Bloomberg This Weekend | Major Change at the Fed, Immigration Reform, FIFA Scraps Investment Plan

Watch on YouTube ↗  |  August 01, 2026 at 16:30  |  2:25:27  |  Bloomberg Markets
Speakers
Jonathan Golub — Chief US Equity Strategist, UBS
Kevin Gordon — Head of Macro Research and Strategy, Schwab

Summary

The show covers potential Fed changes under Chair Kevin Warsh, the best earnings season in history according to Jonathan Golub, a bipartisan governors' task force on immigration, escalating Iran-Israel tensions, India's youth-driven 'Cockroach' protest movement, FIFA's failed investment plan, and market implications including a yen buying signal.

  • Fed Chair Warsh considers reducing FOMC meetings, raising market uncertainty.
  • Jonathan Golub highlights S&P 500 earnings up 50%, calling it the best season ever.
  • Bank and oil earnings are surging; banks revised to 22% growth, oil over 100%.
  • A bipartisan group of governors launches an immigration task force.
  • President Trump orders new attacks on Iran; Hamas agrees to disarm in Gaza truce.
  • India's 'Cockroach' movement protests exam leaks and youth unemployment.
  • FIFA withdraws a controversial commercial entity plan after UEFA opposition.
  • Kevin Gordon references a 'buy yen' note amid Japan-U.S. currency coordination.
Ideas
Jonathan Golub Chief US Equity Strategist, UBS 10:52
Best earnings season ever, broad strength
Overall S&P 500 earnings are expected to be up 50% year-over-year, making this by far the best earnings season in history outside of recession recoveries. Broad strength outside of tech, with banks and oil surging, signals robust corporate performance and supports further equity upside.
SPY HIGH
Jonathan Golub Chief US Equity Strategist, UBS 11:25
Bank earnings revised sharply higher
US banks were originally expected to grow earnings less than 8%, but current expectations are for 22% growth, as they benefit from lending into active capital markets. The sharp upward revision highlights strong earnings momentum in the banking sector.
KBE HIGH
Jonathan Golub Chief US Equity Strategist, UBS 11:35
Oil earnings surging on Middle East war
Oil companies are seeing earnings growth well over 100%, driven by war in the Middle East. Elevated commodity prices and supply concerns provide a strong earnings tailwind for the energy sector.
XLE HIGH
Kevin Gordon Head of Macro Research and Strategy, Schwab 126:49
Coordinated intervention supports yen strength
Japan is a poster child for a country where inflation is running away a bit and the central bank has been hesitant to tighten. The recent coordinated intervention and the 'buy yen' signal from Treasury Secretary Bessent, combined with fundamental pressures, suggest the yen is poised to strengthen.
FXY MED
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This Bloomberg Markets video, published August 01, 2026, features Jonathan Golub, Kevin Gordon discussing SPY, KBE, XLE, FXY. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jonathan Golub, Kevin Gordon  · Tickers: SPY, KBE, XLE, FXY