Bloomberg Daybreak: Europe Edition Trump Rosy Economy Spin, Private Credit 2008 Fears, Spain’s Broken Housing Market
8 snips
Feb 25, 2026 Laura Davison, Washington deputy bureau chief who covers U.S. politics, breaks down Trump’s State of the Union tone and trade posture. She discusses foreign policy signals on Iran and Ukraine. The conversation also flags growing risks in private credit and Spain’s escalating housing and rental squeeze.
AI Snips
Chapters
Transcript
Episode notes
Trump's State Of The Union Was A Defensive Record Check
- Donald Trump framed the State of the Union as proof his economy made the US "bigger, better, richer and stronger" despite sliding approval ratings.
- Laura Davison says the speech was largely backward-looking, touting first-year tax cuts and achievements rather than new policy proposals.
Tariffs Remain Central Despite Supreme Court Setback
- Trump repeatedly attacked the Supreme Court ruling on global tariffs and signalled he might continue tariff policy despite legal setbacks.
- The hosts noted he told Congress he wouldn't necessarily rely on its approval, implying use of alternate legal authorities to impose tariffs.
Private Credit Stress Is Escalating
- Industry voices are warning about private credit stress as defaults forecasts rise and funds restrict redemptions.
- UBS raised its default forecast to 15% and Blue Owl blocked withdrawals from a private credit fund, prompting wider concern.