Bloomberg Surveillance: Powell and Trade

21-07-2025

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul Sweeney July 21st, 2025 Featuring: 1) Lori Calvasina, Head of US Equity Strategy at RBC Capital Markets, discusses her S&P 500 target and whether equity markets will continue to push through policy and Fed uncertainty. It also comes amid European Union envoys getting ready to meet to formulate a plan for measures to respond to a possible no-deal scenario with US President Trump. The US is now seen to want a near-universal tariff on EU goods higher than 10%, with limited exemptions, according to people familiar with the matter. 2) Bob Michele, CIO: Fixed Income at JPMorgan Asset Management, talks about whether the Fed's right to keep monetary policy unchanged and what the full impact of tariffs will be on US companies. Meanwhile, a new theory from Wall Street is zeroing in on a possible dismissal of Fed Chair Jay Powell. The theory behind this "macro trade" is that a new Fed chair would be more likely to fall in line with Trump's lobbying for lower interest rates, pushing down short-term yields and driving yields on long-term debt higher. 3) Frank Lee, Global Head of Tech Hardware and Semiconductor Research, talks about AI investment, the outlook for semiconductors, and the sustainability of CapEx growth for AI hyperscalers. 4) Jordan Rochester, Head: FICC Macro Strategy EMEA, joins to discuss the dollar-yen trade after the Japanese Prime Minister's election setback this weekend. Japanese Prime Minister Shigeru Ishiba says he must fulfill his responsibility to the nation and its people as the biggest party in parliament. Ishiba raised the US trade talks, inflation, and security environment as pressing issues that must not be left to stagnate due to political instability. 5) Lisa Mateo joins with the latest headlines in newspapers across the US, including WSJ's story on Amazon quietly raised prices on low-cost products since President Trump's tariff announcement, as well as Business Insider's story on the 'Gen Z stare.'

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Switzerland's president rushes to Washington in effort to avert steep US tariffs

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Switzerland's president rushes to Washington in effort to avert steep US tariffs

GENEVA (AP) — Switzerland's president and other top officials were traveling to Washington on Tuesday in a hastily arranged trip aimed at striking a deal with the Trump administration over steep tariffs that have cast a pall over Swiss industries like chocolates and watchmaking. President Karin Keller-Sutter was leading a delegation to the United States capital after last week's announcement that exports of Swiss goods to the U.S. will face a whopping 39% percent tariff starting Thursday. That is over 2 1/2 times higher than the rate on European Union goods exported to the U.S. and nearly four times higher than on British exports to the U.S. Many Swiss companies in industries including watchmaking and chocolates have expressed concern about the issue. The Swiss government said the trip was 'to facilitate meetings with the U.S. authorities at short notice and hold talks with a view to improving the tariff situation for Switzerland.' Keller-Sutter, who also serves as Switzerland's finance minister, has faced criticism in Swiss media over a last-ditch call with President Donald Trump before a U.S. deadline on tariffs expired Aug. 1. She was leading a team that includes Economy Minister Guy Parmelin. The trip comes a day after Switzerland's executive branch held an extraordinary meeting Monday during which it was 'keen to pursue talks with the United States on the tariff situation,' the government statement Tuesday said. The Associated Press Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data