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Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Jonathan Ferrow, along
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Speaker 2: Francis Donald of RBC right in the following. Whereas the
Speaker 2: Trump administration was initially celebrated for its emphasis on deregulation
Speaker 2: and tax cards, it is now facing tariff centric policy
Speaker 2: and fiscal pullbacks, which is not reflationary but stagflationary. Joining
Speaker 2: us now two of the very best, Francis Donald and
Speaker 2: Al Selinos. Francis here in New York, Alsa over in London.
Speaker 2: I just think the perfect pairing for this morning, because
Speaker 2: we're talking at the end of US exceptionalism and that
Speaker 2: has a big effects impact that we can talk about
Speaker 2: with Alsa shortly Francis, I want to begin with you,
Speaker 2: what's changed in the past month.
Speaker 3: Well, when we talked about US exceptionalism, let's remember that
Speaker 3: it was generally a call on the structure of the economy,
Speaker 3: which was really being supported by fiscal chips at AI,
Speaker 3: a good underlying fundamentals, and the cyclical acceleration. I don't
Speaker 3: think the structural story for the United States has changed
Speaker 3: too much here, but that cyclical optimism is what is
Speaker 3: fading at this point, and we are seeing we are
Speaker 3: seeing the damage from tariff uncertainty creep into the sentiment surveys,
Speaker 3: creep into soft data. What we need to see now
Speaker 3: is does the soft data bleed into the hard data,
Speaker 3: especially with this K shaped economy where the ultra wealthy
Speaker 3: have been supporting the whole And what concerns me most
Speaker 3: as well. We heard from President Trump, we heard from
Speaker 3: Secretary be said that they're not watching the stock market anymore.
Speaker 3: Maybe if they're watching the economy, they need to be
Speaker 3: aware of that wealth effect flowing through. The Other component
Speaker 3: of this, which is hugely important, is just how inflationary
Speaker 3: those tariffs turn out to be. Strongly depends on the
Speaker 3: path of the US dollar. That's why Elsa's views are
Speaker 3: so critical to the economy. Now, it's not just economy
Speaker 3: to effects, it's how effects will change the shape of
Speaker 3: tariffs and just how stagulationary they are.
Speaker 4: Which also is the reason why a lot of people
Speaker 4: expected that a strong dollar would offset the inflationary aspects
Speaker 4: of those tariffs, exactly to Francis's point, and yet what
Speaker 4: we've gotten is that exactly the opposite. And it's part
Speaker 4: of what's going on with growth fears in the US,
Speaker 4: but it also has to do a lot with what's
Speaker 4: going on in Europe. How far can that dollar weakness
Speaker 4: really go?
Speaker 5: Yeah, absolutely right. It's been an absolute momentous week for Europe.
Speaker 5: I mean, the scale of integration and large scale announcements
Speaker 5: we've heard this week just Pelsantine significance compared to anything
Speaker 5: we've heard over recent years. So I think there are
Speaker 5: a number of cross currents. As you said, there are
Speaker 5: a number of people saying, well, actually a stronger dollar
Speaker 5: could offset the impact of tariffs. I disagree with that.
Speaker 5: The large majority of US imports are actually denominated in
Speaker 5: US dollars, so a lot of that effect would actually
Speaker 5: accrue to exporters in terms of profit margins, but thinking
Speaker 5: more generally about where the dollar goes from here. As
Speaker 5: I said, we have a number of cross currents because
Speaker 5: it wasn't just the fiscal announcement coming out of Europe
Speaker 5: this week. There's also the fact that we already had
Speaker 5: better European data. We saw that again this morning with
Speaker 5: the upgrade to Q four GDP. Actually the economy did
Speaker 5: reasonably well from initial reading that was point zero five,
Speaker 5: fairly better than flat up to point two two now,
Speaker 5: with a lot of that coming from domestic demand. And
Speaker 5: so I think it's that challenge which has caught people off. God,
Speaker 5: how much further can the dollar on? I mean, you know,
Speaker 5: we've been nying up one twelve as a decent verse
Speaker 5: resistance level, just because that's the level we got to
Speaker 5: in September of last year, when again there was that
Speaker 5: pessimism about us exceptionalism.
Speaker 4: I miss the days when we're talking about gross differentials
Speaker 4: and inflation differentials and we could just focus on that.
