WEBVTT - Global Rally Following Fed Decision, Reddit Set to Debut

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

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<v Speaker 2>Good morning.

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<v Speaker 1>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 1>stories we're following today.

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<v Speaker 2>The markets and gold enter the trading day in record territory.

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<v Speaker 2>It's after the Fed signal that remains on track for

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<v Speaker 2>three interest right cuts this year. The recent pickup and

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<v Speaker 2>inflation did not sway FED share j Powell's message that

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<v Speaker 2>it is likely appropriate to lower rates.

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<v Speaker 3>We believe that our policy rate is likely at its

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<v Speaker 3>peak for this tightening cycle, and that if the economy

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<v Speaker 3>evolves broadly as expected, it will likely be appropriate to

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<v Speaker 3>begin dialing back policy restraint at some point this year.

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<v Speaker 3>The economic outlook is uncertain, however, and we remain highly

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<v Speaker 3>attentive to inflation risks.

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<v Speaker 2>Chairman Powell also said it would be appropriate to slow

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<v Speaker 2>the pace at which the FED reduces its bond holdings

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<v Speaker 2>fairly soon.

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<v Speaker 1>Reaction is still pouring into the Fed maintaining its rate

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<v Speaker 1>cutout look. We caught up with former New York Fed

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<v Speaker 1>President and current Bloomberg Opinion columnist Bill Dudley.

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<v Speaker 2>We still think mantary policy is tight. We still think

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<v Speaker 2>we're going to get more confident about getting inflation down

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<v Speaker 2>to two percent, and so we still think we're going

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<v Speaker 2>to cut rates this year time. He's uncertain, and he

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<v Speaker 2>said over and over again, it depends on the data.

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<v Speaker 1>And former New York Fed President Bill Dudley added that

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<v Speaker 1>he thinks the Fed is still committed to getting inflation

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<v Speaker 1>down to two percent, so, Karen.

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<v Speaker 2>While the Fed held steady yesterday, there's been a surprise

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<v Speaker 2>from the Swiss National Bank. It unexpectedly cut rates a

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<v Speaker 2>quarter point to one point five percent. The Frank tumbled

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<v Speaker 2>after the decision, falling more than one percent against the dollar.

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<v Speaker 2>Later this morning, the Bank of England is likely to

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<v Speaker 2>keep its interest rates at a sixteen year high.

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<v Speaker 1>Well staying in Europe. And Nathan job cuts coming to Berkley's.

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<v Speaker 1>Bloomberg News has learned the UK lender is preparing to

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<v Speaker 1>cut several hundred jobs within its investment bank division. The

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<v Speaker 1>move comes as the firm embarks on a year's long

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<v Speaker 1>effort to trim costs and boost profits within the unit.

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<v Speaker 2>And we're looking at the pair of initial public offerings

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<v Speaker 2>this morning, Karen, it was quite the Wall Street debut

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<v Speaker 2>for Esterra Labs. The semiconductor connectivity company, soared more than

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<v Speaker 2>seventy percent on its first day of trading, giving a

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<v Speaker 2>Stera a market value of almost nine and a half

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<v Speaker 2>billion dollars.

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<v Speaker 1>And today, Nathan, another highly anticipated IPO hits the market.

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<v Speaker 1>We get the details from Bloomberg's John Tucker, John and Karen.

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<v Speaker 4>Reddit begins trading after pricing its IPO with thirty four

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<v Speaker 4>dollars a share that's the top of the expected range.

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<v Speaker 4>The offering values to the company at almost six and

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<v Speaker 4>a half billion dollars. That website that hosts millions of

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<v Speaker 4>online forums, is nineteen years old and has a fiercely

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<v Speaker 4>loyal customer base. While its core business is online advertising,

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<v Speaker 4>the real attraction is the ability to train artificial intelligence models.

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<v Speaker 4>Bloomberg intelligence analysts expect big providers like open Ai, Google, Apple, Amazon,

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<v Speaker 4>and Meta to pay for Reddit's data. They expected to

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<v Speaker 4>eventually fetch them multiple closer to ten billion dollars. The

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<v Speaker 4>ticker symbol again RDDT, John Tucker, Bloomberg Radio.

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<v Speaker 2>Looking at some other company news, Karen, The Justice Department

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<v Speaker 2>is planning to file a lawsuit against Apple, perhaps as

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<v Speaker 2>soon as today. More from Bloomberg's Doug Prisner, we're told

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<v Speaker 2>Apple will be accused of violating antitrust laws by blocking

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<v Speaker 2>rivals from accessing hardware and software features on the iPhone.

