1
00:00:04,000 --> 00:00:08,520
Speaker 1: This is Bloomberg Surveillance. Brexit. If they vote to exit,

2
00:00:08,560 --> 00:00:11,200
Speaker 1: would definitely be a vote against free trade, a vote

3
00:00:11,200 --> 00:00:14,400
Speaker 1: against globalization effects. Could be operating on a hope and prayer,

4
00:00:14,440 --> 00:00:16,079
Speaker 1: which they've been doing for the better part of the

5
00:00:16,079 --> 00:00:18,759
Speaker 1: past six years. There were always just one quarter away

6
00:00:18,800 --> 00:00:21,400
Speaker 1: from escapablocity. But the markets are sending a different signal.

7
00:00:21,520 --> 00:00:25,200
Speaker 1: The relationship interest rates and goals can be quite ambiguous,

8
00:00:25,239 --> 00:00:28,040
Speaker 1: and in the past, the time of that interest rate hikes,

9
00:00:28,080 --> 00:00:31,640
Speaker 1: gold has done quite well. Bloomberg Surveillance your link to

10
00:00:31,720 --> 00:00:36,080
Speaker 1: the world of economics, finance, and investment on Bloomberg Radio.

11
00:00:36,760 --> 00:00:38,959
Speaker 1: Good morning. It is seven am on Wall Street, one

12
00:00:39,040 --> 00:00:42,320
Speaker 1: pm in Vienna, the center of the financial world today,

13
00:00:42,360 --> 00:00:44,960
Speaker 1: at least for a while. This morning, OPEC ministers are meeting.

14
00:00:45,040 --> 00:00:48,600
Speaker 1: Some talk of a production deal being rooted about. Nobody

15
00:00:48,600 --> 00:00:51,920
Speaker 1: thinks it will really happen. Oil prices little changed on

16
00:00:52,040 --> 00:00:55,160
Speaker 1: the day, and the ECB Governing Council meets in the

17
00:00:55,200 --> 00:00:59,720
Speaker 1: Austrian capital, their latest policy decision due in forty five minutes,

18
00:00:59,760 --> 00:01:02,920
Speaker 1: yes indeed, and then Mario Draggy speaks after that. Little

19
00:01:03,000 --> 00:01:06,360
Speaker 1: change forecast from the ECB either perhaps the news of

20
00:01:06,360 --> 00:01:09,600
Speaker 1: the morning for investors comes about twenty minutes from now.

21
00:01:10,000 --> 00:01:14,319
Speaker 1: FED Governor Daniel Tarulo will be interviewed live here on Blue.

22
00:01:14,400 --> 00:01:17,399
Speaker 1: I will remember Ed Sullivan right here on our stage

23
00:01:17,920 --> 00:01:21,280
Speaker 1: by our David Weston. He's in the silent center. The

24
00:01:21,319 --> 00:01:24,559
Speaker 1: board members who almost always vote with Chair Janet Yellen.

25
00:01:24,600 --> 00:01:27,360
Speaker 1: How does he feel about a June or July rate move?

26
00:01:27,400 --> 00:01:29,960
Speaker 1: If you're on a trading desk, you cannot miss that

27
00:01:30,240 --> 00:01:33,480
Speaker 1: plus a DP always tradeable out at eight fifteen? How

28
00:01:33,520 --> 00:01:36,120
Speaker 1: much will the Verizon strike screw up that number? So

29
00:01:36,200 --> 00:01:38,399
Speaker 1: much going on? Let me just do a quick day

30
00:01:38,440 --> 00:01:40,800
Speaker 1: to check tom and get everybody set up before the day.

31
00:01:40,840 --> 00:01:43,440
Speaker 1: The stock six in Europe down for much of the day,

32
00:01:43,480 --> 00:01:46,320
Speaker 1: now up a point two tenths of a percent. In

33
00:01:46,400 --> 00:01:50,840
Speaker 1: the US, futures were much lower. They have as in

34
00:01:50,840 --> 00:01:54,160
Speaker 1: the vernacular, paired their losses. SMP futures down a point

35
00:01:54,600 --> 00:01:57,040
Speaker 1: less than a tenth of a percent down, futures down

36
00:01:57,160 --> 00:02:01,360
Speaker 1: eight points. In Nasdaq futures are down to points right now.

