Bloomberg Surveillance Markets Push Higher amid Uncertainty
Oct 7, 2025
Jeffrey Rosenberg, Senior Portfolio Manager at BlackRock, dives into the intricacies of fixed income versus equity returns. He explains how the shift in macro conditions is steering investors towards alternatives like gold and Bitcoin amid political uncertainties. Rosenberg also sheds light on liquid alternatives and defensive alpha strategies, offering insights on risk allocation and market responses to recessions. Additionally, he discusses the implications of the ongoing government shutdown for the economy, making for a compelling conversation on current market dynamics.
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Rebalance Against The Cycle, Not With It
- Rosenberg recommends counter-cyclical risk rebalancing rather than relying solely on short-term risk measures.
- He advises blending short- and longer-term risk metrics to avoid pro-cyclical portfolio mistakes.
Longer Shutdowns Create Non-Linear Risks
- Libby Cantrill says a short shutdown likely won't harm the economy, but a prolonged one has non-linear risks.
- She stresses uncertainty because last major shutdown lasted only 16 days and current context lacks similar catalysts.
Resolve ACA Subsidies To Break The Impasse
- Cantrill highlights that the expiring ACA enhanced subsidies are politically salient and likely require a deal.
- She advises that resolving subsidy dynamics will be table stakes for any funding agreement.