Speaker 1: From the Bloomberg Interacted Berger Studios. This is Bloomberg day
Speaker 1: Break for Wednesday, April fifth. Coming up today, Donald Trump
Speaker 1: pleads not guilty to thirty four felonies and fires back.
Speaker 1: In a primetime speech, a top Fed official makes the
Speaker 1: case for rates above five percent for longer and ubs
Speaker 1: addresses challenges and the timeline for integrating with credit Sueee.
Speaker 1: Wisconsin voters delivered a shake up to the state Supreme Court. Blush.
Speaker 1: Ukraine's president speaks to US governors on the Russian invasion.
Speaker 1: I'm Michael barn Or Ahead, I'm John stashtawon sports on
Speaker 1: the long night for the Mets in Milwaukee. The Yankees
Speaker 1: lost to the Phillies, the Nets lost, the Devils won.
Speaker 1: That's all straight Ahead on Bloomberg day Break, the business
Speaker 1: news you need disturn your day, and just one fifteen
Speaker 1: minute podcast each pointing on Apples, Spotify, the Bloomberg Business
Speaker 1: Appen everywhere you get your podcasts. Good morning, I'm Nathan
Speaker 1: Hager and I'm Karon Moscow. Here are the stories we're
Speaker 1: following today. We begin this morning with the latest developments
Speaker 1: on the arraignment of former President Donald Trump. Bloomberg's John
Speaker 1: Tucker begins our team coverage this morning in New York.
Speaker 1: Good morning, John Nathan. Donald Trump became the first former
Speaker 1: president to be criminally charged after leaving the White House
Speaker 1: after being fingerprinted. Trump sat at the defense table with
Speaker 1: his hands clashed in front of him, and spoke briefly
Speaker 1: several times, including when he loudly proclaimed not guilty. He
Speaker 1: faces thirty four felony accounts of falsifying business records related
Speaker 1: to a hush money payment made in the final days
Speaker 1: of the twenty sixteen election. The charges brought against Trump
Speaker 1: by Manhattan da Alvin Bragg. This case today is one
Speaker 1: with allegations, like so many of our white collar cases,
Speaker 1: allegations as someone live again and again to protect their
Speaker 1: interests and evade the laws to which we are all
Speaker 1: held accountable. The thirty four accounts are usually misdemeanors under
Speaker 1: New York law, but Bragg charged them as class E
Speaker 1: felonies because he says they were committed to violate state
Speaker 1: and federal election law. State Supreme Court Justice Juan Merchant
Speaker 1: told Trump he's expected to appear in court and if
Speaker 1: a dozen a trial could proceed without him. Live in
Speaker 1: New York. I'm John Tucker Bloomberg Daybreak. All right, John, thanks,
Speaker 1: So the former president is firing back against the charges.
Speaker 1: Trump is denouncing the indictment as politically motivated. Let me
Speaker 1: get the details Live at the Bloomberg Steve Rappaport, Steve,
Speaker 1: good morning, Good morning, Karen and Nathan. After a subdued
Speaker 1: appearance in court, the former president was back in his
Speaker 1: element last night. They can't beat us at the ballot box,
Speaker 1: so they try and beat us through the law. Trump
Speaker 1: telling supporters at Maralago the case about against him was
Speaker 1: never about justice. This is a persecution, not an investigation.
Speaker 1: Trump also slammed prosecutor Alvin Bragg as a local failed
Speaker 1: district attorney, and said Bragg is the real criminal for
Speaker 1: leaking grand jury information. Live in New York, I'm Steve
Speaker 1: Rappaportoomberg Daybreak. Okay, Steve, thanks well. The case against Trump
Speaker 1: could pose a challenge for Manhattan's district attorney. That's according
Speaker 1: to former prosecutor and judge Joshua Castenberg, who's now a
Speaker 1: professor at the University of New Mexico Law School. He
Speaker 1: says hush money payments are not typically a crime if
Speaker 1: you're running for office. It's not necessarily a crime either.
