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Speaker 1: Broadcasting live to New York, Bloomberg eleven three to Washington

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Speaker 1: d C, Bloomberg to Boston, Bloomberg twelve hundreds to San Francisco,

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Speaker 1: Bloomberg nine to the Country Series Channel one nine and

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Speaker 1: around the globe the Bloomberg Radio Plus Appen Bloomberg dot com.

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Speaker 1: This is Bloomberg Surveillance. Good morning, eight thirty on Well Street.

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Speaker 1: I'm Michael McKee along with Tom Keene. Are you can

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Speaker 1: have with indicators brought to you by Commonwealth Financial Network.

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Speaker 1: When it's time to change the conversation, talk with the

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Speaker 1: broker dealer r I A that's ready to listen six

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Speaker 1: two three six three eight or visit Commonwealth dot com

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Speaker 1: to learn more. Well, the number of the morning initial

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Speaker 1: jobless claims rises by seventeen thousand to two hundred and

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Speaker 1: seventy four thousand from two hundred and fifty seven thousand

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Speaker 1: the week before. That's a five week high one estimation

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Speaker 1: of Washington d C. So that wouldn't have a major

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Speaker 1: effect on it. So no real special factors involved here,

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Speaker 1: So we are just up of two thousand. Of course,

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Speaker 1: that still keeps us is in the range of you know,

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Speaker 1: the historical lows Mike, we don't. We don't do horse race.

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Speaker 1: I mean, I guess that comes into jobs tomorrow. Not

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Speaker 1: much moving the market as well. We don't do horse race.

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Speaker 1: But you were kind enough to ford Mr Cook in

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Speaker 1: his first look post Tuesday electoral cont I just went

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Speaker 1: back and look, I've never done this. Nineteen sixty four,

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Speaker 1: four hundred eighty six votes electoral College votes is what

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Speaker 1: LBJ got. And then I jumped forward to Nixon McGovern

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Speaker 1: five twenty, four hundred and eighty six for Johnson, to

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Speaker 1: five d twenty for Nixon, four nine for that big

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Speaker 1: Reagan win, and then the even bigger win in for

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Speaker 1: Reagan five hundred twenty five. And Mr Cook has the

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Speaker 1: secretary at three hundred and four votes, way below a

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Speaker 1: landslide like the ones we collectively remember in our childhood. Well,

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Speaker 1: there are forty four votes he puts in the toss

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Speaker 1: up category. This is all going in to the campaign,

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Speaker 1: the general election campaign. This is what he thinks right now.

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Speaker 1: If you want to look at votes that he says

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Speaker 1: are are solid for the Democratic nominee a hundred and ninety,

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Speaker 1: for the Republican nominee a hundred and forty two, he

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Speaker 1: says you know there's states like Wyoming, Montana, out west

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Speaker 1: and the southern states, South Carolina, you know, Mississippi that

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Speaker 1: they're just not going to flip parties no matter who

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Speaker 1: is the nominee. So um Ohio, of course he puts

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Speaker 1: in the toss up category. And as we know, as

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Speaker 1: Ohio goes, so goes the nation. Really Ohio is always

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Speaker 1: pretty much voted for the winner. There is the ultimate

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Speaker 1: swing states sort of the first look at the Derby

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Speaker 1: they would call Darby in England, they would I don't

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Speaker 1: know what they call in Florida. Scott Brown, Way, Scott

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Speaker 1: Brown with Raymond James uh joining us. Now, Scott, can

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Speaker 1: you be long the market? I mean the basic theme

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Speaker 1: this morning into jobs tomorrow is with our great distortion,

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Speaker 1: things are priced to perfection? Are they really? Uh? Not necessarily?

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Speaker 1: I think you know, this is still kind of viewed

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Speaker 1: as a sweet spot maybe for the market, and that

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Speaker 1: you know, the economy is still expanding. It's not tearing

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Speaker 1: the cover off the ball. But but you know, we

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Speaker 1: are improving. We're seeing flack being removed from the job market. Uh.

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Speaker 1: Inflation pressure is still relatively contained, so the Fed really

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Speaker 1: in no hurry to raise rates. We do expect them

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Speaker 1: to raise rates down the line, but um, you know

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Speaker 1: that backdrop I think is pretty favorable. On the other hand,

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Speaker 1: we still have all the same worries that we started with,

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Speaker 1: you know at the beginning of the year. That is,

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Speaker 1: the rest of the world is still looking pretty cloudy.