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<v Speaker 2>The case will mark the third time the dojsuit Apple

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<v Speaker 2>for anti trust violations in the past fourteen years, but

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<v Speaker 2>this case is the first to accuse the company of

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<v Speaker 2>illegally maintaining its dominant position. Apple is also under increased

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<v Speaker 2>scrutiny in Europe over alleged anti competitive behavior. Earlier this month,

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<v Speaker 2>the company was hit with a two billion dollar fine

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<v Speaker 2>for shutting out music streaming rivals from offering cheaper deals

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<v Speaker 2>in New York. I'm Doug Prisoner Bloomberg Radio.

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<v Speaker 5>Okay, Doug. Thanks.

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<v Speaker 2>Looking at shares of Apple and the pre market. They

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<v Speaker 2>are down one percent.

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<v Speaker 1>Well on the flip side, and Nathan shares a Micron

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<v Speaker 1>Technology surging more than sixteen percent. The company delivering a

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<v Speaker 1>strong revenue forecast for the current quarter. We get the

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<v Speaker 1>story from Bloomberg's Charlie Pillett.

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<v Speaker 5>Micron is the largest American maker of computer memory chips,

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<v Speaker 5>and it was boosted by demand for artificial intelligence hardware.

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<v Speaker 5>Micron Technology said fiscal third quarter revenue will be in

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<v Speaker 5>the range of six point four to six point eight

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<v Speaker 5>billion dollars that compares with an average analyssessimate of five

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<v Speaker 5>point nine to nine billion micron and its rivals are

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<v Speaker 5>emerging from one of the worst slumps the memory chip

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<v Speaker 5>industry has suffered, triggered by weak demand for PCs and smartphones.

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<v Speaker 5>In New York, Charlie Pellett, Bloomberg Radio, All right, Charlie,

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<v Speaker 5>thank you. Turning to politics now.

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<v Speaker 2>The text is out on the deal to keep most

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<v Speaker 2>government agencies open through the end of September. We get

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<v Speaker 2>the details from Bloomberg. Steve Podisk in Washington.

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<v Speaker 6>The one point two trillion dollar package is backed by

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<v Speaker 6>President Biden and leaders of both parties, and comes before

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<v Speaker 6>a Saturday deadline for a partial gu government shutdown. It

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<v Speaker 6>expands detention facilities for migrants, imposes a six percent funding

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<v Speaker 6>cut on the State Department and Foreign Aid, and bans

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<v Speaker 6>US embassies from flying LGBTQ Pride flags or other non

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<v Speaker 6>US official flags. The spending bill funds roughly three quarters

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<v Speaker 6>of US agency budgets, including the Departments of Defense and

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<v Speaker 6>Homeland Security, for the remainder of the federal fiscal year.

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<v Speaker 6>Congress approved funding for the other agencies earlier this month.

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<v Speaker 6>In Washington, Steve Podisk Bloomberg Radio.

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<v Speaker 1>All right, Steve, thanks, So he turned to geopolitics now,

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<v Speaker 1>and the US is now pushing for an immediate ceasefire

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<v Speaker 1>in Gaza, tied to the release of hostages held by Hamas.

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<v Speaker 1>Secretary of State Anthony Blincoln says the US is circulating

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<v Speaker 1>a draft resolution at the UN Security Council calling for

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<v Speaker 1>a ceasefire. He made the announcement in Saudi Arabia, where

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<v Speaker 1>State Department spokesman and Veden Patel says he urged Israel

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<v Speaker 1>to exercise caution.

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<v Speaker 3>There should be no full scale military operation and RAFA

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<v Speaker 3>without a credible and executable plan to protect the civilian opera,

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<v Speaker 3>civilian population.

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<v Speaker 1>And Vadam Patanel is at the State Department. Till now,

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<v Speaker 1>the US has used its veto power at the UN

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<v Speaker 1>to block calls for an immediate ceasefire in Gaza.

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<v Speaker 5>Thank Karin.

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<v Speaker 2>Another top Biden administration official is on a surprise trip

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<v Speaker 2>to Ukraine. National Security Advisor Jake Sullivan is in Kiev,

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<v Speaker 2>where he promised the House will approve sixty billion dollars

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<v Speaker 2>installed AID. Here's White House National Security spokesman John Kirby.

