Bloomberg Surveillance Bloomberg Surveillance TV: September 22nd, 2025
34 snips
Sep 22, 2025 
Krishna Guha, Vice Chairman at Evercore ISI and former central banking expert, dives into the complexities of Fed policy, discussing committee divisions and the potential impact of rate cuts on markets. Venu Krishna, Head of U.S. Equity Strategy at Barclays, shares insights on the sustainability of the equity rally, highlighting tech sector growth and earnings analysis. Together, they explore factors like market speculation, credit tightening, and the evolving landscape of small caps, offering a nuanced view of current economic trends.
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Market Priced Between Median And Dovish Paths
- The market prices near-term Fed easing between median and dovish dots while long-term rates reflect optimistic growth expectations.
- Long-run Fed funds pricing sits slightly above the most hawkish view, keeping yields structurally elevated.
Market Has Rejected Long-End Supply Fears
- Strong auction demand and clearer fiscal roadmap have eased long-end supply fears despite big deficits.
- Treasury buybacks and potential issuance shifts may stabilize the 5–10 year 'belly' where demand is strongest.
Tech And Financials Drive Earnings Strength
- Strong H1 earnings came mostly from tech and financials, which dominate market weight.
- Barclays expects U.S. GDP to be around 1.8–1.9% this year, supporting equity performance.