Speaker 1: Hello, Stephanomics. Here the podcast that brings you the global economy.
Speaker 1: And if you think about the things that are well
Speaker 1: functioning modern economy is supposed to deliver, food would have
Speaker 1: to come pretty high on the list. If you're not
Speaker 1: living in poverty worried about where your next meal is
Speaker 1: going to come from, you might well take it for granted.
Speaker 1: But not only more, or at least not for many
Speaker 1: families in Europe. In the UK, last mark, food price
Speaker 1: inflation hit a forty five year high, with prices nineteen
Speaker 1: percent higher than a year ago, and across the channel,
Speaker 1: food price inflation has also been close to twenty percent
Speaker 1: for several months. If you're sitting in the US, you
Speaker 1: probably remember food prices did jump sharply last spring in
Speaker 1: the weeks after Russia invaded Ukraine. But there the spike
Speaker 1: proved temporary. That's not been the case in Europe, and
Speaker 1: people are not happy about it. In a minute, we'll
Speaker 1: discuss the devil stating implications for the traditional English breakfast
Speaker 1: and ask a former chief economist from the US Department
Speaker 1: of Agriculture why it's taking so long for food prices
Speaker 1: to ease off. Also whether the experience of the past
Speaker 1: year should change the way we think about the global
Speaker 1: food chain. But first, Rome based economy reporter Alessandra Miliaccio
Speaker 1: explains how soaring prices have even put the basic human
Speaker 1: right to a pizza at risk.
Speaker 2: Inflation rates may be slowing across Europe, but you wouldn't
Speaker 2: know it looking at someone's grocery bill. Food prices are
Speaker 2: still rising at an alarming pace, and there's only so
Speaker 2: much that governments can do to help people cope. Let's
Speaker 2: start at La Mansune, a small, family run restaurant nestled
Speaker 2: in the picture perfect town of Core, located in the
Speaker 2: Sailer Valley in southwest France. A few tables, a cozy
Speaker 2: room with a view, and a set menu with local
Speaker 2: specialties allow owner Alin Falgier to stay afloat the titles.
Speaker 2: He's kept most items on the menu between sixteen and
Speaker 2: nineteen euros. But it's a struggle because well we.
Speaker 3: Other prices are hard, from bread to cereals and animal feeds,
Speaker 3: and from that you have price increases on meat like beef,
Speaker 3: lamb poultry, and the same for the fresh fruits and
Speaker 3: vegetables everything, and for fruits it's even worse. The biggest
Speaker 3: increase since last year. It's not easy today, Profact.
Speaker 2: Bloomberg has been tracking custom food and this is across France, Spain,
Speaker 2: and Italy throughout Europe's worst cost of living crisis in
Speaker 2: forty years. To calculate them, we figured out how much
Speaker 2: it would cost to make a traditional dish in each country,
Speaker 2: from classic cocoven to pizza margarita. To make cocoven, you
Speaker 2: need to start with chicken, and those prices jumped about
Speaker 2: eighteen percent in the year through March. Wine is another
Speaker 2: major ingredient, which costs eight point four percent more than
Speaker 2: it did a year ago. You can also add carrots,
Speaker 2: but it'll cost.
Speaker 4: You more than thirty three percent now compared to last March. Meanwhile,
Speaker 4: overall inflation in France is running at six point seven percent,
Speaker 4: still historically high, but pretty low by comparison. Much the
Speaker 4: same is happening in Italy, where the price of enjoying
Speaker 4: a classic pizza margharita made with cheese, tomato and basil
Speaker 4: has been at least twenty percent higher than a year
Speaker 4: ago for eight consecutive months. That's more than double the
Speaker 4: nation's headline inflation rate, and even with over ninety billion
Speaker 4: euros of government aid spent to subsidize energy and gas
Speaker 4: bills and tax cuts for fuel prices as the pump well,
Speaker 4: there's just so much politicians can do when prices go up.
Speaker 4: The government managed to reduce the impact of the first
Speaker 4: wave of inflation following Russia's invasion of Ukraine, but as
Speaker 4: prices rise across a wider range of goods, including food,
Speaker 4: it's becoming too expensive to intervene. Dominic Co Lombardi leads
Speaker 4: the Policy Observatory at the Lewis University School of Government
Speaker 4: in Rome. He says governments can't keep trying to protect
Speaker 4: everyone from inflation.
