1
00:00:02,520 --> 00:00:13,760
Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

2
00:00:13,840 --> 00:00:17,880
Speaker 1: Surveillance Podcast. Catch us live weekdays at seven am Eastern

3
00:00:18,200 --> 00:00:22,000
Speaker 1: on Apple CarPlay or Android Auto with the Bloomberg Business App.

4
00:00:22,360 --> 00:00:25,680
Speaker 1: Listen on demand wherever you get your podcasts, or watch

5
00:00:25,760 --> 00:00:26,960
Speaker 1: us live on YouTube.

6
00:00:27,080 --> 00:00:32,440
Speaker 2: Joining us now from JP Morgan is Monica Descenzo. Thrilled

7
00:00:32,479 --> 00:00:36,479
Speaker 2: that she could be with us today with private bank.

8
00:00:36,680 --> 00:00:39,560
Speaker 2: But I've got to go to your ute. You came

9
00:00:39,600 --> 00:00:42,960
Speaker 2: out of Georgetown, yes, and we talked just there about

10
00:00:43,000 --> 00:00:47,280
Speaker 2: digital and I'm living digital every day with a team

11
00:00:47,600 --> 00:00:52,879
Speaker 2: on YouTube. You covered at JP Morgan the digital nascent

12
00:00:53,080 --> 00:00:57,440
Speaker 2: experience of the New York Times. Did you ever think

13
00:00:57,760 --> 00:01:00,840
Speaker 2: the New York Times? I remember arguing with people and

14
00:01:01,080 --> 00:01:03,360
Speaker 2: in bars with a beverage of my choice in my hand,

15
00:01:03,880 --> 00:01:06,160
Speaker 2: that they would succeed at this and they could get

16
00:01:06,200 --> 00:01:09,440
Speaker 2: to two million. People said, no way. Did you see

17
00:01:09,680 --> 00:01:11,800
Speaker 2: the digital success of the Times coming?

18
00:01:12,040 --> 00:01:12,560
Speaker 3: It's funny.

19
00:01:12,720 --> 00:01:14,840
Speaker 4: I was relatively young when I was doing this, and

20
00:01:14,880 --> 00:01:16,880
Speaker 4: so you would you could argue that I would have

21
00:01:16,920 --> 00:01:20,000
Speaker 4: been more forward thinking digital. I actually never thought the print.

22
00:01:19,840 --> 00:01:20,440
Speaker 3: Would go away.

23
00:01:20,440 --> 00:01:23,040
Speaker 4: I just thought people would always still enjoy having a

24
00:01:23,080 --> 00:01:24,920
Speaker 4: print subscription I think the New York Times did a

25
00:01:24,920 --> 00:01:28,200
Speaker 4: great job putting up that paywall and figuring out how

26
00:01:28,200 --> 00:01:30,800
Speaker 4: to monetize the digital subscriptions. And I still subscribe to

27
00:01:30,840 --> 00:01:31,280
Speaker 4: both print.

28
00:01:31,400 --> 00:01:33,880
Speaker 2: It's amazing, I mean out to eleven million.

29
00:01:34,000 --> 00:01:36,800
Speaker 5: Yeah, no, it's you know, it's hardly the failing New York.

30
00:01:36,640 --> 00:01:38,880
Speaker 2: Times as the president. And JP Morgan is way out

31
00:01:38,880 --> 00:01:40,920
Speaker 2: front of this with your it was a really your

32
00:01:41,000 --> 00:01:42,600
Speaker 2: II and all that.

33
00:01:42,680 --> 00:01:44,240
Speaker 3: Do you use to pay for content?

34
00:01:44,360 --> 00:01:44,480
Speaker 2: Right?

35
00:01:44,520 --> 00:01:45,639
Speaker 3: That's the bottom line sell.

36
00:01:45,600 --> 00:01:49,520
Speaker 2: Side analysis of JP Morgan private make with high net worth,

37
00:01:49,880 --> 00:01:54,320
Speaker 2: with with with family offices. Is there still a place

38
00:01:54,360 --> 00:01:55,800
Speaker 2: there for what you used to do? Oh?

39
00:01:55,960 --> 00:01:58,360
Speaker 4: Absolutely, I mean, you know, there's there's a ton of

40
00:01:58,400 --> 00:02:00,920
Speaker 4: value in people who are experts in their sectors. And

41
00:02:01,080 --> 00:02:03,240
Speaker 4: the challenge in my seat is the clients I work

42
00:02:03,280 --> 00:02:06,640
Speaker 4: with can invest anywhere, so they're not beholden to one sector,

43
00:02:07,360 --> 00:02:09,040
Speaker 4: what one small part of a US market or a

44
00:02:09,120 --> 00:02:09,760
Speaker 4: national market.

45
00:02:09,840 --> 00:02:10,600
Speaker 3: So we need to.

46
00:02:10,600 --> 00:02:13,240
Speaker 4: Look across all research and make a decision based on

47
00:02:13,280 --> 00:02:15,640
Speaker 4: your goals, what's the best way to reach those goals.

48
00:02:15,639 --> 00:02:17,480
Speaker 4: And it could be a media company, it could be

49
00:02:17,480 --> 00:02:19,640
Speaker 4: an industrial company, it could be healthcare. So that's what

50
00:02:19,680 --> 00:02:21,720
Speaker 4: makes it fun. But We rely on JP Morgan's research,

51
00:02:21,760 --> 00:02:23,760
Speaker 4: which is amazing, as well as others across the streation.

52
00:02:23,760 --> 00:02:26,800
Speaker 5: Sure your clients can invest anywhere, are they doing it?

53
00:02:26,840 --> 00:02:29,920
Speaker 5: I mean amidst the whirl of headlines that we're dealing with.

54
00:02:29,919 --> 00:02:32,399
Speaker 5: I imagine there is some adjita among them as well,

55
00:02:32,440 --> 00:02:34,880
Speaker 5: wondering if if this is the time the time to

56
00:02:34,960 --> 00:02:36,920
Speaker 5: do it. What are you telling them just about this

57
00:02:37,040 --> 00:02:39,720
Speaker 5: environment and how they can maybe grow their appetite for

58
00:02:40,000 --> 00:02:41,040
Speaker 5: taking some risk right now.

59
00:02:41,200 --> 00:02:43,280
Speaker 4: I think agitas is the right word, one that I

60
00:02:43,320 --> 00:02:46,320
Speaker 4: grew up using in my family. You know, it's hard

61
00:02:46,440 --> 00:02:48,560
Speaker 4: because I think people are still scarred by twenty two

62
00:02:48,720 --> 00:02:51,079
Speaker 4: when equity is revolatile and fixing come is violatile, and

63
00:02:51,160 --> 00:02:53,600
Speaker 4: so trying to convince people that in today's world you

64
00:02:53,639 --> 00:02:56,520
Speaker 4: actually have so many choices across asset classes. It to me,

65
00:02:56,960 --> 00:02:58,560
Speaker 4: as an investor who can go anywhere, this is like

66
00:02:58,600 --> 00:02:59,600
Speaker 4: an amazing environment.

67
00:03:00,120 --> 00:03:01,639
Speaker 3: I look at equities US equities.

68
00:03:01,720 --> 00:03:03,239
Speaker 4: I don't think you're going to get more than maybe

69
00:03:03,280 --> 00:03:05,840
Speaker 4: high single digit returns this year, So suddenly fixed income

70
00:03:05,880 --> 00:03:09,920
Speaker 4: looks more interesting. Ways to monetize volatility and commodities looks interesting.

71
00:03:09,919 --> 00:03:11,680
Speaker 4: There's a lot of ways to get to that most

72
00:03:11,720 --> 00:03:13,919
Speaker 4: of my clients want to get seven eight percent annualized

73
00:03:14,040 --> 00:03:14,920
Speaker 4: to meet their goals.

74
00:03:15,040 --> 00:03:16,720
Speaker 3: There's a lot of ways to get there. Right now.

75
00:03:17,240 --> 00:03:20,560
Speaker 4: It's not all equities anymore. The temptation for many is

76
00:03:20,880 --> 00:03:23,120
Speaker 4: they go to what worked? Do they just want to

77
00:03:23,160 --> 00:03:24,960
Speaker 4: keep owning tech? Do they want to go to private equity?

78
00:03:25,000 --> 00:03:26,120
Speaker 4: And so we're trying to remind them to be a

79
00:03:26,120 --> 00:03:28,040
Speaker 4: little bit more balanced and get out of cash.

80
00:03:28,280 --> 00:03:30,160
Speaker 5: What is the moment to get out of cash? What

81
00:03:30,200 --> 00:03:32,960
Speaker 5: do you tell them about when's the time to move?

82
00:03:33,320 --> 00:03:35,600
Speaker 4: I mean for most people it was yesterday or a

83
00:03:35,600 --> 00:03:38,680
Speaker 4: month ago, because you're missing like, yes, cash makes you

84
00:03:38,720 --> 00:03:41,080
Speaker 4: feel good, But most clients I work with still have

85
00:03:41,320 --> 00:03:43,520
Speaker 4: too high of an allocation of cash, and so trying

86
00:03:43,560 --> 00:03:45,200
Speaker 4: to remind them what that drag looks like. And we

87
00:03:45,280 --> 00:03:47,240
Speaker 4: do a lot of analytics showing them if you stay

88
00:03:47,280 --> 00:03:49,600
Speaker 4: at twenty percent cash the next ten years, this is

89
00:03:49,600 --> 00:03:51,680
Speaker 4: what this looks like. Whereas if you go into equities,

90
00:03:51,840 --> 00:03:54,200
Speaker 4: even with the volatility, you may see the outcome is

91
00:03:54,240 --> 00:03:57,520
Speaker 4: significantly better. The highs are higher, the lows are higher.

92
00:03:58,360 --> 00:04:01,720
Speaker 2: Is it just simply the they're looking at four point

93
00:04:01,760 --> 00:04:03,640
Speaker 2: eight percent or whatever they yield is right now?

94
00:04:04,040 --> 00:04:06,520
Speaker 4: Coming off for a long period when when rates were

95
00:04:06,560 --> 00:04:08,400
Speaker 4: so low, it's suddenly they're like, oh, five percent. Like

96
00:04:08,400 --> 00:04:10,080
Speaker 4: if I can make five percent risk free, that's great.

97
00:04:10,320 --> 00:04:12,640
Speaker 4: The problem is you have inflation now, so it's it's

98
00:04:12,640 --> 00:04:14,000
Speaker 4: a little bit different than than it was a few

99
00:04:14,080 --> 00:04:16,719
Speaker 4: years ago. So that's the big challenge. And then of

100
00:04:16,760 --> 00:04:19,160
Speaker 4: course the headlines we're seeing every day that you guys

101
00:04:19,200 --> 00:04:21,440
Speaker 4: are talking about that stresses people out, and so you

102
00:04:21,440 --> 00:04:23,400
Speaker 4: have to remind them it's all about having a plan,

103
00:04:23,920 --> 00:04:24,880
Speaker 4: executing on that plan.

104
00:04:25,080 --> 00:04:27,359
Speaker 2: Not that you know, last night's dinner was a complete

105
00:04:27,400 --> 00:04:31,400
Speaker 2: disaster at home. Holy Mac seventeen year old stomping out

106
00:04:31,440 --> 00:04:34,440
Speaker 2: of the room, Good morning, after thought, How do you

107
00:04:34,680 --> 00:04:40,520
Speaker 2: handle generational arguments in a family office? Please? John? Are

108
00:04:40,520 --> 00:04:42,760
Speaker 2: you taking notes over there? Yeah?

109
00:04:42,800 --> 00:04:47,160
Speaker 5: I think you know you guys should hire like therapist, Yeah,

110
00:04:47,240 --> 00:04:47,680
Speaker 5: to come in.

111
00:04:47,960 --> 00:04:51,760
Speaker 4: We actually do have behavioral exponents work.

112
00:04:51,600 --> 00:04:54,039
Speaker 5: With we're both trying to get for some time now.

113
00:04:53,920 --> 00:04:55,440
Speaker 3: As well as our your strategy team.

114
00:04:55,480 --> 00:04:57,880
Speaker 2: That's what they do, people like Gabriello Santos, that's what

115
00:04:57,920 --> 00:04:58,080
Speaker 2: you do.

116
00:04:58,960 --> 00:05:01,040
Speaker 4: Ends I joke of my job is sort of as

117
00:05:01,040 --> 00:05:01,520
Speaker 4: a therapist.

118
00:05:01,680 --> 00:05:04,080
Speaker 2: How do you do? How do you tell you got

119
00:05:04,200 --> 00:05:06,880
Speaker 2: three kids and a big pot of money. How do

120
00:05:06,920 --> 00:05:09,359
Speaker 2: you say to the one at the F one races

121
00:05:09,400 --> 00:05:12,360
Speaker 2: and Monaco shut up and listen to us.

