WEBVTT - Musk Changes Twitter Logo; Barbie Takes Box Office Crown

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<v Speaker 1>Good morning.

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<v Speaker 2>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 2>stories we're following today.

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<v Speaker 3>We have three.

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<v Speaker 4>Major policy decisions on tap, including from the Fed. We

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<v Speaker 4>get a preview now from Bloomberg's Michael McKee.

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<v Speaker 5>The Fed has signaled it has at least one more

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<v Speaker 5>quarter point rate increase to go, and a still tight

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<v Speaker 5>labor market is expected to lead them to go ahead

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<v Speaker 5>on Wednesday. Futures are pricing in a ninety six percent

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<v Speaker 5>chance of a move For investors, the real question is

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<v Speaker 5>what next. Fed officials said in June they anticipated two

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<v Speaker 5>more rate moves. What did they signal after their meeting?

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<v Speaker 5>And let's also think the ECB is close to ending

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<v Speaker 5>its tightening cycle one more move and then on hold.

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<v Speaker 5>European markets are still pricing in cuts and President Christine

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<v Speaker 5>Legard will try to wave those off. In Japan's still

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<v Speaker 5>a long way to get to where they want to be.

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<v Speaker 5>Inflation is up but projected to fall, so investors see

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<v Speaker 5>less than a ten percent chance of a rate move.

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<v Speaker 5>They may talk about ending yield curve control, but have

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<v Speaker 5>no plans to do it yet. Michael McKee, Bloomberg Gay

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<v Speaker 5>break All right.

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<v Speaker 2>Mike, Thanks, well, expect moves from all three central banks.

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<v Speaker 2>That's the call from Ahammadalarian, chief economic advisor for Alliance,

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<v Speaker 2>and a Bloomberg opinion columnist.

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<v Speaker 6>All three are going to hike by twenty five basis points,

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<v Speaker 6>but that's where the communality will end. I think the

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<v Speaker 6>FED will come across as stubvish, the Bank of England

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<v Speaker 6>will still be quite hawkish, and the ECB will be

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<v Speaker 6>in the middle in terms of the Ford policy.

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<v Speaker 2>Guidance and when it comes to inflation, Bloomberg Opinion columnists

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<v Speaker 2>Muhammadalarian says the FED will ultimately have to settle on

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<v Speaker 2>a new target rate around three percent and as compared

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<v Speaker 2>to the current two percent inflation target.

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<v Speaker 4>It's also a busy week for earnings, Karen. About a

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<v Speaker 4>third of the companies in the S and P five

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<v Speaker 4>hundred roll report this week, and we've already heard from

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<v Speaker 4>oil giant Chevron. Bloomberg's Doug Krisner has the details.

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<v Speaker 7>The results reflect record shale oil output in the Permian

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<v Speaker 7>Basin adjusted EPs, we're three dollars eight cents higher than

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<v Speaker 7>the Bloomberg consensus. However, net income fell to six billion dollars.

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<v Speaker 7>It's the fourth straight quarter of lower results for Chevron.

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<v Speaker 7>Net income is fallen to nearly half the level of

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<v Speaker 7>last year when oil price is surged after Russia's invasion

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<v Speaker 7>of Ukraine. Now Chevron is on a quest for record

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<v Speaker 7>shareholder returns and the company is waiving the mandatory retirement

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<v Speaker 7>age for chairman and CEO Mike Worth in New York.

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<v Speaker 7>I'm Doug Chrisner, Bloomberg Day Break.

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<v Speaker 2>All right, Doug, thanks well, another corporate news. Elon Musk

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<v Speaker 2>is making another change at Twitter. He's hoping X marks

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<v Speaker 2>the spot of profitability for the social media company, and

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<v Speaker 2>we get the details from Bloomberg's John Tucker.

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<v Speaker 8>Say goodbye to Twitter's Bloomberg logo. It's being replaced with

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<v Speaker 8>a stylized x X dot com. Now readdirects to Twitter

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<v Speaker 8>dot com. Elon Musk hans at affinity for x X

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<v Speaker 8>dot com was the original name for PayPal. It's in

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<v Speaker 8>the SpaceX company name. It's in the name for Tesla's SUV.

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<v Speaker 8>The abrupt change comes as Twitter faces a steep decline

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<v Speaker 8>and ad dollars and a new rival, it Meta Platforms

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<v Speaker 8>Threads x is envisioned is an AI powered global marketplace

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<v Speaker 8>including payments and banking alongside audio, video and messaging. You

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<v Speaker 8>knoww York. I'm John Tucker Bloomberg Daybreak.

