1
00:00:02,360 --> 00:00:14,600
Speaker 1: Bloomberg Audio Studios, podcasts, radio news, see.

2
00:00:14,440 --> 00:00:17,599
Speaker 2: What best idea on a Friday and odd Friday. The

3
00:00:17,640 --> 00:00:21,240
Speaker 2: year starts Thursday. Friday, get into a weekend, Michael Barr's

4
00:00:21,280 --> 00:00:24,040
Speaker 2: got to see what Vikings Lions do. And then the year,

5
00:00:24,079 --> 00:00:28,600
Speaker 2: I guess really starts on Monday, except nobody bothered to

6
00:00:28,640 --> 00:00:32,280
Speaker 2: tell the markets. We had the Tesla shortfall and unit sales.

7
00:00:32,320 --> 00:00:34,640
Speaker 2: We had a buoyant seat of the tape before that

8
00:00:35,320 --> 00:00:37,520
Speaker 2: sell off on Thursday. We'll see what happens on Friday.

9
00:00:37,560 --> 00:00:39,479
Speaker 2: As we speak now we're up, but I don't trust it.

10
00:00:40,040 --> 00:00:42,920
Speaker 2: I'll have to see on that into the beginning of

11
00:00:43,000 --> 00:00:46,720
Speaker 2: twenty twenty five. What we know for certain is the

12
00:00:46,840 --> 00:00:49,120
Speaker 2: dollar is front and center. I've really made a mission

13
00:00:49,159 --> 00:00:52,760
Speaker 2: with our team of bookers to really do better on

14
00:00:53,080 --> 00:00:56,200
Speaker 2: foreign exchange and what it means for people that wouldn't

15
00:00:56,200 --> 00:01:00,320
Speaker 2: know euro yen from euroswissy. And the answer is you

16
00:01:00,400 --> 00:01:04,440
Speaker 2: need good conversation. Here were the economists Neil Dutta. Neil

17
00:01:04,480 --> 00:01:09,080
Speaker 2: Dutta on the stronger US dollar and the American economy.

18
00:01:09,600 --> 00:01:12,640
Speaker 3: When you have like one percent currency moves, that's a

19
00:01:12,640 --> 00:01:15,720
Speaker 3: big deal, right, I mean, so I think the dollars

20
00:01:15,800 --> 00:01:19,319
Speaker 3: concerning across multiple dimensions. I mean, number one, obviously it

21
00:01:19,360 --> 00:01:23,600
Speaker 3: weighs on US exporters, particularly manufacturing. That's number one. Number two,

22
00:01:24,560 --> 00:01:28,320
Speaker 3: going back to the equity market discussion, it weighs on earnings, right,

23
00:01:28,400 --> 00:01:31,679
Speaker 3: particularly for tech companies that are global in nature, and

24
00:01:31,760 --> 00:01:34,520
Speaker 3: because that's been a big driver of US stock prices.

25
00:01:35,440 --> 00:01:37,440
Speaker 3: I think the fact that the dollar has been strengthening

26
00:01:37,520 --> 00:01:40,319
Speaker 3: is going to weigh on earnings and by extension way

27
00:01:40,400 --> 00:01:41,119
Speaker 3: on stocks.

28
00:01:41,760 --> 00:01:44,720
Speaker 2: A treatment there from an economist on the US dollar

29
00:01:44,800 --> 00:01:48,480
Speaker 2: Neil Dutta, of course, just incredibly optimistic two years ago

30
00:01:48,600 --> 00:01:51,640
Speaker 2: when so few were, and now with some real caution

31
00:01:52,320 --> 00:01:57,000
Speaker 2: on the American economy, just just lining up the labor economy.

32
00:01:57,600 --> 00:02:02,080
Speaker 2: The view out certainly's moved away from optimism to at

33
00:02:02,120 --> 00:02:06,320
Speaker 2: realism of the growth of post pandemic America. We spoke

34
00:02:06,400 --> 00:02:10,560
Speaker 2: to a foreign exchange pro kit Jukes icultruly iconic. I

35
00:02:10,600 --> 00:02:15,680
Speaker 2: don't use the word often iconic. It's society general suckgen

36
00:02:16,360 --> 00:02:19,120
Speaker 2: is out of Paris, and they take an immense pride

37
00:02:19,160 --> 00:02:24,000
Speaker 2: in their derivative mathematics or study of the financial dynamics

38
00:02:24,360 --> 00:02:27,880
Speaker 2: of the market. And wrapped around that as his authoritative

39
00:02:27,919 --> 00:02:31,880
Speaker 2: coverage of foreign exchange. He knows that within the broad

40
00:02:31,960 --> 00:02:35,880
Speaker 2: study of foreign exchange, there's the dynamics and various of

41
00:02:36,400 --> 00:02:41,200
Speaker 2: interest rates between two countries, but separately the flows of

42
00:02:41,360 --> 00:02:46,000
Speaker 2: capital as well. Money's been flowing to America. Kit Jukes

43
00:02:46,200 --> 00:02:46,920
Speaker 2: of Suckchen.

