1 00:00:00,800 --> 00:00:04,040 Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside 2 00:00:04,040 --> 00:00:06,920 Speaker 1: my co host Matt Miller. Every business day we bring 3 00:00:06,960 --> 00:00:11,520 Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along 4 00:00:11,560 --> 00:00:15,600 Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast 5 00:00:15,640 --> 00:00:18,479 Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and 6 00:00:18,480 --> 00:00:23,000 Speaker 1: at Bloomberg dot com slash podcast. Well, one of the issues, 7 00:00:23,079 --> 00:00:25,159 Speaker 1: or one of the topics that has really come to 8 00:00:25,200 --> 00:00:28,120 Speaker 1: the four once again as a result of this pandemic 9 00:00:28,280 --> 00:00:31,560 Speaker 1: has been the absolute central role of technology in all 10 00:00:31,600 --> 00:00:35,040 Speaker 1: of our lives, the digital digitalization, if you will, of 11 00:00:35,080 --> 00:00:37,560 Speaker 1: our everyday lives, if you think about working from home, 12 00:00:38,159 --> 00:00:41,479 Speaker 1: schooling from home, it's just kind of really accelerated the 13 00:00:41,479 --> 00:00:44,920 Speaker 1: embrace of digital technology, the upsides as well as the downsides. 14 00:00:44,960 --> 00:00:47,680 Speaker 1: And it seemed like a great time check in with 15 00:00:47,720 --> 00:00:50,440 Speaker 1: our net guest. Next guest Brett Smith. He's a president 16 00:00:50,440 --> 00:00:54,400 Speaker 1: of Microsoft and just today out with them, I guess 17 00:00:54,400 --> 00:00:56,960 Speaker 1: the paperback version of his New York Times best selling 18 00:00:57,000 --> 00:01:00,520 Speaker 1: book entitled Tools and Weapons, The Promise and the Peril 19 00:01:00,600 --> 00:01:03,120 Speaker 1: of the Digital Age. Brad, thanks so much for joining 20 00:01:03,200 --> 00:01:05,640 Speaker 1: us here. It's really topical here, as I think you know, 21 00:01:05,640 --> 00:01:08,360 Speaker 1: a lot of people are kind of rethinking the role 22 00:01:08,400 --> 00:01:11,520 Speaker 1: of technology in their lives. What is kind of your 23 00:01:11,600 --> 00:01:16,480 Speaker 1: takeaway over the last eighteen months of how maybe people use, 24 00:01:16,600 --> 00:01:22,240 Speaker 1: interact and and think about technology. Well, things have changed 25 00:01:22,319 --> 00:01:25,039 Speaker 1: so quickly. It's why my co author Caroline Brown and 26 00:01:25,080 --> 00:01:27,760 Speaker 1: I added three new chapters to the paperback edition of 27 00:01:27,760 --> 00:01:30,560 Speaker 1: the book, one of them to address the question you 28 00:01:30,680 --> 00:01:34,560 Speaker 1: just ask, how have we seen the pandemic impact the 29 00:01:34,640 --> 00:01:37,960 Speaker 1: use of technology and which of these changes are likely 30 00:01:38,040 --> 00:01:41,240 Speaker 1: to really stick with us? And last and you know, 31 00:01:41,360 --> 00:01:45,119 Speaker 1: we're certainly seeing you know, technology being put to use 32 00:01:45,120 --> 00:01:48,320 Speaker 1: in a variety of new ways. It's creating more flexibility 33 00:01:48,400 --> 00:01:51,200 Speaker 1: for us, um, the ability to see a doctor through 34 00:01:51,240 --> 00:01:54,880 Speaker 1: a telehealth service, the ability of a sick child, perhaps 35 00:01:54,920 --> 00:01:57,480 Speaker 1: to be able to stay connected to a classroom with 36 00:01:57,480 --> 00:02:01,160 Speaker 1: with distance learning. Uh, they of so many of us, 37 00:02:01,240 --> 00:02:03,760 Speaker 1: you know, to work in more flexible ways, including on 38 00:02:03,800 --> 00:02:07,640 Speaker 1: the road or from home. But we've also seen other challenges. 39 00:02:08,200 --> 00:02:13,119 Speaker 1: In part, we're seeing new cybersecurity attacks because this technology 40 00:02:13,200 --> 00:02:16,600 Speaker 1: is so ubiquitous, UM. And in other ways, we're just 41 00:02:16,639 --> 00:02:20,840 Speaker 1: seeing the digital divide almost exacerbated. It's as if people 42 00:02:20,840 --> 00:02:24,040 Speaker 1: who lack broadband access are living in the nineteen nineties 43 00:02:24,520 --> 00:02:27,080 Speaker 1: while the rest of us are living in the twenties. 44 00:02:27,200 --> 00:02:30,440 Speaker 1: And that is a divide that is going to exacerbate 45 00:02:30,520 --> 00:02:33,440 Speaker 1: every other divide in society if we don't move faster 46 00:02:33,560 --> 00:02:36,799 Speaker 1: to address it. You know, over and over executives we 47 00:02:36,840 --> 00:02:39,600 Speaker 1: speak to say they're really worried about the skills that 48 00:02:39,680 --> 00:02:44,440 Speaker 1: this workforce has and whether it's ready for an environment 49 00:02:44,480 --> 00:02:50,040 Speaker 1: where technology rains. You have been working through Microsoft and 50 00:02:50,080 --> 00:02:53,920 Speaker 1: linked in to rescale and upscale people. Companies like JP 51 00:02:54,040 --> 00:02:57,160 Speaker 1: Morgan have been working with cities to get more people 52 00:02:57,240 --> 00:03:01,200 Speaker 1: into this workforce. Do you have a proscripection? Is there 53 00:03:01,240 --> 00:03:05,120 Speaker 1: any cure you can see two people entering this workforce 54 00:03:05,240 --> 00:03:08,399 Speaker 1: with skills that they need. Well, I do think there's 55 00:03:08,400 --> 00:03:11,640 Speaker 1: a prescription, and I think it's going to take a 56 00:03:11,680 --> 00:03:16,639 Speaker 1: societally wide commitment, UH to really put that prescription into action. 57 00:03:16,680 --> 00:03:18,679 Speaker 1: And we and it's why we devote a lot of 58 00:03:18,720 --> 00:03:21,800 Speaker 1: attention to this in our book, both as a specific 59 00:03:21,880 --> 00:03:24,960 Speaker 1: topic around the tech talent gap for all of us, 60 00:03:25,280 --> 00:03:29,560 Speaker 1: but also in specific areas like cybersecurity skills. We're seeing 61 00:03:29,680 --> 00:03:34,480 Speaker 1: clear shortages, say of cybersecurity professionals and digital skills. More broadly, 62 00:03:35,080 --> 00:03:37,280 Speaker 1: UM what it's going to take, I think, is for 63 00:03:37,360 --> 00:03:39,680 Speaker 1: all of us to lean in UM, those of us 64 00:03:39,720 --> 00:03:42,360 Speaker 1: in the tech sector. For a company like Microsoft and 65 00:03:42,440 --> 00:03:46,119 Speaker 1: the linked In service that we operate, there's a tremendous opportunity. 