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Speaker 1: Yeah, Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane

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Speaker 1: jay Ley. We bring you insight from the best in economics, finance, investment,

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Speaker 1: and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,

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Speaker 1: Bloomberg dot Com and of course on the Bloomberg. Well,

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Speaker 1: I think the focus should be today as on rights.

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Speaker 1: How low are they going to take rights? Do they

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Speaker 1: introduced tearing? And how will the markets respond to the

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Speaker 1: prospect of much lower interest rates at the c B.

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Speaker 1: We've got the right guest to get the start at

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Speaker 1: all that you bring in, Joyce Chang. But John the

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Speaker 1: zero hedge chart last night, which I made up years ago.

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Speaker 1: What I've forgotten about b double A corporates, the kind

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Speaker 1: of stuff you follow on the real yield see it

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Speaker 1: one PM Friday's Bloomberg Television Less the SMP dividend we

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Speaker 1: are over two standard d creations low and how those

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Speaker 1: rates have come in versus a stock dividend so usual time,

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Speaker 1: these are the bottom of the investment great stack. There

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Speaker 1: the credits that you're looking at, and a lot of

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Speaker 1: people have been worried about them because there's been a huge,

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Speaker 1: huge amount of debt that's been issued by some of

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Speaker 1: those companies, but actually they've held up pretty well through

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Speaker 1: the dynamics here into this dragon. Can I say this

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Speaker 1: is the biggest ECB meeting ever? I think I can say.

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Speaker 1: I think you can say it's the biggest one so

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Speaker 1: far this year. I don't think you can say it's

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Speaker 1: the biggest ever, but I think it's the biggest so far.

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Speaker 1: Joyce chaying with us now. JP Morgan Securities Global Research

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Speaker 1: Chair Joyce is great to see you. Let's talk about

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Speaker 1: the base case just quickly. We survey the economist here

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Speaker 1: at Bloomberg. Of them expect hui. The median forecast seems

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Speaker 1: to be to drop the depot rate from negative forty

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Speaker 1: to negative fifty and maybe you go again in December.

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Speaker 1: What are the team at JP Morgan looking for? So

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Speaker 1: we are looking for ten basis points, so we agree

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Speaker 1: with where the market it is right now. I mean

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Speaker 1: more importantly, what we're looking at is what's the forward guidance.

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Speaker 1: Are they really going to push out the communication to

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Speaker 1: the end of before they would actually um and and

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Speaker 1: be ready to move sooner if they needed to um

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Speaker 1: you know, bring rates down further. And it's the tearing

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Speaker 1: debate what that means for the banks. I mean, how

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Speaker 1: will this impact bank income and bank profitability? So we

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Speaker 1: think it's ten basis points. We think it's thirty billion

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Speaker 1: euros on the QUI for another nine months right now.

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Speaker 1: I think there is some space where the market could

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Speaker 1: be disappointed. But you know, it's a transition period, so

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Speaker 1: I don't think you can necessarily you move as aggressively

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Speaker 1: at this point as what the markets may be expecting

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Speaker 1: from some corners. I've spoken to money market participants who

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Speaker 1: believe the key element of today's package is what happens

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Speaker 1: with tearing now. The ECB in the official that are

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Speaker 1: out there seemed to be focused on QI, but for

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Speaker 1: market participants, in the speak that I speak to the

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Speaker 1: bank income, the bank profitability, and is there a way

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Speaker 1: basically not to penalize the bank so much for a

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Speaker 1: negative interest rate? So I think the market will look

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Speaker 1: at that and they look at the language. I'm tearing.

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Speaker 1: It's over the Boston Red Sox because having a bad morning.

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Speaker 1: Good morning with the red socks, you're always having a

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Speaker 1: bad morning. Great year last year, yeah, okay, it was

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Speaker 1: a good six months. I still can't believe we won

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Speaker 1: I'm gonna I've just spoken before Kean Abohussin to me,

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Speaker 1: he's your most important person at JP Morgan, your European

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Speaker 1: bank analyst has to synthesize this for commercial banking in Europe.

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Speaker 1: This meeting can't be good for the profitability of European banks,

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Speaker 1: can it? Well? I think those are the longer term questions,

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Speaker 1: and we've been getting a lot of these types of

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Speaker 1: relative value questions. How are you looking at the health

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Speaker 1: of US banks versus European banks? So that's why the

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Speaker 1: cheering is really where the focus is from many of

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Speaker 1: the market participants to really take a look at bank income.

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Speaker 1: How's bankin come going to be impacted? Joyce the thing

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Speaker 1: I struggle with today for the banks in Europe and

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Speaker 1: for me, as for many people I know. Listen to

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Speaker 1: this program, you'll be looking at s x seven E,

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Speaker 1: which is the euro banks on the Bloomberg terminal, how

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Speaker 1: they respond to the package that gets delivered today. If

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Speaker 1: we do indeed get the full package in the short term,

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Speaker 1: I can see how tearing helps, but it won't be

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Speaker 1: too long before people start to think about hang on

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Speaker 1: a minute, you start to offset the pain a little

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Speaker 1: bit for some of these banks. But with tearing, you've

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Speaker 1: just opened up a whole new range of possibilities for

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Speaker 1: how low interest rates of the e c B can

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Speaker 1: go very quickly. We could be talking about negative suffer

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Speaker 1: is seventy five basis points, then negative one percent. We

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Speaker 1: won't care about tearing in that context, will just be

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Speaker 1: looking at a rate that is going lower and lower

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Speaker 1: at the e c B. How important is it to

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Speaker 1: grapple with that issue right now? How can you have

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Speaker 1: any conviction on what Eurozone banks will be of the

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Speaker 1: direction of travel ultimately is lower interest rates? No? I

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Speaker 1: think that is absolutely Um. You know the case. Everybody

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Speaker 1: is looking at six now of our euro index as

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Speaker 1: a negative yield on it, and um a debate on

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Speaker 1: whether the U s could go to zero interest rates

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Speaker 1: eventually the China goes to zero interest rates. Nobody sees

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Speaker 1: you coming out of this very quickly. And I think

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Speaker 1: the discussion is going to turn to growth in Europe,

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Speaker 1: not just the bank profitability, but are we seeing your

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Speaker 1: technical recession? Joyce, I mean, everybody here's kind of nancy

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Speaker 1: mathematical knowledge of this. I love what Gina smile like

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Speaker 1: digging in the New York Times today with the upside

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Speaker 1: down headline for a world turned upside down by negative

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Speaker 1: rates on our listeners are listening to John Faro talk

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Speaker 1: about what John negatives? Did you say, Well, potentially, I'm

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Speaker 1: just looking at Switzerland at the moment they have tearing.

