1 00:00:02,960 --> 00:00:06,040 Speaker 1: This is Bloomberg day Break Weekend, our global look at 2 00:00:06,080 --> 00:00:08,879 Speaker 1: the top stories in the coming week from our Daybreak 3 00:00:08,920 --> 00:00:12,240 Speaker 1: anchors all around the world. Straight ahead on the program, 4 00:00:12,320 --> 00:00:15,720 Speaker 1: here comes the FED meeting. I'm Amy Morris in Washington. 5 00:00:15,960 --> 00:00:17,520 Speaker 2: I'm Ryan Courtesy in Hong Kong. 6 00:00:17,680 --> 00:00:21,120 Speaker 3: So what's next for the Reserve Bank of Australia continuing 7 00:00:21,160 --> 00:00:22,720 Speaker 3: the pause on interest rates? 8 00:00:23,120 --> 00:00:23,479 Speaker 4: Or Hi? 9 00:00:23,960 --> 00:00:26,279 Speaker 5: I'm Kaylee Liones in Washington, where it looks like the 10 00:00:26,320 --> 00:00:29,160 Speaker 5: twenty twenty four election season is already heating up. 11 00:00:29,280 --> 00:00:32,159 Speaker 6: I'm Stephen Kralen London, where final preparations are being made 12 00:00:32,200 --> 00:00:34,280 Speaker 6: for the coronation of King Charles the Third. 13 00:00:35,440 --> 00:00:38,720 Speaker 7: That's all straight ahead on Bloomberg day Break Weekend on 14 00:00:38,880 --> 00:00:41,720 Speaker 7: Bloomberg E Love the three own New York, Bloomberg ninety 15 00:00:41,800 --> 00:00:45,400 Speaker 7: nine to one, Washington, DC, Bloomberg one O six one, Boston, 16 00:00:45,440 --> 00:00:50,240 Speaker 7: Bloomberg nine sixty, San Francisco, DAB Digital Radio London, Sirius 17 00:00:50,400 --> 00:00:53,640 Speaker 7: XM one nineteen and around the world on Bloomberg Radio 18 00:00:53,720 --> 00:00:56,040 Speaker 7: dot Com and via the Bloomberg Business App. 19 00:01:00,200 --> 00:01:02,480 Speaker 1: To you, I'm anymore. As we begin today's program with 20 00:01:02,520 --> 00:01:05,200 Speaker 1: a look at the FED, a key index of underlying 21 00:01:05,200 --> 00:01:08,440 Speaker 1: inflation that's closely followed by the Federal Reserve remained elevated 22 00:01:08,560 --> 00:01:11,040 Speaker 1: last month. Joining us now to talk about it and 23 00:01:11,120 --> 00:01:13,160 Speaker 1: some of the other data we've seen in the past week, 24 00:01:13,160 --> 00:01:17,520 Speaker 1: Bloomberg's Michael McKee, our Global Economics and Policy editor, Michael, 25 00:01:17,560 --> 00:01:19,840 Speaker 1: it is a pleasure. Thank you for joining us. We 26 00:01:19,959 --> 00:01:22,720 Speaker 1: had a lot of data out on inflation this past week. 27 00:01:23,280 --> 00:01:25,840 Speaker 1: How does this overall tilt things for you in terms 28 00:01:25,920 --> 00:01:29,039 Speaker 1: of what the Fed does at the upcoming meeting. Let's 29 00:01:29,040 --> 00:01:31,120 Speaker 1: just start with the inflation data that came out Friday. 30 00:01:31,520 --> 00:01:32,520 Speaker 2: Well, basically, I don't. 31 00:01:32,400 --> 00:01:34,479 Speaker 8: Think it changes a whole lot about what they're going 32 00:01:34,520 --> 00:01:37,120 Speaker 8: to do in the market reaction sort of reflects that 33 00:01:37,280 --> 00:01:39,800 Speaker 8: because they had signaled they were going to do another 34 00:01:39,840 --> 00:01:43,440 Speaker 8: twenty five basis points because inflation's too high, and though 35 00:01:43,720 --> 00:01:48,760 Speaker 8: headline inflation in the PCE numbers which they watch came 36 00:01:48,840 --> 00:01:52,160 Speaker 8: down significantly, it's still more than double what the target is. 37 00:01:52,400 --> 00:01:55,040 Speaker 8: So the Federal raised twenty five basis points. We did 38 00:01:55,120 --> 00:01:59,880 Speaker 8: get as sort of flat reading on personal spending. Consumers 39 00:02:00,000 --> 00:02:03,800 Speaker 8: spending in March, and the FEDA will have to decide 40 00:02:03,840 --> 00:02:11,480 Speaker 8: if we're really seeing a whole lot of the previous 41 00:02:11,800 --> 00:02:14,400 Speaker 8: tightenings that they've done hitting the economy and whether there's 42 00:02:14,440 --> 00:02:17,799 Speaker 8: a risk that we go into recession or not. So 43 00:02:18,480 --> 00:02:20,560 Speaker 8: the question will be what they say about what they 44 00:02:20,600 --> 00:02:22,720 Speaker 8: do next, not so much what they're going to do 45 00:02:23,480 --> 00:02:24,200 Speaker 8: on Wednesday. 46 00:02:24,600 --> 00:02:29,000 Speaker 1: A sidebar here, personal spending is unchanged. Personal income rose. 47 00:02:29,080 --> 00:02:32,120 Speaker 1: You mentioned personal spending, So what's happening there when the 48 00:02:32,120 --> 00:02:34,960 Speaker 1: personal income goes up but spending is lower or unchanged. 49 00:02:35,320 --> 00:02:36,080 Speaker 2: Well, it's interesting. 50 00:02:36,800 --> 00:02:38,680 Speaker 8: As long as incomes are going up, people have the 51 00:02:38,720 --> 00:02:41,120 Speaker 8: money to spend, and the savings rate went up, so 52 00:02:41,160 --> 00:02:44,560 Speaker 8: they were socking away some of what they were getting. 53 00:02:45,360 --> 00:02:47,360 Speaker 8: And there has been a theory that they would start 54 00:02:47,360 --> 00:02:49,480 Speaker 8: to run out of money because they would have spent 55 00:02:49,560 --> 00:02:52,160 Speaker 8: down all the stimulus checks they got last year. That 56 00:02:52,240 --> 00:02:55,280 Speaker 8: hasn't happened yet. But we did see a big rise 57 00:02:55,480 --> 00:02:59,840 Speaker 8: in spending in January, a smaller rise in February, and 58 00:03:00,000 --> 00:03:02,679 Speaker 8: now a flat reading for the month of March, which 59 00:03:02,720 --> 00:03:05,240 Speaker 8: suggests consumers are pulling back now. Is that because of 60 00:03:05,280 --> 00:03:08,760 Speaker 8: inflation or just because they bought everything they wanted to 61 00:03:08,919 --> 00:03:09,960 Speaker 8: back in January. 62 00:03:10,200 --> 00:03:10,760 Speaker 2: We don't know. 63 00:03:11,639 --> 00:03:15,359 Speaker 8: So we'll be watching the months to come, as will 64 00:03:15,400 --> 00:03:17,360 Speaker 8: the FED. One thing that happens is we had a 65 00:03:17,400 --> 00:03:21,400 Speaker 8: late easter this year, and usually that affects spending numbers. 66 00:03:21,760 --> 00:03:23,799 Speaker 8: They get moved from one month to another. So let's 67 00:03:23,800 --> 00:03:26,520 Speaker 8: see what happens with April and whether we really have 68 00:03:26,560 --> 00:03:29,239 Speaker 8: a slow down or whether the FED has more work 69 00:03:29,280 --> 00:03:29,520 Speaker 8: to do. 70 00:03:29,919 --> 00:03:32,200 Speaker 1: Is that what the GDP data told you as well? 71 00:03:32,639 --> 00:03:37,360 Speaker 8: Yes, GDP was heavily skewed to improvements in January, and 72 00:03:37,400 --> 00:03:40,480 Speaker 8: things slowed down as the months went on. GDP also 73 00:03:40,560 --> 00:03:45,720 Speaker 8: told us that businesses had stopped investing almost and that 74 00:03:45,840 --> 00:03:48,080 Speaker 8: was a first sign that maybe what the FED has 75 00:03:48,120 --> 00:03:52,080 Speaker 8: done is starting to have an effect on decision making. 76 00:03:53,120 --> 00:03:54,960 Speaker 1: Now, we had a lot of on air guests here 77 00:03:55,000 --> 00:03:58,880 Speaker 1: at Bloomberg over the week that saw recession signs pretty 78 00:03:58,920 --> 00:04:02,640 Speaker 1: much everywhere they looked. They are looking at forward data. 79 00:04:02,640 --> 00:04:04,400 Speaker 1: They claim. The data the FED is looking at is 80 00:04:04,480 --> 00:04:09,240 Speaker 1: backward looking data. Is there validity to that? What say you, Well, there. 81 00:04:09,080 --> 00:04:11,320 Speaker 8: Is validity to it. Most of the data, just by 82 00:04:11,400 --> 00:04:14,600 Speaker 8: its very nature is backward looking because it's compiled what's 83 00:04:14,640 --> 00:04:18,919 Speaker 8: already happened. But some of the data that people focus on, 84 00:04:19,000 --> 00:04:22,840 Speaker 8: including employment, is even more backward looking in the sense 85 00:04:22,880 --> 00:04:25,320 Speaker 8: that the last thing companies want to do is get 86 00:04:25,400 --> 00:04:28,200 Speaker 8: rid of people, and that's especially true now after they 87 00:04:28,240 --> 00:04:31,039 Speaker 8: had a hard time hiring people back after the pandemic. 