66 00:03:46,120 --> 00:03:51,240 Speaker 1: We're pursuing increasingly with nonprofits and others to use online 67 00:03:51,320 --> 00:03:53,760 Speaker 1: learning to help fill the gap. But that's not going 68 00:03:53,840 --> 00:03:58,760 Speaker 1: to be sufficient by itself. I think employers need to reinvest, 69 00:03:59,000 --> 00:04:02,040 Speaker 1: increase our spending and the skilling of the people who 70 00:04:02,280 --> 00:04:05,920 Speaker 1: work for us. I think we have a huge opportunity 71 00:04:05,960 --> 00:04:10,440 Speaker 1: as a country to do more with community colleges UH, 72 00:04:10,480 --> 00:04:12,960 Speaker 1: and that's one thing the White House is now focused on. 73 00:04:13,040 --> 00:04:17,039 Speaker 1: The Congress and the Infrastructure Bill is addressing. UM. This 74 00:04:17,160 --> 00:04:20,080 Speaker 1: is a moment where we can just create so many 75 00:04:20,320 --> 00:04:23,920 Speaker 1: opportunities for more people, not by asking them to get 76 00:04:23,920 --> 00:04:26,800 Speaker 1: a no new four year college degree, but take a 77 00:04:26,880 --> 00:04:30,360 Speaker 1: course or two at a community college, or just spend 78 00:04:30,560 --> 00:04:32,599 Speaker 1: more time as part of their work to add to 79 00:04:32,640 --> 00:04:37,040 Speaker 1: their skill set. So, you know, Brad, cybersecurity is obviously 80 00:04:37,040 --> 00:04:40,440 Speaker 1: it's a big issue, and I think when Microsoft itself 81 00:04:41,080 --> 00:04:45,200 Speaker 1: UH was the subject of a hack in December, the 82 00:04:45,200 --> 00:04:49,599 Speaker 1: Solar Winds attack, that really got people's attention if the gods, 83 00:04:49,720 --> 00:04:52,600 Speaker 1: the smart folks and Microsoft are susceptible here, how about 84 00:04:52,640 --> 00:04:55,800 Speaker 1: the rest of us? Here? Tell us what actually happened? 85 00:04:56,120 --> 00:05:00,760 Speaker 1: And you know what was the response from Microsoft? Well, 86 00:05:01,360 --> 00:05:04,080 Speaker 1: it's the first chapter now of the paperback edition of 87 00:05:04,120 --> 00:05:06,240 Speaker 1: the book. Can we tell the inside story of really 88 00:05:06,279 --> 00:05:08,880 Speaker 1: the cyberslew thing that it took not just at Microsoft, 89 00:05:08,960 --> 00:05:12,680 Speaker 1: but some of the other really sophisticated cybersecurity firms like 90 00:05:12,720 --> 00:05:16,160 Speaker 1: fire Eye to put the pieces together. You know, we 91 00:05:16,279 --> 00:05:18,719 Speaker 1: now know that this was an attack launched by the 92 00:05:18,800 --> 00:05:23,440 Speaker 1: Russian Foreign Intelligence Agency. It targeted major parts of the 93 00:05:23,520 --> 00:05:28,920 Speaker 1: United States government, many tech companies. It targeted foreign companies 94 00:05:28,960 --> 00:05:34,839 Speaker 1: and governments. Uh. And it was executed with great persistence, sophistication, 95 00:05:35,120 --> 00:05:38,839 Speaker 1: and scale. It was based on a disruption of the 96 00:05:38,880 --> 00:05:44,479 Speaker 1: software supply chain, planting malware into a legitimate company, Solar 97 00:05:44,480 --> 00:05:47,480 Speaker 1: Winds and its product. UH. And you know what we 98 00:05:47,600 --> 00:05:50,320 Speaker 1: then talk about are the lessons that we all need 99 00:05:50,360 --> 00:05:53,719 Speaker 1: to take away from this. It starts with recognizing the 100 00:05:53,760 --> 00:05:58,280 Speaker 1: sophistication and magnitude of the problem. It then leads to solutions. 101 00:05:58,839 --> 00:06:01,520 Speaker 1: Some of these are I think really on our shoulders 102 00:06:02,040 --> 00:06:05,600 Speaker 1: for a company like Microsoft, and we're increasing our investment, 103 00:06:05,720 --> 00:06:09,680 Speaker 1: and we are and will do more to address this UM, 104 00:06:09,800 --> 00:06:12,080 Speaker 1: but we all need to work together. There was a 105 00:06:12,080 --> 00:06:14,240 Speaker 1: meeting at the White House two weeks ago. It brought 106 00:06:14,320 --> 00:06:18,440 Speaker 1: together not just tech companies, but critical infrastructure companies and 107 00:06:18,520 --> 00:06:22,880 Speaker 1: insurance companies and colleges and universities. UM. We're going to 108 00:06:22,960 --> 00:06:27,600 Speaker 1: need to pursue more information sharing. UM. Companies like ours 109 00:06:27,600 --> 00:06:29,800 Speaker 1: are going to need to report more to the government, 110 00:06:30,080 --> 00:06:33,520 Speaker 1: and the government, as it has started, is now sharing 111 00:06:33,560 --> 00:06:36,839 Speaker 1: more information across the government as a whole, so we 112 00:06:36,880 --> 00:06:40,279 Speaker 1: don't end up with pieces of information trapped in these 113 00:06:40,320 --> 00:06:44,440 Speaker 1: different information silos. Brad, what worries you most in the 114 00:06:44,480 --> 00:06:47,640 Speaker 1: coming months. We've seen major hacks since solar winds. We 115 00:06:47,680 --> 00:06:50,560 Speaker 1: hear of major things that could happen that can disrupt 116 00:06:50,560 --> 00:06:53,719 Speaker 1: the entire economy. What are you concerned about in the 117 00:06:53,720 --> 00:06:58,000 Speaker 1: coming months. Well, I think the biggest thing we should 118 00:06:58,000 --> 00:07:01,120 Speaker 1: worry about is that will you look at this crisis 119 00:07:01,160 --> 00:07:04,039 Speaker 1: and do too little to address it? Um? You know, 120 00:07:04,080 --> 00:07:06,640 Speaker 1: people talk about, you know, will we face someday a 121 00:07:06,720 --> 00:07:10,480 Speaker 1: digital pearl harbor or a digital nine eleven. Um. We 122 00:07:10,640 --> 00:07:14,320 Speaker 1: have it, you know, in our ability to avoid that 123 00:07:14,480 --> 00:07:18,080 