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Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene, along

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Speaker 1: with Jonathan Ferrill and Lisa Brownwitz Jailely. We bring you

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Speaker 1: insight from the best and economics, finance, investment and international relations.

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Speaker 1: Find Bloomberg Surveillance and Apple Podcast, Suncloud, Bloomberg dot Com

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Speaker 1: and of course on the Bloomberg terminals. My left joins

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Speaker 1: us now he does come on TV. The chief economist

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Speaker 1: acts for investment Managers. He comes to New York too.

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Speaker 1: You know, it's great to catch up, sir. As always,

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Speaker 1: there is a hugel that things are better in Europe,

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Speaker 1: and I'd love a reality check from you. How much

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Speaker 1: better are they relative to what we feared late in

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Speaker 1: the summer? Well much better. I don't think things have

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Speaker 1: changed materially, meaning what we when we knew on the

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Speaker 1: energy slide. For instance, without Germany, which is the biggest

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Speaker 1: potential victim of the end of of of Russian gas supply,

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Speaker 1: the Germany had managed to get its consumption of gas

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Speaker 1: significantly down actually in in the summer, which means that

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Speaker 1: the inventory position is is better than what we could

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Speaker 1: have feared maybe six months ago. But again we knew

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Speaker 1: that already at the end of the summer. Nothing has

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Speaker 1: changed from from the side on the data flow in general,

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Speaker 1: on on the fact that we are sliding into recession.

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Speaker 1: All the data flow we've halps still goes in the

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Speaker 1: same direction. I mean, if you look at the European

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Speaker 1: Commission surveys, if you look at the messages we get

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Speaker 1: for for the Bankloning survey, for instance, it is consistent

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Speaker 1: with a slide into intercession with the next three two,

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Speaker 1: two to six months. So it's not really changed. What

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Speaker 1: has changes and that you alluded to this, Uh, there

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Speaker 1: was this one lower than expected print for inflation in

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Speaker 1: the in the US market scrambles t pricing what it

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Speaker 1: expects on the on the FED. Uh, they expected read

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Speaker 1: differential for the next six months between the CB and

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Speaker 1: the FED train. Um, well, you've got a euro rebounding.

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Speaker 1: I would not read much more than that actually into

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Speaker 1: the rebound of the euro. For me, it's uh an

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Speaker 1: interest red differential play. That's it. So as your walkers

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Speaker 1: through your assessment of the inflation backdrop right now and

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Speaker 1: how you think it's plays into well, I know it's

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Speaker 1: especially two or three months ago, it was very unpopular

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Speaker 1: to still use the word transitory, because it was a

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Speaker 1: very persistent form of transitory. But it's it's it's what

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Speaker 1: we were expecting that we would see some desideration in

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Speaker 1: inflation towards the end of tween two and into two,

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Speaker 1: she says twenty three. The question is, um how quickly

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Speaker 1: we will get closer to the kind of target as

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Speaker 1: UH central banks are pursuing. And that's a different question

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Speaker 1: from the fact that it is probably already starting to

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Speaker 1: to to desiderate. UM. So in the US, it's definitely

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Speaker 1: a labor market issue, and for now, let's say that

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Speaker 1: the data is ambiguous. Our contention is that we will

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Speaker 1: see slow down in wages and that will help take

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Speaker 1: core inflation down by the second half of twenty three,

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Speaker 1: even if the first month of the next raging to

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Speaker 1: be to be tough. But it's a sort of you know, UH,

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Speaker 1: traditional usual macrical behavior, and you've had a very very

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Speaker 1: tense labor market. Labor markets to soften, the wages goes

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Speaker 1: go down inflation. There in Europe it's much more complicated

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Speaker 1: because you still have a very very significant share of

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Speaker 1: our inflation which is completely ex genous, which is completely

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Speaker 1: driven by external factors. At the depreciation in the Europe

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Speaker 1: that we've had until very very recently, and gas prices

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Speaker 1: which remain extraordinarily volati. We also expect the slowdown inflation

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Speaker 1: next year in Europe based on mechanical behaviors, the fact

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Speaker 1: that you know these effects should play in the wrong

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Speaker 1: in the right direction in twenty three, um, but it's

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Speaker 1: much harder to assess. It's simply because it is not

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Speaker 1: the usual traditional behavior of of microcomic patterns. We are

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Speaker 1: completely dependent on where gas prices are going to be

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Speaker 1: in six months time, and we've been disappointed before. But

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Speaker 1: on the basis of what we know right now, on

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Speaker 1: the basis of forward gas prices, for instance, we should

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Speaker 1: see the seration inflation in twenty three as well in Europe.

