Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.
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Speaker 2: anywhere else you listen, and as always on Bloomberg Radio,
Speaker 2: the Bloomberg Terminal, and the Bloomberg Business app. A huge
Speaker 2: issue for market investors is what is this Federal Reserve
Speaker 2: going to do? I mean, we started the year thinking
Speaker 2: six rate cuts. If you look at WRP GO, that's
Speaker 2: kind of what the market was dis Kenny. Now we're
Speaker 2: kind of like three or four, I don't know. For
Speaker 2: our next guest, he has an informed opinion. Rich Clarida,
Speaker 2: former vice chair at the Federal Reserve. Now he's got
Speaker 2: a paying job. He's a managing director of New York
Speaker 2: office in pimco's Global Economic Advisor.
Speaker 3: Rich, thanks so much for joining us here in studio.
Speaker 4: Here ch Good to see you.
Speaker 3: Yeah, what is your Federal Reserve going to do? And
Speaker 3: when are they going to do it?
Speaker 5: I've been doing other things for two years, so it's
Speaker 5: not my FED anymore. I think they think they're done.
Speaker 5: I think they think the next move is a cut,
Speaker 5: and certainly in the recent press conference that the chair
Speaker 5: did not really try to push away the idea that
Speaker 5: they would start this summer. And so I think WORP
Speaker 5: is more or less where I would be right now
Speaker 5: as well. Three cuts, But I do think and hope
Speaker 5: that they are data dependent, because the inflation data has
Speaker 5: been mixed at best. So I think it makes sense
Speaker 5: to start cutting now, but the pace and destination I
Speaker 5: think should depend on the inflation data. I hope I've.
Speaker 4: Been talking about this all morning.
Speaker 3: Rich.
Speaker 4: Great to see you, by the way, in terms of
Speaker 4: the Baltimore Bridge collapse, and I understand overall you can
Speaker 4: just go to a different port eventually, but in the
Speaker 4: short term there could be an impact on disinflation for autos,
Speaker 4: and I'm wondering if we see disinflation stop for durable
Speaker 4: goods and goods stuff, does that change the data and
Speaker 4: does it change or push back a cut?
Speaker 5: Great question I think on that the crisp answer would
Speaker 5: be no, for the simple reason that it's potentially a
Speaker 5: big shock to auto prices, although I think other folks
Speaker 5: think it could be attenuated, but I think the FED
Speaker 5: would tend to and that would be good approach to
Speaker 5: look through that. So it shouldn't change the Fed's one
Speaker 5: or three year inflation picture materially about this tragedy in Baltimore,
Speaker 5: and I think they would they would look through that
Speaker 5: if that's the only thing going. The tricky thing, of course,
Speaker 5: is that goods goods disinflation is a big part of
Speaker 5: getting down to two percent eventually. It's been happening in
Speaker 5: the last couple of years, but they need to be
Speaker 5: looking at that more closely because there are other factors
Speaker 5: pushing up goods prices, including supply chains and all reshoring
Speaker 5: and on shoring and all that. So right now they'll
Speaker 5: be getting a lot of help with with goods disinflation,
Speaker 5: but they'll need to keep on top of that.
Speaker 2: Which a lot of folks we talked to, whether they're
Speaker 2: academics or practitioners, they say inflation is already whipped if
Speaker 2: you look at the real time data, it's done. We're done.
Speaker 2: Why isn't the Federal Reserve not moving now? And perhaps
Speaker 2: because the Federal Reserve looks at data that's.
Speaker 3: In the rear view mirror. How do you think about
Speaker 3: that argument? How do you kind of come back to that?
Speaker 5: Well, I think that if the Fed we're targeting the
Speaker 5: CPI inflation index, which is probably more well understood than
Speaker 5: the PCE. The CPI is running a point hotter now,
Speaker 5: it's somewhere in the high threes maybe low force, So
Speaker 5: we really wouldn't be talking about FED rates cut if
Speaker 5: the Fed we're targeting a different index. Also, I think
Speaker 5: the FED will tend to look at the drivers of inflation,
Speaker 5: if you will, the trend in inflation, and a big
Speaker 5: part of that is labor cost and wages. Wage inflation
Speaker 5: has come down, but it's still a little bit hot.
