1
00:00:02,440 --> 00:00:07,160
Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

2
00:00:07,120 --> 00:00:09,320
Speaker 2: Joining us now the one that puts Greek and Latin

3
00:00:09,360 --> 00:00:13,640
Speaker 2: into our bond coverage. Robert Michael, Bobmichael of JP Morgan.

4
00:00:14,000 --> 00:00:18,040
Speaker 2: How do the Greeks right now? The derivative Greeks play

5
00:00:18,160 --> 00:00:23,600
Speaker 2: into what you do When you look at the quiet

6
00:00:24,040 --> 00:00:27,840
Speaker 2: of holes in the market or renew volatility, maybe it's

7
00:00:27,920 --> 00:00:30,360
Speaker 2: skew that you play into. How does a derivative space

8
00:00:30,400 --> 00:00:30,720
Speaker 2: fit in?

9
00:00:31,160 --> 00:00:33,879
Speaker 3: They're critical to what we do in the markets. I

10
00:00:33,920 --> 00:00:36,680
Speaker 3: think so much of what you try to do is

11
00:00:36,840 --> 00:00:41,640
Speaker 3: in the cash market, but there's limited bandwidth. Broker Dealer

12
00:00:41,720 --> 00:00:45,000
Speaker 3: balance sheets aren't what they used to be, and a

13
00:00:45,040 --> 00:00:48,239
Speaker 3: lot of the balance sheet in the industry sits with

14
00:00:48,360 --> 00:00:54,280
Speaker 3: investors like ourselves, and we tend to own securities until

15
00:00:54,280 --> 00:00:57,040
Speaker 3: we change our mind. So we're not in the market

16
00:00:57,120 --> 00:01:00,360
Speaker 3: actively trying to change positions. You go in to the

17
00:01:00,400 --> 00:01:04,080
Speaker 3: derivatives market to help you change the positioning of your

18
00:01:04,120 --> 00:01:06,720
Speaker 3: portfolio or perhaps put a bit of a hedge on.

19
00:01:06,959 --> 00:01:08,960
Speaker 2: Is there a a bot Michael and I think of

20
00:01:09,040 --> 00:01:11,520
Speaker 2: Ian Lingotn at BMO Capital. You're saying we're going to

21
00:01:11,560 --> 00:01:14,560
Speaker 2: see price up, yield down. Is there a bet in

22
00:01:14,640 --> 00:01:17,839
Speaker 2: the space. Now like what you believe that we will

23
00:01:17,880 --> 00:01:20,440
Speaker 2: see as a regime lower.

24
00:01:20,240 --> 00:01:24,800
Speaker 3: Yields, Well, it's everywhere. We liken the current environment to

25
00:01:24,920 --> 00:01:29,199
Speaker 3: nineteen ninety five. There's one critical difference. When the FED

26
00:01:29,480 --> 00:01:32,640
Speaker 3: finished hiking rates from three percent to six percent in

27
00:01:32,760 --> 00:01:36,080
Speaker 3: ninety five, the entire yeld curve was above the FED

28
00:01:36,120 --> 00:01:40,200
Speaker 3: funds rate. Today, we think the Fed is done hiking rates,

29
00:01:40,240 --> 00:01:43,279
Speaker 3: but the entire yeal curve is trading roughly one hundred

30
00:01:43,319 --> 00:01:46,800
Speaker 3: basis points through the FED funds rate. So that's telling

31
00:01:46,880 --> 00:01:50,240
Speaker 3: us that the market still believes that the Fed will

32
00:01:50,280 --> 00:01:53,840
Speaker 3: come in take pressure off of businesses and households by

33
00:01:53,880 --> 00:01:56,800
Speaker 3: doing at least a few rate cuts over the next

34
00:01:56,840 --> 00:01:57,560
Speaker 3: twelve months.

35
00:01:57,960 --> 00:02:00,600
Speaker 1: Bob, we're sitting here at the two year treasury almost

36
00:02:00,600 --> 00:02:03,800
Speaker 1: at five percent. Here, I don't know. I'm gonna park

37
00:02:03,840 --> 00:02:05,520
Speaker 1: my money right there, and I'm gonna feel fine. Is

38
00:02:05,520 --> 00:02:06,440
Speaker 1: that a bad trade?

39
00:02:07,120 --> 00:02:10,560
Speaker 3: It's not a bad trade, but you may feel lonely

40
00:02:10,760 --> 00:02:13,680
Speaker 3: compared to the money that's sitting in money market funds.

