Wall Street Week | Inflation Meets Debt, Rerouting Global Trade, Private Equity Tested

Name: Wall Street Week | Inflation Meets Debt, Rerouting Global Trade, Private Equity Tested
Uploaded: 2026-08-14T23:00:31+00:00
Duration: 3393 s

Смотреть на YouTube ↗ | 14 августа 2026, 23:00 | 56:33 | Bloomberg Markets

Спикеры

Rick Rieder — Директор по инвестициям (глобальный фиксированный доход), BlackRock

Steve Rattner — Генеральный директор, Willett Advisors

Steven Kaplan — Professor, University of Chicago Booth School of Business

Alejandra Velásquez — Head of Investment and Commercial Development, CIIT

Brandon Daniels — CEO, Exiger

Andrew Weinberg — Founder and CEO, Brightstar Capital Partners

Jason Tyler — President, Wealth Management, Northern Trust

Andro Nodarse-Leon — Cuban-American hotelier; LionGrove

Pavel Vidal — Professor, Pontificia Universidad Javeriana

The program examines bond market stress from inflation and fiscal supply, global shipping chokepoints and Mexico's land corridor, pressure on private equity from higher rates and slow exits, Cuba's reform credibility problem, and Japan's yen intervention. Rick Rieder sees short-duration fixed income, gold, and yen-hedged Japan equities as favored positions, while private equity faces avoidable headwinds. The broader trade is toward high carry, resilient income, and official-sector gold demand. - Rick Rieder views core inflation as easing but still above target, with real rates driving financing costs higher. - He favors diversified fixed income through BINC and owns high yield, emerging markets, securitized assets, and more Europe than the U.S. - Global shipping chokepoints are creating interest in alternatives such as Mexico's CIIT, but no clean public trade is identified. - Private equity is under pressure from higher rates, slower exits, low DPI, and weaker relative performance since 2019. - Cuba announces market reforms, but investors remain skeptical; tourism is seen as promising yet not currently investable. - Rieder says Japan equity is attractive with currency hedging, while yen intervention needs credible BOJ policy support. - Central bank gold buying is replacing marginal Treasury demand, making U.S. Treasury funding flows worth watching.

Идеи

Rick Rieder Директор по инвестициям (глобальный фиксированный доход), BlackRock 9:05

High yields make diversified fixed income attractive

Rieder argues high real rates let investors build a diversified fixed-income portfolio with almost 7% yield at an average A- rating and less than three years of interest-rate exposure, without stretching credit risk. He says high yield should be trading 150-200 basis points lower in yield, and he owns high yield, emerging markets, securitized assets, and more Europe than the U.S.

Steve Rattner Генеральный директор, Willett Advisors 27:01

Higher rates make private equity less attractive

Higher interest rates reduce the attraction of equities generally and hit private equity specifically because buyouts are heavily debt-financed; as borrowing costs rise, PE managers cannot pay as much for companies and still earn their target returns, making private equity less straightforward.

Steven Kaplan Professor, University of Chicago Booth School of Business 29:47

Private equity exits and distributions are struggling

Private equity largely beat public markets from the 1990s through 2018, but since 2019 the pattern has reversed as big tech lifted public markets and high-priced 2020-21 deals got hit by higher rates; buyout funds now face slow exits, low DPI, and LPs waiting for distributions.

Rick Rieder Директор по инвестициям (глобальный фиксированный доход), BlackRock 48:33

Yen intervention needs BOJ policy support

Japanese yen weakness reflects heavy fiscal financing needs and doubts about whether the Bank of Japan will hike aggressively; direct intervention is not durable, so markets will test it, but a BOJ move in September or December and further coordinated intervention are worth watching.

Rick Rieder Директор по инвестициям (глобальный фиксированный доход), BlackRock 52:29

Central banks favor gold over Treasuries

Rieder sees persistent central bank and reserve manager demand for gold as a substitute for Treasuries, and says owning gold lets investors position alongside those official buyers at the margin.

Rick Rieder Директор по инвестициям (глобальный фиксированный доход), BlackRock 53:05

Watch foreign demand fading for Treasuries

Foreign central banks and reserve managers are buying gold and pulling back from Treasuries at a time of heavy U.S. issuance, forcing more reliance on domestic buyers; Rieder says this flow shift must be watched because every marginal buyer matters.

Rick Rieder Директор по инвестициям (глобальный фиксированный доход), BlackRock 54:00

Own Japan equities, hedge the yen

The weak yen has been a boon for Japan's equity market, and Rieder says his playbook is to own Japanese equities, avoid Japanese debt, and hedge currency exposure to capture equity appreciation; he expects the trade to continue.