Bloomberg Surveillance Single Best Idea with Tom Keene: Richard Clarida & Robert Schiffman
Feb 9, 2026
Richard Clarida, former Fed vice chair turned PIMCO economist, and Robert Schiffman, a Bloomberg Intelligence analyst focused on tech credit, join to discuss central bank independence, the Fed’s asset mix, and massive tech bond deals. They explore why long-term debt makes sense for hyperscalers and how capital strategy fuels big AI and infrastructure bets.
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Fed Independence Evolved Since 1951
- The 1951 Treasury‑Fed accord marked a pivotal moment for Fed independence by ending wartime yield caps.
- Modern accords would focus on the Fed's asset composition, not yield caps, reshaping policy tools and balance sheets.
What A Modern Treasury‑Fed Accord Would Target
- Today's Treasury‑Fed discussions would likely target the Fed's large holdings of mortgage‑backed securities and long-term Treasuries.
- Changing the Fed's portfolio tilt could alter market functioning and interest rate transmission.
Spotting Hyperscaler Bond Waves
- Tom Keene recounts noticing successive big bond deals from tech firms after a prior offering prompted expectations of more issuance.
- He highlights Alphabet's long-dated sterling 100‑year bond as a striking recent example.