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Speaker 1: From the Bloomberg Interacted Berger Studios. This is Bloomberg day

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Speaker 1: Break for Wednesday, April fifth. Coming up today, Donald Trump

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Speaker 1: pleads not guilty to thirty four felonies and fires back.

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Speaker 1: In a primetime speech, a top Fed official makes the

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Speaker 1: case for rates above five percent for longer and ubs

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Speaker 1: addresses challenges and the timeline for integrating with credit Sueee.

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Speaker 1: Wisconsin voters delivered a shake up to the state Supreme Court. Blush.

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Speaker 1: Ukraine's president speaks to US governors on the Russian invasion.

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Speaker 1: I'm Michael barn Or Ahead, I'm John stashtawon sports on

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Speaker 1: the long night for the Mets in Milwaukee. The Yankees

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Speaker 1: lost to the Phillies, the Nets lost, the Devils won.

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Speaker 1: That's all straight Ahead on Bloomberg day Break, the business

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Speaker 1: news you need disturn your day, and just one fifteen

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Speaker 1: minute podcast each pointing on Apples, Spotify, the Bloomberg Business

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Speaker 1: Appen everywhere you get your podcasts. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karon Moscow. Here are the stories we're

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Speaker 1: following today. We begin this morning with the latest developments

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Speaker 1: on the arraignment of former President Donald Trump. Bloomberg's John

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Speaker 1: Tucker begins our team coverage this morning in New York.

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Speaker 1: Good morning, John Nathan. Donald Trump became the first former

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Speaker 1: president to be criminally charged after leaving the White House

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Speaker 1: after being fingerprinted. Trump sat at the defense table with

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Speaker 1: his hands clashed in front of him, and spoke briefly

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Speaker 1: several times, including when he loudly proclaimed not guilty. He

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Speaker 1: faces thirty four felony accounts of falsifying business records related

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Speaker 1: to a hush money payment made in the final days

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Speaker 1: of the twenty sixteen election. The charges brought against Trump

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Speaker 1: by Manhattan da Alvin Bragg. This case today is one

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Speaker 1: with allegations, like so many of our white collar cases,

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Speaker 1: allegations as someone live again and again to protect their

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Speaker 1: interests and evade the laws to which we are all

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Speaker 1: held accountable. The thirty four accounts are usually misdemeanors under

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Speaker 1: New York law, but Bragg charged them as class E

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Speaker 1: felonies because he says they were committed to violate state

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Speaker 1: and federal election law. State Supreme Court Justice Juan Merchant

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Speaker 1: told Trump he's expected to appear in court and if

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Speaker 1: a dozen a trial could proceed without him. Live in

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Speaker 1: New York. I'm John Tucker Bloomberg Daybreak. All right, John, thanks,

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Speaker 1: So the former president is firing back against the charges.

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Speaker 1: Trump is denouncing the indictment as politically motivated. Let me

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Speaker 1: get the details Live at the Bloomberg Steve Rappaport, Steve,

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Speaker 1: good morning, Good morning, Karen and Nathan. After a subdued

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Speaker 1: appearance in court, the former president was back in his

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Speaker 1: element last night. They can't beat us at the ballot box,

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Speaker 1: so they try and beat us through the law. Trump

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Speaker 1: telling supporters at Maralago the case about against him was

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Speaker 1: never about justice. This is a persecution, not an investigation.

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Speaker 1: Trump also slammed prosecutor Alvin Bragg as a local failed

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Speaker 1: district attorney, and said Bragg is the real criminal for

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Speaker 1: leaking grand jury information. Live in New York, I'm Steve

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Speaker 1: Rappaportoomberg Daybreak. Okay, Steve, thanks well. The case against Trump

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Speaker 1: could pose a challenge for Manhattan's district attorney. That's according

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Speaker 1: to former prosecutor and judge Joshua Castenberg, who's now a

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Speaker 1: professor at the University of New Mexico Law School. He

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Speaker 1: says hush money payments are not typically a crime if

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Speaker 1: you're running for office. It's not necessarily a crime either.

