1 00:00:00,080 --> 00:00:06,760 Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. 2 00:00:11,960 --> 00:00:15,560 Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along 3 00:00:15,600 --> 00:00:18,960 Speaker 2: with Paul Sweeney. Join us each day for insight from 4 00:00:18,960 --> 00:00:23,160 Speaker 2: the best in economics, finance, investment, and international relations. You 5 00:00:23,160 --> 00:00:26,520 Speaker 2: can also watch the show live on YouTube. Visit the 6 00:00:26,520 --> 00:00:31,280 Speaker 2: Bloomberg Podcast channel on YouTube to see the show weekday 7 00:00:31,280 --> 00:00:34,320 Speaker 2: mornings from seven to ten am Eastern from our global 8 00:00:34,360 --> 00:00:39,000 Speaker 2: headquarters in New York City. Subscribe to the podcast on Apple, Spotify, 9 00:00:39,360 --> 00:00:42,920 Speaker 2: or anywhere else you listen and always I'm Bloomberg Radio, 10 00:00:43,080 --> 00:00:46,959 Speaker 2: the Bloomberg Terminal, and the Bloomberg Business App. We could 11 00:00:47,040 --> 00:00:51,680 Speaker 2: talk of Rebecca Patterson of Bridgewater, and she's a long 12 00:00:51,720 --> 00:00:56,959 Speaker 2: garden leave right now we hop place to place. Yeah, 13 00:00:56,960 --> 00:01:00,000 Speaker 2: you know she's out on garden leave now. She's the Bridgewak. 14 00:01:00,200 --> 00:01:03,800 Speaker 2: She's the bestsemer, trust I know, the managing careful money. 15 00:01:04,319 --> 00:01:06,600 Speaker 2: But when I first met her she was hurting yen 16 00:01:07,200 --> 00:01:12,320 Speaker 2: in JP Morgan. She is expert on currency intervention. We 17 00:01:12,400 --> 00:01:16,720 Speaker 2: are on and just start strong this morning with Mss Patterson. Rebecca, 18 00:01:16,920 --> 00:01:20,440 Speaker 2: can you do a unilateral intervention where it works? Every 19 00:01:20,480 --> 00:01:22,440 Speaker 2: textbook I know? Iss, No, you can't. 20 00:01:22,760 --> 00:01:26,319 Speaker 1: The textbooks are right in this case. So Japan is 21 00:01:26,360 --> 00:01:29,720 Speaker 1: trying to slow the weakening yen trend, but I think 22 00:01:29,760 --> 00:01:32,720 Speaker 1: they know full well they can't turn the trend just 23 00:01:32,800 --> 00:01:34,920 Speaker 1: by intervening. They can spend a lot of money to 24 00:01:34,959 --> 00:01:36,440 Speaker 1: try to slow it down, but that's all they're going 25 00:01:36,480 --> 00:01:38,720 Speaker 1: to get. To have a real turn in a currency, 26 00:01:39,240 --> 00:01:41,959 Speaker 1: you need coordinated intervention. So you have to have several 27 00:01:41,959 --> 00:01:45,240 Speaker 1: countries working together, ideally including the US. That sends a 28 00:01:45,240 --> 00:01:48,320 Speaker 1: big signal, and you want policy moving in the same 29 00:01:48,400 --> 00:01:50,960 Speaker 1: direction as the intervention. So in this case, if they 30 00:01:51,000 --> 00:01:53,440 Speaker 1: want a stronger yen, they would need to be raising 31 00:01:53,520 --> 00:01:56,560 Speaker 1: interest rates by a lot more than what's currently expected 32 00:01:56,560 --> 00:01:57,080 Speaker 1: in the market. 33 00:01:57,200 --> 00:02:00,280 Speaker 2: What's so important here is a multi dimensionality. But the 34 00:02:00,320 --> 00:02:04,000 Speaker 2: simplistic media approaches. What about the FED? Forget about that, 35 00:02:04,160 --> 00:02:07,320 Speaker 2: they have to worry about the entire Pacific Rim. They're 36 00:02:07,320 --> 00:02:10,799 Speaker 2: getting a free launch right now with enhanced exports? Are 37 00:02:10,800 --> 00:02:16,399 Speaker 2: you going there this summer? Everybody else's I know told 38 00:02:16,440 --> 00:02:16,760 Speaker 2: me about it. 39 00:02:16,800 --> 00:02:19,240 Speaker 1: I know a huge You can get a lot of 40 00:02:19,280 --> 00:02:20,160 Speaker 1: sushi right now. 41 00:02:21,680 --> 00:02:24,560 Speaker 2: What the censor is? There's a Pacific Rim impact? 42 00:02:24,639 --> 00:02:25,160 Speaker 3: What is it? 43 00:02:25,280 --> 00:02:25,520 Speaker 2: Right? 44 00:02:25,600 --> 00:02:28,480 Speaker 1: So a lot of these countries compete with each other 45 00:02:28,760 --> 00:02:32,720 Speaker 1: for the US, for Europe. So Japan going down puts 46 00:02:32,760 --> 00:02:37,600 Speaker 1: pressure on countries like South Korea, Indonesia, Philippines, Singapore, China 47 00:02:37,919 --> 00:02:40,960 Speaker 1: to also have weaker currency. So Korea is making a 48 00:02:40,960 --> 00:02:44,120 Speaker 1: lot of comments now that they're in some pain. Could 49 00:02:44,160 --> 00:02:47,360 Speaker 1: see intervention in other countries across Asia too, So they're 50 00:02:47,360 --> 00:02:49,880 Speaker 1: all going to be fighting against this trend, but it's 51 00:02:49,919 --> 00:02:50,840 Speaker 1: a fight they can't win. 52 00:02:51,360 --> 00:02:54,919 Speaker 4: So all right, Just keeping on top of that Japan story, 53 00:02:55,000 --> 00:02:58,560 Speaker 4: we think about the US exceptionalism from an economic perspective. 54 00:02:58,560 --> 00:03:01,040 Speaker 4: That's been the discussion over the last six to twelve 55 00:03:01,040 --> 00:03:03,640 Speaker 4: months here. How unusual is it that you have a 56 00:03:03,720 --> 00:03:07,560 Speaker 4: US economy growing at the rate it's growing versus China, 57 00:03:07,760 --> 00:03:11,760 Speaker 4: versus Europe. How unusual is that? And how do you 58 00:03:11,800 --> 00:03:12,160 Speaker 4: play that? 59 00:03:12,720 --> 00:03:15,560 Speaker 1: Well, it's not that unusual to see the US as 60 00:03:15,639 --> 00:03:18,520 Speaker 1: kind of the main engine of global growth. And when 61 00:03:18,600 --> 00:03:21,760 Speaker 1: that is the case, it is pretty normal that the 62 00:03:21,840 --> 00:03:24,640 Speaker 1: US equity market would be outperforming, that the dollar would 63 00:03:24,639 --> 00:03:27,920 Speaker 1: be strong because foreign capitals coming here to invest in 64 00:03:27,919 --> 00:03:31,040 Speaker 1: the US. US capital is staying here because it's more attractive. 