Speaker 1: Broadcasting live to New York, Gloomberg eleventh Yo to Washington,
Speaker 1: d C, Bloomberg to Boston, Bloomberg twelve hounds to San Francisco,
Speaker 1: Bloomberg to the country. Sees XM Channel one nine and
Speaker 1: around the globe. The Bloomberg Radio Plus happened Bloomberg dot Com.
Speaker 1: This is Bloomberg Surveillance. The morning eight thirty on Wall Street.
Speaker 1: I Michael McKee along with Tom Keene. Economic Indicators brought
Speaker 1: to you by Commonwealth Financial Network. When it's time to
Speaker 1: change the conversation, talk with a broker dealer r I
Speaker 1: A that's ready to listen call eight six two three
Speaker 1: six three eight or is it Commonwealth dot Com to
Speaker 1: learn more? No major indicators at the eight thirty hour today. However,
Speaker 1: we do have new home sales out at ten am
Speaker 1: and that will get a lot of attention. We saw
Speaker 1: the decline in existing home sales reported earlier this week,
Speaker 1: and of course at nine o'clock coming up at the
Speaker 1: top of the hour, Tom Keene and I will be
Speaker 1: interviewed US St. Louis Federal Reserve President James Bullard, which
Speaker 1: we do not but we are going to try to
Speaker 1: find out interesting Yesterday Patrick Harker, the new president of
Speaker 1: the Philadelphia FED, made specific reference to it and said,
Speaker 1: I am not one of the two dot people. I
Speaker 1: think we should raise rates more than that. So we'll
Speaker 1: see if we can't start placing some of these people.
Speaker 1: This is a good person to talk to as we
Speaker 1: go to James Bullard in the next thirty minutes, even
Speaker 1: less than thirty minutes. John Norman is a student of
Speaker 1: the linkage of economics into foreign exchange. He's out of
Speaker 1: Georgetown Economics with a career path at JP Morgan that
Speaker 1: has led him to ride herd on the dollar. Let
Speaker 1: me quote Norman. Despite the federal reserves, well known serial
Speaker 1: forecast errors, markets nonetheless move every time James Bullard lowers
Speaker 1: the dots. I put in a little phrase there, John Norman,
Speaker 1: to do that for entertainment. But you really don't know
Speaker 1: where the dots are, do you, John Norman? Well, we
Speaker 1: know is the dots and seem to go down every quarter,
Speaker 1: and investors tend to extrapolates from that, and I think
Speaker 1: that's the main worry that investors have every time the
Speaker 1: FED rolls up to one of these quarterly press conferences.
Speaker 1: Even though the FED has its dots way above the market.
Speaker 1: The fact that they've been lowering them for so long
Speaker 1: makes some people think they may never hike again. Bill
Speaker 1: Dudley said in a speech a bit ago, for guidance
Speaker 1: maybe a thing of the past. Will the dots be
Speaker 1: a thing of the past? I don't think the dots
Speaker 1: will be. Uh. They they may lose their their sticker
Speaker 1: shock for for investors that the less accurate these are
Speaker 1: as as a predictor of future rates, the less investors
Speaker 1: will pay attention to them. But I don't think they'll
Speaker 1: disappear as a as a piece of information that the
Speaker 1: FED provides. But I agree with the idea that the
Speaker 1: forward guidance is much less credible when you're at a
Speaker 1: turning point. Uh. With some with respect to some part
Speaker 1: of the business cycling right now where going through a
Speaker 1: rethink around inflation, and in that kind of environment where
Speaker 1: you can't have much certainty around CPI, you can't have
Speaker 1: much certainty around FED policy. Is this a situation where
Speaker 1: investors think the dots are wrong or hope there wrong?
Speaker 1: In the sense that every time the FED discusses the
Speaker 1: idea of raising rates, we seem to have a temper
Speaker 1: tantrum in the markets. People uh just don't want to
Speaker 1: give up getting additional having that buyer of last resort
Speaker 1: out there, right. I would say the realization of the
Speaker 1: dots is certainly a market event, and and it's a
Speaker 1: high ball market event. Even if the FED is only
Speaker 1: projecting a couple of hikes over the next or through
Speaker 1: the balance of the year, that that's still about twice
Speaker 1: as much as what's in the money market curve. So
Speaker 1: you're right that investors do fear that the feed is
Speaker 1: actually going to deliver on its on its on its
Speaker 1: stipple design, and if they do, you're gonna see race
Speaker 1: moving up in the trusury market and the dollar moving
Speaker 1: up as well. You get a taste of that just
Speaker 1: over the past two or three sessions, as a number
Speaker 1: of have said, officials have um reaffirmed their their sort
Speaker 1: of commitment to a couple of eyes this year. What
Speaker 1: would you like to ask Dr Bullard? I mean, just
Speaker 1: very simply, you're off the foreign exchange, as you've written
Speaker 1: brilliantly in the dollar recently. What's your question for Jim Bullard?
