Bloomberg Surveillance Bloomberg Surveillance TV: March 27th, 2026
10 snips
Mar 27, 2026 
Sonal Desai, Fixed Income CIO at Franklin Templeton, discusses cautious duration moves and fiscal risks. Russ Koesterich, Portfolio Manager at BlackRock, explains de-risking, why traditional hedges are failing and when duration may return. Pierre Wunsch, Belgian central bank governor and ECB policymaker, debates reacting to supply shocks, timing of policy moves and balancing inflation versus growth.
AI Snips
Chapters
Transcript
Episode notes
Trim Active Bets When Cross Asset Hedges Fail
- Bring portfolios closer to benchmark and reduce factor exposures when market hedges are failing.
- Koesterich recommended lowering equity and duration active bets rather than relying on absent cross-asset hedges.
De Risking Because No Reliable Hedges Remain
- Portfolio risk was being reduced across equities, duration, and factor exposures amid persistent energy-driven uncertainty.
- Russ Koesterich tied the move to a lack of reliable hedges (bonds, dollar, gold) and the prospect that prolonged $100+ oil forces lower growth expectations.
Bond Sell Off Is Mixed Signal Between Inflation And Growth
- Bond moves reflect a mix of higher headline inflation from energy and a growth drag that could eventually make duration attractive again.
- Koesterich noted core inflation may not rise the same way as headline, so duration could return as a hedge if growth weakens.