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Speaker 1: So you just to sort of put that all together.

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Speaker 1: Are you basically saying you're willing to push against the

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Speaker 1: stagflation case in the United States, but that Europe looks

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Speaker 1: much more likely to be admired in stagflationary types of

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Speaker 1: environments for a longer period of time. Yeah for me.

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Speaker 1: For me, a key difference between the US and Europe

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Speaker 1: is that, to some extent um, the the US, especially

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Speaker 1: the FED, is too large extent in control the situation.

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Speaker 1: If if the economy tanks in twenty twenty three UH

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Speaker 1: and normally inflation that goes down more more harshly than

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Speaker 1: what the market was is currently expecting, then you know

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Speaker 1: the Fed can act. It is slow down its base

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Speaker 1: of titling and even cut rates. So there's a measure

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Speaker 1: of control if you want, on the on the state

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Speaker 1: of the economy in the US. In Europe, we don't

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Speaker 1: have that level of control because it is it is

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Speaker 1: not in our hands. And for all the activism of

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Speaker 1: of of the c D, the fact that it's talking

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Speaker 1: about a lot of these it's acting, it is normalizing,

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Speaker 1: it's it's mijory policy. Truth is, and they've acknowledged it themselves.

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Speaker 1: They have very very little impact and they know it

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Speaker 1: on on the inflation in in twenty three in in Europe.

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Speaker 1: So yes, on the basis the balance of risks, we

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Speaker 1: have more than some risks in Europe than in the US,

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Speaker 1: I think, or to be more precise, we have less

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Speaker 1: capacity in Europe to get us out of a recession

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Speaker 1: in in in twenty three and that I think should

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Speaker 1: remain reflected in our exchange rate. And for now we

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Speaker 1: have this sort of knee jerk reaction to this Loan

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Speaker 1: October inflection print in the US. I hope it continues,

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Speaker 1: but we had accidents before. Well, fundamentally, the problem is

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Speaker 1: that you know, Europe doesn't look as as as as

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Speaker 1: in control. It just makes me wonder when you're doing

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Speaker 1: or your head outlook if you basically have a meteorologist

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Speaker 1: there several of them showing you satellite pictures of what

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Speaker 1: the weather is going to be like and what the

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Speaker 1: trends are of al Ninia or La nina um in

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Speaker 1: just in general, to get a better sense Gill, you're

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Speaker 1: saying that there isn't much that Europe can do. Is

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Speaker 1: there anything that you are looking for, maybe not this year,

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Speaker 1: but next to you to determine whether they've gotten the

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Speaker 1: gotten a little bit more control over the energy situation

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Speaker 1: so that they're not just susceptible to the next energy

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Speaker 1: import There's one one. Well, energy importance is still the

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Speaker 1: key in the sun starts. What we need to see

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Speaker 1: in twenty three is the emergence of energy importing capacity

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Speaker 1: in Germany. Now, as you know, at the moment, you

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Speaker 1: have energy importing capacity in Italy, France, in Belgium, et cetera,

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Speaker 1: et cetera. You don't have it in Germany. They have

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Speaker 1: a project to have the terminal coming out that needs

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Speaker 1: to come out. We need to have this energy capacity

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Speaker 1: in Germany to make us sure that twenty three twenty

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Speaker 1: four is not going to be a replication of what

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Speaker 1: we're going through through right now. So that would be

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Speaker 1: definitely positive. Another point, which is probably less UH discussed

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Speaker 1: is um the capacity of the French nuclup power generation

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Speaker 1: UH to really reach it's it's potential in twenty three.

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Speaker 1: That adds actually to the difficulties we have right now.