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<v Speaker 9>Thank you, John Well.

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<v Speaker 4>It's been a tough summer for Hollywood, between the labor

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<v Speaker 4>strikes and disappointing blockbusters, but an unlikely double feature this

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<v Speaker 4>past weekend is giving cinemas something to smile about. Barbie

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<v Speaker 4>earned one hundred and fifty five million dollars in its

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<v Speaker 4>box office debut, and it came out the same weekend

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<v Speaker 4>as Oppenheimer, which brought an eighty and a half million.

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<v Speaker 4>About two hundred thousand movie fans bought tickets to both

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<v Speaker 4>films on the same day that Barbenheimer phenomenon helped theaters

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<v Speaker 4>turn in their best weekend since Marvel's Avengers Endgame in

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<v Speaker 4>twenty nineteen.

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<v Speaker 2>Lot of more serious know here, Nathan. Let's turn to politics.

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<v Speaker 10>Now.

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<v Speaker 2>Are US China relations remain largely in focused? Secretary of

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<v Speaker 2>st Anthony B. Lincoln says the rest of the world

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<v Speaker 2>is eager to see ties improve between Washington and Beijing,

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<v Speaker 2>and Bloomberg's Ed Baxter has that story.

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<v Speaker 11>Blanc and says he's hearing from all over the globe

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<v Speaker 11>concern about how it will be managed to.

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<v Speaker 12>Make sure that we sustain these lines of communication, that

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<v Speaker 12>we continue to talk, and that we work on, as

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<v Speaker 12>I said, both dealing with the differences and seeing if

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<v Speaker 12>we can cooperate. That's the way we're approaching it. I

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<v Speaker 12>think it's the responsible thing to do.

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<v Speaker 11>Blak And on CNN says both will continue to say

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<v Speaker 11>things the other does not like, but the relationship will

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<v Speaker 11>be based on how it is managed going forward. In

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<v Speaker 11>San Francisco, I'm at Baxter Bloomberg daybreak.

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<v Speaker 4>Thanks, and we've had a significant and confusing election result.

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<v Speaker 11>In Spain.

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<v Speaker 4>Prime Minister Pedro Sanchez has denied his political rivals a

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<v Speaker 4>majority in parliament after his Socialist party performed better than

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<v Speaker 4>expected in yesterday's election. The Conservative People's Party won the

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<v Speaker 4>most seats in Spain's parliament, but the Socialists also saw gains.

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<v Speaker 4>We get more from Bloomberg's Maria TODAYO in Madrid if you.

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<v Speaker 13>Focus on the winner, and if I see that as

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<v Speaker 13>a conservative party, they won the most votes, but also

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<v Speaker 13>the most speak The problem that they have is that

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<v Speaker 13>that is not enough in Spanish politics. ME and the

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<v Speaker 13>winner will not take you into government if you don't

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<v Speaker 13>have a majority. Last night is that there are huge

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<v Speaker 13>pockets of Spanish voters that will go out of vote

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<v Speaker 13>to prevent what they proceed as the farm Right entering

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<v Speaker 13>a government.

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<v Speaker 4>Bloomberg's Maria Todayo says Pedro Sanchez will remain Prime Minister

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<v Speaker 4>for the time being, but he may have to call

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<v Speaker 4>another election later this year. This is Bloomberg. It's time

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<v Speaker 4>now to take a look at some of the other

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<v Speaker 4>stories making news in New York and around the world

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<v Speaker 4>with Bloomberg's Michael bar Good morning, Michael.

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<v Speaker 3>Good morning, Nathan. It's not just New Jersey filing a

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<v Speaker 3>lawsuit against New York City's congestion pricing plan. Staten Island

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<v Speaker 3>plans to file a lawsuit as well. Borough president Veto Facila,

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<v Speaker 3>like officials at the Garden State, are pointing to the

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<v Speaker 3>environmental studies saying will cost more for people in Staten

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<v Speaker 3>Island and hurt the borough's environment.

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<v Speaker 5>To sit here and then say to the people of

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<v Speaker 5>Staten Island that you're going to pay more and your

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<v Speaker 5>air quality is going to be worse doesn't make any sense.