Speaker 4: Now there's tariffs, now, there's questions about spending. Now, there
Speaker 4: are questions all of this, Just to for instance, the
Speaker 4: point if you tried to strip it down, which is
Speaker 4: kind of the goal right now, its just growth and inflation,
Speaker 4: which is the biggest lever to pay attention to when
Speaker 4: it comes to the US rates outlook. When it comes
Speaker 4: to just how much these tariffs could really affect the
Speaker 4: US economy, well.
Speaker 3: It's a great question, and I'm glad you qualified for
Speaker 3: the United States because it did really differs depending on
Speaker 3: which country you're looking at. In the United States, they
Speaker 3: have some growth margin. We were looking at two percent
Speaker 3: growth for twenty twenty five. If we have to downgrade
Speaker 3: till even one percent, I mean, it's not a great development.
Speaker 3: You have to have a rerating across many asset classes,
Speaker 3: but it's not going to break the US economy. Where
Speaker 3: there is very little room is on the inflation side.
Speaker 3: And if we do see these twenty five percent tariffs
Speaker 3: come through one month from now, we could be seeing
Speaker 3: three percent cour inflation by year. And combine that with
Speaker 3: a structurally tight labor market, it's not a great position
Speaker 3: to be in for the Federal Reserve. High inflation is
Speaker 3: going to be what it becomes more problematic for the
Speaker 3: American psyche right now, especially because let's not forget prices
Speaker 3: are up twenty nine percent since Trump's first day in
Speaker 3: office back in twenty eighteen. The appetite among households, businesses,
Speaker 3: and the market for the inflation side of the picture
Speaker 3: is very different now than I suspect the growth side.
Speaker 4: You were at the Economic Club last night, Francis, and
Speaker 4: you heard what Scott Besson had to say. He says,
Speaker 4: this one price shock is transitory.
Speaker 1: Do you think it's transitory? Do you think this will
Speaker 1: bleed through for months to come?
Speaker 3: Well, economists and those who like to say that tariffs
Speaker 3: will not be problematic for the American people will say
Speaker 3: it's transitory, and what they mean by that is there's
Speaker 3: a one time price level adjustment and one year later
Speaker 3: it drops out of the year over year. But I
Speaker 3: like to say tariff price level increases are also permanent,
Speaker 3: so the price increases, but then it stays at that
Speaker 3: level for an extended period of time. What came out
Speaker 3: of me from that speech was that, you know, Secretary
Speaker 3: Ofscent described a nice economy, one where we've deleveraged from
Speaker 3: the public sector over to the private sector, one where
Speaker 3: trade is recalibrated for the American people. It actually sounds
Speaker 3: like a great economy that many economists would check the
Speaker 3: box on. But you have to build the bridge to
Speaker 3: the other side. And from my perspective, what this market
Speaker 3: is coming to recognize is that that bridge to the
Speaker 3: economy that's being described is not seamless, and it may
Speaker 3: not be guaranteed.
Speaker 2: I might do a lot of damage in between. We
Speaker 2: started this year and I talked about it repeatedly. We
Speaker 2: all did that the policy makes would attract a lot
Speaker 2: of capital from the rest of the world. It's the
Speaker 2: policy mix stying to push it away. Is it too
Speaker 2: early to tell?
Speaker 3: It's a sequencing issue, So we're not getting the juicy,
Speaker 3: high quality invest in American exceptionalism content. First. Some of
Speaker 3: that may be just having to fund some of the
Speaker 3: better things. But there's some story that you kind of
Speaker 3: have to eat your vegetables before you get your dessert.
Speaker 3: Maybe that's a little bit of the mix that we're
Speaker 3: getting right now.
Speaker 4: And also, this is exactly the point behind a lot
Speaker 4: of the really bold calls behind euro strength. Given the
Speaker 4: fact that people are seeing suddenly the sucking sound away
Speaker 4: from the United States toward Europe, how much are you
Speaker 4: actually seeing evidence of that that Euros are flooding in
Speaker 4: with what we just saw the biggest weekly inflow into
Speaker 4: European stocks going twenty twenty two. I mean, you've just
Speaker 4: seen this groundswell.
Speaker 5: So we're certainly seeing a huge shift in the short
Speaker 5: term positioning, and actually on our short term positioning monitors.
Speaker 5: Markets already actually turned long ear a dollar, having been
Speaker 5: quite consistently short. But it's interesting, you know, I've seen
Speaker 5: some calls out there for this kind of continued euro's strength,
Speaker 5: kind of pacing it gently throughout the course of the
Speaker 5: next twelve months. I actually think it could look pretty different.