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Speaker 1: As you know, you've got lots of new club power

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Speaker 1: stations in France which haven't a restarted. There's a plan

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Speaker 1: to restart them gradually over the next of the next

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Speaker 1: few months. We need to see that plan UH complete

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Speaker 1: by the end of this winter again to give us

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Speaker 1: a measure of comfort in terms of electric generation for

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Speaker 1: for for twenty three. So that that is less discussed,

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Speaker 1: but I think it's almost as important. Your wonderful to

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Speaker 1: hear from is a bit of a ranny to check

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Speaker 1: around the European story from Showmabak. There of acts for

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Speaker 1: investment managers joining senior recordy strategist to Federated Hermis, Linda,

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Speaker 1: I'll make it simple for you. Do you want to

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Speaker 1: chase this rally? No, we had Federated Hermes, do not

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Speaker 1: want to chase this rally. This was a predictable rally,

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Speaker 1: and we've been bouncing up and down all year long,

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Speaker 1: pretty much in two month increments, if you remember the

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Speaker 1: June low, and then bounced uff for a couple of

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Speaker 1: months later and then bounced right back down. And what

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Speaker 1: we saw last week was that great day I think

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Speaker 1: was on Thursday. We saw money flowing into tech stocks

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Speaker 1: um into an outsized degree. So there's still a lot

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Speaker 1: of money out there slashing about looking for where to invest.

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Speaker 1: And you know, I travel all the time in my job.

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Speaker 1: The most common question the last three months was what

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Speaker 1: should I buy now? There is not the fear out there.

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Speaker 1: So as much as a hundred percent of people thought

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Speaker 1: we're going to have a recession next year, maybe a

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Speaker 1: hundred percent of people thought you need to buy into

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Speaker 1: this rally. We've seen a lot of cuts from big

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Speaker 1: tech Mezza eleven thousand, Twitter, potentially half the workforce is

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Speaker 1: set to go. The reports from the New York Times

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Speaker 1: on Amazon yesterday. The week before it was the Journal

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Speaker 1: talking about a cost cutting review under Andy Jess. Does

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Speaker 1: that bring you confidence, Linda, about these tech companies making

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Speaker 1: the required counts removing the excess that they've built up. Well, yes,

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Speaker 1: and of course that's where the big increases word during

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Speaker 1: the COVID shutdown or in the tech stocks hundreds of

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Speaker 1: thousands I think, UH added onto Amazon, so of course

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Speaker 1: they're going to cut. What we're watching is is this

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Speaker 1: the beginning of you know, is this the tip of

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Speaker 1: an iceberg in terms of layoffs? And of course we

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Speaker 1: think layoffs will increase next year, but what I expeag

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Speaker 1: will happen in three is really a slow motion realization

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Speaker 1: that we are going into recession and that earnings are

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Speaker 1: going to come off. And as much as we're talking

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Speaker 1: in these last couple of weeks about lots of issues,

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Speaker 1: there's not a lot of talk in our view and

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Speaker 1: federated hermes about what is likely to happen to earnings

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Speaker 1: estimates coming down in through next year. But it will

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Speaker 1: be slow motion because of all cash out there. Linda

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Speaker 1: wish sector of the market right now do you think

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Speaker 1: is most overpriced based on the expectation that you put

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Speaker 1: out there of downgrades to earning estimates next year. Uh, well,

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Speaker 1: you know, the most expensive sector out there right now

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Speaker 1: if you look at forward pees versus like thirty years

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Speaker 1: of history, is actually utilities because people just poured into utilities.

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Speaker 1: And that's not because of people getting earnings wrong. It's

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Speaker 1: because people massively going into the defensive sector. Indeed, what

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Speaker 1: happened in these last few months was that the tech sector,

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Speaker 1: which was the most expensive sector all year long, and

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Speaker 1: pockets still are very expensive, other pockets not as much,

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Speaker 1: was really brought down to earth a lot, so people

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Speaker 1: feel comfortable in getting back in. So it's really a

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Speaker 1: motion moving all back and forth. Right now. It's that

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Speaker 1: one sector, utilities that was really overbought that's coming back

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Speaker 1: down now. But in general, those high quality dividends sectors

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Speaker 1: are in expensive versus history, and that's what we're focused at.

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Speaker 1: Federated Herman's that's where you're focused and order to buy

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Speaker 1: or in order to sell, Linda, do you look at

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Speaker 1: that area as accurately pricing in stagflation that other areas

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Speaker 1: of the market perhaps are not. Now we're looking to buy, okay,

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Speaker 1: think to buy the defensive sectors. We're looking for income.