88 00:04:31,640 --> 00:04:36,039 Speaker 8: So the last sign you're going to get perhaps of 89 00:04:36,520 --> 00:04:40,200 Speaker 8: recession is a change in the labor market. That said, 90 00:04:40,240 --> 00:04:44,120 Speaker 8: the labor market is still remaining very strong. We'll see 91 00:04:44,360 --> 00:04:47,800 Speaker 8: next Friday whether we get a strong reading for the 92 00:04:48,279 --> 00:04:51,279 Speaker 8: April jobs report, But what we've seen in terms of 93 00:04:52,560 --> 00:04:57,200 Speaker 8: jobless claims, things like that have shown that right now 94 00:04:57,720 --> 00:04:59,720 Speaker 8: we are not seeing companies back off. 95 00:05:00,920 --> 00:05:04,520 Speaker 1: This is your wheelhouse watching everything the FED says and does. 96 00:05:05,160 --> 00:05:08,599 Speaker 1: Are you noticing any subtle shifts slightly that would tee 97 00:05:08,680 --> 00:05:11,120 Speaker 1: us up for what they might be thinking about doing 98 00:05:11,240 --> 00:05:12,640 Speaker 1: next after the meeting? 99 00:05:13,120 --> 00:05:13,720 Speaker 2: Not really. 100 00:05:13,960 --> 00:05:16,880 Speaker 8: Those who think they should do more have basically said 101 00:05:16,880 --> 00:05:19,039 Speaker 8: they should do more, people like Jim Bullard of Saint 102 00:05:19,080 --> 00:05:23,560 Speaker 8: Louis suggesting that we need to go above five and 103 00:05:23,560 --> 00:05:29,119 Speaker 8: a half to get restrictive enough monetary policy. But most 104 00:05:29,160 --> 00:05:32,480 Speaker 8: have stayed with the idea that five point one percent 105 00:05:32,560 --> 00:05:35,640 Speaker 8: as an effective rate, which they put into the dot plot, 106 00:05:36,080 --> 00:05:39,440 Speaker 8: is going to be good enough. And five point one 107 00:05:39,800 --> 00:05:42,920 Speaker 8: as an effective rate would imply that the range would 108 00:05:42,920 --> 00:05:44,640 Speaker 8: be from five to five and a quarter, So that 109 00:05:44,680 --> 00:05:48,120 Speaker 8: would mean one more rate increase and then they could 110 00:05:48,200 --> 00:05:49,200 Speaker 8: decide whether they. 111 00:05:49,320 --> 00:05:50,440 Speaker 2: Need any more or not. 112 00:05:50,839 --> 00:05:54,960 Speaker 8: And the suspicion, basically among analysts is that we're going 113 00:05:55,000 --> 00:05:59,560 Speaker 8: to see the FED on hold because they've gotten close 114 00:05:59,640 --> 00:06:04,160 Speaker 8: enough to a restrictive level and there are concerns about 115 00:06:04,200 --> 00:06:07,280 Speaker 8: going too far, so they'd like to wait and see 116 00:06:07,279 --> 00:06:10,440 Speaker 8: what happens in the economy before they get before they 117 00:06:10,480 --> 00:06:11,640 Speaker 8: would do anything more. 118 00:06:12,400 --> 00:06:15,159 Speaker 1: And we are talking with Bloomberg's Michael McKee, our Global 119 00:06:15,200 --> 00:06:19,200 Speaker 1: Economics and Policy editor, and let's build a little bit 120 00:06:19,240 --> 00:06:22,440 Speaker 1: about what you were talking about just now. Any sign 121 00:06:22,520 --> 00:06:25,279 Speaker 1: the FED might be thinking about the split economy, wealthier 122 00:06:25,320 --> 00:06:28,039 Speaker 1: people doing pretty well, those on the lower end of 123 00:06:28,120 --> 00:06:31,000 Speaker 1: the pay scale struggling to make ends meet. We've seen 124 00:06:31,279 --> 00:06:34,680 Speaker 1: plenty of surveys that show quite a number of people 125 00:06:34,720 --> 00:06:37,880 Speaker 1: of all ages living hand to mouth, a lot of millennials, 126 00:06:38,120 --> 00:06:40,720 Speaker 1: by the way, in a recent study that shows that 127 00:06:40,880 --> 00:06:42,520 Speaker 1: generation gap is growing. 128 00:06:43,040 --> 00:06:44,240 Speaker 2: I was going to ask you, can you lend me 129 00:06:44,279 --> 00:06:45,200 Speaker 2: ten dollars for lunch? 130 00:06:46,520 --> 00:06:50,480 Speaker 8: No, the FED would say, there isn't much they can 131 00:06:50,480 --> 00:06:53,719 Speaker 8: do about it. What they can do is try to 132 00:06:53,800 --> 00:06:57,120 Speaker 8: set the economic conditions that would provide for maximum employment. 133 00:06:57,520 --> 00:06:59,120 Speaker 8: Because if you have a job, you have a much 134 00:06:59,160 --> 00:07:02,040 Speaker 8: better chance of having enough money to at least eat on. 135 00:07:02,400 --> 00:07:03,440 Speaker 2: And that was. 136 00:07:03,400 --> 00:07:07,760 Speaker 8: Their policy leading up to the pandemic, that they would 137 00:07:07,880 --> 00:07:12,840 Speaker 8: keep rates low because they wanted to spread the good 138 00:07:12,960 --> 00:07:16,119 Speaker 8: labor market conditions to those who were at the lower 139 00:07:16,200 --> 00:07:18,680 Speaker 8: end of the income scale. And coming out of the pandemic, 140 00:07:18,720 --> 00:07:24,160 Speaker 8: we did see that wages for people on a percentage 141 00:07:24,200 --> 00:07:26,640 Speaker 8: comparison basis, wages for people at the lower ends went 142 00:07:26,720 --> 00:07:29,640 Speaker 8: up faster than for people at the higher end. Now 143 00:07:29,680 --> 00:07:32,760 Speaker 8: that started to change some, but the Fed can't do 144 00:07:32,880 --> 00:07:36,480 Speaker 8: a whole lot about it. Their first priority is inflation, 145 00:07:36,600 --> 00:07:39,280 Speaker 8: so they're going to keep interest rates high, and that 146 00:07:39,360 --> 00:07:43,880 Speaker 8: will hurt people who would like to borrow and can't 147 00:07:43,920 --> 00:07:46,880 Speaker 8: afford higher interest rates. So to that extent, there is 148 00:07:47,280 --> 00:07:51,160 Speaker 8: a problem. But as long as unemployment remains very close 149 00:07:51,240 --> 00:07:54,440 Speaker 8: to the levels it is now, people are still doing okay. 150 00:07:55,040 --> 00:07:57,600 Speaker 8: But inflation is a tax, and if you spend most 151 00:07:57,600 --> 00:08:01,600 Speaker 8: of your money on food or energy, it's gonna really 152 00:08:01,680 --> 00:08:02,000 Speaker 8: hurt you. 153 00:08:02,120 --> 00:08:04,760 Speaker 1: We saw some housing numbers as well this past week. 154 00:08:04,920 --> 00:08:09,280 Speaker 1: What about the housing market is happening? What's that tell you? 155 00:08:09,920 --> 00:08:12,240 Speaker 8: Well, the housing market is usually one of the first 156 00:08:12,360 --> 00:08:15,360 Speaker 8: and I think this time was as well to respond 157 00:08:15,440 --> 00:08:20,480 Speaker 8: to higher increase in interest rates, because that's the cost 158 00:08:20,520 --> 00:08:21,160 Speaker 8: of buying. 159 00:08:20,880 --> 00:08:22,880 Speaker 2: A house, is what we pay for your mortgage. 160 00:08:23,280 --> 00:08:26,080 Speaker 8: So we did see a real drop off in home 161 00:08:26,200 --> 00:08:30,960 Speaker 8: sales and a drop in the number of homes that 162 00:08:31,120 --> 00:08:32,040 Speaker 8: were for sale. 163 00:08:32,640 --> 00:08:33,400 Speaker 2: That seems to. 164 00:08:33,360 --> 00:08:38,120 Speaker 8: Be starting to turn a little bit, which is hard 165 00:08:38,160 --> 00:08:40,160 Speaker 8: for the FED to figure out. This has taken a 166 00:08:40,800 --> 00:08:43,200 Speaker 8: long time for it to play out in the economy. 167 00:08:43,200 --> 00:08:46,560 Speaker 8: It's a weird post pandemic situation, but we're starting to 168 00:08:46,559 --> 00:08:51,280 Speaker 8: see housing be less of a drag. It's not it's 169 00:08:51,320 --> 00:08:54,240 Speaker 8: not healed, it's not better, it's not a thing you 170 00:08:54,280 --> 00:08:57,439 Speaker 8: want to go rushing out to invest in, but it 171 00:08:57,480 --> 00:08:59,720 Speaker 8: is starting to be less of a drag, which could 172 00:08:59,760 --> 00:09:03,920 Speaker 8: mean good news for the FED because a lot revolves 173 00:09:03,920 --> 00:09:07,120 Speaker 8: around housing and the economy, not only just the cost 174 00:09:07,160 --> 00:09:11,040 Speaker 8: of construction and that sort of thing, but also when 175 00:09:11,040 --> 00:09:13,840 Speaker 8: you buy house, buy new carpets or new furniture or 176 00:09:13,880 --> 00:09:16,160 Speaker 8: things like that. It can make a big difference when 177 00:09:16,160 --> 00:09:18,680 Speaker 8: housing is significantly growing. 178 00:09:18,960 --> 00:09:21,120 Speaker 1: What's the key factor for you? What piece of data 179 00:09:21,200 --> 00:09:24,160 Speaker 1: really tells the whole story or does that even exist? 