41
00:02:13,880 --> 00:02:17,120
Speaker 3: You're willing to step out. But what we're looking at

42
00:02:17,240 --> 00:02:21,400
Speaker 3: is over six trillion dollars of assets sitting in money

43
00:02:21,400 --> 00:02:25,959
Speaker 3: market funds. YEP and they're feeling cozier at somewhere closer

44
00:02:26,000 --> 00:02:28,600
Speaker 3: to a five and a half percent yield. For that

45
00:02:28,720 --> 00:02:31,400
Speaker 3: money to come out and come into the bond market,

46
00:02:31,600 --> 00:02:34,919
Speaker 3: we do need to see the Fed begin to cut rates,

47
00:02:35,120 --> 00:02:37,880
Speaker 3: or at least telegraph that they're thinking about it again

48
00:02:38,200 --> 00:02:41,920
Speaker 3: and not dropping these sins that maybe rates could go higher.

49
00:02:42,320 --> 00:02:45,480
Speaker 1: So what do you think our Fed should do? I mean,

50
00:02:45,520 --> 00:02:48,960
Speaker 1: the economic data suggests that maybe there's no reason two

51
00:02:49,000 --> 00:02:52,400
Speaker 1: cut rates. We've got I don't know, inflation still out there.

52
00:02:53,560 --> 00:02:56,560
Speaker 3: If I were at the Fed, everything looks so good,

53
00:02:57,000 --> 00:02:59,320
Speaker 3: I would just sit in my hands for the next

54
00:02:59,360 --> 00:03:03,880
Speaker 3: couple quarters, see what happens into the election and do nothing.

55
00:03:04,360 --> 00:03:08,480
Speaker 3: You're looking at over two years of unemployment below four percent.

56
00:03:08,960 --> 00:03:12,560
Speaker 3: I know we get PCEE at the end of this week.

57
00:03:12,720 --> 00:03:14,760
Speaker 3: There's a lot of debate. Is it going to be

58
00:03:15,200 --> 00:03:18,680
Speaker 3: two seven or two point eight year every year? Is

59
00:03:18,720 --> 00:03:22,560
Speaker 3: it a point two five or a point twenty seven increase?

60
00:03:22,960 --> 00:03:28,079
Speaker 3: The reality is to something year every year is much

61
00:03:28,160 --> 00:03:30,840
Speaker 3: lower than the six point six percent year every year

62
00:03:30,880 --> 00:03:31,959
Speaker 3: it was a couple of years ago.

63
00:03:32,160 --> 00:03:35,800
Speaker 2: A stated system. Is there leverage in the system? Is

64
00:03:35,840 --> 00:03:39,120
Speaker 2: there that animal? I don't I don't want to say,

65
00:03:39,120 --> 00:03:43,920
Speaker 2: animal spirit, that that ancient animal instinct to leverage up

66
00:03:43,960 --> 00:03:46,320
Speaker 2: when we're certain we know what we're doing. Is there

67
00:03:46,360 --> 00:03:47,400
Speaker 2: that bet right now?

68
00:03:48,520 --> 00:03:52,760
Speaker 3: You're not seeing it to the extent that we saw previously,

69
00:03:52,960 --> 00:03:56,400
Speaker 3: either headed into the dot com bubble in two thousand

70
00:03:56,880 --> 00:04:00,400
Speaker 3: or certainly into the Great Financial Crisis into one thousand

71
00:04:00,440 --> 00:04:03,400
Speaker 3: and seven two thousand and eight. But there is a

72
00:04:03,440 --> 00:04:07,400
Speaker 3: lot of borrowing going on out there. The most leffed

73
00:04:07,480 --> 00:04:12,560
Speaker 3: balance sheet are not businesses in household they're actually federal

74
00:04:12,600 --> 00:04:16,680
Speaker 3: governments globally. When you look about the extension of credit

75
00:04:16,760 --> 00:04:19,800
Speaker 3: into the system, bank balance sheets may have shrunk, but

76
00:04:19,920 --> 00:04:21,320
Speaker 3: private credit is out there.

