Bloomberg Surveillance Bloomberg Surveillance TV: March 10th, 2026
18 snips
Mar 10, 2026 
Mark Shaw, former chief of staff to Mike Pence, offers perspective on US strategy and Middle East options. Nate Thooft, CIO at Manulife IM, breaks down market volatility, oil-driven inflation risks, and portfolio hedging beyond bonds. They discuss high oil’s growth and inflation tradeoffs, political and policy responses, and why volatility may persist in markets.
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Sustained Oil Spike Hits Growth And Inflation
- Geopolitical-driven oil spikes can shave growth and raise inflation if sustained above $100 per barrel for months.
- Nate Thooft quantifies the hit: ~0.5 percentage point lower GDP and ~1 percentage point higher inflation for major economies.
Stock Bond Correlation Is Broken
- The traditional negative stock-bond correlation has broken, reducing bonds' portfolio insurance value.
- Nate Thooft recommends diversifying into commodities, gold, and alternatives as hedges beyond duration exposure.
Use Commodities And Alternatives As Portfolio Hedges
- Tilt portfolios toward non-rate hedges like commodities, gold, and alternative assets when energy-driven volatility rises.
- Nate Thooft points to commodities and gold as practical hedges when rates no longer reliably protect portfolios.