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Speaker 1: There's some downside risk there that may be pretty substantial.

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Speaker 1: That that doesn't necessarily mean that the world's gonna implode,

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Speaker 1: but it does mean perhaps a bit more cautious outlook

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Speaker 1: for investors. So a little bit of back and forth

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Speaker 1: in the market, and I think that's natural. What what

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Speaker 1: do you think of the economy these days? The markets

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Speaker 1: think that it's going to certainly slow down if it's

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Speaker 1: not gonna be raising interest rates anytime soon, but they

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Speaker 1: keep forecasting reasonably decent numbers. Well that's been the case

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Speaker 1: now for a while, and even the Fed has been optimistic.

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Speaker 1: If you know, if you look at the dot plots,

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Speaker 1: you know, the dots quarter after quarter been drifting a

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Speaker 1: bit bit lower. But the Feds still, I think is

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Speaker 1: is very much in tightening mode. They're still committed to

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Speaker 1: normalizing monetary policy. Um, you're still seeing maybe a cautious environment.

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Speaker 1: You know, we had some soft GDP numbers for the

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Speaker 1: first quarter, but you look at the details and you know,

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Speaker 1: consumer spending it pretty well still hanging in. There was

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Speaker 1: the big drop in business fixed investment, and you know,

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Speaker 1: more than three quarters of that was the continued contraction

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Speaker 1: we're seeing in energy exploration, mining structures was the big,

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Speaker 1: big subtracting element in the first quarter, and that's not

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Speaker 1: gonna last forever. The rest of capital spending is mixed

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Speaker 1: and still a bit soft. You've got election uncertainty. Um,

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Speaker 1: but at the same time, the market off and climbs

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Speaker 1: the wall of worry. We'll come back with Scott Brown

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Speaker 1: and talk more about the economy and the FED and

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Speaker 1: the markets. But before we take a break here, enough

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Speaker 1: of that silly making money and investing stuff. Um. Tampa Bay,

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Speaker 1: New York Islanders. Uh, you're gonna hold the Tampa Bay

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Speaker 1: has a two to one in lead in games. Um,

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Speaker 1: you can beat the Islanders. They have a Tampa Bay,

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Speaker 1: which which I think a lot of people in the

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Speaker 1: northeast of the nation for those of you worldwide, Tampa

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Speaker 1: Bay is where hockey isn't except they have a very

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Speaker 1: good hucky team. So Mr Brown is a fan. Is

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Speaker 1: he a fan? It's the Tampa Bay to put on

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Speaker 1: a very good show here. Yeah? Yeah, I mean so

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Speaker 1: now you've you've you've taken the last game in overtime.

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Speaker 1: Where do you go from here? Well, if we take

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Speaker 1: this one that it looks pretty good. We'll be coming

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Speaker 1: back home on on Funday, So it could be a

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Speaker 1: nice present for for mom on Mother's Day. Does everybody

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Speaker 1: sit home in Tampa and watch the away games? Ah? Yeah,

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Speaker 1: sure sure, Um, you know we do get we do

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Speaker 1: get a lot of you know, hockey tourists coming in.

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Speaker 1: Whenever you know there's an East Coast team, certainly people

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Speaker 1: are coming down and and bidding up buying seats in

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Speaker 1: the secondary market. That's a little bit annoying. But you know,

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Speaker 1: the fan base here is very very strong, and then

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Speaker 1: they do an excellent job in in promoting the team here.

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Speaker 1: The games are really fun to go to. Scott Brown

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Speaker 1: is the chief economist, did Raymond James and Tampa and

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Speaker 1: uh Tampa Bay number one hockey fan. We should do

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Speaker 1: that time. We should be hockey tourists. I like that.

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Speaker 1: We can do it like you go to baseball parks

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Speaker 1: around them, well country to hoeys continue with Scott Brown.

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Speaker 1: Arthur Levett rumored to be with us later as well.

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Speaker 1: Futures up six. Now, let's check in with Michael Arr

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Speaker 1: and get the latest world of national headlines. Mike Tom,

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Speaker 1: thank you very much. It's appearing more likely that it

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Speaker 1: will be the Republican Donald Trump against the Democrat Hillary

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Speaker 1: Clinton in the November presidential election. Yesterday, Republican John Casey

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Speaker 1: pulled out of the race, a day after rival Ted

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Speaker 1: Cruise did so. Trump no longer faces Republican competition. Democrat

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Speaker 1: Bernie Sanders is the only other candidates still in the race.