Speaker 5: The inflictionary outlook has evolved. Headline inflation is falling. However,
Speaker 5: core inflation shows to be more persistent than expected, and
Speaker 5: this comes heavy government support that has further narrow the
Speaker 5: physical space. Let's not forget the pandemic, the shot course,
Speaker 5: but the pandemic and then of course the energyender GYO
Speaker 5: political crisis. So moving forward, the only physical support that
Speaker 5: looks feasible is more targeted surgical interventions in favor of
Speaker 5: those most affected.
Speaker 2: That's not easy for ruling politicians like Italian Premier Georgia
Speaker 2: Maloney who promised her people they wouldn't be left alone
Speaker 2: to face inflation, but she has to balance that with
Speaker 2: keeping the country's fragile finances in check. The opposition has
Speaker 2: blasted her for canceling a form of citizens income to
Speaker 2: save money, and the government is now setting other solutions
Speaker 2: like lower taxes on salaries to help increase purchasing power.
Speaker 2: In France, retailers have agreed to prolong efforts to charge
Speaker 2: the lowest possible amount for some essential food items. The
Speaker 2: three month campaign was announced in early March and set
Speaker 2: to end on June fifteenth, until the Finance ministry recently
Speaker 2: announced an extension. Supermarket chains are expected to take a
Speaker 2: hit to their margins amounting to several hundred million euros,
Speaker 2: and the European Central Bank has increasingly highlighted the role
Speaker 2: of corporate profits in the Eurozone's inflation crisis. Here's French
Speaker 2: President Emmanuel Macron talking about the deal with retailers at
Speaker 2: the Paris Agriculture Fair earlier this year.
Speaker 6: Our farmers are paying more for energy, more to produce,
Speaker 6: and they need to maintain their revenue. They have revenues
Speaker 6: that are still very weak, so they're not the ones
Speaker 6: who need to make an effort to reduce food prices.
Speaker 6: Our food industries have made considerable efforts these last few years,
Speaker 6: many small businesses and them. It is our distributors who
Speaker 6: have to make an effort now.
Speaker 2: Spain's Prime Minister Pedro Sanchez has announced several aid packages
Speaker 2: to help households cope with inflation ever since Russia's invasion
Speaker 2: of Ukraine last year. He decided to cut the so
Speaker 2: called value added tacks on a basket of essentials like
Speaker 2: bread and olive oil. But Spaniards are still paying more
Speaker 2: to make their prize pay addish, especially after devastating droughts
Speaker 2: last year wrecked crops like olives and rice. Olive oil,
Speaker 2: which Spain is the world's largest producer of, costs thirty
Speaker 2: two percent more in March compared to a year ago,
Speaker 2: and rice is an extra twenty two percent. But back
Speaker 2: in the valley of the salea river restaurant owner Folgier
Speaker 2: tries to make the best of it.
Speaker 3: It won't keep going up. Some prices will go down
Speaker 3: at some point. A lot depends on global wheat prices
Speaker 3: and costs of animal foods. Meanwhile, you just have to
Speaker 3: go locally. That's what I do. Go directly to the farmers, which,
Speaker 3: as me, spent maybe twenty percent less that Arrows has
Speaker 3: to keep prices table and have the same profit, emmins
Speaker 3: clients can keep going to the restaurant.
Speaker 2: Bloomberg News in Rome. I'm Alisandro Miyacchu.
Speaker 1: So not quite as good for your heart as olive oil,
Speaker 1: but an equally potemic part of Britain's national cuisine is
Speaker 1: the traditional English breakfast, So we thought we should monitor
Speaker 1: what was happening to that before we go on to
Speaker 1: discuss the broader global forces at work in these rising
Speaker 1: food prices in Europe. And Bloomberg Reporter Arena Angel has
Speaker 1: more on that arena. Thank you very much for telling
Speaker 1: us about the Bloomberg Breakfast Index. I guess you should
Speaker 1: first tell us what exactly if you were eating and English,
Speaker 1: traditionally English breakfast, what would you be in for?
Speaker 7: Let's see, so I think it's sausages, bacon, eggs, bread, butter, tomatoes.
Speaker 1: Mushrooms, fried bread as well, fried bread, yeah, yes, but
Speaker 1: taste and probably tea. Okay, So what if we found
Speaker 1: out what is the English Breakfast Index telling us at
Speaker 1: the moment?