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<v Speaker 7>Distrusted the urgent need for the US House of Representatives

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<v Speaker 7>to pass the National Security Supplemental to meet Ukraine's critical

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<v Speaker 7>battlefield and humanitarian needs.

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<v Speaker 2>White House spokesman John Kirby spoke aboard Air Force One. Meanwhile,

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<v Speaker 2>Kiev woke up this morning to its first large scale

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<v Speaker 2>attack from Russia in more than a month. Ukraine says

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<v Speaker 2>it shot down thirty one missiles that Russia fired on

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<v Speaker 2>the capital today.

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<v Speaker 5>Thirteen people were hurt.

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<v Speaker 1>And we turned out to some of the other stories

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<v Speaker 1>making news in New York and around the world, and

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<v Speaker 1>for that we're joined by Bloomberg's and Michael Barr.

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<v Speaker 5>Michael, good Morning, Good morning, Karen.

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<v Speaker 7>In Haiti, arm gangs are launching deadly new attacks in

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<v Speaker 7>the suburbs of Porter of Prince. People under fire are

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<v Speaker 7>pleading for help from Haiti's National Police Force. Meanwhile, a

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<v Speaker 7>Florida State chartered plane from Haiti arrived yesterday at Orlando's

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<v Speaker 7>Sandford International Airport after evacuating about fourteen individuals trapped in

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<v Speaker 7>the country amid the ongoing humanitarian crisis. This man's son

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<v Speaker 7>was rescued.

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<v Speaker 8>It was very stressful. I can happily say was a

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<v Speaker 8>mission accomplished and we're finally reunited with junion, our two

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<v Speaker 8>year old son, that these were turning into weeks, the

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<v Speaker 8>weeks were turning into months.

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<v Speaker 7>Florida Executive Director of Emergency Management Kevin Guthrie.

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<v Speaker 2>You obviously saw tears, you saw laughter, you saw joy.

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<v Speaker 5>I'll tell you there's.

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<v Speaker 3>Nothing more gratifying as name of director than to see that.

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<v Speaker 7>Emergency Management Director Kevin Guthrie says hundreds of Floridians are

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<v Speaker 7>seeking evacuation from the country. A charter bus company that

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<v Speaker 7>transport its migrants from Texas to the New York area

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<v Speaker 7>has agreed to stop doing that for now. It comes

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<v Speaker 7>as a lawsuit is pending against road Runner Charners. The

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<v Speaker 7>New York City Department of Social Services filed a lawsuit

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<v Speaker 7>against Roadrunner and more than a dozen other bus companies.

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<v Speaker 7>According to the suit, the charter bus companies are implementing

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<v Speaker 7>Texas Governor Abbott's bad faith plan to bring migrants to

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<v Speaker 7>New York and should be held liable for the city's

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<v Speaker 7>costs of care. Former President Donald Trump is running out

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<v Speaker 7>of time to at least post a bond to appeal

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<v Speaker 7>as New York civil fraud judgment. By Monday, Trump could

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<v Speaker 7>be forced to surrender some of his properties to help

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<v Speaker 7>pay the four hundred and fifty four million dollars. Trump's

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<v Speaker 7>lawyers have claimed that more than thirty insurance companies rejected

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<v Speaker 7>his bond bids, but New York Attorney General Letitia James

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<v Speaker 7>dismissed their argument that he can't find the money, saying

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<v Speaker 7>there is nothing unusual about even billion dollar judgments being

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<v Speaker 7>for bonded.

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<v Speaker 9>If he does not have funds to pay off the judgment,

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<v Speaker 9>and then we will seek judgment enforcement mechanisms in court,

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<v Speaker 9>and we will ask the judge to seize his assets.

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<v Speaker 7>It's part of last month's ruling accusing Trump and others

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<v Speaker 7>of deceiving banks and insurers by inflating his wealth. And

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<v Speaker 7>October eighth trial date is set in the case of

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<v Speaker 7>a marine veteran charged with manslaughter and the chokehold death

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<v Speaker 7>of a subway writer in New York City. Witnesses say

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<v Speaker 7>Daniel Penny, who was twenty five, was restraining Jordan Neeley

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<v Speaker 7>after Neely was acting erratically on the train. President Joe

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<v Speaker 7>Biden says he is for giving nearly six billion dollars

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<v Speaker 7>in federal student net for almost seventy eight thousand Americans

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<v Speaker 7>working in public service. Biden says. Those helped include teachers, nurses,

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<v Speaker 7>and firefighters. Global news twenty four hours a day and

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<v Speaker 7>whenever you want it with the Bloomberg News. Now, I'm

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<v Speaker 7>Michael Barr, and this is Bloomberg Karen.

