Podcast appearances and mentions of ira jersey

Kevin Warsh's new communications approach may be creating more uncertainty for markets, not less. Anna Wong, Bloomberg Economics chief US economist, joins Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist, on this Macro Matters edition of the FICC Focus podcast. Wong discusses why Warsh's latest press conference appeared to contribute to the selloff in long-dated Treasuries, how his reluctance to provide a clear policy framework raised questions about the Fed's commitment to its inflation target and what changes could emerge from the central bank's communications task force. They also examine whether the Fed could adopt Bank of England-style explanations of individual dissents, publish scenario analyses and reduce its reliance on the dot plot. Wong explains why she expects softer inflation and labor-market data to keep the Fed on hold for the rest of 2026, and how the recent rise in real yields could slow housing, industrial production and broader financial conditions. The Macro Matters podcast is part of BI's FICC Focus series. 

Oil volatility and renewed geopolitical risk have complicated what had looked like a supportive backdrop for risk assets in 2026. Brian Levitt, Invesco's chief global market strategist, joins Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist, on this Macro Matters edition of the FICC Focus podcast to discuss why he still sees a constructive medium-term outlook for markets even as the war in the Middle East has shifted the global economy from expansion toward a slower-growth phase. Levitt explains why he believes the resilience of earnings and improving market breadth have made equities healthier than they appeared in 2024, despite investors' rotation away from some of the market's most speculative areas. The two also discuss how higher oil prices, central-bank divergence and shifting rate expectations are affecting regional asset allocation, why Levitt expects the US would remain better positioned than Europe in a sustained energy shock and how a slower but still positive growth environment can bring leadership back to growth stocks and technology. They close with a discussion of portfolio construction, the outlook for the dollar and why Levitt remains broadly optimistic that markets are navigating a slowdown rather than the end of the cycle. The Macro Matters podcast is part of BI's FICC Focus series.

Housing affordability, mortgage-market modernization and changing refinance behavior are reshaping the outlook for mortgage-backed securities. Erica Adelberg, Bloomberg Intelligence MBS strategist, joins Ira Jersey, BI chief US interest-rate strategist, on this edition of the FICC Focus podcast, Macro Matters. Adelberg discusses how new credit-score models and lender choice could expand mortgage access while also complicating prepayment and credit analysis for MBS investors. The two also examine how technology and artificial intelligence are changing mortgage origination and servicing, why Rocket Mortgage's growing servicing footprint could accelerate refinancing activity and how recent housing legislation could affect supply and financing at the margin. They also discuss curve flattening, the resurgence of hybrid ARMs, relative value across agency and non-agency mortgage products and why mortgage spreads remain highly sensitive to volatility even as all-in yields look attractive.

Darrell Duffie, the Adams Distinguished Professor of Management and Finance at Stanford Graduate School of Business, joins Bloomberg Intelligence's Ira Jersey on this Macro Matters edition of the FICC Focus podcast to discuss how much the Federal Reserve can realistically shrink its balance sheet under Chair Kevin Warsh. Duffie argues that the real constraint isn't on the asset side, but on the liability side of the Fed's balance sheet, especially reserve balances, paper currency and the Treasury General Account. The two examine how payment-system needs, liquidity regulations and banks' operational demand for reserves limit how far the Fed can go and why changes to those frameworks would be necessary for any meaningful reduction in balance-sheet size. They also discuss whether the Fed should rely more on traditional temporary open-market operations, the case for shifting the asset mix toward Treasury bills and away from mortgage-backed securities, and how intraday overdrafts or liquidity-saving mechanisms could reduce reserve demand over time. The episode closes with a discussion of stablecoins, why they may increase demand for reserves at the margin and why Duffie believes they are unlikely to transform the domestic payments system anytime soon. The Macro Matters podcast is part of BI's FICC Focus series.

