WEBVTT - Bloomberg Surveillance TV: April 15th, 2026

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news.

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<v Speaker 2>This is the Bloomberg Surveillance Podcast. I'm Jonathan Ferrow, along

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<v Speaker 2>with Lisa Bromwitz and Amrie Hordert. Join us each day

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<v Speaker 2>for insight from the best in markets, economics, and geopolitics

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<v Speaker 2>from our global headquarters in New York City. We are

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<v Speaker 2>live on Bloomberg Television weekday mornings from six to nine

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<v Speaker 2>am Eastern. Subscribe to the podcast on Apple, Spotify or

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<v Speaker 2>anywhere else you listen, and as always on the Bloomberg

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<v Speaker 2>Terminal and the Bloomberg Business app. Has turned back to

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<v Speaker 2>the energy story, Crewed rising after a run war. The

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<v Speaker 2>US against continuing its naval blockade, saying it would violate

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<v Speaker 2>the terms of the ceasefire. Susan Bello Wrister Energy writing,

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<v Speaker 2>Homers will reopen, But the question is how much pain

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<v Speaker 2>the market absorbs in the meantime. Susan joins us now

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<v Speaker 2>from More. Susan, good morning and welcome to the studio.

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<v Speaker 2>Thank you so much. Let's get into how much pain

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<v Speaker 2>we're experiencing right now. Just describe what's handling in physical markets.

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<v Speaker 1>So the physical markets are extremely stressed, and I think

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<v Speaker 1>you know a lot of focuses on the ice print price.

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<v Speaker 1>But the ice print price is a cash settled market, right,

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<v Speaker 1>It's not a physically settled market. And really, what if

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<v Speaker 1>you want to see what the pain is, look at

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<v Speaker 1>dated BRNT and data Brent. Premiums to ice Brant are

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<v Speaker 1>in the order of twenty five. Yesterday the market closed

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<v Speaker 1>with dated brand at I think thirty dollars higher than

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<v Speaker 1>ice print. So the true physical markets are extremely stressed.

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<v Speaker 2>Do you expect that to turn around anytime soon? Because

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<v Speaker 2>this market, and when I say this market, this equity

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<v Speaker 2>market has moved on really really quickly.

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<v Speaker 1>Right, No, I don't. I mean, we really do need

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<v Speaker 1>to see flows establish out of the straight of horror

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<v Speaker 1>moves before the physical markets can start to rebalance. I

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<v Speaker 1>do you know. I think the reason why the financial markets,

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<v Speaker 1>so that the KRUDEOL financial markets have been relatively stable

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<v Speaker 1>over the past couple of days, is that we have

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<v Speaker 1>yet to see Iran retaliate. Now, the US the Pentagon

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<v Speaker 1>yesterday said that they successfully blocked four vessels or at

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<v Speaker 1>least four vessels turned around on their command. But then

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<v Speaker 1>there's conflicting news coming out of some of the shipping

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<v Speaker 1>the ship tracking agencies that are saying, well, actually, there

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<v Speaker 1>was one vessel that was loaded at an Iranian port

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<v Speaker 1>that was able to get through the blockade. So you know,

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<v Speaker 1>there's there's a lot of really conflicting information out there,

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<v Speaker 1>and so far Iran has not retaliated, but the news

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<v Speaker 1>this morning that they do intend to retaliate if their

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<v Speaker 1>trade does get blocked, that would markets up all over again.

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<v Speaker 1>Let's say there isn't a massive escalation, that things kind

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<v Speaker 1>of stay where they are for a number of weeks

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<v Speaker 1>and then slowly get a little bit better. Does it

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<v Speaker 1>make sense to you that December dated contracts for Brent

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<v Speaker 1>are at eighty two dollars and forty nine cents? It does,

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<v Speaker 1>you know, if there is not a massive escalation, and

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<v Speaker 1>if the straight of Horror moves takes its time to reopen,

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<v Speaker 1>it does make sense that dated brint or that the

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<v Speaker 1>Brent contract is so elevated in December. Because what's happening

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<v Speaker 1>right now is we're digging a hole in inventories, and

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<v Speaker 1>when the supply recovers, a lot of that volume has

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<v Speaker 1>to go back into restocking. Right So it's not that

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<v Speaker 1>we're going to see the markets collapse the minute we

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<v Speaker 1>start to see flows coming out of out of the

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<v Speaker 1>straight of hooor moves.