Speaker 1: I would probably ask them, um why they've needed to
Speaker 1: move down their rate projections so substantially over the past
Speaker 1: year and a half, What what, why and and why
Speaker 1: if they something is motivating them to do that, they
Speaker 1: haven't marked down their views on on growth that substantially
Speaker 1: there seems to be a bit of inconsistency and in
Speaker 1: sort of expressing this belief in um in in a
Speaker 1: firmer u S economy, yet every quarter moving down their
Speaker 1: expectations from where policy rais need to be. Where is
Speaker 1: the opportunity and for an exchange, right now we see
Speaker 1: a lot of reanalysis of dollar perpetual dollar strength is
Speaker 1: fading into the distance. You've written in that as well.
Speaker 1: Where is the opportunity and for an exchange, let's say
Speaker 1: it's probably two buckets. There's a there's a lot of
Speaker 1: tactical opportunities over the next say nine months, is to
Speaker 1: set hikes a couple of times, and there's probably a
Speaker 1: big strategic opportunity still in UH in the end, so
Speaker 1: that the tactical opportunities are all around being long dollars
Speaker 1: some quarters, short dollars other quarters. Simply because I think
Speaker 1: that the broad index is an arrange, and it's how
Speaker 1: quiet an attorney point, it's it's probably gonna move sideways
Speaker 1: plus or minus five percent from where we are now. UM.
Speaker 1: Some people consider that an opportunity, you know, I certainly
Speaker 1: do UM, but that means that the clients have to
Speaker 1: be quite numble. I'd say the bigger opportunity is more
Speaker 1: around the end. I still feel like if we're looking
Speaker 1: at a fat cycle that's gonna be pretty shallow and
Speaker 1: and a Japanese economy that still has a big current
Speaker 1: accountclor plus, the end could appreciate for a while. And
Speaker 1: if a consequence of of FED tightening over the next
Speaker 1: year could be a us prossession in SEEN, I think
Speaker 1: that is going to add to the upside for the end.
Speaker 1: There's another big strategic opportunity everyone's looking at, and that's UM,
Speaker 1: the move back into emerging market currencies and and commodity
Speaker 1: currencies UM. But I think it's premature for that. It's interesting,
Speaker 1: certainly the case that UH clients should be buying UM
Speaker 1: the they should be bullish on EM currencies and commodity
Speaker 1: currencies if they think the FED is going to be
Speaker 1: on hold. But the FED needs to be on hold
Speaker 1: for the right reasons. It needs to be on hold
Speaker 1: because first, it's never coming back UM. And if you're
Speaker 1: convinced that that's the kind of world we're end and
Speaker 1: fine by that stuff. But if you think, um, we
Speaker 1: could be in a world where information is only temporarily
Speaker 1: at bay, or if you believe that we're in a
Speaker 1: world where the FED pushes us into recession, it's it's
Speaker 1: way premature to be buying those on a strategic basis.
Speaker 1: And John Norman off the desk in London with JP
Speaker 1: Morgan today as we look at foreign exchange. Of course
Speaker 1: it's linkage into economics. We will continue with John Norman
Speaker 1: uh here into our next section. Right after that, Michael
Speaker 1: McKee and I will speak with Jim Bullard of the St.
Speaker 1: Louis FED. Mike, just so much to talk about Jim
Speaker 1: this morning. There go talk some more with John about
Speaker 1: that coming up. Yeah, well, Jim Bollard here in minutes
Speaker 1: or so, a churn to the market, futures flat. They
Speaker 1: yield one point nine this hour of surveillance pot by
Speaker 1: Volvo White Cars, White Planes. Visit Volvo Cars, White Planes
Speaker 1: dot com. Here's Michael bar with headlines mind Tom, thank
Speaker 1: you very much. Belgian police continued to hunt for terrorist
Speaker 1: suspects and yesterday's attack in Brussels. Belgian prosecutors's authorities have
Speaker 1: not arrested demand in this suspect in the Belgian bombing,
Speaker 1: year old Jean Leshraui. The Islamic state has claimed responsibility
Speaker 1: for the attack in Brussels that killed thirty four people.