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Speaker 1: But if you're using campaign money or you're filtering campaign

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Speaker 1: money to pay off someone and you're trying to show

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Speaker 1: that it's a legitimate campaign expense, there is no legitimate

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Speaker 1: campaign expense related to money, and so therefore it's a crime.

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Speaker 1: University of New Mexico law professor Joshua Castenburg spoke with

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Speaker 1: our Carol Mass and Madison Mills on Bloomberg BusinessWeek. Catch

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Speaker 1: the show weekdays at three pm Eastern on Bloomberg Radio,

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Speaker 1: or stream it live on Bloomberg Originals and YouTube. Well

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Speaker 1: politics are also front and center in Chicago this morning,

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Speaker 1: Nathan Voters in the Windy City have elected Brandon Johnson

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Speaker 1: as their next mayor. Johnson is a progressive who wants

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Speaker 1: to raise taxes on major corporations to boost the city's revenue.

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Speaker 1: Today the dream is alive, and so today we celebrate

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Speaker 1: the revival and the resurrection of the City of Chicago

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Speaker 1: and Brandon Johnson beat Cook County Commissioner Paul Vallis in

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Speaker 1: a runoff, and Johnson claimed fifty one point four percent

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Speaker 1: of the vote to win the race. Turning to the

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Speaker 1: markets this morning, Karen Overnight Trading has focused on hawkish

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Speaker 1: comments from New Zealand and Australia's central banks, while back

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Speaker 1: here in the US we're also getting hawkish central bank

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Speaker 1: retoric from Cleveland Fed President Loretta Mester. She says interest

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Speaker 1: rates should rise above five percent this year and stay

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Speaker 1: there for some time. I plan to remain diligent in

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Speaker 1: setting monetary policy, to return the economy to price stability

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Speaker 1: in a timely way, and to be judicious in balancing

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Speaker 1: the risks so as to minimize the pain of that journey.

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Speaker 1: Cleveland FED President Loretta Mester says the central banks peak

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Speaker 1: rate will depend on how fast in fleation eas is

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Speaker 1: well in Europe. Today, Nathan Swiss banking remains in focus.

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Speaker 1: Credit Suis held its final shareholder meeting yesterday and today

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Speaker 1: UBS is holding its annual gathering. Bloomberg's Metis Cranny is

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Speaker 1: there and brings us details from the event. It's a

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Speaker 1: very different tone to what you heard from Kredit suisis.

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Speaker 1: That was a language of contrition, a language of regret

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Speaker 1: and a deep explanation. Today, I think caliher the chairman

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Speaker 1: x Morganstani, is going to be all about setting a

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Speaker 1: tone for the Swiss nation. We are a bank for you.

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Speaker 1: Is about convincing this nation that this is the right

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Speaker 1: and only dal because it is the only deal in time.

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Speaker 1: And Bloomberg's metis cranny. Reporting from Baso, where UBS chairman

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Speaker 1: Colm Kelleher says the integration of Credit Suisse will likely

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Speaker 1: take three to four years. Banks around the world remain

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Speaker 1: in focus, Karen, And it turns out the biggest short

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Speaker 1: in the banking industry comes in the relatively tame financial

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Speaker 1: center of Canada. Short sellers have up to their bearish

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Speaker 1: bets against Toronto Dominion Bank. They now have roughly three

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Speaker 1: point seven billion dollars on the line. Analyst point to

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Speaker 1: worries about TD's exposure to Canada's housing slowdown and the

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Speaker 1: banks steak in Charles Schwab TD shares, they're down about

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Speaker 1: twelve percent over the past two months. It's fifty two

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Speaker 1: degrees in New York. Cloudy this morning, some fog over

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Speaker 1: Long Island. Chance for a shower today on our wayniers

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Speaker 1: sixty degrees, more showers tonight, Early lows in the low fifties.

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Speaker 1: Time now to look at some of the other stories

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Speaker 1: making news in New York and around the world. With

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Speaker 1: Bloomberg's Michael Barr, Good morning, Michael, Good morning, Nathan. Wisconsin

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Speaker 1: voters delivered a shake up to the state Supreme Court.