Bloomberg Intelligence Chief European Rates Strategist Huw Worthington joins Ira Jersey on this Macro Matters edition of the FICC Focus podcast to discuss the latest moves from the European Central Bank, the Bank of England and global rate markets. Worthington explains why the ECB's recent rate hike may already look too aggressive now that oil and gas prices have fallen back, and why the market may be overpricing further tightening if euro-area inflation undershoots target in 2027 and 2028. The two also examine why Europe's growth backdrop remains weaker than the US, how the ECB's single inflation mandate differs from the Fed's broader framework, and why those differences matter for yield curves and market pricing. They also discuss the UK gilt market, including the impact of political turnover, fiscal constraints and leadership changes on long-end yields, as well as the outlook for peripheral spreads in Europe. The episode closes with a look at anomalies in US SOFR curve pricing, including why Bloomberg Intelligence sees current expectations for multiple Fed hikes, followed quickly by cuts, as difficult to justify.

Hosts Gerasimos Gerovasiliou, John Halwood, and Santiago Zuluaga welcome special guest Ira Jersey, the founder and Men's Sporting Director of Real Central New Jersey. The group discusses the biggest headlines of the World Cup, including USMNT winning Group D, and little nations garnering big results! 

With Kevin Warsh's first meeting as Federal Reserve chair behind him, the discourse can move to what it signals for monetary policy. Bloomberg Economics Chief US Economist Anna Wong joins Ira Jersey on this edition of Macro Matters and argues that while Warsh avoided explicit forward guidance, his emphasis was on price stability, skepticism toward forecast precision and support for a shorter policy statement all point to a more hawkish lean than many investors expected.  They discuss whether Warsh is pushing the Fed back toward a more Greenspan-like communication style, why she believes the dot plot could eventually disappear in favor of broader forecast ranges, and how task forces on the balance sheet, inflation and data reliability could shape future policy debates. They also examine the outlook for inflation and the labor market, why Wong sees a rate hike this year as a mistake given her expectation for headline and core PCE to fall back toward target, and how Bloomberg Intelligence views current SOFR futures pricing as internally inconsistent. The episode closes with a discussion of the global backdrop, including softer oil prices, tighter policy abroad and the implications for the dollar and the US disinflation outlook. The Macro Matters podcast is part of BI's FICC Focus series.

JPMorgan Asset Management sees a resilient economy facing multiple supply shocks, with inflation still largely supply-led and the Federal Reserve likely to remain on hold for now. Priya Misra, fixed-income portfolio manager at the firm and a manager of the JPMorgan Core Plus Bond ETF (JCPB Equity), joins Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist, on this Macro Matters edition of the FICC Focus podcast to explain how she defines the “plus” in core-plus investing, from macro duration and curve views to allocations across securitized credit, high yield and mortgage convexity management. She also discusses what Kevin Warsh's arrival as Fed chair could mean for communication policy and the dot plot, arguing that investors still need enough Fed transparency to understand each official's reaction function. The two examine where she sees value across fixed income, including high-quality spread product, duration in the five- to 10-year sector as a hedge and select structured-credit opportunities such as agency CMBS and non-agency mortgage exposure over parts of the agency RMBS market. The Macro Matters podcast is part of BI's FICC Focus series.

Supply shocks, inflation risks and AI are reshaping the investment landscape, a theme that Lazard's Chief Investment Officer Eric Van Nostrand discusses with Ira Jersey on this Macro Matters edition of the FICC Focus podcast. Van Nostrand explains why macro matters more to markets now than it did for much of the past two decades, and why investors need to focus more on supply dynamics than traditional demand management. The two examine the inflationary consequences of the conflict in Iran, why Van Nostrand believes the market is underestimating the risk of persistently higher oil prices, and how those pressures complicate the outlook for the Federal Reserve under Chairman Kevin Warsh.  They also discuss how fiscal and local policy affect long-term supply growth, why European equities look more attractive than they have in years, and where Lazard sees opportunities tied to the AI buildout, data-center infrastructure and emerging markets in a weaker-dollar world. The Macro Matters podcast is part of BI's FICC Focus series. 

Oil prices have become the key driver of global rates markets as conflict in the Middle East reshapes inflation expectations and policy outlooks. Matt Hornbach, Morgan Stanley's global head of macro strategy, joins Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist, on this Macro Matters edition of the FICC Focus podcast. Hornbach explains why energy prices have been the dominant force behind moves in US and global bond markets, why longer-term inflation expectations have remained relatively contained and how the Federal Reserve under Kevin Warsh may react differently to oil at $80 vs. $110 a barrel. The two also discuss whether investors are too confident that crude prices will remain structurally elevated even after the Strait of Hormuz reopens, and what that could mean for Treasury yields and broader asset markets. They also examine spillover from Japan's bond market, the risks around the Bank of Japan and dollar-yen and why upcoming trade negotiations involving the US, Mexico and Canada could become another important source of volatility for global fixed income.

