Bloomberg Surveillance Bloomberg Surveillance TV: December 16th, 2025
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Dec 16, 2025 Michael Collins, a Fixed Income Executive Portfolio Advisor at PGIM, shares insights on job reports and the Fed's gradual approach to interest rates amid slow growth and sticky inflation. Elyas Galou, a Senior Investment Strategist at BofA Securities, reveals findings from a global fund managers survey, highlighting cash levels at record lows and warning about equities struggling if long-term yields rise. He connects optimism to anticipated Fed policies while discussing energy investments and the potential contrarian appeal of bonds.
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Muddle-Through Macro Outlook
- Michael Collins calls the current outcome a "muddle through": slow growth, sticky but cooling inflation.
- He expects gradual Fed cuts next year and resilient corporate margins supporting markets.
Pause And Watch Before Policy Moves
- Michael Collins advises treating recent data as noisy and to wait for more high-quality data before policy moves.
- He recommends the Fed pause and gather more months of information prior to cutting.
Stagflationary Tension At The Fed
- Frances Donald warns of a dual-mandate tug: jobs softness versus still-elevated inflation.
- She says upcoming CPI prints could empower hawks even if jobs give doves ammunition.