Speaker 5: So certainly, if I were still at the FED, which
Speaker 5: I'm not, you know, I wouldn't be in the Mission
Speaker 5: Accomplished camp. I would be encouraged by the data we
Speaker 5: got in the second half of last year. And it's
Speaker 5: been very, very great. As Governor Waller was saying two
Speaker 5: years ago, that we've been able to disinflate without really
Speaker 5: any pain in the labor market. So you know, knock
Speaker 5: on wood that that continues. But but I don't. I
Speaker 5: don't think if you look at broader measures of inflation
Speaker 5: that were there yet.
Speaker 4: Why did the FED miss the boat on inflation a
Speaker 4: few years ago? And when they missed the boat, now.
Speaker 5: Well I was I was there of course then, and
Speaker 5: O one and Charter member of team Transitory, so you.
Speaker 4: Were team transitory. Oh yeah, and everyone hated it, that
Speaker 4: was the word. But yet that was true. Well it was.
Speaker 5: It was in the FMC statement which I signed off on,
Speaker 5: So I guess I didn't hate it at the time.
Speaker 5: Up look, initially in the spring of spring and summer
Speaker 5: of twenty twenty one, headline inflation was high, but it
Speaker 5: was not really broad based. In fact, I remember at
Speaker 5: one point saying to one of my colleagues, you know,
Speaker 5: I'm not prepared to raise rates because used car prices
Speaker 5: are up forty percent. But by the second half of
Speaker 5: twenty twenty one, it didn't matter. Every inflation index was
Speaker 5: going up and was very broad based. And so I
Speaker 5: think I think the transitory story had had a confrontation
Speaker 5: with reality, and the power fed pretty quickly, beginning in
Speaker 5: the fall of twenty twenty one began to pivot to
Speaker 5: tighter policy. So team Transitory was really in play, you know,
Speaker 5: for maybe six or nine months, but the Fed moved
Speaker 5: pretty quickly once the data changed.
Speaker 2: And do you feel like the economy is in such
Speaker 2: a position now that, again, we had some inflation data
Speaker 2: over the last month or so that kind of suggested
Speaker 2: to some people that.
Speaker 3: Maybe inflation's not beaten down here.
Speaker 2: So does it suggest that the Fed can in fact
Speaker 2: way here and just kind of let the long and
Speaker 2: variable lags play out.
Speaker 5: I think that's I think that is certainly an option,
Speaker 5: and I think that is a message the Chair was
Speaker 5: conveying at the press conference at the last meeting. They
Speaker 5: they think their policy is restrictive. So one option if
Speaker 5: you think policy is restrictive, is just to delay the cuts.
Speaker 5: And the longer you keep policy restrictive, the more the
Speaker 5: lags will tend to will tend to kick in. But
Speaker 5: they're also very cognizant of the fact that they're getting
Speaker 5: some good news on the supply side. Labor force participations up,
Speaker 5: productivity growth is up, and appropriately they don't want to
Speaker 5: lean against that. So if more people are working and
Speaker 5: they're more productive, you don't want to try to lean against.
Speaker 6: That, rich What would be a word that you would
Speaker 6: use to describe inflation now, like if it was because
Speaker 6: you know, to some extent, transitory wasn't wrong, like for
Speaker 6: goods prices, it was transitory, just the time frame of
Speaker 6: transitory was challenging.
Speaker 4: What's the word you would use?
Speaker 5: I don't know if I have a word, I'd say
Speaker 5: we're on the right path, but there is a rick
Speaker 5: that the progress could stall. Maybe and the next time
Speaker 5: I come, I can come condense that to one word.
Speaker 4: Okay, Yeah, I'm gonna thinking about that too. Risky, risky, nerve.
Speaker 5: Raggings, sticky, and stubborn is a possibility.
Speaker 2: Yeah, all right, Richie, you got your some advanced degrees.
Speaker 2: It's someplace in Cambridge, Massachusetts. But the bottom line is
Speaker 2: your University of Illinois, sweet sixteen and proud of it.
Speaker 2: How do you feel about your Sweet sixteen?
Speaker 3: A line?
