Bloomberg Podcasts · Bloomberg Surveillance TV: June 11th, 2026 | Bloomberg Surveillance

1. 1. Amundi's Francis Donald predicts the six-year paradigm of US consumers absorbing inflationary shocks is ending, shifting the burden to businesses.
2. 2. Monetary policy in a "K-shaped economy" is challenging because high-end consumers may need higher rates while lower-end consumers face cyclical and structural weakness.
3. 3. The US economy shows a strong growth dynamic, supported by factors like AI, significant government spending, and wealthy consumers, contrasting with stagflationary trends in other developed markets.
4. 4. Businesses are still discussing price pass-throughs, but C-suite surveys indicate a slightly more fragile consumer, especially at the lower end.
5. 5. AI policy is a significant market event for the midterm elections, with Democrats potentially pushing federal laws to limit data centers due to concerns over energy costs.
6. 6. President Trump's administration's AI policy aims to establish US technology as the global default, intending for US-based AI models or "tokens" to become the world's reserve technology.
7. 7. President Trump faces Republican pushback on Capitol Hill for easing restrictions on leading-edge chip exports and semi-cap equipment to China.
8. 8. Portfolio managers are struggling to allocate capital effectively amidst massive new tech offerings like Oracle, Anthropic, OpenAI, and SpaceX, which command significant capital.
9. 9. Despite potential volatility and deflationary trends in AI models, involvement in the current powerful AI cycle is crucial for generating free cash flow from next-generation software companies.
10. 10. Tech CEOs' messaging about AI's impact is out of touch with 80% of the population, who are concerned about job loss and quality of life issues.