Speaker 1: But if you're using campaign money or you're filtering campaign
Speaker 1: money to pay off someone and you're trying to show
Speaker 1: that it's a legitimate campaign expense, there is no legitimate
Speaker 1: campaign expense related to money, and so therefore it's a crime.
Speaker 1: University of New Mexico law professor Joshua Castenburg spoke with
Speaker 1: our Carol Mass and Madison Mills on Bloomberg BusinessWeek. Catch
Speaker 1: the show weekdays at three pm Eastern on Bloomberg Radio,
Speaker 1: or stream it live on Bloomberg Originals and YouTube. Well
Speaker 1: politics are also front and center in Chicago this morning,
Speaker 1: Nathan Voters in the Windy City have elected Brandon Johnson
Speaker 1: as their next mayor. Johnson is a progressive who wants
Speaker 1: to raise taxes on major corporations to boost the city's revenue.
Speaker 1: Today the dream is alive, and so today we celebrate
Speaker 1: the revival and the resurrection of the City of Chicago
Speaker 1: and Brandon Johnson beat Cook County Commissioner Paul Vallis in
Speaker 1: a runoff, and Johnson claimed fifty one point four percent
Speaker 1: of the vote to win the race. Turning to the
Speaker 1: markets this morning, Karen Overnight Trading has focused on hawkish
Speaker 1: comments from New Zealand and Australia's central banks, while back
Speaker 1: here in the US we're also getting hawkish central bank
Speaker 1: retoric from Cleveland Fed President Loretta Mester. She says interest
Speaker 1: rates should rise above five percent this year and stay
Speaker 1: there for some time. I plan to remain diligent in
Speaker 1: setting monetary policy, to return the economy to price stability
Speaker 1: in a timely way, and to be judicious in balancing
Speaker 1: the risks so as to minimize the pain of that journey.
Speaker 1: Cleveland FED President Loretta Mester says the central banks peak
Speaker 1: rate will depend on how fast in fleation eas is
Speaker 1: well in Europe. Today, Nathan Swiss banking remains in focus.
Speaker 1: Credit Suis held its final shareholder meeting yesterday and today
Speaker 1: UBS is holding its annual gathering. Bloomberg's Metis Cranny is
Speaker 1: there and brings us details from the event. It's a
Speaker 1: very different tone to what you heard from Kredit suisis.
Speaker 1: That was a language of contrition, a language of regret
Speaker 1: and a deep explanation. Today, I think caliher the chairman
Speaker 1: x Morganstani, is going to be all about setting a
Speaker 1: tone for the Swiss nation. We are a bank for you.
Speaker 1: Is about convincing this nation that this is the right
Speaker 1: and only dal because it is the only deal in time.
Speaker 1: And Bloomberg's metis cranny. Reporting from Baso, where UBS chairman
Speaker 1: Colm Kelleher says the integration of Credit Suisse will likely
Speaker 1: take three to four years. Banks around the world remain
Speaker 1: in focus, Karen, And it turns out the biggest short
Speaker 1: in the banking industry comes in the relatively tame financial
Speaker 1: center of Canada. Short sellers have up to their bearish
Speaker 1: bets against Toronto Dominion Bank. They now have roughly three
Speaker 1: point seven billion dollars on the line. Analyst point to
Speaker 1: worries about TD's exposure to Canada's housing slowdown and the
Speaker 1: banks steak in Charles Schwab TD shares, they're down about
Speaker 1: twelve percent over the past two months. It's fifty two
Speaker 1: degrees in New York. Cloudy this morning, some fog over
Speaker 1: Long Island. Chance for a shower today on our wayniers
Speaker 1: sixty degrees, more showers tonight, Early lows in the low fifties.
Speaker 1: Time now to look at some of the other stories
Speaker 1: making news in New York and around the world. With
Speaker 1: Bloomberg's Michael Barr, Good morning, Michael, Good morning, Nathan. Wisconsin
Speaker 1: voters delivered a shake up to the state Supreme Court.