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<v Speaker 3>I thought you were going to say that it should

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<v Speaker 3>be a lot higher. So that was where I was

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<v Speaker 3>kind of heading. So that's sort of one of the

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<v Speaker 3>questions that people have. We're focused very much on the

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<v Speaker 3>oil and the energy space. Is that the real disruption

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<v Speaker 3>that you think is going to be truly problematic for

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<v Speaker 3>the global economy or do you think that some of

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<v Speaker 3>the other disruptions, whether it's agriculture, whether it's the metal sector,

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<v Speaker 3>could be potentially worse.

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<v Speaker 1>I think that, you know, energy is a it's almost

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<v Speaker 1>a human right, and that is going to be the

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<v Speaker 1>most painfully impact of all of this. But I do

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<v Speaker 1>believe that there is if we don't start to see

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<v Speaker 1>something happening in the egg space, the fact that fertilizers

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<v Speaker 1>are so expensive and effectively unavailable for some nations because

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<v Speaker 1>it's unaffordable, this could move into food scarcity, which which

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<v Speaker 1>is which is very concerning.

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<v Speaker 4>Well, what about things like LPG which India needs to

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<v Speaker 4>cook every single meal.

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<v Speaker 1>Absolutely and LPG is a significant issue, particularly for India.

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<v Speaker 1>They had resolved their immediate concerns by negotiating transit for

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<v Speaker 1>vessels through the Strait of Horror moves, and of course,

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<v Speaker 1>you know, the Trump administration is saying they are not

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<v Speaker 1>going to block navigation for trade that is not tied

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<v Speaker 1>to Iran, so India should still be able to get

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<v Speaker 1>their LPG. But of course, if Iran retaliates, that upends everything.

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<v Speaker 1>And if Iran retaliates and the Hoofy get involved and

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<v Speaker 1>start to impact that flow out of the Red Sea,

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<v Speaker 1>that puts even more pressure on Asia because so much

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<v Speaker 1>of their crude oil is coming from that direction.

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<v Speaker 4>Now this morning, India actually got four million barrels from

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<v Speaker 4>Iran from that general license that the Treasury had three

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<v Speaker 4>weeks ago that they were unsanctioning Iranian oil at sea.

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<v Speaker 4>How long does it take for ship to go from

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<v Speaker 4>the Strait of Hormuz to a port basically meaning if

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<v Speaker 4>it's blockade really started earnest yesterday, when do you think

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<v Speaker 4>we could see even more physical disruption?

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<v Speaker 1>So I think the average days of transit for from

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<v Speaker 1>the Strait of Horror moves into Asia is you know,

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<v Speaker 1>fifteen to twenty days. It depends. I mean, if they're

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<v Speaker 1>going all the way to China, it's longer. India it

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<v Speaker 1>would be shorter. So if you know, Asia has already

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<v Speaker 1>seen the fact that they're not getting any oil right now.

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<v Speaker 1>There was oil on water through the first twenty five

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<v Speaker 1>days of March, but now there's no oil on water.

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<v Speaker 2>Stay with us, multiple impax. Savannah's coming up off to

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<v Speaker 2>this the latest from the president. Then speaking to Fox News,

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<v Speaker 2>these headlines just being released, the cham and Pam will

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<v Speaker 2>be fined if he doesn't leave on time at mos

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<v Speaker 2>of Raymond James, I going to use Good Morning mornin.

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<v Speaker 2>I got to say your reaction to that headline? Where

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<v Speaker 2>is this going with this Federal Reserve. So there's a

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<v Speaker 2>couple things that we have to watch.

