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Speaker 1: Broadcasting live to New York, Cloomberg eleventh, Rio to Washington,

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Speaker 1: d C, Bloomber to Boston, Bloomberg twelve Honors, to San Francisco,

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Speaker 1: Bloomberg to the Country, Sees Exam Channel one ninety and

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Speaker 1: around the globe the Bloomberg Radio Plus happened Bloomberg dot Com.

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Speaker 1: This is Bloomberg Surveillance. Good morning and say thirty on

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Speaker 1: Well Street at Michael McKee along with Tom Keene. Our

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Speaker 1: economic indicators brought to you by Commonwealth Financial Network. When

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Speaker 1: it's time to change the conversation, talk with the broker

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Speaker 1: dealer r I A that's ready to listen calle six

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Speaker 1: six six two three six three eight or VI is

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Speaker 1: it Commonwealth dot com to learn more. Unfortunately, we have

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Speaker 1: a deficit today in terms of the numbers. We have

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Speaker 1: some indicators if FED officials are uh, you know, to

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Speaker 1: be considered. We have Laurrett investor from Cleveland, and Jim

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Speaker 1: Bullard and uh we have Rob Kaplan all speaking today

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Speaker 1: he Dallas. You know we have the Fed minutes. You're

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Speaker 1: hiding a punchline. You're going down to Washington to be

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Speaker 1: hermetically sealed in a room to sparse the words. Some

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Speaker 1: several a few. Well, the hermetically sealed is not too bad.

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Speaker 1: It's being on funking Wagonal's porch is exactly the hard part.

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Speaker 1: Now there's an old what's gonna What are they gonna

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Speaker 1: say the minutes today? A wise one, Well, they're gonna

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Speaker 1: probably not say a whole lot that we don't already know.

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Speaker 1: But let's ask a wiser one. Let's do that. The

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Speaker 1: chief economist a big vein trading in town from this

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Speaker 1: is one of the largest commodities brokers in the world,

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Speaker 1: so it's a big deal. But Michael Drury is with this.

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Speaker 1: He's also the chairman of the Global Interdependent Center, about

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Speaker 1: which more in a little bit. But everybody talks about

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Speaker 1: the FED. But are we gonna learn anything today? And

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Speaker 1: how much on a day to day basis are you

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Speaker 1: really paying attention? So I think the main thing gonna

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Speaker 1: learn from the minutes is just how contentious this last

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Speaker 1: meeting was. We know there was one descent. The real

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Speaker 1: question is how close were they to two descents? Uh?

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Speaker 1: You know that both Bullet and Mester are speaking today.

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Speaker 1: They're both voters and both are increasingly leaning towards tightening.

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Speaker 1: It was interesting Rose and Ground spoke yesterday and indicated

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Speaker 1: that he thought that the market didn't have enough priced in.

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Speaker 1: That's one of the more devish voices. Yeah, but Jennet

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Speaker 1: Young came out and said low and slow, and everybody,

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Speaker 1: you know, kind of went back to sleep. Do any

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Speaker 1: of these people who are speaking today, with all due

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Speaker 1: respect to Loretta, Jim and Robert Uh, do they matter? Well?

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Speaker 1: I think they only matter in the sense that you're

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Speaker 1: trying to uh, you're trying to uh work with how

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Speaker 1: many descents you're likely to take. So I mean, if

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Speaker 1: if you got to where you're going to take more

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Speaker 1: than two, I think it would make a difference. And

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Speaker 1: that's why I think Rosing Grounds an interesting voice because

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Speaker 1: he two is a voter and a doubt. One of

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Speaker 1: the great things about your experience in economics, and one

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Speaker 1: of them, folks as being out of Georgia Tech, which

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Speaker 1: is his own twisted economics and years ago, is you

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Speaker 1: have the privilege of working with Ellen Sinai. I have

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Speaker 1: found that when Sinai talks, there's always one absolute distinction

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Speaker 1: of the moment that's original. What is your sign I

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Speaker 1: like distinction right now in our fed dialogue, what's the

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Speaker 1: thing that you're grasping onto. Well, you know, I'm focused

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Speaker 1: less on the FED. I think to me, the most

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Speaker 1: interesting thing out there is that the world is fixated

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Speaker 1: on the fact that we're in the seventh or eighth

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Speaker 1: year of an economic expansion, depending how you count I

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Speaker 1: countess is in the first year of a global expansion.

