1
00:00:02,759 --> 00:00:06,119
Speaker 1: Global business news twenty four hours a day at Bloomberg

2
00:00:06,200 --> 00:00:09,280
Speaker 1: dot com, the Radio plus mobile. Last and on your radio.

3
00:00:09,560 --> 00:00:14,840
Speaker 1: This is a Bloomberg Business Flash and I'm Karin Moscow.

4
00:00:14,880 --> 00:00:17,040
Speaker 1: They update. It's brought to you by Sector Spider e

5
00:00:17,120 --> 00:00:19,000
Speaker 1: t F. Why buy a single stock when you can

6
00:00:19,040 --> 00:00:22,279
Speaker 1: invest in the entire sector? Visits sector sp d r

7
00:00:22,480 --> 00:00:26,360
Speaker 1: s dot com are called six sector et F. How

8
00:00:26,440 --> 00:00:29,200
Speaker 1: a Reserve Bank of San Francisco President John Williams saying

9
00:00:29,240 --> 00:00:32,360
Speaker 1: the U S economy appears to be weathering cooler global growth,

10
00:00:32,680 --> 00:00:35,440
Speaker 1: and he repeated that the central bank will race interest

11
00:00:35,560 --> 00:00:38,800
Speaker 1: rates at a gradual pace. I think we're still trying

12
00:00:38,840 --> 00:00:41,400
Speaker 1: to make sure that the data we've been seen unemployment,

13
00:00:41,440 --> 00:00:43,840
Speaker 1: the data we've been seen on inflation are are real,

14
00:00:44,040 --> 00:00:46,720
Speaker 1: not a mirage. But given that, I think we're very

15
00:00:46,800 --> 00:00:49,080
Speaker 1: much on the right track that will be raising UH

16
00:00:49,280 --> 00:00:51,960
Speaker 1: interest rates. And again that's Federal Reserve Bank of San

17
00:00:52,000 --> 00:00:55,680
Speaker 1: Francisco President John Williams. Oil leading commodities lower, pulling down

18
00:00:55,680 --> 00:00:58,600
Speaker 1: the currencies of raw material producing nations, and helping lift

19
00:00:58,640 --> 00:01:01,720
Speaker 1: government bonds. Check the markets every fifteen minutes throughout the

20
00:01:01,720 --> 00:01:04,880
Speaker 1: trading day on Bloomberg SNP eveny Future is down five

21
00:01:04,920 --> 00:01:08,000
Speaker 1: points now eveny futures down fifty and nasadac eveny futures

22
00:01:08,040 --> 00:01:10,680
Speaker 1: down seven and a half decks. In Germany's down less

23
00:01:10,760 --> 00:01:13,039
Speaker 1: than a tenth of upper set ten. Your treasury up

24
00:01:13,080 --> 00:01:15,480
Speaker 1: a thirty seconds. The yield one point eight six percent,

25
00:01:15,840 --> 00:01:18,559
Speaker 1: Nomax screwed oil down two percent or seventy nine cents

26
00:01:18,600 --> 00:01:21,399
Speaker 1: to thirty eight sixty of aryl comex goold is little

27
00:01:21,520 --> 00:01:25,080
Speaker 1: changed at twelve announced. The euro a dollar eleven ninety

28
00:01:25,160 --> 00:01:28,040
Speaker 1: six again one thirteen point five eight And that's a

29
00:01:28,080 --> 00:01:32,560
Speaker 1: Bloomberg Business flash, Tom and Berry, thanks so much, Karen.

30
00:01:32,959 --> 00:01:37,120
Speaker 1: More headlines out of Cypress Cypress Foreign Ministry. This is

31
00:01:37,200 --> 00:01:40,720
Speaker 1: mostly coming off their Twitter feed some other sources as well.

32
00:01:40,840 --> 00:01:44,600
Speaker 1: The Egypt air hijacker arrested that according to the Cypress

33
00:01:44,640 --> 00:01:49,440
Speaker 1: Foreign Ministry. That from Bloomberg News. Egypt air hijacker arrested

34
00:01:50,080 --> 00:01:54,080
Speaker 1: from the Cypress Foreign Ministry. Chuck Todd is a busy guy.

35
00:01:54,640 --> 00:01:56,920
Speaker 1: That's always true. An election year, Meet the Press of

36
00:01:57,000 --> 00:02:01,440
Speaker 1: course on Sundays, Meet the Press Daily on MSNBC five pm.