Speaker 7: So you know, the English Breakfast Index sort of puts
Speaker 7: inflation in the frying pan. So we, as you mentioned,
Speaker 7: each month, we use it to track the cost of
Speaker 7: the ten products or the product you mentioned plus coffee
Speaker 7: in case. I mean I personally prefer coffee over tea,
Speaker 7: and we use data from the UK Office for National Statistics.
Speaker 7: So the latest Breakfast Index showed that the average cost
Speaker 7: of ingredients increased almost twenty three percent from last year,
Speaker 7: and it's the sharpest jump since we started tracking the numbers.
Speaker 7: In June, eggs, bread and milk saw the biggest price. Right,
Speaker 7: So Stephanie, if you and I go to the supermarket,
Speaker 7: we're going to pay around thirty five pounds fifty for
Speaker 7: all the ten products to make a full fry up,
Speaker 7: which is almost six pounds more than last March.
Speaker 1: Thirty five pounds. I mean, I guess it depends on
Speaker 1: what the exchange rate is doing, but that's you know,
Speaker 1: at least forty five dollars. And of course that's not
Speaker 1: just for one person. I guess you'd be buying slightly more,
Speaker 1: would probably be for a few people, but that's yeah.
Speaker 7: Exactly, Yeah, yeah, that is a lot of money. That's
Speaker 7: as you mentioned, Yeah, that's using the product sizes that
Speaker 7: the os provides provides a dozen eggs or a pint
Speaker 7: of milk, but it's it's a lot of money for
Speaker 7: a typical family.
Speaker 1: And how does that compare to some of these other
Speaker 1: sort of classic meals around the world that we've been
Speaker 1: talking about.
Speaker 7: Well, national dishes are becoming a luxury everywhere around the world,
Speaker 7: sort of bloomberg. We saw it at the in South Africa.
Speaker 7: The cost of making a traditional barbecue, which sounds delicious
Speaker 7: by the way, with ingredients like beef, carrots, onions and corn.
Speaker 7: So the price for that increased twenty percent, mainly driven
Speaker 7: by fresh products like pepper and tomatoes. Back in Europe,
Speaker 7: well you know, surging olive oil prices are behind the
Speaker 7: jump in Spain SPAIA index and they are making pizza
Speaker 7: malgaita more expensive in Italy. In France also the price
Speaker 7: of preparing cocovaine ROAs by fifteen percent because of more
Speaker 7: expensive carrots and chicken.
Speaker 1: So frice getting out of the out of reach in
Speaker 1: South Africa would definitely strike fear into the hearts. And
Speaker 1: when those numbers came out, I was in the UK
Speaker 1: and there was a sort of collective sigh because of
Speaker 1: course we've been expecting inflation to slow down, and we've
Speaker 1: seen in large parts of Europe inflation coming down quite sharply,
Speaker 1: the headline inflation rate. Why are food prices still rising
Speaker 1: in the UK.
Speaker 7: Yeah, that's a that's a great question, and that's all
Speaker 7: the facts as you mentioned this, and plus the fact
Speaker 7: that global commodity prices have also been declining for a
Speaker 7: while now. So part of the explanation could be that
Speaker 7: big food producers in the UK are still tied to
Speaker 7: long term commodity contracts that they signed back when prices
Speaker 7: were sky high, so we have to wait for them
Speaker 7: to renew these contracts until we see the price falls.
Speaker 7: To feed through and manufacturers, it looks like they keep
Speaker 7: passing on costs through the supply chain to consumers to
Speaker 7: protect their margins. However, there are some science inflation is
Speaker 7: easy in some categories. Some supermarkets including Tesco, as the Sainsbury, Aal,
Speaker 7: the Little Orcado all lower their price of milk. Tesco
Speaker 7: is also seeing some deflation for oils and grains and
Speaker 7: that could mean lower prices for big goods like croissants
Speaker 7: and all that.
Speaker 1: So do looking down the road if we decide to
Speaker 1: pass on the English Breakfast right now because it's too expensive.
Speaker 1: Is there any chance it's going to come back into
Speaker 1: reach in the next few months.