Speaker 5: Well, you know, I looked it up. It's been a
Speaker 5: long time since my line I made the Sweet sixteen.
Speaker 5: In fact, it was twenty years ago, which in itself
Speaker 5: is pretty sad. Yeah, you got a root form. I
Speaker 5: think when they did make it to the final four,
Speaker 5: they played in North Carolina team that was better. So yeah,
Speaker 5: Hope Springs Eternal. I graduated in nineteen seventy nine, so
Speaker 5: it's been a long time since the line I have
Speaker 5: been the center of attention in basketball.
Speaker 2: You'll be rooting the on against Iowa State this time, right,
Speaker 2: Oh yeah, all right, good stuff, all right, Richard Claiter,
Speaker 2: I thank you so much for joining us.
Speaker 3: Richer Clarter, a former vice shared in the Federal Reserve.
Speaker 2: Let's go to market Ptelgi as the senior portfolio manager
Speaker 2: Offspring Global Investments.
Speaker 3: Margie, thanks so much for joining us here.
Speaker 2: You know, I've got a market that on the S
Speaker 2: and P five hundred's up, you know, kind of ten.
Speaker 3: Percent this year.
Speaker 2: We had this big, big move off of the October
Speaker 2: lows of last year.
Speaker 3: What do I do here?
Speaker 2: Do I jump into this market? Do I just stick
Speaker 2: with my two year treasury at four point six percent?
Speaker 3: What do I do here?
Speaker 7: Well? I think the main thing is to say, the
Speaker 7: economies in great shape, and it looks as if it's
Speaker 7: actually on the verge of slightly reaccelerating. A number of
Speaker 7: other countries in the world also look as if they're
Speaker 7: modestly accelerating. So that says you have to really stick
Speaker 7: with equities and you know, look for the best sectors
Speaker 7: and the best companies and not this garried off by
Speaker 7: another recession scare.
Speaker 4: So if the scenario that you just set up, Marguie
Speaker 4: means that the FED maybe won't cut, does that then
Speaker 4: weirdly disrupt the bullet scenario it just laid out well.
Speaker 7: I think when you've looked at the economy, you've looked
Speaker 7: at corporate profits now forever two years, and there are
Speaker 7: very few companies that actually been sensitive to the changes
Speaker 7: in the Federal reserve. Profit margins weren't squeezed when the
Speaker 7: FED raise short rates by five percent points. And I
Speaker 7: think if they cut by a quarter or don't cut
Speaker 7: by a quarter or half, whatever, I think the I
Speaker 7: wouldn't say the economy is impervious to it, but I
Speaker 7: think the whole economy is much less sensitive to changes
Speaker 7: on the part of federal reserve policy. I think that's
Speaker 7: why the Feds are little flummis, because their actions don't
Speaker 7: really seem to have the effects the effects in the
Speaker 7: real economy that they thought they would see.
Speaker 2: All right, So, given that backdrob Margie, are there certain
Speaker 2: sectors that you think are attractive here. I mean, of course,
Speaker 2: you know alex Steel has been long the Magnix's Magnificent
Speaker 2: seven all along, so Jesus, Clip and Coupont here. But
Speaker 2: how about the rest of us, So maybe are still
Speaker 2: looking for some opportunities.
Speaker 7: Well, I think if you look at what companies have
Speaker 7: sustainable growth, and that's still is technology. That still is
Speaker 7: some of the very largest tech firms, I think they
Speaker 7: still have their momentum place and they'll continue to be winners.
Speaker 7: I think that we see a number of companies in
Speaker 7: the industrial space that are benefiting from higher capital expenditures
Speaker 7: from shoring. What just happened in Baltimore is I think
Speaker 7: one more straw on the camel's back that says companies
Speaker 7: may be rethinking having overseas operations and bring more production home.
Speaker 7: And we also have a lot of capital expenditures for
Speaker 7: the whole economy to improve the power grid, to improve infrastructure,
Speaker 7: and I think those too will also help to keep
Speaker 7: the economy going. In the industrial space, we think in
Speaker 7: healthcare it's mixed, but we think some companies have gotten
Speaker 7: through COVID aren't too dependent on China for sales, and
Speaker 7: they should also do well. They can continue to think
Speaker 7: up new products that will benefit the healthcare system.