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Speaker 1: Liberal judge Jennet Proto Saywitz defeated Republican Daniel Kelly fifty

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Speaker 1: five point five percent forty five point five. Her win

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Speaker 1: will rebalance the court that had leaned conservative Proto Sawitz's

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Speaker 1: election comes as the court may face decisions on access

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Speaker 1: to abortion, legislative maps, and more. Speaking to supporters at

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Speaker 1: her Milwaukee headquarters, pro To Saywitz said the state wanted

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Speaker 1: change in its highest court. They were ready to put

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Speaker 1: aside the partisanship and put aside the extremism, and to

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Speaker 1: have an impartial court in a court that makes decisions

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Speaker 1: based on the law, not on a political agenda. Kelly

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Speaker 1: spoke to supporters after his defeat, accusing his opponent of

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Speaker 1: running a dirty campaign. We've had this laid out plainly

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Speaker 1: for us. We could have the rule of law or

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Speaker 1: the rule of Janet, and the people of Wisconsin have

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Speaker 1: chosen the rule of Janets. Kelly went on to say

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Speaker 1: he did not have a worthy opponent to concede to

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Speaker 1: Ukrainian President of Voladimir's Lenski addressed a group of US

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Speaker 1: governors in a video call from kievs stressing the amount

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Speaker 1: of work it will take to help Ukraine recover from

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Speaker 1: Russia's invasion. Lensky said he believed the US would stand

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Speaker 1: with Ukraine and help with reconstruction. He also invited governors

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Speaker 1: who haven't yet visited his country. I invite you who

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Speaker 1: have not yet been to Ukraine to visit our country

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Speaker 1: and to see that protecting our home, our people, is

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Speaker 1: protecting our common dream about freedom and dignity for every

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Speaker 1: human being, President Zalinski. Finally, they picked a hectic time

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Speaker 1: to get married. Happy couples in Manhattan who made plans

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Speaker 1: to tie the not yesterday'd likely had no idea what

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Speaker 1: else would be happening. Very close brides and grooms in

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Speaker 1: downtown Manhattan who headed to the courthouse were there at

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Speaker 1: the same time as the arrangement of former President Trump.

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Speaker 1: Outside the courthouse, Jericha Gara was in a white wedding

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Speaker 1: gown with two friends. Harley didn't know that on my

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Speaker 1: wedding date that Trump was actually going to be here

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Speaker 1: until last week, and I'm like, also, I'm going to

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Speaker 1: have a crop for myself down Dad o her courthouse

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Speaker 1: step wedding video will be full of police and demonstrators.

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

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Speaker 1: than twenty seven hundred jouralists, analysts, and over one hundred

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Speaker 1: twenty countries. I'm Michael Barr. This is Bloomberg. Say you

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Speaker 1: what you never forget your anniversary at that though, Thank you, Michael.

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Speaker 1: Time for the Bloomberg Sports update of Morney Johns Sesshawer.

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Speaker 1: Gad morning the eighthand a little improvement for the Mats.

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Speaker 1: They lost Monday in Milwaukee ten to nothing, and last

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Speaker 1: night it was nine to nothing. And that's what Max

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Speaker 1: Scherzer starting. He gave up three home runs in a row,

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Speaker 1: only the second time that's happened in Scherzer's career. It

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Speaker 1: came sixth inning and and inning later the Brewers Brian

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Speaker 1: Anderson and Garrett Mitchell, who had both homberdof Scherzer, went

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Speaker 1: back to back against Met reliever Brooks Raley. Meanwhile, the

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Speaker 1: Mets haven't scored in the last twenty innings day game.

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Speaker 1: Today there's also one at the stadium that'll be Garrett

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Speaker 1: cole versus Aaron Noel. Last night, Phillies got their first

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Speaker 1: one of the season four to one. Yanks had only

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Speaker 1: four hits, one was a dj Lemayhew homer. They got

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Speaker 1: the time run to the plate in the bottom of

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Speaker 1: the night, but Josh Donaldson popped up at Barkley's Nets

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Speaker 1: lost to Minnesota one oh seven one h two, and

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Speaker 1: when Miami won its game, they heat moved only a

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Speaker 1: game behind Brooklyn in the race to finish sixth. Avoid

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Speaker 1: the play and the Sixers beat the Celtics, Joel m

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Speaker 1: Being scored fifty two. Explay tonight at Indiana Rangers host

