Bloomberg Surveillance 8/11/2026

Watch on YouTube ↗ | August 11, 2026 at 15:02 | 2:24:15 | Bloomberg Markets

Speakers

Elie Maalouf — CEO, IHG Hotels & Resorts

Kelsey Berro — Fixed Income Portfolio Manager, JPMorgan Asset Management

Anastasia Amoroso — iCapital

Mark McCormick — Editor-in-Chief, CoinDesk

Omar Aguilar — Chief Executive Officer, Schwab Asset Management

Kristen Bitterly — Citi Wealth

Isabelle Freidheim — Athena Capital

Marvin Loh — Global Senior Macro Strategist, State Street

Sophia Kearney-Lederman — FHN Financial

Libby Cantrill — Head of Public Policy, PIMCO

David Tinsley — Bank of America Institute

Summary

The episode covers AI financing surge, Fed rate hike debates, oil/geopolitical risks, and consumer trends. Multiple guests provide investment theses favoring U.S. equities, AI infrastructure, private markets, and gold, while cautioning on semiconductors and long-duration bonds. The yen is seen weakening further, and travel demand remains robust despite Middle East tensions.

AI financing boom continues with NVIDIA's $500B facility and Intel share sale, signaling massive capex cycle.
Fed officials debate further rate hikes as inflation risks persist from oil and AI chip demand.
Oil prices volatile amid Strait of Hormuz tensions, with U.S. strategic reserves at multi-decade lows.
Consumer spending resilient, with lower-income wage growth catching up and K-shaped divide closing.
Investment managers favor U.S. large-caps and AI themes, while cautioning on semiconductors and long-duration Treasuries.
Yen intervention seen as one-off; USD/JPY expected to rise toward 165-170 on U.S. exceptionalism.
Private equity and credit offer attractive entry points relative to public markets.
IHG reports strong travel demand, positive momentum continuing despite Middle East conflict.

Ideas

Elie Maalouf CEO, IHG Hotels & Resorts 30:06

IHG strong results, travel demand broad-based.

IHG reported strong first-half results with revenue up 6%, operating profit up 10%, EPS up 13%. Growth was broad-based across all brands and regions, with World Cup contributing only 1%. U.S. fundamentals are strong (high employment, private investment, tax clarity), Europe is seeing strong tourism, Asia is growing. Travel demand is resilient despite Middle East conflict. Positive momentum expected to continue into second half and 2027.

Kelsey Berro Fixed Income Portfolio Manager, JPMorgan Asset Management 47:34

30-year Treasury yields attractive, buying.

U.S. 30-year Treasury yields are attractive at current levels, as despite heavy supply there is record demand. The market is absorbing issuance well, and yields have repriced to appealing entry points. She indicates she would buy.

Anastasia Amoroso iCapital 59:10

Semiconductor risk from AI model commoditization.

Risks are building in the semiconductor space as AI models become commoditized and open-weight models compete with frontier models, potentially reducing the need for high-end chips.

Anastasia Amoroso iCapital 59:24

Private equity cheap vs publics, AI value.

Private equity valuations are at a 15-year low relative to public markets, offering an attractive entry point. AI initiatives across portfolio companies are driving productivity and profitability, creating immense value creation opportunities.

Anastasia Amoroso iCapital 60:13

Private credit healthy, spreads wide, attractive.

Private credit fears have been exaggerated; the asset class is healthier than perceived, with wider spreads and higher rates providing income opportunities.

Mark McCormick Editor-in-Chief, CoinDesk 92:46

USD/JPY target 165, yen weakness sustained.

Yen intervention was a one-off, and Japanese fundamentals are bearish (pension fund outflows, corporates exporting capital). The BOJ is behind the curve. USD/JPY is expected to rise to 165 and potentially 170 due to U.S. exceptionalism and dollar strength.

Omar Aguilar Chief Executive Officer, Schwab Asset Management 101:13

U.S. equities constructive, broadening market.

Overweight U.S. large-cap equities due to strong earnings delivery, accelerating cloud growth, and sustained AI demand. Nine of eleven sectors showing double-digit earnings growth, innovation concentrated in U.S.

Isabelle Freidheim Athena Capital 114:13

Avoid AI model pure-plays, overpriced.

The AI model layer has been entirely repriced outside public markets; when it reaches public markets it's a liquidity event, not a capital raise, so avoid pure-play AI model companies as there's little upside.

Isabelle Freidheim Athena Capital 115:08

AI infrastructure is the real opportunity.

The real opportunity in AI lies in infrastructure—power, cooling, electricity grid—as the model layer is already overpriced. Infrastructure is essential to make AI cheaper and accessible, and debt financing is now focused there.

Kristen Bitterly Citi Wealth 134:42

Overweight AI themes, early innings opportunity.

Preference for AI-related themes as AI ecosystem is in early innings, with opportunities in infrastructure, power, and the broader ecosystem beyond semis. Sustained demand and capex support the trade.

Kristen Bitterly Citi Wealth 138:14

Gold hedge, central banks buying support.

Gold is used as a portfolio diversifier and hedge against upside inflation risks; central banks are buying gold again, providing support.

Kristen Bitterly Citi Wealth 138:34

Avoid long-duration bonds, inflation volatility risk.

Avoid long-duration bonds (10+ years) due to inflation volatility; portfolio duration kept around 5.1, steering clear of the long end.

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This Bloomberg Markets video, published August 11, 2026, features Elie Maalouf, Kelsey Berro, Anastasia Amoroso, Mark McCormick, Omar Aguilar, Isabelle Freidheim, Kristen Bitterly discussing IHG, U.S. 30-Year Treasury Bond, SOC, PSP, BIZD, USD/JPY, SPY, AI Model Pure-Play Companies, AIQ, AI-related themes, GLD, Long-Term U.S. Treasuries (10+ years). 12 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Elie Maalouf, Kelsey Berro, Anastasia Amoroso, Mark McCormick, Omar Aguilar, Isabelle Freidheim, Kristen Bitterly · Tickers: IHG, U.S. 30-Year Treasury Bond, SOC, PSP, BIZD, USD/JPY, SPY, AI Model Pure-Play Companies, AIQ, AI-related themes, GLD, Long-Term U.S. Treasuries (10+ years)