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Speaker 1: That's what rights are, Okay, So we get the German tenure.

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Speaker 1: Excuse me, the German two year to a negative one percent.

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Speaker 1: That's not healthy, is it? It's not healthy? And I

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Speaker 1: think you're going to see debates go on all the

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Speaker 1: central banks. People will look at Swiss National Bank, what

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Speaker 1: are they going to do? You see six out of

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Speaker 1: seventeen expecting a rate cut, But is that going to

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Speaker 1: actually move more aggressively as well? But there's also going

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Speaker 1: to be you look at what PBOC is doing, look

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Speaker 1: at what Brazil is doing. I mean we've got twenty

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Speaker 1: out of twenty two central banks that are easing right now.

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Speaker 1: So you do have synchronized but into John and below

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Speaker 1: the zero bound, it's not I think for money market

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Speaker 1: bight sessments today they hope that if DCB moves, they

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Speaker 1: only go by ten basis points. No one wants to

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Speaker 1: sing more than that. A lot of people are starting

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Speaker 1: to think about this concept, Joyce, of the reversal rate

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Speaker 1: and I would love for you to speak to that

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Speaker 1: for us. Are we at the point in Europe right

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Speaker 1: now where rate cuts are viewed by market participants as

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Speaker 1: negative that could lead to potentially tie to financial conditions,

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Speaker 1: to have adverse reactions by market participants and therefore negative

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Speaker 1: responses never negative reactions in the broader economy. Well, we

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Speaker 1: agree that ten basis points is really what the market

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Speaker 1: is expecting to If you did something more aggressive, that

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Speaker 1: might send a very different signal. I think what the

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Speaker 1: market is really looking for is as you have these

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Speaker 1: leadership changes come in your are you going to see

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Speaker 1: more focused on fiscal policy? Um and um affected Madame

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Speaker 1: Regard trots in and says we need more fiscal policy.

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Speaker 1: That's the easy part. Then you have to affect more

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Speaker 1: fiscal policy. Well, you need to see what happens around

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Speaker 1: Germany on that debate. That's really the key. And I

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Speaker 1: think you know the question one has is whether the

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Speaker 1: growth numbers are going to come back. We're looking at

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Speaker 1: p m i's now that are at two thousand and

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Speaker 1: twelve levels on manufacturing, so there's a lot more concern

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Speaker 1: on the growth. Are we this morning, are we at

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Speaker 1: a point of what Mr Diamond would call macro prudential

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Speaker 1: risks or John Lipsky I think the former US force

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Speaker 1: at the I M F. Are we at a point

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Speaker 1: where Mr drog has to look at the broader, summed

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Speaker 1: risks and discrete risks of each European story. I don't

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Speaker 1: think that we're at this point yet. I mean, we're

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Speaker 1: not at a point where we did the Eurozone crisis

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Speaker 1: at all, but we are at a real inflection point

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Speaker 1: about the effectiveness of the policy tools, how many policy

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Speaker 1: tools are remaining, and where are we at this late

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Speaker 1: cycle on the growth outlook? And I think that the

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Speaker 1: focus will go back to the growth outlook. And you

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Speaker 1: know we have now a number of major economies going

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Speaker 1: into recession where the US, even at one and a

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Speaker 1: half percent grow than the three quarters is the best

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Speaker 1: growth outlook in the developed world. Thank you to all

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Speaker 1: your team for particularly with Jan Lewis. Would they really

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Speaker 1: the essay of the summer in our world of economics,

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Speaker 1: finance and invested. You have Alberto Gallo on the phone.

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Speaker 1: It's important to go to Mr gall Alberto, good morning

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Speaker 1: and thank you again to our economics team in Frankford

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Speaker 1: for their support in this. Alberto, this is absolutely historic,

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Speaker 1: absolutely original. Is this Jean Claude Triche's e c B.

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Speaker 1: I think that what we're seeing here is a complete

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Speaker 1: resignation to the fact that UM by dvs NG and

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Speaker 1: negative rates are going to stay with us forever, for

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Speaker 1: a very very long time. UM the twenty billion a

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Speaker 1: month is UM an open ended after purchase program, so

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Speaker 1: UM it is essentially the Quey infinity world that we wear.

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Speaker 1: I agree, yeah, Alberto, this is so important, the physics

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Speaker 1: of bio draggy, the mathematical physics that you're uh, you know,

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Speaker 1: I think of others in Europe that that have have

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Speaker 1: led on this. It's original territory, without question. Does your

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Speaker 1: fixed income world and the knock on of other asset

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Speaker 1: classes and the incentives to business, do they move along

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Speaker 1: with full faith and credit reaction. Does the market stay

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Speaker 1: LinkedIn correlated together or do you suggest instabilities off this

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Speaker 1: new drug policy. The good scenario is governments will follow

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Speaker 1: up and do some spending, particularly Germany and France because

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Speaker 1: now they can essentially get paid to borrow. If you

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Speaker 1: think about you know, Germany thirty year is at minus

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Speaker 1: point zero seven, so they're they're they're getting seven basis

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Speaker 1: points and the ten yere is at minus sixty three,

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Speaker 1: so they're getting paid point six um point to borrow

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Speaker 1: with a tenure horizon. If governments don't follow up and

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Speaker 1: don't do spending, and you have the risk of creating

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Speaker 1: a Japan type economy where people hold cash because populations

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Speaker 1: in Europe are aging and Dave Moore, if returns are lower, well, well,

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Speaker 1: well said. I want to bring Paul Sweeney in here.

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Speaker 1: But one more question before Mr Sweeney wanders in, and

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Speaker 1: that's what do the Germans think of that? How does

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Speaker 1: axel Weber respond to this? I know Jens Vibin's and

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Speaker 1: the cross airs right now. I stood with otmar Issing

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Speaker 1: in the nascent ECB building, the old one years ago

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Speaker 1: and there was a Germanic feel. Is that gone? I

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Speaker 1: think the issue is for Germany there, you know, there

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Speaker 1: there's a there's a long debate on spending, and we've

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Speaker 1: seen improvements on um on the debate with a discussion

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Speaker 1: around exiting the black deuro, the black deer deficit, and

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Speaker 1: also a green stimulus, a bit similar to you know,

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Speaker 1: the green stimulus that's been discussed in the US UM.

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Speaker 1: The question that is when and how this would be implemented,

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Speaker 1: because the government still keeps these things as a put option,

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Speaker 1: not for for people. In Germany. Generally we have seen

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Speaker 1: higher savings rates because when you say returns going down,

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Speaker 1: then you know you you have you have a pension

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Speaker 1: that's uh that you have to fund and you start

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Speaker 1: seeking How big a defeat was this today for the Germans?