Speaker 7: The good news is even now, on a monthly basis,
Speaker 7: inflation in the Breakfast index looks like it's looked like,
Speaker 7: I mean, it's might be already slowing. The price of eggs,
Speaker 7: mushrooms and tea all fell in March actually from last month,
Speaker 7: and the butter, milk and bread were unchanged. And we're
Speaker 7: also entering the UK growing season and that might also
Speaker 7: slow down food inflation. However, if you ask analysts, they
Speaker 7: always say that absolute pricing rarely falls, so when we
Speaker 7: finally see inflation slowing down, we might get more promotional
Speaker 7: discounts rather than cheaper full price tags. So this all
Speaker 7: means that the English Breakfast is probably going to stay
Speaker 7: indulgent in every sense of the word.
Speaker 1: Well exactly, it's pretty indulgent. Maybe it's better, maybe for
Speaker 1: the better for the British heart if we have fear
Speaker 1: of them, I do. I had heard quite a lot
Speaker 1: of discussion around the fact that the structure of Britain's
Speaker 1: supermarkets was actually means that when prices are low, more
Speaker 1: of that is passed on to the consumer. People often say,
Speaker 1: you know, they go into the supermarkets in general, and
Speaker 1: more expensive in continental Europe. But the cost of that,
Speaker 1: the cost of sort of squeezing the last penny out
Speaker 1: of suppliers, is that times like this you just get shortages.
Speaker 1: I guess the final question, Arena, can we blame brexit
Speaker 1: for this soaring cost of the English breakfast?
Speaker 7: I mean, one role that Brexit good play is that
Speaker 7: there's labor shortages in the food industry more broadly, and
Speaker 7: we've been speaking to lots of businesses who mentioned brexitters
Speaker 7: their top problem that it can't find enough workers.
Speaker 1: Well, I suspect this is going to continue to be
Speaker 1: a debate, but Arena Angiel, thank you so much.
Speaker 7: Thank you.
Speaker 1: So we're going to broaden this out. We've heard about
Speaker 1: a lot of hard pressed European consumers in this episode,
Speaker 1: and we're going to carry on worrying about them, but
Speaker 1: we're also going to think about the rest of the
Speaker 1: world and the potential implications of all these ups and
Speaker 1: downs of food prices. In the last year. With Joe Glaubert,
Speaker 1: who is a senior research fellow at the National Food
Speaker 1: Policy Research Institute, he also used to be Chief Economist
Speaker 1: of the US Department of Agriculture. Joe, thank you very
Speaker 1: much for coming on Stephanomics. I'm always conscious when I
Speaker 1: am hearing about the soaring prices for things like wheat
Speaker 1: or olive oil that you know, as an economist, demand
Speaker 1: and supply, I mean, high prices are also a way
Speaker 1: of deciding who gets none. It's a rationing mechanism when
Speaker 1: there's a shortage of something. You know, who has got
Speaker 1: much less food over the last year, and how bad
Speaker 1: has it been relative to the expectations we might have
Speaker 1: had when a year ago when Russia invaded Ukraine.
Speaker 8: You know, I think actually the world's adjusted pretty well
Speaker 8: to the invasion. You know, no question, the Black Sea
Speaker 8: was a big producer of wheat and maize and f
Speaker 8: oils like sunflower oil, and once particularly the a few
Speaker 8: months after the war started, we saw this big rise
Speaker 8: in prices. And you know, but by about June or
Speaker 8: so of the of last year, prices had started to
Speaker 8: come down again, and in fact, by about the fall
Speaker 8: they were back to pre war levels. That hasn't been
Speaker 8: the case for food price inflation. And I think that's
Speaker 8: a very important distinction to make between commodity prices and
Speaker 8: actually retail food prices, which is, you know what consumers
Speaker 8: are facing. And then the develop developed economies like the
Speaker 8: UK or the US or member states of the European Union,
Speaker 8: the commodity value is such a small share of the
Speaker 8: overall food costs, right So if you go to look
Speaker 8: at a loaf of bread, you know that's five to
Speaker 8: ten percent of that value of bread that you're purchasing
Speaker 8: in a grocery store is actually the price of whek.
Speaker 8: So we can go up a lot, but the price
Speaker 8: of bread not so much. But by the same token,
Speaker 8: all of those other post farm gate costs get built
Speaker 8: into the price of food. So what we're seeing in
Speaker 8: a lot of economies right now is overall very very
Speaker 8: high rates of inflation. So that's affecting energy prices, it's
Speaker 8: affecting processing costs, it's affecting wage rates. All of these
Speaker 8: things have built into very high food prices. That's one.