37
00:02:01,800 --> 00:02:04,000
Speaker 1: Is well, how's that going, Mr Todd? Are you enjoying

38
00:02:04,440 --> 00:02:07,160
Speaker 1: like doing the daily thing as well as the Sunday

39
00:02:07,240 --> 00:02:12,280
Speaker 1: big event in the morning. Absolutely, absolutely. I I you know,

40
00:02:13,880 --> 00:02:18,440
Speaker 1: I was always sort of uh geared toward a daily mindset,

41
00:02:19,200 --> 00:02:21,120
Speaker 1: and for a for a year I was just in

42
00:02:21,200 --> 00:02:24,239
Speaker 1: this weekly and I would be you know, uh frustrated

43
00:02:24,320 --> 00:02:26,880
Speaker 1: not the right word, but I feel, like floy there's

44
00:02:26,919 --> 00:02:28,880
Speaker 1: some stories that I wanted to cover and I can't

45
00:02:28,880 --> 00:02:31,600
Speaker 1: get to it one hour once a week. So I

46
00:02:31,720 --> 00:02:34,960
Speaker 1: know that feeling. I know because I saw a pole

47
00:02:35,320 --> 00:02:38,200
Speaker 1: yesterday or the day before. Unfortunately, I can't sell you

48
00:02:38,360 --> 00:02:40,840
Speaker 1: it's from I'm sorry, folks. I'm an amateur at this,

49
00:02:41,000 --> 00:02:45,280
Speaker 1: Unlike Mr Todd, I was thunder string out. It's understandable.

50
00:02:45,320 --> 00:02:50,040
Speaker 1: But the California poll of Clinton Trump I've never seen

51
00:02:50,120 --> 00:02:53,639
Speaker 1: in my life, folks. It's at least thirty difference. I'm

52
00:02:53,639 --> 00:02:57,520
Speaker 1: gonna say, sixty three twenty nine, something like that. Where

53
00:02:57,840 --> 00:03:02,799
Speaker 1: is this going? If we see like that, where's this going?

54
00:03:02,880 --> 00:03:05,640
Speaker 1: This is going where you have to start wondering if

55
00:03:05,720 --> 00:03:08,919
Speaker 1: the House is in play. It's not just hilly Clinton

56
00:03:08,919 --> 00:03:11,960
Speaker 1: winning the White House. It's not just Democrats probably picking

57
00:03:12,040 --> 00:03:15,919
Speaker 1: up the Senate. When you see numbers like that, um

58
00:03:16,360 --> 00:03:19,799
Speaker 1: then and she could actually cross the six barrier in

59
00:03:19,800 --> 00:03:22,560
Speaker 1: a place like California book, even some of the more

60
00:03:22,639 --> 00:03:25,680
Speaker 1: Republican districts are going to fall under the certain very

61
00:03:25,800 --> 00:03:29,320
Speaker 1: duly Chuck very Dulds wants to jump in. But I

62
00:03:29,440 --> 00:03:33,280
Speaker 1: gotta ask the question, now, how does that change Wisconsin

63
00:03:33,639 --> 00:03:37,040
Speaker 1: and the primaries that we see coming up. Well, I

64
00:03:37,120 --> 00:03:40,440
Speaker 1: don't know. And and because voters don't vote on electability.

65
00:03:40,520 --> 00:03:42,560
Speaker 1: You know, every time we'll talk about it, a lot

66
00:03:42,640 --> 00:03:45,520
Speaker 1: of pundits or analysts or whatever you want, but most

67
00:03:45,680 --> 00:03:50,080
Speaker 1: voters don't vote strategically. Okay, they vote with the candidate

68
00:03:50,160 --> 00:03:52,680
Speaker 1: they like or the candidate that sends the message that

69
00:03:52,760 --> 00:03:55,119
Speaker 1: they want to send. In primaries, they don't. They don't.

70
00:03:55,160 --> 00:03:58,680
Speaker 1: Most voters don't vote on electability. And most voters, by

71
00:03:58,680 --> 00:04:01,080
Speaker 1: the way, believe the candida the port is the most electable,

72
00:04:01,480 --> 00:04:03,840
Speaker 1: right they because they don't want to believe that somehow

73
00:04:03,840 --> 00:04:06,600
Speaker 1: the candidate support is not electable. So this is always

74
00:04:06,600 --> 00:04:09,360
Speaker 1: such a but but that's where we're headed here. Um

75
00:04:09,480 --> 00:04:11,160
Speaker 1: I can think of this. Wisconsin is sort of like

76
00:04:11,680 --> 00:04:15,360
Speaker 1: our halftime version of New Hampshire, meaning it's by itself

77
00:04:15,400 --> 00:04:19,640
Speaker 1: on the calendar, the delegate splits, there aren't a lot

