Bloomberg Surveillance Bloomberg Surveillance TV: March 11th, 2026
Mar 11, 2026
James Bullard, former St. Louis Fed president and current Purdue Business School dean, offers perspective on Fed policy, inflation, and oil shocks. Stephen Auth, EVP and CIO: Equity at Federated Global, outlines market outlook, portfolio positioning, oil-driven volatility and defensive sectors. They discuss how oil duration, market signals and policy risks shape returns and risk management.
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Stocks Look Through Future Oil And Volatility
- Markets are pricing stocks off future oil and volatility levels rather than today's spot prices.
- Stephen Auth points out futures curve shows lower forward oil and vol, letting equities look through near-term shocks to slower single-digit returns to 2027.
Set Concrete Reentry Levels Before Buying Dips
- Maintain defensive cash allocation levels and set reentry triggers based on lower target S&P price bands.
- Stephen Auth says Federated cut their S&P target pre-correction and set levels to reenter with new cash.
Use A Two To Three Month Oil Threshold As A Red Flag
- Monitor sustained oil above $90 for roughly two to three months as a trigger to downgrade growth and earnings outlooks.
- Auth warns prolonged $90+ oil could feed broader inflation and remove expected rate cuts in 12 months.