65 00:03:31,480 --> 00:03:33,960 Speaker 1: What I think will be interesting as we look ahead 66 00:03:34,000 --> 00:03:35,960 Speaker 1: to this summer. You saw the news I'm sure, and 67 00:03:36,000 --> 00:03:39,640 Speaker 1: you've already reported on China this morning talking about having 68 00:03:40,160 --> 00:03:44,400 Speaker 1: a policy maker session in July talking about additional stimulus 69 00:03:44,440 --> 00:03:48,520 Speaker 1: elements probably before that, including rate cuts, et cetera. Can 70 00:03:48,600 --> 00:03:51,680 Speaker 1: they do enough so it's not one engine of growth, 71 00:03:51,680 --> 00:03:55,520 Speaker 1: it's multiple engines of growth. I'm skeptical. I don't think 72 00:03:55,520 --> 00:03:57,320 Speaker 1: they'll be able to pull it off, but they're going 73 00:03:57,320 --> 00:03:58,280 Speaker 1: to be given us more. 74 00:03:58,560 --> 00:04:03,720 Speaker 2: What does your PAS travails mean for American citizens? How 75 00:04:03,720 --> 00:04:06,640 Speaker 2: does it redound back to our listeners of viewers this 76 00:04:06,720 --> 00:04:07,840 Speaker 2: morning in America? 77 00:04:07,920 --> 00:04:11,880 Speaker 1: Well, again, the weak yen is a reflection of the 78 00:04:11,920 --> 00:04:15,120 Speaker 1: broadly strong dollar. The dollar is up against almost every 79 00:04:15,160 --> 00:04:18,600 Speaker 1: currency around the world ear to date, so you do 80 00:04:18,680 --> 00:04:20,640 Speaker 1: need to think about what does the strong dollar mean. 81 00:04:20,680 --> 00:04:23,760 Speaker 1: The strong dollar tends to be a pretty big headwind 82 00:04:24,200 --> 00:04:27,839 Speaker 1: for emerging market equities. So that's an area that already 83 00:04:28,480 --> 00:04:31,599 Speaker 1: has idiosyncratic risk around China, but now you have this 84 00:04:31,760 --> 00:04:34,640 Speaker 1: broad macro risk as well. The strong dollar is the 85 00:04:34,640 --> 00:04:37,080 Speaker 1: Fed's best friend. If the FED is trying to get 86 00:04:37,080 --> 00:04:40,560 Speaker 1: inflation back down to two percent. A strong dollar slows 87 00:04:40,600 --> 00:04:44,560 Speaker 1: down US growth by making our exports more expensive, less 88 00:04:44,560 --> 00:04:48,919 Speaker 1: competitive overseas. That tends to weigh on manufacturing, slowing growth, 89 00:04:49,160 --> 00:04:53,200 Speaker 1: disinflationary that helps the FED. So again back to intervention. 90 00:04:53,360 --> 00:04:55,760 Speaker 1: The FED doesn't want to help Japan here. The FED 91 00:04:55,839 --> 00:04:59,680 Speaker 1: wants a strong dollar, so it's good for getting inflation down, 92 00:05:00,080 --> 00:05:03,440 Speaker 1: it's bad for our exporters, and it's bad for anyone 93 00:05:03,480 --> 00:05:06,039 Speaker 1: looking at emerging markets right now for diversification. 94 00:05:06,600 --> 00:05:09,440 Speaker 4: Then what does our feeder reserve do tomorrow? We're going 95 00:05:09,520 --> 00:05:12,520 Speaker 4: to have Tom Tom and that surveillance team and they'll 96 00:05:12,560 --> 00:05:14,839 Speaker 4: be you know, full coverage tomorrow afternoon. But what do 97 00:05:14,839 --> 00:05:16,359 Speaker 4: we expect from our feeder reserve tomorrow. 98 00:05:16,440 --> 00:05:18,920 Speaker 1: I definitely think you could have a BINGO card ready 99 00:05:19,000 --> 00:05:24,560 Speaker 1: with words like more confidence, words like patience. I think 100 00:05:25,040 --> 00:05:26,880 Speaker 1: obviously they're going to be on hold. They're going to 101 00:05:26,960 --> 00:05:29,240 Speaker 1: want to see a couple months of inflation coming back 102 00:05:29,320 --> 00:05:32,960 Speaker 1: down after these three months of sticky numbers. But I 103 00:05:33,000 --> 00:05:35,599 Speaker 1: do think we'll get more chatter about what they're doing 104 00:05:35,600 --> 00:05:39,279 Speaker 1: with their balance sheet and slowing down QT and I 105 00:05:39,320 --> 00:05:42,559 Speaker 1: think that could be at the margin, something that helps 106 00:05:42,600 --> 00:05:45,280 Speaker 1: take some of the upward pressure off us heels at 107 00:05:45,320 --> 00:05:48,360 Speaker 1: the long end. And it also could take a little 108 00:05:48,400 --> 00:05:51,280 Speaker 1: pressure off some of the regional banks because they tend 109 00:05:51,320 --> 00:05:53,440 Speaker 1: to get hit harder by what's going on with you? 110 00:05:53,440 --> 00:05:55,480 Speaker 2: Elk, So let me ask you a best of your question, 111 00:05:55,880 --> 00:05:58,520 Speaker 2: and that we're in a bull market. Some would say 112 00:05:58,560 --> 00:06:02,000 Speaker 2: it's a second leg ofable market. What is your wisdom 113 00:06:02,080 --> 00:06:05,280 Speaker 2: for people that have missed the boat leaving the duck 114 00:06:05,520 --> 00:06:07,599 Speaker 2: you got to get back on? Do you load the 115 00:06:07,600 --> 00:06:11,520 Speaker 2: boat on Amazon this afternoon? How do you don't tell 116 00:06:11,520 --> 00:06:13,280 Speaker 2: me you're going to dollar cost average in none on 117 00:06:13,360 --> 00:06:14,720 Speaker 2: the patients for that? I'm wave on. 118 00:06:16,120 --> 00:06:18,840 Speaker 1: If someone handed me a big check today and I 119 00:06:18,880 --> 00:06:20,280 Speaker 1: had to figure out what do I do with it? 120 00:06:20,320 --> 00:06:24,239 Speaker 1: Do I stay on the sidelines? Do I invest? Because 121 00:06:24,320 --> 00:06:27,560 Speaker 1: equity markets go up eight years out of ten on average, 122 00:06:27,600 --> 00:06:30,960 Speaker 1: if the economy is growing, if there's earnings coming through, 123 00:06:31,200 --> 00:06:33,960 Speaker 1: equities tend to benefit from that. It's pretty common sense. 