The latest in finance, economics and investment. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene &amp; Paul SweeneyMonday, May 18, 2026 Featuring: 1) Monica DiCenso, Head: Global Investment Strategy at JPMorgan Private Bank, on the underappreciated upside of AI as market worries grow. 2) David Doyle, Head of Economics and Leads Americas Coverage at Macquarie, talks about rising inflation in the US and how it&#x27;s being priced in to both equity and bond markets. 3) Joe LaVorgna, Chief Economist at SMBC Nikko Securities, talks about the president&#x27;s economic agenda, tariffs, and how rising inflation could upend that, or if we&#x27;re seeing disinflationary trends. 4) Michelle Meyer, Chief Economist and Head of Economics Institute at Mastercard, talks about the firms recent Global Travel report amid the backdrop of an increasingly uncertain economic picture. See omnystudio.com/listener for privacy information.

Equity Push as Bond Yields Rise

Bloomberg Surveillance

# Full Transcript

**Podcast:** Bloomberg Surveillance

## Transcript

[SPEAKER_A] When the rest of the markets slow down, the futures market keeps moving.

[SPEAKER_B] Did you know that CME Group S&P 500 and NASDAQ 100 futures trade nearly 24 hours with great liquidity?

[SPEAKER_A] In the ETF markets, volume and liquidity lessens after 4 PM until the next morning.

[SPEAKER_B] But with futures, you get trading opportunities both day and night. Learn more at cmegroup.com/equityfutures.

[SPEAKER_A] The thing about AI for business, it may not automatically fit the way your business works. At IBM, we've seen this firsthand, but by embedding AI across HR, IT, and procurement processes, we've reduced costs by millions, slashed repetitive tasks, and freed thousands of hours for strategic work. Now we're helping companies get smarter by putting AI where it actually pays off, deep in the work that moves the business.

[SPEAKER_D] Let's create smarter business.

[SPEAKER_B] IBM. Okay, before we get into it, little side note for the IT leaders listening in. I was reading up on a Microsoft-commissioned survey the other day and learned that teams using Windows 11 Pro PCs report 62% fewer security incidents compared to Windows 10 PCs, including 3 times fewer firmware attacks.

[SPEAKER_C] Pretty significant.

[SPEAKER_B] With security built in, you'll have AI-ready IT that sets you up for operational efficiency as well as long-term resilience. Upgrade to Windows 11 Pro at WindowsMeansBusiness.com.

[SPEAKER_E] Bloomberg Audio Studios podcasts, radio, news. This is the Bloomberg Surveillance podcast. Catch us live weekdays at 7:00 AM 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.

[SPEAKER_A] Monica DiCenso joins us now, Head of Global Investment Strategy, JPMorgan Private Bank. What are fancy people doing with their cash?

[SPEAKER_D] I don't know about fancy people, but I can tell you what my clients are doing with their cash balances are actually still pretty high. If you look across our entire platform, something around 20% of assets is actually still sitting in cash. Some of my larger clients, it's even greater than that. And I think that just reflects the desire for many people to add to risk assets in some kind of pullback. We just haven't had a prolonged pullback. We've had volatility, but it hasn't been very long-lasting. So I expect as we move through the summer, maybe if we get a few more bumps, you'll see some of that move into the market. And then I think as we move towards the back half of the year, I think people are just hoping that we get through all this turmoil in the Middle East and some of these headlines. The problem is, you know, when it feels good, that's generally not the best time to invest. So you probably should be sticking a toe in now.

[SPEAKER_B] How concerned are your clients about inflation? I know it's, you know, this inf...

Equity Push as Bond Yields Rise

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Equity Push as Bond Yields Rise

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.