Bloomberg Daybreak: US Edition Daybreak Holiday: Stock Market Records, Fed Independence, The Future of DEI
20 snips
Jan 19, 2026 
Cameron Dawson, Chief Investment Officer at NewEdge Wealth, and Lori Calvasina, Head of U.S. Equity Strategy at RBC Capital Markets, dive into market volatility and the implications of potential economic shifts by 2026. Michael McKee, an international economics correspondent, discusses challenges facing the Fed and potential threats to its independence. Meanwhile, Jeff Green and Heather Landy shed light on the current state of diversity, equity, and inclusion initiatives, clarifying the setbacks and successes in corporate DEI efforts.
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K-Shaped Consumer Dynamics Mask Weakness
- Consumer resilience is concentrated in large, market-weighted names while equal-weight measures show a weaker consumer.
- Cameron Dawson highlights this K-shaped dynamic that masks broader weakness.
Temper Enthusiasm For Small Caps
- Be cautious on small caps despite enthusiasm; valuations and positioning have tightened.
- Lori Calvasina advises tempering bullishness because cyclical indicators and rate-cut catalysts may not sustain outperformance.
Probe Threatens Independence But Data Rules
- The DOJ probe into Powell raises concerns about Fed independence but data still points away from an imminent rate cut.
- Michael McKee argues markets currently expect the Fed to act on data, not political pressure.