Rising Treasury yields, war-driven inflation concerns and uncertainty over the Federal Reserve are reshaping the fixed-income outlook. George Catrambone, head of fixed income for the Americas at DWS Group, joins Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist, on this Macro Matters edition of the FICC Focus podcast. Catrambone discusses why the move higher in long-end Treasury yields has been driven more by oil, inflation expectations and fiscal concerns than by growth, and why he sees the most compelling opportunity in owning the front end of the curve. The two examine Kevin Warsh's arrival as Fed chair, how the balance of hawks and doves on the FOMC could shape the path for rate cuts and whether changes to the Fed's communication framework -- including the future of the dot plot -- are likely. They also discuss how higher deficits, rising debt-service costs and growing bill supply could pressure Treasury issuance and long-dated yields.

Bloomberg Intelligence's chief US interest-rate strategist Ira Jersey lays out his latest views on the Federal Reserve and the US Treasury market in this solo Macro Matters edition of the FICC Focus podcast. Jersey discusses why he expects the Fed to remain on hold for at least the next several months, even after Jay Powell's departure and Kevin Warsh's expected arrival as chair. He examines the significance of recent FOMC dissents, the challenges Warsh may face in building support for rate cuts, and why shrinking the balance sheet while easing policy could prove difficult without broader changes to bank regulation. Jersey also explains how uneven job growth, inflation expectations and developments in oil prices could shape the path of policy and rates. He reviews his outlook for the Treasury curve, including why he expects the long end to remain rangebound and the front end to be driven by inflation breakevens and Fed expectations. Jersey closes with his view that Treasury coupon issuance will remain manageable through continued reliance on Treasury bills.

The Federal Reserve still has an easing bias and may lower rates another 50 bps this year, says Vincent Reinhart, chief economist for BNY Investments, on this edition of Macro Matters in the FICC Focus podcast series. Reinhart joins host Ira Jersey, chief US interest rate strategist for Bloomberg Intelligence, to discuss BNY Investments' view on the economy and central bank actions as uncertainty remains high around energy prices. The two discuss the economic backdrop and how the path of nominal growth may remain steady even as the inflation/real growth mix shifts. Reinhart also discusses the cadence of work while he was with the Fed's Monetary Affairs staff and as secretary of the Federal Open Market Committee.

Wider spreads and credit enhancement causing upgrades in auto asset-backed securities reduces the sector's risk against similarly rated and maturity corporate debt, says Rod Chadehumbe, Bloomberg Intelligence ABS Strategist. Chadehumbe joins host Ira Jersey, BI's US Rates Strategist to discuss the findings from the first ABS Primer on available on the terminal. Though spreads are tight compared to the five-year average, inflation may not cause spreads to widen. The note also makes the case for Auto ABS against similarly rated and maturity corporate debt. Chadehumbe isn't concerned about the current level of subprime delinquencies given the credit enhancement these structures have, but is concerned with the job market and what happens if delinquencies rise much further. 

The atmosphere around the Federal Reserve has evolved as Chair Jerome Powell has grown more comfortable in press conferences, even amid legal and political pressure. Michael McKee, Bloomberg News international economics and policy correspondent, joins Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist, and Will Hoffman, BI US and Canadian rates strategist, on this Macro Matters edition of the FICC Focus podcast series to discuss this and other issues. The conversation explores the future of Fed communications, including debate over the SEP and dot plot, whether a Kevin Warsh chairmanship could bring fewer public remarks from officials, and what changes might be realistic for the balance sheet, bank regulation and the Fed's broader mandate. They also examine dissents at the FOMC, how different types of policymakers adapt once inside the institution, and why this year's semiannual monetary policy testimony may not occur before Powell leaves office.

The yield curve may continue its steepening trend, with recent flattening just a cyclical retracement, Jason Granet, CIO of BNY says on this Macro Matter's episode of the FICC Focus podcast series. Granet joins co-hosts Ira Jersey and Will Hoffman of the Bloomberg Intelligence US Interest-Rate Strategy team to discuss the state of the economy, how BNY assesses the outlook and how it thinks about sizing risk. The focus turns to Federal Reserve policy, the Treasury yield curve and funding markets.  The Macro Matters podcast is part of BI's FICC Focus series.