Speaker 1: kind of day, but only if we heed these lessons 124 00:07:18,760 --> 00:07:21,880 Speaker 1: and all work together. And you know this is not 125 00:07:21,960 --> 00:07:25,000 Speaker 1: just for big tech companies or people in government. It 126 00:07:25,040 --> 00:07:29,440 Speaker 1: means for every business deploying the in many cases cybersecurity 127 00:07:29,440 --> 00:07:34,040 Speaker 1: protections they've already bought but haven't yet installed or used. Uh. 128 00:07:34,080 --> 00:07:37,280 Speaker 1: It means for consumers that we turn on your two 129 00:07:37,280 --> 00:07:40,160 Speaker 1: factor authentication and the like. So we all have a 130 00:07:40,240 --> 00:07:42,640 Speaker 1: role we need to play. Hey, Brat, thank you so 131 00:07:42,760 --> 00:07:44,760 Speaker 1: much for joining us. To really appreciate getting your thoughts 132 00:07:44,800 --> 00:07:48,080 Speaker 1: and comments. Here Brad Smith, president of Microsoft, on his 133 00:07:48,240 --> 00:07:51,160 Speaker 1: updated content of his book entitled Tools and Weapons, The 134 00:07:51,200 --> 00:07:54,240 Speaker 1: Promise and the Peril of the Digital Age, now out 135 00:07:54,360 --> 00:07:57,920 Speaker 1: in paperback with three new chapters. So take a look 136 00:07:57,960 --> 00:08:04,400 Speaker 1: at that. Well, here we are again, right after Labor Day, 137 00:08:04,520 --> 00:08:07,120 Speaker 1: and so folks maybe coming back to work for the 138 00:08:07,160 --> 00:08:10,480 Speaker 1: first time since the pandemic began. Certainly on Wall Street, 139 00:08:10,480 --> 00:08:12,000 Speaker 1: there's a lot of talk of that being kind of 140 00:08:12,040 --> 00:08:14,440 Speaker 1: a you know, a soft line in the sand, if 141 00:08:14,480 --> 00:08:16,720 Speaker 1: you will, when a lot of the c was one 142 00:08:16,760 --> 00:08:19,400 Speaker 1: of their folks back in the office at least temporarily. 143 00:08:19,880 --> 00:08:22,560 Speaker 1: Let's get the latest update on that. Jenny Seraine, financial 144 00:08:22,560 --> 00:08:25,400 Speaker 1: reporter for Bloomberg News, joins us on the phone from 145 00:08:25,400 --> 00:08:29,600 Speaker 1: New York City. So, Jenny again, big big talk earlier 146 00:08:29,640 --> 00:08:32,480 Speaker 1: in the year, How are the Wall Street firms delivering 147 00:08:32,480 --> 00:08:35,080 Speaker 1: in terms of getting their folks back to work? Yeah, 148 00:08:35,200 --> 00:08:37,920 Speaker 1: you know, I think honestly a lot of the biggest 149 00:08:37,920 --> 00:08:40,959 Speaker 1: firms have brought a good majority of their workers back. 150 00:08:41,160 --> 00:08:43,440 Speaker 1: And the thing is, it's just not the way they 151 00:08:43,480 --> 00:08:45,439 Speaker 1: wanted it to be back. You know, people are in masks, 152 00:08:45,480 --> 00:08:49,240 Speaker 1: there's no um, you know, no congregating and meeting rooms. 153 00:08:49,440 --> 00:08:52,320 Speaker 1: It's just, um, maybe not the big fireworks and the 154 00:08:52,360 --> 00:08:54,440 Speaker 1: big return to normal that a lot of these CEOs 155 00:08:54,440 --> 00:08:56,960 Speaker 1: have been promising for so much of this year. Um, 156 00:08:57,000 --> 00:08:58,760 Speaker 1: and that's been a big disappointment. And I think you've 157 00:08:58,760 --> 00:09:00,719 Speaker 1: seen a lot of smaller firms actually just say, you 158 00:09:00,760 --> 00:09:02,480 Speaker 1: know what, We're just gonna wait. We're gonna wait till 159 00:09:02,520 --> 00:09:04,760 Speaker 1: we can go back without masks. We're gonna wait till 160 00:09:04,760 --> 00:09:07,200 Speaker 1: we can go back without social distancing. UM. So you 161 00:09:07,280 --> 00:09:10,440 Speaker 1: kind of see this, this growing divide. The divergence is 162 00:09:10,559 --> 00:09:14,280 Speaker 1: also spectacular. You see Goldman Sachs bankers back in the 163 00:09:14,360 --> 00:09:17,440 Speaker 1: office since you know, June or July. Really you see 164 00:09:17,480 --> 00:09:19,559 Speaker 1: City Group having folks come in a couple of days 165 00:09:19,600 --> 00:09:23,400 Speaker 1: a week. You see Morgan Stanley about fifty percent I've 166 00:09:23,400 --> 00:09:26,080 Speaker 1: been hearing is back in the office compared to what 167 00:09:27,280 --> 00:09:31,079 Speaker 1: across the financial services industry. Jenny even hinting record numbers 168 00:09:31,080 --> 00:09:34,280 Speaker 1: without coming back. Why do they have to? I think 169 00:09:34,320 --> 00:09:36,839 Speaker 1: so much of it is just these CEOs wanting their 170 00:09:36,840 --> 00:09:39,880 Speaker 1: folks back. They seem to think that culture is really 171 00:09:39,920 --> 00:09:42,240 Speaker 1: made in the office. Um. A lot of times they 172 00:09:42,240 --> 00:09:44,280 Speaker 1: also point to like the junior bankers and the need 173 00:09:44,360 --> 00:09:48,160 Speaker 1: for younger talent to have that in person mentoring and training. UM. 174 00:09:48,240 --> 00:09:52,920 Speaker 1: So you just it's kind of a definitely a culture question. Um. 175 00:09:53,040 --> 00:09:55,679 Speaker 1: And you know, we don't see that in other big industries. 176 00:09:55,720 --> 00:09:57,040 Speaker 1: You don't see that in tech, you don't see that 177 00:09:57,080 --> 00:09:59,839 Speaker 1: in autos. So it's definitely a very unique industry in 178 00:10:00,080 --> 00:10:02,000 Speaker 1: ms of Wall Street just being really adamant that they 179 00:10:02,000 --> 00:10:05,040 Speaker 1: want these folks back at their desks. You know remember 180 00:10:05,120 --> 00:10:08,839 Speaker 1: Lloyd blank find years ago saying that Goldman Sachs is 181 00:10:08,920 --> 00:10:13,240 Speaker 1: not a financial institution, it's a tech company. Um. And 182 00:10:13,280 --> 00:10:15,960 Speaker 1: so I think about the workforces of Global Wall Street, 183 00:10:16,840 --> 00:10:18,439 Speaker 1: a lot of them. I'm not sure what the percentage 184 00:10:18,480 --> 00:10:21,040 Speaker 1: is about. A big, big percentage is our tech workers 185 00:10:21,040 --> 00:10:25,040 Speaker 1: and the competitors for those workers are Google and Facebook. 