77
00:04:21,360 --> 00:04:23,560
Speaker 2: But the heart of the matter, going back to Roguoff

78
00:04:23,560 --> 00:04:27,279
Speaker 2: and Reinhardt this time is different. Is they took within

79
00:04:27,320 --> 00:04:31,680
Speaker 2: their iconic study of debt that it's about public and

80
00:04:31,839 --> 00:04:36,240
Speaker 2: private combination of debt. Would you suggest we're going to

81
00:04:36,320 --> 00:04:40,479
Speaker 2: see a private debt issuance and build up in belief

82
00:04:40,520 --> 00:04:45,240
Speaker 2: in debt, so we've got both public and private over indebtedness.

83
00:04:46,320 --> 00:04:49,320
Speaker 3: It doesn't feel like we're heading there. I agree. Right

84
00:04:49,480 --> 00:04:51,680
Speaker 3: right now it feels like and I know you did

85
00:04:51,680 --> 00:04:55,720
Speaker 3: a story that consumers are looking to do a bit

86
00:04:55,720 --> 00:04:59,120
Speaker 3: more vacationing and a third of them are willing to

87
00:04:59,160 --> 00:05:02,560
Speaker 3: put that, willing to go into debt to do that.

88
00:05:03,480 --> 00:05:06,560
Speaker 3: Going into the financial crisis, one hundred and twenty percent

89
00:05:06,600 --> 00:05:09,520
Speaker 3: of them would have been willing to have gone into

90
00:05:09,600 --> 00:05:13,520
Speaker 3: debt to go on vacation. So there is some moderation.

91
00:05:14,040 --> 00:05:20,040
Speaker 3: You look at housing, consumers aren't changing art chasing housing

92
00:05:20,120 --> 00:05:21,360
Speaker 3: prices higher.

93
00:05:21,600 --> 00:05:24,840
Speaker 2: Let's listen to our Latin tour guide here as we.

94
00:05:24,800 --> 00:05:28,360
Speaker 3: Go to Rome Arma where room quay kind of troy

95
00:05:28,400 --> 00:05:30,000
Speaker 3: I qui primus aboris.

96
00:05:30,000 --> 00:05:32,719
Speaker 2: That's great, and that's like Lisa Mateo's schedule to go

97
00:05:32,720 --> 00:05:34,919
Speaker 2: to Rome Here she's going deep into debt okay and

98
00:05:34,960 --> 00:05:36,520
Speaker 2: to go to loans so she can catch up with

99
00:05:36,560 --> 00:05:37,760
Speaker 2: Bob Michael and the Latin.

100
00:05:37,839 --> 00:05:38,560
Speaker 1: That's perfect.

101
00:05:38,560 --> 00:05:40,320
Speaker 2: It's out there as well. It's going to happen.

102
00:05:40,720 --> 00:05:40,920
Speaker 1: Bob.

103
00:05:40,960 --> 00:05:41,680
Speaker 3: What do I do here?

104
00:05:42,360 --> 00:05:44,159
Speaker 1: And if I want to take some credit risk here,

105
00:05:44,160 --> 00:05:47,280
Speaker 1: do I stay with investment grade? Do I go to

106
00:05:47,400 --> 00:05:50,200
Speaker 1: high yield because high yield was the performer last year

107
00:05:50,400 --> 00:05:52,760
Speaker 1: in the fixed income space. Where do we go in

108
00:05:52,800 --> 00:05:53,480
Speaker 1: a credit space?

109
00:05:54,560 --> 00:05:58,360
Speaker 3: You hope that over the next week high yield pulls

110
00:05:58,440 --> 00:06:02,160
Speaker 3: back a little bit further, and then you go in

111
00:06:02,640 --> 00:06:06,440
Speaker 3: without recession on the horizon. You have nothing to fear

112
00:06:06,520 --> 00:06:09,440
Speaker 3: but yourself. If you stay out of the high yield market,

113
00:06:10,040 --> 00:06:13,839
Speaker 3: you're picking up now yields of over eight percent. Wow,

114
00:06:14,360 --> 00:06:18,520
Speaker 3: corporate profitability looks good. It's a much cleaner high yield

115
00:06:18,600 --> 00:06:21,680
Speaker 3: market than anything in my lifetime. Six percent of it

116
00:06:21,880 --> 00:06:24,599
Speaker 3: washed away back in twenty twenty.

117
00:06:24,760 --> 00:06:26,359
Speaker 2: I guess I got to go to the FED meeting

118
00:06:26,400 --> 00:06:29,359
Speaker 2: as well. The basic idea is it's a snoozefest to

119
00:06:29,400 --> 00:06:32,280
Speaker 2: get to June when they redo the dots and as

120
00:06:32,320 --> 00:06:35,880
Speaker 2: a raging debate now Craig Taurus with great leadership on

121
00:06:35,920 --> 00:06:40,440
Speaker 2: this over the weekend about the FED almost over communicating.

