Episode summary
Market Trends amid Global Uncertainty | Bloomberg Surveillance
Bloomberg Surveillance
· · 37 min · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr · Guests: Kelsey Berro, Geoffrey Yu, James Steel, Tarek Soliman, Nancy Tengler
Summary
Fixed income was framed as the clearest place to find value amid a volatile market. The guest from JP Morgan Investment Management argued that there is little evidence of investment-grade bond supply being crowded out by large hyperscaler issuance, because spreads have not widened and are even tightening in many parts of the market. She said higher yields are attracting buyers anyway, with all-in yields around 5% to 7% drawing demand, and pointed to unusually broad strength, including positive earnings growth across all 11 investment-grade sectors for the first time in five years. The same logic supported the case for leveraged loans, where floating-rate income and stable spreads have kept returns resilient.
Key takeaways
- The guest from JP Morgan Investment Management said hyperscaler bond issuance has not yet crowded out the investment-grade market because spreads have stayed stable or tightened.
- She argued that all-in yields of roughly 5% to 7% are drawing buyers even when credit spreads look tight by historical standards.
- The guest said leveraged loans still look attractive because floating-rate income and CLO demand are supporting returns.
- The strategist from BNY said the market is focused on real rates, not inflation noise, and that UK and other developed sovereign yields are being judged against fiscal trajectories.
- He said the dollar should stay stronger against the euro and sterling, while Asia-linked currencies such as CNY, yen, Taiwan dollar, and Korea won are key adjustment points.
- The HSBC analyst said gold remains supported by strong Chinese and Indian investment demand, with HSBC seeing an average gold price of 4560 this year and a few hundred dollars higher next year.
Notable quotes
“when I look at it holistically, we're not really seeing a lot of evidence of crowding out”
“higher yields are bringing in more buyers. And so people are not necessarily looking explicitly at the credit spread”
“all-in yields at 5 6 7% uh depending on the maturity and the credit quality and they're saying that is an attractive entry point”
“the market decide ultimately and that clearly is the case”
How the episode opens
Bloomberg Audio Studios podcasts, radio, news. This is the Bloomberg Surveillance Podcast. Catch us live weekdays at 7 a.m.
Eastern on Apple CarPlay or Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts or watch us live on YouTube. what we're doing here, folks.
And again, I've really seen some really good literature in the last number of days. You see what we did record high in NASDAQ at that. And you learn the hard way enjoying losing money that if you're in the equity game, you better be briefed on fixed income at all time.
Even unlike Kelsey Barl, you have no clue what they're talking about. Executive director Kelsey Barl, her chair is closest to to I call it dangerous provisions.
Okay. — It's like a breakfast place at the JP Morgan building. — Yep. You go in I think. Do you have to go there or is it just like comp? It — It's like a a standard coffee shop. — It's like a stand. Do you get a full English there at Daily Provisions?
Uh — Sometimes. — Sometimes. — Kelsey Barrow with us with JP uh Morgan uh today. Let's pick up right where Gennady was there on the idea of crowding out full faith and credit paper. Do you and Bob Michael actually worry that the next Amazon trunch? Why am I picking on Amazon?
Well, they're big. They're all there like six others. Can they really crowd out your world? — So, I understand the concern. We are looking at very large numbers, but when I look at it holistically, we're not really seeing a lot of evidence of crowding out. And there's a couple reasons that I say that. So if you look at the investment grade market more broadly, if there was really a crowding out of a hyperscaler supply, you should start to see spreads more broadly within the investment grade market
Start to widen and they haven't.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- fixed income investing
- fed and interest rates
- gold and commodities
- mining and energy
- stock picking in volatility
Companies and tickers mentioned
- JPM
- HSBC
- JPMorgan Investment Management
- BNY
- HSBC
- Calvert Research and Management
- Laffer Tengler Investments
Watch the episode
Watch “Market Trends amid Global Uncertainty | 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.