Speaker 5: I mean, there's this initial move, which is very likely.
Speaker 5: It feels like it's going to get into overshoot territory
Speaker 5: because it happens so quickly and people are somewhat chasing
Speaker 5: the move. On top of that, you've got that equity
Speaker 5: angle that I feel is really underappreciated the impact that
Speaker 5: has on the currency market, because we're seeing a structural
Speaker 5: reallocation out of US equities back into European equities, and
Speaker 5: there's a currency component to that as well. But once
Speaker 5: all that washes out, you know, the point France has
Speaker 5: made is absolutely critical. Is this going to be an
Speaker 5: environment where the Fed can cut rates aggressively or is
Speaker 5: the inflationary backdrop going to prevent them from doing that.
Speaker 5: And if you don't have those aggressive FED cuts, then
Speaker 5: those kind of calls are one twenty one twenty five
Speaker 5: that you know we got to back in twenty twenty one,
Speaker 5: that one twenty three fifty high that looks much harder
Speaker 5: to achieve without that convergence in frontend rate differentials.
Speaker 2: So there's one piece of this story over in Europe
Speaker 2: that I'm trying to make sense of, and perhaps you
Speaker 2: can help me. We've had a massive week for the
Speaker 2: Europe I know that off the back of the plans
Speaker 2: to boost infrastructure spending. But this all started when President
Speaker 2: Donald Trump made a more aggressive push to end the
Speaker 2: war in Ukraine. That's when the euro started to move
Speaker 2: started to find a flaw. And also, I wonder if
Speaker 2: Germany is going about rearmic and the whole of the
Speaker 2: continent goes about rearming, does that make war more or
Speaker 2: less likely, because that's going to have quite an impact
Speaker 2: on the continent and financial markets.
Speaker 5: It's a great question, John, and I think one which
Speaker 5: people have in the back of their minds. You know,
Speaker 5: our spot trader here in London was mentioning that this morning,
Speaker 5: you know, is it necessarily great for Europe if we're
Speaker 5: having to rearm ourselves with the risk right on our
Speaker 5: eastern borders. I don't think that's the story that people
Speaker 5: are focusing sing on today. I think they're far more
Speaker 5: focused on that kind of n WUS exceptionalism and the
Speaker 5: swing and capital away from the US back to Europe.
Speaker 5: But that's certainly a risk premium that's going to be
Speaker 5: baked into the back of people's minds too.
Speaker 2: With the very best stan Selnya SASABC Francis Donald here
Speaker 2: in New York. So that both of you thank you breaking
Speaker 2: down the jobs report. We can continue the conversation now
Speaker 2: around the table with definitely Wrath of Wolf research Kathy
Speaker 2: Jones of Charles Swap to the turf. You welcome to
Speaker 2: the program. Stephanie's just first to you to talk about
Speaker 2: the economy. First look, first take.
Speaker 6: Yeah, not expected, and as you alluded, the headlines are
Speaker 6: very different from what we saw in the data. Big
Speaker 6: reason is just a timing miss match. Right the survey
Speaker 6: we fell just before all the significant layoffs hit the net.
Speaker 6: The next payrolls print is going to look a lot
Speaker 6: uglier than this one. So yes, we can't really have
Speaker 6: a sigh of relief as a result of today's data,
Speaker 6: because we're gonna start getting hit pretty significantly on the
Speaker 6: perils print. We're gonna start the apparels prints that are
Speaker 6: around one hundred thousand, if not slightly below.
Speaker 2: Kathy, is that how you see things?
Speaker 1: Yeah, I think they slow down is taking place, and
Speaker 1: we will see more of it. It'll snowball as things
Speaker 1: go forward. You know, one of the things when you
Speaker 1: have fewer hours worked and you have less aggregate income,
Speaker 1: and that means less spending power for the consumer. So
Speaker 1: that's going to ripple through and then you have this
Speaker 1: level of uncertainty where every day is a new policy
Speaker 1: and if you're trying to plan business activity going forward,
Speaker 1: I'll forget the consumer. Do I have a job or not?
Speaker 1: But think about businesses. What's my labor force look like?
Speaker 1: What are my materials cost? Can I get my hands
Speaker 1: on those materials? What's the demand going to look like?