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Speaker 1: That the recession started in fourteen in China with the

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Speaker 1: corruption campaign. The policy response was last year negative interest

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Speaker 1: rates into valuations, and the growth is today as seen

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Speaker 1: in atto and housing, both in the United States and

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Speaker 1: in China. And that view gives you a much longer

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Speaker 1: cycle than seven years is going to end in eight

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Speaker 1: Why do you think that we've started an upturn when

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Speaker 1: there's so much gloom about the way things are going

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Speaker 1: and you have many UH central banks still cutting rates? Well,

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Speaker 1: and how is that different than the United States? And

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Speaker 1: two thou you know Europe in eleven twelve. I mean,

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Speaker 1: we're not in D shaped recoveries anymore. We're in L

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Speaker 1: shaped recovery. So even though we're in a recovery, I

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Speaker 1: expect the United States to grow to Europe to grow one.

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Speaker 1: And if Japan hits zero, I'd be happy. Within that

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Speaker 1: framed optimism. Will the further growth on a nominal basis

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Speaker 1: be growth of the real economy or will it just

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Speaker 1: be a little more inflationary impulse off the disinflation we've seen. Yeah,

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Speaker 1: I think very low nominal growth is here to stay

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Speaker 1: and you get grinding real growth. I'm not quite uh,

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Speaker 1: you know, stagnation, but not much more than that. Mike,

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Speaker 1: you gotta put a casket out back like I do.

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Speaker 1: We're never retired. What what? What about inflation? It's one

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Speaker 1: question you we could see addressed in the minist today,

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Speaker 1: whether the acceleration we have seen recently in inflation, whether

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Speaker 1: FED thinks it's going to continue much of what's happened

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Speaker 1: in terms of disinflation in this country related to commodities.

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Speaker 1: You're area, are we going to see inflation now? Well,

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Speaker 1: I think it's a very bimodel. I mean, we don't

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Speaker 1: see any inflation on the forefront in the commodities area.

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Speaker 1: In fact, you know, the new technology was called out

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Speaker 1: by the record high prices going into two thousand and eleven.

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Speaker 1: You know that technology is still working its way through industries,

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Speaker 1: and we think that you continue to see lower commodities

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Speaker 1: prices for a very long time. The inflation is on

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Speaker 1: the services side. You know where you're seeing it in

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Speaker 1: rents and you're seeing it in service costs. And does

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Speaker 1: that continue? Does it get to a point where the

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Speaker 1: fit is concerned anytime soon? I think concerned is a

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Speaker 1: relative term. I mean, for a lot of the more

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Speaker 1: hawkish people, as soon as we start bumping against two,

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Speaker 1: they're going to be concerned. I think there are very

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Speaker 1: few like Evans who are willing to put up with

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Speaker 1: two and a half or three because they're even handed.

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Speaker 1: Can I reb up the script here? And this is

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Speaker 1: Mike goes to your good work and talking to many

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Speaker 1: more presidents than I do. What is distinctive about Charles Evans?

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Speaker 1: I was asked that question, and I went into Carnegie,

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Speaker 1: Mellon and that a Holham and and all that. But

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Speaker 1: what is the distinctive feature of the Chicago president that

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Speaker 1: makes everybody lean forward? Ye? Well, I mean I think

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Speaker 1: you know his bulls eye view that you can be

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Speaker 1: even handed and you can accept higher inflation as well

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Speaker 1: as lower inflation. I think that's a distinctive view on

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Speaker 1: the FED right now. Not even the other dubs say

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Speaker 1: things like that. Now, why he gets so much attention

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Speaker 1: because he's an outlier. Well, he's uh suggesting that maybe

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Speaker 1: the Fed has to act more than the markets think.