180 00:09:24,640 --> 00:09:26,920 Speaker 8: There's nothing that tells the whole story, but I think 181 00:09:27,080 --> 00:09:29,760 Speaker 8: the things that you're looking at are a combination of 182 00:09:30,200 --> 00:09:30,959 Speaker 8: the jobs report. 183 00:09:31,040 --> 00:09:35,160 Speaker 2: You want to see the economy. What the FED wants. 184 00:09:34,960 --> 00:09:39,360 Speaker 8: To see is that we create fewer jobs each month. 185 00:09:39,800 --> 00:09:43,120 Speaker 8: We want to create enough jobs to give one to 186 00:09:43,160 --> 00:09:46,559 Speaker 8: everybody who's looking for one, but not so many that we. 187 00:09:46,600 --> 00:09:50,040 Speaker 2: Have trouble attracting workers. 188 00:09:50,880 --> 00:09:53,560 Speaker 8: And the same time, then we are looking at the 189 00:09:53,600 --> 00:09:57,480 Speaker 8: inflation data, and you picked your indicator, but basically you 190 00:09:57,520 --> 00:10:01,400 Speaker 8: want to see inflation continuing to come down month over month, 191 00:10:01,480 --> 00:10:04,400 Speaker 8: so the progress is being made. Those are the two 192 00:10:04,440 --> 00:10:07,000 Speaker 8: things that sort of signal what the FED is going 193 00:10:07,080 --> 00:10:10,480 Speaker 8: to do and where the economy is now. For the 194 00:10:10,520 --> 00:10:12,719 Speaker 8: next meeting and a couple of meetings after that, we're 195 00:10:12,720 --> 00:10:15,000 Speaker 8: also going to be looking at the Senior Loan Officers 196 00:10:15,080 --> 00:10:17,200 Speaker 8: Survey to see if all the problems that we have 197 00:10:17,320 --> 00:10:22,720 Speaker 8: had in the banking system turn into lack of credit. 198 00:10:22,760 --> 00:10:26,000 Speaker 8: If banks pull back on lending because they're nervous about 199 00:10:26,000 --> 00:10:28,880 Speaker 8: all this, that could hurt the economy. That could slow 200 00:10:28,880 --> 00:10:33,520 Speaker 8: the economy even more. It could affect what the FED does. 201 00:10:33,679 --> 00:10:36,160 Speaker 8: They may not feel like they have to raise rates 202 00:10:36,160 --> 00:10:40,160 Speaker 8: as high if banks are tightening credit significantly. But we 203 00:10:40,280 --> 00:10:42,560 Speaker 8: just don't know at this point yet, and that will 204 00:10:42,559 --> 00:10:45,840 Speaker 8: come out the week after next, so we still have 205 00:10:45,880 --> 00:10:46,280 Speaker 8: to wait. 206 00:10:46,400 --> 00:10:49,480 Speaker 1: That was our Global Economics and Policy editor Michael McKee, 207 00:10:49,480 --> 00:10:52,320 Speaker 1: coming up on Bloomberg day Break weekend. In the UK, 208 00:10:52,480 --> 00:10:55,960 Speaker 1: the final preparations are underway for the coronation of King 209 00:10:56,080 --> 00:10:59,760 Speaker 1: Charles the Third and maybe more. As this is Bloomberg, 210 00:11:12,520 --> 00:11:15,760 Speaker 1: this is Bloomberg Daybreak weekend, our global look ahead at 211 00:11:15,800 --> 00:11:18,679 Speaker 1: the top stories for investors in the coming week. I'm 212 00:11:18,720 --> 00:11:22,120 Speaker 1: Amy Morris in Washington. Up later in our program. It's 213 00:11:22,200 --> 00:11:25,080 Speaker 1: not even summer yet, but the November twenty twenty four 214 00:11:25,240 --> 00:11:29,280 Speaker 1: US presidential election is coming right at us, fast and furious. 215 00:11:29,280 --> 00:11:32,959 Speaker 1: But first, in the UK, the final preparations are underway 216 00:11:33,080 --> 00:11:36,559 Speaker 1: for the coronation of King Charles the Third. The event 217 00:11:36,640 --> 00:11:38,760 Speaker 1: will be marked with a church service and an extra 218 00:11:38,800 --> 00:11:42,000 Speaker 1: holiday in the UK, and an expected influx of visitors 219 00:11:42,040 --> 00:11:44,560 Speaker 1: from around the world. For more, let's head to London 220 00:11:44,600 --> 00:11:47,319 Speaker 1: and bring in Bloomberg Daybreak Europe anchor Stephen Carroll. 221 00:11:47,440 --> 00:11:49,920 Speaker 6: Amy. It's been almost eight months since Queen Elizabeth the 222 00:11:49,960 --> 00:11:52,839 Speaker 6: Second passed away and King Charles the Third was elevated 223 00:11:52,880 --> 00:11:55,600 Speaker 6: to the throne. Next weekend, we'll see the formal events 224 00:11:55,679 --> 00:11:58,840 Speaker 6: marking his coronation, an event that hasn't happened in the 225 00:11:58,920 --> 00:12:02,720 Speaker 6: UK in seven years. To discuss what is planned, I'm 226 00:12:02,760 --> 00:12:05,760 Speaker 6: joining Studio Bio UK correspondent Lizzie Burden and by Bloomberg 227 00:12:05,760 --> 00:12:09,720 Speaker 6: Pursuits reporter Sarah Rappaport as well. Welcome to you both. Lizzie, 228 00:12:09,920 --> 00:12:12,240 Speaker 6: can you talk us through exactly what events are planned 229 00:12:12,240 --> 00:12:13,800 Speaker 6: for the coronation, or at least what we know about 230 00:12:13,800 --> 00:12:14,480 Speaker 6: them at this stage. 231 00:12:14,520 --> 00:12:16,760 Speaker 9: So it's expected to be about half the length and 232 00:12:16,800 --> 00:12:19,920 Speaker 9: a quarter of the guest list of the Queen Elizabeth's 233 00:12:19,960 --> 00:12:22,679 Speaker 9: coronation back in nineteen fifty three, so about an hour 234 00:12:22,679 --> 00:12:25,800 Speaker 9: and a half long and two two hundred guests. You're 235 00:12:25,840 --> 00:12:29,080 Speaker 9: going to have the service at Westminster Abbey on May 236 00:12:29,120 --> 00:12:31,880 Speaker 9: the sixth. It'll start about eleven am London time, or 237 00:12:31,920 --> 00:12:35,440 Speaker 9: probably precisely. Knowing these kind of events and at the 238 00:12:35,480 --> 00:12:39,120 Speaker 9: time of recording with you now, the Royal family hasn't 239 00:12:39,160 --> 00:12:42,360 Speaker 9: officially released the order of service, but we do know 240 00:12:42,400 --> 00:12:45,640 Speaker 9: that the day begins with the King's procession from Bookingham 241 00:12:45,640 --> 00:12:49,880 Speaker 9: Palace to Westminster Abbey. You'll likely hear the Archbishop of Canterbury, 242 00:12:49,960 --> 00:12:52,400 Speaker 9: just In well be presenting the new king to the 243 00:12:52,440 --> 00:12:56,640 Speaker 9: people and inviting them to say God Save King Charles. 244 00:12:57,160 --> 00:13:00,400 Speaker 9: Then he'll receive holy communion. He'll be anointed with oil. 245 00:13:00,600 --> 00:13:03,600 Speaker 9: Anyone who watches the crown will know that that's the 246 00:13:03,640 --> 00:13:06,120 Speaker 9: bit that might not be televised because it's holy. It's 247 00:13:06,160 --> 00:13:09,319 Speaker 9: a tradition that can be traced back to the Old Testament. 248 00:13:09,600 --> 00:13:13,679 Speaker 9: It symbolizes the divine blessing of the monarch. And you'll 249 00:13:13,720 --> 00:13:16,000 Speaker 9: be pleased to hear that the oil isn't made anymore 250 00:13:16,080 --> 00:13:19,800 Speaker 9: of whale's stomach lining as it was in nineteen fifty three. 251 00:13:20,160 --> 00:13:23,440 Speaker 9: The new recipe is made of oil's harvested. 252 00:13:23,760 --> 00:13:24,800 Speaker 10: Green for the new king. 253 00:13:26,040 --> 00:13:29,160 Speaker 9: He's under that from the mount of Olives, and they've 254 00:13:29,200 --> 00:13:33,800 Speaker 9: been pressed just outside Bethlehem. They've been perfumed with essential oils. 255 00:13:33,840 --> 00:13:36,840 Speaker 6: Lovely, Okay, Well your painting has the floral picture. 256 00:13:36,840 --> 00:13:39,200 Speaker 9: Well, it's not over yet. Then he's going to be 257 00:13:39,320 --> 00:13:43,240 Speaker 9: invested with his regalia, his crown, his ring, his scepter, 258 00:13:43,880 --> 00:13:46,880 Speaker 9: and then he'll be crowned by the archbishop, rise from 259 00:13:46,880 --> 00:13:50,160 Speaker 9: the coronation chair and sit on the throne. And that's 260 00:13:50,240 --> 00:13:52,960 Speaker 9: usually the point at which the aristocracy would pay homage 261 00:13:53,000 --> 00:13:56,240 Speaker 9: to him. By touching the crown, kissing his hand. But 262 00:13:56,280 --> 00:13:58,640 Speaker 9: that bit again is likely to be slimmed down because 263 00:13:58,800 --> 00:14:01,440 Speaker 9: the number of hereditary pays in the House of Lords, 264 00:14:01,480 --> 00:14:03,920 Speaker 9: of course has been cut. And then you'll have the 265 00:14:04,040 --> 00:14:07,080 Speaker 9: King and the Queen Consort Camilla going back to Bookingham 266 00:14:07,120 --> 00:14:09,760 Speaker 9: Palace in an even bigger procession than they arrived in. 267 00:14:09,960 --> 00:14:13,199 Speaker 9: You'll have thousands of armed forces personnel. And then when 268 00:14:13,200 --> 00:14:15,839 Speaker 9: they get to the palace only the working royals will 269 00:14:15,840 --> 00:14:18,000 Speaker 9: stand on the balcony for the wave. Should we practice 270 00:14:18,000 --> 00:14:18,400 Speaker 9: our wave? 271 00:14:19,720 --> 00:14:23,200 Speaker 6: Okay, So a lot of preparation clearly has gone into this, and. 272 00:14:23,480 --> 00:14:25,320 Speaker 10: Don't forget the Golden State coach. 