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<v Speaker 3>Audio courtesy of ABC seven. Many Staten Islanders can't take

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<v Speaker 3>the ferry and could end up paying even more to

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<v Speaker 3>get into Manhattan. Below sixtieth Street when the congestion pricing

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<v Speaker 3>plan kicks in. In a statement from the MTA, contrary

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<v Speaker 3>to any claim that there was insufficient study, the environmental

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<v Speaker 3>assessment actually covered every conceivable pretend potential traffic, air quality,

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<v Speaker 3>and social economic effect. An unsettling discovery reported at the

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<v Speaker 3>house of the accused Gilgo Beach serial killer Rex Huerman

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<v Speaker 3>on Long Island. According to the New York Post, police

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<v Speaker 3>told a neighbor that investigators found a sound proof room

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<v Speaker 3>in the basement of the home and believe at least

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<v Speaker 3>one victim was killed there. Officials have been searching inside

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<v Speaker 3>the home to determine if any of the victims wherever inside.

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<v Speaker 3>Souffolk County Police Commissioner Rodney Harrison says Hewerman's appearance of

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<v Speaker 3>normality was a cover that hit his true nature.

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<v Speaker 13>He lived a double life.

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<v Speaker 10>You know.

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<v Speaker 13>He had a family and a wife and two kids.

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<v Speaker 5>He had a good job in being an architect, but

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<v Speaker 5>what he did at night, he was a different human

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<v Speaker 5>being and a dangerous individual.

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<v Speaker 3>Suffolk County Police Commissioner Rodney Harrison says that they've been

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<v Speaker 3>using cadaver dogs, ground penetrating sonar, and an excavator to

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<v Speaker 3>scour Hureman's backyard. The current heat wave has been setting

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<v Speaker 3>records across the country. Tens of millions of Americans from

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<v Speaker 3>California to Florida are struggling to cope with scorching heat,

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<v Speaker 3>like this man visiting Palm Springs. It was one hundred

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<v Speaker 3>and twenty yeah, and it's klt like somebody just lit

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<v Speaker 3>a match in in front of us. Now. The heat

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<v Speaker 3>wave is forecast to expand into the Midwest and northern plains.

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<v Speaker 3>Israeli Prime Minister Benjamin at Yahoo was released from the

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<v Speaker 3>hospital today after an emergency heart procedure. It comes ahead

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<v Speaker 3>of a key vote in the government's judicial overhaul plan

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<v Speaker 3>that has divided the country. Global News twenty four hours

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<v Speaker 3>a day, powered by more than twenty seven hundred journalists

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<v Speaker 3>analyst over one hundred twenty countries. I'm Michael Barrd. This

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<v Speaker 3>is Bloomberg Nah.

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<v Speaker 4>Thank you, Michael. Time now for the Bloomberg Sports Update.

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<v Speaker 4>Good morning, johns Stasho, Good morning Nathan. Two games Subway

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<v Speaker 4>series starting tomorrow and the Bronx. The Yankees come off

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<v Speaker 4>a sweep of the Royals. The Mets off a loss

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<v Speaker 4>last night in Boston. Carlos Carrasco started and got only

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<v Speaker 4>seven ounce and he was gone, having given up five

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<v Speaker 4>runs ten hits.

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<v Speaker 14>His era is near six. The Red Sox went on

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<v Speaker 14>to win six to one, as the Mets got only

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<v Speaker 14>six hits, all singles at the stadium, something that had

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<v Speaker 14>not occurred in a very long time.

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<v Speaker 11>Well, once again, it'll be a three to two from

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<v Speaker 11>Lyles to Rizzo swung on head high in.

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<v Speaker 10>The air, to right, all right back to the wall,

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<v Speaker 10>and it is gone. Waters went back as far as

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<v Speaker 10>he could go. Anthony Rizzo has not homers is May.

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<v Speaker 14>Twentyth on WFA and forty five games without a homer,

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<v Speaker 14>so sure enough, Rizzo's teammates gave him the silent treatment

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<v Speaker 14>when he got to the dugout. The homer part of

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<v Speaker 14>a four for four day for Rizzou. Yanks beat the Royals,

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<v Speaker 14>who are forty five games under five hundred, eight to five.

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<v Speaker 14>Luis Savarino got just his second win. Perhaps more significant

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<v Speaker 14>than the victory. Before the game, Aaron Judge, facing live

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<v Speaker 14>pitching for the first time since the tow injury in

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<v Speaker 14>early June, Cooperstown Induction Day and into the Baseball Hall

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<v Speaker 14>of Fame goes Scott Rowland and Fred McGriff. Roland made

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<v Speaker 14>it despite getting only ten percent of the vote the

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<v Speaker 14>first time he was on the ballot. McGriff never voted

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<v Speaker 14>in by the writers, but earned entry through the Veterans Committee.