122
00:05:12,440 --> 00:05:14,599
Speaker 3: Well, first of I don't say that, you know.

123
00:05:14,640 --> 00:05:19,840
Speaker 4: I mean the struggle is helping the next generation recognize

124
00:05:19,880 --> 00:05:22,000
Speaker 4: why why and how their parents view things, what their

125
00:05:22,040 --> 00:05:24,720
Speaker 4: perspective is. But then again, it all comes back to goals, right,

126
00:05:24,760 --> 00:05:26,560
Speaker 4: The parents' goals is different than the kids goals. And

127
00:05:26,600 --> 00:05:29,000
Speaker 4: so what we try to do is it's a crude

128
00:05:29,040 --> 00:05:31,120
Speaker 4: term it say, bucketing. So okay, parents, you're trying to

129
00:05:31,160 --> 00:05:32,640
Speaker 4: do this because you're use this money over the next

130
00:05:32,640 --> 00:05:34,320
Speaker 4: ten years. Your kids are going to use this money

131
00:05:34,320 --> 00:05:36,400
Speaker 4: over the next forty years. They can take more risks,

132
00:05:36,400 --> 00:05:38,160
Speaker 4: they can be a little bit more intrepid. Then you

133
00:05:38,240 --> 00:05:40,320
Speaker 4: might be comfortable being And that's where again, what's the

134
00:05:40,360 --> 00:05:42,599
Speaker 4: right amount of cash for a sixty year old versus

135
00:05:42,640 --> 00:05:43,200
Speaker 4: a twenty year old.

136
00:05:43,200 --> 00:05:45,640
Speaker 3: It's very different. So we've spent a lot of time.

137
00:05:45,640 --> 00:05:50,120
Speaker 2: I catch for the twenty year old is eight hundred dollars.

138
00:05:50,279 --> 00:05:53,000
Speaker 2: And if they go I gotta go to steamboat, you go, Okay,

139
00:05:53,040 --> 00:05:54,760
Speaker 2: twelve hundred that's it.

140
00:05:55,120 --> 00:05:57,080
Speaker 4: And it's you have to keep in mind too, these

141
00:05:57,160 --> 00:06:00,680
Speaker 4: kids that age, they've never don't remember a bigger recession right,

142
00:06:00,760 --> 00:06:02,280
Speaker 4: or more volatile market. And so part of it too

143
00:06:02,360 --> 00:06:04,320
Speaker 4: is educating them on like what happened in two thousand

144
00:06:04,320 --> 00:06:06,239
Speaker 4: and eight and like what that could mean for assets

145
00:06:06,240 --> 00:06:08,480
Speaker 4: and how you think again about investing over the long

146
00:06:08,560 --> 00:06:09,520
Speaker 4: term and sticking with us.

147
00:06:09,520 --> 00:06:10,839
Speaker 5: This is where I want to go, because what what

148
00:06:10,880 --> 00:06:13,280
Speaker 5: do you say about normalcy? What is normal?

149
00:06:14,240 --> 00:06:16,080
Speaker 4: I would argue the last you know, ten years was

150
00:06:16,120 --> 00:06:18,359
Speaker 4: not normal, right, we weren't in a normal rate environment.

151
00:06:18,360 --> 00:06:20,679
Speaker 4: And you know, I see it both with younger clients.

152
00:06:20,720 --> 00:06:22,880
Speaker 4: I work with younger people on my team, like reminding

153
00:06:22,920 --> 00:06:25,640
Speaker 4: them of what volatility is really like and what a

154
00:06:25,640 --> 00:06:28,480
Speaker 4: recession feels like, because while we had a recession in COVID,

155
00:06:28,640 --> 00:06:31,080
Speaker 4: you snap back so quickly, it wasn't really like a

156
00:06:31,080 --> 00:06:32,520
Speaker 4: recession that we've all lived through.

157
00:06:33,000 --> 00:06:37,880
Speaker 2: I have encyclopedic knowledge of every loss I've ever made,

158
00:06:38,000 --> 00:06:39,640
Speaker 2: and I learned fairly early on.

159
00:06:39,760 --> 00:06:41,120
Speaker 5: So multiple encyclopedic.

160
00:06:41,200 --> 00:06:43,279
Speaker 2: So it just keep feelings like the World Book when

161
00:06:43,279 --> 00:06:46,480
Speaker 2: you were kids, and the yes volume is very thick. Now,

162
00:06:46,560 --> 00:06:51,599
Speaker 2: how do you teach family offices and family members to

163
00:06:51,760 --> 00:06:54,400
Speaker 2: win from a loss? How do you sit them down

164
00:06:54,440 --> 00:06:56,640
Speaker 2: and say, you know, we went into it and I'm

165
00:06:56,640 --> 00:07:00,920
Speaker 2: picking on Intel and da da da da did work out?

166
00:07:02,080 --> 00:07:05,200
Speaker 2: How do you teach the lessons of a loss?

167
00:07:05,760 --> 00:07:08,320
Speaker 4: This is actually where I think the family office infrastructure

168
00:07:08,320 --> 00:07:10,200
Speaker 4: can be helpful, because you want someone who's a little

169
00:07:10,200 --> 00:07:12,720
Speaker 4: bit dispassionate, separate from the family. Because the family, they've

170
00:07:12,720 --> 00:07:14,240
Speaker 4: made the money, they worked really hard for it. It's the

171
00:07:14,320 --> 00:07:17,240
Speaker 4: losses they feel it more, whereas their professional team can

172
00:07:18,040 --> 00:07:20,040
Speaker 4: be a little bit less emotional about it. And so

173
00:07:20,360 --> 00:07:22,760
Speaker 4: I work with both parts of the team to help

174
00:07:22,760 --> 00:07:24,840
Speaker 4: the family get comfortable, but also help the family office

175
00:07:25,000 --> 00:07:27,200
Speaker 4: create a plan and stick to that plan. How do

176
00:07:27,240 --> 00:07:30,200
Speaker 4: you handle a loss? Risk management? So again, we're not

177
00:07:30,200 --> 00:07:31,480
Speaker 4: going to get everything right. We're not going to get

178
00:07:31,480 --> 00:07:33,280
Speaker 4: a lot of things right. But if you know when

179
00:07:33,280 --> 00:07:35,520
Speaker 4: to pull the ripcord and step aside and then wait

180
00:07:35,560 --> 00:07:37,760
Speaker 4: and go back in, that's the best way you handle

181
00:07:37,760 --> 00:07:39,160
Speaker 4: losses because we're all going to have them. It just

182
00:07:39,560 --> 00:07:41,120
Speaker 4: you don't want to get married to positions. You want

183
00:07:41,120 --> 00:07:43,160
Speaker 4: to get married to trades and just have some sort

184
00:07:43,160 --> 00:07:46,360
Speaker 4: of institutionalized process. For me, it's most of my clients, Hey,

185
00:07:46,480 --> 00:07:48,640
Speaker 4: down ten percent, we re under it. Do we really

186
00:07:48,680 --> 00:07:50,240
Speaker 4: like this if we do, you got to buy more.

187
00:07:50,360 --> 00:07:52,080
Speaker 4: If you're not willing to buy more down ten, then

188
00:07:52,120 --> 00:07:53,480
Speaker 4: what are you doing in that trade?

189
00:07:53,600 --> 00:07:55,400
Speaker 5: On the long list of things, you have to pay

190
00:07:55,440 --> 00:07:59,160
Speaker 5: attention to risks that you're looking at, what's near the top.

191
00:07:59,200 --> 00:08:03,200
Speaker 5: So today we'll have J. Powell opining before the Congress,

192
00:08:03,480 --> 00:08:06,200
Speaker 5: maybe trying not to fine on too much before the Congress.

193
00:08:06,360 --> 00:08:09,280
Speaker 5: We have these tariffs announcements, retributive tariffs. What are you

194
00:08:09,280 --> 00:08:11,400
Speaker 5: most worried about? What has the most kind of determinism

195
00:08:11,440 --> 00:08:12,760
Speaker 5: for your outlook right now?

196
00:08:13,160 --> 00:08:16,400
Speaker 4: I mean, if we're talking about equity outlook, Clearly valuations

197
00:08:16,400 --> 00:08:18,960
Speaker 4: are high, and so our investor is going to be

198
00:08:19,000 --> 00:08:22,120
Speaker 4: willing to pay twenty north of twenty times for US

199
00:08:22,160 --> 00:08:25,160
Speaker 4: companies in a world where there's so much volatility in

200
00:08:25,160 --> 00:08:27,320
Speaker 4: the headlines and where we don't know where the FED

201
00:08:27,400 --> 00:08:30,360
Speaker 4: is going, and people are worried about inflationary risks. So

202
00:08:30,440 --> 00:08:33,480
Speaker 4: for me in US equities, certainly the valuation risk. Actually,

203
00:08:33,520 --> 00:08:35,520
Speaker 4: earnings look pretty good. We're in earning season. The numbers

204
00:08:35,520 --> 00:08:37,960
Speaker 4: are good, but I don't know that we can maintain

205
00:08:37,960 --> 00:08:40,000
Speaker 4: that high multiple, and so that's the risk on our side.

206
00:08:40,000 --> 00:08:41,920
Speaker 4: If you look at our bare case, we're assuming you

207
00:08:41,960 --> 00:08:44,160
Speaker 4: could see multiple contraction. That's how you get south of

208
00:08:44,200 --> 00:08:46,959
Speaker 4: five thousand. Again, I think that's low probability, but that's

209
00:08:47,040 --> 00:08:47,560
Speaker 4: the risk to that.

210
00:08:47,720 --> 00:08:50,880
Speaker 2: Are people really in twenty percent cash? Yeah?

211
00:08:51,440 --> 00:08:53,600
Speaker 3: Now again it's for people.

212
00:08:53,679 --> 00:08:53,920
Speaker 1: It all.

213
00:08:54,640 --> 00:08:56,720
Speaker 4: There's value in something that makes you feel good, like

214
00:08:56,840 --> 00:08:58,720
Speaker 4: that helps you sleep at night. Okay, but again I

215
00:08:58,720 --> 00:08:59,719
Speaker 4: got to put the numbers behind it.

216
00:08:59,760 --> 00:09:01,839
Speaker 3: And you what that dragged us to your portfolio? It's

217
00:09:01,880 --> 00:09:02,400
Speaker 3: it's not good.

218
00:09:02,480 --> 00:09:04,520
Speaker 2: Do you have a gold vault under the new building?

219
00:09:04,559 --> 00:09:06,920
Speaker 2: I mean gold's popping three thousand and now? Is there

220
00:09:07,320 --> 00:09:11,440
Speaker 2: the Descenzo Lord Norman has built a gold vault gold?

221
00:09:12,160 --> 00:09:15,280
Speaker 4: I don't percently have a gold vault gold right now.

222
00:09:15,440 --> 00:09:17,439
Speaker 4: We've been talking about gold for a couple of years now.

223
00:09:17,520 --> 00:09:20,079
Speaker 4: I was up twenty twenty eight percent or so last year.

224
00:09:20,320 --> 00:09:23,440
Speaker 4: I think it's really after twenty eight percent run hard

225
00:09:23,440 --> 00:09:26,760
Speaker 4: to go long out right. That said, I have clients

226
00:09:26,760 --> 00:09:29,200
Speaker 4: who don't have very high allocations. What we've been doing,

227
00:09:29,520 --> 00:09:31,679
Speaker 4: there's interesting skew and gold. People are still trying to

228
00:09:31,720 --> 00:09:34,360
Speaker 4: buy calls to buy upside. So if you own gold

229
00:09:34,360 --> 00:09:36,120
Speaker 4: out right right here, you want to buy some, you

230
00:09:36,160 --> 00:09:39,079
Speaker 4: can coller that position cashless. The most you can lose

231
00:09:39,120 --> 00:09:40,960
Speaker 4: in the year is five percent. The most you can

232
00:09:41,000 --> 00:09:44,720
Speaker 4: gain is thirteen percent. That's an interesting.

233
00:09:44,120 --> 00:09:46,239
Speaker 2: Family office is in collars.

234
00:09:46,320 --> 00:09:50,040
Speaker 4: Yeah, your gold, call your gold your goal because by

235
00:09:50,040 --> 00:09:51,720
Speaker 4: the way, if you make thirteen percent gold, that's more

236
00:09:51,760 --> 00:09:53,160
Speaker 4: than I think you're going to make an use equities

237
00:09:53,160 --> 00:09:53,600
Speaker 4: and that's gold.

