1
00:00:02,520 --> 00:00:09,000
Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

2
00:00:14,160 --> 00:00:17,360
Speaker 2: Single best idea in a day of truncated interviews, Lots

3
00:00:17,440 --> 00:00:21,160
Speaker 2: going on at Quantico, at the White House, presidential comments

4
00:00:21,160 --> 00:00:23,959
Speaker 2: twice at the White House, end at Quantico, and of

5
00:00:24,000 --> 00:00:28,120
Speaker 2: course the Secretary of Defense Pete Hexas with his comments

6
00:00:28,120 --> 00:00:31,680
Speaker 2: at Quantico as well. A lot of different conversations truncated

7
00:00:31,720 --> 00:00:34,519
Speaker 2: here just with the news flow, just with the reality

8
00:00:34,520 --> 00:00:37,760
Speaker 2: of Red Sox Yankees playoff baseball. But we did get

9
00:00:37,760 --> 00:00:42,800
Speaker 2: some good ideas. One from Monica Guerra at Morgan Stanley.

10
00:00:42,880 --> 00:00:47,240
Speaker 2: She is wonderful on infrastructure and also with real world

11
00:00:47,360 --> 00:00:53,440
Speaker 2: experience in the budgeting of government. Monica Guerra on the shutdown.

12
00:00:53,040 --> 00:00:56,640
Speaker 1: That's where the impoundment piece comes into play, right. We

13
00:00:56,720 --> 00:00:59,280
Speaker 1: saw him do that with Ukraine funding, so there is

14
00:00:59,320 --> 00:01:01,600
Speaker 1: a precedent. And so while they're not going to get

15
00:01:01,600 --> 00:01:03,840
Speaker 1: these mass layoffs, right, we've seen that that's not going

16
00:01:03,920 --> 00:01:07,600
Speaker 1: to happen. You could get a this essentially this as

17
00:01:07,640 --> 00:01:10,560
Speaker 1: an excuse or a catalyst to then come in and say, well,

18
00:01:10,600 --> 00:01:12,440
Speaker 1: you know, we want to go harder on these clean

19
00:01:12,520 --> 00:01:15,240
Speaker 1: energy components. Right at the EPA, we're going to stop

20
00:01:15,240 --> 00:01:18,600
Speaker 1: funding for that. And if you get that dynamic. That's

21
00:01:18,640 --> 00:01:21,640
Speaker 1: the sort of stick off ramp that gets the Democrats

22
00:01:21,640 --> 00:01:24,680
Speaker 1: to the table. The carrot off ramp is do you

23
00:01:24,760 --> 00:01:29,600
Speaker 1: get those rural state GOP members allowed enough voice to

24
00:01:29,640 --> 00:01:32,920
Speaker 1: then come together with Democrats to get those ACA subsidy extensions.

25
00:01:33,040 --> 00:01:36,240
Speaker 2: Just brilliant Monica Kuer Morgan Stanley here on a moment

26
00:01:36,240 --> 00:01:39,280
Speaker 2: of a shutdown, special shout out. Nathan Dean of Bloomberg

27
00:01:39,280 --> 00:01:43,800
Speaker 2: Intelligence always in demand, just riveting here on his thoughts.

28
00:01:43,840 --> 00:01:49,240
Speaker 2: He believes they could come to an eleventh hour solution

29
00:01:49,440 --> 00:01:54,160
Speaker 2: here Nathan Dean lonely with that call here into the

30
00:01:55,080 --> 00:01:59,320
Speaker 2: Tuesday midday with us as well, What a special treat

31
00:01:59,360 --> 00:02:02,200
Speaker 2: Suki Koup with us at Barclays. Forere now at the

32
00:02:02,200 --> 00:02:06,680
Speaker 2: Standard Charter Bank with Steven England are driving commodities a

33
00:02:06,720 --> 00:02:11,280
Speaker 2: big deal for Standard Charter with their third World, their

34
00:02:11,360 --> 00:02:15,160
Speaker 2: em focus in the Pacific rim Suki Cooper.

35
00:02:15,160 --> 00:02:18,919
Speaker 3: And gold we still see further highs for the gold markets.

36
00:02:19,120 --> 00:02:21,760
Speaker 3: We've seen a number of factors driving the market and

37
00:02:21,800 --> 00:02:24,239
Speaker 3: it's changed. At the start of this year we saw

38
00:02:24,240 --> 00:02:27,160
Speaker 3: a shift away from central bank flows driving the market

39
00:02:27,160 --> 00:02:31,359
Speaker 3: to ETF factors becoming much more important. And now we've

40
00:02:31,360 --> 00:02:34,160
Speaker 3: seen the correlation between real yields and gold coming back.

41
00:02:34,400 --> 00:02:39,040
Speaker 3: The macro environment is increasingly important to ranging from concerns

42
00:02:39,080 --> 00:02:43,320
Speaker 3: around the US potential shutdown government shutdown, to the scope

43
00:02:43,320 --> 00:02:47,080
Speaker 3: for FED to cut rates, further ranging to tariff concerns

44
00:02:47,120 --> 00:02:50,120
Speaker 3: as well. All of these factors are playing into safe

45
00:02:50,120 --> 00:02:51,200
Speaker 3: have and demand for gold.

46
00:02:51,440 --> 00:02:55,000
Speaker 2: Suki Cooper Standard Charter Bank shout out. Eric Fine came

47
00:02:55,040 --> 00:02:58,679
Speaker 2: in today. Again. It was a truncated conversation. I can't

48
00:02:58,720 --> 00:03:02,040
Speaker 2: remember why Eric Fine is at VANAK. We thank them

49
00:03:02,080 --> 00:03:05,400
Speaker 2: for their new sponsorship of what we're doing. He was

50
00:03:05,680 --> 00:03:09,160
Speaker 2: years at Morgan Stanley and EM and em dot now

51
00:03:09,360 --> 00:03:14,080
Speaker 2: and he is griveted on China and the calculation that

52
00:03:14,200 --> 00:03:20,040
Speaker 2: China not should or could, but must appreciate the yuan

53
00:03:20,639 --> 00:03:24,840
Speaker 2: against the US dollar. A fascinating conversation on China. We'll

54
00:03:24,919 --> 00:03:28,799
Speaker 2: redo that soon with Eric Fine of van K. It's

55
00:03:28,800 --> 00:03:32,400
Speaker 2: a podcast on an Apple on Spotify. Thank you for

56
00:03:32,480 --> 00:03:36,840
Speaker 2: listening on Spotify. Steffanie rothat Wolfe said she listens on

57
00:03:36,880 --> 00:03:47,560
Speaker 2: Spotify and on YouTube podcasts as well. Single best Idea