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Speaker 1: Cash is king. That's sort of an idea, remembering to

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Speaker 1: remain deface defensive. In fact, when you go into recession,

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Speaker 1: if we really think you're going into recession, cyclicals historically

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Speaker 1: underperform the defensive by so far only seven percent, earnings

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Speaker 1: estimates only down four percent now from the peak in

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Speaker 1: June for this entire market, and it's likely to go

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Speaker 1: down we think ten anyway. So we're staying defensive here,

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Speaker 1: and we're selling what looks expensive into this rally. And

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Speaker 1: that is some tech, for sure, some tech. But Linda,

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Speaker 1: wonderful to hear from you. It always is, Linda to

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Speaker 1: so the Offederates at hermits go ahead down to Washington,

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Speaker 1: d C. And just a warning going into this conversation,

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Speaker 1: there's a lot of noise behind Andy Bark, the Republican

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Speaker 1: from Kentucky and ranking member of the House Subcommittee on

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Speaker 1: Oversight and Investigations. Congressman, you and I were joking in

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Speaker 1: the commercial break, is the chaos of Washington, of the

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Speaker 1: case of Washington returns and that noise comes back. I'll

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Speaker 1: let you go, sir, for sure. You made easy work

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Speaker 1: of Kentucky sixth congressional district. Other Republicans struggled, let's start

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Speaker 1: their congressman. What went wrong with the party at these

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Speaker 1: mid terms. Well, I'm a I'm an optimist, I'm a

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Speaker 1: bit of a have a positive attitude. And so however

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Speaker 1: you cut it, uh, And no doubt Republicans are disappointed

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Speaker 1: that the red wave did not materialize. But however you

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Speaker 1: cut it, we made material gains in the House, and

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Speaker 1: it looks like we're on track to taking the majority.

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Speaker 1: In fact, so many outlets have already said we have

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Speaker 1: in fact taking the majority. That was the principal objective,

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Speaker 1: even not taking the Senate. Uh. What does that mean?

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Speaker 1: It means that they don't give out small, medium, and

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Speaker 1: large sized gabbles. They just give out gabbles. And by

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Speaker 1: retiring Nancy Pelosias Speaker of the House, by having a

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Speaker 1: news speaker, by having Republicans in charge of the gabbles

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Speaker 1: and the committees, it means we set the agenda. We

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Speaker 1: have the ability to exercise oversight. We can put the

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Speaker 1: brakes on the overspending and the threat of higher taxes,

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Speaker 1: and we can exercise oversight over the regulatory assault on

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Speaker 1: the free enterprise system. That's what the market should take

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Speaker 1: encouragement by in this election is that we do have

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Speaker 1: divided government, even though it's going to be a thin majority.

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Speaker 1: So who would you like to see be the leader

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Speaker 1: of the House of Representatives? Is that Kevin McCarthy. Who

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Speaker 1: would you like to see to be the leader of

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Speaker 1: the Republican Party. Is it for a President Trump? No,

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Speaker 1: it's Kevin McCarthy. Kevin Kevin McCarthy. There no one has

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Speaker 1: done more for the House Republican Conference than Kevin McCarthy

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Speaker 1: in terms of raising money, helping recruit candidates, helping members

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Speaker 1: represent their districts, moving their legislation, assisting them understanding their districts.

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Speaker 1: So Kevin McCarthy is gonna have the votes not only

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Speaker 1: to win his leadership election today but also become speaker. Now, look,

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Speaker 1: there's competition. And the great thing about the Republican Party,

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Speaker 1: both in these leadership elections in Congress and I anticipate

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Speaker 1: in is there will be competition. There is no coronation

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Speaker 1: in the Republican Party. That's the great thing about the

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Speaker 1: Republican Party. We are not an authoritarian party. We are

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Speaker 1: on libertarian party. We believe in free enterprise, we believe

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Speaker 1: in competition, choice. We don't believe in top down, we

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Speaker 1: believe in bottom up, and so competition, iron Sharpen's iron,

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Speaker 1: that's what makes us better leaders. How important is it

