Bloomberg Surveillance Bloomberg Surveillance TV: February 19th, 2026
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Feb 19, 2026 Daniel Flax, tech and markets analyst at Neuberger Berman, breaks down hyperscaler capex and AI impacts on software and semiconductors. Edward Mills, Washington policy analyst at Raymond James, discusses U.S.-Iran tensions, geopolitical risk and political timing. Thierry Wizman, macro strategist at Macquarie, covers Fed minutes, dollar valuation and how AI and deregulation could reshape monetary outlook.
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Fed Minutes Signal More Hawkish Rhetoric
- The Fed minutes showed a hawkish tilt driven by new FOMC members and persistent above-target inflation.
- Thierry Wizman says caution is justified and a hike remains possible later in the year despite no imminent moves.
Market Cuts Reflect Expected Policy Break
- Markets price large rate cuts this year by assuming a leadership-driven shift in Fed policy.
- Wizman argues that pricing requires belief the new chair can change the committee's median view, especially around AI and deregulation impacts.
AI Will Reshape Fed's Economic View
- The Fed's future debate will hinge on how the committee views AI's economic effects.
- Wizman sees AI as inflationary short-term but potentially disinflationary once investment and deployment materialize.