Speaker 4: I love that you brought up the industrial story and
Speaker 4: all the public money kind of flowing in. The getting
Speaker 4: private capital in has been increasingly difficult and sort of
Speaker 4: squaring that squaring that gap, I don't know sure filling
Speaker 4: that hole, it can be very tricky. Plus, companies that
Speaker 4: seem to have order books, they're not booking the revenue
Speaker 4: like it's not as fast as we think it is.
Speaker 4: How do you play something like that. You're in like
Speaker 4: a structural shift, but it's still in a cyclical sector.
Speaker 7: Yes, well, that's right, because I think companies aren't just
Speaker 7: madly spending money on hope they'll get a return. I
Speaker 7: think they're being very prudent in where they make capital expenditures.
Speaker 7: And it's not the whole economy. It's particularly those sectors
Speaker 7: that we all put together a good return again, such
Speaker 7: as technology. Certain parts of the power market looks as
Speaker 7: if suddenly people realize that the whole economy is rather
Speaker 7: short on power to run the economy. And also in
Speaker 7: the energy space. I think we've seen tom be pretty
Speaker 7: dis plinned on capital expenditures. But I think we'll continue
Speaker 7: to see energy capbax and so for those sectors that
Speaker 7: need capacs that can justify good return, I think we'll
Speaker 7: continue to see capital expenditures.
Speaker 4: And Paul to your to this point, do you know
Speaker 4: what the third best performing stock in the S and
Speaker 4: P is this quarter? No Constellation Energy, and it's a
Speaker 4: power company behind super Micro and in Nvidia. I like
Speaker 4: that fifty eight percent.
Speaker 3: You're all over this theme. That is for sure. Hey,
Speaker 3: marg we've had the stock market rally twenty five percent
Speaker 3: off of those late October lows.
Speaker 2: Here do I have to start making I to start
Speaker 2: calling in the question valuation in this market?
Speaker 7: Well, you know, it's hard to say how do you
Speaker 7: value something. Typically people look at say the price earnings
Speaker 7: ratio compared to say the ten year treasuries or something
Speaker 7: like that for whether something's overvalued or undervalued.
Speaker 3: But I think two things.
Speaker 7: I think that there's really no connection of the stock
Speaker 7: price and its price earnings ratio. It really comes down
Speaker 7: doing the expectations of future earnings. And secondly, if you
Speaker 7: look at say the average price earnings ratio or digit
Speaker 7: in yield to treasuries, I think you may be taking
Speaker 7: a little off course because I think that with so
Speaker 7: much treasure to supply, we're likely to see treasure yields
Speaker 7: be somewhat higher than we might have thought. For where
Speaker 7: inflation is where the growth of the economy is. So
Speaker 7: that's why I think it's better to just look companies
Speaker 7: that have sustainable earnings and say, let the market figure
Speaker 7: out if it should be a pe of twenty five
Speaker 7: or thirty or thirty five, and just buy where we
Speaker 7: see sustainable growth.
Speaker 4: Mark you before I let you go. We need to
Speaker 4: channel Tom Keene because you probably been in love with
Speaker 4: this anyway, dollar yen one fifty one, spot oh nine.
Speaker 4: What is the trade here?
Speaker 7: Well, we all have our biases. I think US is best.
Speaker 7: I continue to see US based companies that have tremendous
Speaker 7: growth opportunities that really are greater than what I see
Speaker 7: in other parts of the world. So I really couldn't
Speaker 7: comment on Japan. I'm glad to see their creeping into
Speaker 7: positive interest rate territory. I think it's a great country,
Speaker 7: a very terrific economy, But I think US has just
Speaker 7: as many opportunities.
Speaker 3: Saw stick with us, all right, Margie, thank you so
Speaker 3: much for joining us.
Speaker 2: As always, margare Vittel senior portfolio manager Offspring Global Investments.
Speaker 3: I appreciate that.