44
00:02:47,639 --> 00:02:52,080
Speaker 4: In my world, the flow story is the long term vulnerability.

45
00:02:52,120 --> 00:02:55,639
Speaker 4: I mean, the value of US assets that's held by

46
00:02:55,680 --> 00:02:59,560
Speaker 4: foreigners is more than twenty one trillion dollars more than

47
00:02:59,600 --> 00:03:02,880
Speaker 4: the value with foreign assets held by Americans. And that

48
00:03:03,000 --> 00:03:05,960
Speaker 4: number blows my mind. So but you can see what

49
00:03:06,000 --> 00:03:08,120
Speaker 4: it is. Treasury yields a higher, the growth stronger, the

50
00:03:08,120 --> 00:03:11,240
Speaker 4: equity market's fantastic, all the other equity markets in the

51
00:03:11,240 --> 00:03:13,200
Speaker 4: world that appear to be set to close, so that

52
00:03:13,240 --> 00:03:17,280
Speaker 4: we just have one exchange called America or whatever. So yeah,

53
00:03:17,320 --> 00:03:20,000
Speaker 4: so I see that flow as sucking in all the

54
00:03:20,000 --> 00:03:22,960
Speaker 4: world's excess savings from the countries to do allowing the

55
00:03:23,080 --> 00:03:25,200
Speaker 4: US to finance this fantastic growth.

56
00:03:26,200 --> 00:03:28,280
Speaker 2: Uh, Kit Chooks, it sucked. Jen. I want to take

57
00:03:28,280 --> 00:03:31,200
Speaker 2: a moment here and talk about this podcast. We invented

58
00:03:31,200 --> 00:03:36,000
Speaker 2: this after I studied the podcast business and saw fabulous

59
00:03:36,040 --> 00:03:39,320
Speaker 2: podcasts like The Big Take or Odd Lots all you

60
00:03:39,320 --> 00:03:41,960
Speaker 2: know them, hundreds and hundreds of people doing this, and

61
00:03:42,000 --> 00:03:45,240
Speaker 2: they're all like fifteen minutes, twenty minutes, twenty five minutes.

62
00:03:45,280 --> 00:03:49,360
Speaker 2: And you know, I sat with my senior producer on this, Brocton.

63
00:03:49,520 --> 00:03:52,280
Speaker 2: He's very good at telling me no, and I said,

64
00:03:52,320 --> 00:03:54,800
Speaker 2: you know, I really need to do a thirty minute podcast,

65
00:03:54,840 --> 00:03:57,600
Speaker 2: and his eyes crossed over and Brockton said, no, that's

66
00:03:57,640 --> 00:04:00,680
Speaker 2: wicked dumb, and so we're not doing that. What we're

67
00:04:00,720 --> 00:04:04,600
Speaker 2: doing is two insights sometimes three of the show and

68
00:04:04,680 --> 00:04:07,280
Speaker 2: of the many conversations. And what I love about it

69
00:04:07,360 --> 00:04:09,640
Speaker 2: is each and every day it's very hard to pick

70
00:04:09,680 --> 00:04:13,000
Speaker 2: out the two most worthy insights today. Obviously we did

71
00:04:13,040 --> 00:04:16,840
Speaker 2: a thema for an exchange we hope to build out.

72
00:04:16,880 --> 00:04:20,920
Speaker 2: This podcast is a bolt on to your podcast listening

73
00:04:21,000 --> 00:04:23,240
Speaker 2: each and every day. You've got David Gera that you

74
00:04:23,279 --> 00:04:26,239
Speaker 2: have to listen to, and Tracy the other guy who's

75
00:04:26,240 --> 00:04:29,640
Speaker 2: with Tracy, Why is it Joe the Stalwart? You know,

76
00:04:29,760 --> 00:04:33,400
Speaker 2: Joe Wisenthal and Tracy and many other podcasts out there

77
00:04:33,440 --> 00:04:36,720
Speaker 2: from other news organizations. And we look at this just

78
00:04:36,760 --> 00:04:41,360
Speaker 2: a small four minute vignette. We're on YouTube. Podcast. It's

79
00:04:41,400 --> 00:04:52,840
Speaker 2: the best way to get us single best idea