Bloomberg Surveillance Single Best Idea with Tom Keene: Claudia Sahm & Eric Van Nostrand
Mar 6, 2026
Claudia Sahm, economist and founder of New Century Advisors, known for labor-market analysis, discusses recent U.S. jobs data and signs of a jobless expansion. Short takes cover interpreting weak labor signals and how they shape macro policy. Eric Van Nostrand joins to contrast market calm with hidden risks, including oil and Gulf traffic impacts.
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Synthesize Cross Market Signals
- U.S. economic headlines must be synthesized across markets because single stats mislead about broader risk.
- Tom Keene contrasts oil, bond yields, stocks and dollar moves to show conflicting signals in recent market action.
February Data Signals Jobless Expansion Continues
- Claudia Sahm says February labor data reverses earlier optimism and points to a continued jobless expansion.
- She notes the U.S. created almost no net jobs last year while GDP and spending rose, calling it a jobless expansion.
Market Calm Masks Geopolitical Risk
- Eric Van Nostrand warns market calm underestimates fundamental risks, especially around oil and Gulf traffic.
- He highlights equities sitting at lower range since October while oil and geopolitical risk remain materially elevated.