Speaker 1: Liberal judge Jennet Proto Saywitz defeated Republican Daniel Kelly fifty
Speaker 1: five point five percent forty five point five. Her win
Speaker 1: will rebalance the court that had leaned conservative Proto Sawitz's
Speaker 1: election comes as the court may face decisions on access
Speaker 1: to abortion, legislative maps, and more. Speaking to supporters at
Speaker 1: her Milwaukee headquarters, pro To Saywitz said the state wanted
Speaker 1: change in its highest court. They were ready to put
Speaker 1: aside the partisanship and put aside the extremism, and to
Speaker 1: have an impartial court in a court that makes decisions
Speaker 1: based on the law, not on a political agenda. Kelly
Speaker 1: spoke to supporters after his defeat, accusing his opponent of
Speaker 1: running a dirty campaign. We've had this laid out plainly
Speaker 1: for us. We could have the rule of law or
Speaker 1: the rule of Janet, and the people of Wisconsin have
Speaker 1: chosen the rule of Janets. Kelly went on to say
Speaker 1: he did not have a worthy opponent to concede to
Speaker 1: Ukrainian President of Voladimir's Lenski addressed a group of US
Speaker 1: governors in a video call from kievs stressing the amount
Speaker 1: of work it will take to help Ukraine recover from
Speaker 1: Russia's invasion. Lensky said he believed the US would stand
Speaker 1: with Ukraine and help with reconstruction. He also invited governors
Speaker 1: who haven't yet visited his country. I invite you who
Speaker 1: have not yet been to Ukraine to visit our country
Speaker 1: and to see that protecting our home, our people, is
Speaker 1: protecting our common dream about freedom and dignity for every
Speaker 1: human being, President Zalinski. Finally, they picked a hectic time
Speaker 1: to get married. Happy couples in Manhattan who made plans
Speaker 1: to tie the not yesterday'd likely had no idea what
Speaker 1: else would be happening. Very close brides and grooms in
Speaker 1: downtown Manhattan who headed to the courthouse were there at
Speaker 1: the same time as the arrangement of former President Trump.
Speaker 1: Outside the courthouse, Jericha Gara was in a white wedding
Speaker 1: gown with two friends. Harley didn't know that on my
Speaker 1: wedding date that Trump was actually going to be here
Speaker 1: until last week, and I'm like, also, I'm going to
Speaker 1: have a crop for myself down Dad o her courthouse
Speaker 1: step wedding video will be full of police and demonstrators.
Speaker 1: Global News twenty four hours a day, powered by more
Speaker 1: than twenty seven hundred jouralists, analysts, and over one hundred
Speaker 1: twenty countries. I'm Michael Barr. This is Bloomberg. Say you
Speaker 1: what you never forget your anniversary at that though, Thank you, Michael.
Speaker 1: Time for the Bloomberg Sports update of Morney Johns Sesshawer.
Speaker 1: Gad morning the eighthand a little improvement for the Mats.
Speaker 1: They lost Monday in Milwaukee ten to nothing, and last
Speaker 1: night it was nine to nothing. And that's what Max
Speaker 1: Scherzer starting. He gave up three home runs in a row,
Speaker 1: only the second time that's happened in Scherzer's career. It
Speaker 1: came sixth inning and and inning later the Brewers Brian
Speaker 1: Anderson and Garrett Mitchell, who had both homberdof Scherzer, went
Speaker 1: back to back against Met reliever Brooks Raley. Meanwhile, the
Speaker 1: Mets haven't scored in the last twenty innings day game.
