Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Surveillance hosted by Tom Keene & Paul SweeneySeptember 17th, 2025
Featuring:
1) Matt Hornbach, Global Head of Macro Strategy at Morgan Stanley, on Treasury steepening and what it indicates about rate easing over the next 12 months. Stocks treaded water as markets saw muted moves across most asset classes, with traders taking bets off the table ahead of Wednesday’s Federal Reserve interest-rate decision. The risk is that policymakers sound less dovish to keep inflation in check, with a quarter-point cut at this meeting and three more by April already priced in.
2) Callie Cox, Chief Market Strategist at Ritholtz Wealth Management, brings us into the market open and talks about how a rate cut affects markets and the economy. The Fed is likely to balance this against still-elevated services inflation, maintaining a degree of flexibility in its messaging, with today’s meeting set to mark the official start of the easing cycle.
3) Randy Schwimmer, Vice Chair at Churchill Asset Management, talks about continued inflows into private credit. Meanwhile, traditional investment firms are under pressure to expand into private markets and alternative investments, with some attempting takeovers and partnerships that have yet to pay off.
4) Andrew Hollenhorst, Chief US Economist at Citi, joins to talk about yesterday's retail sales and recent eco data and what it means for the Fed today.

Watch Tom and Paul LIVE every day on YouTube: <a href="http://bit.ly/3vTiACF" data-destination="rte:bind">http://bit.ly/3vTiACF</a>. Bloomberg Surveillance hosted by Tom Keene &amp; Paul SweeneySeptember 17th, 2025 Featuring: 1) Matt Hornbach, Global Head of Macro Strategy at Morgan Stanley, on Treasury steepening and what it indicates about rate easing over the next 12 months. Stocks treaded water as markets saw muted moves across most asset classes, with traders taking bets off the table ahead of Wednesday&rsquo;s Federal Reserve interest-rate decision. The risk is that policymakers sound less dovish to keep inflation in check, with a quarter-point cut at this meeting and three more by April already priced in. 2) Callie Cox, Chief Market Strategist at Ritholtz Wealth Management, brings us into the market open and talks about how a rate cut affects markets and the economy. The Fed is likely to balance this against still-elevated services inflation, maintaining a degree of flexibility in its messaging, with today&rsquo;s meeting set to mark the official start of the easing cycle. 3) Randy Schwimmer, Vice Chair at Churchill Asset Management, talks about continued inflows into private credit. Meanwhile, traditional investment firms are under pressure to expand into private markets and alternative investments, with some attempting takeovers and partnerships that have yet to pay off. 4) Andrew Hollenhorst, Chief US Economist at Citi, joins to talk about yesterday's retail sales and recent eco data and what it means for the Fed today.

The economy and the markets are "under surveillance" as we cover the latest in finance, economics and investment. Listen to Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern for the top interviews from Bloomberg Surveillance Television. And join Tom Keene and Paul Sweeney for the best conversations from Bloomberg Surveillance Radio. Watch Surveillance TV LIVE each mornings: http://bit.ly/3P7nstQ. Watch Surveillance Radio LIVE weekday mornings: http://bit.ly/3vTiACF. 

The economy and the markets are "under surveillance" as we cover the latest in finance, economics and investment. Listen to Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern for the top interviews from Bloomberg Surveillance Television. And join Tom Keene and Paul Sweeney for the best conversations from Bloomberg Surveillance Radio. Watch Surveillance TV LIVE each mornings: <a href="http://bit.ly/3P7nstQ" data-destination="rte:bind">http://bit.ly/3P7nstQ</a>. Watch Surveillance Radio LIVE weekday mornings: <a href="http://bit.ly/3vTiACF" data-destination="rte:bind">http://bit.ly/3vTiACF</a>.

Tom Keene and Paul Sweeney have the economy and the markets "under surveillance" as they cover the latest in finance, economics and investment.

Bloomberg Surveillance

Expectations for a Fed Rate Cut

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/0de8bb9d-f08e-403c-ad1f-b35b00f3bfcd/transcript

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