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<v Speaker 14>Brian Harmon not exactly a Golf Hall of Famer. He

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<v Speaker 14>had only won two tournaments, none since twenty seventeen. The

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<v Speaker 14>odds on him winning the Open Championship at Royal Liverpool

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<v Speaker 14>where one hundred and twenty five to one, but a

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<v Speaker 14>near wire to wire victory. Harmon ended up winning by

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<v Speaker 14>six shots. Finished thirteen under par, four straight under par

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<v Speaker 14>rounds four way tie for second. Rriy Ay tie for sixth.

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<v Speaker 14>Johns Stashnewer Bloomberg Sports.

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<v Speaker 9>From coast to coast, from New York to San Francisco,

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<v Speaker 9>Boston to Washington, DC, nationwide on Syrias Exam, the Bloomberg

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<v Speaker 9>Business app, and Bloomberg dot Com.

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<v Speaker 4>This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. It

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<v Speaker 4>is the start of a very busy week for markets.

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<v Speaker 4>We have a Federal Reserve decision coming in two days,

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<v Speaker 4>ECB and Bank of Japan policy decisions as well, and

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<v Speaker 4>a big batch of earnings on the way. Including some

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<v Speaker 4>of the megacap tech names that have driven this year's

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<v Speaker 4>rally in stocks. Let's bring in Lori Calvacina for a

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<v Speaker 4>look at this market at the start of this week.

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<v Speaker 4>Laurie is head of US Equity strategy at RBC Capital Markets.

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<v Speaker 4>Good morning, Laurie. Good to have with you on with

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<v Speaker 4>us as always, what do you think is going to

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<v Speaker 4>be the bigger driver for this market this week? The

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<v Speaker 4>central banks or the earnings?

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<v Speaker 15>Well, thanks for having me as always, Navian, And I

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<v Speaker 15>think that's actually a fabulous question to start the week

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<v Speaker 15>off with, because I think it's going to be all

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<v Speaker 15>about earning.

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<v Speaker 2>You know.

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<v Speaker 15>One of the things our rate strategy team has talked

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<v Speaker 15>about on the said is they think the FAED narrative

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<v Speaker 15>is likely to stay kind of boring for a while.

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<v Speaker 15>And I think equity investors have already come to that

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<v Speaker 15>conclusion that we're probably going to get one more hype

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<v Speaker 15>that's probably the end of it. We'll have to wait

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<v Speaker 15>and see, of course, that they do want to fight

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<v Speaker 15>on inflation one. So I think that's you know, sort

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<v Speaker 15>of settled in a lot of equity investors' minds. But

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<v Speaker 15>I think there's a real questions on this earning season,

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<v Speaker 15>whether or not these big cap tech companies are going

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<v Speaker 15>to continue to dominate sort of the excitement and enthusiasm

0:11:30.960 --> 0:11:33.480
<v Speaker 15>around earning, or if it's time for this market to

0:11:33.520 --> 0:11:36.400
<v Speaker 15>broaden out and see some of the other sectors generate

0:11:36.440 --> 0:11:38.760
<v Speaker 15>through incremental excitement, which I think, if it happens, could

0:11:38.800 --> 0:11:40.719
<v Speaker 15>really spark a shift in leadership that a lot of

0:11:40.720 --> 0:11:42.199
<v Speaker 15>people have been hoping and looking for.

0:11:42.640 --> 0:11:44.800
<v Speaker 4>Grace is a couple of questions. I'll start with the

0:11:44.840 --> 0:11:49.200
<v Speaker 4>first one, whether the excitement we've seen around the artificial

0:11:49.240 --> 0:11:53.560
<v Speaker 4>intelligence craze. I mean, anytime a company mentions AI, it

0:11:53.559 --> 0:11:55.160
<v Speaker 4>seems like they get a little bit of a spike

0:11:55.200 --> 0:11:58.760
<v Speaker 4>in their stock number. Is this the earning season where

0:11:58.800 --> 0:12:00.760
<v Speaker 4>these companies are going to have to put some meat

0:12:00.800 --> 0:12:02.080
<v Speaker 4>behind some of that frenzy.

0:12:03.080 --> 0:12:05.839
<v Speaker 15>Well, I think that frenzy. I think even a lot

0:12:05.840 --> 0:12:08.120
<v Speaker 15>of companies who are talking about it, it's something that's

0:12:08.160 --> 0:12:10.320
<v Speaker 15>talked about as you know, sort of a longer term

0:12:10.440 --> 0:12:13.600
<v Speaker 15>kind of driver, at least some of the more legitimate conversations.

