Bloomberg Surveillance: David Aspell

On Bloomberg Radio’s Surveillance, Co-CIO David Aspell spoke with Tom Keene and Paul Sweeney about the shifting economic backdrop heading into 2026. He noted that with a new Fed chair expected, the key issue is how sensitive the economy will be to lower rates. As he explained, “the areas that are really struggling…are in housing and some parts of manufacturing and all of those things that are rate sensitive.”

He also addressed the latest labor data, pointing out that weakness in the labor market “has been going for a number of months now,” and discussed how trend-following systems incorporate these sustained shifts across fixed income and currency markets.

These dynamics, combined with evolving policy decisions, will shape how investors think about positioning for next year.