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Speaker 1: I mean, how miserable is Axels that were listening tomorrow

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Speaker 1: dragg and reading the headlines on as Bloomberg. I think

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Speaker 1: Germany is better off because they have negative yields, they

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Speaker 1: fund more cheaply. And let's not forget that Germany is

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Speaker 1: the biggest beneficiary from a lower euro. Um we estimated

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Speaker 1: that the Eurozone benefits everyone. You know, there's more economies

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Speaker 1: of scale, people can go across borders, and companies can

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Speaker 1: invest more freely. But Germany has taken over a third

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Speaker 1: of the advantages of the pond of the benefits because

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Speaker 1: they have the biggest benefits from having a lower euro

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Speaker 1: because of experts. Um of their experts are in an economy.

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Speaker 1: So I think Germans are you know, they pretend to complain,

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Speaker 1: but they're pretty happy about what a very low euro

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Speaker 1: Alberta gallo with us a headline from Mr Drag, the

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Speaker 1: ECB will carry out strategic review under leguard. We're gonna

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Speaker 1: have a strategic review and let Paul Sweeney run it

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Speaker 1: for is Paul, why don't you jump in here? Was

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Speaker 1: futures up eight in the euro one oh nine fifty

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Speaker 1: six dollars stronger, Alberta. How surprised were you, if at all,

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Speaker 1: about Mr drag characterization of the actual meeting itself that

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Speaker 1: there was so much support for easing that no vote

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Speaker 1: was needed. My personal interpretation, I we spoke about it

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Speaker 1: earlier this morning. Thing is that the dissent that was

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Speaker 1: flagged by some easy B members in the past few

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Speaker 1: days was actually a way to lower market expectations and

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Speaker 1: allow the easy bit to surprise with less. Market expectations

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Speaker 1: were very high. Some people expected forty billion a month

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Speaker 1: and there's just not enough pounds to buy um. But

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Speaker 1: what they are doing with twenty billion for a very

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Speaker 1: long time, you know, twenty billion forever, let's call it

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Speaker 1: is essentially trying to anchor the cost of spending for governments,

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Speaker 1: trying to anchor the long end of the treasury cur

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Speaker 1: in German, in France and Italy so that governments can

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Speaker 1: spend more. So I think that drug has Drug has

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Speaker 1: always been able to master consensus, and I think in

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Speaker 1: the end the compromise is UM to to UM to

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Speaker 1: reduce the volatility of funding costs for governments and then

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Speaker 1: try to stimulate governments to spend, which is what the

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Speaker 1: next president. The next president's job will be connect Monty

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Speaker 1: policy to fiscal policy. So let's let's go there. What

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Speaker 1: kind of tools are in the toolbox does the ECB

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Speaker 1: president have to incent governments to spend? Not many, but

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Speaker 1: the not many direct tools, but with the right instruments,

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Speaker 1: you can have a combination similar to what Tarp did

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Speaker 1: in the US. You can have a combination of loose

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Speaker 1: monetary policy with positive fisical policy. Europe is taking like

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Speaker 1: a decade to get there because obviously there's a lot

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Speaker 1: of moving parts. But for example, the European Union could

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Speaker 1: increase its budget. They there could be green bonds or

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Speaker 1: European Investment Bank e i B bonds that fund infrastructure

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Speaker 1: and that are that are bought by the ECB as

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Speaker 1: part of the program. So this is for example, one

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Speaker 1: of the options on the table. I think next year

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Speaker 1: we'll have the Monetary Policy Review, which lasts several months,

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Speaker 1: and we may see more ideas like this which target

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Speaker 1: more the real economy rather than just buying bonds in

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Speaker 1: the financial market. Yeah, Calumny skeptical here on cutting rates

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Speaker 1: and buying twenty billion dollars or twenty billion euros of bonds.

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Speaker 1: It's gonna come down to fiscal stimulus at some point.

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Speaker 1: Yet we heard from the Germans recently that there still

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Speaker 1: is no political support for that. So is there is

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Speaker 1: there some catalysts out there that you think certain governments

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Speaker 1: need to see or feel before they can really make

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Speaker 1: that big fundamental shift. Unfortunately, in the core European countries

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Speaker 1: where economic fundamentals are still better, I think the catalysts

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Speaker 1: that they're waiting for our negative events. For example, if

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Speaker 1: you had a recession next year, or if you were

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Speaker 1: close to zero growth, which is which is in the

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Speaker 1: base case, or if the US imposes card tariffs, or

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Speaker 1: if there's a heart Brexit, then I'm sure you would

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Speaker 1: see a German spending plan coming up. So at the moment,

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Speaker 1: it is a put option rather than a product. The

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Speaker 1: plant the risk with this is that it may be

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Speaker 1: too little, too late, So I think there needs to

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Speaker 1: be a productive plan. Albertagalo, thank you so much. With

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Speaker 1: Algebras just a superb, superb perspective. This morning, we're looking

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Speaker 1: at Frankford and Mario drag I did the back of

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Speaker 1: the bow tie calculation off their forecast for next year,

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Speaker 1: added up animal spirits, top line g d P in

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Speaker 1: Europe would be a vast two point two percent. That

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Speaker 1: does not get it done. To cut the ambiguity of

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Speaker 1: that is Marcus Ashworth. He's with Bloomberg Opinion and Rights

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Speaker 1: exceptionally trenchant essays on the ambiguities of whatever the theme is. Okay, Marcus,

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Speaker 1: here's the ambiguity. Mario Draggy affects what he will. We

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Speaker 1: get a low rate environment which accommodates business and sustains business.

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Speaker 1: And the other side of the coin is Mario Draggy

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Speaker 1: develops a low rate forever strategy which breaks the back

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Speaker 1: of confidence in business. Revenue goes down. How do you

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Speaker 1: cut that over the next twenty four months for European

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Speaker 1: and United Kingdom business? I mean, which way does it cut?

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Speaker 1: It's it's fiscal policy. We all know that in the

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Speaker 1: sense that he's creating the you know, he's thinking he's

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Speaker 1: best keeping this plate spinning. Um, he's open ended quei.

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Speaker 1: I mean, it's the perfect weapon to keep the Euro

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Speaker 1: in check. If you know, the set does get more

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Speaker 1: aggressive on rate carts and all the US economy dips,

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Speaker 1: that will push the Euro up and it will kill

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Speaker 1: off any any hope that Europe has of getting out

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Speaker 1: this manufacturing recession, which it's clearly you know, put pointed

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Speaker 1: right at so and he's done a broadbrush stuff. He's

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Speaker 1: kept everyone on board. Super skillful, ill maestro. He hands

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Speaker 1: out of the guard with the perfect bat on pass.