78
00:04:19,680 --> 00:04:22,920
Speaker 1: of delicates at stake, but perception and momentum is what's

79
00:04:22,920 --> 00:04:25,839
Speaker 1: at stake. So for the Trump and not Trump movement

80
00:04:26,320 --> 00:04:28,920
Speaker 1: both sides, it's must win, right. Trump needs to win

81
00:04:29,000 --> 00:04:31,760
Speaker 1: it to put to rest this idea that he can't

82
00:04:32,240 --> 00:04:34,480
Speaker 1: um get the primary, get the part of the United

83
00:04:34,760 --> 00:04:37,960
Speaker 1: and the Stop Trump movement desperately needs just to show

84
00:04:38,080 --> 00:04:40,600
Speaker 1: that they can beat him in a place like Wisconsin,

85
00:04:41,000 --> 00:04:44,160
Speaker 1: to show that they have the juice to stop him.

86
00:04:44,240 --> 00:04:48,640
Speaker 1: So it is sort of a perception wise really important

87
00:04:48,640 --> 00:04:52,200
Speaker 1: even if the delicate splits aren't that consequential coming up

88
00:04:52,240 --> 00:04:55,960
Speaker 1: in Wisconsin, Coldplay and Beyonce followed by Trump and crews

89
00:04:56,120 --> 00:04:59,880
Speaker 1: in our halftime show. So you you touched upon something

90
00:05:00,120 --> 00:05:05,280
Speaker 1: that I think is fascinating, which is what actually occurs

91
00:05:06,200 --> 00:05:09,880
Speaker 1: if it's a Trump Clinton election, And I think the

92
00:05:10,080 --> 00:05:14,359
Speaker 1: voting public is unaware of exactly why the so called

93
00:05:14,520 --> 00:05:18,920
Speaker 1: establishment on the Republican side is in such a panic

94
00:05:19,800 --> 00:05:23,360
Speaker 1: because there's the possibility, I'm not I don't even want

95
00:05:23,360 --> 00:05:29,600
Speaker 1: to say probability, but a real possibility of Trump spectacularly

96
00:05:30,360 --> 00:05:33,240
Speaker 1: grabbing all this free press, and then when it comes

97
00:05:33,320 --> 00:05:38,320
Speaker 1: to the electoral College and all the state, uh Senate

98
00:05:38,440 --> 00:05:41,880
Speaker 1: and congressional races, just having the table run against them

99
00:05:42,279 --> 00:05:44,680
Speaker 1: is that the bottom line as to why the GP

100
00:05:44,960 --> 00:05:48,880
Speaker 1: establishment is so nervous, they're they're fearing a total blowout.

101
00:05:49,640 --> 00:05:52,239
Speaker 1: It's not just a blowout, they're fearing something even greater

102
00:05:52,320 --> 00:05:57,760
Speaker 1: than that, which is generation defining. For what's the what's

103
00:05:57,800 --> 00:06:04,680
Speaker 1: the largest, the fastest voting block age wise in America? Millennials? Okay, Uh,

104
00:06:04,800 --> 00:06:07,960
Speaker 1: they're now the largest part of the workforce. Uh, they

105
00:06:08,120 --> 00:06:10,480
Speaker 1: could be the largest part of the electorate at some

106
00:06:10,640 --> 00:06:13,240
Speaker 1: point they're going to be. They're that big. That's sort

107
00:06:13,279 --> 00:06:16,240
Speaker 1: of like the Baby Boomers when they finally became voters

108
00:06:16,279 --> 00:06:18,120
Speaker 1: and how impactful they were. And the point is this

109
00:06:19,240 --> 00:06:23,000
Speaker 1: Trump could define the party with these voters for their

110
00:06:23,080 --> 00:06:25,240
Speaker 1: rest of their generation. And that's what they're fearful of.

111
00:06:25,360 --> 00:06:29,320
Speaker 1: That this this leads to sort of a um a

112
00:06:29,480 --> 00:06:32,719
Speaker 1: ten year at least eight decade set back, if not more,

113
00:06:33,360 --> 00:06:36,400
Speaker 1: of the Republican Party's branding, branding efforts with the sort

114
00:06:36,440 --> 00:06:39,800
Speaker 1: of rising American electorate, right, young folks and more diverse folks.

