Bloomberg Surveillance Volatility Skew Shows Defensive Tilt in Markets
16 snips
Feb 3, 2026 
Eswar (Ezra) Prasad, Cornell professor and author on global economic disorder; Jed Kolko, labor and housing analyst and former Commerce official; Julian Emanuel, Evercore equity strategist. They discuss market defensive tilts, sector rotation toward healthcare and value, housing and labor-market frictions, and how globalization, tariffs and geopolitics reshape trade and corporate strategy.
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Housing Faces Tariff And Immigration Headwinds
- Residential construction faces headwinds from tariffs and reduced immigration, despite strong multifamily building.
- Jed Kolko notes price growth is cooling, easing some affordability pressures for now.
Immigration Slowdown Is Dampening Job Growth
- Slower immigration has cut workforce growth and lowered the jobs-break-even needed to stabilize unemployment.
- Sectors relying on immigrants show flat or weaker job growth, reflecting constrained labor supply.
Low Hiring Makes Labor Market Feel Tighter
- Low hiring rates make the labor market feel like one with much higher unemployment for job-seekers.
- Jed Kolko highlights a low-churn economy where hiring resembles an 8% unemployment environment.