It's surprising that the Basel III Endgame proposal may raise bank capital requirements 3-7% given that President Donald Trump's mantra is deregulation, says Nathan Dean, Bloomberg Intelligence senior policy analyst. Dean joins host Ira Jersey, BI's chief US rates strategist, to discuss the Office of the Comptroller of the Currency's stablecoin proposal implementing the Genius Act, along with open questions around rewards, yield and the Clarity Act. They also discuss the state of the Basel III endgame and related proposals that could reshape global systemically important bank capital through 2027, how tariff authority is shifting after a Supreme Court ruling — and why litigation may be the next battleground — and what the November midterms could mean for legislative gridlock, investigations and policy path dependence. There's also a quick detour to Ira's World Cup picks. The Macro Matters podcast is part of BI's FICC Focus series.

The cadence of announcements about housing affordability and deregulation may accelerate into the midterm elections in November, Bloomberg Intelligence chief MBS strategist Erica Adelberg says. On this Macro Matters episode of the FICC Focus podcast series, Adelberg joins host Ira Jersey, BI's chief US rates strategist, to discuss key takeaways from the Structured Finance Association's conference held Feb. 22-25 in Las Vegas. They explore GSE reforms, regulatory changes, shifts in credit scoring used while processing mortgage applications and the use of AI in the mortgage process. They also cover the talk around the health of the economy and why few expect a recession in the foreseeable future.  The Macro Matters podcast is part of BI's FICC Focus series.

News from the labor market and on the inflation front has been consistent with a fairly low-volatility environment, says Will Marshall, Goldman Sachs head of US Rates Strategy. On this Macro Matters episode of the FICC Focus podcast series, Marshall joins host Ira Jersey, BI's chief US rates strategist, to discuss rate volatility's move lower, expectations for the Federal Reserve's monetary and balance sheet policy, the Treasury yield curve and the relationship of swap spreads and Treasury yields. They also examine Goldman's outlook for Treasury supply. The Macro Matters podcast is part of BI's FICC Focus series.

Housing affordability challenges are a feature, not a bug, Bloomberg Intelligence chief MBS strategist Erica Adelberg says. On this episode of the Macro Matters podcast, Adelberg joins host Ira Jersey, BI's chief US rates strategist, to discuss Fannie Mae and Freddie Mac buying $200 billion of mortgage-backed securities, recent proposals aimed at improving affordability for first-time home buyers and shifts in her views on relative value in the MBS market. Adelberg notes that efforts by the Federal Reserve or US government to address housing affordability could raise longer-term risks. 

A currency is like the equity of a country, so the dollar's recent decline is akin to a drop in the stock of the US, says Morgan Stanley Global Head of Macro Strategy Matt Hornbach. He joins this edition of Macro Matters, part of the FICC Focus podcast series with co-hosts Ira Jersey and Will Hoffman of the Bloomberg Intelligence US Interest Rate Strategy team, to discuss the US and global economic and central-bank outlooks. The trio examine how these may affect currencies, yield curves and risk assets across G3+ markets.

Americans seem to be overreacting to concerns that European investors might divest from US assets, Bloomberg Intelligence chief European interest rate strategist Huw Worthington says. On this edition of the Macro Matters podcast, Worthington joins host Ira Jersey, BI's chief US rates strategist, to discuss global rates volatility and how European countries might be able to respond financially to recent policy initiatives. They also exchange views on upcoming central bank meetings relative to pricing.  The Macro Matters podcast is part of BI's FICC Focus series.

The quantity of reserves is now determined by the amount necessary to run the payment system, says Darrell Duffie, a professor at Stanford University. On the Macro Matters podcast, Duffie joins hosts Ira Jersey, Bloomberg Intelligence's chief US rates strategist, and Will Hoffman, BI's US and Canada rates strategist, to discuss the Federal Reserve's policy implementation framework. They cover ongoing shifts in balance-sheet policy and a return to net Treasury purchases, changes to the US banking and payments systems and what those mean for the size of the Fed's balance sheet. They also touch on the nuanced challenges posed by stigma around the Fed's lending facilities. The Macro Matters podcast is part of BI's FICC Focus series.