Speaker 8: Some of that is less the case in developing countries
Speaker 8: where maybe that post farmgate share of the overall food
Speaker 8: cost is smaller that the price of the underlying commodity
Speaker 8: means more. But there unfortunately those countries haven't seen quite
Speaker 8: the price decline as we've seen on global markets. Why
Speaker 8: because the dollar has remained so high and is actually
Speaker 8: appreciated against some of those commodities. So if you go
Speaker 8: to say Egypt, and look at the price of wheat
Speaker 8: that you know is used bread as a huge staple
Speaker 8: in a country like Egypt, those prices have increased substantially,
Speaker 8: and you know, right after the war began, But they
Speaker 8: haven't declined nearly as much as they have on global markets.
Speaker 8: Why because the Egyptian pound has has lost value relative
Speaker 8: to the dollar, and because commodities are most commodities are
Speaker 8: denominated in dollars, that means in local currency, so those
Speaker 8: prices haven't fallen nearly as much.
Speaker 1: You've actually highlighted a good point. I mean, we have
Speaker 1: looked at some of the causes of Eurozone inflation over
Speaker 1: the last year, the increase in the inflation rate, and interestingly,
Speaker 1: our economists found that a big chunk of the increase,
Speaker 1: not just in the food sector, but across the board
Speaker 1: was from European companies expanding their profit margining margins, which
Speaker 1: I guess some people would call price gouging. So there's
Speaker 1: definitely a lot of things going into that higher price
Speaker 1: in the shop in the shops. But you know, we
Speaker 1: tend to blame one way or another the Ukraine invasion
Speaker 1: by Russia with these issues. But I feel like I
Speaker 1: was hearing about serious problems with fertilizer prices and some
Speaker 1: commodity markets long before Russia's invasion.
Speaker 3: Is that right?
Speaker 8: Yeah? No, absolutely, And if you were to look at
Speaker 8: commodity prices generally, and that's certainly the case for wheat,
Speaker 8: in maize, in vegetable oils, they were all rising prior
Speaker 8: to the invasion. I mean, this was the big concern,
Speaker 8: even prior to Russia invadeing Ukraine, as we were looking
Speaker 8: back in January twenty twenty two at very tight global
Speaker 8: stocks and we're looking at fairly high prices now. The
Speaker 8: expectation was that farmers would respond and by the end
Speaker 8: of the year we would have rebuilding the stocks that
Speaker 8: didn't happen because of the war, And I think that
Speaker 8: is the war has had definitely an impact there. But
Speaker 8: when we talked about those commodity prices down to pre
Speaker 8: invasion level, they are still running very much above levels
Speaker 8: of say two years ago or back to twenty twenty.
Speaker 8: Even in the case of energy prices or fertilizer prices.
Speaker 8: They're down eighty percent from there from the peaks that
Speaker 8: we saw in the spring of twenty twenty two, but
Speaker 8: still one hundred percent above where they were in January
Speaker 8: compared to January twenty twenty. So, yes, prices are high.
Speaker 8: They have come down a lot, but they're still high
Speaker 8: relative to historical levels.
Speaker 1: And I guess when we think about higher energy prices,
Speaker 1: we often forget that that feeds that has also affected
Speaker 1: fertilizer prices, which then affects future crops of countries years
Speaker 1: into the future.
Speaker 8: Right, And don't forget that energy costs are very much
Speaker 8: embodied in food. Food costs ultimately, I mean transportation, all
Speaker 8: the transformation, depending on and even at the farm level,
Speaker 8: some crops are very very energy intensive, you say, particularly
Speaker 8: when you factor in fertilizer and other products.
Speaker 1: COVID was another sort of force on making us think
Speaker 1: about this that people realized when we had these supply
Speaker 1: chain issues globally, that dependence on just one or two
Speaker 1: suppliers for anything, whether it's you know, widgets or grain,
Speaker 1: is not necessarily a healthy thing. Do you think do
Speaker 1: you see efforts by countries by agricultural businesses to broaden
Speaker 1: their sources of supply. Is that one lesson that comes
Speaker 1: out of all of these experiences COVID, Ukraine invasion and
Speaker 1: other things.
Speaker 8: Yeah, I know, there's no question. I think the market
Speaker 8: actually has responded pretty well, particularly bulk trade. Weak corned
Speaker 8: countries were able to source alternative sources for their products.