0:12:14.320 --> 0:12:17.280
<v Speaker 15>I think that companies do have to be careful there though,

0:12:17.320 --> 0:12:19.960
<v Speaker 15>because one of the things I've heard over the last

0:12:20.040 --> 0:12:21.880
<v Speaker 15>couple of months, and we really did see that AI

0:12:21.960 --> 0:12:25.240
<v Speaker 15>conversation spark in our spike in really May and June,

0:12:25.280 --> 0:12:27.240
<v Speaker 15>that's when it really came on the scene. There's a

0:12:27.240 --> 0:12:29.640
<v Speaker 15>lot of pushback from investors, you know, at least the

0:12:29.640 --> 0:12:32.520
<v Speaker 15>ones I talk to. We're companies who aren't really that involved.

0:12:32.720 --> 0:12:34.600
<v Speaker 15>We're trying to make a bigger deal of it than

0:12:34.640 --> 0:12:37.280
<v Speaker 15>it really is. So I think companies want to be really,

0:12:37.320 --> 0:12:39.880
<v Speaker 15>really careful not to over hype it because, to be honest,

0:12:39.920 --> 0:12:42.320
<v Speaker 15>I think it just irritated a lot of portfolio managers.

0:12:42.840 --> 0:12:45.840
<v Speaker 4>Okay, And in terms of the breadth question, are you

0:12:45.880 --> 0:12:48.880
<v Speaker 4>starting to see more breadth get into this market? Do

0:12:48.920 --> 0:12:50.760
<v Speaker 4>you think that can last?

0:12:51.480 --> 0:12:53.559
<v Speaker 15>You know, it's funny. We have a bunch of trades

0:12:53.640 --> 0:12:56.200
<v Speaker 15>that we monitor in our weekly which comes out on Mondays,

0:12:56.240 --> 0:12:58.839
<v Speaker 15>and we look at things like banks versus NESC one hundred,

0:12:58.960 --> 0:13:01.520
<v Speaker 15>regional banks versus mess stack one hundred, small versus large,

0:13:01.520 --> 0:13:03.599
<v Speaker 15>all the sector trades, and you're starting to see a

0:13:03.640 --> 0:13:06.600
<v Speaker 15>lot of stuff shift now, the attempts by the banks

0:13:06.600 --> 0:13:08.880
<v Speaker 15>and the small caps to really kind of fight back

0:13:09.240 --> 0:13:12.480
<v Speaker 15>and show some leadership. It's been kind of simmering under

0:13:12.520 --> 0:13:14.400
<v Speaker 15>the surface for a while. A lot of these trades

0:13:14.440 --> 0:13:17.559
<v Speaker 15>had stalled at kind of twenty twenty extremes, so I've

0:13:17.600 --> 0:13:19.679
<v Speaker 15>kind of gotten beaten down as much as they tended

0:13:19.720 --> 0:13:22.160
<v Speaker 15>to back then relative to some of these other baskets.

0:13:22.600 --> 0:13:24.559
<v Speaker 15>So I think these are you know, sort of lions

0:13:24.600 --> 0:13:28.160
<v Speaker 15>that are waiting in the brush to pounce. But so far,

0:13:28.440 --> 0:13:30.559
<v Speaker 15>you know, we are starting to see it. In July

0:13:30.640 --> 0:13:32.200
<v Speaker 15>at least, we are starting to see some of that

0:13:32.320 --> 0:13:34.760
<v Speaker 15>rotation happen. So we'll see if earnings gives it an

0:13:34.760 --> 0:13:36.840
<v Speaker 15>excuse to keep going. That's the big question for me

0:13:36.920 --> 0:13:37.800
<v Speaker 15>these next few weeks.

0:13:38.480 --> 0:13:42.200
<v Speaker 4>How do you think earnings will potentially justify some of

0:13:42.200 --> 0:13:46.040
<v Speaker 4>the valuations that we're seeing in some of these stocks,

0:13:46.080 --> 0:13:47.680
<v Speaker 4>particularly the megacaps.