Speaker 2: Joining us here in our Bloomberg Interactive Broker studios. Marvin Low,
Speaker 2: he's a senior strategist Global Macro for this little shop
Speaker 2: up in Baltimore known as State Street, which was a
Speaker 2: go to meeting for me when I was a Seales
Speaker 2: sign anles had to go to the good folks Larry
Speaker 2: Haveerty at State Street and all the good folks there, Marvin,
Speaker 2: I guess the Fitter Reserve over the last week or
Speaker 2: so and other central banks have kind of said, yeah,
Speaker 2: we're mindful of inflation out there, but we still think
Speaker 2: we can cut rates.
Speaker 3: Is that kind of your view here as we look forward?
Speaker 8: Yeah, yeah, for sure. I mean the signaling couldn't have
Speaker 8: been stronger. Everyone's lining up to begin in June, and
Speaker 8: you know that's a fairly aggressive Dubvish impulse for the
Speaker 8: market to absorb.
Speaker 4: So I mentioned this in the last hour, but Boomberg
Speaker 4: Economics talked about the bridge and the FED and inflation,
Speaker 4: and their hypothesis is that not that necessarily if the
Speaker 4: bridge is closed for a while, it will affect inflation.
Speaker 4: But then in terms of auto disinflation that will slow
Speaker 4: and that that could actually push back the timing of
Speaker 4: a beed cut. I guess the question is do you agree?
Speaker 4: And doesn't matter?
Speaker 8: You know what. It ultimately doesn't matter because it will
Speaker 8: be temporary, but it does make data at a very
Speaker 8: important part of the process a little bit harder to analyze.
Speaker 8: Goods disinflation has been so important for this inflation story over.
Speaker 8: You know, let's say the last four months where the
Speaker 8: end of last year drove a lot of the optimism
Speaker 8: and then all of a sudden when we get when
Speaker 8: we got less goods disinflation in January and February, all
Speaker 8: of a sudden, everyone's worried about inflation again. So you know,
Speaker 8: we've got access to some online indicators around inflation, and
Speaker 8: they're showing a little bit more of a little bit
Speaker 8: more perkiness as we go even into March into the
Speaker 8: beginning of April.
Speaker 2: So given that background, again we have inflation is still there,
Speaker 2: although it's come down significantly from its peaks. We all
Speaker 2: know that what do we do in a fixed income
Speaker 2: space here?
Speaker 3: I mean, I don't know.
Speaker 2: I can just go buy a tow year treasury four
Speaker 2: point six percent and go kick back and maybe go
Speaker 2: skiing here. Forget some spring skiing in here. What do
Speaker 2: I do here in a fixed income space?
Speaker 8: Yeah, for sure. I mean I continue to like the
Speaker 8: shorter end of the curve exactly based on the reason
Speaker 8: that that you mentioned. You could lock in those yields
Speaker 8: if that's within that's within your time horizon. We want
Speaker 8: to go skiing for a lot more than two years, though,
Speaker 8: so we got to figure out. So we got to
Speaker 8: figure out what to do a little bit further out
Speaker 8: the curve. You know, kind of locking in some of
Speaker 8: the yields, particularly in the corporate space, has been a
Speaker 8: very attractive trade. Spreads are tight, you know, that makes
Speaker 8: a challenge. But if you're just clipping those coupons, you know,
Speaker 8: you could lock in those yields for a five to
Speaker 8: seven year period and let's hope we're still skiing after
Speaker 8: that too.
Speaker 4: So that's a yield plate, not a price appreciation play
Speaker 4: or anything like that. It is.
Speaker 8: It definitely is more of a total return type of environment.
Speaker 8: If you're a fund manager and you're managing to benchmarks
Speaker 8: and you're trying to look for spread compression, that becomes
Speaker 8: a bit harder.
Speaker 4: So for me, I think we've talked about this, that
Speaker 4: I had money sitting in a money market fund. I'm
Speaker 4: the kind of gallon at a mattress. I'm the kind
Speaker 4: of gall that would have like gold and soup cans
Speaker 4: under her bed. Just deffice it to say, I'm very
Speaker 4: risk averse, and I'm wondering, like what I do with
Speaker 4: that money market fund and that money under the bed,
Speaker 4: Like do I just keep it there? But does that
Speaker 4: belong to somewhere else? And I sort of feel like
Speaker 4: we don't know yet. We thought it was a stock thing.