Speaker 1: Today there's also one at the stadium that'll be Garrett
Speaker 1: cole versus Aaron Noel. Last night, Phillies got their first
Speaker 1: one of the season four to one. Yanks had only
Speaker 1: four hits, one was a dj Lemayhew homer. They got
Speaker 1: the time run to the plate in the bottom of
Speaker 1: the night, but Josh Donaldson popped up at Barkley's Nets
Speaker 1: lost to Minnesota one oh seven one h two, and
Speaker 1: when Miami won its game, they heat moved only a
Speaker 1: game behind Brooklyn in the race to finish sixth. Avoid
Speaker 1: the play and the Sixers beat the Celtics, Joel m
Speaker 1: Being scored fifty two. Explay tonight at Indiana Rangers host
Speaker 1: Tampa Bay. The Devils in Newark got a hat trick
Speaker 1: from Dawson Mercer, first of his career. They beat Pittsburgh
Speaker 1: five to one. Carolina also won, so the Hurricane still
Speaker 1: three points ahead in the division. The Master's Tea's off
Speaker 1: tomorrow and Rory McElroy says that for one weekend anyway,
Speaker 1: there's peace and harmony between the PGA guys and the
Speaker 1: ones that broke away to join the Live tour. This
Speaker 1: week in this tournament is way bigger than any of that,
Speaker 1: I feel, and it's just create that all the best
Speaker 1: players in the world are together again for the first
Speaker 1: time and what seems to be quite a while. Doddie Scheffler,
Speaker 1: the defendee champ Tiger Woods. He's off tomorrow morning, twenty
Speaker 1: six years after his first master's victory. John Stashatward Bloomberg
Speaker 1: Sports live from coast to coast, from New York to
Speaker 1: San Francisco, Boston to Washington, d C. Nationwide on Sirius Xam,
Speaker 1: the Bloomberg Business app and Bloomberg dot Com. This is
Speaker 1: Bloomberg Daybreak. Good morning. I'm Nathan Hagar. Donald Trump is
Speaker 1: now the first former US president to formally face criminal charges,
Speaker 1: and he is now using the thirty four count felony
Speaker 1: indictment of falsifying business records to re energize at twenty
Speaker 1: twenty four bid to return to the White House. Former
Speaker 1: President addressed his supporters at Marlago after entering his not
Speaker 1: guilty plea. The only crime that I've committed is to
Speaker 1: fearlessly defend our nation from those who seek to destroy it.
Speaker 1: That was former President Donald Trump at marl Lago last
Speaker 1: night following his appearance in Manhattan Court. And for more.
Speaker 1: We are pleased to be joined once again this morning
Speaker 1: for a roundtable discussion with Terry Haynes, the founder of
Speaker 1: Pangaea Policy and Greg Valier, chief US policy strategist at
Speaker 1: AGF Investments. Gentlemen, it is great to get your time
Speaker 1: once again this morning. Greg, I will start with you
Speaker 1: your reaction to the criminal case against the former president
Speaker 1: and its potential impact on this twenty twenty four race. Well,
Speaker 1: good morning, Nathan. I think, first and foremost, as we
Speaker 1: all suspected, it's a weak case. I recommend the lead
Speaker 1: editorial this morning in the Wall Street Journal. It talks
Speaker 1: about how just how weak the case is. The other
Speaker 1: big takeaway has to be Trump's surge in the polls
Speaker 1: of Republicans. I don't think he's going to do very
Speaker 1: well in the general election, but among Republicans he's made
Speaker 1: a lot of progress. Terry, you've talked before about how
Speaker 1: you've considered this case weak as well, even before we
Speaker 1: got the charges unsealed. Now that we have seen them
Speaker 1: and gotten the indictment and the statement of facts from
Speaker 1: da Alvin Bragg, is that still your contention that this
Speaker 1: case is weak? Very much so, Nathan, and good morning.
Speaker 1: My im mediate reaction when I read the indictment and
Speaker 1: the attached statement of fact was that it's really politicized
Speaker 1: spaghetti sort of spaghetti justice. Really, you throw a bunch
Speaker 1: of stuff up on the wall, and you see what sticks.
Speaker 1: You throw thirty four charges up, hoping to get at
Speaker 1: least one for either a conviction or some sort of plea,
Speaker 1: which I have very much doubt that mister Bragg gets.
Speaker 1: You know it is it's it's a little crazy to
Speaker 1: go after a case like this, not only that it
Speaker 1: makes the other potential prosecutions on the more important issues
Speaker 1: on the documents and on January sixth, that much more difficult.