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Speaker 1: to you, Congressman for President Trump, former President Trump not

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Speaker 1: to run again in order for Republicans to kind of

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Speaker 1: reclaim that mantel given the turnout what recently was the

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Speaker 1: vote in the previous two elections. Well, I think we

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Speaker 1: have to do some soul searching in our party and

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Speaker 1: recognize that certain candidates for Congress underperformed other candidates, and

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Speaker 1: what do those candidates look like? What were the features

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Speaker 1: of those candida It's again, We're the party of competition

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Speaker 1: and choice. So I'm not one to say, Uh, this

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Speaker 1: candidate shouldn't run or the former president shouldn't run. Um.

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Speaker 1: I think there will be a robust competition. I do

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Speaker 1: not believe there will be a core nation for the nomination.

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Speaker 1: But I want to say this too about we're getting

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Speaker 1: ahead of ourselves a little bit. The the crises that

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Speaker 1: are facing us right now have not changed since Tuesday.

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Speaker 1: Inflation continues to be a massive forty year problem for

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Speaker 1: our country. Uh, the crime problem is significant. That's why

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Speaker 1: a lot of Republicans did well in places where you've

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Speaker 1: got a crime problem. The border crisis is significant, the

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Speaker 1: energy crisis, the attack on American energy independence, it continues

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Speaker 1: to be a big problem, and the president's approval rating

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Speaker 1: continues to be so. Even while uh, the American people

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Speaker 1: didn't give a mandate to Republicans, they certainly didn't give

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Speaker 1: a mandate to the Democrats when they gave Republicans control

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Speaker 1: of the House. So it's it's dissatisfact and all the

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Speaker 1: way around, and it means that Republicans and Democrats alike

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Speaker 1: need to do a better job responding to the problems

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Speaker 1: facing the American people. Republicans in the majority are going

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Speaker 1: to be laser focused on this inflation crisis, and I

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Speaker 1: will I want to say this to your audience in particular,

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Speaker 1: no amount of federal reserve tightening is going to solve

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Speaker 1: this inflation crisis. There is a supply side problem as

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Speaker 1: much as there is a demand side or excess demand

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Speaker 1: issue in the economy, and we need to produce and

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Speaker 1: supply more American made energy in this country. To fix

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Speaker 1: the supply side, we need to take off the table

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Speaker 1: the threat of higher taxes and over regulation, which impedes

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Speaker 1: business investment, impedes the repairs that need to take place

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Speaker 1: in the supply chain. If we don't do that, we

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Speaker 1: are not going to get out of this inflation spiral,

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Speaker 1: and you're gonna continue to see aggressive tightening that will

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Speaker 1: disrupt the financial markets. The Congressman, you said it, We've

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Speaker 1: got an approval writing for the president in the falties,

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Speaker 1: We've got inflation at a forty year high, and still

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Speaker 1: this is the position that the Republican Party finds itself fit.

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Speaker 1: And most people think that speaks to the failure of

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Speaker 1: this party not to secure a bigger majority in the

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Speaker 1: House or any majority whatsoever in the Senate. You talked

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Speaker 1: about self searching, So can you be more specific about

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Speaker 1: what that actually means? What do you think And I'll

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Speaker 1: go back to the question we started the conversation with,

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Speaker 1: what went wrong? What needs to change? What is that

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Speaker 1: soul searching actually involved? Well, look, again, I'm an optimist.

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Speaker 1: I think to say, when you take the majority, what

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Speaker 1: went wrong? I think you have to give a little

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Speaker 1: bit of credit to the candidates, the excellent candidates who

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Speaker 1: did win and who did be incumbent Democrats, and look

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Speaker 1: at those candidates. What what was the characteristics of those candidates.

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Speaker 1: Those candidates were optimistic, They believed in America, They were patriotic,

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Speaker 1: They believed in free enterprise as the solution, not the problem.

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Speaker 1: They believed they recognized that the government and fiscal policies

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Speaker 1: and and policy errors are why we have this inflation crisis.

