Episode summary
Bloomberg Surveillance TV: April 30th, 2026 | Bloomberg Surveillance
Bloomberg Surveillance
· · 26 min · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr · Guests: Sharmin Mossavar-Rahmani, Kevin Hassett, Victoria Coates
Summary
A Goldman Sachs strategist argued that the equity market can absorb the current oil shock for now because growth and earnings remain strong, and because history suggests stocks can still rise several weeks after a Middle East escalation. She said the U.S. economy is unusually resilient, that the shock has not lasted long enough to hit the broader market, and that investors should stay invested rather than try to time the conflict. She also dismissed gold as a strategic inflation hedge, arguing that U.S. equities have historically been the better protection.
The National Economic Council director took a similar line on the economy, saying the recent data were strong enough that the Federal Reserve should not raise rates into what he views as a temporary energy disruption. He pointed to solid capital spending, low claims, and weak residential investment as reasons to favor easier policy, and said lower rates could help housing and push growth closer to 4% or 5%. He also defended administration steps on fuel supplies and framed the Iran pressure campaign as evidence the U.S. can weather higher crude.
A Heritage Foundation guest said Iran is under the greater strain in the confrontation, citing a collapsing currency, a shuttered stock market, and rising economic damage. She said the U.S. has multiple options if it wants to increase pressure, including strikes on infrastructure or actions to secure shipping through the Strait of Hormuz.
Key takeaways
- The Goldman Sachs strategist said the market can withstand the oil shock for now and told clients to stay invested rather than try to time events.
- She said U.S. equities have historically been the best inflation hedge, while gold is not a good strategic allocation.
- The National Economic Council director argued that the Fed should not hike into a temporary energy spike and said stronger productivity could keep core prices contained.
- He said lower rates could help residential investment and potentially lift U.S. growth toward 4% or 5%.
- The Heritage Foundation guest said Iran is under severe economic pressure, with its currency down 98% over 10 years and its stock market shut for more than 2 months.
Notable quotes
“the idea that people can raise rates in the face of weakening economy, especially in the US when you have a dual mandate, I think we need to factor in a lot of uncertainty”
“the best hedge against inflation has been historically US equities in aggregate. So in fact, that's why again we say stay invested”
“I think it would be a policy error for, you know, this ECB or the Fed to hike rates into a temporary spike in energy prices”
“I think that getting interest rates down could really supercharge the economy from where we are, but not be super inflationary”
“they haven't had a stock market for more than 2 months. It's been shut down. Nobody knows what their equities are worth, if anything”
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.
Eastern. Subscribe to the podcast on Apple, Spotify, or anywhere else you listen. And as always, on the Bloomberg Terminal and the Bloomberg Business app.
Here's the view on Wall Street this morning. Stocks looking for some direction as big tech plans another massive AI spend in the face of what could be tightening central banks worldwide. Joining us Sharmin Mossavar-Rahmani, the wealth management CIO and head of the investment strategy group at Goldman Sachs.
Sharmin, it's good to see you. Hello. Thank you.
Thank you for being here. Are central banks about to become a headwind to this equity market rally? We had to have a very good exhibit on one of our client calls.
If you look at the 21 past strikes that the US has had on the Middle East or North Africa, up to 8 months 8 weeks after the initial strike, the equity markets have been up on average 4%. And that's exactly where we are. So everybody's saying, "Oh, the equity market is going ahead.
How can they ignore the price of oil, whether it's WTO or Brent? Um what is exactly going on? Growth is still robust.
Obviously, we're going to get Q1 numbers, but I think nobody's thinking that we're in a recession is imminent. Um and if you look at the earnings we've gotten, they've been incredible, right? Substantially greater than consensus.
And this is a pretty significant uh ex- ex- In terms of exceeding expectations, it's a pretty significant number.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- world markets
- economic outlook
- investment strategy
- wealth management
- market surveillance
Companies and tickers mentioned
- GS
- Goldman Sachs
Watch the episode
Watch “Bloomberg Surveillance TV: April 30th, 2026 | Bloomberg Surveillance” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
More from Bloomberg Surveillance
-
Stocks Rise as Inflation Data Ease Fed-Hike Worry | Bloomberg Surveillance -
Bloomberg Surveillance TV: November 13th, 2026 | Bloomberg Surveillance -
Bloomberg Surveillance TV: November 12th, 2026 | Bloomberg Surveillance -
Jensen Huang Ousted by Nvidia Board as CEO | Bloomberg Surveillance -
Bloomberg Surveillance TV: November 11th, 2026 | Bloomberg Surveillance -
AI Stocks Rebound as Fed Hike Bets Return | Bloomberg Surveillance
Bloomberg Surveillance, this episode and its artwork belong to Bloomberg. Octagon is not affiliated with the show; this page is an independent summary.
