CIO Tom Galvin Featured on Bloomberg’s “The Close”
City National Rochdale CIO Tom Galvin joined hosts Romaine Bostick and Scarlet Fu on Bloomberg Market’s “The Close” on Friday, Sep. 15th. They discussed inflation and the challenge ahead for The Fed, and expectations for 2024.
The recent spikes in oil prices are a “strong reminder that the geopolitical situation is still not back to where it was”, according to Galvin. He adds that the Fed still has a challenge ahead in order to hit their inflation targets, particularly as it relates to wages, “getting wages under control is foundational to getting the “inflation genie” back in the bottle".
Galvin also discusses expectations for the future around overall market volatility, slowing consumer spending, and that interest rates are likely to stay “higher for longer” well into 2024.
Lastly, the segment addresses dividend stocks and how they may be positioned to improve in the near term. Galvin advises that “dividend stocks have gone through a very volatile period of time” but there is opportunity now because “valuations have pulled in a lot”, earnings revisions are low, and historically-speaking they tend to do better when “the Fed is nearing the peak and likely to pause interest rates”.
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