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Speaker 1: She's got the ability to cut rates more, she's got

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Speaker 1: the ability to increase qui. She's doing ability to widen

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Speaker 1: out what type of qui that being much more generous

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Speaker 1: the banks with these cheap loans called tel traits. It's

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Speaker 1: a it's a complete package. And look, they've emphasized ever

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Speaker 1: more more aggressively that it needs to be matched with

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Speaker 1: fiscal policy. That's what the god allegedly skilled, skillfull ability

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Speaker 1: to coordinate with the your E leaders, and that's what's

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Speaker 1: needed to break that obvious the E coostomy. As you

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Speaker 1: mentioned it, it's a drill dilemma. You know, you cut rates,

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Speaker 1: but all it's goning is you're digging at the whole

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Speaker 1: ever deeper, and that's actually going to be detrimental to

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Speaker 1: the economy. Even they're not extremely careful. It's interesting. Markets.

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Speaker 1: Just give us a sense of magnitude of the twenty

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Speaker 1: billion euros in terms of the bond buying. Just give

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Speaker 1: us a sense of enough not enough. Just we're just

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Speaker 1: kind of showing a little bit of show. Yeah, that's

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Speaker 1: exactly right. It's doing it in the twenty billion is

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Speaker 1: perhaps less than someone expected, but at least it is happening.

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Speaker 1: It's back on the agenda they said at the end

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Speaker 1: of last year. This was it. No more bond buying.

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Speaker 1: We're calling a hole to KWI. The backstone won't start

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Speaker 1: from the number one with the back ten months later. Therefore,

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Speaker 1: redoing this to anybody and is quite modest. But the

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Speaker 1: point is is that clear the clear the market is

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Speaker 1: prepared to go to forty or fifty. Didn't know it

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Speaker 1: and coming The Chief Economists pointed out that to have

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Speaker 1: the same impact on GDPs ahead, but their omittial or

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Speaker 1: of qui they could could do hundred billions. Now that's

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Speaker 1: that's in the future. He's leaving that ability to look guard.

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Speaker 1: He's setting out all the smogest boarder of options to

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Speaker 1: pick up on. Have you seen a Vectors study If

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Speaker 1: they do twenty gazillion a month, I guess is the

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Speaker 1: number when it runs dry? I mean there's got to

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Speaker 1: be a point out there in a Vector's study one year,

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Speaker 1: two years, three years, five years out where there's nothing

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Speaker 1: more to buy. They have to start buying apple shares. Yeah,

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Speaker 1: like the like the Spiss National Bank sextually did. Look,

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Speaker 1: they can buy bank bonds, they can buy green bonds,

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Speaker 1: that can buy the phones. How long for bonds they

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Speaker 1: can keep on buying? I mean this the point is

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Speaker 1: they've matched open end QUEI with the rate cycle. Now

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Speaker 1: there's none of this nonsense about you know, six months

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Speaker 1: forward or year forward. It's it's forever until until just

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Speaker 1: before they actually start hiking rates. So the point is

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Speaker 1: that they give themselves flexibility and they can alter their

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Speaker 1: limits to increase it from thirty of any one issue

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Speaker 1: or anyone country, and they can widen out what they buy. Paul,

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Speaker 1: was this some point? Was this in the textbooks at Duke.

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Speaker 1: This is not this is not what I learned in

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Speaker 1: business school. And Marcus, I mean it seems like, you know,

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Speaker 1: the ECB maybe going the way of Japan. I'm not

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Speaker 1: sure that's where Mario dragging wants to take. Well, look

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Speaker 1: how the curves flattened, and you've seen banks sell off

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Speaker 1: quite sharply because of that. Were now we could argue

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Speaker 1: that the reality of negative rates the first time another

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Speaker 1: rate cup for um three years has happened, that that

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Speaker 1: that's shocked the banks a bit. But it's the curve flattening,

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Speaker 1: and that means they're that it's just smichest gonna get squeezed,

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Speaker 1: which is what what actually told me. Your point was

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Speaker 1: initially is that this is the this is the dichotomy

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Speaker 1: is it's are you going to write on this today

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Speaker 1: or are you like home from window. I'm prepping as

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Speaker 1: we speak. Very good, Marcus Asher, thank you so much,

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Speaker 1: very valuable. Really, I can't say enough about he cuts

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Speaker 1: the ambiguities or whatever the issue is. Paul Sween, you

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Speaker 1: give me the schedule. Here is it eight o'clock tonight

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Speaker 1: when I need to watch Red Sucks baseball. I think

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Speaker 1: that's exactly when you want to tune in. But first

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Speaker 1: seven thirty with Kevin si really, Kevin Cereuli. Let's go

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Speaker 1: to Mr Sireli now in in Houston, Kevin just because

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Speaker 1: the time, I want to cut to the chase Biden

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Speaker 1: and Warren. What does the Vice president need to accomplish

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Speaker 1: against the senator from Massachusetts. He needs to try to

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Speaker 1: stop her momentum. And that's why you've seen these pre

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Speaker 1: debate attacks coming from the Biden campaign. With regards to

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Speaker 1: Senator Elizabeth Warren. You've got Ed Rundell, the former governor

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Speaker 1: of Pennsylvania, out in an op ed in the Washington

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Speaker 1: Post calling her a hypocrite with regards to how she

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Speaker 1: has fundraised. But candidly, when I talked to supporters of

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Speaker 1: Senator Elizabeth Warren, they would love to have that debate

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Speaker 1: every day of the week. They feel that that just

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Speaker 1: offers them an opportunity to provide a contrast between Biden's

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Speaker 1: more centrist approach to economics versus Elizabeth Warren's. But look

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Speaker 1: for a breakout moment from one of the other candidates,

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Speaker 1: the Castros, the Clobachar's bookers, so to speak, to see

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Speaker 1: if they can try to make what is increasingly become

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Speaker 1: a three way race into a four or five way

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Speaker 1: race heading into the later fall. Kevin, that was gonna

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Speaker 1: be That's kind of my question here. We had Kamala

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Speaker 1: Harris kind of have one of those moments at the

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Speaker 1: last debate, but she seems to have lost her momentum.

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Speaker 1: What's going on there? Well, I think that she was

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Speaker 1: unable to get to get out of the pack, so

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Speaker 1: to speak, after that momentum that she obtained earlier in Miami.

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Speaker 1: And when I talked to Progressive that they say is well,

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Speaker 1: her plans aren't progressive enough, and she was attacked by

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Speaker 1: Census for the plan is not being set to the

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Speaker 1: plants team to Progressive. She hasn't really been able to

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Speaker 1: solidify her support in any which way in terms of

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Speaker 1: which policy approach she wants to take. Kevin Surli, thank

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Speaker 1: you so much. This is the perfect guest to dovetail. Well,

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Speaker 1: we're all gonna see tonight. Charles Gabriel has been doing

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Speaker 1: this for a while. I mean, Paul, you can appreciate

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Speaker 1: this institutional investor, all American team every every year for

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Speaker 1: twelve years exactly. You don't you know who did he know?