Speaker 1: Donald Trump was asked about national security in the US
Speaker 1: after the Brussels attack. Trump, on Bloomberg's with all due respect,
Speaker 1: took a swipe at Hillary Clinton. If there are crises
Speaker 1: like we saw in Brussels, and this election focused a
Speaker 1: lot on natural security, you think you can beat her
Speaker 1: head to head on national seaci. I think so. I
Speaker 1: think every time we have a problem in this world,
Speaker 1: I think I do better. That's been proven to your pulse.
Speaker 1: I mean, it's not that I want. I'd rather not
Speaker 1: have any problems and do wors okay, if I had
Speaker 1: my choice. The entire interview can be seen at five
Speaker 1: pm All Street time on Bloomberg TV. With all due respect.
Speaker 1: Voters have had their saying. Tuesday's presidential primaries and caucuses.
Speaker 1: Democrat Hillary Clinton and Republican Donald Trump extended their leads
Speaker 1: with victories and the Arizona primaries in Texas, Senator Ted
Speaker 1: Cruz was a big winner in Utah's Republican CAUCUSUS Bernie
Speaker 1: Sanders won the Democratic caucuses in Utah and Idaho. Global
Speaker 1: News twenty four hours a day, powered by our twenty
Speaker 1: four hundred journalists more than a hundred fifty news bureaus
Speaker 1: from around the world. I'm Michael Barr Bank Tom, Thank you, Michael.
Speaker 1: Time now for the Rakatina Auto Group Bloomberg NBC Sports
Speaker 1: Update with John Stashaw. All right, Michael on the local
Speaker 1: NBA and NHL team in action. Last night, the Nets
Speaker 1: lost at home to Red Hot Charlotte, one of five
Speaker 1: one hundred Hornets have taken nineteen the last twenty four games.
Speaker 1: Nix Or in Chicago tonight. Rangers host the Bruins in Tampa.
Speaker 1: Last night, Yankees beat the met six to three. Battle
Speaker 1: of young pitchers who reached the majors last year. Luis
Speaker 1: Severino again pitched well. Stephen Matt's not so much gave
Speaker 1: up five runs in the second any baseball on display
Speaker 1: yesterday in Havada, everyone in agreements one thing the U
Speaker 1: S and Cuba share a love for. So there was
Speaker 1: President Obamas that next to Cuban counterpart, Real Costro watching
Speaker 1: Tampa Bay Rays beat the Cuban national team four to one,
Speaker 1: only once before in a major league team, which is
Speaker 1: a cubas and revolution. For the NFL owners and their
Speaker 1: meetings today in Florida, there may be a decision on
Speaker 1: a rule change that would object from a game of
Speaker 1: player who has had two on sportsmanlike conduct penalties. Also
Speaker 1: no vote yesterday on proposals to expand the use of
Speaker 1: incident replay. The NFL has made permanent the longer point
Speaker 1: after touchdown that began last season and did achieve its
Speaker 1: goal of making the extra point not as automatic. With
Speaker 1: the Bloomberg NBC Sports Update, I'm John stan Shandler. John,
Speaker 1: thank you so much. Mike. Let's twenty minutes away from
Speaker 1: Jim Bullard. When n sight of people that he's a centrist,
Speaker 1: but with great nuance. This is not a guy who's
Speaker 1: out in the outliers, is he? No? He? Uh. He
Speaker 1: generally follows the latest developments in the macro economy and
Speaker 1: does a lot of research on his own. Uh. Some
Speaker 1: interesting work on what he calls neo Fisherian economics um
Speaker 1: in recent weeks, and we'll ask him about that. Basically,
Speaker 1: the idea that the low interest rates are the reason
Speaker 1: why we are not seeing inflation rise. It's it's not
Speaker 1: that he's embracing it, but he has looked at that possibility. Yeah. Well,
Speaker 1: Irving Fisher from not Stanley Fisher, Neo Fisherian, Irving Fisher
Speaker 1: from I believe a few uh and distant past as
Speaker 1: well on inflation was Yes, Irving Fisher was with us.
