Episode summary
Bloomberg Surveillance TV: April 17th, 2026 | Bloomberg Surveillance
Bloomberg Surveillance
· · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr · Guests: French Hill, Rick Rieder, Steven Cook
Summary
The discussion centered on how Washington, markets, and geopolitics are colliding around the Federal Reserve, housing, and the Strait of Hormuz. French Hill argued the Trump administration should drop the DOJ investigation into Jay Powell, move on to confirming Kevin Warsh, and let the Fed refocus on monetary policy, Treasury market structure, and bank supervision. He also said lower inflation and more housing supply would be the best way to bring down mortgage and long-term rates.
Rick Rieder was notably constructive on equities, saying the market’s technicals are extraordinary and earnings growth, especially in semiconductors and large-cap tech, is powerful. He framed the current setup as a productivity revolution that is boosting margins and earnings, while warning that lower-income households are still under pressure from housing, food, and fuel costs. He said the Fed should stay on hold for now, but still expects a couple of cuts and sees the 10-year Treasury as relatively uninteresting for asset allocation.
Steven Cook took a much darker view of the Iran situation. He said Tehran’s demands are unchanged: give up the nuclear program, missile program, and support for proxies, and he doubted the regime would surrender at the negotiating table. He argued that a prolonged closure of the Strait of Hormuz would be a major strategic setback for the United States and Gulf allies, and said Iran’s ultimate goal is regime survival, even if that means waiting out the West.
Key takeaways
- French Hill said the White House should drop the DOJ case against Jay Powell and focus on confirming Kevin Warsh at the Fed.
- Hill argued that supply-side tax policy, deregulation, and more housing inventory are the best tools for lowering mortgage and benchmark rates.
- Rick Rieder said equities are being powered by extraordinary technicals and explosive earnings growth, especially in semis and large-cap tech.
- Rieder said the Fed should stay on hold for now, but he still expects a couple of cuts and thinks the 10-year is not very interesting for asset allocation.
- Steven Cook said Iran’s real objective is regime survival, not a broad settlement with the United States.
- Cook warned that a prolonged Strait of Hormuz shutdown would be a major strategic setback for the U.S. and its Gulf partners.
Notable quotes
“it's time to move on uh from this. Uh the petitions to the court have been rejected and I think it's time to move on from the case”
“the best way to make sure that takes place is to make sure inflation is well anchored”
“I think the Fed you will be on hold and watch the data”
“The ultimate goal of this regime is survival”
How the episode opens
Bloomberg Audio Studios. Podcasts, radio, news. This is the Bloomberg Surveillance podcast.
I'm Jonathan Ferro, along with Lisa Abramowicz and Amry Houghton. Join us each day for insight from the best in markets, economics, and geopolitics. From our global headquarters in New York City, we are live on Bloomberg Television weekday mornings from 6:00 to 9:00 a.m.
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So, here's the latest this morning. Kevin Walsh's confirmation hearing set for Tuesday. The DOJ investigation into the Fed's renovation project threatening to stand in its way.
We've got the perfect guest to have this conversation, the Republican Congressman French Hill joins us around the table, also the chair of the House Financial Services Committee. Mr. Chairman, it's good to see you.
Great to be uh with you and great to have you all three in Washington. Thank you for hosting us. Thank you for hosting us.
Let's talk about this. I've asked so many people this question. I'll ask it you.
Why isn't the president taking the off-ramp and getting his man confirmed at the Federal Reserve? Well, it's what I'd recommend. I mean, I said back in January that I didn't think Jay Powell had done anything criminal.
Uh and that it was a distraction to uh have the DOJ do that investigation, which is as I've said many times, doesn't exempt uh the Fed from criticism. I've had plenty of things that I think that Jay Powell or the Fed board should have done differently over the years. But, it's time to move on uh from this.
Uh the petitions to the court have been rejected and I think it's time to move on from the case and put our attention around getting Kevin Walsh confirmed by the United States Senate.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- markets
- economy
- investment
- fixed income
- world markets
Companies and tickers mentioned
- BLK
- BlackRock
Watch the episode
Watch “Bloomberg Surveillance TV: April 17th, 2026 | Bloomberg Surveillance” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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