Episode summary
Bloomberg Surveillance TV: September 8th, 2026 | Bloomberg Surveillance
Bloomberg Surveillance
· · 18 min · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr · Guests: Barbara Reinhard, Gil Luria, Stephen Stanley
Summary
Stocks were mixed as yields moved higher, but one guest argued that the equity backdrop still supports a bullish year-end stance because the S&P 500 is only about 1% below its August 13 highs, earnings growth remains solid, and recession risk is still low. That view came with a warning that September and October are seasonally weak and that the market could become more vulnerable if forward earnings growth slows sharply or if equity supply starts to overwhelm demand.
The discussion then turned to the AI buildout, where one analyst argued that local and political pushback is acting less like a brake and more like a check on excess. He said data-center resistance, grid constraints, and equipment bottlenecks are slowing construction relative to demand, forcing builders to invest behind the meter in their own power infrastructure and, in some cases, to offer more concessions to communities.
A separate guest said the Fed is likely headed for a September hike because inflation has stopped improving meaningfully and the burden of proof has shifted back toward those arguing for patience. He framed the central bank’s approach as a modern, risk-management style: move rates to a modestly restrictive level and hold there long enough for inflation to cool, while noting that the committee’s internal dynamics may feature more dissent than usual if the Fed does act.
Key takeaways
- One guest said he stays bullish on equities into year-end because earnings are solid, the S&P 500 is near its highs, and recession risk is still limited.
- He warned that September and October are seasonally weak months and that a deceleration in forward earnings growth would be a bigger problem.
- An analyst said data-center pushback is slowing the AI capex cycle in a way that may prevent a bubble and extend the buildout.
- He said many data centers are moving behind the meter, creating new bottlenecks in turbines, blades, rotors, Bloom Energy units, and natural gas.
- A guest on rates said the Fed is likely headed for a September hike because the latest inflation data suggest progress has stalled.
- He argued that the modern Fed is trying to stay modestly restrictive rather than keep tightening until something breaks.
Notable quotes
“you've got solid earnings growth, you've got solid labor market growth. You know, you've got all the things that are kind of generally good for equity markets”
“the broader overall picture for us over the next 6 to 12 months is positive”
“we're actually slowing down the rate that otherwise this would have grown”
“the good way to prevent a bubble from happening is by talking about a bubble”
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 Annmarie 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. Stocks mixed as yields push higher. Barbara Right Hordern for ya, writing if current bond yields pose a serious threat to economic growth and corporate profits, equities should be screaming danger.
They aren't. Barbara joins us now for more. Barbara, good morning.
Good morning. — How bullish are you into year-end? — Look, you have you're only 1% off the August 13th highs for the S&P 500. You've got very solid earnings growth. You don't have PE multiples expansion. The economy is not falling into recession. There's reasons to stay to stay bullish on equities.
What kind of earnings growth do you need to put up in the next few quarters to to keep that view? — Yeah, look, I mean, you've got earnings growth. As long as you have 12-month forward earnings growth that's positive, you're in relatively good shape.
That's sufficient.
That's exactly. That is sufficient. The rate of change, of course, starts to matter.
And if the rate of change starts to decelerate at a pretty significant pace, then you've got a much bigger problem on your hands. But, you've got solid earnings growth, you've got solid labor market growth. You know, you've got all the things that are kind of generally good for equity markets.
However, you know, there is the thesis of you know, you're you're at a very dangerous part of the part of the year.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- world markets
- economic outlook
- multi-asset investing
- technology research
- interest rate and macro commentary
Companies and tickers mentioned
- VOYA
- SAN
- Voya Investment Management
- DA Davidson
- Santander US Capital Markets
Watch the episode
Watch “Bloomberg Surveillance TV: September 8th, 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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