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Speaker 1: So that is going to keep people. It's fascinating. I mean, I'm,

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Speaker 1: as you know, guilty of the parlor game as anybody else,

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Speaker 1: but the parlor game right now is really really interesting.

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Speaker 1: This afternoon, what time is it like, two pm? Minutes

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Speaker 1: two pm, Michael McKee will be in Washington to give

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Speaker 1: you perspective you can't get anywhere else on some several

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Speaker 1: and if you, Michael, the tenure yield one point seven five.

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Speaker 1: That's uh something that we've seen turn around the last

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Speaker 1: couple of days. We're starting to see a little bit

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Speaker 1: higher rates than maybe the markets have, beginning to pay

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Speaker 1: a little bit of attention Charlie Evans and people of

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Speaker 1: his ilk. We're looking at future is a little bit

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Speaker 1: higher here on Bloomberg. Now, let's talk to Michael Barrn

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Speaker 1: get the latest world of national headlines. My Tom, Thank

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Speaker 1: you very much. That's as Senator Ted Cruz and Vermont

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Speaker 1: Senator Bernie Sanders delt set box to the front runners

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Speaker 1: after their wins yesterday in the Wisconsin primary. A former

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Speaker 1: spokesman for the Republican National Committee says Cruises win in

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Speaker 1: Wisconsin means the race will almost certainly go to the

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Speaker 1: July convention. With a no nominee apparent. The race will

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Speaker 1: head later this month to the delegate rich primaries in

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Speaker 1: New York, home to Donald Trump and Hillary Clinton. For

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Speaker 1: the Democrats, two seven delegates are at stake in New York.

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Speaker 1: For the Republicans, ninety five are up programs. Meanwhile, Trump

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Speaker 1: will campaign tonight on Long Island. The US Labor Department

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Speaker 1: is unveiling new rules for brokers aimed at giving more

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Speaker 1: protection for Americans and their retirement accounts. The rules will

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Speaker 1: require the brokers who recommend investments for retirement savers meet

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Speaker 1: a stricter standard Labor Secretary every time. For Rest says

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Speaker 1: brokers must act as fiduciaries trustees legally obligated to put

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Speaker 1: their client's best interest above all. Today's rule ensures that

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Speaker 1: putting clients first is no longer a marketing slogan, it's

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Speaker 1: the law. The Rest called it a good day for

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Speaker 1: the middle class. Global News twenty four hours a day,

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Speaker 1: powered by our four hundred journalists and more than one

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Speaker 1: fifty news bureaus from around the world. On michaelau Bar Mike,

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Speaker 1: thank you, Michael, time now for the Bloomberg NBC Sports

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Speaker 1: Update and John Stashower. Nothing says baseball like frigid temperatures

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Speaker 1: and the wind blowing in from center field. They got

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Speaker 1: they got played tonight, not even a day game at

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Speaker 1: the stadium. But yesterday was the fifth grade time the

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Speaker 1: Yankees lost their opener. Astros won five, have three. The

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Speaker 1: big play at eighth that in throwing their by losing

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Speaker 1: Fitzer Dellan Batanson's the Joe Girardi culture have been interference

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Speaker 1: on the runner who was clearly on the grass, not

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Speaker 1: on the base path, the rule reads and the umpire

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Speaker 1: judgment if it impedes with the first basement catching. My

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Speaker 1: argument is you have no lane to throw it, so

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Speaker 1: I guess Dellen's only option is the throat and hitting,

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Speaker 1: and I don't think that's what baseball wants, So to me,

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Speaker 1: it's something that probably needs to be looked at. I mean,