124 00:06:34,400 --> 00:06:37,039 Speaker 1: So I would be getting into the equity market even here, 125 00:06:37,200 --> 00:06:39,920 Speaker 1: even at these valuations. I would not just be loading 126 00:06:40,000 --> 00:06:42,400 Speaker 1: up on the magnificent whatever number you want to use, 127 00:06:42,440 --> 00:06:46,680 Speaker 1: six seven four, But I would probably look for diversified 128 00:06:46,800 --> 00:06:50,479 Speaker 1: exposure to the US market, overweight the US, maybe some 129 00:06:50,640 --> 00:06:53,560 Speaker 1: exposure to Japan as well. I think they can keep 130 00:06:53,640 --> 00:06:57,040 Speaker 1: riding this a while longer and then interesting with fixed 131 00:06:57,080 --> 00:06:59,800 Speaker 1: income you know US bond yields are rising, it's hurting 132 00:06:59,839 --> 00:07:03,400 Speaker 1: those returns. You can buy a nine month treasury right 133 00:07:03,440 --> 00:07:07,680 Speaker 1: now for almost five percent. You hold it through maturity, 134 00:07:07,800 --> 00:07:09,400 Speaker 1: so you know you're going to get that, You're not 135 00:07:09,400 --> 00:07:11,520 Speaker 1: going to lose value, and it gets you through the election. 136 00:07:12,160 --> 00:07:13,280 Speaker 4: So if we have any. 137 00:07:13,120 --> 00:07:17,000 Speaker 1: Wonky little happenings around the election, you know you're going 138 00:07:17,080 --> 00:07:19,680 Speaker 1: to get that return to me. That would be some diversification. 139 00:07:19,800 --> 00:07:21,920 Speaker 1: I also think gold is a good thing to have 140 00:07:22,000 --> 00:07:24,320 Speaker 1: here for diversification, even at these levels. 141 00:07:24,480 --> 00:07:26,520 Speaker 2: We're out of time. Can you come back and go 142 00:07:26,560 --> 00:07:27,400 Speaker 2: Gator a on us? 143 00:07:27,560 --> 00:07:28,280 Speaker 1: I would love to go. 144 00:07:29,200 --> 00:07:32,160 Speaker 2: She live Gator, but as a child she was all Gator. 145 00:07:32,640 --> 00:07:35,640 Speaker 2: Her father major Gator. Oh okay, you know so we'll 146 00:07:36,000 --> 00:07:39,000 Speaker 2: Rebecca Patterson, thank you so much. Thank you for joining 147 00:07:39,080 --> 00:07:42,480 Speaker 2: us today, particularly careful discussion of again, you have to 148 00:07:42,480 --> 00:07:46,680 Speaker 2: get up out of that chair because John Tucker's he says, 149 00:07:46,720 --> 00:07:49,240 Speaker 2: I know, Michael Barr and I got to come in, 150 00:07:49,960 --> 00:08:02,880 Speaker 2: so think Rebecca, thank you, good to see you. George 151 00:08:02,920 --> 00:08:06,440 Speaker 2: Kankalvas joins right now. We're on Apple car Play, on YouTube, 152 00:08:06,440 --> 00:08:09,680 Speaker 2: search Bloomberg Podcasts out there. There's a live chat. It's 153 00:08:09,680 --> 00:08:12,320 Speaker 2: sort of people are waking up Whitefish, Montana. 154 00:08:12,640 --> 00:08:15,600 Speaker 4: Oh do you think they fish out there? I'm guessing 155 00:08:15,600 --> 00:08:16,400 Speaker 4: they fish. 156 00:08:16,120 --> 00:08:20,480 Speaker 2: Whitefish, Montana. Life is tough. Good morning in Whitefish, Montana. 157 00:08:20,520 --> 00:08:23,679 Speaker 2: Good morning. Is George conkalvas As well, head of macro 158 00:08:23,760 --> 00:08:27,560 Speaker 2: strategy at MUFG. That's a Japanese firm, and I think 159 00:08:27,640 --> 00:08:30,240 Speaker 2: it would be more than inappropriate to talk to mister 160 00:08:30,280 --> 00:08:33,920 Speaker 2: Gounkalas about yen that is between the major banks and 161 00:08:33,960 --> 00:08:36,880 Speaker 2: the Bank of Japan and the Ministry of Finance. George, 162 00:08:36,880 --> 00:08:39,960 Speaker 2: the challenge is that companies are having. Is it just 163 00:08:40,000 --> 00:08:44,240 Speaker 2: because after inflation the real yield is two point two 164 00:08:44,360 --> 00:08:47,800 Speaker 2: one percent? Does that just make it harder to do business? 165 00:08:49,280 --> 00:08:51,520 Speaker 5: Good morning, Tom, Good morning everyone. Good to be honest 166 00:08:51,640 --> 00:08:55,480 Speaker 5: with your listeners. I do think that there's a number 167 00:08:55,480 --> 00:08:58,800 Speaker 5: of things working. Yes, real rates do matter. In general, 168 00:08:58,880 --> 00:09:01,440 Speaker 5: rates matter. Overall, we're starting to feel the full brunt 169 00:09:01,480 --> 00:09:05,120 Speaker 5: of these higher debt servicing costs, especially for the more 170 00:09:05,160 --> 00:09:08,640 Speaker 5: smaller mid sized businesses, but even for the large corporates 171 00:09:08,640 --> 00:09:12,320 Speaker 5: that really uh, those that had pricing powers. Some still do. 172 00:09:12,400 --> 00:09:16,120 Speaker 5: But as you've been reporting all morning long, Coca Cola, Yeah, 173 00:09:16,160 --> 00:09:17,960 Speaker 5: even if yeah, if you have pricing power. You can 174 00:09:18,000 --> 00:09:20,599 Speaker 5: kind of pass it through, but everyone else isn't to 175 00:09:20,640 --> 00:09:23,120 Speaker 5: realize that you can't just pass it through. So you're 176 00:09:23,160 --> 00:09:25,240 Speaker 5: losing your earnings momentum that we have for the last 177 00:09:25,280 --> 00:09:27,880 Speaker 5: three years. So inflation helped in many ways kind of 178 00:09:27,880 --> 00:09:30,280 Speaker 5: to mask that, lifted all boats in a very odd 179 00:09:30,280 --> 00:09:32,800 Speaker 5: way for earnings. And now the real costs with the 180 00:09:32,840 --> 00:09:35,320 Speaker 5: FED raising rates as much as they did, real rates 181 00:09:35,360 --> 00:09:36,600 Speaker 5: matter and they start to bite now. 182 00:09:37,679 --> 00:09:41,480 Speaker 4: So George here, we're probably roughly halfway through earnings here 183 00:09:41,520 --> 00:09:43,680 Speaker 4: for the S and P five hundred this cycle. Any 184 00:09:43,720 --> 00:09:45,959 Speaker 4: takeaways here, because again, like as Thomas calling a for 185 00:09:46,080 --> 00:09:48,720 Speaker 4: Coca Cola, some companies still have a lot of pricing 186 00:09:48,720 --> 00:09:49,360 Speaker 4: power out there. 