WEBVTT - The Fed Pivots, BOE & ECB Decisions, Biden Impeachment Inquiry 0:00:02.120 --> 0:00:04.920 Good morning. It's Thursday, the fourteenth of December here in London. 0:00:05.000 --> 0:00:07.720 This is the Bloomberg Daybreak you at podcast. I'm Caroline 0:00:07.760 --> 0:00:08.840 Hipki and. 0:00:08.800 --> 0:00:10.480 I'm Stephen Carroll. Coming up today. 0:00:10.560 --> 0:00:14.080 The Fed holds rate steady and gives the clearest signal 0:00:14.200 --> 0:00:16.400 yet that the next move will be lower. 0:00:16.600 --> 0:00:19.080 The focus shifts to the Bank of England and the 0:00:19.120 --> 0:00:22.400 ECB to see if they will follow Powell's pivot. 0:00:22.640 --> 0:00:26.200 Plus the cat clawback UBS steps up efforts to recoup 0:00:26.280 --> 0:00:28.800 bonuses from credit sueee to factors. 0:00:29.040 --> 0:00:31.280 Let's start with a round up of our top stories. 0:00:31.520 --> 0:00:35.559 Federal Reserve policymakers expect seventy five basis points of rate 0:00:35.640 --> 0:00:38.840 cuts next year, according to their latest dot plot forecast. 0:00:39.280 --> 0:00:41.800 The pivot comes as the Central Bank opted to hold 0:00:41.880 --> 0:00:45.080 rates steady at Wednesday's meeting at a range of five 0:00:45.120 --> 0:00:48.240 and a quarter to five and a half percent Federal 0:00:48.280 --> 0:00:51.080 Reserve charge your own. Powell and says tightening remains an 0:00:51.120 --> 0:00:55.160 option if price pressures return, but says the FOMC has 0:00:55.200 --> 0:00:57.720 also begun discussing when to ease. 0:00:57.560 --> 0:01:00.800 The question of when will it become appropriate to begin 0:01:00.960 --> 0:01:03.280 dialing back the amount of policy restraint in place that 0:01:03.960 --> 0:01:06.920 begins to come into view and is clearly a topic 0:01:06.959 --> 0:01:09.480 of discussion now in the world and also a discussion 0:01:09.520 --> 0:01:10.880 for US at our meeting today. 0:01:12.120 --> 0:01:15.080 Powell used his press conference to emphasize the rate cut 0:01:15.120 --> 0:01:18.160 projections are not a pre set plan, and one inflation 0:01:18.319 --> 0:01:21.560 has come down, it's still too high. The prospect of 0:01:21.600 --> 0:01:25.120 easing policy drove an extended overnight rally and treasuries with 0:01:25.240 --> 0:01:28.319 ten year yields by falling below four percent for the 0:01:28.360 --> 0:01:29.720 first time since August. 0:01:30.319 --> 0:01:34.360 The Fed's rhetorical pivot has led to a surge in stocks, bonds, 0:01:34.400 --> 0:01:37.760 and currencies and one of the biggest post meeting rallies 0:01:37.840 --> 0:01:41.880 in recent memory. Virtually no corner of financial markets has 0:01:41.920 --> 0:01:45.560 been left out of the cross asset advance. Global shares 0:01:45.560 --> 0:01:48.240 have spiked hard, front end treasuries have posted their biggest 0:01:48.280 --> 0:01:51.880 day since March, and currencies of surge against the dollar. 0:01:52.440 --> 0:01:56.960 Jeff Rosenberg, black Rock Systemic Multi Strategy fund portfolio manager 0:01:57.000 --> 0:01:59.920 says that he expects that to continue. 0:02:00.400 --> 0:02:04.040 There are some vulnerabilities, but the message and the concern. 