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<v Speaker 5>One the Supreme Court's probably going to tell him pretty

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<v Speaker 5>quickly that he does not have the authority to fire

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<v Speaker 5>a FED governor because he's already tried to fire someone

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<v Speaker 5>doctor re Lisa Cook. And I think if you take

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<v Speaker 5>a step back, what he has done is ultimately going

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<v Speaker 5>to make the FED more independent. If he didn't do anything,

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<v Speaker 5>these threats actually could have meant something, And now he

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<v Speaker 5>can threaten and it's probably going to make Powell stay

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<v Speaker 5>longer if he is going to be threatened to kind

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<v Speaker 5>of get fired for leaving on time and then we

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<v Speaker 5>go to Tom tillis he's really important. It's thirteen eleven

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<v Speaker 5>on the Banking Committee, it will be twelve twelve. But

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<v Speaker 5>we also have to remember you don't actually have to

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<v Speaker 5>have a permative vote in committee to be considered on

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<v Speaker 5>the floor of the Senate. All that's required is the

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<v Speaker 5>Senate majority leader has to file a discharge position. If

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<v Speaker 5>you have fifty one votes or fifty plus the Vice President,

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<v Speaker 5>you can confirm someone. So yes, he'll dig in his heels.

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<v Speaker 5>This could add to the drama, but it doesn't stop

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<v Speaker 5>Kevin Warsh from being confirmed if the Senate majority leader

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<v Speaker 5>in fifty one members of the Senate want him confirmed.

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<v Speaker 5>So that's why the base case remains Kevin Warsh will

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<v Speaker 5>be in the job sooner rather than later. May sixteenth

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<v Speaker 5>around then, I mean, we still have a month here.

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<v Speaker 5>We got all of the financial forms, all of the

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<v Speaker 5>forums are now filed yesterday. Kind of the paperwork is done.

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<v Speaker 5>Now it's time for a confirmation hearing. That goes, well,

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<v Speaker 5>you just bring it to the floor. Prioritize this. He's confirmed.

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<v Speaker 4>Okay, So then what happens when the President says the

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<v Speaker 4>FED chair doesn't leave on time. He's going to be fired.

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<v Speaker 4>Do you think the president means his chairmanship or his

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<v Speaker 4>governorship which ends in twenty twenty eight.

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<v Speaker 5>It's a good question because if you look at the

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<v Speaker 5>Federal Reserve Act, there isn't anything related to firing the chair.

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<v Speaker 5>There is about firing governors for cause, and so you

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<v Speaker 5>could make the case that the chair could be fired

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<v Speaker 5>and that role, but the individual governor is going to

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<v Speaker 5>be decided by the Supreme Court ultimately. The other thing

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<v Speaker 5>we'd look at, and this is what we've seen in

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<v Speaker 5>the past, is that the FOMC actually chooses its own chair.

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<v Speaker 5>So the FED, the president could fire him as chair

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<v Speaker 5>of the Fed, but the FOMC would then pretty quickly

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<v Speaker 5>reaffirm him as chair of the policy making decisions related

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<v Speaker 5>to monetary policy, which is what the market actually really

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<v Speaker 5>cares about.

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<v Speaker 3>Amory, is this an ego issue or is this an

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<v Speaker 3>issue trying to get interest rates lower?

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<v Speaker 5>I think it's a combination. I think this is just

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<v Speaker 5>a pattern. You asked her, like, why do we do this?

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<v Speaker 5>He had an off ramp, he didn't take it. How

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<v Speaker 5>many times have we said it was right there? And

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<v Speaker 5>then he did something that made it harder to actually happen.

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<v Speaker 5>So this here is I think a pattern. I know

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<v Speaker 5>that he wants this to be confirmed. I think that

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<v Speaker 5>they could have confirmed him earlier than kind of the

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<v Speaker 5>May fifteenth and maybe pushed him on. We've had the

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<v Speaker 5>DOJ show up at the FED. As we saw, the

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<v Speaker 5>FED didn't let him in. And so anytime that there

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<v Speaker 5>is a conflict between like, you don't let my guys

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<v Speaker 5>do what I want them to do. You don't get

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<v Speaker 5>to dictate that, I get to dictate that. I think

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<v Speaker 5>this is behind that. I think he's seeing some of

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<v Speaker 5>these stories that the Federal Reserve Police Force didn't let

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<v Speaker 5>his folks in, and he's going to kind of establish

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<v Speaker 5>this as I'm the one in charge.

