Markets Slip as Nvidia, Yields & the Debasement Trade Loom | The Close 8/24/2026

Watch on YouTube ↗ | August 24, 2026 at 22:01 | 1:29:36 | Bloomberg Markets

Speakers

Anne Walsh — Head of New Products, Coinbase

Kamal Bhatia — CEO & President, Principal Asset Management

Bill Quigley — Co-Founder, Tether

Gabriela Borges — US Software Equity Research Analyst, Goldman Sachs Research

David Welch — Detroit Bureau Chief, Bloomberg

Mimi Duff — Head of NY Office and Senior Client Advisor, GenTrust

Torsten Slok — Partner, Apollo Global Management

Ed Morse — Energy Expert / Analyst

Ed Al-Hussainy — Portfolio Manager, Total Return Bond

Romaine Bostick — Anchor, Bloomberg

Tim Stenovec — Anchor/Co-Host, Bloomberg TV & Radio

Ankur Jain — CEO, Bilt

Andrew DiCapua — Principal Economist, Canada Chamber of Commerce

Summary

The show covers a risk-averse session with equities lower, led by chip weakness ahead of Nvidia earnings, while the debasement trade lifts Bitcoin and gold. Guests discuss elevated long-end yields, Treasury intervention, credit and private markets, AI software and cybersecurity, tariff risks for Ford and GM, and the FX and real-asset implications of dollar weakness.

Stocks slip with the S&P and Nasdaq lower, while Bitcoin and gold rise and long-end yields stay elevated.
Kamal Bhatia sees long rates staying higher and favors public/private credit plus AI-driven private equity, private real estate and private industrial value.
Bill Quigley argues Bitcoin is behaving as a gold-type debasement hedge and still has under-deployed institutional dry powder.
Gabriela Borges sees a possible durable software recovery and views CrowdStrike as an AI security winner.
Ford and GM face significant earnings risk from threatened 50% U.S.-Canada tariffs.
Mimi Duff is underweight credit and recommends real assets and unhedged non-U.S. equities on dollar weakness.
Torsten Slok says Treasury intervention threats could cap long-end rates, while Ed Al-Hussainy favors EM carry currencies over the dollar.
Ed Morse sees limited incremental oil upside from Iran sanctions because China's gasoline and diesel demand is falling.

Ideas

Anne Walsh Head of New Products, Coinbase 2:10

Buy 10Y at 5%, 30Y at 6%.

If the 10-year Treasury yield reaches 5%, it is a buying opportunity; if the 30-year Treasury yield reaches 6%, she would buy a lot of 30-year Treasuries because that level would offer an attractive entry point.

Kamal Bhatia CEO & President, Principal Asset Management 6:03

Own both public and private credit.

Credit markets are being re-rated by new, unlevered borrowers and AI-driven issuance; investors should consider both public and private credit rather than choosing one, though compressed spreads mean credit selection is critical.

Kamal Bhatia CEO & President, Principal Asset Management 9:19

AI favors private equity, real estate, industrial.

AI's long-term economic transformation will create more value for private market equity investors, with the biggest value or real asset creation in private real estate and industrial investments.

Bill Quigley Co-Founder, Tether 11:36

Bitcoin benefits from debasement trade.

Bitcoin is increasingly behaving like a gold-type hedge against Treasury and U.S. government inflation risk, and large institutional and retirement capital remains under-deployed relative to gold ETFs, so when that dry powder moves in, Bitcoin could rise significantly.

Gabriela Borges US Software Equity Research Analyst, Goldman Sachs Research 18:45

AI software comeback has durable path.

Software companies are starting to show AI acceleration beyond early coding use cases, and can capture 10-25% of customer value over time, supporting a durable software rally as AI begins to pay.

Gabriela Borges US Software Equity Research Analyst, Goldman Sachs Research 21:32

CrowdStrike is AI security winner.

AI is the next wave of digital transformation and requires more security; CrowdStrike is a clean tech stock that has successfully scaled through NexGen acquisitions and organic innovation, positioning it as a strategic AI security partner.

David Welch Detroit Bureau Chief, Bloomberg 31:24

Ford and GM face tariff risk.

A 50% tariff on Canadian imports would hit Ford and GM significantly because they produce heavy-duty and medium-duty pickup trucks in Canada and engines in Ontario, with little ability to shift production in six to twelve months.

Mimi Duff Head of NY Office and Senior Client Advisor, GenTrust 39:23

Credit spreads too tight to own.

Credit spreads are near 27-year highs and investors are not being compensated for that debt risk, so GenTrust is underweight credit within interest-rate products and debt.

Mimi Duff Head of NY Office and Senior Client Advisor, GenTrust 40:53

Hold real assets for dollar weakness.

Under the debasement theme and likely dollar weakness from Treasury bill issuance, she recommends holding real assets including energy producers, gold and uranium, which have already gained more than 30% this year.

Mimi Duff Head of NY Office and Senior Client Advisor, GenTrust 41:21

Non-US equities beat S&P unhedged.

She holds non-U.S. equities unhedged and favors the Pacific region, including Japan and Korea, because they have beaten the S&P this year and offer diversification away from U.S. dollar and debasement risk.

Torsten Slok Partner, Apollo Global Management 57:15

Watch Treasury intervention cap long yields.

Treasury interventions alone have limited effect, but the threat of using the more than $900 billion Treasury General Account creates a cloud over rates that could suddenly jerk long-end yields lower and likely limits how far rates can rise.

Ed Morse Energy Expert / Analyst 69:14

Oil upside limited by China demand.

New Iran sanctions create pressure on Iran but have little incremental oil-market impact because Iranian exports were already blocked, and China has reduced gasoline and diesel consumption enough to keep the market balanced.

Ed Al-Hussainy Portfolio Manager, Total Return Bond 78:02

Short dollar, own EM carry currencies.

Treasury buyback intervention transfers pressure from rates to currency markets, making the dollar the short-term loser; emerging-market carry currencies are attractive because their central banks fought inflation more aggressively and real yields in Brazil, Mexico, Colombia and South Africa are attractive.

Ed Al-Hussainy Portfolio Manager, Total Return Bond 78:02

Short dollar, own EM carry currencies.

Treasury buyback intervention transfers pressure from rates to currency markets, making the dollar the short-term loser; emerging-market carry currencies are attractive because their central banks fought inflation more aggressively and real yields in Brazil, Mexico, Colombia and South Africa are attractive.

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This Bloomberg Markets video, published August 24, 2026, features Anne Walsh, Kamal Bhatia, Bill Quigley, Gabriela Borges, David Welch, Mimi Duff, Torsten Slok, Ed Morse, Ed Al-Hussainy discussing 10-Year U.S. Treasury, TLT, Public Credit, BIZD, PSP, Private industrial, Private real estate, BTC, IGV, CRM, SNOW, CRWD, F, GM, LQD, URA, XLE, GLD, Non-U.S. equities, EWJ, EWY, U.S. Long-End Treasuries, BNO, Colombian Peso, ZAR, BRL, MXN, UUP. 14 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Anne Walsh, Kamal Bhatia, Bill Quigley, Gabriela Borges, David Welch, Mimi Duff, Torsten Slok, Ed Morse, Ed Al-Hussainy · Tickers: 10-Year U.S. Treasury, TLT, Public Credit, BIZD, PSP, Private industrial, Private real estate, BTC, IGV, CRM, SNOW, CRWD, F, GM, LQD, URA, XLE, GLD, Non-U.S. equities, EWJ, EWY, U.S. Long-End Treasuries, BNO, Colombian Peso, ZAR, BRL, MXN, UUP