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Speaker 1: And they have so Lucians, and they offered solutions in

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Speaker 1: the form of the commitment to America to stop the overspending,

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Speaker 1: to produce American energy again, to fund, not defund the police,

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Speaker 1: to make sure we have law and order in our

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Speaker 1: country again, and to secure our southern border, and to say, look,

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Speaker 1: we are a nation of immigrants, but we're also a

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Speaker 1: nation of laws. And I think the candidates that had

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Speaker 1: that positive uh message, or the candidates the one candidates

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Speaker 1: that had a more divisive message um uh and we're

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Speaker 1: only about opposition as opposed to policy solutions, those candidates struggled.

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Speaker 1: So I believe in a Republican Party that presents a

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Speaker 1: positive message about free enterprise, freedom, liberty, limited government, and

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Speaker 1: upward mobility. That's how we're going to win the majorities

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Speaker 1: for the years the years to come. The congressmen, we're

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Speaker 1: gonna have a longer conversation about your rolled on the

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Speaker 1: House sub Committee on Oversigned Investigation in the next couple

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Speaker 1: of weeks, and I'm looking forward to that conversation. And

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Speaker 1: he bound That Republican from Kentucky, A MX, joined us

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Speaker 1: now from Valley with the special guest to A Marie.

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Speaker 1: Thanks so much, Seoan. The fact that this guest is

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Speaker 1: with me, So it sounds like things are looking hopeful

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Speaker 1: for the joint Communicate leaders we're going to sign off

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Speaker 1: for I'm joined now by the President's Deputy National Security Advisor,

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Speaker 1: Mike Pyle. Mike, thanks so much for joining me. You're

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Speaker 1: the representative at the table what they call and twenty

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Speaker 1: speak the sherpa. And the fact that you're here at

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Speaker 1: a fifteen BALI now before the leaders signed off in

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Speaker 1: it sounds like it's hopeful that all twenty leaders will

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Speaker 1: sign this communicate. How are we able to get Russia

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Speaker 1: on board? So I don't want to get ahead of

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Speaker 1: our leaders. Obviously they will speak collectively uh coming out

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Speaker 1: of the summit, but I think we're constructive that there's

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Speaker 1: going to be a statement from the G twenty that

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Speaker 1: accomplishes what the President set out as his priorities coming

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Speaker 1: in number one, to rally the world to speak in

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Speaker 1: strong UH language around Russia's war in Ukraine, to condemn Russia,

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Speaker 1: to condemn the consequences of Russia's behavior and terms of

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Speaker 1: its stresses on the global economy, but then also to

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Speaker 1: present to the world an affirmative vision for what an

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Speaker 1: action plan could look like to address those stresses, particularly

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Speaker 1: on vulnerable countries in the emerging world. How crucial was

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Speaker 1: Jing Pain in China to getting this communicate over the

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Speaker 1: finish line. So I think I think you know what

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Speaker 1: I would say is, you know President Biden and his

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Speaker 1: vision was very essential to getting this communicate over the

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Speaker 1: vision line finish line again one coming in and working

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Speaker 1: hard to rally a broad stretch of the G twenty.

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Speaker 1: I think what you'll see in the communicate when it's

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Speaker 1: released is that most of the G twenty came together

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Speaker 1: to strongly condemn Russia's war, to strongly condemn those actions

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Speaker 1: and the consequences that's had for the global economy. And

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Speaker 1: you you're also going to see reflected in that a

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Speaker 1: lot of the priority priorities of the residents articulated, whether

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Speaker 1: it's the need for reform at the multilateral development banks

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Speaker 1: like the World Bank, whether that's the need to stand

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Speaker 1: up UH and and effort to be more prepared for

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Speaker 1: future pandemics, whether that's an issue like that relief where again,

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Speaker 1: like what we saw in October, one country out of

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Speaker 1: the twenty was isolated while the rest of the nineteen

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Speaker 1: stood up and said this is something we need to

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Speaker 1: do to help vulnerable countries. I think you're going to

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Speaker 1: see those priorities in the communic A, and I think

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Speaker 1: that's a reflection of US leadership. We're hearing a growing

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Speaker 1: chorus on the margins or out in the front about

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Speaker 1: some actions the United States has taken, one the Inflation

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Speaker 1: Reduction Act giving subsidies to American companies, but also the

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Speaker 1: curves on chips to China, where potentially a European company

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Speaker 1: like a SML in the Netherlands might get caught in

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Speaker 1: the cross fires between what the United States does not