122
00:06:40,839 --> 00:06:44,520
Speaker 2: Is your world made more complex because there's too much

123
00:06:44,640 --> 00:06:49,360
Speaker 2: communication from FED presidents, governors and leaders?

124
00:06:49,839 --> 00:06:53,480
Speaker 3: You know, Tom, the one dead language that I miss

125
00:06:53,839 --> 00:06:57,640
Speaker 3: is FED speak. Remember in the days back in the eighties,

126
00:06:57,720 --> 00:07:01,240
Speaker 3: when the FED wasn't always tell you every day what

127
00:07:01,600 --> 00:07:02,360
Speaker 3: you were thinking.

128
00:07:02,560 --> 00:07:03,840
Speaker 2: I yearned for it.

129
00:07:04,200 --> 00:07:07,200
Speaker 3: You used to get the Fed minutes, You used to

130
00:07:07,279 --> 00:07:11,600
Speaker 3: get the listen to the Humphrey Hawkins testimony. You heard

131
00:07:11,600 --> 00:07:15,119
Speaker 3: what Greenspan said, then you got out your secret FED

132
00:07:15,200 --> 00:07:19,960
Speaker 3: decoder ring and interpretd what he meant and there was

133
00:07:20,000 --> 00:07:23,160
Speaker 3: a value to that, and I think there is just

134
00:07:23,320 --> 00:07:25,760
Speaker 3: way too much daily information coming Paul.

135
00:07:25,800 --> 00:07:28,480
Speaker 2: The most important conversation I've had on this is someone

136
00:07:28,480 --> 00:07:31,400
Speaker 2: that Bob Michael knows, Richard Berner, who drove the ship

137
00:07:31,400 --> 00:07:33,480
Speaker 2: at Morgan Stanley for Steve Roach for years in the

138
00:07:33,600 --> 00:07:38,440
Speaker 2: US economy, public service to the nation at Treasury. And

139
00:07:38,480 --> 00:07:41,640
Speaker 2: what was so important here is there was just what

140
00:07:41,680 --> 00:07:44,960
Speaker 2: mister Michael says. And then you would go see a

141
00:07:45,080 --> 00:07:49,000
Speaker 2: president at a rotary club or some other economic club

142
00:07:49,480 --> 00:07:53,120
Speaker 2: and they'd say, just as little at the breakfast is

143
00:07:53,160 --> 00:07:55,040
Speaker 2: they were saying to us on the street.

144
00:07:55,440 --> 00:07:58,800
Speaker 1: Bob, you're head of the global fixed in them Currency

145
00:07:58,880 --> 00:08:04,080
Speaker 1: and Commodities group. Here, let's go currencies. What is there

146
00:08:04,120 --> 00:08:06,320
Speaker 1: a bare case for the US dollar here? Or are

147
00:08:06,320 --> 00:08:08,560
Speaker 1: we just all along the US dollar and letting everybody

148
00:08:08,600 --> 00:08:09,760
Speaker 1: else deal with it.

149
00:08:10,160 --> 00:08:13,360
Speaker 3: There's a bare case for the dollar when the Fed

150
00:08:13,480 --> 00:08:17,520
Speaker 3: starts cutting rates. Until they do that, there's no sense

151
00:08:17,800 --> 00:08:21,040
Speaker 3: fighting the strength and the dollar. If you look at

152
00:08:21,120 --> 00:08:24,880
Speaker 3: when the dollar really started to gain strength, it's when

153
00:08:24,920 --> 00:08:28,520
Speaker 3: the FED started hiking the FED funds rate at the

154
00:08:28,560 --> 00:08:32,320
Speaker 3: start of twenty twenty two. Back then yen was about

155
00:08:32,440 --> 00:08:36,800
Speaker 3: one ten, not one fifty. The entire strength and dollar

156
00:08:36,960 --> 00:08:40,120
Speaker 3: yen has come from the FED hiking rates, not anything

157
00:08:40,160 --> 00:08:42,080
Speaker 3: that's happened on the Bank of Japan's part.