186 00:10:25,080 --> 00:10:27,440 Speaker 1: And if they're Google and Facebook are bringing their people back, 187 00:10:27,559 --> 00:10:29,719 Speaker 1: I would think that Goldman, Sachs and Morgan Stanley that 188 00:10:29,840 --> 00:10:32,200 Speaker 1: have a hard time bringing their tech workers back. What 189 00:10:32,240 --> 00:10:35,520 Speaker 1: are you hearing? Yeah, that's actually absolutely true. What was 190 00:10:35,600 --> 00:10:38,920 Speaker 1: interesting was we Um. We interviewed Um, the person in 191 00:10:38,960 --> 00:10:41,400 Speaker 1: charge of tech workers at City Group and their trading 192 00:10:41,400 --> 00:10:44,600 Speaker 1: and investment banking divisions, and he actually was saying that 193 00:10:44,679 --> 00:10:48,200 Speaker 1: because they're CEO, Jane Fraser has been so so adamant 194 00:10:48,240 --> 00:10:50,160 Speaker 1: that she's going to be open to remote work and 195 00:10:50,559 --> 00:10:53,080 Speaker 1: Um has really been softer stance on the whole return 196 00:10:53,120 --> 00:10:56,040 Speaker 1: to office question that he's actually had way more success 197 00:10:56,080 --> 00:10:59,640 Speaker 1: in hiring and recruiting more technology workers. So you definitely 198 00:10:59,679 --> 00:11:02,160 Speaker 1: see the divergence, and you see these banks kind of 199 00:11:02,160 --> 00:11:04,920 Speaker 1: thinking strategically now, like, can we, you know, get better 200 00:11:04,960 --> 00:11:07,560 Speaker 1: talent because we can be a little softer than maybe 201 00:11:07,559 --> 00:11:10,040 Speaker 1: the Goldman's or the JP Morgan's of the world. Jenny, 202 00:11:10,080 --> 00:11:12,480 Speaker 1: is this forcing or at least compelling banks to be 203 00:11:12,600 --> 00:11:16,280 Speaker 1: looking outside of New York for talent? Yeah, you know, 204 00:11:16,320 --> 00:11:18,880 Speaker 1: that's actually a really interesting element of all this. They've 205 00:11:18,920 --> 00:11:21,160 Speaker 1: been very adamant that they want to move to places 206 00:11:21,200 --> 00:11:24,480 Speaker 1: like Texas and Florida. Um, partially because you know, their 207 00:11:24,480 --> 00:11:26,600 Speaker 1: workers want to live in those places, and partially because 208 00:11:26,600 --> 00:11:30,160 Speaker 1: it's lower cost office space. UM. But now they're coming 209 00:11:30,240 --> 00:11:32,600 Speaker 1: up on the fact that those places have much lower 210 00:11:32,720 --> 00:11:36,040 Speaker 1: vaccination rates, and you know, trying to force folks back 211 00:11:36,080 --> 00:11:38,760 Speaker 1: in in places where vaccine rates are so so low 212 00:11:39,160 --> 00:11:42,280 Speaker 1: has created this very unique tension that these banks are 213 00:11:42,280 --> 00:11:45,920 Speaker 1: having to work through and deal with. UM that you just, yeah, 214 00:11:46,000 --> 00:11:47,839 Speaker 1: you don't really see that in other industries as much, 215 00:11:47,840 --> 00:11:49,719 Speaker 1: where they've been a little bit more flexible about the 216 00:11:50,240 --> 00:11:53,240 Speaker 1: work from home life. What's been the pushback, if any 217 00:11:53,240 --> 00:11:56,559 Speaker 1: of the reaction from the workers themselves. Do they want 218 00:11:56,559 --> 00:11:58,920 Speaker 1: to be back in the office. If I'm a banker, trader, 219 00:11:59,080 --> 00:12:02,000 Speaker 1: research analyst, I want to be back in the office. Yeah, 220 00:12:02,040 --> 00:12:04,800 Speaker 1: it's I think it's diverging. UM. You know a lot 221 00:12:04,800 --> 00:12:07,120 Speaker 1: of traders, I think they are wanting to be back 222 00:12:07,120 --> 00:12:11,240 Speaker 1: in the office these days, simply because it's UM. What 223 00:12:11,320 --> 00:12:13,880 Speaker 1: we hear is that on slow trading days, people in 224 00:12:13,920 --> 00:12:15,960 Speaker 1: the office, you know, they make more trades. There's that 225 00:12:15,960 --> 00:12:18,320 Speaker 1: water cooler chat, and there's there's just a little bit 226 00:12:18,320 --> 00:12:22,000 Speaker 1: more activity on slower days when everybody's together. Um. That 227 00:12:22,080 --> 00:12:24,560 Speaker 1: being said, almost every survey that comes out says that 228 00:12:24,559 --> 00:12:26,880 Speaker 1: workers just want flexibility. You know, they want to work 229 00:12:26,920 --> 00:12:28,520 Speaker 1: from home a few days a week, they want to 230 00:12:28,520 --> 00:12:29,960 Speaker 1: be in the office a few days a week, and 231 00:12:30,000 --> 00:12:32,880 Speaker 1: they want to decide their schedules. Um. So it's it's 232 00:12:32,920 --> 00:12:36,120 Speaker 1: definitely Um, there's a big gulf in between what folks 233 00:12:36,120 --> 00:12:39,000 Speaker 1: want and what you know ultimately might happen, given these 234 00:12:39,000 --> 00:12:44,320 Speaker 1: CEOs are aggressively wanting folks back. Um, but it's definitely interesting. Yeah, 235 00:12:44,360 --> 00:12:47,000 Speaker 1: it really is. Will certainly stay on top of it 236 00:12:47,040 --> 00:12:50,520 Speaker 1: going forward because they are big, big customers of Bloomberg, 237 00:12:50,679 --> 00:12:55,280 Speaker 1: very important to Bloomberg. Jennifer Seraine, financial reporter for Bloomberg News. 238 00:12:55,480 --> 00:12:58,439 Speaker 1: Again her story Wall Street limps into post labor day 239 00:12:58,480 --> 00:13:02,360 Speaker 1: return and it's derailed. I delta so really fascinating. Storian Shinale, 240 00:13:02,400 --> 00:13:04,559 Speaker 1: you know what, as well as anybody you covered this beat, 241 00:13:05,280 --> 00:13:06,920 Speaker 1: do you think it's just gonna be a gradual thing? 