Bloomberg Surveillance Bond Bulls Emerge as Risk-Off Sentiment Builds
15 snips
Feb 17, 2026 
Libby Cantrill, PIMCO public policy chief, on Congress timing, tariffs and housing levers. Holger Schmieding, Berenberg chief economist, on global inflation, central bank moves and safe-haven currency flows. Dan Skelly, Morgan Stanley markets strategist, on AI capex, market positioning and why bonds are rallying. Short, punchy conversations about political timing, disinflation risks and tech-driven market shifts.
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Market Dissonance Calls For Broader Exposure
- Markets show dissonance: AI optimism has ceded to concern while macro data remains solid.
- Dan Skelly argues investors should broaden beyond MAG-7 into international and value exposures now.
Not All Software Is Equally Vulnerable
- Software faces disruption, but not all software is equally threatened by AI.
- Dan Skelly notes some software firms are partnering with AI model makers and may be beneficiaries.
Fiscal Tailwinds Lift International Markets
- International markets benefit from policy and fiscal tailwinds like defense and infrastructure.
- Dan Skelly highlights Japan, Latin America, and parts of Europe as attractive alternatives to US tech-centric markets.