158
00:08:42,720 --> 00:08:46,360
Speaker 1: So, and we see central banks around the world cutting

159
00:08:46,400 --> 00:08:49,480
Speaker 1: rates or saying they will cut rates, signaling that they

160
00:08:49,520 --> 00:08:52,240
Speaker 1: will cut rates. So I mean, does a FED, how

161
00:08:52,240 --> 00:08:54,079
Speaker 1: does the FED think about the dollar when they think

162
00:08:54,120 --> 00:08:56,320
Speaker 1: about their rate policy.

163
00:08:56,640 --> 00:09:00,960
Speaker 3: You're right, there have been seven thousand basis points of

164
00:09:01,080 --> 00:09:05,560
Speaker 3: rate cuts in the emerging market central banks. So those

165
00:09:05,600 --> 00:09:08,720
Speaker 3: central banks have been cutting rates for over a year,

166
00:09:09,200 --> 00:09:12,839
Speaker 3: and I have to imagine they're starting to second guests

167
00:09:13,240 --> 00:09:17,280
Speaker 3: whether they need to keep cutting rates. Here. I don't

168
00:09:17,320 --> 00:09:21,079
Speaker 3: know that the FED thinks about the dollar all that much.

169
00:09:21,440 --> 00:09:23,600
Speaker 3: If we go back, we were just talking about the

170
00:09:23,600 --> 00:09:27,160
Speaker 3: FED speak of the nineteen eighties. I remember we used

171
00:09:27,160 --> 00:09:29,400
Speaker 3: to look at the tanbook, We used to look at

172
00:09:29,400 --> 00:09:33,559
Speaker 3: the minutes. We used to see how they prioritized inflation,

173
00:09:34,080 --> 00:09:37,720
Speaker 3: growth and the dollar, and many times the dollar was

174
00:09:37,800 --> 00:09:41,360
Speaker 3: their number one priority. I don't think it's their priority

175
00:09:41,480 --> 00:09:43,720
Speaker 3: right now. I think it's a huge one for the

176
00:09:43,760 --> 00:09:45,640
Speaker 3: ECB and the Bank of Japan.

177
00:09:45,520 --> 00:09:47,840
Speaker 2: ABOB and the time we got left, I really want

178
00:09:47,840 --> 00:09:51,400
Speaker 2: to focus here on endo. The earning season in corporate

179
00:09:51,520 --> 00:09:56,559
Speaker 2: issuance off of like v body at Boston University, or

180
00:09:57,559 --> 00:09:59,920
Speaker 2: there's a thing folks called eminem It's not the candy,

181
00:10:00,080 --> 00:10:02,880
Speaker 2: but it's a theory here and the allocation of your

182
00:10:02,920 --> 00:10:07,840
Speaker 2: capital structure to debt. Are we underdebted right now in

183
00:10:07,960 --> 00:10:12,880
Speaker 2: quality corporate America? Do they have not enough bills, notes

184
00:10:12,880 --> 00:10:13,439
Speaker 2: and bonds?

185
00:10:14,400 --> 00:10:19,280
Speaker 3: I think we are. We have spent the last quarter

186
00:10:19,440 --> 00:10:24,119
Speaker 3: trying to poke holes in corporate profitability in the markets

187
00:10:24,200 --> 00:10:27,679
Speaker 3: and at JP Morgan with our credit research team, and

188
00:10:27,720 --> 00:10:30,760
Speaker 3: they can't do it. And instead what they're seeing is

189
00:10:30,800 --> 00:10:36,960
Speaker 3: a reacceleration in corporate profitability and businesses thinking about investing

190
00:10:37,040 --> 00:10:40,680
Speaker 3: in cap X Again, it looks pretty bright out there

191
00:10:40,679 --> 00:10:43,800
Speaker 3: for corporate America. It does remind me in nineteen ninety five.

192
00:10:43,920 --> 00:10:46,840
Speaker 2: Do you suggest bond issuance will be the surprise of

193
00:10:46,880 --> 00:10:48,240
Speaker 2: the next eighteen months.

194
00:10:50,080 --> 00:10:53,120
Speaker 3: I don't know. I think there's a shortage of corporate

195
00:10:53,160 --> 00:10:55,880
Speaker 3: debt right now. We were looking out over the next

196
00:10:55,880 --> 00:11:00,760
Speaker 3: couple quarters and there's more money maturing from there are points.

197
00:11:00,880 --> 00:11:03,679
Speaker 2: What you just heard there, folks, is classic John Templeton

198
00:11:04,120 --> 00:11:07,079
Speaker 2: from Bob Michael. I'm sorry, Paul, I'm in this camp.