0:02:04.120 --> 0:02:07.280 No one's looking at the vulnerabilities. They're looking at the validation, 0:02:07.480 --> 0:02:10.560 and so with that validation, this Polish sentiment can go 0:02:10.639 --> 0:02:12.680 on for a while until we get a new round 0:02:12.720 --> 0:02:16.960 of economic data, and until then, I think the message 0:02:17.000 --> 0:02:20.720 is pretty clear that the FED is more than willing 0:02:20.720 --> 0:02:24.040 to see an easy in financial conditions won't step in 0:02:24.080 --> 0:02:24.680 the way of that. 0:02:26.320 --> 0:02:30.480 As Blackrocks Jeff Rosenberg hinted, there there is no guarantee 0:02:30.520 --> 0:02:32.960 that the rally will last, but markets have piled into 0:02:33.080 --> 0:02:36.680 rate cut wages numerous times over the past two years, 0:02:36.680 --> 0:02:39.000 only then to be caught flat footed when the Fed 0:02:39.160 --> 0:02:40.320 didn't change tack. 0:02:41.600 --> 0:02:44.160 Turning to the Bank of England, markets have fully priced 0:02:44.200 --> 0:02:46.840 in one hundred basis points of rate cuts from the 0:02:46.960 --> 0:02:51.080 MPC next year. Soft GDP data drove those bats higher. 0:02:51.240 --> 0:02:55.040 Bloomberg's senior UK economist Dan Hansen says UK growth in 0:02:55.080 --> 0:02:58.600 October was weaker than all the analysts had expected. 0:02:59.000 --> 0:03:02.640 It sort of be all economist expectations in terms of 0:03:02.960 --> 0:03:03.880 how negative it was. 0:03:03.960 --> 0:03:05.280 I mean, I think the thing that struck me. 0:03:05.280 --> 0:03:07.520 Though, when I opened the release, was how broad based 0:03:07.560 --> 0:03:08.240 the weakness was. 0:03:08.320 --> 0:03:08.960 The broad picture. 0:03:09.000 --> 0:03:13.480 The broad takeaway is that services, manufacturing, and construction all 0:03:13.520 --> 0:03:16.000 fell and you've got weakness across the board. 0:03:16.960 --> 0:03:19.799 Blombergs down Hanson, adding as while the economic weakness is 0:03:19.840 --> 0:03:22.880 extremely unlikely to affect the rate decision itself, it may 0:03:22.960 --> 0:03:27.079 lead to a more dovish split among policy makers well. 0:03:27.120 --> 0:03:30.359 Today's European Central Bank decision is also being watched for 0:03:30.520 --> 0:03:35.680 how forcefully policymakers push back against bets on interest rate cuts. 0:03:36.080 --> 0:03:40.080 The former ECB president Jean Claude Triche thinks that Christine 0:03:40.160 --> 0:03:44.560 Legarde and others could cut rates before the FED in. 0:03:44.520 --> 0:03:48.920 The US for many reasons. We have still a level 0:03:49.080 --> 0:03:53.240 of core inflation, for instance, that is now significantly superior 0:03:53.360 --> 0:03:56.160 to gore inflation in Europe four point two instead of 0:03:56.480 --> 0:04:00.600 three point six. It's not absurd to think that the 0:04:00.880 --> 0:04:03.720 first decrees of rates could be in Europe instead of 0:04:03.880 --> 0:04:04.920 in the US. 0:04:05.600 --> 0:04:09.640 Charc Claude Triche, adding that markets who are still overdoing 0:04:09.720 --> 0:04:13.160 bits that the ECB will reduce rates as early as March. 0:04:14.160 --> 0:04:17.320 China's economy also seems to be losing momentum. High frequency 0:04:17.400 --> 0:04:21.240 data suggests industrial output figures due will be worse than 0:04:21.320 --> 0:04:24.960 pre COVID levels, and the economic weakness will trigger calls 0:04:24.960 --> 0:04:28.280 for stimulus to meet President She's five percent growth goal 0:04:28.440 --> 0:04:29.240 for next year. 0:04:30.160 --> 0:04:32.919 Now, to some politics, a drive to impeach the US 0:04:33.040 --> 0:04:36.760 president is now formally authorized. In a vote on Wednesday, 0:04:36.800 --> 0:04:40.880 Republicans in the US House elected to escalate a probe 0:04:41.040 --> 0:04:43.760 into Joe Biden that has been underway for several months. 