238
00:09:54,000 --> 00:09:58,480
Speaker 2: Great. Have you ever broken a phone? Have you plan

239
00:09:59,120 --> 00:10:00,079
Speaker 2: I phone?

240
00:10:00,200 --> 00:10:03,160
Speaker 4: I am I'm Italian, I have a hot temper, so yes.

241
00:10:03,440 --> 00:10:05,320
Speaker 2: Yes, okay, thank you. Now we got to the Dirk

242
00:10:05,520 --> 00:10:08,760
Speaker 2: Modica descenzo. Thank you, thanks you so much. Really appreciate it.

243
00:10:09,000 --> 00:10:12,800
Speaker 2: Head of breaking telephones, JP Morgan really in particularly those

244
00:10:12,800 --> 00:10:16,480
Speaker 2: comments on the heritage of JP Morgan coverage of our

245
00:10:16,520 --> 00:10:17,880
Speaker 2: media business years ago.

246
00:10:23,320 --> 00:10:26,920
Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us Live

247
00:10:26,960 --> 00:10:30,160
Speaker 1: weekday afternoons from seven to ten am Eastern Listen on

248
00:10:30,200 --> 00:10:33,880
Speaker 1: Applecarplay and Android Auto with the Bloomberg Business app, or

249
00:10:34,040 --> 00:10:35,520
Speaker 1: watch us live on YouTube.

250
00:10:35,720 --> 00:10:39,960
Speaker 2: I have been remiss, remiss, remiss. We really ignored the

251
00:10:40,000 --> 00:10:43,400
Speaker 2: bond market because it's a sleep, which means ratear up.

252
00:10:43,800 --> 00:10:46,400
Speaker 2: We are thrilled at Megan Robson is whether she's US

253
00:10:46,440 --> 00:10:50,280
Speaker 2: Credit Strategy b MP Perry ba I mean, there's a

254
00:10:50,360 --> 00:10:52,640
Speaker 2: certain you know, I go back to your brown economics

255
00:10:52,640 --> 00:10:54,720
Speaker 2: with Bill Poole and all that, there's a certain point

256
00:10:54,760 --> 00:10:59,400
Speaker 2: where you link in economics and politics into your bond call.

257
00:10:59,600 --> 00:11:02,600
Speaker 2: Do you have to change b MP perry back credits

258
00:11:02,640 --> 00:11:05,440
Speaker 2: strategy with all that's going on in Washington.

259
00:11:05,840 --> 00:11:08,920
Speaker 6: A lot of cross currents right now. But for credit,

260
00:11:09,040 --> 00:11:14,000
Speaker 6: surprisingly the two factors that have driven markets are actually

261
00:11:14,080 --> 00:11:18,480
Speaker 6: outside of politics. So supply demand very well in balance,

262
00:11:18,960 --> 00:11:22,480
Speaker 6: and credit quality also very well in balance. So I

263
00:11:22,520 --> 00:11:25,880
Speaker 6: think there is this expectation that some of these headlines

264
00:11:26,120 --> 00:11:28,880
Speaker 6: related to tariffs should start to drive credit spreads, but

265
00:11:28,960 --> 00:11:30,720
Speaker 6: so far we've seen the opposite.

266
00:11:30,800 --> 00:11:33,520
Speaker 2: So spreads haven't reversed.

267
00:11:33,640 --> 00:11:34,680
Speaker 3: They're still spreads.

268
00:11:34,840 --> 00:11:36,600
Speaker 2: If you look at me put it in English, they

269
00:11:36,720 --> 00:11:38,440
Speaker 2: price to perfection, if.

270
00:11:38,480 --> 00:11:41,440
Speaker 6: If I think that's that's fair to say, definitely pricing

271
00:11:41,440 --> 00:11:45,920
Speaker 6: in the credits soft landing. Since the election, IG credit

272
00:11:45,960 --> 00:11:49,319
Speaker 6: spreads have been within seven basis point range, so very

273
00:11:49,400 --> 00:11:53,160
Speaker 6: narrow range. Meanwhile, you've seen the interest rate markets ten

274
00:11:53,240 --> 00:11:55,960
Speaker 6: year treasury, a lot of volatility around that, and of

275
00:11:56,000 --> 00:11:57,520
Speaker 6: course you look at it, I go.

276
00:11:57,600 --> 00:11:59,559
Speaker 5: To translate that, please, I'm waiting for.

277
00:11:59,520 --> 00:12:03,760
Speaker 2: That whole faith and credit US ten year yield and

278
00:12:03,880 --> 00:12:08,640
Speaker 2: a corporate quality ten year yield is point zero seven

279
00:12:08,760 --> 00:12:10,600
Speaker 2: percent higher yield.

280
00:12:11,200 --> 00:12:16,240
Speaker 6: So the absolute spread now is closer to eighty basis points,

281
00:12:16,760 --> 00:12:20,280
Speaker 6: but the range within it's traded so it's bounced between

282
00:12:20,600 --> 00:12:24,440
Speaker 6: seventy four and eighty one roughly. So that very narrow

283
00:12:24,520 --> 00:12:27,600
Speaker 6: range that we've traded within, or the band we've traded in,

284
00:12:27,679 --> 00:12:30,600
Speaker 6: has been extremely tight, and I think it speaks to

285
00:12:31,200 --> 00:12:35,199
Speaker 6: the strength of the technicals, supply demand being very well

286
00:12:35,200 --> 00:12:38,280
Speaker 6: in balance. And then of course the credit cycle. We're

287
00:12:38,280 --> 00:12:42,000
Speaker 6: not seeing signs of excesses. Things like corporate leverage has

288
00:12:42,080 --> 00:12:44,800
Speaker 6: been very stable. We actually saw it move lower last year,

289
00:12:44,840 --> 00:12:48,200
Speaker 6: and interest coverage has come down but near the long

290
00:12:48,320 --> 00:12:51,960
Speaker 6: term median, So I think that's contributed to the stability

291
00:12:52,000 --> 00:12:52,959
Speaker 6: that we've seen.

292
00:12:53,120 --> 00:12:54,839
Speaker 5: To borrow a phrase from Tom, how does a pro

293
00:12:55,080 --> 00:12:58,480
Speaker 5: like you navigate all these announcements from the President when

294
00:12:58,480 --> 00:13:00,480
Speaker 5: it comes to tariffs, be they the piece is that

295
00:13:00,520 --> 00:13:02,960
Speaker 5: he's going to do something or assign some executive order

296
00:13:03,640 --> 00:13:06,120
Speaker 5: or the executive orders themselves indicating there's going to be

297
00:13:06,160 --> 00:13:10,040
Speaker 5: a study or new tariffs in thirty days time, how

298
00:13:10,040 --> 00:13:12,040
Speaker 5: do you sort of forecast out what those headwinds might

299
00:13:12,080 --> 00:13:13,120
Speaker 5: be if in fact we see them.

300
00:13:13,320 --> 00:13:16,800
Speaker 6: So we're not expecting headlines to drive the market at

301
00:13:16,800 --> 00:13:19,160
Speaker 6: a top down level, but there are a lot of

302
00:13:19,160 --> 00:13:24,320
Speaker 6: sector implications, so we've really tried to zero in and

303
00:13:24,360 --> 00:13:28,000
Speaker 6: focus on which sectors might be more or less exposed

304
00:13:28,080 --> 00:13:31,240
Speaker 6: in the market. So looking at supply chains, looking at

305
00:13:31,520 --> 00:13:36,959
Speaker 6: direct revenue exposure abroad, if you saw tip for tat tariffs,

306
00:13:37,080 --> 00:13:42,240
Speaker 6: our starting points for sort of identifying those vulnerabilities. So

307
00:13:42,960 --> 00:13:47,120
Speaker 6: we have as an example, for example, autos investment grade

308
00:13:47,120 --> 00:13:51,240
Speaker 6: auto sector very intertwined with Canada and Mexico. In our

309
00:13:51,280 --> 00:13:54,319
Speaker 6: base case, we're not expecting tariffs on Canada and Mexico

310
00:13:54,400 --> 00:13:56,960
Speaker 6: to actually pan out, but if they do, that's a

311
00:13:57,000 --> 00:13:59,600
Speaker 6: sector that would be much more exposed.

312
00:13:59,360 --> 00:14:01,760
Speaker 2: Well as just as a side I looked at the chart,

313
00:14:01,800 --> 00:14:06,840
Speaker 2: I can't remember from who. Overnight aluminum is basically Canada.

314
00:14:07,240 --> 00:14:09,520
Speaker 2: I mean, it's a little bit of China, but everybody's

315
00:14:09,520 --> 00:14:12,360
Speaker 2: got like an alphabet super countries like South Korea. South

316
00:14:12,440 --> 00:14:15,720
Speaker 2: Korea is teen Swedens, I mean Canada. When we do

317
00:14:15,760 --> 00:14:18,960
Speaker 2: aluminum tariffs, we're doing Canadian tariffs, thank you.

318
00:14:19,640 --> 00:14:22,280
Speaker 6: And there's a lot of there's a lot of issuers

319
00:14:22,280 --> 00:14:25,640
Speaker 6: in the US credit indices that are actually based in

320
00:14:25,720 --> 00:14:29,480
Speaker 6: Canada are domiciled in Canada, so of course those issuers

321
00:14:29,520 --> 00:14:32,320
Speaker 6: are much more vulnerable if we see tariffs heat up.

322
00:14:32,480 --> 00:14:35,680
Speaker 6: I think another area building products. So in the high

323
00:14:35,720 --> 00:14:39,640
Speaker 6: yield market, this is a sort of trifecta of policy

324
00:14:39,720 --> 00:14:42,560
Speaker 6: risk because you have higher mortgage rates, which is already

325
00:14:42,600 --> 00:14:46,480
Speaker 6: weighed on the sector. You have potential immigration issues, so

326
00:14:46,600 --> 00:14:50,240
Speaker 6: a lot of the building sector is exposed to undocumented labor.

327
00:14:50,360 --> 00:14:54,760
Speaker 6: And then also some exposure to tariffs as well if

328
00:14:54,800 --> 00:14:57,080
Speaker 6: we see things like a tariffs on steel. So that's

329
00:14:57,120 --> 00:14:59,720
Speaker 6: another place that we would avoid. And then if you

330
00:14:59,720 --> 00:15:01,800
Speaker 6: think of about sort of hiding out, think about the

331
00:15:01,800 --> 00:15:05,680
Speaker 6: services sector, So healthcare much lower exposure. We're overweight investment

332
00:15:05,720 --> 00:15:09,320
Speaker 6: great healthcare. In the high yield market, we like cruise lines,

333
00:15:09,440 --> 00:15:12,840
Speaker 6: so sector where you're exposed more to the high end

334
00:15:12,840 --> 00:15:15,760
Speaker 6: consumer and services versus goods.

335
00:15:16,040 --> 00:15:17,440
Speaker 5: I want to ask you to react to something that

336
00:15:17,480 --> 00:15:19,600
Speaker 5: we heard last week when our colleague Silimo's and sat

337
00:15:19,600 --> 00:15:21,520
Speaker 5: down with Scott Bess and the new Corenitury secretary. She

338
00:15:21,520 --> 00:15:24,120
Speaker 5: asked about how he's thinking about what the FED is

339
00:15:24,160 --> 00:15:26,240
Speaker 5: doing or isn't doing, and he said the thing that

340
00:15:26,240 --> 00:15:29,120
Speaker 5: he's paying the most attention to is the tenure. What

341
00:15:29,160 --> 00:15:30,600
Speaker 5: do you make of that? What should we make of

342
00:15:30,640 --> 00:15:32,600
Speaker 5: the fact that he's kind of giving that premacy. That's

343
00:15:32,600 --> 00:15:34,640
Speaker 5: the thing that he's mostly focusing on.

344
00:15:35,040 --> 00:15:39,640
Speaker 6: So I think that the administration is not going to

345
00:15:39,680 --> 00:15:42,000
Speaker 6: be able to adjust the FED funds rate like though

346
00:15:42,040 --> 00:15:44,480
Speaker 6: you might want to, although it might want to, And

347
00:15:44,560 --> 00:15:48,640
Speaker 6: so they do in in some way have control over

348
00:15:48,680 --> 00:15:50,560
Speaker 6: the ten year if you think about the term premium,

349
00:15:50,560 --> 00:15:54,720
Speaker 6: if you think about fiscal deficits and so if they

350
00:15:54,720 --> 00:15:58,080
Speaker 6: are able to sort of reduce the fiscal deficit, that

351
00:15:58,120 --> 00:16:00,320
Speaker 6: could bring down the ten year a bit. And if

352
00:16:00,320 --> 00:16:04,240
Speaker 6: you think about the constituency, they care about their mortgage rate.