Speaker 1: I mean, all those are big questions that make people
Speaker 1: freeze and say I'm just not doing anything to li
Speaker 1: havee some clarity, which.
Speaker 4: Is the reason why and Stephanie, a number of people
Speaker 4: have raised this point. People are trying to understand the
Speaker 4: momentum heading into this period to understand the resilience, the
Speaker 4: potential resilience for the US economy to deal with that
Speaker 4: kind of uncertainty. One hundred and fifty one thousand isn't bad.
Speaker 4: It actually is a pretty solid labor market. So how
Speaker 4: much give do we really have in this labor market?
Speaker 1: Yeah, and it's fair.
Speaker 6: But now all of a sudden, we had a sudden
Speaker 6: surprise to activity, and I don't think folks were expecting
Speaker 6: the extent of the government layoffs that are going to
Speaker 6: play out the contractors that are tied to them. And then,
Speaker 6: by the way, the immigration stuff he cut off on
Speaker 6: January twentieth, that was adding for much of last year
Speaker 6: on seventy five thousand workers to the workforce that's cut off,
Speaker 6: and the reasons are going to start expiring throughout the
Speaker 6: course of the next two years.
Speaker 4: But do you think the end destination is still possible
Speaker 4: because what they're talking about is moving from a public
Speaker 4: policy to more private sector jobs.
Speaker 6: Yeah, and that's totally fair, but it's just going to
Speaker 6: take a while and it's a painful process along the way.
Speaker 6: So the endgame might ultimately result in a sort of
Speaker 6: a rebalanced economy, but that doesn't mean it's going to
Speaker 6: feel good.
Speaker 2: For the next six months. OK, Kathy, this sounds very
Speaker 2: Billy for Bonts, is it.
Speaker 6: Yeah.
Speaker 1: You know, we're still in the camp that says the
Speaker 1: Fed's on hold for a while because they have to
Speaker 1: sort out all these cross currents and the inflation potential
Speaker 1: coming from terraffs, so they can't do anything. So we're
Speaker 1: in the long end. You have you have probably the slowdown,
Speaker 1: which will bring yields back down probably ten year, around
Speaker 1: three eighty or so, but not until we actually see
Speaker 1: that data, because your offsetting is you have potential inflation
Speaker 1: from tariffs. So right now we're just bouncing around in
Speaker 1: this range waiting to see which plays out first. The
Speaker 1: inflation plays out first or the slowdown plays out first.
Speaker 1: Right now, it looks like the slowdown might play out
Speaker 1: before the inflation, but you know, we don't know day
Speaker 1: to day what.
Speaker 4: Teriffs look like.
Speaker 2: If you are just joining us, welcome to the program.
Speaker 2: The Job's report came out just moments ago, nine minutes ago,
Speaker 2: and it came in like this, one fifty one, just
Speaker 2: a small downside surprise. We've been looking for one sixty
Speaker 2: lots of numbers to talk about our swear to do that.
Speaker 2: Right now, we can bring Mohammad Aaron of Queen's College,
Speaker 2: Cambridge into the program. Mohammed, welcome to the program, sir.
Speaker 2: Let's get to that job's report. What's your interpretation of things?
Speaker 7: I think you captured it well when you said, you know,
Speaker 7: no big news here. The only thing that I will
Speaker 7: be torturing is the labor force participation. But everything else
Speaker 7: came in as expected. And I think everybody's right in
Speaker 7: saying what's more important, what's ahead of us? Not this report?
Speaker 4: That said Mohammad, We've been talking a lot about the
Speaker 4: momentum in the US economy and the fact that it
Speaker 4: takes a long time to turn things around. Is there
Speaker 4: any part of this report that makes you concerned about
Speaker 4: the level of exceptionalism that we're coming off of into
Speaker 4: this period of uncertainty?
Speaker 7: Not in this report, Lisa, but in a lot of
Speaker 7: other data there is. You know, the edge of the
Speaker 7: US has been predictability, has been transparency, and you're starting
Speaker 7: to see more and more business step back, not just
Speaker 7: on a short term basis, but really think how much
Speaker 7: longer do I need before I figure out what's my
Speaker 7: operating environment, and that builds on itself really quickly. So
Speaker 7: you know, the risk here is that below the economic exceptionalism,
Speaker 7: which is strong economic performance, strong acid price performance, has
Speaker 7: been this notion of the US edge, and I'm worry
Speaker 7: that this edge is being eroded right now.
