Inflation Climbs, Tech Cools and Dimon Warns on Market Exuberance | Open Interest 5/12/2026

Watch on YouTube ↗  |  May 12, 2026 at 17:21  |  1:35:28  |  Bloomberg Markets
Speakers
Paisley Nardini — Managing Director and Portfolio Manager, Simplify
Jamie Dimon — CEO, JPMorgan Chase
Kristen Bitterly — Citi Wealth
Tom Gilbane — Co-CEO, Rockpoint
Charif Souki — Founder, Cheniere Energy / Phoenix Energy

Summary

The show covers a hotter-than-expected April CPI, a tech sell-off triggered by a South Korean policymaker's AI dividend proposal, and Jamie Dimon's warning about market exuberance. Guests discuss inflation's impact, AI-related volatility, selective real estate opportunities, and the strategic shift in global energy markets.

  • April CPI came in hot at 3.8% headline year-over-year, driven by gasoline, shelter, and services.
  • Tech stocks fell after a South Korean official suggested taxing AI profits to pay citizens, though the comment was walked back.
  • Jamie Dimon said there is 'too much exuberance' in markets, citing geopolitical risks and sticky inflation.
  • Paisley Nardini recommended adding duration on the 10-year Treasury around 4.5% as rates are likely to move lower.
  • Kristen Bitterly noted a K-shaped consumer and preferred equity over credit risk in portfolios.
  • Tom Gilbane highlighted a flight to quality and location in office real estate, and the opportunity in industrial properties near data centers.
  • Charif Souki argued the global energy center of gravity has shifted to the Americas, with US oil and gas production now dominant.
  • The Senate is expected to vote on Kevin Warsh as Fed Chair, with Powell's term ending Friday.
Trade Ideas
Paisley Nardini Managing Director and Portfolio Manager, Simplify 64:00
Add duration around 4.5% 10-year yield
The 10-year Treasury yield around 4.5% is an attractive level to add duration because rates are likely to move lower over the next six months. The bond market has been range-bound, and the current yield offers an asymmetric payoff profile. Inflation is sticky but largely driven by temporary oil and gas spikes, and the equity-bond correlation is negative, making duration a diversifier rather than a pure hedge.
IEF HIGH
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This Bloomberg Markets video, published May 12, 2026, features Paisley Nardini discussing IEF. 1 trade idea extracted by AI with direction and confidence scoring.

Speakers: Paisley Nardini  · Tickers: IEF