353
00:16:04,320 --> 00:16:07,160
Speaker 6: If you can bring down the tenure, that is a

354
00:16:07,200 --> 00:16:11,040
Speaker 6: gift to the constituency and would probably be a very

355
00:16:11,040 --> 00:16:12,640
Speaker 6: popular popular item.

356
00:16:12,680 --> 00:16:15,720
Speaker 2: So, based on this conversation, you're taking off the summer.

357
00:16:17,560 --> 00:16:20,080
Speaker 6: We'll see it's range both.

358
00:16:20,200 --> 00:16:23,000
Speaker 2: I mean, it's cool if there's a real stability to

359
00:16:23,040 --> 00:16:23,720
Speaker 2: its way.

360
00:16:23,840 --> 00:16:26,840
Speaker 6: Yeah, No, there's a definite carry element. We like the

361
00:16:27,000 --> 00:16:30,040
Speaker 6: triple big where you can get a lot of carry,

362
00:16:30,040 --> 00:16:32,000
Speaker 6: and then the leverage loan market. If the FED does

363
00:16:32,040 --> 00:16:35,040
Speaker 6: stay on hold, it's an attractive carry profile.

364
00:16:35,160 --> 00:16:37,560
Speaker 2: Mean thank you Megan Robinson with this BMP prairi about

365
00:16:37,600 --> 00:16:40,360
Speaker 2: it ahead of US credit strategy.

366
00:16:40,760 --> 00:16:44,680
Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday

367
00:16:44,720 --> 00:16:47,720
Speaker 1: starting at seven am Eastern on Apple Corplay and Android

368
00:16:47,760 --> 00:16:50,800
Speaker 1: Auto with the Bloomberg Business app. You can also listen

369
00:16:50,880 --> 00:16:54,120
Speaker 1: live on Amazon Alexa from our flagship New York station,

370
00:16:54,680 --> 00:16:57,360
Speaker 1: Just say Alexa Play Bloomberg eleven thirty.

371
00:16:57,640 --> 00:17:00,640
Speaker 2: We are honored to bring you today someone who grew

372
00:17:00,720 --> 00:17:05,280
Speaker 2: up in the shadow of KMOX in Saint Louis. One

373
00:17:05,320 --> 00:17:08,920
Speaker 2: of my high points was being interviewed by KMOX with

374
00:17:09,080 --> 00:17:11,800
Speaker 2: a plaque Abraham Lincoln on the wall. This is where

375
00:17:11,840 --> 00:17:14,680
Speaker 2: Abe did whatever he did. He came to New York

376
00:17:14,720 --> 00:17:16,919
Speaker 2: and has made a good go of it, and it

377
00:17:16,960 --> 00:17:20,359
Speaker 2: could be a four hour interview today David Gura with

378
00:17:20,480 --> 00:17:21,119
Speaker 2: mister Lander.

379
00:17:21,440 --> 00:17:23,600
Speaker 5: Brad Lander. Great to see you and definitely want to

380
00:17:23,600 --> 00:17:25,600
Speaker 5: talk about your campaign and your platform. But I have

381
00:17:25,600 --> 00:17:26,919
Speaker 5: to start with the news of the day, and that

382
00:17:27,080 --> 00:17:29,880
Speaker 5: is this memo that came to light The Times first

383
00:17:29,920 --> 00:17:32,600
Speaker 5: reported last night from the Justice Department to the US

384
00:17:32,640 --> 00:17:35,360
Speaker 5: Attorney's Office in New York, instructing that office to drop

385
00:17:35,400 --> 00:17:38,640
Speaker 5: the charges against the current mayor, Eric Adams. I wonder

386
00:17:38,640 --> 00:17:41,679
Speaker 5: what you make of that directive. Obviously you have an

387
00:17:41,680 --> 00:17:44,200
Speaker 5: acting US attorney now he's in a very difficult position

388
00:17:44,720 --> 00:17:47,480
Speaker 5: whether to take that advice and alienate probably the entire

389
00:17:47,520 --> 00:17:50,560
Speaker 5: staff within that office, or go along with it. I

390
00:17:50,560 --> 00:17:53,000
Speaker 5: guess under the expectation that whoever succeeds her, be that

391
00:17:53,119 --> 00:17:55,560
Speaker 5: Jay Clayton or someone else, is likely to put a

392
00:17:55,600 --> 00:17:57,680
Speaker 5: rubber stamp on it. What do you make of the news?

393
00:17:57,720 --> 00:17:59,080
Speaker 5: What does it tell you about the case that this

394
00:17:59,119 --> 00:18:00,280
Speaker 5: office is built against mayor?

395
00:18:00,600 --> 00:18:04,160
Speaker 7: What an outrageous miscarriage of justice. The Southern District has

396
00:18:04,200 --> 00:18:08,480
Speaker 7: a tremendous history for doing corruption prosecution, and this says, no,

397
00:18:08,840 --> 00:18:11,840
Speaker 7: we want you to do corruption instead. They had a

398
00:18:11,880 --> 00:18:14,199
Speaker 7: strong case. They're not even saying the evidence in the

399
00:18:14,240 --> 00:18:17,160
Speaker 7: case isn't strong. You know, they know he took illegal

400
00:18:17,160 --> 00:18:21,240
Speaker 7: campaign contributions, corrupted the building's department, but they just want

401
00:18:21,280 --> 00:18:24,280
Speaker 7: to wreck the justice system, and unfortunately New Yorkers are

402
00:18:24,280 --> 00:18:25,520
Speaker 7: going to pay the consequences.

403
00:18:25,880 --> 00:18:28,520
Speaker 5: Do you think that the mayor should resign? There's this

404
00:18:28,560 --> 00:18:30,840
Speaker 5: swirl now about should he be partnered to he not

405
00:18:30,880 --> 00:18:33,440
Speaker 5: have these charges brought against him? Should he step down

406
00:18:33,480 --> 00:18:36,359
Speaker 5: given what's happened here. Yes, he should resign. He's effectively

407
00:18:36,400 --> 00:18:39,600
Speaker 5: being extorted by the Justice Department. He's only looking out

408
00:18:39,600 --> 00:18:42,359
Speaker 5: for the interests of one New Yorker and that's himself,

409
00:18:42,760 --> 00:18:44,800
Speaker 5: not even speaking up when they come to take our

410
00:18:44,880 --> 00:18:47,879
Speaker 5: lunch money. There are many layers to this. It's a

411
00:18:47,880 --> 00:18:50,000
Speaker 5: two two page memo. I should say the acting Deputy

412
00:18:50,000 --> 00:18:52,720
Speaker 5: Attorney General is an alumnus of this office of the

413
00:18:52,800 --> 00:18:54,720
Speaker 5: sd and I which may SDNY, which makes us even

414
00:18:54,720 --> 00:18:57,560
Speaker 5: more astonishing. But there's a line a footnote buried in it,

415
00:18:57,600 --> 00:18:59,960
Speaker 5: which I flagged on Twitter and all the other platforms

416
00:19:00,160 --> 00:19:02,159
Speaker 5: last night, and it's just find it to be like

417
00:19:02,400 --> 00:19:05,760
Speaker 5: an astonishing footnote. Quote your office correctly noted in the

418
00:19:05,800 --> 00:19:09,000
Speaker 5: February third, twenty twenty five memorandum. Quote, as mister beau

419
00:19:09,119 --> 00:19:12,119
Speaker 5: emil Bow, the Acting Deputy Turned General, clearly stated to

420
00:19:12,200 --> 00:19:14,600
Speaker 5: Defense Council during our meeting on January thirty first, twenty

421
00:19:14,600 --> 00:19:17,960
Speaker 5: twenty five, the government is not offering to exchange dismissal

422
00:19:17,960 --> 00:19:21,920
Speaker 5: of a criminal case for Adams's assistance on immigration enforcement.

423
00:19:23,280 --> 00:19:25,240
Speaker 5: A lot of absurdity baked in there, and just the

424
00:19:25,240 --> 00:19:27,160
Speaker 5: way that that's constructed. But this is something that you've

425
00:19:27,359 --> 00:19:30,120
Speaker 5: homed in on in recent days. That is, was there

426
00:19:30,160 --> 00:19:32,800
Speaker 5: some sort of deal broker between the mayor and the

427
00:19:32,840 --> 00:19:35,720
Speaker 5: president in mar Lago or elsewhere? It sure looks like it.

428
00:19:35,760 --> 00:19:37,919
Speaker 7: Elsewhere in the memo it says we're doing this so

429
00:19:37,960 --> 00:19:40,639
Speaker 7: that the mayor can get back to the business of fighting.

430
00:19:40,320 --> 00:19:42,360
Speaker 5: Quote unquote illegal immigration.

431
00:19:42,600 --> 00:19:45,439
Speaker 7: His job is to protect New Yorkers, not to do

432
00:19:45,480 --> 00:19:46,679
Speaker 7: the president's bidding.

433
00:19:46,760 --> 00:19:49,520
Speaker 2: Do you agree? Is David Gurrows more up to speed

434
00:19:49,560 --> 00:19:51,480
Speaker 2: on this than I am? And in Christmaster Landers, so

435
00:19:51,560 --> 00:19:54,840
Speaker 2: are you that the way the language is formed, there's

436
00:19:54,880 --> 00:19:58,360
Speaker 2: a threat to the mayor if you don't guess what

437
00:19:58,480 --> 00:20:02,359
Speaker 2: we say. Going to bring those charges.

438
00:20:01,920 --> 00:20:06,200
Speaker 7: Back dismissed without prejudice means we will be watching every

439
00:20:06,280 --> 00:20:08,800
Speaker 7: step of the way, and if we're dissatisfied with your

440
00:20:08,840 --> 00:20:11,840
Speaker 7: fealty to the Trump White House, see we'll bring the charge.

441
00:20:11,840 --> 00:20:14,880
Speaker 2: The difference is Landers studied this at Chicago. I got

442
00:20:14,920 --> 00:20:17,000
Speaker 2: it from Perry Mason. That's a difference.

443
00:20:17,680 --> 00:20:20,400
Speaker 5: I can't help but draw a line to what now

444
00:20:20,440 --> 00:20:23,400
Speaker 5: former President Biden did in the final days of his administration,

445
00:20:24,240 --> 00:20:28,240
Speaker 5: making these preemptive pardons to his son and others. Look,

446
00:20:28,560 --> 00:20:30,520
Speaker 5: President Trump could have done the same thing. But there

447
00:20:30,600 --> 00:20:32,480
Speaker 5: is a flex a power move here.

448
00:20:32,359 --> 00:20:32,879
Speaker 2: In doing this.

449
00:20:32,960 --> 00:20:36,280
Speaker 5: You talked about the long standing independence and proud independence

450
00:20:36,320 --> 00:20:39,440
Speaker 5: of the SDN Y. He's testing them effectively by doing this,

451
00:20:39,520 --> 00:20:43,120
Speaker 5: I mean move fast and break things. He's breaking the

452
00:20:43,200 --> 00:20:46,520
Speaker 5: Justice Department and the tradition of independent prosecution that the

453
00:20:46,560 --> 00:20:49,119
Speaker 5: Southern District of New York has long had, and that'll

454
00:20:49,119 --> 00:20:52,040
Speaker 5: mean more corruption. You say he should resign. There's another

455
00:20:52,080 --> 00:20:54,399
Speaker 5: means of recourse here. If he doesn't do that, you

456
00:20:54,560 --> 00:20:56,360
Speaker 5: other Democrats could go to the governor of the State

457
00:20:56,400 --> 00:20:58,840
Speaker 5: of New York or to Cathy Hoakland say, look, you

458
00:20:58,880 --> 00:21:02,040
Speaker 5: have the power to do you get him to step aside,

459
00:21:02,280 --> 00:21:04,719
Speaker 5: perhaps force and to step aside. Is that something that

460
00:21:04,760 --> 00:21:07,080
Speaker 5: you and your fellow Democrats are thinking about and indeed

461
00:21:07,080 --> 00:21:09,600
Speaker 5: would consider it this moment because of all of this.

462
00:21:09,680 --> 00:21:11,800
Speaker 7: I mean, the form of removal I'm focused on right

463
00:21:11,840 --> 00:21:14,560
Speaker 7: now is the ballot box New Yorkers can get rid

464
00:21:14,640 --> 00:21:18,359
Speaker 7: of Eric Adams and restore integrity and effective government to

465
00:21:18,400 --> 00:21:20,040
Speaker 7: city hall. I mean, people are fed up not just

466
00:21:20,119 --> 00:21:23,240
Speaker 7: with his corruption, but with his failure to deliver. People

467
00:21:23,280 --> 00:21:25,800
Speaker 7: are fed up with democratic mayors of big blue cities

468
00:21:25,840 --> 00:21:29,000
Speaker 7: who can't govern and that's what we can elect this year.

