Bloomberg Surveillance Bloomberg Surveillance TV: February 11th, 2026
Feb 11, 2026
Doug Burgum, U.S. Secretary of the Interior, outlines Project Vault and debates energy, minerals and offshore wind rules. Michael Gapen, Morgan Stanley chief U.S. economist, dissects payrolls, inflation and Fed timing. Scott Lincicome, Cato trade policy lead, probes legal limits and political risks of tariffs. Short takes on minerals strategy, jobs data, trade law and energy policy.
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Limits Of Unilateral Tariffs
- Unilateral tariffs have limited power to change China's economic model and can backfire.
- Scott Lincicome explains tariffs push production to third countries and encourage target-country nationalization.
Watch The Supreme Court For Tariff Checks
- Expect political and legal checks to be decisive, not congressional votes.
- Scott Lincicome advises watching the Supreme Court ruling on emergency tariff powers.
Jobs Data Needs Context
- Payroll revisions and seasonal adjustments complicate interpreting labor data, but the hiring trend is genuine.
- Michael Gapen frames the 170k private payrolls as consistent with other strengthening data.