37
00:02:01,720 --> 00:02:04,920
Speaker 1: The bond market yields are higher than they were yesterday

38
00:02:04,920 --> 00:02:07,520
Speaker 1: at this time, still not where they were last Friday.

39
00:02:07,200 --> 00:02:09,320
Speaker 1: The two year ye old eighty nine basis points, the

40
00:02:09,360 --> 00:02:11,840
Speaker 1: five year one point three eight percent to ten year

41
00:02:12,200 --> 00:02:15,560
Speaker 1: one point eight three. Everybody watching the dollar and we'll

42
00:02:15,560 --> 00:02:17,440
Speaker 1: get to that in just a second. The d X

43
00:02:17,560 --> 00:02:20,440
Speaker 1: Y index at three oh two is lower by two

44
00:02:20,440 --> 00:02:23,680
Speaker 1: tenths this morning. The yen is lower this morning, one

45
00:02:23,720 --> 00:02:27,120
Speaker 1: o eight ninety six. The euro is a little bit

46
00:02:27,120 --> 00:02:30,760
Speaker 1: stronger one. It was up to one twenty at one point.

47
00:02:30,760 --> 00:02:34,200
Speaker 1: And of course everybody's watching the Brexit meter. The British

48
00:02:34,200 --> 00:02:38,480
Speaker 1: pound cable on thirty two up by eight tenth this morning.

49
00:02:38,480 --> 00:02:40,280
Speaker 1: Oh and I mentioned oil prices. I should give those

50
00:02:40,320 --> 00:02:42,799
Speaker 1: to you both over forty nine forty nine oh to

51
00:02:43,280 --> 00:02:46,840
Speaker 1: a penny increase for West Texas Brent crew seventy seven

52
00:02:47,160 --> 00:02:51,400
Speaker 1: up eight nickel. Uh this morning, tom So, an awful

53
00:02:51,440 --> 00:02:53,520
Speaker 1: lot going on. The one other the one thing I

54
00:02:53,520 --> 00:02:56,720
Speaker 1: think we can predict all those numbers are going to

55
00:02:56,880 --> 00:02:59,240
Speaker 1: change by the end of surveillance. Yeah, well, we've been

56
00:02:59,320 --> 00:03:02,680
Speaker 1: range bound future negative one day, future negative six. I'd

57
00:03:02,720 --> 00:03:05,720
Speaker 1: noticed we're gonna talk about yen eroshop jelenors in a

58
00:03:05,760 --> 00:03:10,320
Speaker 1: moment one nineties seven stronger again decisively. Uh this morning.

59
00:03:10,360 --> 00:03:12,400
Speaker 1: I want to get back to the ECB in two seconds.

60
00:03:12,400 --> 00:03:16,160
Speaker 1: Though Bloomberg surveillance is always on this most busy day

61
00:03:16,200 --> 00:03:18,799
Speaker 1: brought you by Investco, if you considered all of your

62
00:03:19,200 --> 00:03:24,320
Speaker 1: investment alternatives, non traditional asset classes and strategies may help

63
00:03:24,360 --> 00:03:28,080
Speaker 1: you achieve your goals. Find out more and investco dot

64
00:03:28,080 --> 00:03:31,800
Speaker 1: com slash alternatives. I have like eight people Michael McKee

65
00:03:31,800 --> 00:03:35,680
Speaker 1: tell me the Draggy press conference doesn't matter. I just

66
00:03:35,720 --> 00:03:40,640
Speaker 1: don't buy that it matters. In one sense, people want

67
00:03:40,640 --> 00:03:43,240
Speaker 1: to know what their forecast is for growth and inflation,

68
00:03:43,240 --> 00:03:46,040
Speaker 1: whether it's changed, because that gives you a clue to

69
00:03:46,120 --> 00:03:48,600
Speaker 1: what they might do in the future. And then those

70
00:03:48,640 --> 00:03:51,160
Speaker 1: on trading guests, I want to know the details to

71
00:03:51,200 --> 00:03:55,280
Speaker 1: the extent they don't have, of corporate bond purchases, of

72
00:03:55,320 --> 00:03:58,960
Speaker 1: companies issuing corporate bonds in the hope that demand will

73
00:03:59,000 --> 00:04:01,240
Speaker 1: be high, and then make shout up Gentlin us with

74
00:04:01,360 --> 00:04:03,240
Speaker 1: us with credit suits. One of the great themes of

75
00:04:03,280 --> 00:04:07,320
Speaker 1: your James Sweeney is deflations overweight over not overrated, but

76
00:04:07,480 --> 00:04:13,960
Speaker 1: maybe overweighted or misweighted. Is deflation worries and disinflation misweighted

77
00:04:14,000 --> 00:04:16,880
Speaker 1: in Europe As we wait for drag You to speak, well,

78
00:04:17,400 --> 00:04:20,680
Speaker 1: it's it's a complicated issue. Obviously. Is oil prices go up?