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Speaker 1: want to happen. We've been selling to China. How have

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Speaker 1: you been able to deal with your allies and these

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Speaker 1: two critical issues that are going to help the U

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Speaker 1: s domestically and it's going to hurt them. So with

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Speaker 1: respect to the ira A, I mean I think the

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Speaker 1: core point is we have a shared challenge globally around

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Speaker 1: climate change, and that we have heard from the rest

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Speaker 1: of the world for years. The United States needs needs

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Speaker 1: to take major action to address that press to address

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Speaker 1: UH this UH this problem that we all face. And

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Speaker 1: this is historic action, action that has never been taken before.

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Speaker 1: The unities at this scale UN called it unfriendly though

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Speaker 1: well again, I would say, with respect of what is

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Speaker 1: the core global challenge that we face, climate change, this

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Speaker 1: is historic action that will UH further the US is

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Speaker 1: achievement of its climate goals, and the US achieving its

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Speaker 1: climate goals is essential to the world achieving its climate goals.

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Speaker 1: Fair thing I would say is, you know the investments

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Speaker 1: that we're making in clean energy, in electric vehicles, you know,

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Speaker 1: really our investments that you can't make enough of. And

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Speaker 1: we invite other countries to similarly make investments in their

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Speaker 1: own UH, in their own clean energy sector, in their

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Speaker 1: own UH secure battery supply chains. These are things that

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Speaker 1: we think that we can do in a way that

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Speaker 1: is going to serve everyone's interests, and the United States

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Speaker 1: has taken a huge step forward to do that for

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Speaker 1: our economy and for the rest of the world. The

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Speaker 1: President obviously came into this meeting with all these leaders

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Speaker 1: with a pretty much a big boost in his step

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Speaker 1: in the sense that the Democrats are able to maintain

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Speaker 1: control of the Senate even though we stilln't know it's

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Speaker 1: going on with Georgia and the red wave really was

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Speaker 1: a red ripple. Do you think if that outcome was different,

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Speaker 1: it would have changed the meetings and how the President

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Speaker 1: was perceived here on the ground. So I'm the economics guy,

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Speaker 1: not the politics guy. But you know, the world right now,

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Speaker 1: the economy and politics are everything. When a country's dealing

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Speaker 1: with sky high inflation. The likes you think that, I

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Speaker 1: think that, as I said before, um u S leadership,

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Speaker 1: the President's leadership was on full display. I think they

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Speaker 1: see a US economy that is resilient in the face

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Speaker 1: of of global challenges. They see a president and an

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Speaker 1: administration that have delivered on their promises and terms of

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Speaker 1: reinvesting in the US economy in terms of taking historic

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Speaker 1: action on climate change. And I think as a result

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Speaker 1: of that leadership, a lot of the things that I

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Speaker 1: described as our agenda coming into this, the presidents of

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Speaker 1: agenda coming into this, you know, really met with a

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Speaker 1: lot of open ears and open arms from most of

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Speaker 1: the G twenty. Mike Pile, thank you so much for

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Speaker 1: joining me and Bloomberg Television. John Lisa. That was President

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Speaker 1: Biden's deputy National Security Advisor, Mike Pyle in the G

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Speaker 1: twenty speak he is the sharp. He represents the U

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Speaker 1: S interest at the table as they go through every

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Speaker 1: single issue that they're going to sign off on this communicate,

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Speaker 1: and at the moment it does look like they are

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Speaker 1: going to get all or at least the majority of

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Speaker 1: leaders on board. A nice great work, not just this morning,

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Speaker 1: but over the last camp of Dice as well. I'm

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Speaker 1: Marie Hoodan that this is the Bloomberg Surveillance Podcast. Thanks

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Speaker 1: for listening. Join us live weekdays from seven to ten

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Speaker 1: am Eastern on Bloomberg Radio and on Bloomberg Television each

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Speaker 1: day from six to nine am. Our insight from the

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Speaker 1: best in economics, finance, investment, and international relations. And subscribe

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Speaker 1: to the Surveillance podcast on Apple podcast, SoundCloud, Bloomberg dot com,

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Speaker 1: and of course on the terminal. I'm Tom Keene and

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Speaker 1: this is Bloomberg