242 00:13:07,040 --> 00:13:09,440 Speaker 1: You know, it's a very it's a very tough time 243 00:13:09,880 --> 00:13:11,480 Speaker 1: on Wall Street. The question is do you get paid 244 00:13:11,480 --> 00:13:14,320 Speaker 1: more for coming in? Paul? Yeah, yeah, I know there's 245 00:13:14,320 --> 00:13:16,559 Speaker 1: definitely an issue. Uh, you know, if you can dine 246 00:13:16,600 --> 00:13:18,320 Speaker 1: in New York. I think, as Mr Gorman from Morgan 247 00:13:18,360 --> 00:13:20,360 Speaker 1: Stanley said, if you can eat out in New York, 248 00:13:20,440 --> 00:13:26,240 Speaker 1: you can certainly come into the office. Well, Friday's disappointing 249 00:13:26,320 --> 00:13:29,680 Speaker 1: jobs report for a lot of people suggest that it 250 00:13:29,880 --> 00:13:32,360 Speaker 1: will provide some air cover, if you will, for the 251 00:13:32,400 --> 00:13:35,520 Speaker 1: FED to delay tapering. UH talks to the end of 252 00:13:35,520 --> 00:13:37,880 Speaker 1: this year, maybe even into next year, and I might 253 00:13:37,920 --> 00:13:40,200 Speaker 1: provide some support for this market. Let's check in with 254 00:13:40,240 --> 00:13:43,520 Speaker 1: Brian Vendig. He's president of m JP Wealth Advisors. Say 255 00:13:43,520 --> 00:13:46,640 Speaker 1: about seven fifty million dollars in assets under management located 256 00:13:46,679 --> 00:13:49,559 Speaker 1: in Westport, Connecticut. So, Brian, that seems to be the 257 00:13:49,679 --> 00:13:52,800 Speaker 1: narrative that we're hearing. And in the wake of that 258 00:13:52,960 --> 00:13:55,360 Speaker 1: job's report, is that something you supported. Do you think 259 00:13:55,360 --> 00:13:58,480 Speaker 1: the Fed now has some opportunity to maybe withhold on 260 00:13:58,520 --> 00:14:02,080 Speaker 1: some of that tapering at least for the short I 261 00:14:02,160 --> 00:14:06,440 Speaker 1: definitely think so. I think, uh the weekend jobs report 262 00:14:06,480 --> 00:14:09,200 Speaker 1: and also just the fact that you know, it seems 263 00:14:09,280 --> 00:14:13,520 Speaker 1: like UM it is taking longer for UM job recovery 264 00:14:13,559 --> 00:14:15,920 Speaker 1: to happen within the United States. I think just due 265 00:14:15,960 --> 00:14:18,600 Speaker 1: to the high productivity numbers investments that we've seen in 266 00:14:18,640 --> 00:14:22,360 Speaker 1: technology that companies have made, and now that UM we're 267 00:14:22,360 --> 00:14:25,720 Speaker 1: not seeing these these exceeding expectations on the jobs report, 268 00:14:25,760 --> 00:14:28,440 Speaker 1: I think causes the SECT to want to be more patient, 269 00:14:29,080 --> 00:14:31,960 Speaker 1: UH to wait till the next job's report to see 270 00:14:31,960 --> 00:14:35,000 Speaker 1: how the month of September goes, especially with schools reopening 271 00:14:35,520 --> 00:14:40,640 Speaker 1: and UH enhanced an extended unemployment benefits expiring UM, and 272 00:14:40,680 --> 00:14:43,680 Speaker 1: that as a result, it pushes back the tapering timeline 273 00:14:44,000 --> 00:14:47,000 Speaker 1: probably towards later on in the year or the beginning 274 00:14:47,000 --> 00:14:50,080 Speaker 1: of next year. I think investors were expecting that in 275 00:14:50,120 --> 00:14:54,000 Speaker 1: the September meeting UM those tapering announcements would start sooner, 276 00:14:54,240 --> 00:14:56,320 Speaker 1: and as a result, UM, the fact that it's being 277 00:14:56,320 --> 00:14:59,760 Speaker 1: pushed out is providing some optimism from an ass evaluation. 278 00:14:59,760 --> 00:15:04,400 Speaker 1: For Rector, the taper is such a big conversation here, 279 00:15:04,520 --> 00:15:07,560 Speaker 1: but I don't think what's as flushed out is how 280 00:15:07,640 --> 00:15:11,560 Speaker 1: much is that taper going to set certain markets off 281 00:15:11,560 --> 00:15:16,720 Speaker 1: the current course that they're on. I totally agree that 282 00:15:16,720 --> 00:15:18,680 Speaker 1: that's a very fair point. I think we're in this 283 00:15:19,080 --> 00:15:22,880 Speaker 1: very unique environment where we have a high level of 284 00:15:22,920 --> 00:15:27,440 Speaker 1: fiscal spending paired with monetary policy, and I think, really 285 00:15:27,440 --> 00:15:30,600 Speaker 1: what investors are more concerned about is the dot plot 286 00:15:31,080 --> 00:15:34,200 Speaker 1: with interest rates. I think the tapering is something that 287 00:15:34,320 --> 00:15:38,680 Speaker 1: probably should happen because there is a expanding GDP recovery. 288 00:15:38,720 --> 00:15:41,880 Speaker 1: There are sectors that are coming back. Granted things are 289 00:15:41,880 --> 00:15:44,880 Speaker 1: taking a little bit longer due to the impacts of 290 00:15:44,880 --> 00:15:50,440 Speaker 1: of delta, as we've seen other institutions lowering GDP forecast 291 00:15:50,520 --> 00:15:54,680 Speaker 1: for the year. So I think tapering is a is 292 00:15:54,720 --> 00:15:58,600 Speaker 1: a situational predicament that we're in trying to get a 293 00:15:58,680 --> 00:16:01,120 Speaker 1: sense of where the feed is going to be going 294 00:16:01,560 --> 00:16:05,760 Speaker 1: for that longer term monetary policy decision, which is really 295 00:16:05,800 --> 00:16:10,720 Speaker 1: critical around interest rates. Alright, So given that background, brand, 296 00:16:11,520 --> 00:16:14,520 Speaker 1: what are the sectors that you guys uh think present 297 00:16:14,560 --> 00:16:18,600 Speaker 1: the best opportunities right now? Sure, I mean we have 298 00:16:18,760 --> 00:16:23,400 Speaker 1: been trying to stay as fairly balanced between value versus growth, 299 00:16:23,720 --> 00:16:26,840 Speaker 1: not trying to take one side of that argument, especially 300 00:16:26,880 --> 00:16:30,320 Speaker 1: because of rebalancing and things that are going on in 301 00:16:30,320 --> 00:16:33,720 Speaker 1: the global economy as we saw with inflation and interest 302 00:16:33,760 --> 00:16:38,120 Speaker 1: rate concerns. But then came back off a little bit 303 00:16:38,160 --> 00:16:40,720 Speaker 1: and now we're talking we're thinking about longer term interest 304 00:16:40,800 --> 00:16:43,200 Speaker 1: rates going up again over the next twelve months. So 305 00:16:43,320 --> 00:16:47,280 Speaker 1: we still like the cyclical side of the trade with 306 00:16:47,600 --> 00:16:52,640 