Speaker 1: I was pleased to see that the Bloomberg editorial page
Speaker 1: agree with my contention there too. The reason for that
Speaker 1: is there will now be a higher standard in those
Speaker 1: prosecutions so that they're not also vulnerable to criticism of
Speaker 1: politicized prosecutions. They're going to have to really have an
Speaker 1: overwhelming evidentury layout in order to beat back the charges
Speaker 1: that anything in those two areas is politicized. We did,
Speaker 1: of course, here from the District Attorney in Manhattan, Alvin Bragg.
Speaker 1: He was addressing some of the questions about whether he
Speaker 1: would have brought this case if it were anyone other
Speaker 1: than former President Donald Trump. That's something that the former
Speaker 1: president's lawyers have been arguing as well. Here's what Alvin
Speaker 1: Bragg had to say an answer to that, thirty four
Speaker 1: false statements made to cover up other crimes. These are
Speaker 1: felony crimes in New York State, no matter who you are.
Speaker 1: Greg Valieri's making the case that the former president falsified
Speaker 1: these business records to boost his twenty sixteen campaign in
Speaker 1: an illegal matter. What about that, Well, he may have
Speaker 1: and I think Bragg may have a good case if
Speaker 1: he is seeking some kind of punishment for misdemeanors when
Speaker 1: it comes to felonies, though I just don't see it.
Speaker 1: I don't see the case being made by Brag on
Speaker 1: that front. Again, The Law Street Journalist Morning has a
Speaker 1: good piece on this, and I think that, yeah, a
Speaker 1: lot of what Trump did is it was illegal, but
Speaker 1: it didn't rise to the standard of a felony. And
Speaker 1: it's a case as well that's led to jail time
Speaker 1: for the former president's one time lawyer, Michael Cohen Terry Haynes.
Speaker 1: As for that, what's the possibility that we could see
Speaker 1: this case move forward a judge to bring it to
Speaker 1: trial and potentially put the president in some legal jeopardy
Speaker 1: here heading very close to next year's November election. Well,
Speaker 1: that's entirely possible. Sure, you know, there's everyone notes there
Speaker 1: won't even be another hearing in this matter until the
Speaker 1: December of this year. So whatever else you've got unless
Speaker 1: the judge outright dismisses the charges, and you know there's
Speaker 1: more than a trailer risk of that. You know, that's
Speaker 1: not inconceivable at all. Uh, you know this thing will
Speaker 1: end up going to trial sometime during the primary season.
Speaker 1: You know that. Frankly, it helps I think helps make
Speaker 1: my contention that Trump fatigue and the increasing Republican desire,
Speaker 1: Republican voter desire to want to have a candidate that
Speaker 1: pushes Trump policies but doesn't have Trump baggage. Uh, you know,
Speaker 1: probably intensifies to some degree. Is that how this play? Yeah, sure,
Speaker 1: go right ahead. Yeah, let me just make this point.
Speaker 1: I think that there is a wildcard, and that wildcard
Speaker 1: is that Trump says something really outrageous, which he's been
Speaker 1: known to do. It could wind up getting him in
Speaker 1: trouble with the judge. It could wind up with him
Speaker 1: getting slapped with some kind of censure. I don't I
Speaker 1: don't rule that out at all. That's the wild card.
Speaker 1: Of course, we all know about the three upcoming cases
Speaker 1: that probably will lead to indictments. But I think Trump's
Speaker 1: own lawyers are advising him right now to keep your
Speaker 1: rhetoric cool, don't overdo it rhetorically because that could get
Speaker 1: us in more trouble. Well, I got to ask you, Greg,
Speaker 1: did that wildcard get opened up last night with the
Speaker 1: speech that a former president Trump gave. He really did
Speaker 1: go after the DA Alvin Bragg. He's called the judge
Speaker 1: in this case a Trump hater. Yeah, any Trump has
Speaker 1: gone after their families, and I mean it's typical Trump overreach.
Speaker 1: That's Donald Trump's style. But he's been admonished by the
Speaker 1: judge to cease on that, and it's going to be
Speaker 1: difficult to discipline him. Yeah, to say the very least.