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Speaker 1: that's that's a big play. You know, it ends up

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Speaker 1: hurting us and then he gives up a couple more

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Speaker 1: runs from that on, But that's a big play because

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Speaker 1: that's the second out. Matt's off till Friday's home. What

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Speaker 1: do they want to nothing to Kansas City Neil Walker's

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Speaker 1: two run home or all they need Noah's synder guard

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Speaker 1: and three relievers team and on a three hit or

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Speaker 1: twelve strikeouts come back wins with the Rangers. I had

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Speaker 1: Islanders both head into the postseason. They'll play tomorrow at

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Speaker 1: the Garden. Last night, Rangers trailed Tampa Bay to nothing.

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Speaker 1: Derek step On scored twice and then Chris cried or

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Speaker 1: three to win. Keeps them two points ahead of the Islanders,

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Speaker 1: who cleansed their birth with a thrilling four or three

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Speaker 1: overtime win at Washington, who was up three once for

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Speaker 1: the best NHL team blew a leade lost at home,

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Speaker 1: and so did the best NBA team. Minnesota stunned Golden

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Speaker 1: State in overtime to nine. The Warriors their seventieth way

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Speaker 1: no upset in the n C Double A Women's Final,

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Speaker 1: Yukon eight two, Syracuse fifty one, gino Ori MS eleventh title,

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Speaker 1: one more than John Wood and Brianna Stewart, the first

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Speaker 1: player to win four championships. With the Bloomberg NBC Sports Update,

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Speaker 1: I'm John Stash. Yeahn thanks so much. Just sign out.

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Speaker 1: For the Bloomberg Surveillance Baseball Report the first place Boston

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Speaker 1: Red Sox. Yes, and and you are under the obligation, John,

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Speaker 1: and I put an obligation on you. You cannot say

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Speaker 1: the season is over until they lose. Yeah, there's that movie.

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Speaker 1: Seven days in May. She'll be seven days in May

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Speaker 1: for the Red Sox and is congratulated. David probably starting

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Speaker 1: outright for the Red Sox and beginning his farewell tour,

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Speaker 1: did better than his spring training tour, to say the least.

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Speaker 1: We will continue. Michael mcainn toom keenan Oil Bloomberg Surveillance

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Speaker 1: Bloobarguns brought you by Ancient Block and Ancient named the

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Speaker 1: best accounting firm in North America for the sixth year

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Speaker 1: plus Mobile Act and on your radio. This is a

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Speaker 1: Bloomberg business flash and I'm Karen Moscow. US dot Index

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Speaker 1: futures are now little changed. The higher oil is rising

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Speaker 1: this morning. We checked the markets every fifteen minutes throughout

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Speaker 1: the trading day on Bloomberg. And this update brought to

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Speaker 1: you by National realty returns on cash and rented real

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Speaker 1: estate fund them at n r I A dot net

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Speaker 1: s and b E mini futures again little changed, up

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Speaker 1: a point DOWNIE many futures up for nasdag E mini

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Speaker 1: futures up to DAX in Germany's down to tenths percent,

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Speaker 1: the CA can Paris up three tenths per cent, the

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Speaker 1: FT one up six tenths per cent. Ten year Treasury

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Speaker 1: down sixties against the yield one point seven four percent.

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Speaker 1: Non max screwed oil of two percent or seventy three

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Speaker 1: cents at thirty six sixty two a barrel. Comex gold

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Speaker 1: is down nine ten percent or ten dollars forty cents

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Speaker 1: to twelve nineteen twenty. Unnounced the euro at other thirteen

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Speaker 1: forty six the N one ten point three nine. Fiser

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Speaker 1: and Allergan agreeing to terminate their one hundred sixty billion

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Speaker 1: dollar merger. Fiser up one point two percent this morning,

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Speaker 1: Allergan down two percent, and mont Santo, the world's largest

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Speaker 1: seed company, posting its smallest fiscal second quarter of profit

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Speaker 1: since twenty eleven. As a global slump and agricultural commodities

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Speaker 1: depressed demand for crop inputs. That's a Bloomberg Business Flash,

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Speaker 1: Tom and Mike Karena. I thank you so much. It

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Speaker 1: is on Wall Street. The following is from Bloomberg View.