The Federal Reserve may cut its benchmark rate below 3% next year, bull steepening the yield curve beyond what's priced into forwards, says Ira Jersey, Bloomberg Intelligence chief US rates strategist. Jersey is joined by BI US and Canada rates strategist Will Hoffman on this episode of the Macro Matters podcast to discuss the BI Rates team's recently released 2026 US Treasury Market Outlook. The pair discuss the state and direction of the US economy and how Fed interest-rate and balance-sheet policies are likely to shift. They also touch on the supply-and-demand outlook for the Treasury market, as well as relative value across the yield curve. The Macro Matters podcast is part of BI's FICC Focus series.

Policy rates will likely be cut three times in 2026, with the 10-year yield between 4-4.5%, says Stephen Dover, chief market strategist at Franklin Templeton. Dover is joined by BI chief US rates strategist Ira Jersey and senior US and Canada rates strategy associate Will Hoffman to discuss global fixed-income markets and cross-asset relative value. The trio discuss the economic outlook for 2026 and relative value in US rate markets and abroad amid expected policy easing from the Federal Reserve. They also hit on shifts in private assets and global equity markets, before discussing how AI narratives may evolve in the coming years.  The Macro Matters podcast is part of BI's FICC Focus series.

I don't think that the next Fed chair does much to change my expectations for the terminal rate this cycle, says Stuart Paul, US & Canada Economist for Bloomberg Economics. Paul is joined by BI chief US rates strategist Ira Jersey and senior US & Canada rates-strategy associate Will Hoffman to discuss takeaways from the recent Federal Reserve, and Bank of Canada meetings. The trio discuss the outlook for monetary policy and yields on both sides of the border. They also touch on the upcoming release of the Canadian federal budget, the end of the Federal Reserve's asset runoff program and what comes next for balance sheet policy, in addition to the impact of political influence on the path of monetary policy.The Macro Matters podcast is part of BI's FICC Focus series.

Mortgage-backed securities may benefit from renewed bank demand as Fed easing improves net interest margins, according to Bloomberg Intelligence mortgage strategist Erica Adelberg. On this Macro Matters edition of the FICC Focus podcast, she joins host Ira Jersey, BI's chief US interest-rate strategist, to discuss mortgage issuance, market structure, the role of cash buyers in housing and how the Fed's balance sheet is likely to affect mortgage supply. They also review research indicating that a significant portion of mortgages originated in recent years can now be refinanced. The Macro Matters podcast is part of BI's FICC Focus series.

The official line is that QT has added 15-25 bps on 10-year gilts, but it's probably adding quite a bit more than that, says Huw Worthington, chief European rates strategist at Bloomberg Intelligence, who sees signs that central banks are addressing that now. In this episode of the FICC Focus podcast, Worthington is joined by BI chief US rates strategist Ira Jersey and senior US & Canada rates-strategy associate Will Hoffman to discuss takeaways from the recent Federal Reserve, Bank of England and Bank of Canada meetings. The trio discusses the outlook for the path of monetary policy and the direction of interest rates and yield curves across North American and European sovereign-bond markets. They also examine the focus on shifting balance-sheet policies as North American funding markets see some pressure and the Bank of England slows the pace of asset runoff.  The Macro Matters podcast is part of BI's FICC Focus series.

US job growth was far less robust in the year through March than previously reported, adding to mounting pressure on the Federal Reserve to lower interest rates.The number of workers on payrolls will likely be revised down by a record 911,000, or 0.6%, according to the government’s preliminary benchmark revision out Tuesday. The final figures are due early next year.Before the report, the government’s payrolls data indicated employers added nearly 1.8 million total jobs in the year through March on a non-seasonally adjusted basis, or an average of 149,000 per month. The revision showed average monthly job growth was roughly half that. For instant reaction and analysis, Bloomberg's Tom Keene and Scarlet Fu spoke with: Ira Jersey, Bloomberg Intelligence Chief US Interest Rate Strategist Michael McKee, Bloomberg International Economics and Policy Correspondent Stephanie Roth, Wolfe Research chief Economist See omnystudio.com/listener for privacy information.