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<v Speaker 3>From a market's perspective, it's popcorn. Watch this in your

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<v Speaker 3>free time, But it has no relevance to anything unless

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<v Speaker 3>it starts to increase some of the pressure on Kevin

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<v Speaker 3>worsh Should he get confirmed to lower rates in the

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<v Speaker 3>face of inflation that is somewhat higher and a really

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<v Speaker 3>resistant FED board that has pushed back significantly. So at

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<v Speaker 3>what point does it enter the market's frame and some

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<v Speaker 3>sort of relevant point other than just popcorn.

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<v Speaker 5>Yeah, So two things I say the market always tests

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<v Speaker 5>the new Fed cheer, and we're going to see kind

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<v Speaker 5>of that in rates more than you know, kind of

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<v Speaker 5>the equity markets. But obviously that spills over to the

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<v Speaker 5>equity markets. The conversation is going to be about the

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<v Speaker 5>FED balance sheet. Is he going to force that to

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<v Speaker 5>be shrunk? Number two. I think that Scott Bessen provided

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<v Speaker 5>Warsh with a huge amount of political cover this week

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<v Speaker 5>saying maybe it's not the time to cut rates. So

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<v Speaker 5>next week in his confirmation hearing, you know, as kind

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<v Speaker 5>of democratic senators are going to say, are you going

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<v Speaker 5>to do the president's bidding? And are you going to

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<v Speaker 5>cut rates even if inflation is higher, even in the

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<v Speaker 5>face of this war. It's like, look, I'm going to

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<v Speaker 5>look what the data is. There is a debate about this.

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<v Speaker 5>Even the Treasury Secretary said maybe it's not.

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<v Speaker 2>The time just yet, so we will see.

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<v Speaker 5>I think the market has taken out the price, you know,

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<v Speaker 5>kind of the the cuts for this year pushed it

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<v Speaker 5>into next year. I think that is now the base case. Thankfully,

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<v Speaker 5>he'll have that political cover as he's debating this in

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<v Speaker 5>the Senate Banking Committee next week.

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<v Speaker 4>And you mentioned the fact that US prosecutors made this

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<v Speaker 4>prize visit to the Fed. The market doesn't seem to

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<v Speaker 4>care about that at all. If that happened in a

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<v Speaker 4>country like Turkey, it'd be a massive deal. Why is

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<v Speaker 4>it not a big deal here?

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<v Speaker 5>Because it's a continuation of a story that most have

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<v Speaker 5>decided is not a story.

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<v Speaker 4>Right, doesn't matter?

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<v Speaker 5>No, I mean it's like it's the you know, we

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<v Speaker 5>are talking about a renovation of a building. Anyone who

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<v Speaker 5>walks by or drives by have seen a construction project

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<v Speaker 5>there that is massive for years. We recognize that there

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<v Speaker 5>are constraints on the way in which these are built.

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<v Speaker 5>They're actually a Federal Reserve Act kind of dictates the

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<v Speaker 5>number of buildings that the FED is allowed to have,

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<v Speaker 5>which drives up these construction costs. And so to the

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<v Speaker 5>extent that this is about a monetary policy, that would

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<v Speaker 5>be a bigger deal. But if it's over a construction project, yeah,

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<v Speaker 5>it's like it's a very expensive marble.

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<v Speaker 2>Stay with us. Mulplendex. Savan's coming up off to this.

