Speaker 1: Bloomberg Audio Studios, podcasts, radio news, see.
Speaker 2: What best idea on a Friday and odd Friday. The
Speaker 2: year starts Thursday. Friday, get into a weekend, Michael Barr's
Speaker 2: got to see what Vikings Lions do. And then the year,
Speaker 2: I guess really starts on Monday, except nobody bothered to
Speaker 2: tell the markets. We had the Tesla shortfall and unit sales.
Speaker 2: We had a buoyant seat of the tape before that
Speaker 2: sell off on Thursday. We'll see what happens on Friday.
Speaker 2: As we speak now we're up, but I don't trust it.
Speaker 2: I'll have to see on that into the beginning of
Speaker 2: twenty twenty five. What we know for certain is the
Speaker 2: dollar is front and center. I've really made a mission
Speaker 2: with our team of bookers to really do better on
Speaker 2: foreign exchange and what it means for people that wouldn't
Speaker 2: know euro yen from euroswissy. And the answer is you
Speaker 2: need good conversation. Here were the economists Neil Dutta. Neil
Speaker 2: Dutta on the stronger US dollar and the American economy.
Speaker 3: When you have like one percent currency moves, that's a
Speaker 3: big deal, right, I mean, so I think the dollars
Speaker 3: concerning across multiple dimensions. I mean, number one, obviously it
Speaker 3: weighs on US exporters, particularly manufacturing. That's number one. Number two,
Speaker 3: going back to the equity market discussion, it weighs on earnings, right,
Speaker 3: particularly for tech companies that are global in nature, and
Speaker 3: because that's been a big driver of US stock prices.
Speaker 3: I think the fact that the dollar has been strengthening
Speaker 3: is going to weigh on earnings and by extension way
Speaker 3: on stocks.
Speaker 2: A treatment there from an economist on the US dollar
Speaker 2: Neil Dutta, of course, just incredibly optimistic two years ago
Speaker 2: when so few were, and now with some real caution
Speaker 2: on the American economy, just just lining up the labor economy.
Speaker 2: The view out certainly's moved away from optimism to at
Speaker 2: realism of the growth of post pandemic America. We spoke
Speaker 2: to a foreign exchange pro kit Jukes icultruly iconic. I
Speaker 2: don't use the word often iconic. It's society general suckgen
Speaker 2: is out of Paris, and they take an immense pride
Speaker 2: in their derivative mathematics or study of the financial dynamics
Speaker 2: of the market. And wrapped around that as his authoritative
Speaker 2: coverage of foreign exchange. He knows that within the broad
Speaker 2: study of foreign exchange, there's the dynamics and various of
Speaker 2: interest rates between two countries, but separately the flows of
Speaker 2: capital as well. Money's been flowing to America. Kit Jukes
Speaker 2: of Suckchen.
Speaker 4: In my world, the flow story is the long term vulnerability.
Speaker 4: I mean, the value of US assets that's held by
Speaker 4: foreigners is more than twenty one trillion dollars more than
Speaker 4: the value with foreign assets held by Americans. And that
Speaker 4: number blows my mind. So but you can see what
Speaker 4: it is. Treasury yields a higher, the growth stronger, the
Speaker 4: equity market's fantastic, all the other equity markets in the
Speaker 4: world that appear to be set to close, so that
Speaker 4: we just have one exchange called America or whatever. So yeah,
Speaker 4: so I see that flow as sucking in all the
Speaker 4: world's excess savings from the countries to do allowing the
Speaker 4: US to finance this fantastic growth.
Speaker 2: Uh, Kit Chooks, it sucked. Jen. I want to take
Speaker 2: a moment here and talk about this podcast. We invented
Speaker 2: this after I studied the podcast business and saw fabulous
Speaker 2: podcasts like The Big Take or Odd Lots all you
Speaker 2: know them, hundreds and hundreds of people doing this, and
Speaker 2: they're all like fifteen minutes, twenty minutes, twenty five minutes.
Speaker 2: And you know, I sat with my senior producer on this, Brocton.
Speaker 2: He's very good at telling me no, and I said,
Speaker 2: you know, I really need to do a thirty minute podcast,
Speaker 2: and his eyes crossed over and Brockton said, no, that's
Speaker 2: wicked dumb, and so we're not doing that. What we're
Speaker 2: doing is two insights sometimes three of the show and
Speaker 2: of the many conversations. And what I love about it
Speaker 2: is each and every day it's very hard to pick
Speaker 2: out the two most worthy insights today. Obviously we did
Speaker 2: a thema for an exchange we hope to build out.
Speaker 2: This podcast is a bolt on to your podcast listening
Speaker 2: each and every day. You've got David Gera that you
Speaker 2: have to listen to, and Tracy the other guy who's
Speaker 2: with Tracy, Why is it Joe the Stalwart? You know,
Speaker 2: Joe Wisenthal and Tracy and many other podcasts out there
Speaker 2: from other news organizations. And we look at this just
Speaker 2: a small four minute vignette. We're on YouTube. Podcast. It's
Speaker 2: the best way to get us single best idea