79
00:04:20,760 --> 00:04:23,440
Speaker 1: You would think that that will take up the overall

80
00:04:23,440 --> 00:04:27,200
Speaker 1: headline inflation number. On the other hand, one interesting feature

81
00:04:27,240 --> 00:04:30,279
Speaker 1: of inflation in Europe has been how weak services inflation

82
00:04:30,320 --> 00:04:33,600
Speaker 1: has been. Even in countries like Germany where growth has

83
00:04:33,600 --> 00:04:36,920
Speaker 1: been strong, services inflation has been weak, and that won't

84
00:04:36,920 --> 00:04:40,040
Speaker 1: really be affected by higher oil prices. I think those

85
00:04:40,040 --> 00:04:42,800
Speaker 1: who believe that deflation in Europe is a longer term

86
00:04:42,839 --> 00:04:45,520
Speaker 1: concern and structural concern, they will focus more on that

87
00:04:45,600 --> 00:04:49,880
Speaker 1: dynamic um and certainly in that framework, it's too soon

88
00:04:49,960 --> 00:04:54,039
Speaker 1: to say that Europe is definitively going to move out

89
00:04:54,040 --> 00:04:57,200
Speaker 1: of the inflation trap, sorry, deflation trap, just because of

90
00:04:57,360 --> 00:04:59,440
Speaker 1: prices and moving up. So I think the jury will

91
00:04:59,440 --> 00:05:02,720
Speaker 1: be out on this for a long time. James probably

92
00:05:02,720 --> 00:05:05,320
Speaker 1: would agree that the odds of inflation moving high in

93
00:05:05,320 --> 00:05:08,920
Speaker 1: the US UH and a sustainable basis are higher than

94
00:05:08,920 --> 00:05:12,520
Speaker 1: in Europe at this point. Well, let's get to the

95
00:05:11,960 --> 00:05:16,039
Speaker 1: the center of your world and UH. Many people's concerns

96
00:05:16,080 --> 00:05:18,680
Speaker 1: about the FED. The argument is we're gonna be importing

97
00:05:18,720 --> 00:05:21,000
Speaker 1: deflation because the dollar is going to be soaring because

98
00:05:21,040 --> 00:05:25,680
Speaker 1: of the return differential between interest rates in the US

99
00:05:25,720 --> 00:05:29,520
Speaker 1: and the rest of the world. But we really haven't

100
00:05:29,520 --> 00:05:33,080
Speaker 1: seen the dollar go anywhere for about two years now. Well,

101
00:05:33,120 --> 00:05:36,039
Speaker 1: that the thing is, the markets obviously always try to

102
00:05:36,120 --> 00:05:40,480
Speaker 1: price ahead of time a rate cycle UM. And what

103
00:05:40,480 --> 00:05:42,920
Speaker 1: we've typically seen is that the markets get ahead of

104
00:05:42,960 --> 00:05:45,440
Speaker 1: themselves in terms of how many rate hikes they priced

105
00:05:45,440 --> 00:05:48,599
Speaker 1: in for the FED, and then when that's happening, the

106
00:05:48,640 --> 00:05:51,560
Speaker 1: dollar strengthens. Once you see the FED not actually hike

107
00:05:51,600 --> 00:05:53,960
Speaker 1: as many times as the market expected, you tend to

108
00:05:53,960 --> 00:05:56,240
Speaker 1: see the dollar pull back UM. And I think that's

109
00:05:56,279 --> 00:05:59,000
Speaker 1: the issue that we've been contending with over the past year.