0:12:00.920 --> 0:12:03.199
<v Speaker 2>So here's the laces this morning. Whatll Street banks reporting

0:12:03.200 --> 0:12:05.600
<v Speaker 2>at least one hundred billion dollars of exposure to private

0:12:05.600 --> 0:12:08.800
<v Speaker 2>credit firms has investors question the durability of the sector,

0:12:09.080 --> 0:12:13.079
<v Speaker 2>Gay Vonderlin, the CEO of Schroder's Capital writing, weaker players

0:12:13.160 --> 0:12:16.800
<v Speaker 2>are being exposed while stronger disciplined investors stand out. Okay,

0:12:16.960 --> 0:12:18.800
<v Speaker 2>joined us now for more. Welcome to the program, and

0:12:18.880 --> 0:12:20.320
<v Speaker 2>welcome to New York. It's good to see you, sir,

0:12:20.400 --> 0:12:22.080
<v Speaker 2>Thank you, and thank you for having me. Can you

0:12:22.120 --> 0:12:25.719
<v Speaker 2>help us understand the difference between a liquidity driven repricing

0:12:26.120 --> 0:12:30.040
<v Speaker 2>and a structural credit event. Just explain to us one

0:12:30.160 --> 0:12:31.400
<v Speaker 2>versus the other, and what you think.

0:12:31.440 --> 0:12:33.680
<v Speaker 6>This is very happy too, and it probably links nicely

0:12:33.720 --> 0:12:36.320
<v Speaker 6>to some of the commands made earlier and other executives

0:12:36.360 --> 0:12:39.640
<v Speaker 6>in the industry. Effectively, what the market isn't really differentiating

0:12:39.720 --> 0:12:43.720
<v Speaker 6>right now is liquidity distress in semi liquid vehicles so

0:12:43.840 --> 0:12:48.680
<v Speaker 6>linked to structures ultimately in funds versus impairments of underlying assets.

0:12:49.040 --> 0:12:52.640
<v Speaker 6>So what we have is liquidity distress in essentially retail

0:12:53.240 --> 0:12:56.240
<v Speaker 6>oriented structures. So funds that have sold they have been

0:12:56.240 --> 0:12:59.160
<v Speaker 6>sold to retail investors in some cases where probably these

0:12:59.200 --> 0:13:01.920
<v Speaker 6>investors haven't fully understood what they're investing in. In some

0:13:02.000 --> 0:13:04.200
<v Speaker 6>cases may be compounded by the fact that the software

0:13:04.240 --> 0:13:06.640
<v Speaker 6>exposure and the market is trying to price software and

0:13:06.720 --> 0:13:11.600
<v Speaker 6>revalue ultimately software in the light of upcoming anticipated software disruption.

0:13:12.600 --> 0:13:17.319
<v Speaker 6>Note it hasn't happened yet, And essentially the real distress

0:13:17.360 --> 0:13:19.960
<v Speaker 6>or on pairment of underlying assets, which isn't which isn't

0:13:19.960 --> 0:13:22.760
<v Speaker 6>there't which isn't happening. So that effectively is the difference

0:13:22.760 --> 0:13:23.360
<v Speaker 6>between the two.

0:13:23.720 --> 0:13:25.040
<v Speaker 2>What does it mean for you and the team and

0:13:25.040 --> 0:13:27.680
<v Speaker 2>the justifications you've seen so far the money that you're

0:13:27.679 --> 0:13:28.800
<v Speaker 2>looking to put to work.

0:13:29.240 --> 0:13:31.720
<v Speaker 6>So I mean for us just first of all, to

0:13:31.800 --> 0:13:34.960
<v Speaker 6>note we're not a direct lender. We are focusing on

0:13:35.160 --> 0:13:38.240
<v Speaker 6>sectors which we think is the sort of the boring,

0:13:38.360 --> 0:13:45.320
<v Speaker 6>sexy part of the new the boring part of the market,

0:13:45.360 --> 0:13:49.240
<v Speaker 6>i e. Sort of lending against infrastructure assets, lending against

0:13:49.440 --> 0:13:53.560
<v Speaker 6>real estate assets, lending against on an asset back basis,

0:13:53.600 --> 0:13:56.680
<v Speaker 6>for example, against hard assets where we have better collateral,

0:13:56.679 --> 0:14:00.280
<v Speaker 6>which is less sicknically exposed. And I think to us

0:14:00.320 --> 0:14:03.120
<v Speaker 6>that as a key opportunity also going forward to investors

0:14:03.120 --> 0:14:06.880
<v Speaker 6>to build more resilience into their portfolios by embracing this

0:14:07.120 --> 0:14:10.040
<v Speaker 6>next to the exposures that have in direct.