0:13:49.040 --> 0:13:52.440
<v Speaker 15>So I think that valuation it's a tough moment in

0:13:52.440 --> 0:13:55.080
<v Speaker 15>time to discuss valuation. Certainly, the growth part of the

0:13:55.080 --> 0:13:57.360
<v Speaker 15>market looks overextended at this point in time, and I

0:13:57.360 --> 0:14:00.160
<v Speaker 15>think that is one of the things that could to

0:14:00.600 --> 0:14:03.920
<v Speaker 15>give give room for this leadership rotation to happen. You know,

0:14:04.040 --> 0:14:05.600
<v Speaker 15>I don't think there's a lot of a lot of

0:14:05.600 --> 0:14:07.480
<v Speaker 15>parts of the market that look too cheap, at least

0:14:07.480 --> 0:14:09.800
<v Speaker 15>on absolute multiple, but if you look at things like

0:14:09.840 --> 0:14:12.320
<v Speaker 15>growth versus value, you're back to past peak. So I

0:14:12.360 --> 0:14:14.760
<v Speaker 15>think one of the things we tend to see in

0:14:14.800 --> 0:14:16.920
<v Speaker 15>these big recovery trades, and I do think this feels

0:14:16.920 --> 0:14:18.920
<v Speaker 15>like a recession recovery trade, even though we didn't have

0:14:18.960 --> 0:14:21.440
<v Speaker 15>a recession last year, I think one got priced in.

0:14:22.000 --> 0:14:23.800
<v Speaker 15>But at any rate, we tend to see, you know,

0:14:23.880 --> 0:14:25.880
<v Speaker 15>kind of one part of the market dominate, and then

0:14:25.920 --> 0:14:27.720
<v Speaker 15>the second half of the rally will be fueled by

0:14:27.800 --> 0:14:30.400
<v Speaker 15>kind of a catch up trade. I've been really intrigued

0:14:30.400 --> 0:14:32.280
<v Speaker 15>by what's going on in healthcare because I think you're

0:14:32.280 --> 0:14:34.640
<v Speaker 15>starting to see some signs of a catch up trade there.

0:14:34.960 --> 0:14:37.600
<v Speaker 15>I think financials had really been held back, not just

0:14:37.640 --> 0:14:40.280
<v Speaker 15>by the banking crisis, but near term recession fears, and

0:14:40.320 --> 0:14:43.120
<v Speaker 15>we're seeing those really ease up. So I think that

0:14:43.160 --> 0:14:44.880
<v Speaker 15>gives us some room for some of that catch up,

0:14:44.920 --> 0:14:48.480
<v Speaker 15>which basically will allow certain multiples to rerate a bit.

0:14:49.000 --> 0:14:52.640
<v Speaker 4>Got about thirty seconds left here, Laurie. We are seeing

0:14:52.680 --> 0:14:54.760
<v Speaker 4>the S and P five hundred just about two hundred

0:14:54.760 --> 0:14:57.480
<v Speaker 4>and sixty points away from breaking out of the bear

0:14:57.520 --> 0:15:00.840
<v Speaker 4>market low from last October. Is is this a new

0:15:00.920 --> 0:15:03.800
<v Speaker 4>bullmarket or are you looking for more choppiness ahead?

0:15:04.440 --> 0:15:07.240
<v Speaker 15>So I don't want those terms bullmarket, bear market rally.

0:15:07.240 --> 0:15:08.040
<v Speaker 13>I know that sounds.

0:15:07.800 --> 0:15:09.880
<v Speaker 15>Strange coming from a strategist, but you know, I think

0:15:09.920 --> 0:15:12.640
<v Speaker 15>people got stuck in this bear market rally. Oh, it's

0:15:12.720 --> 0:15:15.520
<v Speaker 15>not real kind of mentality. We were never thinking that way.

0:15:15.560 --> 0:15:18.880
<v Speaker 15>We've always thought this was a messy post crisis normalization period,

0:15:18.920 --> 0:15:21.960
<v Speaker 15>similar to two o three and twenty ten, twenty eleven

0:15:22.000 --> 0:15:24.240
<v Speaker 15>coming out of the GFC in the tech bubble. If

0:15:24.240 --> 0:15:26.960
<v Speaker 15>that analogy holds, this is about the moment in time

0:15:27.000 --> 0:15:29.480
<v Speaker 15>when you should come out of the rut. Basically, those

0:15:29.480 --> 0:15:32.000
<v Speaker 15>messy normalization periods last things out a year and a half,

0:15:32.040 --> 0:15:33.400
<v Speaker 15>and that's where we are at this point in the

0:15:33.400 --> 0:15:35.360
<v Speaker 15>timeline to the pandemic.

0:15:37.400 --> 0:15:40.320
<v Speaker 1>This is Bloomberg day Break Today, your morning brief on

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