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<v Speaker 1>All right, Michael Barr, thank you. It's time now for

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<v Speaker 1>the Bloomberg Sports Update, brought to you by Tri State Outie,

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<v Speaker 1>and we bring in John stash Hour.

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<v Speaker 5>John.

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<v Speaker 10>Good morning, morning, Karen. Get out your brackets. NCAA tournament

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<v Speaker 10>againzine Ernest Today. Games in Pittsburgh, Charlotte, Omahon, Salt Lake City.

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<v Speaker 6>The Wagner Seahawks, who.

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<v Speaker 10>Got their first ever NCAA win the other night, will

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<v Speaker 10>try to be the third ever sixteen seed to beat

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<v Speaker 10>a one. They take it on North Carolina. Saint Peter's

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<v Speaker 10>shopped the world two years ago with a Cinderella run

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<v Speaker 10>to the Elite eighth. The Peacocks are back as a

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<v Speaker 10>fifteen seed. They'll take on Tennessee and Dayton. Colorado took

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<v Speaker 10>out Boise State. Grambling had never before played an nc

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<v Speaker 10>DOUBLEA game. Now moving on with an overtime win over

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<v Speaker 10>Montana State, Celtics r up by twenty one held on

0:10:43.840 --> 0:10:45.720
<v Speaker 10>beat the Bucks in Boston won twenty two to one.

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<v Speaker 5>Nineteen.

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<v Speaker 10>Milwaukee was without the Injurediannis under the company. These are

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<v Speaker 10>the top two teams in the East, but the Celtics

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<v Speaker 10>are eleven games ahead. Warriors beat Memphis. Nicks go for

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<v Speaker 10>a four to zero road trip tonight in Denver. The

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<v Speaker 10>Rangers visit Boston. The Capitol is lost in Toronto. Seven

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<v Speaker 10>in Tampa. Not a bad night for the Yankees. Gihnty

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<v Speaker 10>Carlos Stanton, who comes off such a down season. Two

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<v Speaker 10>run homer in the first inning, grand slam in the second,

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<v Speaker 10>another two run shot on the fourth. The Yankees beat

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<v Speaker 10>the Firates twelve to nothing. Aaron Judge was back in

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<v Speaker 10>the lineup first time in ten days. The Dodgers and

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<v Speaker 10>Padres are back this morning in Seoul. LA won the

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<v Speaker 10>season opener five to two. Shoeotani had a couple of

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<v Speaker 10>hits in his Dodger debut, his new teammate with rookie Betts.

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<v Speaker 11>You know, really just seeing him get work, seeing him

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<v Speaker 11>just do simple things, well what I think, it's simple,

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<v Speaker 11>just better than everybody else's. It's really neat. It's really

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<v Speaker 11>neat to see. But I'm really looking forward to seeing

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<v Speaker 11>all the things that he's gonna accomplish. But I haven't

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<v Speaker 11>really got to really dive in and see some eye

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<v Speaker 11>opening stuff, but I know it's coming really soon.

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<v Speaker 10>And Otani's in the news because his longtime interpreter, who

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<v Speaker 10>we had a very close relationship with, has been fired.

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<v Speaker 10>He's been accused of stealing millions from Otani to pay

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<v Speaker 10>for gambling debts. John Stansheward, Bloomberg Sports.

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<v Speaker 2>Now, let's get more on the FED decision, the latest

0:11:58.760 --> 0:12:02.600
<v Speaker 2>pause from chairman Howe and company. Jennifer Lee is with

0:12:02.679 --> 0:12:07.560
<v Speaker 2>us now, the senior economist at BMO Capital Markets. Boy, Jen, sure,

0:12:07.640 --> 0:12:10.840
<v Speaker 2>sounds like the fed's bias is toward rate cuts. What

0:12:10.840 --> 0:12:14.000
<v Speaker 2>did you make of the messaging from a chairman powelling company?

0:12:14.559 --> 0:12:16.400
<v Speaker 12>Oh, well, good morning and thanks for having me on.