469
00:21:29,280 --> 00:21:30,920
Speaker 5: I want to get to your platform. One last question

470
00:21:30,960 --> 00:21:32,719
Speaker 5: on this, based on what you just said there in

471
00:21:32,760 --> 00:21:35,119
Speaker 5: that memo, is this criticism of this case being brought

472
00:21:35,400 --> 00:21:38,080
Speaker 5: close to an election. I guess nine months out now

473
00:21:38,119 --> 00:21:40,600
Speaker 5: from an election is too close for comfort for this

474
00:21:40,840 --> 00:21:44,000
Speaker 5: Justice Department. As you look at this campaign, how do

475
00:21:44,080 --> 00:21:47,280
Speaker 5: you see this story being a through line? Perhaps the

476
00:21:47,400 --> 00:21:49,760
Speaker 5: through line is you campaign and your fellow Democrats campaign

477
00:21:49,760 --> 00:21:52,639
Speaker 5: against him. I mean, New Yorkers know that Eric Adams

478
00:21:52,680 --> 00:21:55,520
Speaker 5: has run a corrupt administration. I think it's twenty six

479
00:21:55,680 --> 00:22:00,439
Speaker 5: members of his administration have either been indicted or under instigation,

480
00:22:00,520 --> 00:22:03,840
Speaker 5: including him. But he also has been failing to deliver

481
00:22:03,960 --> 00:22:07,639
Speaker 5: on affordable housing, on public safety, on childcare, on just

482
00:22:07,760 --> 00:22:11,320
Speaker 5: making the government run well. So those will go together.

483
00:22:11,359 --> 00:22:13,600
Speaker 7: What New Yorkers want is a safer, more affordable, and

484
00:22:13,720 --> 00:22:16,040
Speaker 7: better run city, and that I think will be the

485
00:22:16,040 --> 00:22:17,800
Speaker 7: through line of this campaign. That's why I'm running for

486
00:22:17,840 --> 00:22:18,680
Speaker 7: all your nationwide.

487
00:22:18,680 --> 00:22:20,960
Speaker 2: In your morning commune on Apple, car Play, Android Auto,

488
00:22:21,040 --> 00:22:24,280
Speaker 2: or a new digital platform YouTube, Good morning, and subscribe

489
00:22:24,280 --> 00:22:28,520
Speaker 2: to Bloomberg Podcasts. An extensive conversation of our David Gura

490
00:22:28,720 --> 00:22:32,000
Speaker 2: with brad Lander. He counts the beans in New York.

491
00:22:32,080 --> 00:22:34,920
Speaker 2: He's a controller. But far, far more of that is

492
00:22:35,040 --> 00:22:37,239
Speaker 2: David goes to your campaign. I want to frame this,

493
00:22:37,720 --> 00:22:41,040
Speaker 2: I said to a family member. Finally, whether you're a

494
00:22:41,080 --> 00:22:45,840
Speaker 2: Republican or Democrat. The former mayor of Chicago Ram wrote

495
00:22:45,840 --> 00:22:49,280
Speaker 2: an essay in the Washington Post, Democrats have become the

496
00:22:49,320 --> 00:22:53,600
Speaker 2: party of permissiveness. That's ballot box poison. You have a

497
00:22:53,720 --> 00:22:57,680
Speaker 2: history of progressivism. How does the left in the Democratic

498
00:22:57,760 --> 00:23:00,800
Speaker 2: Party migrate to the center to compete?

499
00:23:00,880 --> 00:23:02,480
Speaker 7: Yeah, I mean, I want to give you some straight talk.

500
00:23:02,520 --> 00:23:06,040
Speaker 7: I think progressives, including myself, we're slow to respond to

501
00:23:06,240 --> 00:23:10,159
Speaker 7: rising disorder and crime coming out of the pandemic, and

502
00:23:10,200 --> 00:23:11,720
Speaker 7: we need to be real clear about it. So the

503
00:23:11,800 --> 00:23:14,760
Speaker 7: number one commitment of my campaign is to end street

504
00:23:14,760 --> 00:23:17,600
Speaker 7: homelessness for people with serious mental illness in New York

505
00:23:17,680 --> 00:23:21,240
Speaker 7: City who are on the streets and subways. That is

506
00:23:21,240 --> 00:23:23,920
Speaker 7: something a mayor could do. I've laid out a really detailed,

507
00:23:23,960 --> 00:23:29,000
Speaker 7: ready on day one plan. Some of that is involuntary hospitalization,

508
00:23:29,280 --> 00:23:31,760
Speaker 7: a lot of that is connecting people to housing and

509
00:23:31,800 --> 00:23:34,479
Speaker 7: services so they're not on the subways or on our

510
00:23:34,520 --> 00:23:36,679
Speaker 7: stoops a danger to themselves.

511
00:23:36,720 --> 00:23:39,240
Speaker 5: And to others. You know, Tom and I travel, we

512
00:23:39,280 --> 00:23:40,840
Speaker 5: go to Washington, go elsewhere, And I think a lot

513
00:23:40,880 --> 00:23:42,359
Speaker 5: of people like to rag on New York, like to

514
00:23:42,359 --> 00:23:43,879
Speaker 5: bring up the fact that they think that the subways

515
00:23:43,920 --> 00:23:46,800
Speaker 5: are unsafe, that there is a sense of a lack

516
00:23:46,840 --> 00:23:49,240
Speaker 5: of good public safety in the city right now. And

517
00:23:49,440 --> 00:23:51,760
Speaker 5: you can bring up statistics to push against that, But

518
00:23:51,800 --> 00:23:54,080
Speaker 5: how do you deal with that feeling. What's in the

519
00:23:54,119 --> 00:23:56,720
Speaker 5: zeitgeist here that if you're riding the subway there is

520
00:23:57,600 --> 00:23:58,639
Speaker 5: a danger that something.

521
00:23:58,520 --> 00:24:01,040
Speaker 7: Could happen to you are true. I mean, we have

522
00:24:01,240 --> 00:24:04,280
Speaker 7: more private sector jobs, more office using jobs than ever

523
00:24:04,320 --> 00:24:07,080
Speaker 7: in the city's history. People do want to be here.

524
00:24:07,560 --> 00:24:10,160
Speaker 7: But if you're on the subway and you just heard

525
00:24:10,160 --> 00:24:13,359
Speaker 7: the story that an unwell person, a mentally ill person

526
00:24:13,680 --> 00:24:16,280
Speaker 7: push someone onto the tracks, and then you see a

527
00:24:16,320 --> 00:24:19,720
Speaker 7: homeless person who's mentally ill in your car, of course

528
00:24:19,760 --> 00:24:22,240
Speaker 7: you're anxious. I have a friend whose eight year old

529
00:24:22,320 --> 00:24:25,400
Speaker 7: daughter was pushed to the ground last week. So it's

530
00:24:25,440 --> 00:24:27,959
Speaker 7: a real issue and a perception issue. But what we

531
00:24:28,040 --> 00:24:31,159
Speaker 7: do is get those people connected to housing and services

532
00:24:31,200 --> 00:24:33,800
Speaker 7: so they're not riding the subways where it's not good

533
00:24:33,840 --> 00:24:36,280
Speaker 7: for them and it's not good for writers in New

534
00:24:36,359 --> 00:24:39,280
Speaker 7: York City. That ends street homelessness for people with serious

535
00:24:39,320 --> 00:24:42,120
Speaker 7: mental illness will be a proud New York and one

536
00:24:42,160 --> 00:24:45,440
Speaker 7: that could show all those critics look at how well

537
00:24:45,440 --> 00:24:48,640
Speaker 7: we're doing. But that takes a new mayor, and that's

538
00:24:48,640 --> 00:24:49,320
Speaker 7: what I'm running for.

539
00:24:49,520 --> 00:24:51,320
Speaker 5: How do you look at the relationship when it comes

540
00:24:51,359 --> 00:24:54,960
Speaker 5: to transportation between New York City and the state government,

541
00:24:55,040 --> 00:24:56,600
Speaker 5: and of course the governor has weighed in on what

542
00:24:56,680 --> 00:24:58,800
Speaker 5: needs to happen on subways to make them more safe.

543
00:24:59,160 --> 00:25:00,960
Speaker 5: How important is that relationship. What would you do to

544
00:25:01,000 --> 00:25:04,159
Speaker 5: improve that to sort of harness that effective way to

545
00:25:04,359 --> 00:25:04,920
Speaker 5: make things safer.

546
00:25:05,160 --> 00:25:07,600
Speaker 7: I mean the city state relationship to make the subways

547
00:25:07,600 --> 00:25:09,639
Speaker 7: around well as critical. This is why I was a

548
00:25:09,640 --> 00:25:12,800
Speaker 7: big proponent of congestion pricing, and when the governor put

549
00:25:12,800 --> 00:25:16,000
Speaker 7: it on pause, I help bring the lawsuits that sued

550
00:25:16,000 --> 00:25:18,760
Speaker 7: to get it implemented. But of course now we're working

551
00:25:18,800 --> 00:25:21,439
Speaker 7: closely together to make sure it's implemented well. The numbers

552
00:25:21,440 --> 00:25:25,160
Speaker 7: are great so far. Travel times are down, traffic is down,

553
00:25:25,240 --> 00:25:28,439
Speaker 7: money is more people are on the subway. Now the

554
00:25:28,480 --> 00:25:31,520
Speaker 7: city and state have to work together to deliver platform barriers,

555
00:25:31,560 --> 00:25:36,120
Speaker 7: new station gates, new subway elevators, modern signal system, all

556
00:25:36,160 --> 00:25:37,919
Speaker 7: the things that we have to work together to make

557
00:25:37,920 --> 00:25:38,480
Speaker 7: sure it works.

558
00:25:38,520 --> 00:25:41,159
Speaker 2: I'm going to cut to the chase. It's real simple.

559
00:25:41,280 --> 00:25:44,240
Speaker 2: I live in a fancy part in New York where

560
00:25:44,280 --> 00:25:46,840
Speaker 2: I enjoyed a cigar in the street and one day

561
00:25:46,880 --> 00:25:50,560
Speaker 2: there's seven police officers around me all of a sudden.

562
00:25:50,640 --> 00:25:54,960
Speaker 2: And again it's crime that you mentioned. It's the issue.

563
00:25:55,040 --> 00:25:59,199
Speaker 2: It's almost like Nixon sixty eight to seventy whatever. Brad Lander,

564
00:25:59,280 --> 00:26:02,320
Speaker 2: how are you going to have a relationship with the NYPD?

565
00:26:02,840 --> 00:26:06,520
Speaker 2: How do you form that is mayor versus being counter

566
00:26:06,880 --> 00:26:08,280
Speaker 2: going after contracts.

567
00:26:08,560 --> 00:26:10,720
Speaker 7: I mean, this is an important moment. I have to say,

568
00:26:10,800 --> 00:26:13,159
Speaker 7: Jesse Tish, who's now and there is police commissioner, is

569
00:26:13,160 --> 00:26:17,520
Speaker 7: doing a great job so far both doing reform, holding

570
00:26:17,520 --> 00:26:20,320
Speaker 7: people accountable, and providing support.

571
00:26:20,400 --> 00:26:22,439
Speaker 5: And that's the survivor of this administration.

572
00:26:22,560 --> 00:26:24,959
Speaker 7: I mean, honestly, the fact that the mayor's corruption has

573
00:26:25,000 --> 00:26:27,520
Speaker 7: opened up an opportunity for reform is great. But I

574
00:26:27,520 --> 00:26:30,160
Speaker 7: would love to keep Jesse Tish as commissioner. I think

575
00:26:30,200 --> 00:26:34,080
Speaker 7: she's got the right tone of accountability and rebuilding and

576
00:26:34,160 --> 00:26:34,639
Speaker 7: reform ins.

577
00:26:35,440 --> 00:26:37,760
Speaker 2: I need you to go out to Stanton Island next

578
00:26:37,760 --> 00:26:40,520
Speaker 2: to where Mandolin Brothers was years ago. I need you

579
00:26:40,560 --> 00:26:44,439
Speaker 2: to go to Stanton Island and bond with people that

580
00:26:44,600 --> 00:26:47,119
Speaker 2: look at progressives and go, you gotta be kidnaped. How

581
00:26:47,160 --> 00:26:48,080
Speaker 2: do you do that when I go?

582
00:26:48,240 --> 00:26:50,439
Speaker 7: So this is a connection from being being counter. I

583
00:26:50,480 --> 00:26:52,840
Speaker 7: work with the Police Pension Fund to manage their pension.