187 00:09:50,320 --> 00:09:54,520 Speaker 5: Yeah, and look, the same sort of repeat story around tech. 188 00:09:55,640 --> 00:09:57,560 Speaker 5: We get misses here and there, but by and large 189 00:09:57,880 --> 00:10:01,480 Speaker 5: it texts another area that's lot of pricing power and 190 00:10:01,520 --> 00:10:05,440 Speaker 5: low overall kind of service costs. So yeah, I feel 191 00:10:05,440 --> 00:10:07,880 Speaker 5: like we haven't seen a real new trend forming, but 192 00:10:08,320 --> 00:10:12,080 Speaker 5: it's building upon the idea that we're we're on the 193 00:10:12,160 --> 00:10:14,880 Speaker 5: on the other side of almost going back to the 194 00:10:14,920 --> 00:10:17,200 Speaker 5: pre twenty twenties, if I can kind of say that, 195 00:10:17,240 --> 00:10:18,720 Speaker 5: I mean back to the way things used to be 196 00:10:18,720 --> 00:10:19,920 Speaker 5: where it's gonna be. 197 00:10:19,920 --> 00:10:22,960 Speaker 2: Those with power and now, folks, we descend the cone 198 00:10:22,960 --> 00:10:26,440 Speaker 2: of silence, just like Get Smart years ago. Because there's 199 00:10:26,480 --> 00:10:29,240 Speaker 2: a FED meeting tomorrow, George can gov us. What is 200 00:10:29,320 --> 00:10:31,960 Speaker 2: Powell not going to say at the FED meeting? 201 00:10:33,360 --> 00:10:39,560 Speaker 5: Well, we think that he will avoid saying that hikes 202 00:10:39,559 --> 00:10:42,400 Speaker 5: are on the table, that there there anything goes, or 203 00:10:43,000 --> 00:10:46,520 Speaker 5: that policy can be adjusted both up and down. We 204 00:10:46,559 --> 00:10:48,800 Speaker 5: think he'll try to avoid doing that, although I wouldn't 205 00:10:48,800 --> 00:10:51,280 Speaker 5: be surprised if the Press Corps tries to ask him. 206 00:10:51,160 --> 00:10:55,160 Speaker 2: And Mike McKee would ask him, is it a possibility, 207 00:10:55,200 --> 00:10:57,920 Speaker 2: as Lindsey Piggs, as Stephel says, as you really should 208 00:10:58,040 --> 00:10:59,720 Speaker 2: raise rates, that's not gonna happen. 209 00:10:59,760 --> 00:11:02,360 Speaker 5: Joy which that's not gonna happen. I mean, if I'd 210 00:11:02,800 --> 00:11:06,000 Speaker 5: rather stay on hold for longer then end up let's 211 00:11:06,000 --> 00:11:07,400 Speaker 5: say that we do get a slow down in the 212 00:11:07,440 --> 00:11:09,719 Speaker 5: economy the next six months to a year, they will 213 00:11:09,800 --> 00:11:12,320 Speaker 5: end up owning it for hiking last minute. So they'd 214 00:11:12,400 --> 00:11:14,200 Speaker 5: rather just do nothing to stay on hole for longer. 215 00:11:14,280 --> 00:11:22,800 Speaker 2: Tomorrow, Pharaoh Bramo in myself the FED deicides we return. 216 00:11:22,880 --> 00:11:26,000 Speaker 2: This is part of my eighty hundred page agreement of course, 217 00:11:26,320 --> 00:11:28,880 Speaker 2: most of it's on the food court. But with the 218 00:11:28,880 --> 00:11:31,000 Speaker 2: FED decides tomorrow, we look forward to that. You will 219 00:11:31,040 --> 00:11:34,840 Speaker 2: see that out on YouTube Live Bloomberg Podcast, that's a 220 00:11:34,840 --> 00:11:37,800 Speaker 2: good place to see this is on YouTube tomorrow. The 221 00:11:37,840 --> 00:11:39,400 Speaker 2: FED deicides at one thirty Paul. 222 00:11:39,880 --> 00:11:42,600 Speaker 4: So, George, what do you what are you thinking about here? 223 00:11:42,600 --> 00:11:45,559 Speaker 4: Because we're gonna have the FED either holding rates or 224 00:11:45,559 --> 00:11:47,320 Speaker 4: at some point later in near cutting rates. We have 225 00:11:47,400 --> 00:11:52,360 Speaker 4: the European banks probably cutting rates. Here Where do we 226 00:11:52,400 --> 00:11:54,760 Speaker 4: go here? I mean, are you kind of leaning more 227 00:11:54,760 --> 00:11:58,600 Speaker 4: towards you know, equities fixed income? Where do you think 228 00:11:58,640 --> 00:12:01,000 Speaker 4: the opportunities are for the next six to twelve months. 229 00:12:01,720 --> 00:12:03,880 Speaker 5: I think buying the dips, buying the dips and have 230 00:12:03,880 --> 00:12:06,760 Speaker 5: to be significant dips in fixed income, and we're starting 231 00:12:06,800 --> 00:12:09,960 Speaker 5: to get there. I mean, look, the dollar can be 232 00:12:10,200 --> 00:12:12,240 Speaker 5: the wrecking ball if you get the ECB going one 233 00:12:12,280 --> 00:12:14,199 Speaker 5: way and the FED going the other way, and Bank 234 00:12:14,240 --> 00:12:16,839 Speaker 5: of Japan is reluctant to raise rates. I mean, we 235 00:12:17,320 --> 00:12:19,200 Speaker 5: really have like a dollar is the only game in town. 236 00:12:19,240 --> 00:12:21,600 Speaker 5: And and when the dollar strengthens it causes issues around 237 00:12:21,600 --> 00:12:25,120 Speaker 5: the world for both corporates that translate back earnings and 238 00:12:25,160 --> 00:12:27,200 Speaker 5: a number of other things. In terms of dollar liquidity. 239 00:12:27,480 --> 00:12:29,439 Speaker 5: So I'm really focusing on the dollar and the ten 240 00:12:29,480 --> 00:12:32,280 Speaker 5: year treasury. Those are the two most important indicators. I 241 00:12:32,280 --> 00:12:36,040 Speaker 5: mean oil as a kind of third, distant third, but 242 00:12:36,040 --> 00:12:37,560 Speaker 5: but it's a dollar in the ten year. If the 243 00:12:37,600 --> 00:12:39,959 Speaker 5: tenure makes a run above four seventy five and doesn't 244 00:12:39,960 --> 00:12:42,160 Speaker 5: slow down, that's going to hurt equities and might be 245 00:12:42,160 --> 00:12:43,640 Speaker 5: buying opportunity for bonds. 246 00:12:43,559 --> 00:12:46,600 Speaker 2: Tomorrow with the Fed, is a two year of value 247 00:12:46,640 --> 00:12:49,680 Speaker 2: to watch? We have the sweeny five percent level right 248 00:12:49,679 --> 00:12:52,760 Speaker 2: now four point ninety seven percent. Is it valid to 249 00:12:52,880 --> 00:12:56,359 Speaker 2: use the two year, George Congalvas? Is it FED barometer? 250 00:12:58,120 --> 00:13:00,200 Speaker 5: You could always use a two year, But I think 251 00:13:00,240 --> 00:13:03,240 Speaker 5: that they've now like almost what they did last year 252 00:13:03,360 --> 00:13:06,440 Speaker 5: around August September October when we last spoke about these things. 