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Speaker 1: Exactly exactly bringing in the great Chuck Chuck Gabriel, President

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Speaker 1: of Cappa Alpha Partners. Chuck, thanks so much for joining us.

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Speaker 1: You know, we've got, as Tom Wood does suggest me,

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Speaker 1: perhaps the first real Democratic debate tonight. What do you

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Speaker 1: expect to see tonight? What do you think is going

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Speaker 1: to be the theme? Thanks to thank you, Paul well. I.

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Speaker 1: You know, I do agree that there's there's probably more

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Speaker 1: focused than is deserved on Senator Warren and whether she

430
00:24:17,840 --> 00:24:21,680
Speaker 1: might really either have a bit of a tiff with

431
00:24:21,920 --> 00:24:24,840
Speaker 1: Bernie Sanders, because it's pretty clear that you know, the

432
00:24:24,960 --> 00:24:27,320
Speaker 1: Vice president has about a quarter of the vote, has

433
00:24:27,359 --> 00:24:30,199
Speaker 1: been very very steady, but doesn't really generate a lot

434
00:24:30,240 --> 00:24:33,439
Speaker 1: of enthusiasm with because he's moderate. Then you've got at

435
00:24:33,480 --> 00:24:37,240
Speaker 1: least a third of the vote with with Senator Warren

436
00:24:37,320 --> 00:24:40,159
Speaker 1: and Senator Sanders, which really is very much more on

437
00:24:40,200 --> 00:24:42,240
Speaker 1: the left side of the party wing. And then you've got,

438
00:24:42,320 --> 00:24:44,800
Speaker 1: you know, a bunch of others that would be moderates.

439
00:24:44,840 --> 00:24:47,600
Speaker 1: The two would be moderates and Kamala Harris and Boudeges,

440
00:24:47,760 --> 00:24:50,680
Speaker 1: but they can't get more than I mid to high

441
00:24:50,680 --> 00:24:52,840
Speaker 1: single digits. And then you've got a lot of others

442
00:24:52,840 --> 00:24:56,680
Speaker 1: that as you mentioned that like O'roorican Book or in

443
00:24:56,760 --> 00:25:00,320
Speaker 1: clob Orchestro and Yang that you know, those swing a way.

444
00:25:00,320 --> 00:25:03,199
Speaker 1: But so far after three debates, it doesn't seem like

445
00:25:03,200 --> 00:25:05,280
Speaker 1: any of those are going to break through. So this

446
00:25:05,400 --> 00:25:07,800
Speaker 1: is we're just going to see if if Mr Biden

447
00:25:07,840 --> 00:25:11,720
Speaker 1: makes any mistakes, as Senator Warren really, uh, if there's

448
00:25:11,760 --> 00:25:15,160
Speaker 1: any pile up on her. She one of the one

449
00:25:15,160 --> 00:25:17,080
Speaker 1: of the great headlines I saw was that she arrives

450
00:25:17,119 --> 00:25:20,119
Speaker 1: at this debate with great momentum, but uh, you know,

451
00:25:20,240 --> 00:25:23,080
Speaker 1: a target on her back. Uh, and then you know,

452
00:25:23,240 --> 00:25:25,480
Speaker 1: well we'll see about that that middle but you know,

453
00:25:25,520 --> 00:25:28,480
Speaker 1: it's a long way four nineteen days, fourteen months till

454
00:25:28,480 --> 00:25:33,359
Speaker 1: the election that the Trump might lose the election. So

455
00:25:33,400 --> 00:25:36,359
Speaker 1: Wall Streets not particularly concerned yet. So Chuck is, as

456
00:25:36,400 --> 00:25:39,000
Speaker 1: you talked to your investor clients and you know you

457
00:25:39,080 --> 00:25:40,840
Speaker 1: kind of, you know, kind of game this out a

458
00:25:40,880 --> 00:25:43,880
Speaker 1: little bit. We've got the former Vice president Biden kind

459
00:25:43,880 --> 00:25:45,960
Speaker 1: of with a lead here if he or someone like

460
00:25:46,040 --> 00:25:47,439
Speaker 1: him were to get in office. Do you have you

461
00:25:47,480 --> 00:25:50,760
Speaker 1: identified kind of sectors that would be winners and losers

462
00:25:50,760 --> 00:25:54,600
Speaker 1: here with with Biden? Yes, yeah, I think I think

463
00:25:54,680 --> 00:25:57,520
Speaker 1: Vice President Biden is is more of the same from

464
00:25:57,560 --> 00:26:00,280
Speaker 1: the Obama year. So I think that they're probably dobably.

465
00:26:01,320 --> 00:26:04,439
Speaker 1: There would be some relief in the health care sector. Um,

466
00:26:04,480 --> 00:26:06,480
Speaker 1: you know, there were there are those that would benefit

467
00:26:06,600 --> 00:26:11,280
Speaker 1: from uh, you know, expansion of basically Medicaid and Medicare

468
00:26:11,400 --> 00:26:14,960
Speaker 1: under you know, the old Obamacare. So I think that

469
00:26:15,040 --> 00:26:18,560
Speaker 1: you'd have some healthcare sector winners. Um, you haven't. You'd

470
00:26:18,560 --> 00:26:21,240
Speaker 1: have some relief probably, you know, it wouldn't be as

471
00:26:21,280 --> 00:26:24,840
Speaker 1: negative for the energy sector, for instance. But other than that,

472
00:26:25,359 --> 00:26:26,960
Speaker 1: you know, it's it'd be just sort of a return

473
00:26:27,040 --> 00:26:30,120
Speaker 1: to Obama type administration. And and the big deal would

474
00:26:30,160 --> 00:26:33,040
Speaker 1: be whether or not he'd be dealing with a continued

475
00:26:33,040 --> 00:26:36,040
Speaker 1: Republican Senate, because if that's the case, we're looking at

476
00:26:36,160 --> 00:26:40,040
Speaker 1: probably blessed gridlock. I mean blessed gridlock. There was a time,

477
00:26:40,160 --> 00:26:42,240
Speaker 1: Chuck Gabriel, where you and I would talk and I

478
00:26:42,320 --> 00:26:45,280
Speaker 1: have seven policy things to talk about, and we'd only

479
00:26:45,280 --> 00:26:48,760
Speaker 1: get the three or four. Now there's zero. Does your

480
00:26:48,840 --> 00:26:52,920
Speaker 1: world really matter at this debate? I mean, does policy