0:14:09.840 --> 0:14:12.800
<v Speaker 3>Lending at a time of rapid change, a dislocation. The

0:14:12.840 --> 0:14:14.840
<v Speaker 3>idea of AI and what that could potentially do in

0:14:15.040 --> 0:14:19.640
<v Speaker 3>transforming business. Is there an advantage to being illiquid versus

0:14:19.840 --> 0:14:22.040
<v Speaker 3>liquid with respect your asset allocation?

0:14:22.760 --> 0:14:25.000
<v Speaker 6>I think it's you know, like, broadly speaking, this gets

0:14:25.040 --> 0:14:28.160
<v Speaker 6>to the advantages of private markets. Generally speaking, I think

0:14:28.200 --> 0:14:30.240
<v Speaker 6>you want to be both. Really, I think there is

0:14:30.320 --> 0:14:32.680
<v Speaker 6>no way an investor can only be liquid or only

0:14:32.720 --> 0:14:37.920
<v Speaker 6>be liquid. I mean, effectively, private markets roughly capture probably

0:14:37.920 --> 0:14:39.840
<v Speaker 6>eighty percent of the economy, depending on how you count it.

0:14:39.840 --> 0:14:42.600
<v Speaker 6>I mean, in terms of businesses in the United States

0:14:42.680 --> 0:14:45.280
<v Speaker 6>is probably ninety nine percent of businesses are not listed.

0:14:46.200 --> 0:14:48.880
<v Speaker 6>Eighty percent of the workforce is working for non listed companies.

0:14:48.920 --> 0:14:51.320
<v Speaker 6>I mean, it's a bit hard to gauge, really, but

0:14:52.360 --> 0:14:55.440
<v Speaker 6>it's such a big part of the economy. A lot

0:14:55.480 --> 0:14:58.200
<v Speaker 6>of the innovation economy is actually happening in the understated space.

0:14:59.040 --> 0:15:02.480
<v Speaker 6>A lot of actively real assets, infrastructure, real estate is

0:15:02.760 --> 0:15:06.240
<v Speaker 6>not really suitable for listings. And then there's obviously also

0:15:06.400 --> 0:15:10.920
<v Speaker 6>bigger listed companies, and so in any portfolio there will

0:15:10.960 --> 0:15:12.400
<v Speaker 6>have to be there will have to be both.

0:15:12.800 --> 0:15:15.320
<v Speaker 3>Do you think that iliquid assets need to have a

0:15:15.400 --> 0:15:18.280
<v Speaker 3>higher bar for transparency given that one of the big

0:15:18.280 --> 0:15:21.160
<v Speaker 3>concerns is that a number of lenders are mismarking their

0:15:21.160 --> 0:15:25.000
<v Speaker 3>books or marking aggressively and optimistically just how high some

0:15:25.080 --> 0:15:26.080
<v Speaker 3>of the valuations could be.

0:15:26.440 --> 0:15:29.960
<v Speaker 6>I think the issue is much more the how you

0:15:30.000 --> 0:15:32.280
<v Speaker 6>deal with this in the context of semi liquid structures

0:15:32.360 --> 0:15:34.600
<v Speaker 6>or liquid structures where you can trade in and out

0:15:34.680 --> 0:15:38.120
<v Speaker 6>of liquid assets, rather than effectively the time lag and

0:15:38.200 --> 0:15:42.720
<v Speaker 6>valuations and the approach to valuations in liquids in general.