Speaker 4: Maybe not.
Speaker 8: You know, it depends on how much money you've got
Speaker 8: on the mattress. For sure. It shouldn't all be there,
Speaker 8: all of it. You know, I still like the short
Speaker 8: end of the curve. You know, I haven't extended that
Speaker 8: much because higher for longer means that we're probably going
Speaker 8: to be able to collect, you know, a decent money
Speaker 8: market rate, you know, potentially to the end of this year,
Speaker 8: which is what a lot of experts did not expect.
Speaker 8: I'm kind of having said that, you know, you do
Speaker 8: have to get to some of the riskier parts of
Speaker 8: the curve. Things are expensive, But you know, I still
Speaker 8: think that there's tailwind for those risks for those risk assets.
Speaker 2: You know, we look at the fixed income space in
Speaker 2: twenty twenty three, that kind of surprised me that the
Speaker 2: best performing fixed income.
Speaker 3: Market was a high yield.
Speaker 2: Double digit gains in the highield market last year, and
Speaker 2: with all the talk of recession, I was surprised that
Speaker 2: hyield did so well. What do you think about taking
Speaker 2: some of that type of credit.
Speaker 3: Risk these days?
Speaker 8: You know what highield is expensive for sure. It is
Speaker 8: a credit market. So you know, if you're comfortable picking
Speaker 8: those credits within the double B space, you know, the
Speaker 8: default rates around that type of environment are not overly penal,
Speaker 8: but you have to pick those credits overall. If you're
Speaker 8: kind of buying the broader index, you know, be aware
Speaker 8: that there's still is risk that lurks with this inverted
Speaker 8: yield curve and a higher for longer kind of fed
Speaker 8: as we go into next year.
Speaker 4: Okay, So if I take some of that money out
Speaker 4: of the money market fund, and I don't want to
Speaker 4: put it in the two year but I want to
Speaker 4: put it in the equity market. Am I putting it
Speaker 4: in a video? Or am I putting in energy? Or
Speaker 4: am I putting it in utilities. When do you need it?
Speaker 8: That's that that's the first question I do like, I.
Speaker 4: Don't know, forty fifty years when I retire.
Speaker 8: Then then you're continuing to buy the US equity markets.
Speaker 8: And I've always liked growth. I've always felt that US investors,
Speaker 8: the demand for growth globally is something that puts US
Speaker 8: investors in a in a good position.
Speaker 3: All Right, Marvin, thank you so much for joining us.
Speaker 2: Marvin Low, He's a senior strategist Global Macro for State Street.
Speaker 2: All Right, your daily look at the front pages around
Speaker 2: the world at Leasta Matteo the newspapers.
Speaker 3: What do you have for us today?
Speaker 1: Well, we've been talking about the collision at the Baltimore Bridge.
Speaker 1: I want to start here because apparently there's been some
Speaker 1: troubled history with that particular ship. So this is according
Speaker 1: to vessel Finder. It was built in twenty fifteen, right,
Speaker 1: but it hit a stone wall berth at the port
Speaker 1: of Antwerp in Belgium in twenty sixteen, so it suffered
Speaker 1: some damage there, but it still remained afloat.
Speaker 3: It was repaired.
Speaker 1: The Washington Post says that that ship it was sold
Speaker 1: to Singamore based Grace ocean after the accident, but there's
Speaker 1: been different questions about mechanical, you know, questions concerning it.
Speaker 1: Last June, it did a safety inspection have found issues
Speaker 1: that were related to some of the gauges that related
Speaker 1: to the ship's propulsion, which we know that was a
Speaker 1: factor in the crash as well. But it's still not
Speaker 1: clear what exactly.
Speaker 3: Those issues were.
Speaker 1: But it's still you know, because we're having all these
Speaker 1: questions about what actually caused you know, the collision at
Speaker 1: the bridge. So these are just some things that came
Speaker 1: up as far as the history of the ship. So
Speaker 1: some questions behind it.
Speaker 2: Yeah, I wonder if some you know, I'm not a
Speaker 2: big seafarer person here, but there I wonder if people
Speaker 2: are saying, like, are certain ships kind of cursed. I
Speaker 2: don't know if that's a thing if you're a mariner here, but.