253 00:13:06,760 --> 00:13:08,880 Speaker 5: The bear steep in her and the long term rates 254 00:13:08,880 --> 00:13:11,480 Speaker 5: will matter more because we've had rates under the FED 255 00:13:11,840 --> 00:13:14,640 Speaker 5: funds from all this period, So the thing year won't 256 00:13:14,640 --> 00:13:16,040 Speaker 5: matter as much. It's going to be if the ten 257 00:13:16,080 --> 00:13:17,040 Speaker 5: years's moving more. 258 00:13:17,280 --> 00:13:19,559 Speaker 2: Okay, George, thank you so much. Georg Kankovas with his 259 00:13:19,760 --> 00:13:29,680 Speaker 2: MUFG greatly greatly appreciate that we do economics, finance, investment 260 00:13:29,760 --> 00:13:33,800 Speaker 2: in international relations. We do politics. We've tried to stay 261 00:13:33,840 --> 00:13:37,360 Speaker 2: away from some of the Washington story. Everyone just covering it, 262 00:13:37,480 --> 00:13:42,120 Speaker 2: covering it, covering it, including an encyclopedic. Now it's Laura Davison. 263 00:13:42,240 --> 00:13:45,240 Speaker 2: She spoiled the short straw right now, and we have 264 00:13:45,320 --> 00:13:47,360 Speaker 2: to ask her about this breaking news of the former 265 00:13:47,400 --> 00:13:50,480 Speaker 2: president of the United States, Donald Trump. And let me 266 00:13:50,559 --> 00:13:54,960 Speaker 2: quote exactly Donald Trump. This is our Patricia Hurtado, who's 267 00:13:55,040 --> 00:13:59,439 Speaker 2: incredibly experienced. Donald Trump was found in contempt to court 268 00:13:59,480 --> 00:14:02,960 Speaker 2: and find nine thousand after New York judge overseeing his 269 00:14:02,960 --> 00:14:07,520 Speaker 2: criminal hush money case ruled. The former president repeatedly blasted 270 00:14:07,600 --> 00:14:11,280 Speaker 2: key trial witnesses and social media and violation of a 271 00:14:11,360 --> 00:14:14,320 Speaker 2: gag order. Laurie, I know you're unprepared for this and 272 00:14:14,400 --> 00:14:16,640 Speaker 2: not writ in, but at the same time you followed 273 00:14:16,640 --> 00:14:20,600 Speaker 2: it tick by tick. What are the political ramifications to 274 00:14:20,640 --> 00:14:24,720 Speaker 2: the former president? Does this help him or hinder him? 275 00:14:25,400 --> 00:14:28,080 Speaker 2: To have this contempt of court? 276 00:14:29,200 --> 00:14:31,800 Speaker 6: This really shows that the judge is, you know, not 277 00:14:31,880 --> 00:14:34,080 Speaker 6: afraid to kind of follow up on what she said. 278 00:14:34,120 --> 00:14:37,840 Speaker 6: The punishment might be so this, you know, Trump, whenever 279 00:14:37,920 --> 00:14:40,280 Speaker 6: he is punished in some way, whether it's an indictment, 280 00:14:40,560 --> 00:14:42,680 Speaker 6: this case, he's able to fundraise off of it and 281 00:14:43,760 --> 00:14:46,560 Speaker 6: bring in some money. However, politically, whether this you know, 282 00:14:46,600 --> 00:14:48,520 Speaker 6: helps him more broadly, you know, a kind of an 283 00:14:48,560 --> 00:14:51,240 Speaker 6: electoral sense that still remains to be seen. You know, 284 00:14:51,280 --> 00:14:54,120 Speaker 6: we could start to see indications here that the judge 285 00:14:54,360 --> 00:14:55,880 Speaker 6: is not going to rule in Trump's favor, and we 286 00:14:55,960 --> 00:14:58,320 Speaker 6: know that if Trump is convicted, a majority of swing 287 00:14:58,360 --> 00:14:59,880 Speaker 6: state voters say they won't vote for him. 288 00:15:00,200 --> 00:15:04,560 Speaker 2: The exhausting news flow that's out there, are people like 289 00:15:04,680 --> 00:15:09,600 Speaker 2: you within the Beltway. Are they transfixed by these trials 290 00:15:09,760 --> 00:15:13,160 Speaker 2: or are they separate from other major political issues. 291 00:15:14,120 --> 00:15:17,200 Speaker 6: I think that right now the trial is the is 292 00:15:17,240 --> 00:15:19,200 Speaker 6: the main political issue for Trump. You know, it's basically 293 00:15:19,280 --> 00:15:21,800 Speaker 6: how he's campaigning. He's in court most days. He's you know, 294 00:15:22,000 --> 00:15:24,400 Speaker 6: making this part of a key part of his campaign strategy. 295 00:15:24,680 --> 00:15:27,640 Speaker 6: All these appearances he's done around New York. You know, 296 00:15:27,640 --> 00:15:29,680 Speaker 6: we'll see him on the campaign trail out in the 297 00:15:29,680 --> 00:15:32,080 Speaker 6: battleground states tomorrow for the first time in several weeks. 298 00:15:32,120 --> 00:15:34,760 Speaker 6: So he's going to Michigan and Wisconsin. But even there 299 00:15:34,800 --> 00:15:37,280 Speaker 6: he's talking a lot about these trials, right you know, 300 00:15:37,520 --> 00:15:38,960 Speaker 6: calling him the witch hunt, that sort of thing, and 301 00:15:39,040 --> 00:15:39,480 Speaker 6: Paul I. 302 00:15:39,400 --> 00:15:41,000 Speaker 2: Was struck this week, and I believe it was to 303 00:15:41,040 --> 00:15:44,120 Speaker 2: see him meeting with Governor DeSantis down in Florida. I mean, 304 00:15:44,160 --> 00:15:46,160 Speaker 2: think about it. The guy's working three or four days 305 00:15:46,200 --> 00:15:49,200 Speaker 2: up here. We see it with midtown traffic, frike tower 306 00:15:49,240 --> 00:15:51,760 Speaker 2: locked up where he's living, I assume, and then he 307 00:15:51,920 --> 00:15:54,480 Speaker 2: you know, he's working the weekend down in Florida. It's remarkable. 308 00:15:54,560 --> 00:15:58,920 Speaker 4: Yeah, absolutely so, Lauren, let's talk about what's happening in 309 00:15:58,960 --> 00:15:59,440 Speaker 4: the Middle East. 310 00:15:59,480 --> 00:15:59,560 Speaker 5: Here. 311 00:15:59,600 --> 00:16:01,800 Speaker 4: We have Second Harry Blincoln, I guess, back in the 312 00:16:01,800 --> 00:16:05,800 Speaker 4: Middle East trying to broker some type of negotiation here. 313 00:16:06,360 --> 00:16:09,480 Speaker 4: What's the feeling with they need administration as to the 314 00:16:09,600 --> 00:16:12,240 Speaker 4: role it can play and how this might play out 315 00:16:12,240 --> 00:16:13,400 Speaker 4: over the coming days and weeks. 316 00:16:14,120 --> 00:16:17,000 Speaker 6: So the administration is hopeful that a deal is coming together. 