Speaker 1: UM financials and basic materials and industrials and even real 307 00:16:52,800 --> 00:16:56,560 Speaker 1: estate paired with you know, sticking with some of those 308 00:16:56,560 --> 00:17:00,240 Speaker 1: technology companies that are just pervasive to our society. Idea 309 00:17:00,400 --> 00:17:03,640 Speaker 1: is helping us support data integration you know five G 310 00:17:04,480 --> 00:17:08,479 Speaker 1: you know, as well as UM software in the cloud 311 00:17:08,560 --> 00:17:11,720 Speaker 1: to run not only UH your business, but also just 312 00:17:11,760 --> 00:17:14,159 Speaker 1: to help the support running your life. And what are 313 00:17:14,240 --> 00:17:17,320 Speaker 1: you looking at in terms of the delta variant and 314 00:17:18,359 --> 00:17:22,720 Speaker 1: what what could derail some of the current pricing we've 315 00:17:22,760 --> 00:17:24,840 Speaker 1: seen in the market. How bad does it have to 316 00:17:24,880 --> 00:17:27,560 Speaker 1: be that will actually start to see it show up 317 00:17:27,560 --> 00:17:31,919 Speaker 1: in the stock market? You're you're right. I mean, the 318 00:17:31,920 --> 00:17:35,920 Speaker 1: market has been unbelievably resistant as different things have come 319 00:17:36,000 --> 00:17:39,960 Speaker 1: up over the course of trying to move forward from 320 00:17:39,960 --> 00:17:43,040 Speaker 1: the impact of the pandemic last year. But I think 321 00:17:43,040 --> 00:17:45,080 Speaker 1: the things that are important to keep in mind it's 322 00:17:45,119 --> 00:17:49,320 Speaker 1: more than just the variant story. I mean, technically, policy 323 00:17:49,359 --> 00:17:53,280 Speaker 1: mistakes both from the Fed and Washington could definitely disrupt 324 00:17:53,320 --> 00:17:54,800 Speaker 1: the market. We have to keep in mind that this 325 00:17:54,920 --> 00:17:58,240 Speaker 1: month and only is that a seasonally tough months to 326 00:17:58,320 --> 00:18:01,720 Speaker 1: the market, but we also have conversations happening in Washington 327 00:18:01,800 --> 00:18:05,680 Speaker 1: on taxes and additional spending with the said meeting. Um, 328 00:18:05,760 --> 00:18:08,920 Speaker 1: we also know that there's other variants that are unfortunately 329 00:18:08,920 --> 00:18:12,800 Speaker 1: around the corner, and we need support obviously from from 330 00:18:12,880 --> 00:18:15,480 Speaker 1: science to continue to lead us out of this with 331 00:18:15,960 --> 00:18:18,280 Speaker 1: you know, a debate on boosters and then at a 332 00:18:18,359 --> 00:18:20,480 Speaker 1: lessons being able to get vaccinated. So I think it's 333 00:18:20,480 --> 00:18:24,880 Speaker 1: a combination of several variables that if they were all 334 00:18:24,920 --> 00:18:27,840 Speaker 1: to coalesce, you know, over the next couple of months, 335 00:18:27,880 --> 00:18:30,480 Speaker 1: definitely can cause some investor concern as we move into 336 00:18:30,600 --> 00:18:34,680 Speaker 1: next year. However, I think the fact that decision makers 337 00:18:34,720 --> 00:18:38,679 Speaker 1: are trying to take a thoughtful and gradual approach. I 338 00:18:38,720 --> 00:18:41,720 Speaker 1: think our friends in Washington are going to come up 339 00:18:41,720 --> 00:18:44,800 Speaker 1: with uh, some agreements that aren't going to be as 340 00:18:45,240 --> 00:18:48,480 Speaker 1: drastic as what we've heard on the campaign trail for taxes. 341 00:18:48,800 --> 00:18:52,240 Speaker 1: I think this will continue to help to support the markets. 342 00:18:52,240 --> 00:18:54,600 Speaker 1: And also have to keep in mind that earnings has 343 00:18:54,640 --> 00:18:57,720 Speaker 1: been extremely solid for publicly traded companies and that looks 344 00:18:57,720 --> 00:19:01,480 Speaker 1: for next year with companies still trying to rebuild supply chains, 345 00:19:01,520 --> 00:19:04,480 Speaker 1: getting through these labor shortages, these are all things that 346 00:19:04,600 --> 00:19:07,440 Speaker 1: still set up for I think still some more room 347 00:19:07,480 --> 00:19:12,160 Speaker 1: for growth. Brian just real quickly thirty seconds. Uh, bitcoin crypto, 348 00:19:12,240 --> 00:19:13,800 Speaker 1: do your clients ask you about it? And if so, 349 00:19:13,880 --> 00:19:18,320 Speaker 1: what do you say? Absolutely? It is it is something 350 00:19:18,320 --> 00:19:21,240 Speaker 1: that clients do ask us about. UM. We we try 351 00:19:21,280 --> 00:19:24,840 Speaker 1: to educate on different ways to get exposure to digital assets. 352 00:19:25,320 --> 00:19:27,600 Speaker 1: You don't always have to you know, own the coin 353 00:19:27,680 --> 00:19:30,680 Speaker 1: per se. But I would just say right now, UM, 354 00:19:30,720 --> 00:19:32,760 Speaker 1: I know there's some obviously some news coming out with 355 00:19:33,240 --> 00:19:37,320 Speaker 1: with countries adopting bitcoin as as a currency. We still 356 00:19:37,400 --> 00:19:40,640 Speaker 1: believe right now it's a it's a speculative investment. Uh. 357 00:19:40,680 --> 00:19:43,400 Speaker 1: And and we're looking for more productive uses in society 358 00:19:43,440 --> 00:19:46,480 Speaker 1: moving forward. All right, Brian, thanks so much for joining us. 359 00:19:46,520 --> 00:19:49,160 Speaker 1: To really appreciate you taking the time. Brian Vendig, he's 360 00:19:49,200 --> 00:19:53,560 Speaker 1: president m JP Wealth Advisors, getting his thoughts on these 361 00:19:53,680 --> 00:19:58,960 Speaker 1: markets here, so suggesting that still constructive on the markets broadly, uh, 362 00:19:59,160 --> 00:20:02,480 Speaker 1: defined has some sectors there that are of interest, but 363 00:20:02,560 --> 00:20:05,560 Speaker 1: on bitcoin, stand a little bit cautious here, at least 364 00:20:05,600 --> 00:20:12,240 Speaker 1: at this early stage. This is Bloomberg. Well, we look 365 00:20:12,320 --> 00:20:16,119 Speaker 1: down to Washington. President Biden and his administration administration have 366 00:20:16,200 --> 00:20:20,600 Speaker 1: approximate four