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Speaker 1: Tampa Bay. The Devils in Newark got a hat trick

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Speaker 1: from Dawson Mercer, first of his career. They beat Pittsburgh

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Speaker 1: five to one. Carolina also won, so the Hurricane still

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Speaker 1: three points ahead in the division. The Master's Tea's off

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Speaker 1: tomorrow and Rory McElroy says that for one weekend anyway,

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Speaker 1: there's peace and harmony between the PGA guys and the

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Speaker 1: ones that broke away to join the Live tour. This

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Speaker 1: week in this tournament is way bigger than any of that,

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Speaker 1: I feel, and it's just create that all the best

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Speaker 1: players in the world are together again for the first

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Speaker 1: time and what seems to be quite a while. Doddie Scheffler,

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Speaker 1: the defendee champ Tiger Woods. He's off tomorrow morning, twenty

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Speaker 1: six years after his first master's victory. John Stashatward Bloomberg

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Speaker 1: Sports live from coast to coast, from New York to

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Speaker 1: San Francisco, Boston to Washington, d C. Nationwide on Sirius Xam,

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Speaker 1: the Bloomberg Business app and Bloomberg dot Com. This is

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Speaker 1: Bloomberg Daybreak. Good morning. I'm Nathan Hagar. Donald Trump is

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Speaker 1: now the first former US president to formally face criminal charges,

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Speaker 1: and he is now using the thirty four count felony

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Speaker 1: indictment of falsifying business records to re energize at twenty

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Speaker 1: twenty four bid to return to the White House. Former

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Speaker 1: President addressed his supporters at Marlago after entering his not

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Speaker 1: guilty plea. The only crime that I've committed is to

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Speaker 1: fearlessly defend our nation from those who seek to destroy it.

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Speaker 1: That was former President Donald Trump at marl Lago last

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Speaker 1: night following his appearance in Manhattan Court. And for more.

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Speaker 1: We are pleased to be joined once again this morning

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Speaker 1: for a roundtable discussion with Terry Haynes, the founder of

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Speaker 1: Pangaea Policy and Greg Valier, chief US policy strategist at

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Speaker 1: AGF Investments. Gentlemen, it is great to get your time

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Speaker 1: once again this morning. Greg, I will start with you

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Speaker 1: your reaction to the criminal case against the former president

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Speaker 1: and its potential impact on this twenty twenty four race. Well,

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Speaker 1: good morning, Nathan. I think, first and foremost, as we

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Speaker 1: all suspected, it's a weak case. I recommend the lead

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Speaker 1: editorial this morning in the Wall Street Journal. It talks

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Speaker 1: about how just how weak the case is. The other

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Speaker 1: big takeaway has to be Trump's surge in the polls

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Speaker 1: of Republicans. I don't think he's going to do very

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Speaker 1: well in the general election, but among Republicans he's made

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Speaker 1: a lot of progress. Terry, you've talked before about how

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Speaker 1: you've considered this case weak as well, even before we

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Speaker 1: got the charges unsealed. Now that we have seen them

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Speaker 1: and gotten the indictment and the statement of facts from

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Speaker 1: da Alvin Bragg, is that still your contention that this

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Speaker 1: case is weak? Very much so, Nathan, and good morning.

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Speaker 1: My im mediate reaction when I read the indictment and

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Speaker 1: the attached statement of fact was that it's really politicized

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Speaker 1: spaghetti sort of spaghetti justice. Really, you throw a bunch

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Speaker 1: of stuff up on the wall, and you see what sticks.

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Speaker 1: You throw thirty four charges up, hoping to get at

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Speaker 1: least one for either a conviction or some sort of plea,

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Speaker 1: which I have very much doubt that mister Bragg gets.

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Speaker 1: You know it is it's it's a little crazy to

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Speaker 1: go after a case like this, not only that it

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Speaker 1: makes the other potential prosecutions on the more important issues

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Speaker 1: on the documents and on January sixth, that much more difficult.

