1
00:00:02,520 --> 00:00:13,119
Speaker 1: Bloomberg Audio Studios, podcasts, radio news, the.

2
00:00:13,119 --> 00:00:15,680
Speaker 2: Single best idea. Let's be quick about it today. What

3
00:00:15,720 --> 00:00:18,320
Speaker 2: a joy to have the Laureate Richard Thayler in out

4
00:00:18,360 --> 00:00:20,159
Speaker 2: in the new book. You'll hear much more about that.

5
00:00:20,239 --> 00:00:22,319
Speaker 2: It's not a new book. It's a book from thirty

6
00:00:22,360 --> 00:00:27,240
Speaker 2: forty years ago that he's redoing brilliantly on his behavioral economics.

7
00:00:27,240 --> 00:00:30,600
Speaker 2: And yes, I asked about the Chicago Cubs. I did

8
00:00:30,640 --> 00:00:34,760
Speaker 2: not ask Dominice Constume of Cambridge and Oxford about the

9
00:00:34,840 --> 00:00:37,800
Speaker 2: Chicago Cubs. But lots to talk about with a gentleman

10
00:00:38,159 --> 00:00:43,640
Speaker 2: from Missouo here, Dominic Constume. And the dynamics of treasury supply.

11
00:00:44,240 --> 00:00:46,800
Speaker 3: Not a lot of people are buying treasuries, Let's be honest.

12
00:00:46,840 --> 00:00:49,080
Speaker 3: And there's a lot of treasury supply out there. And

13
00:00:49,120 --> 00:00:51,519
Speaker 3: when I say not a lot, it's obviously fron demand

14
00:00:51,560 --> 00:00:54,800
Speaker 3: seems to be waning from the traditional sources. Banks are

15
00:00:54,840 --> 00:00:57,440
Speaker 3: buying more treasuries. There's definitely a whole push to get

16
00:00:57,480 --> 00:01:00,800
Speaker 3: banks to buy even more through deregulation, but the big

17
00:01:00,840 --> 00:01:03,600
Speaker 3: treasury owners believe not are through the basis trades. It's

18
00:01:03,600 --> 00:01:07,120
Speaker 3: obviously showing up in terms of a non bank financial

19
00:01:07,240 --> 00:01:09,399
Speaker 3: entities that are buying a lot of treasures, and in

20
00:01:09,440 --> 00:01:11,880
Speaker 3: a way, you know there's nothing lessaray wrong with that

21
00:01:12,240 --> 00:01:15,320
Speaker 3: because you know there's a liquidity risk, but there's no

22
00:01:15,440 --> 00:01:18,760
Speaker 3: sort of duration risk. They might eventually be credit risk,

23
00:01:19,080 --> 00:01:21,600
Speaker 3: but you know, why not have you know that expanding.

24
00:01:21,880 --> 00:01:23,840
Speaker 3: If Laurie Logan goes out and gets sort of the

25
00:01:23,959 --> 00:01:28,120
Speaker 3: funds targets and targets repo, you actually take away a

26
00:01:28,200 --> 00:01:31,880
Speaker 3: big sort of liquidity concern for the hedge funds that

27
00:01:31,920 --> 00:01:34,119
Speaker 3: are doing this trade. And in a way it might

28
00:01:34,160 --> 00:01:36,440
Speaker 3: be another avenue by which you get a lot of

29
00:01:36,440 --> 00:01:40,480
Speaker 3: treasuries absorbed in non traditional areas and you don't need

30
00:01:40,480 --> 00:01:42,600
Speaker 3: to rely on the Chinese, for example, or the Japanese

31
00:01:42,640 --> 00:01:43,520
Speaker 3: to buy our treasuries.

32
00:01:43,840 --> 00:01:47,720
Speaker 2: Dominating Constant, there are an inside baseball for the bond market.

33
00:01:47,840 --> 00:01:50,200
Speaker 2: Maybe a little bit complex there, but that's the way

34
00:01:50,240 --> 00:01:53,400
Speaker 2: you roll with Constant with all of his work over

35
00:01:53,440 --> 00:01:58,120
Speaker 2: the decades for Global Wall Street, right go. I was

36
00:01:58,200 --> 00:02:00,920
Speaker 2: with us, He's the breakout Global and it was a

37
00:02:01,040 --> 00:02:05,560
Speaker 2: very good conversation on where we are the synthesis of

38
00:02:05,600 --> 00:02:08,320
Speaker 2: economics in the fixed income. But I had to ask

39
00:02:08,360 --> 00:02:12,079
Speaker 2: him late in the conversation about his India and their

40
00:02:12,080 --> 00:02:13,040
Speaker 2: new capitalism.

41
00:02:13,400 --> 00:02:15,200
Speaker 4: I think he's going to be the same old Netflook.

42
00:02:15,639 --> 00:02:18,400
Speaker 4: We have fixed a lot of the historical issues. Now

43
00:02:18,440 --> 00:02:20,880
Speaker 4: we have a big bad wolf in term of President Trump,

44
00:02:20,960 --> 00:02:23,520
Speaker 4: and Moodie is the one who's trying to safeguard the

45
00:02:23,520 --> 00:02:27,480
Speaker 4: interest of Indian farmers and Indian domestic houses. And we've

46
00:02:27,480 --> 00:02:29,280
Speaker 4: got to stay the course if you want to make

47
00:02:29,320 --> 00:02:30,000
Speaker 4: integrate again.

48
00:02:30,520 --> 00:02:34,600
Speaker 2: Roye Coyle there on Breakout Global on his India. We

49
00:02:34,639 --> 00:02:37,799
Speaker 2: say on our Bloomberg podcast, good evening and even good

50
00:02:37,919 --> 00:02:41,960
Speaker 2: night often to all of you in India and Bangalore

51
00:02:42,000 --> 00:02:45,720
Speaker 2: and up to Mumbai. Thank you so much for listening

52
00:02:45,720 --> 00:02:48,919
Speaker 2: on the Pacific Room as well. We're on Apple Podcasts,

53
00:02:49,280 --> 00:02:55,679
Speaker 2: on Spotify, on YouTube podcast. It's single best idea.

54
00:03:00,040 --> 00:03:00,079
Speaker 1: W