273 00:14:25,760 --> 00:14:28,040 Speaker 6: Very true, very import something to watch out for. 274 00:14:28,400 --> 00:14:29,680 Speaker 9: Notoriously uncomfortable. 275 00:14:30,200 --> 00:14:32,480 Speaker 6: Right, you haven't been in it, I have. 276 00:14:32,480 --> 00:14:35,480 Speaker 10: To say to Buckingham Palace, Lizzie. 277 00:14:35,520 --> 00:14:38,600 Speaker 6: So some of the details still yet to be publicly announced, 278 00:14:38,640 --> 00:14:40,680 Speaker 6: but we do There has been a lot of discussion 279 00:14:40,680 --> 00:14:42,760 Speaker 6: about who's going to this event. 280 00:14:42,840 --> 00:14:43,280 Speaker 2: What do we know. 281 00:14:43,400 --> 00:14:46,760 Speaker 9: Yeah, we're expecting an array of foreign royals, heads of 282 00:14:46,800 --> 00:14:50,760 Speaker 9: state and politicians and that's actually new because previously the 283 00:14:50,840 --> 00:14:52,880 Speaker 9: ceremony was meant to be between the monarch and their 284 00:14:52,960 --> 00:14:56,560 Speaker 9: people in the presence of God. But King Charles is 285 00:14:56,560 --> 00:14:59,359 Speaker 9: said to be inviting the likes of the Sultan of Brunei, 286 00:14:59,560 --> 00:15:02,320 Speaker 9: the King of Jordan. They're friends of his and it's 287 00:15:02,320 --> 00:15:06,000 Speaker 9: also a gesture of soft power and diplomacy. You're also 288 00:15:06,120 --> 00:15:10,200 Speaker 9: likely to get lots of politicians. Originally we're told it 289 00:15:10,320 --> 00:15:12,880 Speaker 9: was expected to be about twenty MP's and twenty peers, 290 00:15:12,880 --> 00:15:15,760 Speaker 9: but the Telegraph newspapers reporting that those numbers have more 291 00:15:15,800 --> 00:15:19,120 Speaker 9: than doubled now because everybody's been jostling for an invitation, 292 00:15:19,840 --> 00:15:21,560 Speaker 9: and of course all his life the king has been 293 00:15:21,640 --> 00:15:23,720 Speaker 9: very involved with charity work. So there'll be lots of 294 00:15:23,760 --> 00:15:27,960 Speaker 9: representatives of as many causes. But who isn't coming is 295 00:15:28,080 --> 00:15:30,840 Speaker 9: probably going to get as much attention as who is. 296 00:15:30,920 --> 00:15:31,040 Speaker 4: So. 297 00:15:31,200 --> 00:15:34,080 Speaker 9: Joe Biden, the US President, has already confirmed that he's 298 00:15:34,120 --> 00:15:38,000 Speaker 9: sending his wife Jill instead. That's maybe a sign of 299 00:15:38,120 --> 00:15:41,440 Speaker 9: Britain's diminished place in the world since nineteen fifty three. 300 00:15:42,280 --> 00:15:45,400 Speaker 10: The American presidents never go right, I mean, historically they've 301 00:15:45,400 --> 00:15:48,040 Speaker 10: never been to a coronation. I mean, Jill's going, but 302 00:15:48,440 --> 00:15:51,720 Speaker 10: it's not as a snob, it's just well, he's been 303 00:15:51,760 --> 00:15:55,280 Speaker 10: at pain. Look great for American presidents. You're having the 304 00:15:55,320 --> 00:15:57,920 Speaker 10: way American about to actually got a coronation. 305 00:15:57,600 --> 00:15:59,960 Speaker 9: Right, He's been at pains to say that it isn't 306 00:16:00,080 --> 00:16:03,320 Speaker 9: to snow. Yeah, so that's the official line, and I 307 00:16:03,320 --> 00:16:06,240 Speaker 9: shouldn't like to descend into royal tittle tuttle Stephen. But 308 00:16:06,520 --> 00:16:09,120 Speaker 9: even though it's a slimed down version compared to Queen 309 00:16:09,200 --> 00:16:13,960 Speaker 9: Elizabeth's second coronation, you'll still see almost the whole royal 310 00:16:14,000 --> 00:16:17,160 Speaker 9: family except the Duchess of Sussex, indeed. 311 00:16:17,000 --> 00:16:20,080 Speaker 6: Of which much much ink has been spilled. So, Sarah, 312 00:16:20,160 --> 00:16:23,080 Speaker 6: those are some of the invited guests. But there's a 313 00:16:23,080 --> 00:16:25,560 Speaker 6: lot of people who are coming to the UK for 314 00:16:25,640 --> 00:16:27,600 Speaker 6: this event. This is something that you've been writing about. 315 00:16:27,680 --> 00:16:29,960 Speaker 6: Tell us about what the expectations are around tourism. 316 00:16:30,400 --> 00:16:33,400 Speaker 10: Well, a lot of Americans are coming. Funnily enough, there's 317 00:16:33,400 --> 00:16:36,600 Speaker 10: a study saying Americans will be outspending Brits by a 318 00:16:36,640 --> 00:16:40,080 Speaker 10: great deal at London hotels over the long weekend. 319 00:16:39,720 --> 00:16:42,040 Speaker 9: Don't you always yes. 320 00:16:41,880 --> 00:16:44,000 Speaker 10: But in this case there's more so than usual, by 321 00:16:44,040 --> 00:16:46,720 Speaker 10: a good eight percent in the data. So they're going 322 00:16:46,760 --> 00:16:49,240 Speaker 10: to account for thirty two percent of all revenue in 323 00:16:49,320 --> 00:16:52,240 Speaker 10: London hotels over the coronation weekend. Normally we account for 324 00:16:52,280 --> 00:16:54,680 Speaker 10: twenty four, so it's a nice, a nice big jump. Okay, 325 00:16:54,800 --> 00:16:57,160 Speaker 10: you know, Americans don't have a royal family, as we're 326 00:16:57,200 --> 00:17:00,160 Speaker 10: all aware, maybe the Kardashes or the Kennedys, but not 327 00:17:00,200 --> 00:17:02,800 Speaker 10: an official royal family. We're going to come. All the 328 00:17:02,840 --> 00:17:06,400 Speaker 10: hotels are really jumping on the bandwagon. The Dorchester brought 329 00:17:06,440 --> 00:17:09,040 Speaker 10: out their nineteen fifty three decour It looks amazing. If 330 00:17:09,080 --> 00:17:10,359 Speaker 10: you want to go to Park Lane and have a look. 331 00:17:10,960 --> 00:17:12,920 Speaker 10: All the hotels have more tea than you can Chuck 332 00:17:12,920 --> 00:17:18,800 Speaker 10: and Buck in Boston, Harbor King themed cocktails, teas, royal stays. 333 00:17:19,200 --> 00:17:20,280 Speaker 6: So there's real business in this. 334 00:17:21,200 --> 00:17:24,000 Speaker 10: Business, and the hotels are getting booked up. The Goring, 335 00:17:24,040 --> 00:17:27,000 Speaker 10: which famously Cape Middleton State app before she got married, 336 00:17:27,280 --> 00:17:29,639 Speaker 10: is fully booked and that's one of the closest hotels 337 00:17:29,680 --> 00:17:33,000 Speaker 10: to Buckingham Palace. So there's a lot of business in 338 00:17:33,040 --> 00:17:36,359 Speaker 10: there for tourists and it is largely Americans wanting to 339 00:17:36,400 --> 00:17:39,040 Speaker 10: come and splash the cash. With the week pound as well, 340 00:17:39,080 --> 00:17:40,560 Speaker 10: it's easier for them to come and do that. 341 00:17:40,720 --> 00:17:42,840 Speaker 9: Should happy to be my flat too? 342 00:17:44,640 --> 00:17:47,120 Speaker 6: What about then the offerings that have been put on 343 00:17:47,160 --> 00:17:48,840 Speaker 6: for toys. You talk about some of the food and 344 00:17:48,920 --> 00:17:52,600 Speaker 6: drink options. There sarah that that have been laid out 345 00:17:52,600 --> 00:17:55,359 Speaker 6: for the visitors who are coming, But what about activities? 346 00:17:55,359 --> 00:17:57,280 Speaker 6: Are the things that are going on in London that people. 347 00:17:57,080 --> 00:18:01,360 Speaker 10: Can for a very rich visitors. Royal Salute is launching 348 00:18:01,359 --> 00:18:04,639 Speaker 10: a twenty five thousand dollars bottle of whiskey for the 349 00:18:04,720 --> 00:18:05,880 Speaker 10: King Charles, a third edition. 350 00:18:06,080 --> 00:18:06,359 Speaker 2: Wow. 351 00:18:06,520 --> 00:18:09,560 Speaker 10: I actually went to the launch party was at Westminster Abbey, 352 00:18:09,560 --> 00:18:11,399 Speaker 10: so an after hours tour. I got to see the 353 00:18:11,440 --> 00:18:14,720 Speaker 10: place where Charles will be crowned, and out of dinner 354 00:18:14,760 --> 00:18:17,000 Speaker 10: and tried this whiskey. 