Speaker 1: It was the Coolidge convention in Cleveland. I believe it was, Uh,
Speaker 1: James Bullard in twenty minutes Worldwide Bloomberg Surveillance. The Sports
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Speaker 1: If Bloomberg dot Com the Radio plus Mobile Act and
Speaker 1: on your radio. This is a Bloomberg Business Flash and
Speaker 1: I'm car at Moscow. This updates brought to you by
Speaker 1: Marks Paneth l LP, ranked among the top three forensic
Speaker 1: accounting firms in New York by the New York Law
Speaker 1: Journal for the sixth year in a row. Physic Marx
Speaker 1: Panet dot Com. Credit Suites Group chief executive officer t
Speaker 1: jn Tm pledged to accelerate a restructuring through deeper cost
Speaker 1: cuts and by eliminating an additional two thousand jobs as
Speaker 1: he forecast a first quarter loss. TIA made the comments
Speaker 1: in an interview with Francine Laqua on Bloomberg Television. Very
Speaker 1: risk converse, defensive, and I can tell you that the
Speaker 1: risking we've done, it's cost us, but it's protected us
Speaker 1: a lot. If we had not the risked where we've
Speaker 1: done since we found out about this problem in January,
Speaker 1: given the shape of the first quarter, the numbers would
Speaker 1: be much worse. And that's Credit Strees Group chief executive
Speaker 1: t jn TM speaking with Francine Laquix on Bloomberg Television.
Speaker 1: US Dock Index futures little change to lower this morning.
Speaker 1: SNP emity futures down two points, DOWEMNY futures down nineteen,
Speaker 1: NASA documedy futures down to decks. In Germany's up nine
Speaker 1: ten percent, ten year treasury up four thirty seconds, the
Speaker 1: yield one point nine two percent. NIMEX screwed oil down
Speaker 1: one point two percent or fifty cents to forty nineties.
Speaker 1: Six of barrel comes Goal down one point eight percent
Speaker 1: or twenty two dollars eighty cents to twelve twenty five
Speaker 1: seventy and ounce the Euro at dollar eleven seventy eight
Speaker 1: then one twelve point seven seven, and Nike down five
Speaker 1: percent in early trading after its annual forecast missed analysts estimates.
Speaker 1: That's a Bloomberg business flash, Tom and Mike churn I
Speaker 1: thanks so much. It is Wall Street. The following is
Speaker 1: from Bloomberg View opinions in commentary from Bloomberg columnists. I'm
Speaker 1: Paula Dwire, an editor with Bloomberg View. Just About everything
Speaker 1: Donald Trump says about trade is wrong, but his use
Speaker 1: of trade deficit numbers is especially so. To understand why,
Speaker 1: consider his attacks on Apple, which he accuses of destroying
Speaker 1: American jobs by making iPhones in China. The devices are
Speaker 1: designed and engineering in the US. Their software was developed
Speaker 1: by Apple in the US. Many of the parts come
Speaker 1: from suppliers outside China, including Germany, Japan, and South Korea.
Speaker 1: But because China assembles and ships the phones, adding only
Speaker 1: about six dollars and fifty cents in value. According to
Speaker 1: one study, the devices value is attributed to China as
Speaker 1: an export and to the US as an import. You
Speaker 1: can see how the US trade deficit can quickly become inflated.
Speaker 1: One economist calculated that this inflation adds forty percentage points
Speaker 1: to the US trade deficit with China. This is why
Speaker 1: Apple stamps the back of each of its devices with
Speaker 1: designed by Apple in California, assembled in China. So when
Speaker 1: Trump repeatedly claims that the US try deficit with China
Speaker 1: is five five billion dollars a year, don't believe it.
Speaker 1: I'm Paula Dwyer, an editor with Bloomberg View. For more
Speaker 1: commentary and opinion, please go to Bloomberg View dot com.