trillion dollars of spending bills oneing other ways 367 00:20:20,840 --> 00:20:22,920 Speaker 1: through Congress. We got the fiscal stimulus and then the 368 00:20:22,960 --> 00:20:27,200 Speaker 1: broader spending bill. Let's get the latest on when those 369 00:20:27,240 --> 00:20:29,520 Speaker 1: bills could be passed, will they be passed? To check 370 00:20:29,560 --> 00:20:32,960 Speaker 1: in with Eric Watson, congressional reporter for Bloomberg News, joining 371 00:20:33,000 --> 00:20:35,800 Speaker 1: us on the phone from Washington. So, Eric, we had 372 00:20:35,840 --> 00:20:40,439 Speaker 1: the fifty billion dollar infrastructure plan passed. Now there's this 373 00:20:40,520 --> 00:20:44,760 Speaker 1: other three and a half billion dollar spending bill. The 374 00:20:44,880 --> 00:20:46,840 Speaker 1: question for a lot of people is do they have 375 00:20:46,960 --> 00:20:49,560 Speaker 1: to be linked? Do they have to be passed jointly? 376 00:20:49,600 --> 00:20:52,479 Speaker 1: And if so, does that create a problem. Yeah, So 377 00:20:52,560 --> 00:20:56,920 Speaker 1: the instruction bill, it's passed the stup, it's waiting final 378 00:20:56,960 --> 00:21:00,399 Speaker 1: approval in the House. Progressive the liberal part of the 379 00:21:00,840 --> 00:21:03,880 Speaker 1: Cry Party have said that they would not support the 380 00:21:03,920 --> 00:21:06,320 Speaker 1: passage of that and they would re bail if they 381 00:21:06,359 --> 00:21:09,000 Speaker 1: do not get, you know, passage first of the three 382 00:21:09,160 --> 00:21:12,720 Speaker 1: point five trillion dollar social spending measure, which also has 383 00:21:12,760 --> 00:21:16,080 Speaker 1: tax increases on the wealthy incorporations. So they've made this link. 384 00:21:16,560 --> 00:21:20,679 Speaker 1: There was a big battle in August where progressives lost 385 00:21:20,880 --> 00:21:23,240 Speaker 1: basically the moderates. Who's who got to guarantee from how 386 00:21:23,240 --> 00:21:24,960 Speaker 1: speaker to answer to policy? They would be a vote 387 00:21:25,119 --> 00:21:28,920 Speaker 1: by September. Come hell, or high water on the UH 388 00:21:28,960 --> 00:21:32,119 Speaker 1: Infrastructure bill. So right now, the committees this week are 389 00:21:32,119 --> 00:21:34,119 Speaker 1: working behind the scenes trying to get together on the 390 00:21:34,119 --> 00:21:37,640 Speaker 1: policy provisions, the exact languages, exact policies for that bigger bill. 391 00:21:37,960 --> 00:21:40,240 Speaker 1: But it's it's it's a real uh, it's a real challenge, 392 00:21:40,240 --> 00:21:42,320 Speaker 1: and I think the apple cart was a bit upset 393 00:21:42,359 --> 00:21:45,080 Speaker 1: by Joe Manson the Modern Senator last week. You said 394 00:21:45,119 --> 00:21:47,119 Speaker 1: we do a pause on that bigger bill, and that's 395 00:21:47,200 --> 00:21:49,520 Speaker 1: raising a lot of questions about all of this. Yeah, 396 00:21:49,960 --> 00:21:53,359 Speaker 1: speaking of mansion as well, what are parts of this bill, 397 00:21:53,600 --> 00:21:56,000 Speaker 1: the part of the three point five trillion dollar plan 398 00:21:56,520 --> 00:21:59,640 Speaker 1: they may not make it to see the letter day. Well, 399 00:21:59,680 --> 00:22:01,959 Speaker 1: one thing know we've we've thought about is that they 400 00:22:01,960 --> 00:22:04,119 Speaker 1: could make a cut it down, you know, two or 401 00:22:04,119 --> 00:22:07,720 Speaker 1: three trillion dollars and probably get some moderate support. I mean, 402 00:22:07,760 --> 00:22:09,560 Speaker 1: one thing you can do is is all the programs 403 00:22:09,560 --> 00:22:11,879 Speaker 1: in there, where it's home care for the elderly, for 404 00:22:12,000 --> 00:22:16,040 Speaker 1: child care, for for Medicaid expansion, Medicare expansion, you could 405 00:22:16,080 --> 00:22:17,960 Speaker 1: limit that in the number of years, creating sort of 406 00:22:17,960 --> 00:22:20,400 Speaker 1: a physical cliff. So you could give them five years 407 00:22:20,400 --> 00:22:22,560 Speaker 1: of that and say Congress to come back and extend it. 408 00:22:22,880 --> 00:22:24,960 Speaker 1: You know, that could be a nerve wrecking thing for 409 00:22:25,000 --> 00:22:28,000 Speaker 1: some Democrats. On the other hand, whenever social programs are 410 00:22:28,000 --> 00:22:31,440 Speaker 1: expanded attentition Obamacare, they tended to become popular over time 411 00:22:31,800 --> 00:22:34,120 Speaker 1: and hard to to repeal. So that's one thing we're 412 00:22:34,119 --> 00:22:36,639 Speaker 1: looking at. But again, the other main message from the 413 00:22:36,640 --> 00:22:39,280 Speaker 1: White House, especially round claims why ship staff over the 414 00:22:39,280 --> 00:22:42,000 Speaker 1: weekend is look, mansion is worried about adding the deficit, 415 00:22:42,080 --> 00:22:44,480 Speaker 1: but if we follow these tax increases, it will be 416 00:22:44,520 --> 00:22:46,800 Speaker 1: fully paid for. So the real battlet is on the 417 00:22:46,840 --> 00:22:49,040 Speaker 1: tax side. We've broken had a big scoop on the 418 00:22:49,040 --> 00:22:53,080 Speaker 1: Bloomberg terminal last week about the menu of options that's increasing, 419 00:22:53,080 --> 00:22:57,479 Speaker 1: not just from the corporate tax rate side and capital 420 00:22:57,480 --> 00:23:01,119 Speaker 1: games increases, but also just looking at a whole set 421 00:23:01,200 --> 00:23:06,600 Speaker 1: of new stock buyback taxes, other corporate CEO excess pay 422 00:23:06,680 --> 00:23:09,679 Speaker 1: taxes that they might turn to to pay for this measure. 