199
00:11:07,120 --> 00:11:10,320
Speaker 2: There's a shortage of bonds. Nobody's looking at the Bob

200
00:11:10,360 --> 00:11:13,920
Speaker 2: Michael world and it's a tangible part of how we

201
00:11:13,960 --> 00:11:16,520
Speaker 2: do this, and it links into the equity market, and

202
00:11:16,559 --> 00:11:18,360
Speaker 2: there's just a shortage of bonds. That's all there is.

203
00:11:18,559 --> 00:11:22,080
Speaker 1: I mean, Bob, you're JP Morgan asset management. You guys

204
00:11:22,080 --> 00:11:25,280
Speaker 1: are pretty big. If you wanted to get out of

205
00:11:25,320 --> 00:11:30,240
Speaker 1: a position change a big allocation. Is there enough liquidity

206
00:11:30,240 --> 00:11:33,320
Speaker 1: on the street to kind of get that trade done

207
00:11:33,400 --> 00:11:36,520
Speaker 1: to your liking today versus ten or fifteen years ago.

208
00:11:36,760 --> 00:11:39,520
Speaker 1: How much harder is it, if at all, to kind

209
00:11:39,520 --> 00:11:41,719
Speaker 1: of make major trades for you guys.

210
00:11:43,200 --> 00:11:47,360
Speaker 3: Right now when things are relatively stable, you can do it.

211
00:11:47,160 --> 00:11:49,719
Speaker 3: It will take a little bit of time, depending how

212
00:11:49,840 --> 00:11:52,800
Speaker 3: large a position you're trying to move. There's a lot

213
00:11:52,840 --> 00:11:57,360
Speaker 3: more in portfolio trading, so hundreds of line items all

214
00:11:57,400 --> 00:12:00,679
Speaker 3: at once at a single price. That's a feature that

215
00:12:00,720 --> 00:12:06,040
Speaker 3: didn't exist pre financial crisis. But when everyone is waried

216
00:12:06,440 --> 00:12:10,240
Speaker 3: and everyone's pulling back liquidity and their balance sheet, then

217
00:12:10,280 --> 00:12:12,599
Speaker 3: it is far more challenging than it was.

218
00:12:13,160 --> 00:12:16,640
Speaker 1: JP Morgan, you say, get that trade done for me, right?

219
00:12:17,200 --> 00:12:18,440
Speaker 1: I mean, you guys are players.

220
00:12:18,800 --> 00:12:21,960
Speaker 3: You try not to do that because you are you

221
00:12:22,040 --> 00:12:25,040
Speaker 3: are reliant on a counterparty. I think that's a pre

222
00:12:25,240 --> 00:12:26,880
Speaker 3: financial crisis, is that right?

223
00:12:27,880 --> 00:12:30,520
Speaker 2: Let me pin down the tenure yield twelve months from now,

224
00:12:30,600 --> 00:12:34,360
Speaker 2: just a vanilla media call here for animals like me.

225
00:12:35,880 --> 00:12:39,200
Speaker 3: I think we're going to be right around four percent.

226
00:12:39,880 --> 00:12:43,840
Speaker 2: Down, but not down with the drama that financial meautia.

227
00:12:43,880 --> 00:12:46,160
Speaker 3: Not a whole lot, not a whole lot. I think

228
00:12:46,200 --> 00:12:49,360
Speaker 3: the FED could probably get one hundred and one hundred

229
00:12:49,360 --> 00:12:51,120
Speaker 3: and twenty five basis points of great cut.

230
00:12:51,280 --> 00:12:53,480
Speaker 2: So are you doing cliff notes now in FED speak?

231
00:12:53,559 --> 00:12:56,400
Speaker 2: If you've got Greek and Latin down from your undergraduate days.

232
00:12:56,360 --> 00:12:58,360
Speaker 3: I don't. Are you looking at FED speakers, I don't

233
00:12:58,360 --> 00:13:00,960
Speaker 3: need to do it. They're telling us every ten minutes

234
00:13:01,000 --> 00:13:03,120
Speaker 3: what they're thinking. You don't need cliff now.

235
00:13:03,400 --> 00:13:05,679
Speaker 2: Bob Michael, thank you so much. Just generous with his

236
00:13:05,800 --> 00:13:08,400
Speaker 2: time here on a Monday. That morning, he of course,

237
00:13:08,640 --> 00:13:10,760
Speaker 2: is with JP Morgan