Bloomberg Surveillance Bloomberg Surveillance TV: December 30th, 2025
9 snips
Dec 30, 2025 
Mark Cabana, from Bank of America Global Research, discusses Fed policy and the implications of potential leadership changes. Constance Hunter, Chief Economist at EIU, warns of a bumpy road for the U.S. economy, citing geopolitical risks. Dana D’Auria, from Envestnet, analyzes year-end weakness in mega-cap tech stocks, while Nicole Bachaud from ZipRecruiter shares insights on gradual hiring trends and the impact of AI on jobs. Together, they explore themes of market volatility, economic data, and sector-specific hiring patterns.
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Ownership Mix Can Amplify Treasury Volatility
- Foreign private holders and levered relative-value funds both own Treasuries, but their behavior differs.
- Concentrated, leveraged positions could amplify volatility if stress triggers deleveraging despite sticky real-money demand.
2026: Strong Demand Amid Policy Uncertainty
- Constance Hunter warns 2026 will be a mix of strong consumption and significant policy/geopolitical uncertainties.
- Tariff uncertainty and geopolitical risks make the data landscape confusing and the outlook bumpy.
High Retained Earnings Hint At Future Activity
- Firms retained unusually large earnings in Q3 and have delayed hiring and investment.
- Hunter expects those retained profits to be deployed into CapEx, dividends or hiring, creating an uneven growth path.