355 00:18:17,440 --> 00:18:17,680 Speaker 6: Yeah. 356 00:18:17,720 --> 00:18:19,439 Speaker 10: I mean it's print on a cards the listed company, right, 357 00:18:19,480 --> 00:18:22,720 Speaker 10: and they're putting on a King Charles edition. And yeah, 358 00:18:22,720 --> 00:18:25,080 Speaker 10: twenty five thousand dollars. If you don't have that, there's 359 00:18:25,080 --> 00:18:27,639 Speaker 10: plenty of other fun places to get cocktails or drinks 360 00:18:27,760 --> 00:18:30,400 Speaker 10: or do walking tours and get the history right. Because 361 00:18:30,400 --> 00:18:32,800 Speaker 10: the city's not seen a coronation in seventy years. You 362 00:18:32,840 --> 00:18:34,240 Speaker 10: don't have to be a royalist to think it's a 363 00:18:34,240 --> 00:18:36,800 Speaker 10: little bit exciting for a historical event to watch it. 364 00:18:36,920 --> 00:18:38,639 Speaker 6: Yeah, and for many people it's a one cent a 365 00:18:38,680 --> 00:18:41,200 Speaker 6: lifetime chance to be in the city where it's happening. 366 00:18:41,520 --> 00:18:43,680 Speaker 10: Most people wereun around the last time there was one. 367 00:18:43,800 --> 00:18:47,240 Speaker 6: Indeed, like, broadly speaking, is this expects to be a 368 00:18:47,240 --> 00:18:49,320 Speaker 6: big boost for UK tourism. 369 00:18:49,880 --> 00:18:50,280 Speaker 9: It isn't. 370 00:18:50,320 --> 00:18:53,200 Speaker 10: It isn't. UK tourism is actually doing quite well already. 371 00:18:53,600 --> 00:18:55,280 Speaker 10: There's a lot of pent up demand and like I 372 00:18:55,280 --> 00:18:57,960 Speaker 10: said about Americans already here, they're aready spending a lot 373 00:18:57,960 --> 00:18:58,760 Speaker 10: of money. 374 00:18:58,840 --> 00:19:01,600 Speaker 6: And Lizzie, let's let's talk a bit about the the 375 00:19:01,640 --> 00:19:04,280 Speaker 6: backdrop to all of this economically, I mean, could this 376 00:19:04,359 --> 00:19:06,560 Speaker 6: actually be an important boost to the UK economy. 377 00:19:06,800 --> 00:19:09,840 Speaker 9: Well, certain sectors will hopefully get a boost, So UK 378 00:19:09,960 --> 00:19:13,000 Speaker 9: Hospitality reckons that pubs and restaurants will get a three 379 00:19:13,080 --> 00:19:17,280 Speaker 9: hundred and fifty million pound boost to sales. But usually 380 00:19:17,320 --> 00:19:20,560 Speaker 9: on balanced bank quality days actually dent the economy because 381 00:19:20,760 --> 00:19:23,679 Speaker 9: the extra spending on pubs is worth less than the 382 00:19:23,920 --> 00:19:27,640 Speaker 9: reduced output in factories, the productive parts of the economy. 383 00:19:27,680 --> 00:19:31,159 Speaker 9: So last year's Platinum Jubilee bank holiday was estimated to 384 00:19:31,200 --> 00:19:34,200 Speaker 9: have hit the economy by two point four billion pounds. 385 00:19:34,480 --> 00:19:37,399 Speaker 9: But it's really really hard to calculate this stuff, and 386 00:19:37,440 --> 00:19:40,160 Speaker 9: often you get a bounce back the following month, so 387 00:19:40,560 --> 00:19:43,560 Speaker 9: you see people catching upon the work they otherwise would 388 00:19:43,560 --> 00:19:45,920 Speaker 9: have done, so you could say that economic activity is 389 00:19:46,000 --> 00:19:49,880 Speaker 9: just displaced and not totally lost. And the good news 390 00:19:49,920 --> 00:19:52,880 Speaker 9: really is that it's not expected to tip us into recession. 391 00:19:53,040 --> 00:19:53,919 Speaker 2: Yes, so Drinker. 392 00:19:54,040 --> 00:19:56,919 Speaker 6: Indeed, thank you to Bloomberg Pursuits reporter Sayah Rappaport and 393 00:19:56,960 --> 00:19:59,960 Speaker 6: to our UK correspondent Lizzie Burden. I'm Stephen carolln London. 394 00:20:00,040 --> 00:20:02,240 Speaker 6: You can catch us every weekday morning here for Bloomberg 395 00:20:02,320 --> 00:20:04,840 Speaker 6: Daybreak Europe, beginning at six am in London and one 396 00:20:04,880 --> 00:20:05,960 Speaker 6: am on Wall Street. 397 00:20:06,200 --> 00:20:09,560 Speaker 1: Amy, Thank you, Steven, and coming up on Bloomberg day Break. Weekend, 398 00:20:09,800 --> 00:20:12,439 Speaker 1: we returned to Washington as the battle lines for the 399 00:20:12,440 --> 00:20:16,399 Speaker 1: twenty twenty four US presidential election are becoming clear. I M. 400 00:20:16,400 --> 00:20:18,760 Speaker 1: Amy Morris. This is Bloomberg. 401 00:20:27,960 --> 00:20:31,760 Speaker 7: Broadcasting live from the Bloomberg It a active Brokers studio 402 00:20:31,840 --> 00:20:35,040 Speaker 7: in New York. Bloomberg Elemon free oh to Washington, d C, 403 00:20:35,200 --> 00:20:38,600 Speaker 7: Bloomberg ninety nine one to Boston, Bloomberg one oh six 404 00:20:38,680 --> 00:20:42,000 Speaker 7: one to San Francisco, Bloomberg nine sixteen to the country, 405 00:20:42,040 --> 00:20:46,320 Speaker 7: Serrius XM Channel one nineteen to London DAB Digital radio, 406 00:20:46,440 --> 00:20:49,560 Speaker 7: and around the globe the Bloomberg Business app in Bloomberg 407 00:20:49,640 --> 00:20:53,200 Speaker 7: Radio Dot com. This is Bloomberg Daybreak Weekend. 408 00:20:58,960 --> 00:21:02,000 Speaker 1: I m Amy Morris in Washington with your global look ahead 409 00:21:02,040 --> 00:21:04,560 Speaker 1: at the top stories for investors in the coming week. 410 00:21:04,920 --> 00:21:07,480 Speaker 1: The battle lines in the twenty twenty four presidential race 411 00:21:07,520 --> 00:21:10,400 Speaker 1: are starting to take shape, and we could see more 412 00:21:10,480 --> 00:21:13,000 Speaker 1: action this coming week. For more, let's head to our 413 00:21:13,000 --> 00:21:16,399 Speaker 1: Bloomberg ninety nine to one newsroom in Washington and sound on. 414 00:21:16,520 --> 00:21:17,879 Speaker 1: Co host Kaylee lines. 415 00:21:18,040 --> 00:21:20,879 Speaker 5: That's right, Amy, It's only April twenty twenty three, but 416 00:21:21,000 --> 00:21:23,680 Speaker 5: the twenty twenty four race is already in full swing. 417 00:21:24,080 --> 00:21:27,160 Speaker 5: We have a number of presidential candidates who have declared 418 00:21:27,160 --> 00:21:32,119 Speaker 5: that they are running, including finally President Biden. We had 419 00:21:32,160 --> 00:21:35,240 Speaker 5: long expected it, but he finally announced he is going 420 00:21:35,280 --> 00:21:38,080 Speaker 5: to seek a second term in a video this past week. 421 00:21:38,640 --> 00:21:41,560 Speaker 2: Let's finished this job. I know we can't because this 422 00:21:41,640 --> 00:21:44,960 Speaker 2: is the United States in area, there's nothing, simply nothing 423 00:21:45,080 --> 00:21:45,720 Speaker 2: we cannot do. 424 00:21:46,960 --> 00:21:49,359 Speaker 5: And as he begins his attempt to try to convince 425 00:21:49,440 --> 00:21:52,280 Speaker 5: voters to let him finish the job, we're already starting 426 00:21:52,280 --> 00:21:54,320 Speaker 5: to see the Biden campaign ads roll out. 427 00:21:54,880 --> 00:21:58,040 Speaker 4: Joe Biden has made defending our basic freedoms the cause 428 00:21:58,119 --> 00:22:01,120 Speaker 4: of his presidency. The freedom for women to make their 429 00:22:01,160 --> 00:22:04,480 Speaker 4: own health care decisions, the freedom for our children to 430 00:22:04,520 --> 00:22:07,840 Speaker 4: be safe from gun violence, the freedom to vote and 431 00:22:07,920 --> 00:22:11,320 Speaker 4: have your vote counted, for seniors to live with dignity, 432 00:22:11,760 --> 00:22:14,480 Speaker 4: and to give every American the freedom that comes with 433 00:22:14,520 --> 00:22:17,840 Speaker 4: a fair shot at building a good life in small 434 00:22:17,880 --> 00:22:19,200 Speaker 4: towns and big cities. 435 00:22:19,680 --> 00:22:23,080 Speaker 5: The drama of that ad and his potential opponents are 436 00:22:23,119 --> 00:22:26,399 Speaker 5: out there buying up ads to including former President Trump, 437 00:22:26,400 --> 00:22:29,359 Speaker 5: who currently is seen as the GOP front runner but 438 00:22:29,520 --> 00:22:32,320 Speaker 5: is trying to fend off other contenders in the Republican 439 00:22:32,359 --> 00:22:37,320 Speaker 5: Party like Florida Governor Ron DeSantis, who hasn't even declared 440 00:22:37,400 --> 00:22:40,000 Speaker 5: that he's running yet. Listen to this Trump ad from 441 00:22:40,040 --> 00:22:40,720 Speaker 5: this past week. 442 00:22:41,280 --> 00:22:43,520 Speaker 8: I thought DeSantis was one of the good ones, but 443 00:22:43,920 --> 00:22:45,760 Speaker 8: he's just another career politician. 