481
00:26:53,840 --> 00:26:58,880
Speaker 1: really matter in the great culture War known as America? No,

482
00:26:59,000 --> 00:27:01,000
Speaker 1: I don't. I don't. I really don't think so. But

483
00:27:01,000 --> 00:27:03,160
Speaker 1: but I think that those that are looking ahead, trying

484
00:27:03,200 --> 00:27:06,880
Speaker 1: to skate to where the puck is going to be. Tom,

485
00:27:06,920 --> 00:27:10,560
Speaker 1: you know, I think that they're they're eyeing Senator Senator

486
00:27:10,600 --> 00:27:14,199
Speaker 1: Warren in particular, because you know, it's pretty clear that

487
00:27:14,280 --> 00:27:16,680
Speaker 1: all of the Democrats are sort of on one side

488
00:27:16,760 --> 00:27:19,600
Speaker 1: or the other, you know, of Medicare for all and

489
00:27:19,720 --> 00:27:22,639
Speaker 1: a green New Deal. There's a pretty clear challenge and

490
00:27:23,200 --> 00:27:27,960
Speaker 1: a transformative story ahead and energy and health. But she

491
00:27:28,040 --> 00:27:30,440
Speaker 1: would create a threat third leg of sorts, a third

492
00:27:30,520 --> 00:27:34,359
Speaker 1: leg of a school taking on Wall Street itself, and

493
00:27:34,440 --> 00:27:35,960
Speaker 1: she knows how to do it. She knows where the

494
00:27:35,960 --> 00:27:38,960
Speaker 1: pressure points are as a former TARP Commission chairman and

495
00:27:39,000 --> 00:27:42,480
Speaker 1: a Senator member for for now seven years and counting.

496
00:27:42,880 --> 00:27:46,360
Speaker 1: So I think that there's there's concern about what accendency

497
00:27:46,440 --> 00:27:49,399
Speaker 1: of Warren could mean four Wall Street in particular, but

498
00:27:49,400 --> 00:27:51,359
Speaker 1: it's far too early. A really good I mean, I

499
00:27:51,720 --> 00:27:53,960
Speaker 1: could go on about Wayne Gretzky, and I'm asking you

500
00:27:54,040 --> 00:27:57,440
Speaker 1: if President Trump is there there is a second Wayne Gretzky,

501
00:27:57,480 --> 00:27:59,879
Speaker 1: but we won't go there. Chuck Gabriel's always thank you

502
00:28:00,000 --> 00:28:18,480
Speaker 1: so much, really really appreciate having a mind with capital alpha.

503
00:28:19,119 --> 00:28:20,920
Speaker 1: We'll shipped gears now with the look at the life

504
00:28:21,119 --> 00:28:25,000
Speaker 1: and legacy of an oil giant. Tea Boon Pickens, the

505
00:28:25,040 --> 00:28:28,800
Speaker 1: Texas oil man, billionaire energy investor, and television pitchman for

506
00:28:28,880 --> 00:28:32,439
Speaker 1: wind and natural gas powers, died of natural causes following

507
00:28:32,480 --> 00:28:35,159
Speaker 1: a series of strokes in recent years. He was we

508
00:28:35,240 --> 00:28:38,320
Speaker 1: get more on the famous and controversial businessman now from

509
00:28:38,360 --> 00:28:41,080
Speaker 1: blue Bergs. Bob Mouton, there's a temptation to use the

510
00:28:41,120 --> 00:28:44,680
Speaker 1: word legendary when describing Tea Boon Pickens, but out of

511
00:28:44,720 --> 00:28:47,720
Speaker 1: respect for the sensitivity he expressed about the term, he

512
00:28:47,760 --> 00:28:50,160
Speaker 1: won't be hearing it here. He figured it was just

513
00:28:50,200 --> 00:28:52,520
Speaker 1: another way of saying he was old. You know when

514
00:28:52,640 --> 00:28:58,000
Speaker 1: legendary came into it when I seventy. Thomas Boone Pickens Jr.

515
00:28:58,000 --> 00:29:01,719
Speaker 1: Was born in and the cow town of Holdenville, Oklahoma,

516
00:29:01,960 --> 00:29:04,920
Speaker 1: near the Greater Seminole oil field, which had been discovered

517
00:29:05,000 --> 00:29:08,400
Speaker 1: a year earlier. The family's roots in England intersected with

518
00:29:08,440 --> 00:29:11,719
Speaker 1: those of Daniel Boone. He said, his grandmother counseled him

519
00:29:11,760 --> 00:29:14,880
Speaker 1: to never forget where he came from. Pickens would recall

520
00:29:14,960 --> 00:29:18,240
Speaker 1: his first lesson in growing a business was delivering newspapers.

521
00:29:18,600 --> 00:29:20,880
Speaker 1: One day he was handed a windfall when he found

522
00:29:20,880 --> 00:29:23,440
Speaker 1: a lost wallet that belonged to a customer who gave

523
00:29:23,520 --> 00:29:26,360
Speaker 1: him a reward of one dollar. That was big money

524
00:29:26,400 --> 00:29:30,200
Speaker 1: because my paper out had twenty eight papers on and

525
00:29:30,360 --> 00:29:34,160
Speaker 1: I made every day one cent for paper ned, so

526
00:29:34,280 --> 00:29:36,160
Speaker 1: I was making twenty eight cents a day. And let

527
00:29:36,240 --> 00:29:38,720
Speaker 1: me tell you that one in peanuts. Twenty eight cents

528
00:29:38,720 --> 00:29:41,000
Speaker 1: a day, and I wasn't throwing it around either. I

529
00:29:41,920 --> 00:29:44,440
Speaker 1: saved it, he said. When he arrived back home waiving

530
00:29:44,480 --> 00:29:47,760
Speaker 1: his reward money around, his mother and grandmother insisted that

531
00:29:47,800 --> 00:29:51,080
Speaker 1: he returned it immediately because they said they weren't going

532
00:29:51,120 --> 00:29:54,480
Speaker 1: to see anyone rewarded for simply being honest. It was

533
00:29:54,480 --> 00:29:56,720
Speaker 1: a formative lesson that the head of his alma mater,

534
00:29:56,840 --> 00:30:01,360
Speaker 1: Oklahoma State University, President Burns. Hargess, says, Picken never forgot boon.