Speaker 4: If you're superstitious, you know, So there's that. But I
Speaker 4: also feel like, not only there's certain ships, but I
Speaker 4: think you could pick apart anything. You go to any ship,
Speaker 4: and you could find some stuff that could be improved. Right.
Speaker 4: You can also ask the question why did the bridge
Speaker 4: crumble so fast? Like I read a report that maybe
Speaker 4: the supports needed to be updated. They weren't as thick
Speaker 4: as they could be. So I think it's gonna be
Speaker 4: one of those things.
Speaker 2: And I did hear just on a radio yesterday report
Speaker 2: the gentleman who designed the bridge saying the ship actually
Speaker 2: hit the at the weakest point. Right, So there's but
Speaker 2: that it did come down very very quickly. So again,
Speaker 2: Katie Lines for Bloomberg Television. She is in Baltimore.
Speaker 3: Wolf continued coverage from Kaylee throughout the morning.
Speaker 1: All right, so the next one we have from The
Speaker 1: Wall Street Journal. NBC Universal's Peacack streaming service is going
Speaker 1: to be the exclusive platform for the NFL's opening week.
Speaker 1: It's a Friday game in Brazil featuring the Philadelphia Eagles. Now,
Speaker 1: this is the first game in South America. But the
Speaker 1: NFL also said that Amazon's Prime video streaming service they
Speaker 1: landed the rights for an exclusive streaming playoff game during
Speaker 1: the upcoming twenty twenty four to twenty five season. But
Speaker 1: the league is also scheduling a game on Christmas Day.
Speaker 4: So all this together it brings up two things.
Speaker 1: It shows, yes, it shows at least yeah, at least
Speaker 1: at least so it shows that the league leaning towards
Speaker 1: streaming to get that younger audience. So that's one round,
Speaker 1: and then the other route is that you have the
Speaker 1: Brazil game on Friday, you have the Christmas Day which
Speaker 1: is actually on a Wednesday. So is the NFL moving
Speaker 1: away from the traditional Sunday game which you know everybody
Speaker 1: is always you know, used to, you know, Sunday night football.
Speaker 4: Guys, guys, is this really the NBC Story of the
Speaker 4: morning or is it? Roni McDaniel's right, that was a
Speaker 4: fast hire. She's that was a fast four day thing.
Speaker 4: I mean, that's great sports. They stream, they do stuff whatever.
Speaker 4: But Roni McDaniels, I know, I also appreciate it, and
Speaker 4: I hope everyone's listening. Rich This is for you. Is
Speaker 4: the New York Times led with it shows the power
Speaker 4: of talent. Talent, we like this idea.
Speaker 3: Yeah, the talent came out against her, and.
Speaker 4: Then the rhetoric at least sometimes was like, hey, it
Speaker 4: just shows the power of the talent if you choose
Speaker 4: to see it. So you know, we choose to see it.
Speaker 3: The Venture Travel I didn't like that.
Speaker 1: Oh yes, Adventure Travel. Okay, so that's the next definitely not.
Speaker 4: I know, you like to sit on the beach with
Speaker 4: the cocktail.
Speaker 1: Adventure travel not just for the young, apparently a lot
Speaker 1: more older folks. It's the ages have risen over the
Speaker 1: past few years. They're going on bike tours. We're talking
Speaker 1: about fifty six hundred miles. Okay, we're talking hiking the
Speaker 1: Appalachian Trails.
Speaker 3: Surfing.
Speaker 1: You might like that one policy, But the reason for
Speaker 1: this is because they're saying there's better gear, there's more accommodations.
Speaker 1: Right the fifty five plus crowd, they've traveled more than
Speaker 1: their parents and grandparents have, so they've done the Rome, Paris.
Speaker 1: Now they want to go more extreme, you know, and
Speaker 1: they have the time and the money.
Speaker 4: So those are the thing we're doing.
Speaker 2: What our new plan is in like September of every year,
Speaker 2: we're gonna do it international trips. Of the first one
Speaker 2: is this September, going to Ireland. But it's a tour
Speaker 2: and we're kind of doing.
Speaker 4: The biking kind of hiking biking.
