman & CEO, America's Gold & Silver Corporation 22:21
Idaho mine supplies antimony JV.
Huet says America's Gold and Silver's Idaho mine produces multiple critical minerals and will supply domestic antimony feedstock into the new joint-venture processing plant, which it will 51% own. He calls the JV transformational, says construction can start within 90 days and finish in about a year, and sees a large U.S. and allied antimony deficit plus government price-floor support.
USAS HIGH
Gary Evans CEO, Critical Minerals Company 24:00
Only approved antimony supplier with contract.
Evans says U.S. Antimony is uniquely positioned as one of only two antimony smelters in North America, with proprietary hydromet processing technology, existing production from Bolivia, and a $245 million Department of War contract to deliver antimony ingots. He says it is the only approved company capable of performing on the contract and will benefit from the U.S. critical-minerals stockpile and domestic-supply push.
UAMY HIGH
Gary Evans CEO, Critical Minerals Company 28:57
China export cutoff tightens antimony supply.
Evans says antimony supply is structurally tight: China cut off all antimony exports in September 2024 after its biggest mine depleted, and the U.S. needs 50 million pounds per year plus another 40 million for allies. He argues a price floor around $20 per pound is needed to protect domestic producers from Chinese dumping and that the U.S. strategic stockpile supports domestic antimony.
ANTIMONY HIGH
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This Bloomberg Markets video, published February 10, 2026, features Ira Jersey, Paul Andre Huet, Gary Evans discussing TLT, XLP, XLY, USAS, UAMY, ANTIMONY. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Ira Jersey, Paul Andre Huet, Gary Evans  · Tickers: TLT, XLP, XLY, USAS, UAMY, ANTIMONY