0:04:43.960 --> 0:04:47.280 Speaking on the House floor yesterday, the Minority Leader Hakim 0:04:47.320 --> 0:04:50.560 Jeffries pointed to former President Donald Trump as a key 0:04:50.640 --> 0:04:52.080 influence on proceedings. 0:04:52.440 --> 0:04:56.160 We are here today on the House floor wasting time 0:04:56.520 --> 0:05:03.000 and taxpayer dollars on an illegitimate impeachment inquiry because Donald Trump, 0:05:03.720 --> 0:05:09.400 the puppet master, has directed extreme maga Republicans to launch 0:05:09.480 --> 0:05:11.080 a political hit job. 0:05:12.480 --> 0:05:16.320 New York Democrat Hakim Jeffries also questioned the legitimacy of 0:05:16.360 --> 0:05:19.680 the inquiry. The investigation focuses on the finances of the 0:05:19.720 --> 0:05:24.600 first family, particularly the present sun hunter. Biden himself denounced 0:05:24.640 --> 0:05:27.400 the inquiry as quote a baseless attack. 0:05:28.640 --> 0:05:31.120 UBS has stepped up an effort to recoup hundreds of 0:05:31.160 --> 0:05:34.640 millions of dollars in cash bonuses that credit sweee paid 0:05:34.680 --> 0:05:38.440 to retain deal makers before the Landers collapse, the story 0:05:38.480 --> 0:05:39.880 from Bloomberg's Charlie Pallace. 0:05:40.400 --> 0:05:44.560 According to those sources and documents seen by Bloomberg, UBS 0:05:44.560 --> 0:05:48.320 has contacted hundreds of bankers and offered some multi year 0:05:48.400 --> 0:05:51.839 payment plans amid efforts to clawback a chunk of the 0:05:51.880 --> 0:05:56.640 one point two billion Swiss franks in restricted cash bonuses 0:05:56.960 --> 0:06:01.120 known internally as upfront cash awards. The document show the 0:06:01.120 --> 0:06:03.960 bank's outside law firms are reaching out to staffers who 0:06:04.080 --> 0:06:07.919 voluntarily left the firm and threatening legal action if the 0:06:08.200 --> 0:06:11.880 required amounts are not delivered. In New York Charlie Pellette 0:06:11.880 --> 0:06:13.120 Bloomberg Radio. 0:06:13.000 --> 0:06:16.280 In a moment, we'll get more in today's Central Bank decisions, 0:06:16.480 --> 0:06:19.919 but first, as we're thinking about the Bank of England's 0:06:19.920 --> 0:06:22.839 decision today, interesting to see the latest data on the 0:06:22.920 --> 0:06:26.400 UK property markets. Property surveyors the most optimistic they've been 0:06:26.480 --> 0:06:29.680 on future house sales in almost two years. This is 0:06:29.680 --> 0:06:32.120 mortgage rates have just come off their peak. Now haven't 0:06:32.200 --> 0:06:36.000 dropped dramatically, but certainly have come down from the high levels. 0:06:36.000 --> 0:06:39.080 The average five year mortgage rate now down closer to 0:06:39.160 --> 0:06:43.760 five percent from a peak of six point one percent 0:06:44.000 --> 0:06:47.359 in July. So it does look like this slow puncture 0:06:47.720 --> 0:06:50.839 is still happening in the market, but perhaps we're turning 0:06:50.880 --> 0:06:54.440 to more of a stabilization than perhaps the bigger falls 0:06:54.440 --> 0:06:55.560 we had been expecting. 