0:12:16.480 --> 0:12:18.760
<v Speaker 12>You know, my first thought was, okay, so you guys

0:12:19.080 --> 0:12:24.400
<v Speaker 12>raised GDP, you lowered unemployment, and you raised your core

0:12:24.480 --> 0:12:28.920
<v Speaker 12>PC this flater forecast, and yet you're still looking for,

0:12:29.240 --> 0:12:31.200
<v Speaker 12>you know, only three rate cuts, which I thought was

0:12:31.240 --> 0:12:33.400
<v Speaker 12>quite interesting and I was confused, you know, but it

0:12:33.440 --> 0:12:36.040
<v Speaker 12>sounds almost like a glory loog situation. You know, the

0:12:36.040 --> 0:12:39.080
<v Speaker 12>soft landing narrative is generally playing out in the in

0:12:39.160 --> 0:12:41.360
<v Speaker 12>their mind. But what was interesting is that I also

0:12:41.400 --> 0:12:43.640
<v Speaker 12>thought that because the fact that he was very cautious

0:12:43.679 --> 0:12:45.840
<v Speaker 12>still and then he said that there was still very

0:12:45.920 --> 0:12:49.079
<v Speaker 12>much two sided risks to this whole thing. So it's

0:12:49.080 --> 0:12:52.959
<v Speaker 12>still you know, patience is definitely still the narrative I

0:12:53.000 --> 0:12:53.640
<v Speaker 12>guess of today.

0:12:54.240 --> 0:12:56.400
<v Speaker 2>I think I hear a little bit of skepticism in

0:12:56.440 --> 0:12:59.160
<v Speaker 2>your tone of the soft landing narrative.

0:12:59.160 --> 0:13:00.120
<v Speaker 5>Am I right to hear that?

0:13:01.000 --> 0:13:01.200
<v Speaker 9>You know?

0:13:01.640 --> 0:13:03.240
<v Speaker 12>I hate to say this, but I mean I would

0:13:03.240 --> 0:13:05.160
<v Speaker 12>love to have that soft landing, But sometimes I wonder

0:13:05.200 --> 0:13:07.600
<v Speaker 12>what are we missing? What could go wrong? And and

0:13:07.640 --> 0:13:09.760
<v Speaker 12>you know, I mean, so the problem is that ifflation

0:13:09.960 --> 0:13:13.640
<v Speaker 12>does remain still sticky. You know, there's a possibility that

0:13:13.640 --> 0:13:17.040
<v Speaker 12>we could see you know, fewer rate cuts than what's

0:13:17.040 --> 0:13:19.960
<v Speaker 12>still priced in right now. I mean, it's still fairly

0:13:20.040 --> 0:13:23.040
<v Speaker 12>early in the in the year, so you know, a

0:13:23.040 --> 0:13:24.880
<v Speaker 12>lot and a lot of things could you know, potentially

0:13:25.240 --> 0:13:27.640
<v Speaker 12>I think, go wrong. So we'll have to stay very

0:13:27.640 --> 0:13:31.000
<v Speaker 12>cautious and nimble is another key word that we use

0:13:31.040 --> 0:13:33.640
<v Speaker 12>these days, and see how things play out. But right now,

0:13:33.640 --> 0:13:36.079
<v Speaker 12>you know, I think we're pretty comfortable with our first

0:13:36.760 --> 0:13:37.960
<v Speaker 12>rate cut call of July.

0:13:38.920 --> 0:13:40.800
<v Speaker 2>In July as a post to June, can you go

0:13:40.840 --> 0:13:44.800
<v Speaker 2>a little bit more into what you're seeing that has

0:13:44.800 --> 0:13:47.880
<v Speaker 2>you thinking that maybe inflation could be a little stickier

0:13:47.880 --> 0:13:51.080
<v Speaker 2>than the Chairman Palace seemed to indicate when he sort

0:13:51.080 --> 0:13:53.319
<v Speaker 2>of shrugged off the hot raids we've had over the

0:13:53.360 --> 0:13:55.000
<v Speaker 2>last couple of months.

0:13:55.280 --> 0:13:57.080
<v Speaker 12>I think we're going to just need like a few

0:13:57.080 --> 0:13:59.360
<v Speaker 12>more and only because you know, we've had two surprise

0:14:00.320 --> 0:14:03.080
<v Speaker 12>inflation reading is one was like super hot in January

0:14:03.080 --> 0:14:05.200
<v Speaker 12>and then we you know, everyone including us thought there

0:14:05.200 --> 0:14:07.600
<v Speaker 12>would be some reversal in February, and we didn't see

0:14:07.600 --> 0:14:10.360
<v Speaker 12>that in both the CPI and the PPI. So this

0:14:10.440 --> 0:14:12.560
<v Speaker 12>is where, you know, this is where we're already keep

0:14:12.559 --> 0:14:14.360
<v Speaker 12>an eye on things, especially on the end the wage

0:14:14.360 --> 0:14:16.800
<v Speaker 12>front as well, even though wage it's had been coming down.