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Speaker 1: People in Britain are electing a new mayor for London today.

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Speaker 1: Turkeys prime minister says he will not run in the

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Speaker 1: new leadership contest of the ruling a KP party later

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Speaker 1: this month. Prime Minister i'm At Dabu Toglu said today

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Speaker 1: the party should be united in the convention. Toglu lost

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Speaker 1: the powers struggle with Turkey's president. New York State is

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Speaker 1: reaching out to uninsured members of New York's boxing community

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Speaker 1: in an effort to get them health insurance. Governor Andrew

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Speaker 1: Cuomo announced that the state's official health plan and the

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Speaker 1: New State Athletic Commission are working together to give uninsured

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Speaker 1: boxers access to health coverage and proper medical treatment. Global

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Speaker 1: News twenty four hours a day, powered by our twenty

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Speaker 1: four hundred journalists more than a hundred fifty news bureaus

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Speaker 1: from around the world. I'm Michael Barr, Mike tom Alright,

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Speaker 1: speaking of sports, Let check in with John stash Hour

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Speaker 1: for the land Rover Parcipani Bloomberg NBC Sports Update. All right,

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Speaker 1: thanks Mike for one night anyway, Everything went well with

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Speaker 1: the Yankees, a shutout from C. C. Savafia and the bullpen.

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Speaker 1: They fielded well, turning three double plays, and they finally hit,

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Speaker 1: scoring three runs in the six seting four more in

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Speaker 1: the eighth to win seven nothing at Baltimore, ending a

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Speaker 1: six game losing streak before the Yanks won seven and

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Speaker 1: nothing the Mets one eighth to nothing over Atlanta behind

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Speaker 1: Steven Matt's and four home runs, two by Lucas Due.

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Speaker 1: The Mets have won six straight series the first time

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Speaker 1: in the decade NBA Playoffs. Cleveland's yet to lose up

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Speaker 1: to zip on Atlanta game to a blowout one. It

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Speaker 1: was seventy four to thirty eight at half time, and

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Speaker 1: the Calves ended up with twenty five made three pointers,

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Speaker 1: which is an NBA record for any game, regular or

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Speaker 1: postseason n HL. In Pittsburgh, Penguins and Capitals to two

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Speaker 1: and overtime, Serry Tree three two Penguins on the Patrick

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Speaker 1: corn Quist game win. They're two thirty four to go

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Speaker 1: up three one in the series that captainally lost eighteen

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Speaker 1: games all year. They even I lost five of their

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Speaker 1: last seven. Facing elimination the Penguins and now one and

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Speaker 1: twenty five Islanders and Tampa Bay games for tomorrow in Brooklyn,

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Speaker 1: with Tampa up two one and Brian Boyle will play

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Speaker 1: for the Lightning and avoiding suspension for his hit on

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Speaker 1: Thomas Hickey that came before Oil scored the game winning

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Speaker 1: goal in Game three. Bloomberg NBC Sports Update. I'm John standing, John,

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Speaker 1: thanks so much. We're under criticism here, we are. You know,

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Speaker 1: we've been talking about things like Donald Trump and the

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Speaker 1: markets and the fed. Uh. Somebody has written in there

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Speaker 1: they're very upset with us suggesting that you and I

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Speaker 1: know nothing about the Minnesota Vikings. That would be true,

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Speaker 1: that that that our our our comments about the Vikings

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Speaker 1: draft spaces. Let us rather ignorant they were, and we

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Speaker 1: got zero help from Bryant Belski. What we do, folks,

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Speaker 1: within the combat of economics, finance and investment, We find

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Speaker 1: guests that have charming video. Singer David Harrow likes a

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Speaker 1: team from Green Bay. Ryan Belsky bleeds purple. So we

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Speaker 1: were reviewing their draft choices and Mr Belski suggested they

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Speaker 1: should have passive management. We won't go there. Stay with

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Speaker 1: us Bloomberg Surveillance. The sports report was brought you by

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Speaker 1: Landover Parsippany. The springs Fit sales event is happening now?

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Speaker 1: Is that Landover Parsipi dot Com, Landover Above and Beyond

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Speaker 1: Global business news twenty four hours a day at Bloomberg

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Speaker 1: dot com, the Radio plus mobile app and on your radio.

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Speaker 1: This is a Bloomberg Business Flash and I'm Karen Moscow.

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Speaker 1: And filings for US unemployment benefits increased to a five

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Speaker 1: week high. Jobless claims rose by seventeen thousand to two

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Speaker 1: hundred seventy four thousand. That was in the week ending April.