444 00:22:47,520 --> 00:22:50,520 Speaker 7: America needs Trump make America great again. 445 00:22:50,600 --> 00:22:52,920 Speaker 2: INK is responsible for the content of this advertising. 446 00:22:53,840 --> 00:22:56,320 Speaker 5: So buckle up, everyone, because the ads have begun and 447 00:22:56,359 --> 00:22:59,320 Speaker 5: they're not going to stop for quite some time. Let's 448 00:22:59,320 --> 00:23:01,560 Speaker 5: get more on this twenty twenty four cycle now with 449 00:23:01,680 --> 00:23:04,440 Speaker 5: Nancy Cook, who covers all things politics for us here 450 00:23:04,840 --> 00:23:07,760 Speaker 5: at Bloomberg. Nancy, thanks so much for being with us. 451 00:23:08,000 --> 00:23:10,520 Speaker 5: I'd like to first start with one of the subjects 452 00:23:10,560 --> 00:23:13,160 Speaker 5: of that ad. We just heard Florida Governor Ron DeSantis, 453 00:23:13,200 --> 00:23:16,840 Speaker 5: as I said, he is not yet technically a contender 454 00:23:17,280 --> 00:23:19,720 Speaker 5: in this race. But the rumor has always been that 455 00:23:19,840 --> 00:23:23,199 Speaker 5: once the Florida legislative session wraps up, that's when we'll 456 00:23:23,200 --> 00:23:26,280 Speaker 5: see him announce. Well, May fifth, I believe, is when 457 00:23:26,280 --> 00:23:29,119 Speaker 5: we see that adjournment. Could we actually see him announcing 458 00:23:29,640 --> 00:23:32,120 Speaker 5: within this coming week, I don't think so. 459 00:23:32,119 --> 00:23:34,480 Speaker 11: So what has to happen is there's a law on 460 00:23:34,520 --> 00:23:37,800 Speaker 11: the Florida books that basically says that if you already 461 00:23:37,840 --> 00:23:41,640 Speaker 11: hold higher office, you have to resign before you can 462 00:23:41,680 --> 00:23:44,919 Speaker 11: actually run for a different office. And so the Florida 463 00:23:45,080 --> 00:23:48,600 Speaker 11: Legislature has to tweak this law and they haven't fully 464 00:23:48,600 --> 00:23:51,360 Speaker 11: finished doing that yet. So they've got to do that 465 00:23:51,520 --> 00:23:54,280 Speaker 11: before he can actually declare. And I think that we 466 00:23:54,359 --> 00:23:57,359 Speaker 11: are likely to see him declare, you know, anytime. I 467 00:23:57,400 --> 00:24:00,199 Speaker 11: would say between like late May and mid June. And 468 00:24:00,280 --> 00:24:03,119 Speaker 11: I was told yesterday they're really eyeing like the first 469 00:24:03,119 --> 00:24:06,399 Speaker 11: two weeks of June, although there is a chance that 470 00:24:06,440 --> 00:24:11,200 Speaker 11: they could you do Presidential Exploratory Committee before that. He's 471 00:24:11,200 --> 00:24:14,560 Speaker 11: really under pressure to get into the race because while 472 00:24:14,600 --> 00:24:17,479 Speaker 11: he hasn't declared, he's been certainly making all the moves 473 00:24:17,480 --> 00:24:20,840 Speaker 11: for a presidential candidate. He's been to South Carolina, Iowa, 474 00:24:21,000 --> 00:24:24,400 Speaker 11: New Hampshire, Nevada. He put out a memoir, He's done 475 00:24:24,440 --> 00:24:26,679 Speaker 11: a book tour right now, he's in Israel, he just 476 00:24:26,720 --> 00:24:29,320 Speaker 11: went to Japan. So he's really been making all the 477 00:24:29,359 --> 00:24:33,040 Speaker 11: moves of a presidential candidate. But because he hasn't declared yet, 478 00:24:33,560 --> 00:24:36,320 Speaker 11: it's really given of the former president Donald Trump a 479 00:24:36,400 --> 00:24:38,720 Speaker 11: lot of time to attack him and try to weaken 480 00:24:38,760 --> 00:24:41,760 Speaker 11: his candidacy before he's even declared. And we've really seen 481 00:24:41,760 --> 00:24:44,119 Speaker 11: a big drop in the polls from DeSantis in the 482 00:24:44,200 --> 00:24:44,840 Speaker 11: last three months. 483 00:24:44,920 --> 00:24:47,639 Speaker 5: Yeah, and we know that former President Trump's polls numbers 484 00:24:47,680 --> 00:24:50,000 Speaker 5: have picked up and were aided in a big way 485 00:24:50,040 --> 00:24:53,199 Speaker 5: by his indictment in the state of New York. And 486 00:24:53,280 --> 00:24:55,320 Speaker 5: on the subject of Trump, it really does seem like 487 00:24:55,359 --> 00:24:57,960 Speaker 5: DeSantis is the only one currently that he feels like 488 00:24:58,000 --> 00:25:00,960 Speaker 5: he's running against in this primary. You don't really see 489 00:25:01,000 --> 00:25:03,600 Speaker 5: him going after the likes of Nicki Haley or Rick 490 00:25:03,640 --> 00:25:04,720 Speaker 5: Scott in the same way. 491 00:25:05,080 --> 00:25:08,360 Speaker 11: Absolutely so the Republican the polling on the Republican primary 492 00:25:08,359 --> 00:25:11,879 Speaker 11: field is basically Trump has been leading everything. DeSantis is 493 00:25:11,920 --> 00:25:16,000 Speaker 11: trailing him. You know, the margins sort of vary and 494 00:25:16,040 --> 00:25:18,640 Speaker 11: then everybody else. So if if Trump is pulling at 495 00:25:18,640 --> 00:25:21,639 Speaker 11: like forty six percent, DeSantis, you know, at this point, 496 00:25:21,720 --> 00:25:24,880 Speaker 11: is pulling at twenty six percent, and then Nicky Haley 497 00:25:24,920 --> 00:25:27,399 Speaker 11: and Mike Pence and all these other people are really 498 00:25:27,440 --> 00:25:31,600 Speaker 11: pulling anywhere from like six percent to two percent. You know, 499 00:25:31,640 --> 00:25:34,960 Speaker 11: it's really really low. And so the Republican field is 500 00:25:35,000 --> 00:25:37,879 Speaker 11: interesting because there's a lot of people who have talked 501 00:25:37,880 --> 00:25:40,600 Speaker 11: about getting in it. You know, New Jersey Governor Chris 502 00:25:40,640 --> 00:25:42,640 Speaker 11: Christy has talked about getting into it at some point, 503 00:25:42,680 --> 00:25:45,720 Speaker 11: but he's not in yet. But these other candidates just 504 00:25:45,800 --> 00:25:47,560 Speaker 11: really haven't gotten traction so far. 505 00:25:48,160 --> 00:25:48,360 Speaker 8: Well. 506 00:25:48,400 --> 00:25:51,520 Speaker 5: And on this point, after we saw this past week 507 00:25:51,560 --> 00:25:55,280 Speaker 5: President Biden formally finally entering the race, there was a 508 00:25:55,280 --> 00:25:59,080 Speaker 5: lot of conversation about how in polls of voters general 509 00:25:59,119 --> 00:26:04,720 Speaker 5: election preference, is Biden in theory leads Trump. Biden doesn't necessarily, though, 510 00:26:04,800 --> 00:26:08,879 Speaker 5: lead other potential Republican candidates in the general should they 511 00:26:08,880 --> 00:26:10,160 Speaker 5: be able to get through the primary. 512 00:26:10,320 --> 00:26:13,040 Speaker 11: That's absolutely right. So in polling that we have so far, 513 00:26:13,160 --> 00:26:17,240 Speaker 11: it shows Biden beating Trump again and again, but DeSantis 514 00:26:17,600 --> 00:26:20,240 Speaker 11: in some of the polls beats Trump. But the thing 515 00:26:20,240 --> 00:26:22,840 Speaker 11: that we've seen with Republican primary voters so far is 516 00:26:22,880 --> 00:26:26,880 Speaker 11: like they're not gauging their desire about who to vote 517 00:26:26,920 --> 00:26:29,680 Speaker 11: for just against who can beat Biden. They're really gauging 518 00:26:29,720 --> 00:26:32,520 Speaker 11: it on like Storff, who they like, whose policies they 519 00:26:32,520 --> 00:26:34,480 Speaker 11: agree with. And I think that what we've seen over 520 00:26:34,520 --> 00:26:36,959 Speaker 11: the last few months is that Trump really has a 521 00:26:37,119 --> 00:26:40,199 Speaker 11: very strong grip on the Republican Party still. You know, 522 00:26:40,240 --> 00:26:42,560 Speaker 11: people some people hate him, but a ton of people 523 00:26:42,640 --> 00:26:44,840 Speaker 11: love him, and he has really managed to hold on 524 00:26:44,920 --> 00:26:48,760 Speaker 11: to this base of roughly thirty percent of Republican primary voters. 