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 SweeneyTuesday, June 23, 2026 Featuring: 1) Phil Camporeale, Chief Investment Strategist at JPMorgan Wealth Management, talks tech multiples, the market pullback, and peak rates and inflation. 2) Ellen Fraser, Partner and Energy expert at Baringa Partners, discusses the recent moves in oil as US greenlights Iran to sell on the open market. 3) Gary Gensler, former SEC Chair and MIT Professor, talks about the passing of Alan Greenspan, his legacy, and a new era of &quot;irrational exuberance.&quot; 4) Bill Dudley, Bloomberg Opinion columnist and former NY Federal Reserve president, talks about the passing of Alan Greenspan and his role in changing Fed communication, as well as how it&#x27;s being reshaped by the Warsh Fed. See omnystudio.com/listener for privacy information.

Market Pullback and Alan Greenspan's Legacy

Bloomberg Surveillance

# Full Transcript

**Podcast:** Bloomberg Surveillance

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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. Joining us right now, Phil Camporio is with J.P. Morgan as well. Your mid-year review, you got to be coming out with 50, 60, 70 pages. What's the paragraph that you most debated about?

You get 20 people in a room. What was that single paragraph on page 32 where there was J.P. Morgan collegial debate? It had to be the Federal Reserve over the next 6 to 12 months. I mean, there's still a camp for us that believe that it's a Federal Reserve that's going to be on hold. And then there's still a camp that believes that this inflation could be a little bit stickier that would have to force them to move. And that has asset allocation implications, Tom.

But I will say there's been so much headline around how much is their price to move. Nine of the 18 last week believed that they should be moving rates higher. I keep going back, though, to the fact that this market, via the 10-year note, which I think is the most important rate on the whole yield curve, has given the Federal Reserve a vote of confidence in terms of them achieving their price stability mandate.

The 10-year Treasury rate today, right now, is lower than where they came out on last Wednesday when they were supposedly hawkish. Now, they moved the two-year note up for sure. But again, I think the 10-year note is the most important rate on the curve. And then the volatility of that rate, the move index, is back to where were before Iran. And if you think about capital market activity, confidence, even the housing market, low volatility on the 10-year note, I think is a really good backdrop for taking risk.

Bulls out there will suggest that we've seen peak rates and peak inflation. Yes. Primarily from the fact that we sit here today on June 23rd and oil prices are around $75 and they got as high as $100. Gas prices were up at $4.50. They're now down at ab...

Market Pullback and Alan Greenspan's Legacy

Transcript

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Market Pullback and Alan Greenspan's Legacy

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.