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Speaker 1: Santa Fe said it sent a letter to Metivations board

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Speaker 1: urging the company to engage in negotiations regarding the French

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Speaker 1: drugmakers unsolicited nine point three billion dollar takeover offer and

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Speaker 1: threatening to go directly to shareholders if talks don't begin.

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Speaker 1: Developed markets rebounding as investors took solace from a second

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Speaker 1: day against in oil prices, though assets and emerging economies

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Speaker 1: told the difference story I'm at to sell off in Turkey.

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Speaker 1: We checked the markets every fifteen minutes throughout the trading

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Speaker 1: day on Bloomberg, and futures this morning are higher. Snp

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Speaker 1: Emny futures are up six points, Dow e many futures

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Speaker 1: of forty six, nazdach Emny futures of thirteen decks in Germany,

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Speaker 1: that'll change ten. Your treasury down three thirty seconds, the

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Speaker 1: yield one point seven eight percent. No, i'm x screwed

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Speaker 1: Oil a four point six percent or two dollars four

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Speaker 1: cents to forty five eighty two A barrel comics gold

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Speaker 1: up nine ten percent or eleven dollars thirty cents to

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Speaker 1: twelve eighty five sixty announced the euro a dollar fourteen

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Speaker 1: twenty eight the end one oh six point nine one

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Speaker 1: and Ali Baba Group's fourth quarter revenue rising thirty nine

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Speaker 1: percent that beat analysts estimates. After China's biggest e commerce

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Speaker 1: company drew in more users and boosted services to merchants

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Speaker 1: on its platforms. That's a Bloomberg business flash, Tom and

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Speaker 1: Mike Current, I thanks so much. It is on Wall Street.

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Speaker 1: The following is from Bloomberg View, opinions and commentary from

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Speaker 1: Bloomberg columnists. I'm Jonathan Bernstein, a columnist for Bloomberg View.

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Speaker 1: Can we please stop all of blue wall nonsense already?

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Speaker 1: This refers to the supposed near locked the Democrats have

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Speaker 1: on the White House based on states that Democrats have

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Speaker 1: won in every election. Since no elections don't work that way,

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Speaker 1: there is no blue wall. The United States does not

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Speaker 1: have fifty one separate independent presidential elections proceeding largely independently.

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Speaker 1: It has one election, and the states moved more or

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Speaker 1: less in lockstep in response to the same things. The

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Speaker 1: last six presidential elections. The Democrats have avoided a bad year,

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Speaker 1: so swing states have mostly wound up in their column.

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Speaker 1: But if the GOP has a good year, then swing

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Speaker 1: states and even marginal Democratic ones will go Republican. Back

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Speaker 1: in Republicans were said to have an electoral college. Lack

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Speaker 1: a run of good years have created the illusion that

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Speaker 1: all the swing States were solidly on their side. All

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Speaker 1: it took was one recession to expose that locked as phony.

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Speaker 1: The Democratic blue wall now is just as phony. I'm

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Speaker 1: Jonathan Bernstein. For more of you, please go to Bloomberg

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Speaker 1: View dot com or view go on the Bloomberg terminal.

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Speaker 1: This has been Bloomberg View and Bloomberview commentaries can be

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Speaker 1: here hourly weekdays. I'm Bloomberg Radio. Futures up eleven, up six.

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Speaker 1: Now they give them back a little bit. I'm gonna

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Speaker 1: call it the churn to the market. Gold up eleven

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Speaker 1: dollars after that ugly day yesterday, volatility in gold. The

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Speaker 1: yen was one oh seven. We're now through the one

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Speaker 1: oh six ninety three slightly stronger Japanese yen this morning.

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Speaker 1: Bloomberg surveillance, we're boutch of by national reality thirty percent

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Speaker 1: returns on cash in rented real estate. Find them and

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Speaker 1: an r I a dot net. Michael, we are talking

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Speaker 1: with Scott Browne's chief economist Statu Raymond James down in

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Speaker 1: Tampa and from uh From Tampa perspective looking north at

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Speaker 1: the at the rest of US, is it. Does the

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Speaker 1: economy seem stronger? Does inflation seem higher, uh when when

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Speaker 1: you're not in New York or specifically in C Street

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Speaker 1: in Washington. The reason I asked is, we've got enormous

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Speaker 1: amount of Fed speak uh lately, and we have all

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Speaker 1: these central bank bank presidents from the regional banks suggesting

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Speaker 1: that maybe we want to raise interest rates in December

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Speaker 1: and that things are um stronger than they appear. And

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Speaker 1: that doesn't seem to be what we get out of

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Speaker 1: Janet yelling and the folks on the Federal Reserve Board.