110
00:05:59,040 --> 00:06:01,720
Speaker 1: That's just FED hasn't been able to deliver as many

111
00:06:01,800 --> 00:06:04,480
Speaker 1: highest as the market expected U, and that's pulled the

112
00:06:04,520 --> 00:06:06,919
Speaker 1: dollar back over the past year. What does the dollar

113
00:06:07,080 --> 00:06:12,160
Speaker 1: have scope to go significantly higher? I think that's unlikely

114
00:06:12,760 --> 00:06:17,040
Speaker 1: for the simple reason that there's a self fulfilling prophecy

115
00:06:17,080 --> 00:06:18,919
Speaker 1: of source working out there, which is, as soon as

116
00:06:18,960 --> 00:06:22,560
Speaker 1: the market tries to price in a significant number of

117
00:06:22,600 --> 00:06:25,159
Speaker 1: FED rate heights, the dollar wants to go a lot

118
00:06:25,240 --> 00:06:29,799
Speaker 1: higher UM and immediately starts to create some disinflationory forces

119
00:06:29,839 --> 00:06:33,360
Speaker 1: for the US economy. Often you also see other countries

120
00:06:33,760 --> 00:06:36,359
Speaker 1: in emerging markets, for example, start to show signs of

121
00:06:36,400 --> 00:06:39,240
Speaker 1: stress to when that happens. So you always find that

122
00:06:39,800 --> 00:06:42,080
Speaker 1: in a way, you go back to square one once

123
00:06:42,120 --> 00:06:44,479
Speaker 1: you start to get that type of dynamic. So I

124
00:06:44,520 --> 00:06:47,480
Speaker 1: think you really need to see either a clear sign

125
00:06:47,640 --> 00:06:50,600
Speaker 1: that the US economy could go h its own way

126
00:06:50,640 --> 00:06:53,200
Speaker 1: without being impacted by the rest of the world for

127
00:06:53,200 --> 00:06:56,200
Speaker 1: the dollar to keep threatening, or you need to perversely,

128
00:06:56,200 --> 00:06:58,560
Speaker 1: you might need to see some signs that the rest

129
00:06:58,560 --> 00:07:01,760
Speaker 1: of the world is doing well enough to allow the

130
00:07:01,760 --> 00:07:04,920
Speaker 1: Fed to hike as many times as the market would want. Well, well,

131
00:07:04,960 --> 00:07:07,000
Speaker 1: if I couldn't let me just file down with one

132
00:07:07,080 --> 00:07:10,080
Speaker 1: question here ahead of Dan Torula coming on, does that

133
00:07:10,160 --> 00:07:13,080
Speaker 1: suggest the Fed was wrong to freak out about the

134
00:07:13,080 --> 00:07:17,320
Speaker 1: markets in January and put off any RADI increases. Well,

135
00:07:17,400 --> 00:07:20,920
Speaker 1: January was a stressful time. We've at this point. Obviously

136
00:07:20,960 --> 00:07:23,760
Speaker 1: the STP is back towards the highest volatility, and markets

137
00:07:23,800 --> 00:07:27,280
Speaker 1: is very low. It's easy to forget how January felt.

138
00:07:27,400 --> 00:07:30,080
Speaker 1: Particularly the rutchers that we were seeing in the in

139
00:07:30,120 --> 00:07:33,720
Speaker 1: the Chinese currency market at that time took everybody by surprise,

140
00:07:33,840 --> 00:07:36,120
Speaker 1: and I think in my view, the FED did the

141
00:07:36,200 --> 00:07:39,680
Speaker 1: right thing by playing it safe at that time. If

142
00:07:39,720 --> 00:07:43,240
Speaker 1: there was a tremendous amount of inflationary pressure already in

143
00:07:43,280 --> 00:07:46,920
Speaker 1: the pipeline. You might question that, but I think given

144
00:07:46,920 --> 00:07:49,320
Speaker 1: what we now know, I still believe that it was

145
00:07:49,320 --> 00:07:52,480
Speaker 1: the right move to to be cautious at the start

146
00:07:52,520 --> 00:07:55,160
Speaker 1: of the year. So the question now, going forward UM

147
00:07:55,240 --> 00:07:58,360
Speaker 1: and with markets much more stable, is what prompts the

148
00:07:58,440 --> 00:08:01,560
Speaker 1: FED to hike Now. The focus right now is on

149
00:08:01,680 --> 00:08:06,320
Speaker 1: US domestic data, obviously, and Harold's numbers tomorrow make a

150
00:08:06,360 --> 00:08:09,480
Speaker 1: lot of difference in that equation. But for me, for