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Speaker 1: Opinions and commentary from Bloomberg columnists. I'm Paula Dwyer and

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Speaker 1: editor with Bloomberg View. Can good policy cure trumps um

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Speaker 1: and other words? When workers lose jobs because of free training?

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Speaker 1: Is there a better solution than xenophobia and rage? The

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Speaker 1: answer coming from the left and the right, is yes.

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Speaker 1: And it's called wage insurance. That's a catch all term

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Speaker 1: for when the government supplements the earnings of employees who

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Speaker 1: face long term wage reductions through no fault of their own.

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Speaker 1: One reason it's winning praise is that, unlike unemployment insurance

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Speaker 1: and other programs that help the jobless and encourages them

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Speaker 1: to take lower paying positions, President Obama sees it as

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Speaker 1: a way to address inequality. His latest budget would compensate

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Speaker 1: workers with at least three years experience and who lose

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Speaker 1: jobs for no fault of their own by taking a

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Speaker 1: lower paying job. He would give them half the shortfall,

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Speaker 1: up to ten thousand dollars over two years, the cost

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Speaker 1: less than five billion a year. Even some Republicans including

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Speaker 1: Senator Marco Rubio, liked the concept free trade and open

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Speaker 1: markets lead to economic growth, just not for everyone. The

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Speaker 1: government's role should be to help those who are hurt

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Speaker 1: in the process. I'm Paula Dwyer, an editor with Bloomberg View.

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Speaker 1: For more Bloomberg opinion and commentary, please go to Bloomberg

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Speaker 1: View dot com or view go on the Bloomberg terminal.

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Speaker 1: This has been Bloomberg View and Bloomberview commentaries can be

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Speaker 1: heard hourly weekdays. I'm Bloomberg Radio. Michael. Michael Jury is

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Speaker 1: the chief economist at McMain Investments in Memphis. He is

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Speaker 1: also the chairman of the Global Interdependent Center. I want

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Speaker 1: to go back to something you mentioned just briefly when

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Speaker 1: we were talking about inflation before the break, about technical

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Speaker 1: innovation in the commodities area, particularly for oil. I mean, uh,

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Speaker 1: one reason oil prices are so low as American frackers

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Speaker 1: have found a way to keep um improving their output

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Speaker 1: at lower and lower costs. UM. Does that suggest that

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Speaker 1: we see low oil prices on forever a relative terms?

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Speaker 1: So they really interesting? There thing there is that you know,

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Speaker 1: until recently you basically only fracked in the bocket and

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Speaker 1: it was so profitable that it didn't really spread beyond

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Speaker 1: that because you just went further and further away from

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Speaker 1: the center in the Bocket. It was only in the

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Speaker 1: last year and a half or so that you moved

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Speaker 1: to the Permian and the Eagle for it. So, you know,

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Speaker 1: we don't frack in Argentina, we don't freck in China,

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Speaker 1: we don't fracking in Russia or you know, anywhere in

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Speaker 1: the Middle East we're going to. So I think as

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Speaker 1: that technology spreads worldwide, you're gonna have a very difficult

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Speaker 1: time coming above a ceiling that currently is forty five,

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Speaker 1: and we'll continue to decline as the technology spreads. Well,

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Speaker 1: when the price is that low, can anybody make money doing?