535
00:30:01,560 --> 00:30:04,960
Speaker 1: Is a very honorable man. He keeps his word, which

536
00:30:05,080 --> 00:30:07,600
Speaker 1: might sound like a contradiction for a man who achieved

537
00:30:07,600 --> 00:30:11,160
Speaker 1: fame and fortune as a corporate reader making hostile takeover

538
00:30:11,200 --> 00:30:14,160
Speaker 1: bids in the nineteen seventies and eighties. In his first

539
00:30:14,240 --> 00:30:17,440
Speaker 1: job after graduating in nineteen fifty one, he followed his

540
00:30:17,480 --> 00:30:20,280
Speaker 1: father into the oil business. He worked three years for

541
00:30:20,360 --> 00:30:23,040
Speaker 1: Phillips Petroleum, or, as he later told it, he was

542
00:30:23,080 --> 00:30:26,280
Speaker 1: troubled by the waist and inefficiency he witnessed. He quit

543
00:30:26,320 --> 00:30:29,200
Speaker 1: Phillips in nineteen fifty four and formed a company that

544
00:30:29,240 --> 00:30:32,360
Speaker 1: would become known as Mesa Petroleum and would grow to

545
00:30:32,440 --> 00:30:35,160
Speaker 1: one of the largest independent U S producers of oil

546
00:30:35,200 --> 00:30:39,080
Speaker 1: and gas, going after takeover targets companies that Pickens believed

547
00:30:39,080 --> 00:30:43,600
Speaker 1: were inefficient and undervalued. Some industry executives branded him a pirate,

548
00:30:43,880 --> 00:30:46,280
Speaker 1: but they couldn't dismiss him as an outsider. This is

549
00:30:46,280 --> 00:30:49,160
Speaker 1: a man who was one of the original wildcatters and

550
00:30:49,200 --> 00:30:53,280
Speaker 1: amassed a huge amount of oil and natural gas resources.

551
00:30:53,520 --> 00:30:56,320
Speaker 1: He was really someone who just saw the future. Bloomberg

552
00:30:56,320 --> 00:30:59,400
Speaker 1: reporter Alex Steele notes, though, that his visionary image suffered

553
00:30:59,440 --> 00:31:03,000
Speaker 1: big set x when oil prices plunged with the financial crisis,

554
00:31:03,240 --> 00:31:06,520
Speaker 1: and his grassroots campaign to wean America off OPEC oil

555
00:31:06,720 --> 00:31:10,320
Speaker 1: by building wind farms proved to be a costly miscalculation

556
00:31:10,440 --> 00:31:13,040
Speaker 1: earlier than most people would have thought. And we're talking

557
00:31:13,200 --> 00:31:16,000
Speaker 1: oh seven o eight in Texas. He had a huge

558
00:31:16,040 --> 00:31:19,920
Speaker 1: push upper wind turbine. I'm Taboon Pickens. I've been an

559
00:31:19,920 --> 00:31:22,600
Speaker 1: ol man my whole life, but this is one emergency

560
00:31:22,640 --> 00:31:24,920
Speaker 1: we can't drill our way out of. He later lamented

561
00:31:24,960 --> 00:31:27,360
Speaker 1: that he lost hundreds of millions of dollars with his

562
00:31:27,400 --> 00:31:30,600
Speaker 1: mistimed bet Gone with the Wind, even as he continued

563
00:31:30,640 --> 00:31:33,560
Speaker 1: to support the future of renewable energy in his two

564
00:31:33,600 --> 00:31:36,360
Speaker 1: thousand eight memoir The First Billion Is the Hardest, and

565
00:31:36,440 --> 00:31:39,600
Speaker 1: in interviews, Pickens would point out he actually earned most

566
00:31:39,640 --> 00:31:42,600
Speaker 1: of his wealth as an energy investor in his later years.

567
00:31:42,720 --> 00:31:44,720
Speaker 1: You know, I didn't do that till I was seventy.

568
00:31:44,800 --> 00:31:47,200
Speaker 1: It was after seventy that I made that first billion.

569
00:31:47,240 --> 00:31:49,960
Speaker 1: When Forbes estimated his net worth had slumped to less

570
00:31:49,960 --> 00:31:53,880
Speaker 1: than a billion dollars in twenty thirteen, Pickens tweeted, don't worry.

571
00:31:53,920 --> 00:31:56,800
Speaker 1: At nine hundred fifty million, I'm doing fine, but he

572
00:31:56,880 --> 00:31:59,240
Speaker 1: vowed he would try to make it all back. He

573
00:31:59,280 --> 00:32:03,120
Speaker 1: told Bloomberg Elevation in anyone could do it with enough

574
00:32:03,160 --> 00:32:05,959
Speaker 1: hard work. I've had people say, well, why don't you

575
00:32:06,040 --> 00:32:07,840
Speaker 1: step back and let somebody else get up to its

576
00:32:07,880 --> 00:32:12,600
Speaker 1: feed trough? The feed trough in Americas it's infinity. His

577
00:32:12,720 --> 00:32:15,760
Speaker 1: health failing, though, Pickens decided to close his Dallas based

578
00:32:15,800 --> 00:32:19,040
Speaker 1: pp Capital Hedge fund, early last year, writing on his

579
00:32:19,120 --> 00:32:22,560
Speaker 1: website that he wanted to invest instead in promoting unbridled

580
00:32:22,680 --> 00:32:27,720
Speaker 1: entrepreneurship and philanthropic and political endeavors. Former Oklahoma Chief Supreme

581
00:32:27,720 --> 00:32:31,000
Speaker 1: Court Justice Steve Taylor says that became his new passion.

582
00:32:31,120 --> 00:32:34,320
Speaker 1: He wanted to enjoy the fun of giving away money

583
00:32:34,440 --> 00:32:39,200
Speaker 1: and seeing what happened with that money, scholarships, football stadiums,

584
00:32:39,240 --> 00:32:43,400
Speaker 1: engineering schools, hospitals. His fans will miss his homespun tips

585
00:32:43,400 --> 00:32:46,720
Speaker 1: for success that came to be known fondly as buonisms.

586
00:32:46,800 --> 00:32:49,320
Speaker 1: How I say work eight hours, sleep eight hours. Be

587
00:32:49,440 --> 00:32:52,440
Speaker 1: sure they're not the same eight hours. Asked in one

588
00:32:52,440 --> 00:32:56,080
Speaker 1: of his last interviews for his favorite buonism, Pickens offered

589
00:32:56,120 --> 00:32:59,320
Speaker 1: this cautionary council. The higher the monkey climbs the tree

590
00:32:59,680 --> 00:33:02,240
Speaker 1: there where people can see his and he used a

591
00:33:02,280 --> 00:33:06,400
Speaker 1: three letter word for backside t Boon. Pickens was ninety

592
00:33:06,440 --> 00:33:12,160
Speaker 1: one years old. I'm Bob Moon Bloomberg Surveillance, Bob Moon.

