Bloomberg Surveillance Bloomberg Surveillance TV: September 16th, 2025
Sep 16, 2025
Kelly Ann Shaw is a Partner at Akin Gump and former senior White House trade advisor, while Elyas Galou serves as Senior Investment Strategist at Bank of America, and Steven Ricchiuto is the Chief US Economist at Mizuho. The discussion dives into the Fed's easing cycle and its ramifications for the U.S. economy. They explore trade dynamics between the U.S. and China, the latest findings from the Fund Managers Survey, and the implications for investors as economic indicators shift.
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Valuation Concerns Coexist With Buying
- Fund managers boost equity exposure despite record-high perceived overvaluation.
- Massive monetary easing and AI optimism drive short-term buying despite long-term valuation concerns.
Cuts Expected Amid Inflation Fears
- Over 80% of surveyed managers expect short-term rates to fall and a majority expect at least four Fed cuts in 12 months.
- Yet many managers also fear persistent inflation, producing mixed outlooks for yields and stocks.
AI Justifies Capex And Stock Optimism
- AI is regarded as a deflationary, productivity-boosting force that justifies bullish equity positions.
- Fund managers are urging CFOs to prioritize capex, especially from hyperscalers, despite inflation concerns.