151
00:08:09,520 --> 00:08:12,320
Speaker 1: the dollar to have trend growth, it's not enough to

152
00:08:12,400 --> 00:08:14,760
Speaker 1: just see one FED high cover the summer. What I

153
00:08:14,800 --> 00:08:18,320
Speaker 1: need to see is a sequence of events, a sequence

154
00:08:18,360 --> 00:08:21,440
Speaker 1: of positive numbers from the US that forces the market

155
00:08:21,440 --> 00:08:23,840
Speaker 1: to price in But many more than that. But if

156
00:08:24,160 --> 00:08:27,440
Speaker 1: if your world is a world of comparing contrast of ratios,

157
00:08:28,240 --> 00:08:32,520
Speaker 1: is it about American dollar dynamics or is it about

158
00:08:32,600 --> 00:08:35,800
Speaker 1: other weaker economies? Is that really what we're talking about.

159
00:08:35,880 --> 00:08:38,600
Speaker 1: It's the interplayer of the two UM And of course,

160
00:08:39,200 --> 00:08:42,280
Speaker 1: what we've seen over the past few years is that

161
00:08:43,800 --> 00:08:47,280
Speaker 1: the independence of the American growth dynamic from what's going

162
00:08:47,320 --> 00:08:50,200
Speaker 1: on in the rest of the world is reducing UM.

163
00:08:50,320 --> 00:08:53,559
Speaker 1: In fact, as China, for example, gets bigger, and bigger. Um.

164
00:08:53,679 --> 00:08:56,160
Speaker 1: The interplay between the US and the rest of the

165
00:08:56,200 --> 00:08:59,400
Speaker 1: world is only going to go higher. So it becomes

166
00:08:59,440 --> 00:09:02,200
Speaker 1: much more for coul to try to disentangle what the

167
00:09:02,280 --> 00:09:04,880
Speaker 1: U S economy is doing from what the global economy

168
00:09:04,920 --> 00:09:07,360
Speaker 1: is doing. And that will be a new feature for

169
00:09:07,400 --> 00:09:09,439
Speaker 1: the FX market to have to get to get a handle.

170
00:09:09,440 --> 00:09:11,920
Speaker 1: And I think going forward, are you worried about what

171
00:09:12,000 --> 00:09:14,760
Speaker 1: happens with the Chinese when there's there's a school of

172
00:09:14,800 --> 00:09:17,600
Speaker 1: thought that said what happened in January was really currency

173
00:09:17,640 --> 00:09:20,679
Speaker 1: traders fought because they didn't understand the new Chinese currency

174
00:09:20,720 --> 00:09:23,560
Speaker 1: regime that they're focused on the basket and everybody else

175
00:09:23,640 --> 00:09:25,959
Speaker 1: was worried about whether the dollar that the U N

176
00:09:26,000 --> 00:09:29,280
Speaker 1: would be devalued against the dollar. Well, the problem is

177
00:09:29,640 --> 00:09:33,520
Speaker 1: the level of transparency provided by the Chinese authorities around

178
00:09:33,559 --> 00:09:37,640
Speaker 1: how the one is managed is fairly low, to be honest, UM,

179
00:09:37,800 --> 00:09:41,480
Speaker 1: So the possibility of mishaps in that framework is is

180
00:09:41,520 --> 00:09:44,000
Speaker 1: obviously a lot higher. UM. I think what we have

181
00:09:44,160 --> 00:09:47,920
Speaker 1: right now the market has agreed upon it is the

182
00:09:48,000 --> 00:09:52,400
Speaker 1: idea that there is now a trade weighted remimbe target

183
00:09:52,440 --> 00:09:55,480
Speaker 1: of sorts UM and they're allowing the remanbe to fall

184
00:09:56,160 --> 00:09:59,959
Speaker 1: against a group of currencies slowly over time they see

185
00:10:00,120 --> 00:10:02,840
Speaker 1: to come to the conclusion that this is a safer

186
00:10:02,920 --> 00:10:06,400
Speaker 1: way of achieving a weekly currency than step shifts against

187
00:10:06,400 --> 00:10:09,840
Speaker 1: the US DOLA, which a much more noticeable and cause

188
00:10:09,880 --> 00:10:13,079
Speaker 1: a more more angst to the market. Chev glins with