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Speaker 1: I was pleased to see that the Bloomberg editorial page

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Speaker 1: agree with my contention there too. The reason for that

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Speaker 1: is there will now be a higher standard in those

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Speaker 1: prosecutions so that they're not also vulnerable to criticism of

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Speaker 1: politicized prosecutions. They're going to have to really have an

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Speaker 1: overwhelming evidentury layout in order to beat back the charges

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Speaker 1: that anything in those two areas is politicized. We did,

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Speaker 1: of course, here from the District Attorney in Manhattan, Alvin Bragg.

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Speaker 1: He was addressing some of the questions about whether he

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Speaker 1: would have brought this case if it were anyone other

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Speaker 1: than former President Donald Trump. That's something that the former

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Speaker 1: president's lawyers have been arguing as well. Here's what Alvin

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Speaker 1: Bragg had to say an answer to that, thirty four

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Speaker 1: false statements made to cover up other crimes. These are

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Speaker 1: felony crimes in New York State, no matter who you are.

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Speaker 1: Greg Valieri's making the case that the former president falsified

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Speaker 1: these business records to boost his twenty sixteen campaign in

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Speaker 1: an illegal matter. What about that, Well, he may have

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Speaker 1: and I think Bragg may have a good case if

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Speaker 1: he is seeking some kind of punishment for misdemeanors when

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Speaker 1: it comes to felonies, though I just don't see it.

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Speaker 1: I don't see the case being made by Brag on

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Speaker 1: that front. Again, The Law Street Journalist Morning has a

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Speaker 1: good piece on this, and I think that, yeah, a

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Speaker 1: lot of what Trump did is it was illegal, but

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Speaker 1: it didn't rise to the standard of a felony. And

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Speaker 1: it's a case as well that's led to jail time

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Speaker 1: for the former president's one time lawyer, Michael Cohen Terry Haynes.

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Speaker 1: As for that, what's the possibility that we could see

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Speaker 1: this case move forward a judge to bring it to

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Speaker 1: trial and potentially put the president in some legal jeopardy

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Speaker 1: here heading very close to next year's November election. Well,

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Speaker 1: that's entirely possible. Sure, you know, there's everyone notes there

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Speaker 1: won't even be another hearing in this matter until the

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Speaker 1: December of this year. So whatever else you've got unless

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Speaker 1: the judge outright dismisses the charges, and you know there's

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Speaker 1: more than a trailer risk of that. You know, that's

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Speaker 1: not inconceivable at all. Uh, you know this thing will

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Speaker 1: end up going to trial sometime during the primary season.

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Speaker 1: You know that. Frankly, it helps I think helps make

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Speaker 1: my contention that Trump fatigue and the increasing Republican desire,

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Speaker 1: Republican voter desire to want to have a candidate that

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Speaker 1: pushes Trump policies but doesn't have Trump baggage. Uh, you know,

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Speaker 1: probably intensifies to some degree. Is that how this play? Yeah, sure,

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Speaker 1: go right ahead. Yeah, let me just make this point.

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Speaker 1: I think that there is a wildcard, and that wildcard

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Speaker 1: is that Trump says something really outrageous, which he's been

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Speaker 1: known to do. It could wind up getting him in

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Speaker 1: trouble with the judge. It could wind up with him

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Speaker 1: getting slapped with some kind of censure. I don't I

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Speaker 1: don't rule that out at all. That's the wild card.

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Speaker 1: Of course, we all know about the three upcoming cases

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Speaker 1: that probably will lead to indictments. But I think Trump's

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Speaker 1: own lawyers are advising him right now to keep your

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Speaker 1: rhetoric cool, don't overdo it rhetorically because that could get

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Speaker 1: us in more trouble. Well, I got to ask you, Greg,

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Speaker 1: did that wildcard get opened up last night with the

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Speaker 1: speech that a former president Trump gave. He really did

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Speaker 1: go after the DA Alvin Bragg. He's called the judge

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Speaker 1: in this case a Trump hater. Yeah, any Trump has

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Speaker 1: gone after their families, and I mean it's typical Trump overreach.

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Speaker 1: That's Donald Trump's style. But he's been admonished by the

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Speaker 1: judge to cease on that, and it's going to be

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Speaker 1: difficult to discipline him. Yeah, to say the very least.