Speaker 1: This has been Bloomberg View and Bloomberg Commentary can be
Speaker 1: heard hourly weekdays on Bloomberg Radio. Michael mckeem, Tom keane
Speaker 1: again in ten minutes, James Bullard to the St. Louis
Speaker 1: FED and there's a wonderful precursor to that. John Norman
Speaker 1: of JP Morgan in London. John, when you look at
Speaker 1: FED policy, and we've had also whole breakdown in the
Speaker 1: last couple of years on the cadence and rhetoric of
Speaker 1: discussion of the dollar by US public officials. Is it
Speaker 1: appropriate for FED officials to speak on the dollar? Absolutely,
Speaker 1: it's it's a financial variable that affects the economy. And
Speaker 1: since they're charged with managing the business cycle to some extent,
Speaker 1: to ignore a financial variable, whether it's a dollar, credit spreads,
Speaker 1: equity markets would would be the missile, very important piece
Speaker 1: of information. Can we say the same about those in
Speaker 1: the United Kingdom? What an interesting for eight hours it
Speaker 1: has been with Prime Minister Cameron having to discuss Brexit
Speaker 1: along with the tragedy in Brussels, and then we saw
Speaker 1: the Mayor of London, Boris Johnson today reaffirm uh an exit.
Speaker 1: To tell me how the pound will go back and forth,
Speaker 1: as we staggered in late June, Well, I think the
Speaker 1: consequences of of a Brexit are are can be so
Speaker 1: substantial that unless we see a swing in the polls
Speaker 1: in favor of the UK remaining in the EU and
Speaker 1: by a wide margin before the Apple vote on the
Speaker 1: twenty third of June, I think the pound continues to depreciate.
Speaker 1: I would say if the the UK voted to leave
Speaker 1: the EU, you'd probably see an additional ten to decline,
Speaker 1: so that takes you down to level Yeah, I think that.
Speaker 1: I think it could reach that on on a on
Speaker 1: a vote to exit just as extraordinary. That cuts you back, folks,
Speaker 1: to live and the weakness, Well, I think the way
Speaker 1: to think about it is it's a regime change. So
Speaker 1: whenever you have a regime change, there are many types
Speaker 1: of regime changes for currency markets, and and when those
Speaker 1: tend to occur, the adjustment and the currency can be
Speaker 1: anything from from does that does that regime change? And
Speaker 1: there's a whole philosophy behind this, folks. I think of
Speaker 1: Popper out of ls among others. If you have a
Speaker 1: regime change of that type, what does euro sterling do
Speaker 1: and what does it mean for the export machine that
Speaker 1: is Germany? Well, I think it's for sure it's going
Speaker 1: to push the the euro higher, the euro sterling rate higher,
Speaker 1: and I think, um, depending on the magnitude of that,
Speaker 1: this could be a hit to European growth. But I
Speaker 1: don't think of um euro sterling is something that's going
Speaker 1: to substantially reduce the growth outlook for your area. It's
Speaker 1: it's the trade sort of linkages with the UK are
Speaker 1: less important for Europe and say euros trade linkages to
Speaker 1: the US or the emerging markets. Is there a London
Speaker 1: alternative on the continent of Europe? And I say that's
Speaker 1: not after Brussels. I would have said this to you
Speaker 1: five days ago. Is there a do you see an
Speaker 1: alternative to the city. Well, if you think of UH
Speaker 1: comparable cities being defined by the flexibility of the labor market,
Speaker 1: then no, there's no competitor there. There may be there's
Speaker 1: there would be no comparable financial center in Europe. You
Speaker 1: could have uh several competing ones going after the the
Speaker 1: the the market share at the London currently enjoys, But
Speaker 1: I seriously doubt you see one single city with the
Speaker 1: financial influence of London. Ask you about something David Kotok
Speaker 1: was talking about earlier on the show, and that is
Speaker 1: the impact of negative rates from around the world. Their
Speaker 1: work Cumberland Advisors suggest for seeing um US rates depressed
Speaker 1: by thirty to forty basis points. Would you say that's
Speaker 1: a fair assessment? And if that's the case, how does
Speaker 1: the Fed know what to do? And how do how
Speaker 1: do the markets know what to do? I think that's fair.