0:06:55.880 --> 0:06:57.880 Yeah, it's hard, isn't it? To come out with new 0:06:57.880 --> 0:07:01.040 superlatives all the time. But this is quite extraordinary in 0:07:01.120 --> 0:07:04.720 terms of the whiplash in financial markets. You know, there 0:07:04.720 --> 0:07:06.360 were some even you thought there were going to be 0:07:06.440 --> 0:07:08.479 there was going to be a big crash and the 0:07:08.520 --> 0:07:11.040 housing market at the start of the year. I mean 0:07:11.040 --> 0:07:14.480 it was an outlie of you. But now much more 0:07:14.520 --> 0:07:16.480 stabilization as we come to the end of the year 0:07:16.520 --> 0:07:17.440 than many had thought. 0:07:18.000 --> 0:07:18.240 Yeah. 0:07:18.240 --> 0:07:20.360 Indeed these the lates sigures in the Royal Institution of 0:07:20.480 --> 0:07:22.960 Chartered Surveyors. But I would also note our colleagues reporting 0:07:22.960 --> 0:07:26.280 on the high end country home market fast becoming part 0:07:26.320 --> 0:07:30.560 of the nation's property slumper home and luxury country destinations 0:07:30.720 --> 0:07:32.680 less likely to sell above a tasking price than a 0:07:32.720 --> 0:07:35.600 home in London's most affluent discus districts. And that's the 0:07:35.600 --> 0:07:39.239 first time that's happened since twenty fifteen. Okay, case Caroline, 0:07:39.240 --> 0:07:41.560 you were thinking about investing in a country place. 0:07:41.560 --> 0:07:43.960 And there was a moment in the pandemic, there really was, 0:07:44.040 --> 0:07:46.960 But no, that moment has passed. I suspect. Right, Let's 0:07:47.000 --> 0:07:49.840 talk about the FED. The pivot is real from the 0:07:49.880 --> 0:07:53.400 steepest rate increases in decades to contain surging inflation to 0:07:53.440 --> 0:07:55.720 your own power and his colleagues issued for Coast showing 0:07:55.760 --> 0:07:59.280 a series of cuts would be likely next year. Joining 0:07:59.320 --> 0:08:02.760 us now to discuss Sploomberg opinion columnist Daniel Moss. Daniel, 0:08:02.800 --> 0:08:05.040 great to have you with us on the program this morning. 0:08:05.120 --> 0:08:07.600 So the Fed pivots at the door. Seventy five basis 0:08:07.640 --> 0:08:11.400 points potentially of cards, no US recession. This is surely 0:08:11.440 --> 0:08:14.040 an early Christmas presence for the markets. 0:08:15.520 --> 0:08:18.960 Well, the Christmas present actually began before one of the 0:08:19.000 --> 0:08:24.200 clips you played earlier. His comment about having discussed how 0:08:24.240 --> 0:08:27.000 they might begin to cut came in response to a question. 0:08:27.840 --> 0:08:31.520 There was a real tell though, in his introductory statement 0:08:32.080 --> 0:08:34.679 when Powell said, for the first time, or rather he 0:08:34.800 --> 0:08:38.720 characterized the current level of interest rates for the first 0:08:38.720 --> 0:08:42.559 time certainly that I've heard as been quote well into 0:08:42.760 --> 0:08:49.120 restrictive territory. Now what's the significance of the Well, it 0:08:49.320 --> 0:08:52.680 means they can kind of have it both ways. They 0:08:52.720 --> 0:08:56.920 can cut and still say they're in restrictive territory. If 0:08:56.960 --> 0:09:00.839 at current levels they are well into restrictive terrors and 0:09:01.000 --> 0:09:04.079 things flowed from there once the Q and A began. 