Bloomberg Surveillance Bloomberg Surveillance TV: February 9th, 2026
Feb 9, 2026
Cameron Dawson, Chief Investment Officer at NewEdge Wealth, offers macro and market perspective in a lively discussion. He breaks down recent volatility as positioning and valuation recalibration. He covers tech free-cash-flow risks, cyclical leadership versus big-cap limits, foreign Treasury flows, and the prospects for coordinated action to ease mortgage rates.
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Foreign Demand Dynamics Still Matter For Yields
- Foreign holdings in U.S. treasuries rose in 2025 despite 'sell America' narratives.
- Still, declining long-term holdings by China and potential demand shifts could pressure yields at the margin.
Watch Fiscal Moves, Not Just Fed Signals
- Expect Treasury to seek lower yields via interventions because fiscal costs make cheaper borrowing a policy priority.
- Monitor front-end Fed control versus long-end supply-demand forces when assessing rate outlooks.
Gold Rally Was Speculative; Silver More Fragile
- Gold's recent rally showed speculative momentum and high trading volumes, especially in China.
- Silver's lower liquidity and industrial demand made its move more volatile and prone to a round trip.