584
00:26:52,920 --> 00:26:55,840
Speaker 7: So there was an officer, officer Fayaz, who the mayor

585
00:26:55,880 --> 00:26:58,400
Speaker 7: wouldn't allow to get line of benefit due to line

586
00:26:58,440 --> 00:27:00,800
Speaker 7: of duty benefits, and my office did.

587
00:27:00,840 --> 00:27:02,240
Speaker 5: I worked with the Police.

588
00:27:01,960 --> 00:27:04,480
Speaker 7: Pension Fund to make sure those officers who had long

589
00:27:04,520 --> 00:27:07,840
Speaker 7: COVID could actually get their disability benefits. So I've got

590
00:27:07,840 --> 00:27:11,880
Speaker 7: a track record of working with the union reps. I hope,

591
00:27:11,920 --> 00:27:13,439
Speaker 7: you know, I'll bring them out with me to Staten

592
00:27:13,480 --> 00:27:16,080
Speaker 7: Island when I go to have that meeting, and I

593
00:27:16,119 --> 00:27:18,840
Speaker 7: hope to do it, you know, in a way that shows,

594
00:27:18,880 --> 00:27:21,560
Speaker 7: of course, we want to support our officers. Everyone wants

595
00:27:21,600 --> 00:27:24,000
Speaker 7: accountability from people who do the wrong thing, from cops

596
00:27:24,040 --> 00:27:25,320
Speaker 7: and from elected officials.

597
00:27:25,359 --> 00:27:27,760
Speaker 5: I've got three kids in public school in this city.

598
00:27:28,560 --> 00:27:30,960
Speaker 5: As much as there's been a rotating cast of police commissioners,

599
00:27:31,000 --> 00:27:34,320
Speaker 5: you've had a rotating cast of chancellors as well. What

600
00:27:34,359 --> 00:27:38,480
Speaker 5: are your top line plans for this the hugest school

601
00:27:38,520 --> 00:27:41,320
Speaker 5: system in the country here to stabilize it. You know,

602
00:27:41,320 --> 00:27:42,960
Speaker 5: one of the reasons, candidly why we moved to New

603
00:27:43,040 --> 00:27:46,760
Speaker 5: York was the prospect of having universal pre K funding

604
00:27:46,760 --> 00:27:49,639
Speaker 5: has been an issue here in recent years. Your your perspective,

605
00:27:49,640 --> 00:27:51,240
Speaker 5: your platform when it comes to the schools.

606
00:27:51,400 --> 00:27:54,320
Speaker 7: Yeah, my kids also went from pre k to twelfth

607
00:27:54,320 --> 00:27:56,440
Speaker 7: grade in the New York City public schools, and they

608
00:27:56,440 --> 00:27:58,960
Speaker 7: were lucky to have good schools. But boy, not everybody

609
00:27:59,080 --> 00:28:02,960
Speaker 7: does so. Look a school's chancellor who recruits principles and

610
00:28:03,000 --> 00:28:06,880
Speaker 7: superintendents who support their teachers but also hold them accountable.

611
00:28:07,600 --> 00:28:09,800
Speaker 7: The state has increased the money we're getting. That's an

612
00:28:09,840 --> 00:28:13,639
Speaker 7: opportunity to reduce class size, which is something that this

613
00:28:13,800 --> 00:28:16,920
Speaker 7: mayor's promised to do but really hasn't done yet. It's

614
00:28:16,960 --> 00:28:19,080
Speaker 7: going to be on the next mayor to reduce class

615
00:28:19,080 --> 00:28:20,960
Speaker 7: size with the money the state is giving.

616
00:28:20,800 --> 00:28:23,879
Speaker 2: Us and for our audience. Afterthought, when she was in

617
00:28:24,359 --> 00:28:27,400
Speaker 2: elementary school here in the Island of Manhattan, there were

618
00:28:27,560 --> 00:28:31,720
Speaker 2: eleven languages in her first grade class. I think you

619
00:28:31,760 --> 00:28:35,239
Speaker 2: have to, as David says, did you say three off three? Now?

620
00:28:35,359 --> 00:28:39,320
Speaker 2: I had no idea. I mean, that's what's remarkable about

621
00:28:39,360 --> 00:28:39,840
Speaker 2: this city.

622
00:28:39,960 --> 00:28:41,120
Speaker 5: What other place has that?

623
00:28:41,600 --> 00:28:44,200
Speaker 2: Well, we're working at it. Ok kmox. She grew up

624
00:28:44,240 --> 00:28:46,480
Speaker 2: with the Cardinals. It's just like I used to listen

625
00:28:46,720 --> 00:28:50,160
Speaker 2: from Western New York bouncing off the ironsphere. If somebody

626
00:28:50,200 --> 00:28:53,240
Speaker 2: said to me my ten great moments. One of them

627
00:28:53,800 --> 00:28:57,560
Speaker 2: was a guy named Mario Cuomo talking to the former governor,

628
00:28:58,000 --> 00:29:00,520
Speaker 2: and we said good morning to him in his family

629
00:29:01,040 --> 00:29:04,320
Speaker 2: about his time with the Pittsburgh Pirates. It was magical.

630
00:29:04,760 --> 00:29:08,640
Speaker 2: Heir Mario Cuomo talk about the Pittsburgh Pirates. One of

631
00:29:08,640 --> 00:29:11,240
Speaker 2: his offspring may enter the race or is in it.

632
00:29:11,320 --> 00:29:15,400
Speaker 2: I'm not sure the details. Is it too crowded a field?

633
00:29:15,520 --> 00:29:21,040
Speaker 2: I mean, how away from Mayor Adams upset? How do

634
00:29:21,080 --> 00:29:24,560
Speaker 2: you frame September in October to b I mean, how

635
00:29:24,600 --> 00:29:25,480
Speaker 2: do you frame into.

636
00:29:25,320 --> 00:29:26,360
Speaker 5: It elections in June?

637
00:29:26,440 --> 00:29:27,320
Speaker 2: So you've been sooner.

638
00:29:28,200 --> 00:29:30,600
Speaker 7: I don't think New Yorkers will want to replace one

639
00:29:30,680 --> 00:29:34,760
Speaker 7: corrupt chaos agent with another. This is someone who resigned

640
00:29:34,760 --> 00:29:37,960
Speaker 7: in disgrace just ahead of impeachment after a dozen women

641
00:29:38,000 --> 00:29:40,840
Speaker 7: who worked for him accused him of sexual harassment, who

642
00:29:40,920 --> 00:29:43,840
Speaker 7: sent thousands of seniors to their deaths and nursing homes,

643
00:29:43,840 --> 00:29:46,560
Speaker 7: and then lied to their families about it to protect

644
00:29:46,640 --> 00:29:49,600
Speaker 7: his five million dollar book deal. Who cut the subways,

645
00:29:49,800 --> 00:29:53,080
Speaker 7: Who cut a thousand in patient psychiatric beds, Who doesn't

646
00:29:53,120 --> 00:29:55,280
Speaker 7: care about New York City where he hasn't lived in

647
00:29:55,360 --> 00:29:59,600
Speaker 7: twenty five years. We're getting rid of one corrupt chaos agent,

648
00:30:00,120 --> 00:30:00,800
Speaker 7: not bring another in.

649
00:30:01,640 --> 00:30:04,680
Speaker 5: When you look at this field of challengers to the mayor,

650
00:30:04,760 --> 00:30:07,160
Speaker 5: Democratic challengers, what are we going to sort out here?

651
00:30:07,160 --> 00:30:09,240
Speaker 5: This is going to be a robust debate, I imagine,

652
00:30:09,240 --> 00:30:11,160
Speaker 5: about the future of the Democratic Party here here in

653
00:30:11,200 --> 00:30:12,960
Speaker 5: New York. It's to be part of this broader conversation

654
00:30:13,040 --> 00:30:15,680
Speaker 5: about it here in the US. How important is it,

655
00:30:15,720 --> 00:30:17,560
Speaker 5: How vital is it to have that conversation right now?

656
00:30:17,560 --> 00:30:19,480
Speaker 5: What are we going to learn from from this this

657
00:30:19,480 --> 00:30:20,440
Speaker 5: this primary campaign?

658
00:30:20,520 --> 00:30:22,760
Speaker 7: Yeah, it's critical. And part of the reason in New

659
00:30:22,840 --> 00:30:24,960
Speaker 7: York people shifted to voting for Trump is they haven't

660
00:30:25,000 --> 00:30:28,040
Speaker 7: seen government working for them and there is doubt about

661
00:30:28,080 --> 00:30:31,080
Speaker 7: whether Democrats can govern big blue cities. Well, folks like

662
00:30:31,120 --> 00:30:33,840
Speaker 7: Michelle Woo are doing it in Boston. We have to

663
00:30:33,880 --> 00:30:35,680
Speaker 7: do it in New York City. Get the cost of

664
00:30:35,720 --> 00:30:39,080
Speaker 7: living under control, confront and build affordable housing, deliver on

665
00:30:39,160 --> 00:30:42,240
Speaker 7: that childcare and universal pre K and three K, and

666
00:30:42,360 --> 00:30:43,440
Speaker 7: make the city safer.

667
00:30:43,680 --> 00:30:46,000
Speaker 2: Are we going to have a gilded age campaign? Michell

668
00:30:46,040 --> 00:30:49,240
Speaker 2: Wu in Boston's running against the Craft offspring. You know,

669
00:30:49,480 --> 00:30:52,080
Speaker 2: you know there's the fair amount of money rolling around here.

670
00:30:52,320 --> 00:30:55,640
Speaker 2: How do you frame out this path to June? You know,

671
00:30:55,800 --> 00:30:58,600
Speaker 2: I assume how many people are in the race.

672
00:30:59,440 --> 00:31:03,479
Speaker 7: We know right now, so there's eight or so, and

673
00:31:03,520 --> 00:31:05,680
Speaker 7: we'll see about Plomo getting in. What do you perceive

674
00:31:05,760 --> 00:31:07,720
Speaker 7: may to be like, I mean, it's going to be

675
00:31:07,720 --> 00:31:09,560
Speaker 7: busy for me. It's going to be a question about

676
00:31:09,560 --> 00:31:12,800
Speaker 7: who people think can actually run the city well. And

677
00:31:12,840 --> 00:31:14,640
Speaker 7: that's the track record I have as the city's chief

678
00:31:14,640 --> 00:31:17,880
Speaker 7: financial officer, with a history of actually delivering. We managed

679
00:31:17,920 --> 00:31:20,720
Speaker 7: two hundred and eighty five billion dollar pension fund. Our

680
00:31:20,800 --> 00:31:23,960
Speaker 7: audits have saved hundreds of millions of dollars. I can

681
00:31:24,000 --> 00:31:26,560
Speaker 7: make government work, and I think that's what New Yorkers want.

682
00:31:26,760 --> 00:31:28,840
Speaker 5: We come full circle. Brought that memo at the top.

683
00:31:28,880 --> 00:31:32,440
Speaker 5: I read that footnote which had that innuendo about immigration policy,

684
00:31:32,480 --> 00:31:35,480
Speaker 5: and let's end there. And you know, a few weeks back,

685
00:31:35,560 --> 00:31:37,640
Speaker 5: I was out at Floyd Bennettfield and saw the shelter

686
00:31:37,680 --> 00:31:39,680
Speaker 5: that had been built there. I gather it's being emptied

687
00:31:39,680 --> 00:31:41,600
Speaker 5: out or has been emptied out off of migrants moved

688
00:31:41,600 --> 00:31:44,640
Speaker 5: to New York City. How do you approach this issue,

689
00:31:44,640 --> 00:31:47,200
Speaker 5: which is one that I think is flum mixing a

690
00:31:47,200 --> 00:31:49,280
Speaker 5: lot of people. Here we are in a city that

691
00:31:49,320 --> 00:31:52,240
Speaker 5: has historically welcomed so many. Now we have a federal

692
00:31:52,280 --> 00:31:56,280
Speaker 5: administration that is wanting to constrict that. What is the

693
00:31:56,400 --> 00:31:58,320
Speaker 5: duty of the mayor of this city here at this

694
00:31:58,360 --> 00:32:00,960
Speaker 5: moment where we've had this influx of people here and

695
00:32:01,040 --> 00:32:03,640
Speaker 5: a lot of people who are have left their home

696
00:32:03,680 --> 00:32:07,239
Speaker 5: countries in great pain. Yes, many without documents have come

697
00:32:07,280 --> 00:32:08,719
Speaker 5: here to New York. What's the mayor to do?

698
00:32:08,800 --> 00:32:11,200
Speaker 7: Yeah, I mean New York City obviously doesn't control a

699
00:32:11,240 --> 00:32:14,160
Speaker 7: border policy. That's you know, federal. But what New York

700
00:32:14,240 --> 00:32:16,920
Speaker 7: City can do is help those folks get to work.