Speaker 2: I mean, I mean, you know, hiking to the pub
Speaker 2: in each to go to is probably it. My son
Speaker 2: is on a surfing trip up and down the California
Speaker 2: coast for his spring break with the Outdoors Club.
Speaker 3: At his university.
Speaker 2: So he's surfing all the big breaks in California and
Speaker 2: hopefully it'll survive.
Speaker 3: I'm not adventure travel, Polase, here's.
Speaker 2: My adventure travel on the New York City subway twice
Speaker 2: a day. That's my that's my adventure travel.
Speaker 4: That's not at all inaccurate.
Speaker 3: That's exactly right. So I mean, you know, you're right.
Speaker 3: People are living longer.
Speaker 2: Yes, and we got the fuck let's travel now all
Speaker 2: we can.
Speaker 3: Well, you did the ski trip. That was a little
Speaker 3: bit stress everything.
Speaker 2: I've been with skiing since since every but we decided,
Speaker 2: you know, kind of we're going to each September, we're going.
Speaker 3: To do something.
Speaker 4: But we're not going to be like you know, we're
Speaker 4: not an adventure No, it's is not sitting on the
Speaker 4: beach thing. It's just something different.
Speaker 3: Right, But there gotta be a four seasons of off
Speaker 3: somewhere along the line.
Speaker 4: It's so true. I think my next big trouble be
Speaker 4: is so far. Sorry but that that that's just with
Speaker 4: my kid because she loves animals so much. But I
Speaker 4: think it's to be a little bit older. But that
Speaker 4: will be what we're working for.
Speaker 3: I love that.
Speaker 4: Yeah, and I'll kick your hair.
Speaker 3: Say, where did Lisa get the story?
Speaker 1: The new posts?
Speaker 3: I love the stories.
Speaker 1: Mike ties and we all know he's been selling edibles, right,
Speaker 1: but this one is going to be shaped like a
Speaker 1: chewed ear. So it's a callback, you know, to Iron
Speaker 1: Mike's heavyweight showdown with Evander Holyfield.
Speaker 3: You can get him in New York.
Speaker 1: Apparently they're selling at certain places. They've already had strained
Speaker 1: stars over in Farmingdale Housing Works, in Granite's Village, Grow
Speaker 1: Together in Brooklyn. Those are some of the places that
Speaker 1: already have them.
Speaker 4: But they're selling like hotcakes. People are ready for it.
Speaker 3: They're hyped up.
Speaker 1: You know, he has that comeback fight against Jake Paul
Speaker 1: in July.
Speaker 4: So why do we not like this market?
Speaker 8: Really?
Speaker 4: You got to respect the marketing, even if you're not
Speaker 4: going to go eat an ear. They don't look that bad.
Speaker 4: I mean they look they look like one of those
Speaker 4: like like what I'm making, like a circular thing or
Speaker 4: like it's like a rope. It's like a gummy rope
Speaker 4: or some gummy rope.
Speaker 1: Okay, like a lasso, yeah exactly, Okay, well yeah, but no,
Speaker 1: it's a great marketing pro Yeah.
Speaker 2: Mike Texan stays on the front pages all the time.
Speaker 2: Repect that he is always kind of in play there,
Speaker 2: either it's movies or doing all kinds of crazy.
Speaker 4: Until that Jake Paul fight. Will get back when that
Speaker 4: again July.
Speaker 3: And who's Jake Paul?
Speaker 1: Big YouTuber, big big YouTuber.
Speaker 4: But he's young, right, But he's.
Speaker 1: Young, he's like almost half his age.
Speaker 4: And this is streaming on Netflix. Am I totally making
Speaker 4: that up?
Speaker 2: No?
Speaker 4: I think you're right. I think you're right.
Speaker 1: And this goes back, Yeah, streaming, Yes, the Netflix Sports streaming, Yes.
Speaker 3: Yeah they do. Yeah, so we'll have to see all right.
Speaker 2: So and it kind of goes back to your first
Speaker 2: story about you know, the NBC Universal peaks streaming in
Speaker 2: the NFL and everything's going streaming, kids, so you better
Speaker 2: get ready for that.
Speaker 3: All right. That was Lisa Matteo with the newspaper wrap up.
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