Episode summary
Bloomberg Surveillance TV: July 14th, 2026 | Bloomberg Surveillance
Bloomberg Surveillance
· · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr · Guests: Christopher Verrone, William Dudley, Tiffany Wilding
Summary
Bank stocks were presented as the cleanest way to read the current market setup: Christopher Verrone argued that financials are on strong technical footing, with 99% of banks above their 200-day average and regional and small banks finally breaking out to multi-year highs. He said the group has reclaimed leadership since mid-May, and that the bank rally looks broad enough to extend beyond the big capital-markets names like Morgan Stanley and Goldman Sachs.
On policy, the discussion split between those who think the Fed is still too easy and those who think it has time to wait. William Dudley argued the Fed should consider tightening because inflation has stayed above target for more than five years, financial conditions remain extremely accommodative, and the AI investment boom is still adding stimulus. Tiffany Wilding said the latest inflation print gives the Fed more time, but not a clear off-ramp, because the key question is whether inflation is being driven by one-off supply shocks or by durable demand.
The panel also debated whether the capital markets boom can keep running. Verrone said the cycle will likely end only when bond yields rise much more than expected, while Dudley said the Fed has not done enough to cool an economy that still looks well supported by easy financial conditions.
Key takeaways
- Christopher Verrone said bank stocks remain in a strong uptrend, with 99% above the 200-day average and leadership broadening beyond the largest money-center names.
- Verrone argued the current equity boom likely continues until bond yields rise materially above current levels and become more competitive with stocks.
- William Dudley said the Fed should consider hiking because inflation has been above target for more than five years and financial conditions are still very accommodative.
- Dudley said he does not think the Fed will hike in 2026, but he would watch the 2-year yield as the clearest signal that his view is changing.
- Tiffany Wilding said the inflation data buys the Fed more time, but the key issue is whether the stickiness is supply-driven or demand-driven.
Notable quotes
“The group kicks off the 2Q earning season on solid technical footing”
“these global banks continue to act really really well so I think it's difficult to get kind of too worked up about financial conditions here”
“I think this is going to start to take some of the attention away both from the central bank and from Iran here”
“The members of our committee have no tolerance for persistently elevated inflation, and we share a resolute commitment to restoring price stability”
How the episode opens
Bloomberg Audio Studios podcasts radio news. This is the Bloomberg Surveillance Podcast. I'm Jonathan Pharaoh along with Lisa Abramitz and Amarie Hordern.
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. We begin this hour with stocks little changed heading into this morning's data and a ton of bank earnings.
Chris Veronus Bed Strategus writing the following with 99% of banks above the 200 day average. The group kicks off the 2Q earning season on solid technical footing. Chris joins us now for more.
Chris, good morning. Good to see you.
Great to be here, John. — Is that what your focus is on this morning? Because we've got CPI, we've got Fed Share Wash. Is it earnings front and center?
Yeah, I think this is going to start to take some of the attention away both from the central bank and from Iran here. And you know, our kind of main point here is when you look at kind of the setup of the bank stocks into earning season, they are on very sound footing. Are they overbought in the near-term?
Yeah, they probably are. I don't particularly care because the underlying trends are so firm. These are still the relative leaders.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- technical and macro strategy
- investment outlook
- economy and markets
- fed policy
- global markets
Companies and tickers mentioned
- STRT
- Strategas Securities
- PIMCO
- Bloomberg
Watch the episode
Watch “Bloomberg Surveillance TV: July 14th, 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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