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Speaker 1: And I'm just wondering if there's something that you see

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Speaker 1: out in the country that they don't see in the

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Speaker 1: nation's capital. Well, I think we're still seeing. Uh. It's

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Speaker 1: that there is still a lot of of slack in

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Speaker 1: the job market. We're not seeing wages getting bit up

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Speaker 1: as we normally would uh in a strong job market. Uh.

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Speaker 1: You know, bear in mind, we had a lot of

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Speaker 1: people moving to the sidelines during the recession and maybe

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Speaker 1: have given up looking for a job. We've got very

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Speaker 1: low unemployment rates for college educated workers. You're seeing you know,

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Speaker 1: those with high school degrees or even you know, high

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Speaker 1: school dropouts. Those rates are still relatively high, but they're

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Speaker 1: coming down pretty rapidly and eventually we should see that

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Speaker 1: that wage growth start to pick up. Now, this is

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Speaker 1: gonna be a big problem, might think for for a

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Speaker 1: lot of firms, And in that we're seeing it just

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Speaker 1: a general trend of slower productivity growth, not just over

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Speaker 1: the last year, but over the last five years, and

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Speaker 1: not just in the US. And what this means is that,

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Speaker 1: you know, uh, these wage pressures are becoming much more meaningful.

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Speaker 1: You know, if wages are going up three percent and

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Speaker 1: productivity is going on three percent, there's really no inflationary

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Speaker 1: impact there at all. But if we just start to

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Speaker 1: go up three and a half four percent and productivity

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Speaker 1: growth is still lingering at a half a percent, then

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Speaker 1: that either gets passed through to higher inflation or it's

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Speaker 1: going to eat into corporate profits. And I think we're

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Speaker 1: seeing a lot of evidence, at least in the first quarter,

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Speaker 1: that that that squeeze on profits has been more pronounced. Well,

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Speaker 1: the the profit question is an issue. A lot of

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Speaker 1: people saying the fact that we've had four quarters now

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Speaker 1: declining profits, profit recession is underway, and that usually signals

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Speaker 1: a downturn, and that's the typical and you know, you

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Speaker 1: can back out specific sectors. Obviously, the the energy side

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Speaker 1: of the equation has been been pretty poor. Uh. Normally

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Speaker 1: we see a lot of benefits for for other firms

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Speaker 1: that depend on energy, but maybe not so much this case.

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Speaker 1: Uh So the US is less reliant on imported oil.

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Speaker 1: So in anyways we're not going to benefit as much

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Speaker 1: as we might have benefited. You know, say if this

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Speaker 1: you know the correction and energy prices had happened twenty

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Speaker 1: years ago. But we do know that that energy contraction

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Speaker 1: is not gonna last forever, and that means, uh, you

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Speaker 1: know that hit to profits is going to go away,

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Speaker 1: and you know there's some scope for for general improvement.

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Speaker 1: I think within that optimism has to be a turn

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Speaker 1: in productivity. How does that occur? Well, that's a good question.

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Speaker 1: I think we really don't quite understand why productivity growth

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Speaker 1: has slowed down. Um, it could be a bit of

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Speaker 1: a measurement issue. Uh, it does seem to be related

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Speaker 1: to this weak capital thing that we had during the

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Speaker 1: downturn and or part of the recession, and so there's

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Speaker 1: a less productivity boosting capital out there. Scott, you're too modest.

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Speaker 1: I'm gonna interrupt you. Scott Brown is one of our

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Speaker 1: most a modest guests. He had the privilege of doing

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Speaker 1: statistics with a guy named Angle and Granger. It's San Diego.

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Speaker 1: All you need to know, folks, that that's worshipping at

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Speaker 1: the altar of smart Scott Brown. When we look at productivity, capital, labor,

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Speaker 1: total factor, productivity with your true expertise out of San Diego,

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Speaker 1: can we even pretend to measure our efficiency? Well, obviously

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Speaker 1: they're they're going to be measurement issues. And anybody who's

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Speaker 1: had any background in the hard sciences, no, when you

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Speaker 1: start multiplying and dividing statistical estimates, the uncertainty just kind

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Speaker 1: of explodes. And that's what's the case with productivity. There's

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Speaker 1: a measure of output, there's statistical uncertainty there. You divide

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Speaker 1: that by a price index and there's something going to

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Speaker 1: be an uncertainty than that, and then need divide that

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Speaker 1: by hours work and there's uncertainty that measurement there. So

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Speaker 1: the numbers will bounce around from quarter to quarter. The

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Speaker 1: underlying trend here is relatively low. But in terms of forecasting,

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Speaker 1: you know, the economic forecasting is very difficult if you

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Speaker 1: look a year out, if you try to look ten

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Speaker 1: twenty years out, which is what really matters, or things

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Speaker 1: like how are you going to fund the budget deficit?