Speaker 3: So Mohammed, are you saying it's the death of US exceptionalism.
Speaker 7: I'm not. I'm saying it's under enormous pressure. We still
Speaker 7: have attributes that other countries, you know, would dream of.
Speaker 7: So you don't kill the US economic exceptionalism, but you
Speaker 7: could put it on pause as people try to figure
Speaker 7: out what the operating environment is.
Speaker 2: Mohammed Worth five six weeks into a new administration. Has
Speaker 2: that much changed that quickly in such a short amount
Speaker 2: of time, So I.
Speaker 7: Think there's been lots of changes. Just go to Germany
Speaker 7: and see what's happening there. Look at the debate there.
Speaker 7: It's been a Sputnik moment for Germany in terms of
Speaker 7: defense spending, infrastructure spending. John, all I can tell you
Speaker 7: is that all the consensus trades at the beginning of
Speaker 7: the year have been upended, every single one of them.
Speaker 7: Currency waits relative US equity performance to the rest of
Speaker 7: the world. I can go across the board every single
Speaker 7: consensus trade has been upended, and that tells you that
Speaker 7: there has been significant.
Speaker 4: Change, which race is a question about how much this
Speaker 4: is a trade and how much this is a fundamental
Speaker 4: shift that can actually get implemented in economic data. That
Speaker 4: takes time, and Stephanie, I would ask you that how
Speaker 4: long is the transmission mechanism for some of these things
Speaker 4: at a time when there are some fundamental policy shifts
Speaker 4: that will take time to implement, but it takes even
Speaker 4: longer time to ripple through the underlying data and the
Speaker 4: underlying sense of strengths.
Speaker 6: Yeah, it should take a couple of months for us
Speaker 6: to start to see it reflect on the data. Of course,
Speaker 6: for example, today the February data look just fine. The
Speaker 6: March data are going to start to reflect this, and
Speaker 6: I would expect in the next three months will start
Speaker 6: to see the real impact. For example, the impacts from tariffs.
Speaker 6: It takes about three to six months to work its
Speaker 6: way into the CPI data, so that's when we'd start
Speaker 6: to see that. The payrolls numbers we're going to start
Speaker 6: to see in the next couple of months. Because the
Speaker 6: job a lot of the job cuts are fairly immediate,
Speaker 6: and then you'll see the government contractors as a result
Speaker 6: the fallout from that afterwards. So I would expect in
Speaker 6: six months time we'll see a lot more of this
Speaker 6: truly reflected in the data, but we'll start to see
Speaker 6: it in the next couple of prints.
Speaker 4: Kathy from an investment perspective, and Muhammad was talking about
Speaker 4: how the policy shifts have been pretty traumatic and the
Speaker 4: market is trying to be a forward looking prognosticator.
Speaker 1: How do you make bold moves?
Speaker 4: Do you just hide out in cash? Do you keep
Speaker 4: your allocations? I'm serious, it's sort of such a volatile
Speaker 4: time with sort of the reality checks coming out where
Speaker 4: there isn't that much news in the economic data.
Speaker 1: Yeah, you know, I don't think cash is the solution
Speaker 1: because you know that it gives you some optionality. So
Speaker 1: building some liquidity I think is a good idea, and
Speaker 1: I think people undervalue liquidity in their asset allocation when
Speaker 1: things good and we've had this long stretch of everything's
Speaker 1: great and who needs liquidity? Now, I think you do
Speaker 1: need liquidity, But we are also keeping our benchmark duration
Speaker 1: right at benchmark, we're not extending yet.
Speaker 7: We hope.
Speaker 1: We hope to see an opportunity, but there's too much
Speaker 1: noise right now to take that risk. And then we're
Speaker 1: saying up in credit quality because you just don't have
Speaker 1: enough excess return there to justify taking a lot of
Speaker 1: credit risk. And we don't know what industries are really
Speaker 1: going to get hit. Some industries are going to suffer,
Speaker 1: and we do expect some spreads to widen as a
Speaker 1: result of that.
Speaker 2: Europe's had a long stretch of everything's bad, and that's
Speaker 2: changed pretty quickly. Mahamedz comes to you on that. I
Speaker 2: remember in early November, shortly after the election, you said
Speaker 2: to us on this program, that sucking sounds you hear
Speaker 2: is capital coming in from the rest of the world
Speaker 2: into the United States. That sucking sound we heard this
Speaker 2: week was capital, gun I swear, and we've heard that
Speaker 2: a lot throughout the year so far. Mahammed, what do
Speaker 2: you think about that reversal inflows that a lot of
Speaker 2: people have identified recently, and how sustainable do you think
Speaker 2: it is?
