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US Economic Resilience Weights on Rate Cut Bets, Private Credit Risks | Real Yield 2/20/2026

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“Bloomberg Real Yield” highlights the market-moving news you need to know. Today’s guests: Franklin Templeton Fixed Income CIO Sonal Desai, Wells Fargo Head of Macro Strategy Mike Schumacher, Morgan Stanley Chief Fixed Income Strategist Vishy Tirupattur and CreditSights Global Head of Credit Strategy Winnie Cisar.

Chapters:
00:00:00 – Real Yield opens
00:02:44 – Desai and Schumacher on SCOUTS Decision
00:08:42 – Schumacher: Fed is Comfortable With Policy
00:09:37 – Desai: Don’t See Need For Additional Cuts
00:11:08 – Schumacher: Low Probability of Rate Hike This Year
00:12:10 – Desai on Kevin Warsh as Fed Chair
00:13:40 – Schumacher on Volatility
00:15:37 – Tradeweb Strikes A Deal With Kalshi
00:20:20 – Blue Owl Loan Sales Raises $1.4B For Investor Payouts
00:24:15 – Tirupattur and Cisar on Spreads Widening
00:26:47 – Tirupattur: The Economy Is Going Pretty Well
00:27:57 – Cisar: Inflation Reacceleration Is A Concern
00:28:53 – Tirupattur: This Is Not The End of Private Credit
00:33:43 – Trump To Hold A Press Briefing
00:36:24 – Questions Swamp Morgan Stanley Muni Webinar
00:40:32 – Michael McKee and Tyler Kendall on IEEPA TariffsRuling
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What Could Trump and Xi Talk About at Summit?

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President Donald Trump and Chinese President Xi Jinping have no shortage of topics to cover when they meet at the White House on Thursday. Bloomberg’s Tyler Kendall has more on what to watch for.
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Ed Yardeni Lowers Year-End S&P 500 Target to 7,900

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Edward Yardeni, president at Yardeni Research, points to geopolitical developments and higher-for-longer oil prices, among other factors, that led him to lower his year-end target for the S&P 500. He says his previous target of 8,400 is more likely to be reached by the middle of next year.
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How Marco Rubio Became Trump’s Unapologetic Global Envoy

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Bloomberg’s Eric Martin discusses his Big Take reporting on how Secretary of State Marco Rubio has adapted his foreign policy approach under President Donald Trump. He speaks with Kailey Leinz and Joe Mathieu on Bloomberg’s “Balance of Power.”
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Context Will Be Curve Play If Fed Hikes: Markets Analysis

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Anna Edwards, Guy Johnson, Tom Mackenzie and Mark Cudmore break down today’s key themes for analysts and investors on “Bloomberg: The Opening Trade.”
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Mnuchin Sees Long-Term Opportunity in Middle East

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Former US Treasury Secretary Steven Mnuchin says Middle East investment faces short-term uncertainty from the Iran conflict but argues the region remains attractive over the longer term. Mnuchin called for strict enforcement of sanctions on Iran, including potential action against Chinese banks, while saying the US and China should also seek a broader understanding on AI.

At the 2026 Qatar Economic Forum, UNGA Special Edition; Powered by Bloomberg.
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