701
00:32:17,040 --> 00:32:20,240
Speaker 7: I mean, we need people working in construction, in our restaurants,

702
00:32:20,320 --> 00:32:23,400
Speaker 7: in a home care, in healthcare. So helping folks who

703
00:32:23,520 --> 00:32:26,520
Speaker 7: have work authorization get to work. Helping folks get work

704
00:32:26,560 --> 00:32:31,680
Speaker 7: authorization critical. And then we can't allow ice to come

705
00:32:31,720 --> 00:32:36,000
Speaker 7: into our schools, into our public hospitals. The Brooklyn district

706
00:32:36,000 --> 00:32:39,080
Speaker 7: attorney told this amazing story about how when his brother

707
00:32:39,240 --> 00:32:42,280
Speaker 7: was murdered, which is why he became a prosecutor, it

708
00:32:42,400 --> 00:32:46,000
Speaker 7: was somebody undocumented who was a witness, and the defense

709
00:32:46,200 --> 00:32:48,400
Speaker 7: got that guy deported and.

710
00:32:48,520 --> 00:32:50,040
Speaker 5: There was no justice.

711
00:32:50,400 --> 00:32:52,320
Speaker 7: And you know, that's what we need, is a city

712
00:32:52,360 --> 00:32:54,800
Speaker 7: that's keeping at the place where your daughter has eleven

713
00:32:54,960 --> 00:32:59,280
Speaker 7: languages in her preschool class, but we also make it

714
00:32:59,400 --> 00:33:02,160
Speaker 7: work for a thriving economy in a safe, successful city.

715
00:33:02,640 --> 00:33:06,240
Speaker 2: It was unbelievable the first time I walked into that classroom,

716
00:33:06,280 --> 00:33:10,680
Speaker 2: five twenty nine, eleven languages, It is just just yeah,

717
00:33:10,720 --> 00:33:13,600
Speaker 2: it was you know, forget about Ellis Island and all

718
00:33:13,640 --> 00:33:16,720
Speaker 2: the emotion of a city, you know, you think of

719
00:33:17,840 --> 00:33:22,800
Speaker 2: Italy and the Jewish community decades ago. To witness in.

720
00:33:22,840 --> 00:33:25,360
Speaker 5: Real time eleven.

721
00:33:25,000 --> 00:33:29,120
Speaker 2: Languages in a perfect five twenty nine school up on

722
00:33:29,160 --> 00:33:33,040
Speaker 2: the East Side, it was absolutely unbelievable. One of the

723
00:33:33,240 --> 00:33:37,160
Speaker 2: great moments. Two kids from Bangladesh not a word of English,

724
00:33:37,280 --> 00:33:40,160
Speaker 2: and those teachers went into it every day. Would you

725
00:33:40,160 --> 00:33:41,600
Speaker 2: say goodbye to mister Landers.

726
00:33:42,600 --> 00:33:44,240
Speaker 5: Comptro for New York City candid from mayor here and

727
00:33:44,240 --> 00:33:46,480
Speaker 5: you're great to see you. Jack Buck is smiling on

728
00:33:46,600 --> 00:33:47,800
Speaker 5: us Oky. Oh there you go.

729
00:33:47,960 --> 00:33:49,560
Speaker 2: Jack Buck is smiling at us.

730
00:33:49,960 --> 00:33:51,600
Speaker 5: Brad, there's a pothole.

731
00:33:52,120 --> 00:33:55,520
Speaker 2: How many times a week do you get that? A lot?

732
00:33:55,800 --> 00:33:59,040
Speaker 2: A lot? Yeah, Thank you so much and best of luck.

733
00:33:59,040 --> 00:34:00,960
Speaker 2: I hope to have you back here as we stagger

734
00:34:01,720 --> 00:34:06,600
Speaker 2: to June.

735
00:34:07,960 --> 00:34:11,840
Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday

736
00:34:11,880 --> 00:34:15,200
Speaker 1: starting at seven am Eastern on Applecarplay and Android Auto

737
00:34:15,320 --> 00:34:18,160
Speaker 1: with the Bloomberg Business app. You can also watch us

738
00:34:18,200 --> 00:34:22,040
Speaker 1: live every weekday on YouTube and always on the Bloomberg Terminal.

739
00:34:22,160 --> 00:34:26,839
Speaker 2: Mark McCormick is a Toronto Dominion Bank TD Securities and

740
00:34:26,920 --> 00:34:30,480
Speaker 2: what's so important here is McCormick was one of the

741
00:34:30,520 --> 00:34:36,080
Speaker 2: first people to scream dollar resiliency and dollar strength borderline

742
00:34:36,320 --> 00:34:40,480
Speaker 2: years ago. He joins us today with an incredibly important

743
00:34:40,480 --> 00:34:46,439
Speaker 2: note out of Toronto, Stereotypes of a global trade order misunderstood. Mark,

744
00:34:46,520 --> 00:34:50,120
Speaker 2: what are you focused on this morning in our new

745
00:34:50,360 --> 00:34:50,919
Speaker 2: trade war?

746
00:34:52,840 --> 00:34:54,919
Speaker 8: Thanks for having me. Yeah, I think the number one

747
00:34:54,920 --> 00:34:58,400
Speaker 8: thing I'm focused on is the dislocation between the tracking

748
00:34:58,440 --> 00:35:01,560
Speaker 8: of trade policy and certainty, which there's really good indicators

749
00:35:01,560 --> 00:35:04,640
Speaker 8: on that that you could pull now versus the generally

750
00:35:04,760 --> 00:35:08,439
Speaker 8: i'd say subdued macro volatility and the generally subdued risk

751
00:35:08,440 --> 00:35:11,080
Speaker 8: conditions that we see in our risk model. So I

752
00:35:11,120 --> 00:35:12,840
Speaker 8: think there's those things are kind of moving in the

753
00:35:12,880 --> 00:35:17,200
Speaker 8: wrong direction where trade policy and certainty is at cyclical highs,

754
00:35:17,200 --> 00:35:21,120
Speaker 8: and you know, risk volatility and market volatility is generally contained.

755
00:35:21,560 --> 00:35:23,400
Speaker 8: So I think that is what's going to fall apart

756
00:35:23,440 --> 00:35:23,919
Speaker 8: pretty soon.

757
00:35:24,080 --> 00:35:27,120
Speaker 2: On the classic game theory, Good morning, doctor l Arian

758
00:35:27,239 --> 00:35:30,960
Speaker 2: and Cambridge on the game theory of Tit for Tat.

759
00:35:31,560 --> 00:35:35,760
Speaker 2: It's like tennis, back and forth and back and forth.

760
00:35:36,239 --> 00:35:39,160
Speaker 2: Where on your calendar does the tit for tat really

761
00:35:39,200 --> 00:35:42,719
Speaker 2: click in? Is it March or is it August?

762
00:35:44,480 --> 00:35:47,319
Speaker 8: I'd say it's March April right now, there's probably i'd

763
00:35:47,360 --> 00:35:50,600
Speaker 8: say a rolling three month calendar on the trade uncertainty,

764
00:35:50,680 --> 00:35:53,719
Speaker 8: so you kind of have these, you know, these understandings

765
00:35:53,719 --> 00:35:55,759
Speaker 8: of the first hundred days are very important to kind

766
00:35:55,800 --> 00:35:58,800
Speaker 8: of set the agenda, to figure out where the politics

767
00:35:58,800 --> 00:36:00,520
Speaker 8: and all the markets are going around. So I'd say

768
00:36:00,560 --> 00:36:02,840
Speaker 8: April's a good one, and then another three months following

769
00:36:02,840 --> 00:36:05,200
Speaker 8: that will be kind of the key benchmarks. And again,

770
00:36:05,280 --> 00:36:07,680
Speaker 8: wedged in between all of this, we're still looking at data.

771
00:36:08,040 --> 00:36:10,399
Speaker 8: We're still looking at economics, and we're still looking at

772
00:36:10,440 --> 00:36:13,000
Speaker 8: the macro drivers, which are still very bullish for the dollars.

773
00:36:13,040 --> 00:36:14,840
Speaker 8: So there's a lot of conditions that are favorable for

774
00:36:14,920 --> 00:36:16,239
Speaker 8: the dollar mark.

775
00:36:16,280 --> 00:36:18,239
Speaker 5: How do you figure out how do you game out

776
00:36:18,440 --> 00:36:21,080
Speaker 5: what's going to happen with these tariffs if what's really unclear,

777
00:36:21,280 --> 00:36:23,879
Speaker 5: at least to me, is what the objectives of them are.

778
00:36:24,640 --> 00:36:26,800
Speaker 5: We've been through the first round of this with Canada

779
00:36:26,840 --> 00:36:30,040
Speaker 5: and Mexico, China as well. I was up in Toronto

780
00:36:30,080 --> 00:36:32,120
Speaker 5: talking to Christian Freeland is making a run for the

781
00:36:32,160 --> 00:36:35,680
Speaker 5: Liberal Party leadership there, and after a point blank what

782
00:36:35,760 --> 00:36:38,440
Speaker 5: could Canada do to forestall these tariffs from going into place?

783
00:36:38,480 --> 00:36:40,680
Speaker 5: And I gather that the Prime Minister had a constructive

784
00:36:40,680 --> 00:36:43,840
Speaker 5: conversation with Donald Trump that postponed those for thirty days.

785
00:36:44,239 --> 00:36:47,040
Speaker 5: But there is this X factor here of what needs

786
00:36:47,080 --> 00:36:48,680
Speaker 5: to happen to get them off the table, and how

787
00:36:48,680 --> 00:36:51,000
Speaker 5: does that complicate the work that you're doing thinking about

788
00:36:51,200 --> 00:36:52,720
Speaker 5: the effect that it's going to have on markets.

789
00:36:53,960 --> 00:36:56,520
Speaker 8: Yeah, I think that's an important question because it goes

790
00:36:56,560 --> 00:36:59,239
Speaker 8: back to the note of Tom reference and it's really

791
00:36:59,280 --> 00:37:02,879
Speaker 8: about the why why is there discussion around all these

792
00:37:02,920 --> 00:37:05,439
Speaker 8: things that I think if you work backwards. From where

793
00:37:05,440 --> 00:37:07,200
Speaker 8: we're starting from is I think a lot of this

794
00:37:07,239 --> 00:37:09,560
Speaker 8: comes back to the FX market. I'm clearly biased, because

795
00:37:10,040 --> 00:37:12,040
Speaker 8: you know, we're a currency strategy team when we think

796
00:37:12,040 --> 00:37:14,000
Speaker 8: that everything matters for the FX market. But I think

797
00:37:14,040 --> 00:37:15,839
Speaker 8: if you look at some of the things that are

798
00:37:15,880 --> 00:37:18,839
Speaker 8: critically important, when you look at international relations, the world

799
00:37:18,840 --> 00:37:21,200
Speaker 8: has been talking about globalization for over a decade, and

800
00:37:21,239 --> 00:37:23,560
Speaker 8: if you look at globalization indicators that we've been tracking,

801
00:37:23,600 --> 00:37:28,160
Speaker 8: installed economic trade, globalization, those things have not moved. They've

802
00:37:28,200 --> 00:37:31,160
Speaker 8: been sideways since two thousand and nine, since twenty ten.

803
00:37:31,480 --> 00:37:32,840
Speaker 8: So I think if you look at this, this is

804
00:37:32,880 --> 00:37:36,120
Speaker 8: a recalibration of the global trade order. So if you

805
00:37:36,120 --> 00:37:38,600
Speaker 8: want to work backwards, this is an elimination of the

806
00:37:38,640 --> 00:37:42,279
Speaker 8: US trade deficits, This is reindustrialization of the US. And

807
00:37:42,280 --> 00:37:45,360
Speaker 8: this is also what is pursuit of a week er

808
00:37:45,480 --> 00:37:48,840
Speaker 8: dollar policy, or at least an elimination of the extreme

809
00:37:48,920 --> 00:37:52,200
Speaker 8: overvaluation of dollar. So I think tariffs are only basically

810
00:37:52,560 --> 00:37:55,040
Speaker 8: they're just a piece of this. They're not the end itself.

811
00:37:55,080 --> 00:37:58,680
Speaker 8: There are a means to basically adjust the trading order

812
00:37:58,760 --> 00:38:01,359
Speaker 8: and get everyone climb at the negotiating table. So that's

813
00:38:01,360 --> 00:38:04,520
Speaker 8: the way we're looking at this, and again the way

814
00:38:04,520 --> 00:38:07,279
Speaker 8: that this works is there's more asymmetry in favor of

815
00:38:07,320 --> 00:38:09,319
Speaker 8: the US. To start all of this out.