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Speaker 1: In other words, I mean, what's the clearing price going

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Speaker 1: to be? Well, so the clearing price, we used to

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Speaker 1: say it was seventy two, and then you said it

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Speaker 1: was fifty six, and now people are saying it's in

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Speaker 1: the thirties, and they're saying the lifting costs, even for

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Speaker 1: for fracking might only be in the high teens. So

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Speaker 1: it just it keeps working its way down. Is that

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Speaker 1: because of technological progress Bloomberg Intelligence killer work, Vince Piazza

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Speaker 1: like remove the industry a year ago where he said,

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Speaker 1: look the all in blended lifting cost is twenty nine

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Speaker 1: dollars barrel. Everybody thought he was nuts. I believe we

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Speaker 1: visited twenty nine barrel? Are we gonna visit? You know

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Speaker 1: the number Larry Cudler was talking about a million years ago. Well,

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Speaker 1: let's see. And I think we keep working our way

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Speaker 1: down because I mean, the costs of the oil field

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Speaker 1: workers is going down, the cost of the trucking is

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Speaker 1: going down. The ability to produce more from a single pad,

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Speaker 1: as can we get more out of the ground now

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Speaker 1: like factor that for us, Well, you get more out

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Speaker 1: from a single pad, which is the great advantage. You

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Speaker 1: used only drill one. Well now you drill eight and

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Speaker 1: you can draw them for four miles instead of two.

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Speaker 1: So I mean, it's it's just that's beautiful. But if

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Speaker 1: we start drilling, you have to realize, Mike and I

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Speaker 1: don't drive. We haven't been near oil. And Mike, when

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Speaker 1: did you last to an oil change the nash? The

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Speaker 1: nash rambler needs it a little more often. But if

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Speaker 1: we start drilling, if other countries start fracking, I mean,

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Speaker 1: do we think they actually will it's it's hard to

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Speaker 1: believe Europe, with its strict environmental views, would get into it.

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Speaker 1: But if the Chinese did, what does it mean for

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Speaker 1: what now? Is our our sort of dominant position in

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Speaker 1: setting prices. So early on the argument was that the

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Speaker 1: seismology was different and it would be hard to frack

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Speaker 1: in other places. But I mean, we've just seen from

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Speaker 1: the productivity boom in the United States that you just

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Speaker 1: learn as you go, and so I think it will spread.

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Speaker 1: Argentina is one of the more interesting markets for fracking,

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Speaker 1: and they need the money and it's kind of a

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Speaker 1: fresh start down there. So what does it mean for

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Speaker 1: what does this uh supply, additional supply and low prices

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Speaker 1: mean for the US and for the global economy? Well,

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Speaker 1: I mean, if you're in the world that I'm looking

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Speaker 1: at where it's two percent US, one percent Europe, then

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Speaker 1: you know, I mean, you don't need a whole lot

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Speaker 1: more royal every year. China's drawing, but it's not growing

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Speaker 1: like it did in the past, and so any incremental

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Speaker 1: increases in an output are going to keep a lot

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Speaker 1: of pressure on prices. Part of the only reason prices

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Speaker 1: aren't a lot lower now is because the expected increase

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Speaker 1: from Iran really hasn't come online nearly as quickly as earlier.

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Speaker 1: You know, the initial anticipation wise, what do you see

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Speaker 1: in the economy. We have a great advantage in speaking

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Speaker 1: to people that aren't within three zip codes of Manhattan,

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Speaker 1: and you're one of them. You're out there. What what

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Speaker 1: what do we get wrong in our big city synthesis

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Speaker 1: that you observe well, I guess to me, the biggest

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Speaker 1: thing I get when I come to New York is

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Speaker 1: the focus on the stock market, and that means on oil,

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Speaker 1: and that means I'm manufacturing because that's where the big

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Speaker 1: firms are as opposed to you know, what's going on

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Speaker 1: in smaller businesses and services and what's happening in the

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Speaker 1: non stock world, which is like in China and places

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Speaker 1: like that. I think that emphasis puts too much pressure

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Speaker 1: on the part of the world it's declining and misses

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Speaker 1: the parts of the world that are starting to pick up.