0:14:16.840 --> 0:14:18.800
<v Speaker 12>But you know, the good news is, you know, that's

0:14:18.840 --> 0:14:21.120
<v Speaker 12>it's great for consumers. It's great for workers that they

0:14:21.160 --> 0:14:23.480
<v Speaker 12>have an income, that they have money coming in still

0:14:23.520 --> 0:14:25.480
<v Speaker 12>the help support spending and whether or they're going to

0:14:25.480 --> 0:14:27.840
<v Speaker 12>spend it all, you know that will remain to be seen.

0:14:28.600 --> 0:14:29.680
<v Speaker 12>You know, you don't have to spend it all. It

0:14:29.680 --> 0:14:31.520
<v Speaker 12>can keep it all for a rainy day. But again,

0:14:31.560 --> 0:14:34.920
<v Speaker 12>I think just keeping an eye on the overall molebentim

0:14:34.960 --> 0:14:37.200
<v Speaker 12>of the consumer. You know, we obviously class of sowing

0:14:37.440 --> 0:14:40.560
<v Speaker 12>in retail sales growth over the last over the beginning

0:14:40.560 --> 0:14:42.840
<v Speaker 12>of the year, so see how that plays out. So

0:14:42.960 --> 0:14:44.880
<v Speaker 12>this is what we're kind of keeping eye on, is

0:14:44.920 --> 0:14:47.200
<v Speaker 12>particularly the consumer and the strength of the consumer.

0:14:48.000 --> 0:14:50.360
<v Speaker 2>Does the dot plot support the tone that we heard

0:14:50.360 --> 0:14:52.960
<v Speaker 2>from Chairman Pale. It seemed like more FED voters were

0:14:53.000 --> 0:14:55.800
<v Speaker 2>calling for just two cuts this year and the media

0:14:55.920 --> 0:14:57.640
<v Speaker 2>next year is only three.

0:14:58.600 --> 0:15:01.560
<v Speaker 12>Yeah, so that was kind of interesting. So it's you know, Celtics,

0:15:01.280 --> 0:15:03.800
<v Speaker 12>so more a few more of the officials are are

0:15:03.920 --> 0:15:07.600
<v Speaker 12>also questioning, you know, the number of of of moves,

0:15:07.600 --> 0:15:09.960
<v Speaker 12>but it can also swing the other way. And it's

0:15:10.000 --> 0:15:14.400
<v Speaker 12>interesting because Bill Dudley yesterday afterwards was also sort of

0:15:14.960 --> 0:15:17.320
<v Speaker 12>downplaying the role of the dot plots even though everyone

0:15:17.320 --> 0:15:20.000
<v Speaker 12>always you know, watches out very carefully. But I find

0:15:20.000 --> 0:15:23.120
<v Speaker 12>that FED officials always sorted be very cautious where of

0:15:23.160 --> 0:15:25.280
<v Speaker 12>watching too much into the dots. But you know, that's

0:15:25.280 --> 0:15:27.720
<v Speaker 12>all we have to go by to see what what

0:15:27.800 --> 0:15:30.920
<v Speaker 12>the officials are the committee overall is thinking. But overall,

0:15:30.960 --> 0:15:33.120
<v Speaker 12>you know, the meeting is still for three cuts and

0:15:33.120 --> 0:15:35.280
<v Speaker 12>and you know, I think that's still a fair assessment,

0:15:35.400 --> 0:15:37.120
<v Speaker 12>you know, until until it's not. And I hate it

0:15:37.160 --> 0:15:39.920
<v Speaker 12>sound wishy washy, but that's you know, we're all data dependent,

0:15:40.200 --> 0:15:42.600
<v Speaker 12>We're all you know, we're not going on a meeting

0:15:42.600 --> 0:15:45.400
<v Speaker 12>by meeting basis. We're not calendar dependent, you know, as

0:15:45.440 --> 0:15:48.640
<v Speaker 12>as President Leguard would say, so again, just keep watching

0:15:48.680 --> 0:15:50.720
<v Speaker 12>the data, keep watching wages, and keep watching consumers.

0:15:50.720 --> 0:15:51.040
<v Speaker 8>Setting.

0:15:53.520 --> 0:15:56.600
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