Speaker 1: I'm sure we're speaking with Greg valier Or, chief US
Speaker 1: policy strategist at AGF Investments and Terry Haynes, the founder
Speaker 1: of Pangaea Policy. I got to get your take as well, Terry,
Speaker 1: on what we heard last night from the former president
Speaker 1: vigorously going after the judge and the DA and defending
Speaker 1: not just himself saying the only crime he's committed is
Speaker 1: fearlessly defending the nation from those who try to destroy it.
Speaker 1: The kind of language we've heard from the president in
Speaker 1: the past. Did that language go too far or is
Speaker 1: he raining it in? I think I don't think he
Speaker 1: rained it in necessarily. But you know, what he's doing
Speaker 1: is making the direct what I think of as the
Speaker 1: context case to supporters and other potentials and those who
Speaker 1: might potentially support him, you know, in the broader Trump context.
Speaker 1: And this overlaps to some extent with what the Republicans
Speaker 1: think generally, particularly those who are Tump supporters, is you know,
Speaker 1: you've got a politicized prosecution in New York City, which is,
Speaker 1: to them the supposed source of mean, much of the
Speaker 1: country problem, much of the country's problems makes the case
Speaker 1: for Trump as well as other Republican candidates. But the
Speaker 1: context is for them is look bigger national scandals go unpunished.
Speaker 1: You know, where's the where's the payback for you know, Trump, Russia,
Speaker 1: US law enforcement media scandals. Uh, you know, the crazy
Speaker 1: way that we had to deal with the three years
Speaker 1: of COVID, Where's the where's the payback? On Biden family issues?
Speaker 1: On inflation on out of control fiscal spending. The you know,
Speaker 1: the that context to Republican voters, uh makes the makes
Speaker 1: the Trump indictment in this context look particularly laughable. It's like, Okay,
Speaker 1: you're going to go after that guy, you know, in
Speaker 1: some cases our guy, uh for this for relatively small things,
Speaker 1: things that most presidential candidates end up doing. This idea
Speaker 1: that uh, presidential candidates uh cover up less than flattery
Speaker 1: information you know, didn't start with Trump, of course, but
Speaker 1: you know, all this bigger stuff we're just going to
Speaker 1: sweep under the rug. That energizes Republican voters. It sounds
Speaker 1: like it energizes as well a lot of what's happening
Speaker 1: already on Capitol Hill with the House Republicans opening up
Speaker 1: investigations into the weaponization of government and putting in all
Speaker 1: these oversight hearings as well. Greg what's the congressional response
Speaker 1: to what's happening with the former president? I'd make two
Speaker 1: points quickly. Number One, I think Mitch McConnell has not
Speaker 1: been happy by what's happened in the last week or so.
Speaker 1: It's deflected attention away from some very serious issues where
Speaker 1: the Republicans should do well. Second point I'd make is
Speaker 1: that obscured last night was a vote in Wisconsin that
Speaker 1: for the Supreme Court in the state. The left wing
Speaker 1: candidate one she made her campaign largely about abortion. So
Speaker 1: while Trump made be a great irritant to a lot
Speaker 1: of Democrats, abortion I think will continue to be a
Speaker 1: big election issue, and it's an issue that energizes Democratic
Speaker 1: voters as well. But in the meantime, of course, when
Speaker 1: it comes to the former president and the legal issues
Speaker 1: that he's facing, Democrats have, i think it's safe to say,
Speaker 1: sort of sat on their hands about this. How do
Speaker 1: you see Democrats Terry continuing to play this as this
Speaker 1: case moves forward against the former president and as he
Speaker 1: continues to face some of these other investigations that you
Speaker 1: said earlier face a higher bar for being seen as
Speaker 1: above board. Well, I think the White House won't say
Speaker 1: much about it, nor should they. They ought to be
Speaker 1: very much where they are, which is, you know, letting
Speaker 1: the legal process play out. It doesn't be who have
Speaker 1: the president to get involved in a state court case
Speaker 1: against the former president or pretty much anybody else. You know,
Speaker 1: Democrats will professional democrats, national democrats, a lot of Democratic
Speaker 1: voters will feel vindicated. They'll feel like, you know, the
Speaker 1: the uh, their nemesis has been gotten here to some
Speaker 1: extent and you know, as being wrapped up, uh you know,
Speaker 1: Gulliver style uh uh in the end. Uh you know,
Speaker 1: I think, uh that's a problematic for them though. Uh.