593
00:33:12,240 --> 00:33:15,720
Speaker 1: That was fantastic retrospective on the life and times of

594
00:33:15,800 --> 00:33:18,520
Speaker 1: te Boon and Pickens and what amazes me Thomas just

595
00:33:18,640 --> 00:33:22,480
Speaker 1: the rollercoaster of his career and how he was able

596
00:33:22,520 --> 00:33:25,080
Speaker 1: to come back after some just some amazing setback. And

597
00:33:25,160 --> 00:33:27,760
Speaker 1: I would talk about Oklahoma and um no O s U.

598
00:33:28,720 --> 00:33:31,320
Speaker 1: And he was at College Station when my father was

599
00:33:31,360 --> 00:33:35,320
Speaker 1: there Texas. A and M. Yeah, my father would laugh

600
00:33:35,360 --> 00:33:38,640
Speaker 1: about him. He was a basketball guy. He made twenty

601
00:33:38,680 --> 00:33:41,880
Speaker 1: five bucks a month. And in the twelfth Man magazine

602
00:33:41,960 --> 00:33:44,920
Speaker 1: for A and M. They say the ten worst mistakes

603
00:33:45,200 --> 00:33:50,080
Speaker 1: in history. A and M was letting boot pickings. It's great,

604
00:33:50,160 --> 00:33:51,760
Speaker 1: he said. He was a character. That's right. You know,

605
00:33:52,160 --> 00:33:54,440
Speaker 1: they weren't close friends, but he knew who he was.

606
00:33:54,560 --> 00:33:56,880
Speaker 1: He was like big man on campus. I think he

607
00:33:57,040 --> 00:33:58,840
Speaker 1: was maybe a year or two out of my father.

608
00:33:59,000 --> 00:34:02,040
Speaker 1: But A and M has never forgiven giving him up

609
00:34:02,040 --> 00:34:05,200
Speaker 1: to the folks up in Oklahoma. Yeah, exactly. And he's

610
00:34:05,240 --> 00:34:09,200
Speaker 1: been certainly a wonderful benefactor, wonderful supporter of Oklahoma State University,

611
00:34:09,200 --> 00:34:11,560
Speaker 1: and certainly they're athletic depart Remember the fear of Mason

612
00:34:13,040 --> 00:34:16,839
Speaker 1: was like, you know, I really can't say folks enough

613
00:34:16,880 --> 00:34:20,200
Speaker 1: where he almost invented Yeah, I mean, it's a little

614
00:34:20,200 --> 00:34:23,680
Speaker 1: bit like Mr Singer and Elliott. Now maybe he's an equivalent. Yeah,

615
00:34:23,680 --> 00:34:24,880
Speaker 1: I mean I came on Wall Street in the mid

616
00:34:24,960 --> 00:34:27,520
Speaker 1: eighties and I was just when the whole corporate raider

617
00:34:27,719 --> 00:34:31,279
Speaker 1: thing was really and junk bond financed raiders, and they're

618
00:34:31,320 --> 00:34:33,520
Speaker 1: they're a handful of them, but t Boon in the

619
00:34:33,640 --> 00:34:37,960
Speaker 1: energy space, he was, uh the big player in that space,

620
00:34:38,080 --> 00:34:40,800
Speaker 1: really kind of reshuffling and a lot of the energy

621
00:34:40,840 --> 00:34:42,960
Speaker 1: assets at that time of putting the fear into CEOs

622
00:34:42,960 --> 00:34:45,720
Speaker 1: and boards as well. We've done no corporate jet today.

623
00:34:45,960 --> 00:34:48,440
Speaker 1: I mean at home last night, I had, you know,

624
00:34:48,640 --> 00:34:51,600
Speaker 1: various offspring sing I like the yellow phone, I like

625
00:34:51,800 --> 00:34:54,759
Speaker 1: the break right, Like I mean, what does Tim Cook

626
00:34:54,880 --> 00:34:58,400
Speaker 1: know about my family? I don't know exactly. So you

627
00:34:58,480 --> 00:35:01,040
Speaker 1: know it's Apple is uh you know, they're going all

628
00:35:01,080 --> 00:35:03,840
Speaker 1: in on their services business and uh, you know, so

629
00:35:03,960 --> 00:35:06,200
Speaker 1: we're seeing Apple TV, we're seeing Apple gaming. I know

630
00:35:06,280 --> 00:35:09,560
Speaker 1: you're gonna be gaming, you're away on your Apple device

631
00:35:09,640 --> 00:35:12,759
Speaker 1: coming out about what's it called arcade or something. I think, so, yeah,

632
00:35:12,800 --> 00:35:14,440
Speaker 1: we'll have to get Matt cantriment on it kind of

633
00:35:14,480 --> 00:35:16,640
Speaker 1: explain it to us. But uh, you know, they're getting

634
00:35:16,680 --> 00:35:19,600
Speaker 1: into just it's not about devices for them. It's obviously

635
00:35:19,680 --> 00:35:22,680
Speaker 1: about trying to drive the services on the devices. And

636
00:35:22,719 --> 00:35:24,279
Speaker 1: they've got over a couple, you know, over a billion

637
00:35:24,320 --> 00:35:26,839
Speaker 1: of them out there so certainly some some upside. Now

638
00:35:26,920 --> 00:35:28,719
Speaker 1: we will see. It's been an extraordinary to you. Thank

639
00:35:28,760 --> 00:35:31,239
Speaker 1: you to Colin Tipton and all our team, particularly our

640
00:35:31,320 --> 00:35:34,560
Speaker 1: team in Frankfurt, Germany, h Matt Miller and of course

641
00:35:34,680 --> 00:35:38,919
Speaker 1: all of Bloomberg Economics in Europe for just extraordinary team

642
00:35:39,000 --> 00:35:41,279
Speaker 1: coverage of what we saw on the ECB. Mr Drag

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Speaker 1: He did not disappoint. It was wild there. At one

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Speaker 1: point markets of vs back a little bit, I want

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Speaker 1: to make that clear, the euro stronger on the headlines,

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Speaker 1: and then dropped like a rock almost down I believe

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Speaker 1: to where we were into day Low's earlier in the month,

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Speaker 1: and we've come back nicely. Now you're a dollar one

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Speaker 1: tenth or D three sort of a side of relief

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Speaker 1: is to me. The headline is uh not q E

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Speaker 1: out to one, but it's very urst language for as

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Speaker 1: long as it takes. Thanks for listening to the Bloomberg

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Speaker 1: Surveillance podcast. Subscribe and listen to interviews on Apple Podcasts, SoundCloud,

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Speaker 1: or whichever podcast platform you prefer. I'm on Twitter at

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Speaker 1: Tom Keane Before the podcast, you can always catch us worldwide.

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Speaker 1: I'm Bloomberg Radio