525 00:26:48,960 --> 00:26:51,280 Speaker 5: And yet he still is ultimately going to have to 526 00:26:51,280 --> 00:26:54,000 Speaker 5: come out top out on top in the primary race 527 00:26:54,040 --> 00:26:56,159 Speaker 5: if we are to see a twenty twenty rematch between 528 00:26:56,200 --> 00:26:59,680 Speaker 5: Trump and Biden. Biden and theory doesn't have to do that, right, 529 00:26:59,720 --> 00:27:02,600 Speaker 5: He's pretty much guaranteed to be the Democratic nominee. No 530 00:27:02,680 --> 00:27:05,840 Speaker 5: other major contender has emerged to challenge him. So at 531 00:27:05,840 --> 00:27:09,280 Speaker 5: what point does the president actually have to start campaigning? 532 00:27:09,359 --> 00:27:12,000 Speaker 5: What does he do now now that he's announced, What 533 00:27:12,000 --> 00:27:14,720 Speaker 5: does he do next week the weeks that follow. 534 00:27:14,960 --> 00:27:18,400 Speaker 11: So Biden is campaigning so far this week because he's 535 00:27:18,440 --> 00:27:22,040 Speaker 11: meeting with donors this weekend in Washington to sort of 536 00:27:22,040 --> 00:27:24,800 Speaker 11: outline the campaign, and some of his senior staff as too. 537 00:27:25,080 --> 00:27:27,240 Speaker 11: But then what we're expecting him to see is really 538 00:27:27,359 --> 00:27:29,480 Speaker 11: just just go back to business as usual at the 539 00:27:29,480 --> 00:27:31,879 Speaker 11: White House for a while. He has the bully pulpit 540 00:27:31,920 --> 00:27:34,600 Speaker 11: of the White House, you know, he can travel, make 541 00:27:34,680 --> 00:27:38,400 Speaker 11: speeches from the Rose Garden. These are huge advantages being 542 00:27:38,520 --> 00:27:42,080 Speaker 11: an incumbent and a reelection campaign, and we're not expecting 543 00:27:42,160 --> 00:27:45,560 Speaker 11: his campaign to really heat up until next year. He's 544 00:27:45,600 --> 00:27:47,679 Speaker 11: just going to continue to govern. He's going to do 545 00:27:47,720 --> 00:27:50,240 Speaker 11: some foreign trips and just really show the American people 546 00:27:50,240 --> 00:27:52,160 Speaker 11: that he's working for them. That's the message that they're 547 00:27:52,200 --> 00:27:53,000 Speaker 11: trying to get out there. 548 00:27:53,320 --> 00:27:57,680 Speaker 5: You mentioned donors. We have seen within major Republican donors 549 00:27:57,720 --> 00:28:01,440 Speaker 5: them start to maybe question who they're going to support, 550 00:28:01,520 --> 00:28:04,120 Speaker 5: or at least not be putting money directly toward any 551 00:28:04,200 --> 00:28:07,480 Speaker 5: one candidate. Right now. Does President Biden face that same 552 00:28:07,520 --> 00:28:10,200 Speaker 5: problem or are all Democratic donors pretty much in line 553 00:28:10,400 --> 00:28:10,840 Speaker 5: with him? 554 00:28:11,600 --> 00:28:14,640 Speaker 11: Well, the Democratic donors that we've talked about Bloomberg are 555 00:28:14,720 --> 00:28:17,439 Speaker 11: planning to support Biden. I would say that they feel 556 00:28:17,440 --> 00:28:19,159 Speaker 11: like they didn't get a ton of love from the 557 00:28:19,160 --> 00:28:22,479 Speaker 11: Biden White House over the past two years, however, and 558 00:28:22,600 --> 00:28:26,320 Speaker 11: many of them have reservations about Biden's age. He's eighty 559 00:28:26,400 --> 00:28:29,760 Speaker 11: right now, and they're worried that he will be too 560 00:28:29,760 --> 00:28:31,960 Speaker 11: old by the end of a second term. However, they're 561 00:28:32,040 --> 00:28:34,960 Speaker 11: very worried about the threat of a second presidential term 562 00:28:34,960 --> 00:28:37,640 Speaker 11: for Trump, and they're going to still support Biden. They're 563 00:28:37,640 --> 00:28:39,160 Speaker 11: going to open up their pocketbooks. 564 00:28:39,680 --> 00:28:39,880 Speaker 4: You know. 565 00:28:39,920 --> 00:28:41,320 Speaker 11: They wish there was a little bit more of a 566 00:28:41,400 --> 00:28:43,440 Speaker 11: charm offensive from the White House, but that's not going 567 00:28:43,440 --> 00:28:44,840 Speaker 11: to stop them from supporting him. 568 00:28:45,520 --> 00:28:48,080 Speaker 5: And as you alluded to, in the meantime, Biden does 569 00:28:48,120 --> 00:28:50,720 Speaker 5: still have to do the business of being president, and 570 00:28:50,800 --> 00:28:55,320 Speaker 5: in part that is includes ongoing debate over whether or 571 00:28:55,360 --> 00:28:58,240 Speaker 5: not he's going to negotiate with Speaker McCarthy at all 572 00:28:58,280 --> 00:29:00,480 Speaker 5: when it comes to the debt ceiling. Which is why 573 00:29:00,480 --> 00:29:03,400 Speaker 5: the timing of his announcement struck me this past week, 574 00:29:03,480 --> 00:29:06,280 Speaker 5: was because you have this ongoing battle that it regards 575 00:29:06,320 --> 00:29:08,200 Speaker 5: the full faith and credit of the United States, and 576 00:29:08,240 --> 00:29:11,440 Speaker 5: you pick this moment to say, Hey, I'm running again. 577 00:29:11,640 --> 00:29:14,120 Speaker 5: How do you think the dead stealing drama colors this 578 00:29:14,240 --> 00:29:16,240 Speaker 5: race at this point? Does it at all. 579 00:29:16,400 --> 00:29:19,120 Speaker 11: Well, I think it colors the race because what posters 580 00:29:19,200 --> 00:29:22,200 Speaker 11: keep hearing from Americans is that they are very worried 581 00:29:22,200 --> 00:29:25,120 Speaker 11: about the economy, and some feel like the economy has 582 00:29:25,160 --> 00:29:27,760 Speaker 11: even dipped into a recession officially, even though it hasn't. 583 00:29:28,160 --> 00:29:30,160 Speaker 11: And so what the dead sealing does is it just 584 00:29:30,440 --> 00:29:32,920 Speaker 11: means that it puts more pressure on President Biden to 585 00:29:32,960 --> 00:29:35,120 Speaker 11: solve this problem and the Democrats as well, are the 586 00:29:35,120 --> 00:29:38,960 Speaker 11: Republicans as well, because if there's a default or even 587 00:29:39,000 --> 00:29:40,680 Speaker 11: a risk of it, it could really hurt the US 588 00:29:40,760 --> 00:29:46,160 Speaker 11: economy and that in turn will hurt President Biden's economic message. 589 00:29:46,840 --> 00:29:49,200 Speaker 5: Yeah, we'll see what happens between the President and how 590 00:29:49,280 --> 00:29:51,520 Speaker 5: Speaker Kevin McCarthy, who, by the way, is we're looking 591 00:29:51,560 --> 00:29:53,320 Speaker 5: ahead to next week, is going to be in Israel 592 00:29:53,760 --> 00:29:56,560 Speaker 5: on Monday, only the second Speaker of the House to 593 00:29:56,640 --> 00:29:59,240 Speaker 5: actually visit Israel and address the Knesset. So that's going 594 00:29:59,320 --> 00:30:02,320 Speaker 5: to be us something interesting to watch in this coming week. 595 00:30:02,560 --> 00:30:04,120 Speaker 5: And Nancy, we trust that you are going to be 596 00:30:04,200 --> 00:30:07,360 Speaker 5: watching this all throughout the next year in change until 597 00:30:07,400 --> 00:30:10,400 Speaker 5: we actually get to November twenty twenty four. Nancy Cook 598 00:30:10,440 --> 00:30:12,520 Speaker 5: covers all things politics and the White House for US 599 00:30:12,520 --> 00:30:15,200 Speaker 5: here at Bloomberg. Thank you so very much, and Amy, 600 00:30:15,240 --> 00:30:16,120 Speaker 5: I'll send it back to you. 601 00:30:16,160 --> 00:30:19,280 Speaker 1: Bloomberg's sound on co host Kaylee Lines, reporting from our 602 00:30:19,280 --> 00:30:22,480 Speaker 1: Bloomberg ninety nine to one newsroom in Washington. Thank you, Kaylee. 603 00:30:22,800 --> 00:30:25,920 Speaker 1: Coming up on Bloomberg day Break weekend, decision day for 604 00:30:26,080 --> 00:30:40,120 Speaker 1: Australia's Central Bank. I'm Amy Morris. This is Bloomberg. This 605 00:30:40,280 --> 00:30:43,080 Speaker 1: is Bloomberg day Break Weekend. Our global look ahead at 606 00:30:43,120 --> 00:30:46,040 Speaker 1: the top stories for investors in the coming week. I'm 607 00:30:46,080 --> 00:30:49,200 Speaker 1: Amy Morris in Washington. The US is not the only 608 00:30:49,280 --> 00:30:52,400 Speaker 1: country with a big, closely watched central bank meeting this 609 00:30:52,520 --> 00:30:55,120 Speaker 1: coming week. For more, we head out to the Pacific 610 00:30:55,160 --> 00:30:58,920 Speaker 1: region and Daybreak Asia hosts Brian Curtis and Doug Prisner. 