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Speaker 1: I'm sure we're speaking with Greg valier Or, chief US

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Speaker 1: policy strategist at AGF Investments and Terry Haynes, the founder

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Speaker 1: of Pangaea Policy. I got to get your take as well, Terry,

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Speaker 1: on what we heard last night from the former president

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Speaker 1: vigorously going after the judge and the DA and defending

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Speaker 1: not just himself saying the only crime he's committed is

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Speaker 1: fearlessly defending the nation from those who try to destroy it.

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Speaker 1: The kind of language we've heard from the president in

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Speaker 1: the past. Did that language go too far or is

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Speaker 1: he raining it in? I think I don't think he

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Speaker 1: rained it in necessarily. But you know, what he's doing

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Speaker 1: is making the direct what I think of as the

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Speaker 1: context case to supporters and other potentials and those who

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Speaker 1: might potentially support him, you know, in the broader Trump context.

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Speaker 1: And this overlaps to some extent with what the Republicans

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Speaker 1: think generally, particularly those who are Tump supporters, is you know,

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Speaker 1: you've got a politicized prosecution in New York City, which is,

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Speaker 1: to them the supposed source of mean, much of the

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Speaker 1: country problem, much of the country's problems makes the case

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Speaker 1: for Trump as well as other Republican candidates. But the

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Speaker 1: context is for them is look bigger national scandals go unpunished.

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Speaker 1: You know, where's the where's the payback for you know, Trump, Russia,

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Speaker 1: US law enforcement media scandals. Uh, you know, the crazy

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Speaker 1: way that we had to deal with the three years

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Speaker 1: of COVID, Where's the where's the payback? On Biden family issues?

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Speaker 1: On inflation on out of control fiscal spending. The you know,

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Speaker 1: the that context to Republican voters, uh makes the makes

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Speaker 1: the Trump indictment in this context look particularly laughable. It's like, Okay,

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Speaker 1: you're going to go after that guy, you know, in

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Speaker 1: some cases our guy, uh for this for relatively small things,

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Speaker 1: things that most presidential candidates end up doing. This idea

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Speaker 1: that uh, presidential candidates uh cover up less than flattery

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Speaker 1: information you know, didn't start with Trump, of course, but

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Speaker 1: you know, all this bigger stuff we're just going to

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Speaker 1: sweep under the rug. That energizes Republican voters. It sounds

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Speaker 1: like it energizes as well a lot of what's happening

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Speaker 1: already on Capitol Hill with the House Republicans opening up

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Speaker 1: investigations into the weaponization of government and putting in all

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Speaker 1: these oversight hearings as well. Greg what's the congressional response

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Speaker 1: to what's happening with the former president? I'd make two

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Speaker 1: points quickly. Number One, I think Mitch McConnell has not

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Speaker 1: been happy by what's happened in the last week or so.

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Speaker 1: It's deflected attention away from some very serious issues where

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Speaker 1: the Republicans should do well. Second point I'd make is

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Speaker 1: that obscured last night was a vote in Wisconsin that

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Speaker 1: for the Supreme Court in the state. The left wing

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Speaker 1: candidate one she made her campaign largely about abortion. So

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Speaker 1: while Trump made be a great irritant to a lot

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Speaker 1: of Democrats, abortion I think will continue to be a

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Speaker 1: big election issue, and it's an issue that energizes Democratic

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Speaker 1: voters as well. But in the meantime, of course, when

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Speaker 1: it comes to the former president and the legal issues

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Speaker 1: that he's facing, Democrats have, i think it's safe to say,

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Speaker 1: sort of sat on their hands about this. How do

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Speaker 1: you see Democrats Terry continuing to play this as this

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Speaker 1: case moves forward against the former president and as he

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Speaker 1: continues to face some of these other investigations that you

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Speaker 1: said earlier face a higher bar for being seen as

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Speaker 1: above board. Well, I think the White House won't say

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Speaker 1: much about it, nor should they. They ought to be

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Speaker 1: very much where they are, which is, you know, letting

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Speaker 1: the legal process play out. It doesn't be who have

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Speaker 1: the president to get involved in a state court case

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Speaker 1: against the former president or pretty much anybody else. You know,

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Speaker 1: Democrats will professional democrats, national democrats, a lot of Democratic

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Speaker 1: voters will feel vindicated. They'll feel like, you know, the

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Speaker 1: the uh, their nemesis has been gotten here to some

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Speaker 1: extent and you know, as being wrapped up, uh you know,

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Speaker 1: Gulliver style uh uh in the end. Uh you know,

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Speaker 1: I think, uh that's a problematic for them though. Uh.

