Commodities Bull Market Is Underpriced: 3-Minutes MLIV

Watch on YouTube ↗  |  September 09, 2026 at 07:28  |  3:22  |  Bloomberg Markets
Speakers
Mark Cudmore — Executive Editor, Bloomberg Live / Macro Strategist

Summary

Mark Cudmore discusses Scott Bessent's yen-related warning and argues Bessent has the tools but his taunting may invite the market to test him. Cudmore then makes a high-conviction case that commodities are in an underpriced structural bull market driven by both demand and supply factors. He also sees the multi-year bear market in developed-market bonds as having further to run.

  • Bessent says he is the house and warns against betting against him on the yen/BOJ.
  • Cudmore sees Bessent's taunt as a strategic blunder and expects markets to test the intervention.
  • Commodities are in a powerful bull cycle with much more to go.
  • Demand drivers include fiat debasement, AI, climate change, and global rearmament.
  • Supply is constrained by Middle East and Russia-Ukraine wars affecting energy and fertilizer.
  • Developed market bond yields are not generous enough for inflation and fiscal risks.
  • The underlying bond bear market likely has many more years to go.
Ideas
Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 0:20
Market may test Bessent's yen intervention
Bessent is right that he has more information and tools, but by taunting the market he invites it to test him; with structural flows, fiscal pressure and inflationary pressure running against him, the market will pick its moment to challenge his FX intervention.
FXY MED
Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 1:50
Commodities bull cycle has further to run
We are in a powerful commodities bull cycle with much further to go because it is both a demand and supply story: investment demand via loss of policy credibility and fiat debasement into real assets, real-world demand from AI, climate change and global rearmament, and supply constraints from Middle East and Russia-Ukraine wars affecting energy and fertilizer production.
Commodities complex HIGH
Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 3:03
Developed bonds in structural bear market
Developed market bonds remain in a multi-year bear market; tactical rallies are possible because yields are generous, but yields are not generous enough to compensate for inflation and fiscal risks on the horizon, so the underlying bond bear market has many more years to go.
Developed market bonds HIGH
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This Bloomberg Markets video, published September 09, 2026, features Mark Cudmore discussing FXY, Commodities complex, Developed market bonds. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mark Cudmore  · Tickers: FXY, Commodities complex, Developed market bonds