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Speaker 1: You do travel a lot as the chairman of the

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Speaker 1: g I c Uh, what are you learning from the

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Speaker 1: central bankers you talked to around the world. Uh, they're

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Speaker 1: equally confused everywhere in the world. I mean, negative interest

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Speaker 1: rates are a real problem. No one really knows how

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Speaker 1: to deal with them. There are things as simple as

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Speaker 1: accounting problems. I mean, the software doesn't allow you to

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Speaker 1: deal with negative interest rates in a lot of uh places.

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Speaker 1: But I think most recently, the fact that the Japanese

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Speaker 1: went to negative interest rates and the end strengthened and

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Speaker 1: the studying, what does it signal for you that you

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Speaker 1: end strengthening, you know? I think the dollar is dollar strength,

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Speaker 1: which led to bleeding out of US strength to the

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Speaker 1: rest of the world. I think that's ending. I think

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Speaker 1: the dollar will be basically flat this year, and by

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Speaker 1: the end of this year, the US will be a

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Speaker 1: little better. But I think the dollar, you know, tells

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Speaker 1: you that the US is still the lead engine. It's

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Speaker 1: not a great engine, but it's the lead engine in

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Speaker 1: the world economy. Well, should we be scared that central

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Speaker 1: bankers don't really have a clue at this point either?

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Speaker 1: I don't think we Well, I think they should be

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Speaker 1: scared because they're central bankers. But I think it's just

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Speaker 1: more and more people realizing that we need monitor I mean,

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Speaker 1: fiscal policy, we need regulatory policy, We need structural change

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Speaker 1: rather than just another round of debt creation. I can

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Speaker 1: think of five people who don't think we need additional

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Speaker 1: fiscal policy right now. If we don't get it, what happens. Well,

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Speaker 1: so we may not get it in the United States.

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Speaker 1: But the main place that we're getting fiscal policy right

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Speaker 1: now is China, where they are on another round of

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Speaker 1: infrastructure building, another round of directed investment. Uh. That may

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Speaker 1: not be the long run solution, but it probably buys

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Speaker 1: you at least another twenty four months of growth. Who's

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Speaker 1: you buys the world or buys the Chinese, Well buys

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Speaker 1: the Chinese. And I think as long as Europe and

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Speaker 1: the US are growing, even if not spectacularly, then China

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Speaker 1: can be an additional engine of growth, or maybe a

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Speaker 1: caboost that's pushing from the back, a rear end locomotive.

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Speaker 1: Where are you off to next? You're always on the road.

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Speaker 1: I I will be in Beijing on Monday, in Hong

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Speaker 1: Kong on Friday, and uh and that sounds romantic all

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Speaker 1: get out. But when which hotel are you gonna stay

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Speaker 1: out in Beijing? I stay at the Hilton Loong Fushing. Okay,

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Speaker 1: the Hilton Long Fushing, which I sort of know, kind

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Speaker 1: of like the trip to the airport alone destroys any romance.

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Speaker 1: I would assume it's I'll check the air meters, but

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Speaker 1: it's the walk outside that's always exciting. Michael Jury from

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Speaker 1: mcvaane Investments, thanks for stopping by on your way around

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Speaker 1: the world and catching us up today. Let me do

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Speaker 1: a day to check here to get us up to date.

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Speaker 1: UH crewed up seventy thirty six sixty four Brent crew

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Speaker 1: forty nine. You heard Michael talk there about finding the

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Speaker 1: bottom in oil gold down nine dollars, not near the

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Speaker 1: eleven handle, but never thus twelve twenty is UH a churn,

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Speaker 1: as we've seen in so many other data as well. Yeah,

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Speaker 1: one seven, I'm watching very carefully. We've got a much

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Speaker 1: stronger YAIN trend in the last number of days a

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Speaker 1: year one eight, giving us a year O again stronger

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Speaker 1: yin coming up on New York politics, among other things,

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Speaker 1: Arthur Levin, This will be interesting.