317 00:16:17,240 --> 00:16:19,000 Speaker 6: You know, they've been, you know, sort of pushing for this. 318 00:16:19,080 --> 00:16:20,640 Speaker 6: You know, we heard yesterday you know, blink and talk 319 00:16:20,640 --> 00:16:22,440 Speaker 6: about how you know, it's really just up to Hamas 320 00:16:22,440 --> 00:16:25,760 Speaker 6: to accept this deal. You know. The idea here is 321 00:16:25,760 --> 00:16:27,240 Speaker 6: that there would be a long ceasefire, you know, a 322 00:16:27,280 --> 00:16:30,080 Speaker 6: hostage deal, and it would really turn down the temperature 323 00:16:30,120 --> 00:16:32,520 Speaker 6: on what is both you know, a been a major 324 00:16:32,560 --> 00:16:34,440 Speaker 6: problem for the administration, and both have broad as well 325 00:16:34,440 --> 00:16:37,320 Speaker 6: as domestically, as the protest on college campuses have really 326 00:16:37,400 --> 00:16:40,520 Speaker 6: rammed up and become both a with a political problem 327 00:16:40,520 --> 00:16:41,880 Speaker 6: for them as well as you know, kind of a 328 00:16:41,880 --> 00:16:43,880 Speaker 6: crisis on some of these campuses as they're dealing with 329 00:16:44,080 --> 00:16:46,480 Speaker 6: you know, how to go about, you know, handling the 330 00:16:46,520 --> 00:16:48,840 Speaker 6: protest and you know, how to discipline students. 331 00:16:50,280 --> 00:16:53,160 Speaker 4: So, have we heard anything from the administration about some 332 00:16:53,200 --> 00:16:56,480 Speaker 4: of these protests on the college campuses. I mean, it's 333 00:16:56,520 --> 00:17:00,880 Speaker 4: it's obviously a very fluid situation and strong feelings on 334 00:17:01,000 --> 00:17:03,840 Speaker 4: both sides, But if we heard anything from the administration 335 00:17:03,920 --> 00:17:07,560 Speaker 4: and is there any sense that maybe impacting their strategy. 336 00:17:08,119 --> 00:17:10,760 Speaker 6: The administration has been quite quiet about this. You know, 337 00:17:10,800 --> 00:17:13,920 Speaker 6: we've heard you know, Biden say that you know that 338 00:17:13,920 --> 00:17:16,240 Speaker 6: that you know, anti Semitism as bad and students, you know, 339 00:17:16,280 --> 00:17:18,760 Speaker 6: should you know, be refraining from that sort of rhetoric 340 00:17:18,840 --> 00:17:24,480 Speaker 6: and pushing back on some of these things. However, the 341 00:17:24,600 --> 00:17:26,760 Speaker 6: campaign has kind of, you know privately been saying, look, 342 00:17:26,800 --> 00:17:29,560 Speaker 6: you know, this isn't really going to affect our you know, 343 00:17:29,640 --> 00:17:32,320 Speaker 6: electoral chances. People put on the economy, not on board policy, 344 00:17:32,320 --> 00:17:34,080 Speaker 6: and they're not saying this is a big drag on them, 345 00:17:34,080 --> 00:17:34,600 Speaker 6: comfort ball. 346 00:17:34,840 --> 00:17:35,119 Speaker 4: Laura. 347 00:17:35,440 --> 00:17:36,960 Speaker 2: One find of question. We know you got to go 348 00:17:37,000 --> 00:17:39,960 Speaker 2: to Breaking News. What how did the president do with 349 00:17:40,000 --> 00:17:42,639 Speaker 2: the White House Correspondence dinner. What was the grade score 350 00:17:42,680 --> 00:17:45,760 Speaker 2: that you and others would give him of this inside 351 00:17:45,800 --> 00:17:46,600 Speaker 2: Washington event. 352 00:17:47,800 --> 00:17:49,800 Speaker 6: You know, this was really uh, you know, a sort 353 00:17:49,800 --> 00:17:52,800 Speaker 6: of his next big speech, you know, kind of after 354 00:17:53,040 --> 00:17:54,920 Speaker 6: you at least kind of for the general audience, after 355 00:17:54,920 --> 00:17:58,119 Speaker 6: the State Union. And you know, he started out, you know, 356 00:17:58,359 --> 00:18:01,320 Speaker 6: you know, cracking jokes, making of a Trump, of Colin Jose, 357 00:18:01,640 --> 00:18:04,879 Speaker 6: of the press, but then pivoting into this more serious 358 00:18:04,880 --> 00:18:08,280 Speaker 6: message about democracy and you know that perceived dangerous that 359 00:18:08,520 --> 00:18:10,639 Speaker 6: that Trump poses. You know, for him, it was a 360 00:18:10,720 --> 00:18:12,760 Speaker 6: good night, less so for Colin Jos who was more 361 00:18:13,320 --> 00:18:15,400 Speaker 6: roasted and criticized for his performance. 362 00:18:15,920 --> 00:18:18,200 Speaker 2: Laura, Well, let's you go to Breaking News, Lord Davidson 363 00:18:18,240 --> 00:18:21,280 Speaker 2: in Washington with our team here and again to get 364 00:18:21,280 --> 00:18:23,240 Speaker 2: to that news. Let me get it up here exactly, Paul, 365 00:18:23,280 --> 00:18:25,560 Speaker 2: I'm remiss not to have it up. The former president 366 00:18:25,920 --> 00:18:29,000 Speaker 2: of the United States, Donald Trump, finned nine thousand dollars 367 00:18:29,000 --> 00:18:32,160 Speaker 2: for violating gag order in a hush money trial. 368 00:18:32,240 --> 00:18:51,840 Speaker 3: That from Patricia Hurtado. 369 00:18:44,320 --> 00:18:46,919 Speaker 2: On the front pages today. It's an active front pages 370 00:18:46,920 --> 00:18:49,639 Speaker 2: because Lisa is back. What do we approve yesterday? Lisa 371 00:18:49,880 --> 00:18:51,920 Speaker 2: John Tucker is no Lisa Matayo. 372 00:18:52,040 --> 00:18:52,560 Speaker 3: What do you got? 373 00:18:52,960 --> 00:18:54,359 Speaker 7: We got a lot in store for you. 374 00:18:54,800 --> 00:18:57,680 Speaker 8: First of all, Comcast NBC Universal, they really want to 375 00:18:57,680 --> 00:19:00,280 Speaker 8: get into NBA games. They're willing to offer big Bucks 376 00:19:00,560 --> 00:19:03,359 Speaker 8: two and a half billion dollars a year to air 377 00:19:03,480 --> 00:19:05,879 Speaker 8: a package of NBA games, So they really want to 378 00:19:05,880 --> 00:19:08,920 Speaker 8: get into this playoff, regular season games. They'd appear in 379 00:19:09,040 --> 00:19:12,040 Speaker 8: NBC as well as their peacock streaming service. 380 00:19:11,960 --> 00:19:14,440 Speaker 7: Warner brother Discovery. They're really fighting to keep those rights. 381 00:19:14,440 --> 00:19:15,119 Speaker 7: They want to keep them. 382 00:19:15,280 --> 00:19:15,880 Speaker 2: Your real house. 383 00:19:16,400 --> 00:19:20,320 Speaker 4: Warner Brothers Discovery TNT has had the NBA for decades. 