189
00:10:13,200 --> 00:10:15,199
Speaker 1: us with card sweets. Less to talk about here to

190
00:10:15,280 --> 00:10:17,280
Speaker 1: set it up before we are we Mike seven forty

191
00:10:17,360 --> 00:10:23,920
Speaker 1: five for the rate decisions. But any real information will

192
00:10:23,960 --> 00:10:29,680
Speaker 1: come at eight thirty Well Street when so tomorrow Dragging

193
00:10:29,760 --> 00:10:32,440
Speaker 1: and Vienna, Din and Mr Trula will be with our

194
00:10:32,520 --> 00:10:34,800
Speaker 1: David Weston here within this hour. That will be an

195
00:10:34,840 --> 00:10:39,320
Speaker 1: important Conversationral banker surveillance today. It is central banker surveillance today.

196
00:10:39,360 --> 00:10:41,240
Speaker 1: We'll do a little bit on oil to forty nine,

197
00:10:41,640 --> 00:10:47,040
Speaker 1: seventy five on Brent crude forty nine on West Texas Intermediate.

198
00:10:47,040 --> 00:10:52,840
Speaker 1: All eyes on Vienna. Let's check out with Michael Byr.

199
00:10:52,920 --> 00:10:55,760
Speaker 1: Now I'll get the latest world in national headlines. Michael, Mike, Tom,

200
00:10:55,800 --> 00:10:58,720
Speaker 1: thank you very much. Hillary Clinton is calling Donald Trump

201
00:10:58,720 --> 00:11:02,280
Speaker 1: a fraud, claiming he's trying to scam Americans the way

202
00:11:02,280 --> 00:11:06,320
Speaker 1: he scams students who enrolled in his university. Trump's campaign

203
00:11:06,400 --> 00:11:09,120
Speaker 1: is seeking to deflect criticism of his defunct real estate

204
00:11:09,200 --> 00:11:14,000
Speaker 1: seminars with positive testimonials from two former students. German Chancellor

205
00:11:14,040 --> 00:11:17,320
Speaker 1: Angelo Merkel faces the country's next run in with Turkeys.

206
00:11:17,360 --> 00:11:21,320
Speaker 1: President Parliament is preparing to vote on condemning the Ottoman

207
00:11:21,360 --> 00:11:26,920
Speaker 1: empires nineteen fifteen killings and deportations of Remedians as genocide.

208
00:11:27,400 --> 00:11:30,679
Speaker 1: In Texas, more rain is in the forecast. Southwest of Houston,

209
00:11:31,040 --> 00:11:34,080
Speaker 1: the Brazils River is already four feet above record levels.

210
00:11:34,360 --> 00:11:37,800
Speaker 1: Heavy rain and flash flooding has left at least five

211
00:11:37,880 --> 00:11:41,120
Speaker 1: people dead in parts of France and Belgium and Germany.

212
00:11:41,200 --> 00:11:44,920
Speaker 1: In south we southeast Germany, several people drowned in the

213
00:11:45,000 --> 00:11:47,960
Speaker 1: state of Bavaria. Global News twenty four hours a day,

214
00:11:48,000 --> 00:11:51,160
Speaker 1: powered by our twenty four hundred journalists. I'm Michael Barr,

215
00:11:51,160 --> 00:11:53,920
Speaker 1: Mike Tom, Michael Barr, thanks so much. Future is negative

216
00:11:53,960 --> 00:11:57,600
Speaker 1: to Dow Futures Negative twelve Michael McKee and Tom Keene.

217
00:11:57,600 --> 00:12:06,840
Speaker 1: In this hour, Governor taruo it Bloomberg surveillance. Bloomberg Surveillance

218
00:12:06,840 --> 00:12:08,920
Speaker 1: is brought to you by your Mercedes Benz tri state dealer.

219
00:12:08,960 --> 00:12:11,000
Speaker 1: There's no better way to experience somewhere than in the

220
00:12:11,040 --> 00:12:12,880
Speaker 1: car of your dreams. And now you can get an

221
00:12:12,880 --> 00:12:15,559
Speaker 1: expertly crafted Mercedes Bens for less than you can imagine.

222
00:12:15,760 --> 00:12:18,280
Speaker 1: Visit your tri state dealer or m b usa dot

223
00:12:18,280 --> 00:12:20,199
Speaker 1: com