Speaker 8: There wasn't a case where we just ran out of wheat.
Speaker 8: People were able to find wheat around the world. I
Speaker 8: think the longer run, as we look forward, I think
Speaker 8: the real key is flexibility to be able to pivot
Speaker 8: and seek alternative sources. I'm not sure that you necessarily
Speaker 8: would diversify just for the sake of diversification. It's a
Speaker 8: strategy and it's much like an insurance product. You have
Speaker 8: to look at what the cost of diversification is. So
Speaker 8: if I'm Egypt and I'm looking across the Mediterranean at
Speaker 8: a very black sea area looking at very cheap source
Speaker 8: of wheat, if I were to say, well, I'm not
Speaker 8: going to import from them because I want to diversify
Speaker 8: to a much more higher cost supplier, that's the cost
Speaker 8: you have to pay. And so I think the if
Speaker 8: you look at what Egypt was able to do by contrast,
Speaker 8: is they were able to pivot import from India, import
Speaker 8: from the EU, and so I think having that flexibility
Speaker 8: is was really important. And that does mean having the
Speaker 8: ability to tap alternative sources. So I'm not saying that
Speaker 8: diversifications the wrong strategy. I'm just saying that you don't
Speaker 8: diversify just for the sake of diversification, that you need
Speaker 8: to be able to be flexible to pivot to other areas,
Speaker 8: to find sources when there are disruptions, and the obvious
Speaker 8: disruptions that we're seeing right now, and I think unfortunately
Speaker 8: the long run disruptions because of the continued low prices
Speaker 8: in Ukraine and we're seeing you know how that's affected
Speaker 8: plannings in the fall last year, they are now affecting
Speaker 8: supplies this year. The ongoing war, the fact that it's very,
Speaker 8: very costly to ship product out of Ukraine right now,
Speaker 8: all that has longer term significance for the region.
Speaker 1: I guess the final question is whether any of this
Speaker 1: has accelerated or changed the attitude to some of these
Speaker 1: exciting technological break throughs that we hear about in other
Speaker 1: parts of the economy, whether it's robotics or AI or
Speaker 1: genetic engineering. Is there is the debate around deploying that
Speaker 1: in agriculture and having a second or are we at
Speaker 1: this point a third or a fourth green revolution. Has
Speaker 1: that debate changed in the space of the last few years.
Speaker 8: Well, I think two thousand and seven, eight, twenty ten,
Speaker 8: eleven they were real wake up calls because we're under
Speaker 8: invested in agricultural productivity for so many years. That's and
Speaker 8: now seeing this over the last year, particularly with starting
Speaker 8: actually with COVID and now seeing the problems in the
Speaker 8: Black Sea. Yes, you're right. I think that there's increasing
Speaker 8: calls now to increase productivity in areas like sub Saharan Africa,
Speaker 8: areas where we see big gaps between yield potential and
Speaker 8: actual potential and then our actual production. And then the
Speaker 8: other issue is fertilizer. You know, unlike where you know,
Speaker 8: wheat has grown in a lot of areas around the world,
Speaker 8: you know, something like potash, you're talking about just a
Speaker 8: handful of countries that are major producers. And so I think,
Speaker 8: you know, interest in things like green fertilizers and other
Speaker 8: sorts of technologies which are still a ways off. I
Speaker 8: think there's renewed interest in putting more research dollars into
Speaker 8: that area to again, in this case, you know, look
Speaker 8: at more sustainable ways of increasing improving productivity.
Speaker 1: So that's Deephonomics for you folks. We have one week
Speaker 1: we had grand financiers in la and the next week
Speaker 1: we're talking about potash. Joe Glaba, thank you so much
Speaker 1: for helping us out with this.
Speaker 8: Glad I could be of help.
Speaker 1: Well that's it for this food focused episode of Stephonomics.
Speaker 1: We will be back next week. In the meantime, you
Speaker 1: can get a lot more economic insight and news from
Speaker 1: the Bloomberg Terminal website or app. This episode was produced
Speaker 1: by Mangus Henrikson, Yang Yang and Summer Sadi, with special
Speaker 1: thanks to Alessandra Milaccio, Irina Angel and Joe Glauber. The
Speaker 1: executive producer of Stephanomics is Molly Smith and the head
Speaker 1: of Bloomberg Podcasts is Sage Bowmen.