115
00:06:40,680 --> 00:06:43,760
Speaker 1: So let's let me ask the obvious follow up, isn't

116
00:06:43,920 --> 00:06:48,960
Speaker 1: Trump really the candidate that the GOP has been subconsciously

117
00:06:49,080 --> 00:06:52,960
Speaker 1: drifting towards a strong leader who doesn't uh, you know,

118
00:06:53,040 --> 00:06:55,520
Speaker 1: trust his gut not his brain, who doesn't really think

119
00:06:55,600 --> 00:06:58,720
Speaker 1: in terms of, hey, let's get the greatest experts we

120
00:06:58,800 --> 00:07:02,880
Speaker 1: can have, and and the up some interesting approach. It's

121
00:07:03,040 --> 00:07:05,320
Speaker 1: just a lot of things that we've seen from the

122
00:07:05,400 --> 00:07:13,120
Speaker 1: GOP in general, just manifest in one loud, angry, charismatic candidate. Well,

123
00:07:13,120 --> 00:07:15,200
Speaker 1: I would say it's where the it's where the voters

124
00:07:15,240 --> 00:07:17,880
Speaker 1: have been drifting. It's where the activists have been drifting.

125
00:07:18,200 --> 00:07:20,760
Speaker 1: It's not where the leaders have been drifting, right, it's

126
00:07:20,760 --> 00:07:25,440
Speaker 1: sort of the leaders have been using um, these using

127
00:07:25,560 --> 00:07:29,320
Speaker 1: anger and using different ways to sort of to motivate

128
00:07:29,440 --> 00:07:32,320
Speaker 1: this part of their electorate. Well, guess what I think.

129
00:07:32,440 --> 00:07:34,280
Speaker 1: It's sort of you know, use whatever an nowogy, you

130
00:07:34,520 --> 00:07:37,760
Speaker 1: reput so Frankenstein, whatever you want to do. But their

131
00:07:37,880 --> 00:07:41,840
Speaker 1: failure to then deliver on sort of this uh, the

132
00:07:42,000 --> 00:07:44,600
Speaker 1: sort of crazy promises that they made if all the

133
00:07:44,640 --> 00:07:47,480
Speaker 1: different things they would stop or bring America back and

134
00:07:47,520 --> 00:07:50,880
Speaker 1: all these things, and this group of voters actually believes them,

135
00:07:51,680 --> 00:07:54,440
Speaker 1: and and there's now looking around going hey what about me?

136
00:07:54,880 --> 00:07:56,760
Speaker 1: What have you done for me? And this is where

137
00:07:56,800 --> 00:07:59,840
Speaker 1: Trump is still that's vacuum. You have that voice and

138
00:08:00,000 --> 00:08:02,440
Speaker 1: I go back to an important tweet that defines Chuck

139
00:08:02,520 --> 00:08:05,960
Speaker 1: Todd and uh, your contribution to this campaign. We have

140
00:08:06,080 --> 00:08:08,800
Speaker 1: to go to Cedar Falls, Waterloo five or six one three.

141
00:08:09,480 --> 00:08:12,080
Speaker 1: Don't care that my bread, what my bracket has done.

142
00:08:12,680 --> 00:08:15,400
Speaker 1: I loved that a school from my late dad's hometown

143
00:08:15,960 --> 00:08:20,800
Speaker 1: beat in Kansas, go University of Northern Iowa. I mean,

144
00:08:21,000 --> 00:08:24,320
Speaker 1: if you go out to Cedar Falls where that miracle happened,

145
00:08:24,360 --> 00:08:27,600
Speaker 1: I mean, Chuck Todd. Those people are being heard more

146
00:08:27,680 --> 00:08:32,120
Speaker 1: in this campaign, whether it's Trump or Sanders or frankly others,

147
00:08:32,559 --> 00:08:35,319
Speaker 1: than at any time in our history. Well, this is

148
00:08:35,440 --> 00:08:38,360
Speaker 1: what we're in. Well, I would say the last time

149
00:08:38,400 --> 00:08:44,680
Speaker 1: we had a we had uh, an economic anxiety riven public.

150
00:08:45,600 --> 00:08:48,880
Speaker 1: This this concept, you know, this sort of divided and

151
00:08:48,920 --> 00:08:51,719
Speaker 1: this sort of split was probably when we were transitioning

152
00:08:51,760 --> 00:08:54,679
Speaker 1: from an agrarian economy to with industrial time. And that's

153
00:08:54,720 --> 00:08:57,559
Speaker 1: what's happening. Right. We know what, we know why this

154
00:08:57,760 --> 00:08:59,679
Speaker 1: is taking place. We know why they're big winners of

155
00:08:59,720 --> 00:09:03,040
Speaker 1: blue in this economic recovery that we've been experiencing since

156
00:09:03,080 --> 00:09:06,520
Speaker 1: the Great Recession. Um, it's very similar to how we