The real yield curve may steepen from both ends much further then it has, Mizuho Securities Head of Macro Strategy Dominic Konstam says on this Macro Matters edition of FICC Focus podcast. Konstam joins host Ira Jersey, head of interest-rate strategy at Bloomberg Intelligence. After reviewing Konstam's career arc, the two discuss term premium and how shifts in the yield curve could effect risk assets. Konstam thinks Trump Administration policies will continue to weight on the dollar. The Macro Matters podcast is part of BI's FICC Focus series.

Defense burden-sharing among US allies is a cornerstone of President Donald Trump's international agenda, but has been overshadowed by tariff discussions. On this Macro Matters edition of the FICC Focus podcast series, George Ferguson, senior aerospace/defense & airline analyst at Bloomberg Intelligence, joins host and BI chief interest-rate strategist Ira Jersey to discuss shifts in defense spending and weapon systems. They also examine how spending may shift based on proximity to threats. Ferguson assesses the companies that may benefit from these increased outlays, and some of the challenges in fulfilling orders. The Macro Matters podcast is part of BI's FICC Focus series.

The future of the dollar is dictated by the large overhang of unhedged dollar assets, says Hemant Baijal, head of macro alpha strategies at Invesco. Baijal joins Ira Jersey, Bloomberg Intelligence's head of US interest-rate strategy, and Will Hoffman, BI's senior US and Canada rates-strategy associate, on this episode of the Macro Matters podcast to discuss the world of international bond funds. They cover strategic approaches to managing global rates, credit and FX risks, and how those have shifted in recent months. They also explore relative value across nominal and inflation-linked curves. The Macro Matters podcast is part of BI's FICC Focus series.

History suggests that technology improves lives and standards of living, despite the fears that often accompany it, says Brian Levitt, global market strategist at Invesco. On this Macro Matters episode of the FICC Focus podcast series, Levitt is joined by host Ira Jersey, Bloomberg Intelligence's head of US interest-rate strategy, and Will Hoffman, BI senior US and Canada rates-strategy associate, to discuss the state of the economy and long-term structural trends. The trio also dives into short-term inflation dynamics, strategic investment decisions in times of uncertainty and risks to currently priced narratives across asset classes. The Macro Matters podcast is part of BI's FICC Focus series.

Mortgage-market investors will need to pay especially close attention to policy shifts and actions in coming weeks, says Erica Adelberg, chief mortgage strategist for Bloomberg Intelligence. On this Macro Matter's episode of the FICC Focus podcast series, Adelberg is joined by host Ira Jersey, BI's head of US interest-rate strategy, to discuss the mortgage-backed securities market. Adelberg explores how the MBS landscape is evolving amid recent policy shifts, including GSE-privatization discussions, the broadening of mortgage-credit access through the adoption of VantageScore, changes to VA loss-mitigation strategies and shifting demand across mortgage-backed securities products. The analysis also considers the influence of the Federal Reserve on MBS supply and demand dynamics. The Macro Matters podcast is part of BI's FICC Focus series.

The GENIUS Act is just the beginning of the regulatory process for stablecoins, notes Nathan Dean, senior policy analyst for Bloomberg Intelligence on this Macro Matters episode. Dean joins hosts Ira Jersey and Will Hoffman of BI's interest-rate strategy team to discuss why the act was created, how demand for Treasury Bills and repurchase agreements may shift over time, as well as briefly touching on the proposed change to the bank supplementary leverage ratio. The Macro Matters podcast is part of BI's FICC Focus series.

US Treasury yields are the lowest among the G3+, once hedged back to US dollars. Ira Jersey, Bloomberg Intelligence's US interest rate strategist, and Huw Worthington, his European rate strategy counterpart, take up the topic in this episode of the Macro Matters podcast. The analysts discuss central bank policy action and government bond markets in general. They also discuss why long-end yields have been more sensitive to fears of rising deficits than shorter-maturity bonds. Terminal users can view their note on how Treasuries are the lowest-yielding sovereign bond market, after the currency hedge, by clicking here.  The Macro Matters podcast is part of BI's FICC Focus series.