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Speaker 1: You know, they they've now just given the New York

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Speaker 1: have given Republican voters on the other side a lot

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Speaker 1: of new energy across the board, as I say earlier,

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Speaker 1: and that's going to even out to some extent the uh,

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Speaker 1: you know, the victories of Supreme Court justices and in

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Speaker 1: Wisconsin and progressives in Chicago and all the rest. Uh.

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Speaker 1: You know, by comparison, you know, you've got a situation

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Speaker 1: in the state legislatures where there is a where you've

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Speaker 1: got a trifecta where you've got the governors in the

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Speaker 1: state legislature all aligned Republicans do that in twenty two states,

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Speaker 1: the Democrats seventeen. Uh. So, you know, either of those

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Speaker 1: of the juries, by comparison, is not particularly large in

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Speaker 1: the kind of the national mosaic compared to what's going

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Speaker 1: on right now with Trump. Now, you've certainly seen the

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Speaker 1: former president energized by this and his most fervent supporters

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Speaker 1: are behind him as well. But Greg, do you see

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Speaker 1: that energy continuing to build if this case continues to

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Speaker 1: drag on through the legal system, and what could that

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Speaker 1: mean for some of the former president's potential primary rivals.

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Speaker 1: That's a good point, Nathan. I think there's a real

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Speaker 1: risk that the whole country will get Trump fatigue. I

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Speaker 1: got it already, and I think a lot of people

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Speaker 1: in our business, and we were all involved in the

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Speaker 1: investment world. I think that for my clients, this story

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Speaker 1: is not even on the top ten on the radar screen.

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Speaker 1: There were so many other big issues. Jenny Yellen this

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Speaker 1: week is going to talk about how we'll spend eighty

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Speaker 1: billion dollars on the irs, that we still have the

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Speaker 1: death ceiling to deal with him has been no progress.

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Speaker 1: So there are big Washington issues, But I think, especially

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Speaker 1: for the markets, we all may get a little fatigued

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Speaker 1: on Donald Trump. Does that fatigue play into what you're

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Speaker 1: hearing from your clients as well, Terry, Is that a

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Speaker 1: concern for people you're talking to that some of the

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Speaker 1: bigger issues that need to get done in Washington could

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Speaker 1: get the oxygen sucked away? Well, you know, people are

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Speaker 1: people are cynical to begin with about Washington, and Washington

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Speaker 1: continues to give them good reasons to be so. Uh

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Speaker 1: So there is some of that, and uh, you know,

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Speaker 1: more Breton circuses only help to make that case. But yea,

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Speaker 1: beyond the Trump show, you've got you've got an awful

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Speaker 1: lot of you know, potential economic peril, whether it be

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Speaker 1: the kind of the inflation problems and U and fiscal

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Speaker 1: problems that we now have with the looming uh A

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Speaker 1: looming debt ceiling fight, which I still think non consensus

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Speaker 1: is about percent likely to result in a default. And

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Speaker 1: as well, you've got kind of building foreign crises, you know,

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Speaker 1: whether it be in China with China, Russia run North

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Speaker 1: Korea and the like. Uh, you know that all continues

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Speaker 1: to build as well. So you know, this is a

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Speaker 1: moment of increased geopolitical risk, and clients want to talk

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Speaker 1: an awful lot about that. Uh excuse me. But for

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Speaker 1: the Republicans, they they're really interested. The clients are really

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Speaker 1: interested in where we are on the race. And you know,

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Speaker 1: I still think that this is Trump's high water market

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Speaker 1: at Stables Slope. Prepare, this is Bloomberg Daybreak today, your

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Speaker 1: morning brief on the stories making news from Wall Street

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Speaker 1: to Washington and beyond. Look for us on your podcast

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Speaker 1: feed at six am Eastern each morning, on Apple, Spotify,

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