816
00:38:09,160 --> 00:38:11,279
Speaker 2: A frame out for is looney here right now? Just

817
00:38:11,320 --> 00:38:15,040
Speaker 2: getting very quickly here, what does the TD Securities call

818
00:38:15,120 --> 00:38:15,920
Speaker 2: on weak loony?

819
00:38:16,880 --> 00:38:19,160
Speaker 8: Yeah, that's good, it's great because we actually have an

820
00:38:19,160 --> 00:38:22,040
Speaker 8: open idea. We are basically long dollar CAD on a

821
00:38:22,080 --> 00:38:25,560
Speaker 8: three month call option. It's a pretty simple idea or

822
00:38:25,600 --> 00:38:28,239
Speaker 8: I'm sorry, call footspread. Essentially, what we're doing is we're

823
00:38:28,239 --> 00:38:29,920
Speaker 8: looking for a dollar CAD to kind of go through

824
00:38:29,920 --> 00:38:32,360
Speaker 8: the max pressure right now. I think what's very important

825
00:38:32,360 --> 00:38:34,440
Speaker 8: when you think about the trade and policy and certainty

826
00:38:34,440 --> 00:38:37,919
Speaker 8: and the volatility in markets. As I mentioned, we don't

827
00:38:37,920 --> 00:38:40,160
Speaker 8: see a lot of this actually priced in. We don't

828
00:38:40,160 --> 00:38:43,319
Speaker 8: think the markets have taken interesting to seriously, especially for

829
00:38:43,360 --> 00:38:45,799
Speaker 8: a currency like CAD. You know, we do this through

830
00:38:45,920 --> 00:38:48,800
Speaker 8: multiple different ways. We look at different models, different tools,

831
00:38:48,800 --> 00:38:51,640
Speaker 8: but basically, for currencies like CAD in the Mexico pays,

832
00:38:51,800 --> 00:38:54,040
Speaker 8: we don't see the trade and policy of priced.

833
00:38:53,800 --> 00:38:55,880
Speaker 2: In the market. It's all great, but Ger and I

834
00:38:55,880 --> 00:38:57,760
Speaker 2: are just trying to get two nights at the Sheraton

835
00:38:57,840 --> 00:39:01,560
Speaker 2: at Agara Falls, take the mark helping the Canadian side

836
00:39:01,640 --> 00:39:04,200
Speaker 2: or the US the Canadian side, it's the only thing

837
00:39:04,239 --> 00:39:06,640
Speaker 2: you go. You go to Canadian side, they pour a

838
00:39:06,640 --> 00:39:09,719
Speaker 2: better drink. Mark. It's real simple. I got a one

839
00:39:09,800 --> 00:39:12,440
Speaker 2: forty three looning. Are you telling me a linear function

840
00:39:12,840 --> 00:39:14,920
Speaker 2: out to a weaker Canada one fifty?

841
00:39:15,840 --> 00:39:18,520
Speaker 8: Yep, that's exactly it. Sadly, I just came back from

842
00:39:18,520 --> 00:39:20,520
Speaker 8: a kid's soccer tournament in Florida, so I was on

843
00:39:20,560 --> 00:39:21,560
Speaker 8: the opposite side.

844
00:39:21,320 --> 00:39:23,239
Speaker 2: Of that h transaction.

845
00:39:23,320 --> 00:39:26,560
Speaker 8: The dollar dat, yes, crushed. So yeah, we're looking for

846
00:39:26,640 --> 00:39:29,000
Speaker 8: one fifty in the in the next six weeks. That's

847
00:39:29,040 --> 00:39:31,359
Speaker 8: actually essentially our targets. We get to one forty eight

848
00:39:31,400 --> 00:39:33,680
Speaker 8: within the next month, and I think most of the

849
00:39:33,680 --> 00:39:35,719
Speaker 8: pressure is going to come through the Canadian dollar right

850
00:39:35,760 --> 00:39:38,479
Speaker 8: now and then euro China next.

851
00:39:38,600 --> 00:39:41,320
Speaker 2: Like what did the goofy breakfasts costs you at Disney World.

852
00:39:44,160 --> 00:39:48,600
Speaker 8: It's so probably twenty five CAD to kind of go out,

853
00:39:48,640 --> 00:39:49,200
Speaker 8: And yeah.

854
00:39:50,200 --> 00:39:55,000
Speaker 2: There's a real conversation about understanding there. You've been there

855
00:39:56,600 --> 00:40:00,920
Speaker 2: being a fam just got back. It's there. Mark McCormick.

856
00:40:01,000 --> 00:40:02,640
Speaker 2: The first time I saw you were in the food

857
00:40:02,680 --> 00:40:07,600
Speaker 2: court reading Stanley Fisher nineteen ninety eight. Everybody's too quiet

858
00:40:07,640 --> 00:40:10,600
Speaker 2: about EM as far as I'm concerned, Do you have

859
00:40:10,760 --> 00:40:15,160
Speaker 2: a worry about jump? Condition within EM economics is signaled

860
00:40:15,440 --> 00:40:18,160
Speaker 2: through foreign exchange? Absolutely.

861
00:40:18,239 --> 00:40:20,200
Speaker 8: I think it's there's two pieces of it. There's two

862
00:40:20,239 --> 00:40:23,440
Speaker 8: types of EM currencies. There's a carry currency, which is

863
00:40:23,480 --> 00:40:27,439
Speaker 8: Latin America and probably some pieces of Eastern Europe maybe

864
00:40:27,480 --> 00:40:30,200
Speaker 8: like Hungary, which was everyone's favorite carry trade till it wasn't.

865
00:40:30,560 --> 00:40:33,920
Speaker 8: The other side is the EM through growth and industrial policy,

866
00:40:33,920 --> 00:40:36,600
Speaker 8: which is where Asia kicks in the remedy. Be the

867
00:40:36,680 --> 00:40:40,880
Speaker 8: Taiwan dollar, Korean Korean wand tybot. Those currencies are all

868
00:40:40,880 --> 00:40:43,239
Speaker 8: in those categories. The problem is, I think both of

869
00:40:43,320 --> 00:40:47,440
Speaker 8: those functions EM are under dress. The Latin carry trade,

870
00:40:47,440 --> 00:40:49,799
Speaker 8: besides Brazil, I think is going to be is going

871
00:40:49,880 --> 00:40:52,400
Speaker 8: to massively underperform, which it has for the last six months.

872
00:40:52,600 --> 00:40:55,720
Speaker 8: If you look at G ten carry versus emcerry dollar

873
00:40:55,760 --> 00:40:59,560
Speaker 8: performance as a G ten carry currency is outperforming EM

874
00:40:59,640 --> 00:41:02,680
Speaker 8: when you you a risk adjusted So there's two sides

875
00:41:02,680 --> 00:41:06,280
Speaker 8: of this. Again, I think the trade uncertainty, the slowdown

876
00:41:06,320 --> 00:41:09,480
Speaker 8: in the global economy more generally, those things are much

877
00:41:09,600 --> 00:41:12,920
Speaker 8: are going to see the EM Asia currencies continue to

878
00:41:12,960 --> 00:41:15,480
Speaker 8: weaken in the short term, and again the em carry

879
00:41:15,520 --> 00:41:17,400
Speaker 8: trade is going to see in the Mexican peso, the

880
00:41:17,440 --> 00:41:21,040
Speaker 8: Colombian paso. It'll probably see Brazil lperformed though, but those

881
00:41:21,040 --> 00:41:23,920
Speaker 8: two baskets are going to underperform for at least the

882
00:41:23,920 --> 00:41:25,600
Speaker 8: next three to six months. And that's kind of our

883
00:41:25,680 --> 00:41:26,960
Speaker 8: view on Ian Curry.

884
00:41:27,040 --> 00:41:29,080
Speaker 2: Get one more in here with He's fired up today,

885
00:41:29,120 --> 00:41:30,000
Speaker 2: Mark's fired up.

886
00:41:30,800 --> 00:41:33,239
Speaker 5: I saw a line in your note. I have to

887
00:41:33,280 --> 00:41:34,960
Speaker 5: ask you about it, that is, this is a year

888
00:41:35,239 --> 00:41:39,680
Speaker 5: to expect the unexpected, including a grand FX bargain. This

889
00:41:40,400 --> 00:41:42,719
Speaker 5: is Paris accord round two at mar Lago. How do

890
00:41:42,760 --> 00:41:44,680
Speaker 5: you see that playing out? How could you see that

891
00:41:44,719 --> 00:41:45,239
Speaker 5: playing out?

892
00:41:46,200 --> 00:41:47,040
Speaker 2: So I think it goes.

893
00:41:46,880 --> 00:41:49,919
Speaker 8: Back to the original question about what's the why here.

894
00:41:50,080 --> 00:41:53,040
Speaker 8: So the trade policy uncertainty, it creates a lot of

895
00:41:53,160 --> 00:41:56,960
Speaker 8: tension in global markets. It sees a dollar strengthen, it

896
00:41:57,040 --> 00:42:00,000
Speaker 8: sees local currencies weaken in some of these other countries,

897
00:42:00,080 --> 00:42:03,400
Speaker 8: and again you start to see sentiment and economic dynamics

898
00:42:03,480 --> 00:42:06,680
Speaker 8: underperform in the currencies that are being targeted. Where the trade,

899
00:42:07,239 --> 00:42:09,799
Speaker 8: your trade policy and certainties on the rise, that is

900
00:42:09,840 --> 00:42:11,799
Speaker 8: going to create a pressure point where I don't think

901
00:42:11,840 --> 00:42:15,600
Speaker 8: everyone wants to accept a stronger local currency relative to

902
00:42:15,640 --> 00:42:18,200
Speaker 8: the dollar, to just come to the table and say, yeah, sure,

903
00:42:18,239 --> 00:42:21,120
Speaker 8: we'll do that. But I think with the restructuring of

904
00:42:21,160 --> 00:42:24,400
Speaker 8: the global order, with the change in the structural dynamics

905
00:42:24,440 --> 00:42:28,919
Speaker 8: around trade, that pulls people into the negotiating table and say, Okay, yes,

906
00:42:28,960 --> 00:42:32,279
Speaker 8: our currencies are undervalued. Maybe the trade lines are not

907
00:42:32,440 --> 00:42:35,600
Speaker 8: fully symmetrical, and so to get rid of this and

908
00:42:35,640 --> 00:42:39,000
Speaker 8: to move into a world where things are more organized

909
00:42:39,200 --> 00:42:42,280
Speaker 8: and less uncertain, what we'll do is we will agree

910
00:42:42,280 --> 00:42:45,000
Speaker 8: to revalue our currencies and bring them back into line

911
00:42:45,040 --> 00:42:47,120
Speaker 8: with things that are closer to fair value.

912
00:42:47,719 --> 00:42:48,520
Speaker 2: And I think that's.

913
00:42:48,320 --> 00:42:50,839
Speaker 8: Where all this goes, and a lot of the deal

914
00:42:50,920 --> 00:42:52,160
Speaker 8: making would want to go.

915
00:42:52,400 --> 00:42:55,759
Speaker 2: I gotta be quick, Chelsea, are you kidding me? Man

916
00:42:55,880 --> 00:42:59,800
Speaker 2: City can't get it done? Can Chelsea hold off Man City?

917
00:43:00,800 --> 00:43:01,480
Speaker 2: I think they can.

918
00:43:02,040 --> 00:43:04,560
Speaker 8: They got one more Man City victory in them for

919
00:43:04,600 --> 00:43:05,000
Speaker 8: this year.

920
00:43:05,320 --> 00:43:08,520
Speaker 2: Okay, fired up, Mark MCCORDI thank you so much. The

921
00:43:08,520 --> 00:43:12,200
Speaker 2: Toronto Dominion do really really helpful there and all on

922
00:43:12,760 --> 00:43:17,479
Speaker 2: the currency dynamics and the mystery of what's going on with.

923
00:43:17,520 --> 00:43:23,239
Speaker 1: Terrorist This is the Bloomberg Surveillance podcast, available on Apple, Spotify,

924
00:43:23,360 --> 00:43:27,640
Speaker 1: and anywhere else you get your podcasts. Listen live each weekday,

925
00:43:27,760 --> 00:43:31,279
Speaker 1: seven to ten am Eastern on Bloomberg dot Com, the

926
00:43:31,320 --> 00:43:35,360
Speaker 1: iHeartRadio app, tune In, and the Bloomberg Business app. You

927
00:43:35,400 --> 00:43:38,759
Speaker 1: can also watch us live every weekday on YouTube and

928
00:43:38,960 --> 00:43:40,680
Speaker 1: always on the Bloomberg terminal