The Federal Reserve may cut faster and to a lower interest rate then the market is pricing, Bloomberg Intelligence Chief US Interest Rate Strategist Ira Jersey says on this Macro Matters edition of the FICC Focus podcast series. Jersey flies solo on this episode, discussing his takeaways from the June FOMC meeting, his view on the timing and pace of rate cuts and what it would mean for the Treasury yield curve.

This week we're talking economics and finances of the world's game with professor, author and podcaster Kieran Maguire of University of Liverpool. (We apologize in advance for those who thought this show was about gridiron football, but with the Club World Cup beginning June 14, we thought it would be interesting to discuss football/soccer finance and some economic implications of the 2026 World Cup in North America.) Maguire joins Macro Matters podcast host Ira Jersey, Bloomberg Intelligence's chief US rates strategist, and Business of Sports co-host and EM Lens host Damian Sassower, BI's chief emerging market fixed income strategist. The group discusses football club valuations, the economic benefits (or pitfalls) of hosting the World Cup, and how clubs used debt to finance player transfers and club operations. The Macro Matters podcast is part of BI's FICC Focus series.

“I'm just waiting for the T-bill tsunami to come, and it can't come soon enough,” says Sue Hill, senior portfolio manager and head of the Government Liquidity Group at Federated Hermes. Hill joins Macro Matters hosts Ira Jersey, Bloomberg Intelligence chief US rates strategist, and Will Hoffman, BI's senior associate US-Canada rates strategist, to discuss the state of the money-market complex amid debt-ceiling-induced supply scarcity. The trio examine the limits and nuances of alternative liquidity-management wrappers, where individual needs and mandates dominate asset compositions. They discuss the debt ceiling, and how her team manages allocation decisions around low but non-zero default risks, as well as unattractive yields relative to alternatives. Also addressed was how the Federal Reserve's RRP facility may have a permanent home as part of the money fund ecosystem, and the industry's slow but steady push toward central clearing as the mid-2027 deadline inches closer.

“I think ultimately the bond market is the disciplinarian for fiscal policymakers” says Mike Medeiros, macro strategist at Wellington Management. Medeiros joins Macro Matters hosts Ira Jersey, Bloomberg Intelligence chief US rates strategist, and Will Hoffman, BI's senior associate US-Canada rates strategist, to discuss all things US and Canadian rates. The trio has one foot on each side of the border on this episode, unpacking the recent bond-market moves and their drivers. They cover the developing state of fiscal budgets and potential stimulative impacts on these economies, as well where monetary policy and yield curves may be headed as price-sensitive investors demand additional premium for long-dated sovereign debt. The Macro Matters podcast is part of BI's FICC Focus series.

Andy Constan, chief investment officer of Damped Spring Advisors, said a combination of potential expenditure cuts, which he estimates at around $300 billion per year, represents the largest fiscal tightening of his lifetime. Constan joins Bloomberg Intelligence's Ira Jersey, chief US strategist, and Will Hoffman, US/CAD senior rates strategy associate, on this episode of Macro Matters to discuss all things interest rates. They talk about some of the biggest bond market myths as well as the path forward for the Fed's balance sheet as quantitative tightening downshifted into low gear. The trio also discuss the likelihood for shifts in Treasury issuance as well as where monetary policy and bond yields may be headed. The Macro Matters podcast is part of BI's FICC Focus series.

The dollar and equity markets remain expensive even after the recent declines, says Sonal Desai, chief investment officer for Franklin Templeton Fixed Income, on this Macro Matters edition of the FICC Focus podcast. Desai joins host and BI chief US rates strategist Ira Jersey and associate North American rates strategist Will Hoffman for a discussion about the recent extreme volatility. She thinks focusing on the broader economic outlook and market valuations is a way to stay focused on longer-term returns. Desai examines why the dollar isn't likely to lose its reserve-currency status.  The Macro Matters podcast is part of BI's FICC Focus series.

Our longtime friend Ira Jersey is here for a bonus episode to discuss his club, Real Central New Jersey. Founded in early 2020 (what a fun time), RCNJ sought to bridge the divide between soccer in North Jersey and soccer in South Jersey. But what has the club learned along the way? How has it grown and stayed increasingly relevant in its local community? And, right off the bat, is it "ray-al" or "real?" Plus, the potential impact of promotion and relegation, the barriers to growth for small clubs, and much much more! Hosted on Acast. See acast.com/privacy for more information.