0:15:43.120 --> 0:15:45.760
<v Speaker 6>So you don't have a problem in in liquid funds

0:15:45.840 --> 0:15:48.240
<v Speaker 6>ultimately or on celos even in the private credit space

0:15:48.280 --> 0:15:51.680
<v Speaker 6>really whether there is no trading in and out so

0:15:51.840 --> 0:15:54.280
<v Speaker 6>you know, essentially the daily volatility and themes which are

0:15:54.320 --> 0:15:57.400
<v Speaker 6>played through the stock market, Like you know, should valuations

0:15:57.400 --> 0:15:59.600
<v Speaker 6>for software companies be lower now because there will be

0:15:59.640 --> 0:16:02.640
<v Speaker 6>disrupt in the future even though earnings are still very

0:16:02.720 --> 0:16:05.280
<v Speaker 6>much where you know, unchanged and very much in a

0:16:05.760 --> 0:16:09.520
<v Speaker 6>good territory. Isn't something that a private market fund would

0:16:09.520 --> 0:16:13.000
<v Speaker 6>reflect on a daily basis. However, if you have investors

0:16:13.040 --> 0:16:15.520
<v Speaker 6>that can trade in and out, either daily or on

0:16:15.560 --> 0:16:17.880
<v Speaker 6>a quality basis, you all of a suddenly have that

0:16:17.920 --> 0:16:20.360
<v Speaker 6>issue translating into these types of structures. And I guess

0:16:20.440 --> 0:16:25.440
<v Speaker 6>this is where the ultimately the issue arises, and for me,

0:16:25.480 --> 0:16:28.240
<v Speaker 6>the question is ultimately whether whether then investors fully understand

0:16:28.240 --> 0:16:30.560
<v Speaker 6>what they've brought into and the fact that the underlying

0:16:30.560 --> 0:16:34.640
<v Speaker 6>asset is ultimately I liquid and the mechanisms that prevent

0:16:35.920 --> 0:16:41.360
<v Speaker 6>single investors from trading out from trading out and contagion

0:16:41.400 --> 0:16:43.840
<v Speaker 6>to spread to a broader group of investors just because

0:16:43.840 --> 0:16:44.400
<v Speaker 6>of sentiment.

0:16:44.760 --> 0:16:47.280
<v Speaker 2>Clearly things haven't gone right for the industry over the

0:16:47.360 --> 0:16:49.840
<v Speaker 2>last few months. With a minute, we have left what

0:16:49.920 --> 0:16:52.520
<v Speaker 2>should the lessons be of the last few months for

0:16:52.560 --> 0:16:53.080
<v Speaker 2>the industry?

0:16:53.960 --> 0:16:57.360
<v Speaker 6>So I guess you know, I mean to say it,

0:16:57.840 --> 0:17:05.800
<v Speaker 6>maybe slightly provocative, provocaty, growing too quickly in certain areas,

0:17:06.240 --> 0:17:10.840
<v Speaker 6>essentially and selling too much of one thing, maybe with

0:17:11.080 --> 0:17:13.920
<v Speaker 6>slightly too much diverse too little diversification, too much sector

0:17:13.960 --> 0:17:18.160
<v Speaker 6>exposure in certain areas. Maybe also a degree of lack

0:17:18.160 --> 0:17:20.840
<v Speaker 6>of discipline in terms of underwriting in the twenty twenty one,

0:17:21.280 --> 0:17:25.840
<v Speaker 6>twenty twenties pre the change and the rate environment is

0:17:25.880 --> 0:17:29.240
<v Speaker 6>something that now has to feed through the system per se.

0:17:29.280 --> 0:17:31.359
<v Speaker 6>That's not an issue. And it's also not leading to

0:17:31.440 --> 0:17:33.640
<v Speaker 6>credit losses, to just say this again, And it's also

0:17:33.680 --> 0:17:36.320
<v Speaker 6>not leading loss to losses in private equity, but probably

0:17:37.160 --> 0:17:40.160
<v Speaker 6>a series of vintages that will have slightly lower performance.

0:17:40.960 --> 0:17:44.520
<v Speaker 2>This is the Bloomberg Seventents podcast, bringing you the best

0:17:44.520 --> 0:17:47.840
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0:17:47.920 --> 0:17:50.840
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0:17:51.000 --> 0:17:54.760
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0:17:57.119 --> 0:18:00.439
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