Bloomberg Surveillance Bloomberg Surveillance TV: November 10th, 2025
7 snips
Nov 10, 2025 
Mary Daly, President of the Federal Reserve Bank of San Francisco, dives into the complexities of Fed policy amid a government shutdown. She assesses how productivity and inflation trends shape future decisions, reaffirms the Fed's focus on inflation, and examines market impacts from ongoing economic fluctuations. Sarah Hunt, Chief Market Strategist at Alpine Saxon Woods, shares insights on investor preferences for financially resilient companies amidst AI excitement, market pullbacks, and the implications of tech spending dynamics. A lively discussion on whether current trends are cyclical or secular ensues.
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Labor Weakness Looks Demand-Driven
- Daly interprets slowing wage growth alongside slowing payrolls as evidence of a negative demand shock.
- She sees the labor market as low-hiring, low-firing, requiring close interrogation to judge unemployment risks.
AI Hype Is A Productivity Bet
- Daly treats equity valuations and AI hype as market bets on productivity, not direct signals of broad inflation.
- She emphasizes that both transformative and incremental technologies can raise productivity and growth.
Seek Financially Resilient Stocks
- Sarah Hunt recommends favoring companies with strong cash flow and disciplined balance sheets in uncertain markets.
- She suggests prioritizing steady dividend growers and firms that can weather downturns.