Speaker 1: In this UH broader dynamic of bigger central bank balance
Speaker 1: sheets as it purchases negative interest rates. It's it's kind
Speaker 1: of the new conundrum um for bond markets in the
Speaker 1: sense that it's it's something that depresses rates in the
Speaker 1: States even as the set is tightening. Question calls conundrum
Speaker 1: if you know what it is already, but any event,
Speaker 1: it's a it's a depressed on the long end, and
Speaker 1: normally we think, you know, the lesson from the greenspan
Speaker 1: um tightening was that if a conundrum is weighing on
Speaker 1: the on on long end yields, they have to move
Speaker 1: short in rates more. But I think, um, the Fed
Speaker 1: won't necessarily have to raise rates more because the treasury
Speaker 1: market fails to sell off what what they're getting in
Speaker 1: exchange instead of higher treasure yields, as they're getting wider
Speaker 1: credit spreads, weaker equity prices, and a stronger dollar. So
Speaker 1: you know, the whole kind of range of financial conditions
Speaker 1: can still tighten in the US even exactly never cracks
Speaker 1: two percent. This is a really important idea that the
Speaker 1: markets do for the FED what the Fed can't do publicly.
Speaker 1: Do I have that right? Yes, that's fair. Absolutely. How
Speaker 1: many rate increases is the market assisted? Jerry Yelling with
Speaker 1: two already. It's hard to say. I agree, it's esoteric
Speaker 1: to say the least. I guess, I guess. All we
Speaker 1: know is that um despite cash rates having gone up
Speaker 1: only basis points. Uh, the US is still kind of
Speaker 1: struggling to consistently print growth and corporate profits are are contracting.
Speaker 1: So the economy is sort of behaving as if it's
Speaker 1: at a slump, even with loose monetary conditions that are
Speaker 1: defined by the cash rates. That's sort of suggumptive of
Speaker 1: all other financial conditions that are weighing on the US economy,
Speaker 1: particularly the level of the dollar. John Norman, thank you
Speaker 1: for a perfect briefing before James Browner. Mr Norman is
Speaker 1: with JP Morgan in London. Loved to speak to him
Speaker 1: when we're over visiting London as well, and certainly he's
Speaker 1: adjusting dollar strength views to more dollars stability to any
Speaker 1: which pair you're speaking with, also timely there as well. Uh.
Speaker 1: The discussion on pounds sterling weird. Steve Gallo over at
Speaker 1: Demo Capital Markets suggests the same vector on Brexit, and
Speaker 1: only on Brexit you need that vote to get there,
Speaker 1: but of attend to fifteen percent adjustment, which is in
Speaker 1: the vicinity with a broad statement of sterling, which um,
Speaker 1: I'm just in the camp folks that I think it
Speaker 1: would be a profound change on tourism and the dynamics
Speaker 1: of consumption within and without the United Kingdom. We'll see
Speaker 1: what we do if we go from to one. This
Speaker 1: is the most interesting if you're just joining us worldwide.
Speaker 1: Bloomberg twelve, Boston, FM, Washington and Baltimore six, the Bay Area,
Speaker 1: in San Francisco, and of course in New York eleven three. Oh,
Speaker 1: we say good morning, particularly to all of you on
Speaker 1: serious and next time Channel one in the Federal Reserve
Speaker 1: Bank of St. Louis District, James Bullard. I just saw
Speaker 1: him walk by. Michael McKee has wandered out to greet
Speaker 1: President Bullard, and we will have an important and lengthy
Speaker 1: conversation with Mr Bullard. One of the things that's fun is,
Speaker 1: as a rule, which we've always done on surveillance and
Speaker 1: Bloomberg Anty economy, we never get together and go over
Speaker 1: our questions. I have no idea where Michael McKee's going.
Speaker 1: He has no idea where I'm going, and that makes
Speaker 1: it interesting. We're gonna talk about policy. Maybe we'll both
Speaker 1: maybe we'll talk about the Red Sox beat the Cardinals
Speaker 1: yesterday and spring training as a game that didn't count
Speaker 1: unlike in October. But anyways, UM, it's as much fun
Speaker 1: for me and Mike because we really don't know where
Speaker 1: we're going with anyone, and particularly with as someone as
Speaker 1: smart as a PhD from Indiana University James Bullard. So
Speaker 1: this will be important for those young global Wall Street
Speaker 1: always Jim Bullard can move the markets to yield one
Speaker 1: the thirty year bond, haven't quoted an ages two point
Speaker 1: seven one percent. Oil churns forty one barrel. The yen
Speaker 1: one twelve eighty. That's a weaker yen, weaker euro one
Speaker 1: eleven seventy four in sterling. Next, a conversation with Jim
Speaker 1: Bullard Worldwide Bloomberg Surveillance