Bloomberg Surveillance US Eco Data in Focus as Iran Tensions Simmer
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Feb 20, 2026 Dina Esfandiary, Middle East GeoEconomics lead, explains U.S. military buildup, shifting objectives toward Iran, and escalation risks. Lindsey Piegza, chief economist, focuses on GDP nuances, inflation near 3%, and Fed reaction. Anastasia Amoroso, private-wealth strategist, covers U.S. equity strength, European momentum, and private credit versus treasuries.
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Shift Toward Asset-Heavy Growth
- Markets may be transitioning from an 'asset-light' software era to an 'asset-heavy' economy focused on physical CapEx and tangible assets.
- Hyperscalers still matter due to large free cash flows and anticipated cloud revenue growth.
Consider Private Credit Exposure
- Consider private credit as a yield-enhancing allocation given lower default rates in sponsor-backed deals and current double-digit yields.
- Diversify within private credit to avoid cyclical sectors where defaults are higher.
Be Selective Buying Software Stocks
- Be selective when buying beaten-down software names; don't buy the full index because ARR growth expectations have shifted.
- Focus on incumbents with resilient revenues rather than high-multiple growth names that lost momentum.