Speaker 7: So that reversal makes sense given what has happened over
Speaker 7: the last few weeks, is it sustainable? I don't know, John,
Speaker 7: you know, the jury is still out as to whether
Speaker 7: Europe is going to be able to go from words
Speaker 7: to actions. It's not easy politically, it's not easy socially.
Speaker 7: They have governance issues. So I'm not sure that sucking,
Speaker 7: the reversal sucking sound, if you luck, is going to
Speaker 7: continue for a while. But I understand why, because there's
Speaker 7: been a shock to a lot of the conventional wisdom
Speaker 7: on the US and on Europe.
Speaker 4: Muhammed, has there been an end to the sucking sound
Speaker 4: from the United States?
Speaker 7: We'll see the data. I suspect you'll see that there's
Speaker 7: certainly less fewer influence coming into the US. But has
Speaker 7: it completely stopped. I doubt, I really doubted. The US
Speaker 7: has some attributes that are very difficult to mess up.
Speaker 7: So the US is still you know, whether you want
Speaker 7: to call it the cleaner, sturdy shirts or whatever, but
Speaker 7: it's simply not as clean for outsiders as it was
Speaker 7: a few weeks ago.
Speaker 1: But Muhammad, where was everyone?
Speaker 4: The president was talking about these policies for.
Speaker 3: Months leading up to the election, and then talking about
Speaker 3: these policies for months between the election and inauguration.
Speaker 1: Everyone knew what his plan was.
Speaker 3: Why is everyone shocked?
Speaker 7: Sequencing? And you talked about it earlier today. So we
Speaker 7: know the five areas in which he's going to move
Speaker 7: to our unambiguously beneficial to the economy. Three have good
Speaker 7: and bad to them. There's a journey issue in those three,
Speaker 7: and the hope and the market expected that the sequencing
Speaker 7: wouldn't be what it is now. What you're getting now
Speaker 7: is okay, we've got to get go through the detox,
Speaker 7: we've got to go through delivered disturbances, and then we
Speaker 7: will get the good. The market expected the good to
Speaker 7: come much earlier, therefore offsetting the bag, and that's not
Speaker 7: what has happened.
Speaker 2: It's definitely not in your head away. As Mahommed speaking,
Speaker 2: you agree absolutely.
Speaker 6: We were expecting tariff to become a bigger thing for
Speaker 6: later in the year to tie to TCJA. They're coming
Speaker 6: much earlier. This has a legitimate impact on the economy.
Speaker 6: And by the way, the uncertainty is even greater than
Speaker 6: anyone had anticipated. So to the point earlier on CATBAX
Speaker 6: being sort of stalled out here, it's hard to make
Speaker 6: any investments when you don't even know what the tax
Speaker 6: rates are going to be from a tariff perspective, and
Speaker 6: then they change day to day.
Speaker 2: We're reacting to the payrolls report next week. Is the
Speaker 2: CPI number that comes on the twelfth on the Wednesday, Muhammed,
Speaker 2: I want to come to you just on a final question.
Speaker 2: Secretary best In yesterday at the Economic Club in New
Speaker 2: York said he'd like Team Transit Tree to get the
Speaker 2: band back together at the Federal Reserve and look through
Speaker 2: any inflation pop coming off the back of the tariffs.
Speaker 2: I just wonder how you feel about Team Transitory getting
Speaker 2: the band back together.
Speaker 7: John, I'd go back to what Stephanie said. There was
Speaker 7: price pass through from tariffs. Companies are much more agile
Speaker 7: in how they think about passing on prices than they
Speaker 7: were before. So I think, you know, if Team transit
Speaker 7: It gets back together, I wouldn't have them commit to
Speaker 7: too long a playlist.
Speaker 2: It's a good way of putting it, Mohammad. We'll leave
Speaker 2: it there. Thank you, Sir Muhammad al Aerian of Queen's College,
Speaker 2: Cambridge on the Federal Reserve, on the jobs data and
Speaker 2: this market as well, And a special thanks to Stephanie
Speaker 2: ruther Wall for research and Kathy Juddes of Childs Swab.
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