Our longtime friend Ira Jersey is here for a bonus episode to discuss his club, Real Central New Jersey. Founded in early 2020 (what a fun time), RCNJ sought to bridge the divide between soccer in North Jersey and soccer in South Jersey. But what has the club learned along the way? How has it grown and stayed increasingly relevant in its local community? And, right off the bat, is it "ray-al" or "real?" Plus, the potential impact of promotion and relegation, the barriers to growth for small clubs, and much much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

The risk to bondholders is that the 2% inflation target becomes unbearable for the Fed, says Jim Grant, founder of Grant's Interest Rate Observer. Grant is joined by Bloomberg Intelligence's chief US rates strategist Ira Jersey and senior US and Canada rates-strategy associate, Will Hoffman to discuss the outlook for US financial markets following a sweeping US tariff announcement. The trio discuss the rise of economic uncertainty and the extent to which recession risk may be priced in markets. They also unpack the role of US exceptionalism and persistent goods disinflation in the context of long-term market trends and how it may shift in a world leaning away from free trade. The Macro Matters podcast is part of BI's FICC Focus series.

Fed Chair Jerome Powell rehabilitated the word “transitory” and injected it into our understanding of where the economy and inflation are now, says Tim Horan, in this Macro Matters edition of the FICC Focus podcast. Horan, the chief investment officer of fixed income at Chilton Trust, joins host and Bloomberg Intelligence chief US rates strategist Ira Jersey and senior US and Canada rates strategy associate Will Hoffman to discuss the economy and fixed-income markets. Horan said he is avoiding longer-maturity Treasuries, but notes that he finds municipal bonds attractive for investors in some states.

A spate of economic and political headlines has traders working harder than usual to assess US indicators for clues on interest rates and property markets. In this episode of the Bloomberg Intelligence Macro Matters Podcast, Lisa Pendergast, president and CEO of CREFC, joins host and BI chief US rates strategist Ira Jersey, senior REIT analyst Jeffrey Langbaum and senior US and Canada rates strategy associate Will Hoffman to discuss all things commercial real estate. They discuss changes in sentiment post-Covid-19 and relative value across market segments. They also examine the potential for continued office-space conversions, and how the industry is approaching its maturity wall with the Federal Reserve on hold. The Macro Matters podcast is part of BI's FICC Focus series.

The two standout risks with the new US administration are tariffs and immigration policy, Kathy Jones, chief fixed-income strategist at Charles Schwab, says in the latest episode of Bloomberg Intelligence's Macro Matters podcast. Jones is joined by host and BI chief US rates strategist Ira Jersey to discuss the outlook for Treasury markets and the economy. The pair discuss the recent drivers of yields across the curve, as well as inflation and potential fiscal risks to growth as the new administration enters office. They also hit on government debt and deficits, and how these influence bond market valuations. The Macro Matters podcast is part of BI's FICC Focus series. 

Markets are front-loading the effect of potential Trump policy changes in 2025, which will keep volatility elevated says Ben Emons, founder and outsourced chief investment officer of Fed Watch Advisors. Emons is joined by Bloomberg Intelligence's Ira Jersey, chief US rate strategist, and Will Hoffman, senior US and Canada rates strategy associate, to discuss the outcome of the December FOMC meeting and the implications for markets in the year ahead. They discuss moves across domestic markets, including curve behavior and drivers in Treasuries, as well as the potential for additional volatility across global markets in 2025. The trio also hits on cross-currency hedging costs and direction, as well as technical adjustments to Fed policy, as it attempts to alleviate some stress in funding markets.

Watch Alix and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Ira Jersey, Bloomberg Intelligence Chief US Interest Rate Strategist, helps to recap comments from Fed Chair Jay Powell. Eric Martin, Bloomberg International Economic Reporter, discusses President Biden's China tariffs. Patrick Kennedy, Founding Partner at All Source Investment Management, discusses the current state of private credit, and private equity investments in sports teams. Drew Reading, Bloomberg Intelligence U.S Homebuilding Analyst, breaks down Home Depot earnings. Brian Collie, Global Leader: Automotive, at Boston Consulting Group, discusses electric vehicle adoption.Hosts: Paul Sweeney and Alix Steel See omnystudio.com/listener for privacy information.