Bloomberg Surveillance Bloomberg Surveillance TV: January 6th, 2026
Jan 6, 2026
Julian Emanuel, Chief Equity & Quantitative Strategist at Evercore ISI, predicts a robust year for markets driven by AI and concentration risk. Sonal Desai, Fixed Income CIO at Franklin Templeton, warns that fiscal impulses could spur inflation while supporting US growth. Andrew Hollenhorst, Chief US Economist at Citi Research, anticipates rising unemployment and discusses its implications for Fed policy. The conversation also touches on private equity opportunities and the impact of supply constraints on market dynamics, making for a compelling analysis of future trends.
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Episode notes
Rotate Opportunistically From Mega-Caps
- Emanuel recommends opportunistic rotation away from concentrated leaders into beaten-down consumer and healthcare names at times.
- He says stay exposed to AI themes but use tactical opportunities to diversify sector exposure.
Growth And Fed Cuts Can Coexist
- Emanuel links stronger-than-expected recent data and fiscal stimulus to higher 2026 growth (Evercore raised its forecast to 2.5%).
- He expects multiple Fed cuts (three or more) despite growth, driven by political pressure to support the consumer.
$60 Crude Stabilizes Consumer Sentiment
- Emanuel highlights $60 crude as a stability threshold because lower pump prices support consumer psychology and spending.
- He views stable/low gasoline prices as a tailwind for consumer-facing sectors and the broader market.