611 00:30:59,080 --> 00:31:01,840 Speaker 3: Amy, we look full to the Reserve Bank of Australia 612 00:31:01,920 --> 00:31:06,000 Speaker 3: meeting in the coming week. Inflation is slowing faster than 613 00:31:06,240 --> 00:31:09,840 Speaker 3: RBA projections, and what that might mean is that the 614 00:31:09,960 --> 00:31:13,320 Speaker 3: RBA will extend its pause in hiking interest rates. 615 00:31:13,360 --> 00:31:15,960 Speaker 12: Gains in the consumer price index slow to a rate 616 00:31:16,000 --> 00:31:18,200 Speaker 12: of one point four percent in the first quarter of 617 00:31:18,240 --> 00:31:21,200 Speaker 12: this year. That is down from one point nine percent 618 00:31:21,360 --> 00:31:24,080 Speaker 12: in the final quarter of last year, and the decline 619 00:31:24,520 --> 00:31:27,400 Speaker 12: has pushed down the year over year inflation rate to 620 00:31:27,480 --> 00:31:31,280 Speaker 12: seven percent from seven point eight percent in the prior quarter. 621 00:31:31,920 --> 00:31:34,360 Speaker 3: So we have the next meeting to think about and 622 00:31:34,480 --> 00:31:36,760 Speaker 3: we also hope to get some clarity on some of 623 00:31:36,760 --> 00:31:40,760 Speaker 3: these recommendations made by the recent independent review of the 624 00:31:40,760 --> 00:31:44,160 Speaker 3: Central Bank. And joining us now is James McIntyre, Bloomberg 625 00:31:44,280 --> 00:31:48,120 Speaker 3: Asia Economist. So, James, you've written that it's not just 626 00:31:48,200 --> 00:31:51,320 Speaker 3: the speed that we're seeing with disinflation, but it's some 627 00:31:51,360 --> 00:31:52,160 Speaker 3: of the details. 628 00:31:52,360 --> 00:31:54,960 Speaker 13: What are some of those details the speed? So you 629 00:31:55,000 --> 00:31:57,960 Speaker 13: mentioned that seven percent year on year. The IRBI was 630 00:31:58,000 --> 00:31:59,960 Speaker 13: looking for a seven point four so there's a low 631 00:32:00,200 --> 00:32:03,080 Speaker 13: starting point for them. But the type of inflation that 632 00:32:03,120 --> 00:32:06,760 Speaker 13: we're getting now is switching in Australia, so goods inflation 633 00:32:06,920 --> 00:32:10,200 Speaker 13: has very much fallen away and this is what we 634 00:32:10,200 --> 00:32:14,360 Speaker 13: were expecting to be happening, that transitory inflation is transiting out. 635 00:32:15,400 --> 00:32:17,920 Speaker 13: There was still you know, we've still got seven percent 636 00:32:18,000 --> 00:32:20,880 Speaker 13: so far, So what's in there. In the quarter that 637 00:32:20,920 --> 00:32:25,080 Speaker 13: we just had, we had some pretty sizable impacts coming 638 00:32:25,120 --> 00:32:29,040 Speaker 13: through some numbers in the health side of things. On education, 639 00:32:29,560 --> 00:32:32,920 Speaker 13: so especially university fees was a big factor there. We're 640 00:32:32,960 --> 00:32:36,360 Speaker 13: still getting some domestic and international travel and airfares and 641 00:32:36,360 --> 00:32:41,320 Speaker 13: accommodation inflation pressures air but all of those things are 642 00:32:41,360 --> 00:32:43,440 Speaker 13: sort of not the type of inflation that's going to 643 00:32:43,480 --> 00:32:46,320 Speaker 13: have a central bank wanting to hit the brakes to 644 00:32:46,720 --> 00:32:50,160 Speaker 13: crimp on demand and to kind of you be concerned 645 00:32:50,200 --> 00:32:53,560 Speaker 13: about that wages and that cost pressure and that demand 646 00:32:53,560 --> 00:32:56,920 Speaker 13: full type of inflation. Those factors I mentioned health education, 647 00:32:57,800 --> 00:33:01,160 Speaker 13: some of those seasonal or police driven things. So there 648 00:33:01,200 --> 00:33:04,640 Speaker 13: was a decision some time ago that is now flowing 649 00:33:04,640 --> 00:33:07,960 Speaker 13: through the inflation data to increase the charges on university 650 00:33:07,960 --> 00:33:11,040 Speaker 13: students and that's really hit those tertiary fees. Every year, 651 00:33:11,680 --> 00:33:15,400 Speaker 13: some rebate programs for health expenditures wind off, and that 652 00:33:15,440 --> 00:33:18,080 Speaker 13: gives you the inflation bump this time around. So those 653 00:33:18,080 --> 00:33:20,120 Speaker 13: things are things that you sort of expected but were 654 00:33:20,120 --> 00:33:23,160 Speaker 13: a little bit higher than normal, and they're baked into 655 00:33:23,200 --> 00:33:27,000 Speaker 13: that services side of the economy or the services inflation measures. 656 00:33:27,160 --> 00:33:29,160 Speaker 13: And when we think globally, that is where we're still 657 00:33:29,200 --> 00:33:32,040 Speaker 13: seeing these lingering inflation pressures and so sort of thinking 658 00:33:32,080 --> 00:33:35,000 Speaker 13: and picking up that global inflation zeitgeist, it looks like 659 00:33:35,040 --> 00:33:38,560 Speaker 13: the Australian inflat services inflation is still a bit high, 660 00:33:38,880 --> 00:33:42,360 Speaker 13: but a lot of that is administrative or policy driven things, 661 00:33:42,680 --> 00:33:45,719 Speaker 13: not necessarily something that's a concern for a central bank. 662 00:33:45,920 --> 00:33:47,840 Speaker 12: Why do you think it's been the case for the 663 00:33:47,960 --> 00:33:50,640 Speaker 12: RBA that they were able to pause ahead of some 664 00:33:50,720 --> 00:33:52,760 Speaker 12: of the other leading central banks what you saw. 665 00:33:52,600 --> 00:33:55,280 Speaker 13: With the Central Bank here. We have a monthly meeting 666 00:33:55,320 --> 00:33:58,800 Speaker 13: schedule at current and let's talk about that might change 667 00:33:59,040 --> 00:34:02,600 Speaker 13: if the reviews wreck mendations come through from the middle 668 00:34:02,600 --> 00:34:05,520 Speaker 13: of next year. But they meet monthly. They've been delivering 669 00:34:05,600 --> 00:34:08,759 Speaker 13: back to back monthly increases. But one thing that's very 670 00:34:08,760 --> 00:34:12,920 Speaker 13: interesting about the transmission of monetary policy in Australia, so 671 00:34:13,000 --> 00:34:15,480 Speaker 13: where the actual policy rate, where the rubber meets the 672 00:34:15,560 --> 00:34:17,440 Speaker 13: road and where it begins to hit main street on 673 00:34:17,480 --> 00:34:20,319 Speaker 13: the economy, is that it's much much more effective here 674 00:34:20,360 --> 00:34:24,840 Speaker 13: in Australia than across a range of other economies. We 675 00:34:25,000 --> 00:34:29,080 Speaker 13: predominantly have variable rate mortgages, so those floating rates, none 676 00:34:29,120 --> 00:34:34,800 Speaker 13: of these fifteen or thirty year fixed loans. Australian mortgages 677 00:34:34,800 --> 00:34:38,040 Speaker 13: are generally on a floating rate that gets indexed. The 678 00:34:38,120 --> 00:34:42,120 Speaker 13: changes every month based on changes in the cash rate. 679 00:34:42,200 --> 00:34:44,920 Speaker 13: And so what we've seen there is we've seen those 680 00:34:45,400 --> 00:34:47,759 Speaker 13: cash rate moves from the RBA have been linked to 681 00:34:47,880 --> 00:34:52,520 Speaker 13: a rapid tightening that is vastly far ahead of a 682 00:34:52,680 --> 00:34:54,520 Speaker 13: range of other central banks when you look at what 683 00:34:55,360 --> 00:34:59,000 Speaker 13: has actually been hitting consumers and hitting households through that 684 00:34:59,080 --> 00:35:01,440 Speaker 13: debt servicing cost channel of military policy. 685 00:35:01,760 --> 00:35:04,800 Speaker 3: James, thanks so much for your insights. James McIntyre, Bloomberg 686 00:35:04,840 --> 00:35:08,319 Speaker 3: Asia Economist. I'm Brian Curtis with Doug Christner. You can 687 00:35:08,360 --> 00:35:11,920 Speaker 3: catch us every weekday here for Bloomberg Daybreak Asia, beginning 688 00:35:11,920 --> 00:35:14,920 Speaker 3: at six am in Hong Kong and six pm on 689 00:35:15,080 --> 00:35:15,640 Speaker 3: Wall Street. 690 00:35:15,920 --> 00:35:18,520 Speaker 1: Amy all right, thank you Brian and Doug. That does 691 00:35:18,560 --> 00:35:21,439 Speaker 1: it for this edition of Bloomberg day Break Weekend. Join 692 00:35:21,520 --> 00:35:24,120 Speaker 1: us again Monday morning, five am Wall Street Time for 693 00:35:24,200 --> 00:35:27,160 Speaker 1: the latest on markets overseas and the news you need 694 00:35:27,160 --> 00:35:29,880 Speaker 1: to start your day. I'm Amy Morris. Stay with us. 695 00:35:29,920 --> 00:35:34,200 Speaker 1: Top stories and global business headlines are coming up right now.