423 00:23:10,440 --> 00:23:13,159 Speaker 1: All right, Eric, who's really driving the bus here in 424 00:23:13,280 --> 00:23:15,480 Speaker 1: terms of getting this thing done? Is a Pelosi? Is 425 00:23:15,480 --> 00:23:18,760 Speaker 1: it Schumer? Is it President Biden? Or is it perhaps 426 00:23:18,800 --> 00:23:21,240 Speaker 1: the other side of the aisle. I think at the 427 00:23:21,320 --> 00:23:22,639 Speaker 1: end of the day, you have to say Pelosi is 428 00:23:22,680 --> 00:23:24,480 Speaker 1: a key figure in this she set this deadline is 429 00:23:24,560 --> 00:23:26,680 Speaker 1: the goal of September. They'll be up to her or 430 00:23:26,720 --> 00:23:29,200 Speaker 1: try to meet that, and uh and if you can't 431 00:23:29,280 --> 00:23:31,720 Speaker 1: can't meet that, to figure out a way to finesse it. 432 00:23:31,840 --> 00:23:34,560 Speaker 1: I think that you know, Schumer and Biden certainly have 433 00:23:34,680 --> 00:23:36,680 Speaker 1: encouraged and tried to get turns to move as quickly 434 00:23:36,720 --> 00:23:39,840 Speaker 1: as possible, But it's really Uh Pelosi who sent these deadlines. 435 00:23:39,880 --> 00:23:42,000 Speaker 1: So you know, if they can't, if they can't meet that, 436 00:23:42,359 --> 00:23:44,440 Speaker 1: she's gonna have to figure out how that works out. 437 00:23:44,720 --> 00:23:48,800 Speaker 1: Do you think that the markets are underestimating how messy 438 00:23:48,880 --> 00:23:51,000 Speaker 1: this fall season might get when it comes to the 439 00:23:51,040 --> 00:23:54,280 Speaker 1: aid that's coming out of Washington. I think they're underestimating, 440 00:23:54,320 --> 00:23:56,359 Speaker 1: perhaps on the dead ceiling. You know, you get to 441 00:23:56,359 --> 00:23:59,640 Speaker 1: see any plan. Additional in addition to these two big 442 00:23:59,640 --> 00:24:01,280 Speaker 1: bills we talked about is also the need to send 443 00:24:01,280 --> 00:24:03,520 Speaker 1: the government which runs out of its physically. You're at 444 00:24:03,520 --> 00:24:05,760 Speaker 1: the end of this month, and they related issue of 445 00:24:05,800 --> 00:24:09,280 Speaker 1: the dead ceiling. You know it's going to impact probably 446 00:24:09,280 --> 00:24:11,840 Speaker 1: in October or maybe even November, when the government will 447 00:24:11,880 --> 00:24:14,680 Speaker 1: default on its payment. There's no real plan yet to 448 00:24:14,800 --> 00:24:17,359 Speaker 1: pass that. You know, Republicans that Democrats have do it 449 00:24:17,440 --> 00:24:19,440 Speaker 1: on their own. Democrats are not going to use the 450 00:24:19,440 --> 00:24:21,879 Speaker 1: budget reconciliation process for that. They're gonna try to get 451 00:24:21,920 --> 00:24:25,720 Speaker 1: Republicans on board. We had a scoop last week about 452 00:24:25,760 --> 00:24:28,200 Speaker 1: the White House meeting with Democrats coming up with messaging 453 00:24:28,200 --> 00:24:30,919 Speaker 1: to blame Republicans. This is gonna be very messing, indeed, 454 00:24:30,960 --> 00:24:33,560 Speaker 1: and I've yet to see, even with only a few 455 00:24:33,760 --> 00:24:36,399 Speaker 1: session days less in September, how they're gonna bring this up. 456 00:24:36,920 --> 00:24:40,080 Speaker 1: That kind of goes to my question here, it's September 457 00:24:40,080 --> 00:24:42,879 Speaker 1: seventh already, Air, What are the dates that we should 458 00:24:42,920 --> 00:24:46,400 Speaker 1: really be focusing on here? Well, the Senate will come back, 459 00:24:46,640 --> 00:24:49,359 Speaker 1: uh next Monday night, and I think on the sport 460 00:24:49,400 --> 00:24:52,520 Speaker 1: team there's gonna be a caucus wide meeting of Senate Democrats. 461 00:24:52,560 --> 00:24:55,359 Speaker 1: We're gonna make some decisions. I'm sold on the spending 462 00:24:55,359 --> 00:24:57,720 Speaker 1: bill and the dead ceiling, etcetera. So we're really looking 463 00:24:57,760 --> 00:24:59,879 Speaker 1: at that day. The week following that is when the 464 00:25:00,000 --> 00:25:02,280 Speaker 1: ask hims back for votes. Are they going to really 465 00:25:02,320 --> 00:25:05,080 Speaker 1: bring be able to bring this big bill to the 466 00:25:05,080 --> 00:25:07,720 Speaker 1: floor then to meet this twenty seventh deadline they worked 467 00:25:07,720 --> 00:25:09,760 Speaker 1: for that weekend. Those are gonna beet the some key dates. 468 00:25:09,800 --> 00:25:13,080 Speaker 1: But as of right now that both chambers are officially uh, 469 00:25:13,119 --> 00:25:16,440 Speaker 1: there's no floor action there in research all right, Eric, 470 00:25:16,480 --> 00:25:19,280 Speaker 1: thank you so much for that. It's an ongoing story 471 00:25:19,280 --> 00:25:20,840 Speaker 1: and we'll stay on top of that. We'll check back 472 00:25:20,880 --> 00:25:22,840 Speaker 1: in with you, Eric to get some of the latest. 473 00:25:22,880 --> 00:25:26,320 Speaker 1: Eric Watson, Congressional reporter for Bloomberg News, just giving the 474 00:25:26,400 --> 00:25:29,680 Speaker 1: update on again the bigger spending bill, the three and 475 00:25:29,680 --> 00:25:32,639 Speaker 1: a half trillion dollar bill and then the course of 476 00:25:32,680 --> 00:25:37,840 Speaker 1: five billion dollar UH infrastructure bill UH winding their ways 477 00:25:38,440 --> 00:25:43,280 Speaker 1: through both chambers of Congress and hopefully as a speaker, 478 00:25:43,280 --> 00:25:47,080 Speaker 1: Pelosi has suggested get something done by the end of September. 479 00:25:47,160 --> 00:25:50,920 Speaker 1: And Shannale your question spot on what's the market discounting? Yeah, 480 00:25:50,960 --> 00:25:56,200 Speaker 1: and other things are expiring, expanded unemployment benefits, student loan moratoriums. 481 00:25:56,200 --> 00:26:00,679 Speaker 1: That's a big one everyone's watching for the end of September. Evictions. 482 00:26:01,000 --> 00:26:04,120 Speaker 1: Thanks for listening to the Bloomberg Markets podcast. You can 483 00:26:04,119 --> 00:26:07,919 Speaker 1: subscribe and listen to interviews with Apple Podcasts or whatever 484 00:26:08,000 --> 00:26:11,679 Speaker 1: podcast platform you prefer. I'm Matt Miller. I'm on Twitter 485 00:26:11,920 --> 00:26:15,439 Speaker 1: at Matt Miller V three. On false Sweeney, I'm on 486 00:26:15,440 --> 00:26:18,359 Speaker 1: Twitter at pt Sweeney. Before the podcast, you can always 487 00:26:18,400 --> 00:26:20,280 Speaker 1: Catch us worldwide at Bloomberg Radio.