157
00:09:06,600 --> 00:09:09,079
Speaker 1: ended up with a Great Depression. Right, there's new migration,

158
00:09:09,160 --> 00:09:11,680
Speaker 1: and people are migrating to cities to look for work,

159
00:09:11,760 --> 00:09:15,079
Speaker 1: and it's abandoning these smaller cities in bigger towns like

160
00:09:15,160 --> 00:09:17,839
Speaker 1: a Cedar Falls Waterloo area. We know why this is

161
00:09:17,880 --> 00:09:19,839
Speaker 1: all happening, but we're in the middle of it, and

162
00:09:19,960 --> 00:09:22,240
Speaker 1: there are losers here and it's a whole sort of

163
00:09:22,360 --> 00:09:28,160
Speaker 1: lost generation, forgotten voters here that that's who Trump's times. Chuck,

164
00:09:28,240 --> 00:09:30,920
Speaker 1: thank you so much. Really looking forward to uh MSNBC

165
00:09:31,120 --> 00:09:34,640
Speaker 1: is working on Sunday eleven and three uh pm. You

166
00:09:34,720 --> 00:09:36,520
Speaker 1: can hear it. I'm Bloomberg Radio. Of course, you can

167
00:09:36,559 --> 00:09:38,800
Speaker 1: see Meet the Press with Chuck Todd. You can do

168
00:09:38,920 --> 00:09:42,760
Speaker 1: that Sundays on NBC eleven AM and three pm Sundays

169
00:09:43,160 --> 00:09:47,480
Speaker 1: here on Bloomberg Radio. Very I I hate to say this,

170
00:09:47,640 --> 00:09:49,480
Speaker 1: and I'm biased on this because of my family, but

171
00:09:49,559 --> 00:09:55,240
Speaker 1: there's something about having people doing TV journalism in America

172
00:09:55,360 --> 00:09:58,560
Speaker 1: that come from places that aren't within a stone's through

173
00:09:58,600 --> 00:10:03,040
Speaker 1: the Hudson River, you know, or some valley outside l A.

174
00:10:03,559 --> 00:10:06,959
Speaker 1: You get a different perspective. I'm fond of quoting Spoild

175
00:10:07,000 --> 00:10:09,120
Speaker 1: and Gray. I don't live in America. I live in

176
00:10:09,200 --> 00:10:12,280
Speaker 1: a small island off the east coast of America, and

177
00:10:12,440 --> 00:10:15,120
Speaker 1: it gives you a very different perspective. You know. That's

178
00:10:15,120 --> 00:10:17,520
Speaker 1: why I try and get out and travel around the country,

179
00:10:17,559 --> 00:10:20,240
Speaker 1: go to places like Seattle and Port. And I'll give

180
00:10:20,240 --> 00:10:22,559
Speaker 1: a massive shout out to Helper and Heilman who have

181
00:10:22,640 --> 00:10:24,480
Speaker 1: done that. People think they sort of show up, and

182
00:10:25,120 --> 00:10:27,040
Speaker 1: they show up at four forty five and put the

183
00:10:27,080 --> 00:10:33,360
Speaker 1: show together at five and like the way I do it. Fortunately,

184
00:10:33,400 --> 00:10:35,880
Speaker 1: Helper in Heilman are working their tails off traveling the

185
00:10:35,960 --> 00:10:41,000
Speaker 1: country in this most unusual election season. We'll do much

186
00:10:41,040 --> 00:10:43,640
Speaker 1: more in this of course, the coverage April five, really

187
00:10:43,720 --> 00:10:46,959
Speaker 1: coming up on us next week Wisconsin April five, and

188
00:10:47,000 --> 00:10:49,520
Speaker 1: then we go on, of course to a small swore

189
00:10:49,520 --> 00:10:51,559
Speaker 1: away which is becoming more important by the day in

190
00:10:51,640 --> 00:10:54,640
Speaker 1: New York State on both sides of the island. Interesting

191
00:10:54,640 --> 00:10:57,240
Speaker 1: to see what Mr Sanders does and the great state

192
00:10:57,280 --> 00:11:01,480
Speaker 1: of New York as well, what we know his oil self.

193
00:11:01,559 --> 00:11:04,679
Speaker 1: By seventy three cents thirty eight dollars sixty six of

194
00:11:04,800 --> 00:11:08,360
Speaker 1: Beryl coming up a conversation with yakulm Fells of Pimco,

195
00:11:08,720 --> 00:11:11,960
Speaker 1: Barry Mit Hilton from Michael McKee, Tom King, Bloomberg Surveillance