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Speaker 1: Productivity really does matter a lot, and and it's really

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Speaker 1: difficult to forecast anything that that far out. We do

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Speaker 1: know that they're gonna be huge advances and things like robotics,

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Speaker 1: artificial intelligence. You know, you've got self driving cars, self

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Speaker 1: driving trucks, even, uh, major advances in medico and care

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Speaker 1: and some some things that we we can't even imagine

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Speaker 1: right now for the next ten twenty years. So you know,

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Speaker 1: there's some hope that productivity growth will be able to increase. Uh.

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Speaker 1: And I think that really matters a lot in terms

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Speaker 1: of of things like how to fund social security and

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Speaker 1: medicare Have you gleaned in your distance from the evil

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Speaker 1: Empire of New York or Washington they pick up in

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Speaker 1: g d P. Are we still waiting indications of two

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Speaker 1: and a half percent plus growth? Well, I think you know,

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Speaker 1: there's a lot of criticism about the last few years

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Speaker 1: as being subpar, and that's in comparison to the growth

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Speaker 1: that we had in the seventies and eighties. But remember

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Speaker 1: we had women coming into the workforce in much greater numbers.

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Speaker 1: So labor force growth was a lot higher in the seventies, eighties,

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Speaker 1: and even in the into the nineties. That labor force

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Speaker 1: participation with more women coming in has already played out,

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Speaker 1: and now we're at the end of it where the

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Speaker 1: baby room generation is starting to retire, so participation rate

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Speaker 1: is going to be going down. You're looking at probably

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Speaker 1: the job growth in the order of a half a

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Speaker 1: percent per year over the next ten years. That'll be

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Speaker 1: the trend growth rather than one percent um. So that

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Speaker 1: means that productivity is going to be even more important.

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Speaker 1: Can the markets live with that or is everybody going

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Speaker 1: to have a heart attack if we have those kind

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Speaker 1: of numbers. I think, you know, there's gonna have to

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Speaker 1: be maybe some some check on the degree of optimism.

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Speaker 1: I mean, you can be you know, optimistically you know

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Speaker 1: in your outlook going forward, but not quite ecstatic. Um,

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Speaker 1: you don't really expect to see any boom where GDP

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Speaker 1: growth is going to be three and a half four

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Speaker 1: percent over you know, some period of time. It's just

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Speaker 1: just seems incredibly unlikely. And let's you do get that

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Speaker 1: substantial pickup and productivity growth, that's gonna be the key.

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Speaker 1: Scott Brown, thank you so much with Raymond James. Nice

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Speaker 1: briefing there, Mike, what will you look for tomorrow at

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Speaker 1: thirty What's what's on your mind? Well, and for once

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Speaker 1: the headline number because we normally look underneath it, but

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Speaker 1: everybody wants to know if the momentum can continue. And

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Speaker 1: then you look at the unemployment rate and with those

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Speaker 1: surveys four I think it speaks volumes some interesting uh

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Speaker 1: you know, debate about whether or not the FED is

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Speaker 1: looking at the correct kind of numbers or wage growth.

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Speaker 1: But uh, we just want to see if if the

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Speaker 1: trend continue, because it's all these FED people speaking this

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Speaker 1: week are saying, if we get the numbers we expect

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Speaker 1: year a year ago, the unemployment right it was five

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Speaker 1: point four percent, if we go back to four point

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Speaker 1: nine I don't know, that's point five divided by five

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Speaker 1: point four eight improvement. That's awfully good. Better than Scott

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Speaker 1: was just saying, yeah, awfully, awfully good. Certain lightning Islanders tonight,

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Speaker 1: we'll see. Yeah. Well, it's a beautiful time if you're

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Speaker 1: following hockey right now. Coming up, we've got so much

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Speaker 1: to talk about with Arthur Levitt, including our annual surveillance

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Speaker 1: Stryper's review Bloomberg Surveillance