0:09:05.000 --> 0:09:07.720 But yes, your remark about no recession. Now he was 0:09:07.720 --> 0:09:13.320 at Paines Jay Poweller. So he wasn't declaring victory, but gosh, 0:09:13.360 --> 0:09:17.400 some of the way he framed the economics of twenty 0:09:17.520 --> 0:09:21.440 twenty three, sure sounded like he was feeling pretty satisfied. 0:09:22.040 --> 0:09:25.520 So it's all but a declaration of victory. He noted 0:09:25.520 --> 0:09:28.920 how much inflation had come down. He didn't think the 0:09:29.080 --> 0:09:33.240 US is in recession now. He also observed that around 0:09:33.280 --> 0:09:36.560 about a year ago, many people forecast there would be 0:09:36.640 --> 0:09:40.200 one no sign of it yet, according to him, so 0:09:40.760 --> 0:09:43.360 you know, it's not mission accomplished, but it's I could 0:09:43.400 --> 0:09:46.240 have had a worse holiday. 0:09:47.160 --> 0:09:49.920 Maybe it's slight bit of I told you so as well, 0:09:49.960 --> 0:09:51.520 coming from Jerome Powell. 0:09:51.679 --> 0:09:53.479 If we look at the market reaction. 0:09:53.840 --> 0:09:56.400 Daniel two, we're looking at the ten year yields below 0:09:56.520 --> 0:09:59.400 four percent for the first time since August. 0:10:00.160 --> 0:10:02.640 Should we be thinking about this for next year? 0:10:02.720 --> 0:10:05.120 Jeffrey Gundlax call for tenure yields and the low three 0:10:05.200 --> 0:10:06.800 percent range by next year. 0:10:08.840 --> 0:10:11.920 Well, I would say, what is most important is the direction. 0:10:12.320 --> 0:10:15.640 So remember last year in twenty twenty two, I believe 0:10:15.679 --> 0:10:19.000 it was when the ten year yield breached four percent, 0:10:19.040 --> 0:10:21.000 and the other direction was like, oh my god, the 0:10:21.040 --> 0:10:25.280 world's going to hell. Well, okay, now we've just breached 0:10:25.640 --> 0:10:27.880 four percent a little bit on the other side, and 0:10:27.920 --> 0:10:31.679 it's happy days of here again. So you know, context 0:10:31.720 --> 0:10:35.960 can sometimes be missing in very exciting moments like this. 0:10:36.120 --> 0:10:36.360 You know. 0:10:36.559 --> 0:10:40.040 J Powell also flagged you know what's going to be 0:10:40.040 --> 0:10:43.040 one of the real debates as we get into twenty four, 0:10:43.080 --> 0:10:46.440 which is really, you know, how much has changed. He 0:10:46.600 --> 0:10:49.600 was asked whether the neutral rate of interest, after everything 0:10:49.640 --> 0:10:52.719 we've been through in the past couple of years, has 0:10:52.800 --> 0:10:56.440 changed very much. He sort of almost sounded like some 0:10:56.520 --> 0:11:00.480 of his academic predecessors Janet Ylen or Ben Bernanky rather 0:11:00.559 --> 0:11:03.520 than a private equity guy and a lawyer that he is. 0:11:03.800 --> 0:11:06.080 He said, well, it's one of the great fascinating historical 0:11:06.200 --> 0:11:10.080 questions we're going to be debating that this year, which 0:11:10.200 --> 0:11:13.880 left you know something in my mind along the lines 0:11:13.920 --> 0:11:15.920 of what maybe we should be doing a column like, 0:11:17.080 --> 0:11:19.880 maybe not much has really changed at all. Low interest 0:11:19.960 --> 0:11:24.280 rates could be back, transitory might even be resurrected. 0:11:24.960 --> 0:11:26.679 Oh wow, that would be extraordinary. 