Speaker 1: You know, they they've now just given the New York
Speaker 1: have given Republican voters on the other side a lot
Speaker 1: of new energy across the board, as I say earlier,
Speaker 1: and that's going to even out to some extent the uh,
Speaker 1: you know, the victories of Supreme Court justices and in
Speaker 1: Wisconsin and progressives in Chicago and all the rest. Uh.
Speaker 1: You know, by comparison, you know, you've got a situation
Speaker 1: in the state legislatures where there is a where you've
Speaker 1: got a trifecta where you've got the governors in the
Speaker 1: state legislature all aligned Republicans do that in twenty two states,
Speaker 1: the Democrats seventeen. Uh. So, you know, either of those
Speaker 1: of the juries, by comparison, is not particularly large in
Speaker 1: the kind of the national mosaic compared to what's going
Speaker 1: on right now with Trump. Now, you've certainly seen the
Speaker 1: former president energized by this and his most fervent supporters
Speaker 1: are behind him as well. But Greg, do you see
Speaker 1: that energy continuing to build if this case continues to
Speaker 1: drag on through the legal system, and what could that
Speaker 1: mean for some of the former president's potential primary rivals.
Speaker 1: That's a good point, Nathan. I think there's a real
Speaker 1: risk that the whole country will get Trump fatigue. I
Speaker 1: got it already, and I think a lot of people
Speaker 1: in our business, and we were all involved in the
Speaker 1: investment world. I think that for my clients, this story
Speaker 1: is not even on the top ten on the radar screen.
Speaker 1: There were so many other big issues. Jenny Yellen this
Speaker 1: week is going to talk about how we'll spend eighty
Speaker 1: billion dollars on the irs, that we still have the
Speaker 1: death ceiling to deal with him has been no progress.
Speaker 1: So there are big Washington issues, But I think, especially
Speaker 1: for the markets, we all may get a little fatigued
Speaker 1: on Donald Trump. Does that fatigue play into what you're
Speaker 1: hearing from your clients as well, Terry, Is that a
Speaker 1: concern for people you're talking to that some of the
Speaker 1: bigger issues that need to get done in Washington could
Speaker 1: get the oxygen sucked away? Well, you know, people are
Speaker 1: people are cynical to begin with about Washington, and Washington
Speaker 1: continues to give them good reasons to be so. Uh
Speaker 1: So there is some of that, and uh, you know,
Speaker 1: more Breton circuses only help to make that case. But yea,
Speaker 1: beyond the Trump show, you've got you've got an awful
Speaker 1: lot of you know, potential economic peril, whether it be
Speaker 1: the kind of the inflation problems and U and fiscal
Speaker 1: problems that we now have with the looming uh A
Speaker 1: looming debt ceiling fight, which I still think non consensus
Speaker 1: is about percent likely to result in a default. And
Speaker 1: as well, you've got kind of building foreign crises, you know,
Speaker 1: whether it be in China with China, Russia run North
Speaker 1: Korea and the like. Uh, you know that all continues
Speaker 1: to build as well. So you know, this is a
Speaker 1: moment of increased geopolitical risk, and clients want to talk
Speaker 1: an awful lot about that. Uh excuse me. But for
Speaker 1: the Republicans, they they're really interested. The clients are really
Speaker 1: interested in where we are on the race. And you know,
Speaker 1: I still think that this is Trump's high water market
Speaker 1: at Stables Slope. Prepare, this is Bloomberg Daybreak today, your
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Speaker 1: to Washington and beyond. Look for us on your podcast
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