Episode summary
Bloomberg Surveillance TV: September 15th, 2026 | Bloomberg Surveillance
Bloomberg Surveillance
· · 25 min · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr · Guests: Ted Mortonson, Guneet Dhingra, Harvey Schwartz
Summary
The discussion centered on two linked market forces: the AI buildout and the higher-rate environment. One guest argued that the backlash around AI safety and regulation is mostly “hysteria,” and said the industry should self-regulate rather than invite politicians into the process. He framed the fight as both a business-model battle and an existential one, but said investors should focus on facts, not political noise, and continue treating the infrastructure trade as durable despite recent volatility in semiconductors.
A second guest from BNP Paribas argued that 10-year Treasury yields at 5% are likely to persist and may not be enough to slow growth. He said the Fed is still behind the curve because AI spending, consumer strength, and fiscal support are keeping the economy resilient. In his view, the long end of the curve matters more than the policy rate, and the market may need to see a sequence of hikes before bond investors are convinced inflation is contained.
Harvey Schwartz of Carlyle said the firm’s portfolio data show a healthy economy, sticky but not accelerating inflation, and structural reasons for rates to stay higher, including large deficits and global demand for capital. He said the company remains active, is buying back shares, and sees AI as a major opportunity rather than a reason to stop investing.
Key takeaways
- A guest from Baird said AI regulation fears are overblown and investors should expect self-regulation from the industry rather than heavy federal intervention.
- The BNP Paribas strategist said 5% on the 10-year is not the ceiling and that yields may need to rise further before growth slows.
- The Carlyle CEO said the firm sees a resilient economy, sticky inflation, and structurally higher rates driven by deficits and capital demand.
- The Carlyle CEO said hyperscaler spending is acting like massive fiscal stimulus and is creating crowding-out pressure in bond markets.
- The Baird strategist said the recent semiconductor selloff was a “horrible reaction” and called the infrastructure trade a multi-year theme.
Notable quotes
“I think number one, everybody's got to take a deep breath. Um this is just in this hysteria phase”
“We see long and yields at 5% on the 10-year here to stay. And we think uh just like three hikes is not the ceiling, we think 5% is not the ceiling for the 10 year”
“The cloud titans, the Republican and Democratic parties are trying to control the future narrative to control global economic outcomes”
“what that data tells us is the economy is doing quite well. Uh GDP coming out of August looks like two and a quarter two and a half%”
“we would expect rates to be structurally higher. But on any relative basis, historically, they're really not that high”
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.
The president, of course, calling AI safety concerns a sick conspiracy, blaming Beijing. During a call with Invidia Boss, Jensen Wang,
They're just playing right into the hands of a lot of people that don't want to see it happen. And that could be political people. It could also be China.
And we're not going to let that happen. It's a It's a hoax. Ted Morrison of bed writing, "The cloud titans, the Republican and Democratic parties are trying to control the future narrative to control global economic outcomes.
This is a battle for regulated control. Ted joins us now for more. Ted, I feel like I'm facing down a conducted by the leaders of technology and I don't really know what to think anymore.
What are you telling your PMs about what's happening here?
I think number one, everybody's got to take a deep breath. Um this is just in this hysteria phase. It reminds me a lot of uh to some degree what happened in COVID where everybody is going to die and etc etc.
Um I think everybody's like I said it's got to take a deep breath and actually deal in the facts. Um there are arguments as Lisa said on both sides here, but um I think uh going forward we've really got to look at the facts and and react to the facts and have a strategy.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- us interest rates
- tech strategy
- market outlook
- economic surveillance
- world markets
Companies and tickers mentioned
- CG
- Baird
- BNP Paribas
- The Carlyle Group
Watch the episode
Watch “Bloomberg Surveillance TV: September 15th, 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.