0:11:26.960 --> 0:11:30.840 You know, back back from Elba. 0:11:30.320 --> 0:11:35.200 In terms of Pal's commentary in and of itself, do 0:11:35.240 --> 0:11:37.760 you think that that effectively is acting as a rate 0:11:37.800 --> 0:11:40.080 cut in markets. I mean again, is this You know 0:11:40.280 --> 0:11:42.839 we had the conversation going in the other direction too 0:11:42.920 --> 0:11:45.520 on this one. 0:11:46.240 --> 0:11:50.320 You know, when we were previewing this meeting, I suggested 0:11:50.360 --> 0:11:54.000 that he would probably lean against rate cut speculation because 0:11:54.000 --> 0:11:58.040 the speculation is already there and he doesn't want markets 0:11:58.080 --> 0:12:01.160 to be seen to be getting carried away. Well, you 0:12:01.200 --> 0:12:03.880 know I was off the mark on that one. He 0:12:03.960 --> 0:12:07.280 just leaned right into it. The clip you played earlier. 0:12:07.320 --> 0:12:11.080 Initially the question was what makes him so convinced that 0:12:11.120 --> 0:12:14.560 their hiking work is done? He explained that they thought 0:12:14.559 --> 0:12:17.160 it basically was, and then he leant right in without 0:12:17.200 --> 0:12:19.840 a follow up question, saying, well, then once you can 0:12:19.880 --> 0:12:22.840 see that, then the next point is, you know when 0:12:22.880 --> 0:12:25.960 you start thinking about cuts. I'm like, well, okay, all right, 0:12:26.400 --> 0:12:30.200 he's just leant into it. No point in hiding from it. 0:12:30.320 --> 0:12:31.959 Pretty impressive actually. 0:12:32.480 --> 0:12:34.920 Okay, remember opinion colonomist Daniel Mass, thank you so much 0:12:34.920 --> 0:12:38.800 for joining us with your thoughts on yesterday's Federal Reserve decision. 0:12:39.200 --> 0:12:41.160 Well from the Fed to a pack day to day 0:12:41.200 --> 0:12:44.400 for central bank decisions in Europe, all of them now 0:12:44.440 --> 0:12:47.960 with the pressure to pivot themselves towards rate cuts too. 0:12:48.080 --> 0:12:52.880 Let's bring in Blomberg's chief europe economist Jamie Rush the ECB. First, 0:12:52.960 --> 0:12:56.480 what can we expect from this final meeting of the year. 0:12:58.360 --> 0:13:01.840 Well, I think we're where they're going to be responding 0:13:01.920 --> 0:13:07.000 to the way the FED has described the outlook, and 0:13:07.040 --> 0:13:09.120 so I mean the last thing we heard from Leguard 0:13:09.679 --> 0:13:11.640 was that we wouldn't see any rate cuts for a 0:13:11.640 --> 0:13:17.319 couple of quarters. Well, Powell said similar things even in 0:13:17.400 --> 0:13:22.520 the run up to the latest FMC meeting and subsequently 0:13:22.600 --> 0:13:25.200 changed his view. So I think it's quite possible that 0:13:25.280 --> 0:13:29.400 we will see a shift in the restoric at the ECB, 0:13:30.480 --> 0:13:32.960 but I don't think it will be quite as they'll 0:13:32.960 --> 0:13:35.920 be quite as willing to fully embrace market pricing for 0:13:36.000 --> 0:13:40.000 rate cuts early in the years as the FED has been, 0:13:40.080 --> 0:13:41.960 So I think there'll be a little bit more inertia, 0:13:42.360 --> 0:13:44.880 but I think that pivot is coming and so we 0:13:44.920 --> 0:13:46.960 will be probably seeing rate cuts in the first half 0:13:47.000 --> 0:13:47.320 the year. 0:13:47.800 --> 0:13:50.199 We also got new forecast Jamie from the ECB as well. 0:13:50.200 --> 0:13:51.440 What will you be looking at for. 0:13:52.559 --> 0:13:55.520 Well, I think we'll get long term inflation forecasts. They 0:13:55.600 --> 0:13:57.480 roll forward a year, so that will give us a 0:13:57.480 --> 0:14:00.800 sense of whether they feel confident that they've the policies, 0:14:00.840 --> 0:14:03.800 the streets of enough. I mean, they certainly almost will 0:14:03.840 --> 0:14:05.800 show the inflation is close to two percent at the 0:14:05.880 --> 0:14:08.920 end of the forecast period, so from their perspective, it 0:14:08.920 --> 0:14:11.360 will be job done on rate hikes. But again it's 0:14:11.360 --> 0:14:13.800 that question about when is the rate first rate coming 0:14:13.800 --> 0:14:15.559 and then and then how fast will it be? I 0:14:15.600 --> 0:14:18.040 think that's the next that's the next bone of contention 0:14:18.120 --> 0:14:20.560 with markets is not just when it will happen, but 0:14:20.600 --> 0:14:23.080 whether we're looking at one rate cut quarter or whether 0:14:23.080 --> 0:14:24.720 we're looking at one rate cutter meeting. 0:14:26.440 --> 0:14:30.080 In terms of the Bank of England, a huge challenge, 0:14:30.440 --> 0:14:33.320 high inflation, a stagnant economy, and now one hundred basis 0:14:33.360 --> 0:14:37.960 points of cuts priced in for the UK next year. Yeah. 0:14:38.040 --> 0:14:40.160 So I mean the UK is in a slightly different 0:14:40.160 --> 0:14:42.240 position for everyone because we seems to have the worst 0:14:42.240 --> 0:14:44.120 of both worlds in the sense that we had that 0:14:44.240 --> 0:14:46.720 huge supply shop which pushed inflation up, and then we 0:14:46.800 --> 0:14:49.440 had that interacting with a very tight labor market the 0:14:49.520 --> 0:14:52.520 same wage growth above eight percent. So I think it's 0:14:53.200 --> 0:14:55.400 we're looking at a slightly stickier outlook for the UK. 0:14:55.600 --> 0:14:58.080 At the same time, if the global mood music is 0:14:58.200 --> 0:14:59.800 changing the Bank of Ving is not going to be 0:14:59.800 --> 0:15:01.920 a me to that, so I think we again we'll 0:15:01.920 --> 0:15:05.720 be seeing some discussion of the possibility that raycards are coming, 0:15:06.240 --> 0:15:08.160 and maybe a little bit less of this table mountain 0:15:08.200 --> 0:15:09.960 nonsense that we've been hearing about for so long. 0:15:11.360 --> 0:15:14.440 What about the splitsbeen policymakers, Jamie, Yes. 0:15:14.800 --> 0:15:18.240 They'll probably still be slightly divided, and there has been that. 0:15:18.440 --> 0:15:21.280 There hasn't been unanimity at the banking for a while, 0:15:21.320 --> 0:15:23.080 so I'll expect that to continue. 0:15:24.520 --> 0:15:27.240 This is Bloomberg Daybreak Europe, your morning brief on the 0:15:27.320 --> 0:15:30.360 stories making news from London to Wall Street and beyond. 0:15:30.640 --> 0:15:34.600 Look for us on your podcast feed every morning, on Apple, Spotify, 0:15:34.720 --> 0:15:36.680 and anywhere else you get your podcasts. 0:15:36.680 --> 0:15:39.720 You can also listen live each morning on London Dab Radio, 0:15:39.760 --> 0:15:42.479 the Bloomberg Business app, and Bloomberg dot Com. 0:15:42.520 --> 0:15:45.280 Our flagship New York station is also available on your 0:15:45.320 --> 0:15:50.040 Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty. 0:15:50.280 --> 0:15:52.320 I'm Caroline Hepka and I'm Stephen Carroll. 0:15:52.360 --> 0:15:54.720 Join us again tomorrow morning for all the news you 0:15:54.760 --> 0:15:57.440 need to start your day right here on Bloomberg day 0:15:57.480 --> 0:16:06.280 Break Europe.