384 00:19:20,400 --> 00:19:22,320 Speaker 4: I mean, so they haven't really built up a nice, 385 00:19:22,400 --> 00:19:24,480 Speaker 4: nice franchise here, but it's gonna and I think they're 386 00:19:24,520 --> 00:19:27,359 Speaker 4: gonna have right of first refusal here. But Comcast Universal 387 00:19:27,400 --> 00:19:29,880 Speaker 4: is making a big bid to kind of get into 388 00:19:29,880 --> 00:19:32,240 Speaker 4: the NBA because my my questions. I can't wait to 389 00:19:32,240 --> 00:19:35,800 Speaker 4: see what the w NBA rights go for now to 390 00:19:35,920 --> 00:19:37,560 Speaker 4: Kaylan Clark and all that kind of stuff. Now they're 391 00:19:37,600 --> 00:19:40,240 Speaker 4: under a longer term contract, but I think the WNBA 392 00:19:40,240 --> 00:19:41,719 Speaker 4: may try to come back and renegotiate. 393 00:19:41,920 --> 00:19:44,280 Speaker 2: Why are they doing ity bitty moves. Why don't they 394 00:19:44,320 --> 00:19:46,240 Speaker 2: just come in and say, we have ka jillions of 395 00:19:46,320 --> 00:19:49,520 Speaker 2: dollars we want to do in Comcast streamers. 396 00:19:49,840 --> 00:19:53,280 Speaker 4: Streamers. Yeah, yeah, they haven't had You're exactly right, Tom, 397 00:19:53,320 --> 00:19:57,159 Speaker 4: they haven't really jumped in full force yet into programming. 398 00:19:57,160 --> 00:20:00,920 Speaker 4: But you know, most expectations that are in the NFL, 399 00:20:01,200 --> 00:20:03,439 Speaker 4: which has the big, big price tags, a lot of 400 00:20:03,480 --> 00:20:05,280 Speaker 4: that is going to go streaming over the next five 401 00:20:05,400 --> 00:20:05,960 Speaker 4: plus years. 402 00:20:06,600 --> 00:20:07,159 Speaker 2: Next. 403 00:20:07,640 --> 00:20:10,040 Speaker 8: All right, we just heard McDonald's results, right, reported this 404 00:20:10,040 --> 00:20:12,639 Speaker 8: this morning. Now we're learning the Wall Street journals reporting 405 00:20:12,680 --> 00:20:15,960 Speaker 8: that they want to expand in China more than ten 406 00:20:16,080 --> 00:20:18,639 Speaker 8: thousand by the end of twenty twenty eight. And this 407 00:20:18,680 --> 00:20:20,920 Speaker 8: is after spending one point eight billion to buy back 408 00:20:20,960 --> 00:20:23,439 Speaker 8: a bigger slice of the business in China. So a 409 00:20:23,440 --> 00:20:26,800 Speaker 8: couple challenges though. There's a rival tasty and that's there. 410 00:20:26,920 --> 00:20:29,720 Speaker 8: They offer locals that local move with, you. 411 00:20:29,680 --> 00:20:32,840 Speaker 7: Know, burgers made of duck and tofu and things like that. 412 00:20:33,119 --> 00:20:35,000 Speaker 4: They just go in with their regular McDonald's menu. 413 00:20:35,040 --> 00:20:37,119 Speaker 8: They'll be fine, yes, yes, But then then you have 414 00:20:37,200 --> 00:20:40,480 Speaker 8: Young China though, who operates KFC Pizza Hud though they're 415 00:20:40,520 --> 00:20:43,200 Speaker 8: they're in China and they're big too, so that's another competition. 416 00:20:43,240 --> 00:20:46,760 Speaker 8: And then Starbucks two has big China plans. 417 00:20:45,680 --> 00:20:49,120 Speaker 4: So there may be a technology cold war between China 418 00:20:49,119 --> 00:20:50,520 Speaker 4: and the West, But when it comes to food, When 419 00:20:50,520 --> 00:20:51,640 Speaker 4: it comes to food. 420 00:20:51,800 --> 00:20:56,440 Speaker 2: No, they have this double chicken burger. It's a popular 421 00:20:56,480 --> 00:21:00,280 Speaker 2: menna featuring chicken patties, a let us sushwan sauce on 422 00:21:00,320 --> 00:21:04,359 Speaker 2: a briosh bun. They have regional dishes kanji red bean, 423 00:21:04,359 --> 00:21:08,960 Speaker 2: boba te after thought, would love that spicy mcwings, a 424 00:21:09,119 --> 00:21:14,800 Speaker 2: Chris cut fries in bizarre bizarre como meal. There we go, 425 00:21:15,040 --> 00:21:15,840 Speaker 2: that's what it says. 426 00:21:16,400 --> 00:21:19,120 Speaker 8: But you're right, Paul, though, China the fifth largest market 427 00:21:19,160 --> 00:21:22,440 Speaker 8: by sales global for burger fast food restaurants, growing six 428 00:21:22,480 --> 00:21:24,720 Speaker 8: percent a year, which is faster than the US. 429 00:21:24,840 --> 00:21:27,960 Speaker 4: Yeah, they're like everybody. Everybody say, everybody wants a good the. 430 00:21:27,960 --> 00:21:31,320 Speaker 2: China Optimists, Elizabeth Economy, and the Foreign Affairs. I'm reading 431 00:21:31,359 --> 00:21:33,840 Speaker 2: it right now, just you know. It's her first swarry 432 00:21:33,920 --> 00:21:36,960 Speaker 2: back from working with the Romando e commerce and she says, 433 00:21:37,040 --> 00:21:40,640 Speaker 2: I'm sorry, it's China, Get over it. It's ginormous. Yeah, 434 00:21:40,720 --> 00:21:42,359 Speaker 2: that's one of the basic things. Next. 435 00:21:42,560 --> 00:21:44,840 Speaker 8: Now, I mean, while Subway, you know the sandwich Chaine 436 00:21:44,880 --> 00:21:47,159 Speaker 8: that was exploding all over the place, it's starting to 437 00:21:47,240 --> 00:21:51,360 Speaker 8: shrink its chains in by four hundred and forty three 438 00:21:51,359 --> 00:21:53,680 Speaker 8: stores in the US. That was what it's strunk twenty 439 00:21:53,720 --> 00:21:56,800 Speaker 8: twenty three subways eight straight year of shrinking at store. 440 00:21:57,119 --> 00:21:58,800 Speaker 7: Now, this is from analysts telling. 441 00:21:58,640 --> 00:22:00,680 Speaker 8: The New York Post that it's going to even worse 442 00:22:00,720 --> 00:22:03,879 Speaker 8: because of California's minimum wage law, so they could shrink 443 00:22:03,920 --> 00:22:06,960 Speaker 8: their subway chains even more. I'm a Jersey Mike's girl, 444 00:22:07,080 --> 00:22:08,920 Speaker 8: so yeah, got. 445 00:22:08,760 --> 00:22:09,160 Speaker 3: That, arou. 446 00:22:10,600 --> 00:22:12,639 Speaker 4: But they're more. I mean, when you think about the 447 00:22:12,640 --> 00:22:16,359 Speaker 4: fast food locations around the country, subways number one, like 448 00:22:16,359 --> 00:22:18,800 Speaker 4: more than McDonald's. I didn't know that until just recently. 449 00:22:18,880 --> 00:22:20,359 Speaker 4: Correct correct subways everywhere. 