Bloomberg Surveillance Bloomberg Surveillance TV: July 29th, 2025
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Jul 29, 2025 
Mike Wilson, Chief US Equity Strategist at Morgan Stanley, shares insights on the optimistic market recovery, driven by factors like a weaker dollar and earnings revisions. Stephen Stanley, Chief U.S. Economist at Santander, discusses the White House's economic rebalancing efforts and the importance of labor data amidst ongoing trade negotiations. Kevin Gordon from Charles Schwab highlights the interplay between corporate earnings and labor market trends, examining how tariffs affect hiring and investment strategies across regions.
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U.S. Exceptionalism Emerging Again
- U.S. economic participation is improving across the economy after years of challenges.
- Policy and lending focus is shifting towards supporting Main Street and regional banks to strengthen the broader domestic economy.
Tariffs as Import Tax Explained
- Tariffs act like an import tax shared among exporters, importers, and consumers.
- Companies with pricing power in industrial sectors will pass costs, while consumers have less pricing power; tax cuts aim to offset these effects.
Labor Data Key to Tariff Impact
- Labor data is crucial to assess tariffs’ impact on hiring and the broader economy.
- So far, labor market remains solid; tariff impact, if any, likely to emerge in the second half of the year.