450 00:22:20,400 --> 00:22:23,920 Speaker 2: Okay, I've only been in a few times, and every 451 00:22:23,920 --> 00:22:26,960 Speaker 2: time you order something, I'm still hungry. I don't know 452 00:22:27,000 --> 00:22:27,400 Speaker 2: what that. 453 00:22:27,359 --> 00:22:29,760 Speaker 7: Means because they don't pack their sandwiches with enough meat. 454 00:22:29,920 --> 00:22:30,959 Speaker 7: Just my personal opinion. 455 00:22:31,240 --> 00:22:34,199 Speaker 2: I'm asking, I don't know, I'm just you know, you. 456 00:22:34,200 --> 00:22:39,159 Speaker 4: Know, here's about the minimum wage in California. After learning 457 00:22:39,560 --> 00:22:42,080 Speaker 4: in the fall that the minimum wage was increasing, Subway 458 00:22:42,119 --> 00:22:44,639 Speaker 4: locations started raising prices, with some hiking them as much 459 00:22:44,680 --> 00:22:46,600 Speaker 4: as seven to ten percent. 460 00:22:46,760 --> 00:22:49,800 Speaker 2: One of the Chipotle items is salad that everybody orders 461 00:22:49,920 --> 00:22:52,040 Speaker 2: is thirty six dollars in California. 462 00:22:52,440 --> 00:22:53,960 Speaker 7: In California, Yeah. 463 00:22:53,720 --> 00:22:56,280 Speaker 2: Because of the there was a you know, lead article 464 00:22:56,320 --> 00:22:58,040 Speaker 2: in one of the million. 465 00:22:57,800 --> 00:23:00,320 Speaker 4: I'm still shocked at my fourteen dollars Miller life at 466 00:23:00,320 --> 00:23:03,159 Speaker 4: a dive Jersey shore bar this weekend. I'm still shocked 467 00:23:04,800 --> 00:23:06,680 Speaker 4: square card exactly. 468 00:23:08,160 --> 00:23:08,560 Speaker 7: All right. 469 00:23:08,680 --> 00:23:12,199 Speaker 8: A warning out there for young folks in college or 470 00:23:12,240 --> 00:23:14,280 Speaker 8: getting ready to graduate who are looking for a job. 471 00:23:14,600 --> 00:23:17,080 Speaker 8: There are some scams out there. They're targeting these young 472 00:23:17,200 --> 00:23:21,320 Speaker 8: college graduates. They're using information to impersonate their school dean 473 00:23:21,560 --> 00:23:24,159 Speaker 8: or professor that the kid knows, and they're telling them 474 00:23:24,160 --> 00:23:27,280 Speaker 8: that they've recommended for them for this job. So they're 475 00:23:27,280 --> 00:23:31,200 Speaker 8: hacking into professors emails or they're creating these fake emails, 476 00:23:31,200 --> 00:23:32,760 Speaker 8: but the goal is to get the student to apply 477 00:23:32,800 --> 00:23:36,879 Speaker 8: for the job and then steal their identity bank information. 478 00:23:37,240 --> 00:23:39,640 Speaker 8: They're asking these kids to put up money for home 479 00:23:39,680 --> 00:23:42,200 Speaker 8: office equipment. There was one student who dished out money 480 00:23:42,200 --> 00:23:45,800 Speaker 8: for a laptop and software almost two thousand dollars. So 481 00:23:45,920 --> 00:23:47,960 Speaker 8: it's just a warning. They're putting out there. The FTC 482 00:23:48,040 --> 00:23:50,960 Speaker 8: actually posted that warning on its website too, So it's tough. 483 00:23:51,000 --> 00:23:52,959 Speaker 8: These kids are looking for a job, you know, they 484 00:23:53,040 --> 00:23:55,399 Speaker 8: get something and they're like excited about it, and then 485 00:23:55,400 --> 00:23:57,720 Speaker 8: it turned out to be a scams live chat. 486 00:23:57,920 --> 00:24:01,400 Speaker 2: Someboy is twelve dollars now is five dollars foot long 487 00:24:02,040 --> 00:24:05,040 Speaker 2: five years ago. I remember it's a twelve dollars foot. 488 00:24:04,800 --> 00:24:07,840 Speaker 4: Line that's inflation, which you can use the college thing. 489 00:24:07,880 --> 00:24:10,240 Speaker 2: I mean, I'm getting bombarded by this. I can't imagine 490 00:24:10,280 --> 00:24:13,720 Speaker 2: what the kids and others are the whole Your email, folks, 491 00:24:13,800 --> 00:24:14,640 Speaker 2: be careful out there. 492 00:24:14,720 --> 00:24:17,639 Speaker 4: Yeah, and text as well. They're they're going through your 493 00:24:17,640 --> 00:24:18,240 Speaker 4: text as well. 494 00:24:18,320 --> 00:24:20,760 Speaker 2: They even get through that. We have a very sophisticated 495 00:24:20,760 --> 00:24:25,000 Speaker 2: system at Bloomberg, thank you, mister, and it gets through that. 496 00:24:25,119 --> 00:24:27,560 Speaker 2: I even rarely at Bloomberg, I even get. 497 00:24:27,960 --> 00:24:29,920 Speaker 4: Yeah, yeah, I just told my kids on the phone. 498 00:24:30,160 --> 00:24:32,880 Speaker 4: If you don't know exactly, if it's not in your 499 00:24:33,400 --> 00:24:37,439 Speaker 4: library and your book, don't answer it. Don't respond if 500 00:24:37,480 --> 00:24:40,240 Speaker 4: you don't know. I'm shocked that people I'll hear them 501 00:24:40,240 --> 00:24:43,720 Speaker 4: on the train and or on the phone say hello hello. 502 00:24:44,000 --> 00:24:45,719 Speaker 4: So you actually answer a phone call from somebody you 503 00:24:45,760 --> 00:24:47,719 Speaker 4: don't know who does that anymore. 504 00:24:47,760 --> 00:24:50,919 Speaker 8: I know, but I get the geek squad, the FedEx emails, 505 00:24:50,960 --> 00:24:52,320 Speaker 8: like all those, and try to click. 506 00:24:52,160 --> 00:24:52,520 Speaker 1: On the link. 507 00:24:52,920 --> 00:24:56,120 Speaker 2: This is a Bloomberg Surveillance podcast, bringing you the best 508 00:24:56,160 --> 00:25:00,920 Speaker 2: in economics, finance, investment, and international relations. You can also 509 00:25:01,000 --> 00:25:05,040 Speaker 2: watch the show live on YouTube. Visit the Bloomberg Podcast 510 00:25:05,160 --> 00:25:09,200 Speaker 2: channel on YouTube to see the show weekday mornings from 511 00:25:09,240 --> 00:25:12,480 Speaker 2: seven to ten am Eastern from our global headquarters in 512 00:25:12,600 --> 00:25:16,280 Speaker 2: New York City. Subscribe to the podcast on Apple, Spotify, 513 00:25:16,640 --> 00:25:20,160 Speaker 2: or anywhere else you listen, and always on Bloomberg Radio, 514 00:25:20,359 --> 00:25:23,560 Speaker 2: the Bloomberg Terminal, and the Bloomberg Business app.