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Speaker 2: with stocks pairing modest losses holding their all time high.
Speaker 2: It's Christopher Own of Ben Fatiguis writing with the S
Speaker 2: and P five hundred rallying with such potency, there's also
Speaker 2: likely some value when identifying what is not exhibiting similar vigor.
Speaker 2: Chris joins us. Now for more, Chris corningicot see. I
Speaker 2: great to be here, and what is not exhibiting similar rigor?
Speaker 3: Well, I would say I'm balance. This has been a
Speaker 3: very good rally, certainly the last week, but just go
Speaker 3: back the last six, seven, eight weeks. They threw everything
Speaker 3: they could at this market, whether it was bond yields,
Speaker 3: whether it was oil, whether it was the war, and
Speaker 3: the best they could do was maybe a two or
Speaker 3: three percent draw down in the SMP extremely rotational tape.
Speaker 3: You know, we've been observing for weeks and weeks that
Speaker 3: the internals have been getting better, not worse. Here now
Speaker 3: there are some pockets of maybe the market that are
Speaker 3: a little bit squirming here the utilities as an example.
Speaker 3: I think there's a political crosswind that started to impact
Speaker 3: a number of those names, particularly in the power producer side,
Speaker 3: the cegs and the Talons and the vistras. But I'd say,
Speaker 3: on balance, you know, seventy five percent of the smpiece
Speaker 3: above the tun or day right now, that's about as
Speaker 3: broad as we've seen in two or plus years.
Speaker 2: Is this bun market close to becoming a promplum? Speaking
Speaker 2: of squarey, you know how it had funny curve in
Speaker 2: the last week. Go on, give me a thoughts.
Speaker 3: I'm going to tell you something that I think might
Speaker 3: surprise you here. So it's we're four hundred days since
Speaker 3: Trump two point zero started in January of twenty five.
Speaker 3: That four hundred day period, the range of the ten
Speaker 3: ure yields eighty five basis points. It's the low list
Speaker 3: four hundred day range in history, go back as long
Speaker 3: as you want. Bonvall is very very muted right here right.
Speaker 3: I think when you look at what the reaction function
Speaker 3: from Treasury or from the administration has been his or
Speaker 3: I think the goal is to limit Bonvall preserve optionality.
Speaker 3: And when you look at one of the tightest four
Speaker 3: hundred day ranges in history, I think that certainly speaks
Speaker 3: to that.
Speaker 1: Wouldn't you think, though, that less communication would introduced four vol.
Speaker 3: So you think so, But the market's response has been
Speaker 3: entirely different thus storm. I mean, even from the Fed
Speaker 3: last week, two year yield are lower and higher. Thirty
Speaker 3: year yield is flat. Double B corporate spreads, you know,
Speaker 3: talking about alphabet onto the bomb market. Why wouldn't you
Speaker 3: Double B corporate spreads are on the tights right now.
Speaker 3: So I think the things that we look at to
Speaker 3: kind of gauge the health of the economy, of the
Speaker 3: bomb market, and the equity market are still pretty much
Speaker 3: in I mean, every bank stock around the world's at
Speaker 3: new highs right now. Credit conditions everywhere are about as
Speaker 3: benign as it gets. I'm not saying those things can't change.
Speaker 3: But if you're looking at the landscape today and trying
Speaker 3: to evaluate in the present moment, our conditions still supportive,
Speaker 3: I think they are well.
Speaker 1: I think that the equity market is telling you that
Speaker 1: with the fastest kind of whipsaw back to oversold that
Speaker 1: we've seen in modern history, are one of.
Speaker 3: The fastest reversals.
Speaker 1: Bank for America's index says that we're now the most
Speaker 1: over solder over bullish in terms of sentiment going back
Speaker 1: to twenty twenty one. Is that a sell indicator to
Speaker 1: you the same way that it is to Michael Hartnett.
Speaker 3: I think you need bulls for both markets. So I'm
Speaker 3: not as convinced that you know, when you look at
Speaker 3: and you know we've dived into this for years and
Speaker 3: years and years, sentiment at tops is not very helpful.
Speaker 3: It's very helpful what loads right. Fear and panic is
Speaker 3: a much more actionable emotion than the greed that's often
Speaker 3: found at tops. So listen, We're very mindful that you know,
Speaker 3: as this market has made new highs, you have certainly,
Speaker 3: I think seen the attitudes get a little bit spicier here.
Speaker 3: I would yet to say that we're in that you know,
Speaker 3: everyone is completely all in and there's no buyers left.
Speaker 3: I don't think we're at that at that point yet when.
Speaker 4: You look at that narrow range on the ten year
Speaker 4: and you say that you know the reactionary function from
Speaker 4: the administration, is that the reactionary function that this bond
Speaker 4: market for this administration still remains the key. It's the
Speaker 4: biggest check on Trump and the Treasury.
Speaker 3: You know. I think it's interesting, and Marie, because you
Speaker 3: brought up Japan and yen, which I think certainly playing
Speaker 3: a role in some of this. You go about to
Speaker 3: look at the last two and a half three years
Speaker 3: on the end, char I mean, it's every time you're
Speaker 3: in this one sixty one, sixty two, and I know
Speaker 3: we pushed one sixty five a couple of weeks ago
Speaker 3: where you get kind of either boj or Treasury lil
Speaker 3: agitated here. And I think the actions of the last
Speaker 3: week or so certainly reflect that. But I would just
Speaker 3: make an observation. I think all these calls out there
Speaker 3: that higher JGB yild's are about to blow the world
Speaker 3: up are so hyperbole and so misleading.
Speaker 2: What are people getting wrong?
Speaker 3: I think people are getting wrong that we're in a
Speaker 3: reflationary boom in Japan for the first time in thirty
Speaker 3: or forty years and.
Speaker 2: So on that's so freaked out by what's happening.
Speaker 3: I think it drifts with yields in Japan higher. I
Speaker 3: think it raises the floor on yields around the world.
Speaker 3: So I understand the adjective there. But as far as
Speaker 3: japan Japanese bank stocks trade grade, Japanese is short stocks
Speaker 3: trade grade. So if there was something truly systemic about
Speaker 3: higher JGB yields, I think it'd be showing up in
Speaker 3: those avenues. It hasn't.
Speaker 2: This sounds like more like a canceling session for the
Speaker 2: Japanese officials and scale best and that it does people
Speaker 2: on war straight. Because the concern that I've seen at
Speaker 2: the moment over the last month or so stems from
Speaker 2: the treasury and stems from Japanese authorities. I haven't actually
Speaker 2: heard too many people around this type will freak out
Speaker 2: about the situation in Japan.
Speaker 3: No. I think it's pretty remarkable, and we've said it
Speaker 3: off airs and Japanese tens are about to cross German
Speaker 3: tens for the first time in a very very long
Speaker 3: period of time. I mean, which economy is in better
Speaker 3: condition right here. I would argue what's happening in Japan
Speaker 3: is a massive departure and change from what we've seen
Speaker 3: from that economy in thirty years.
Speaker 1: Part of the problem is that you can talk to
Speaker 1: the ten year and how range bound it's been. The
Speaker 1: thirty year has not been range bound. And this reflationary
Speaker 1: boom is happening in the backdrop of massive capital rays.
Speaker 1: We talked about alphabet and the twenty five billion dollars
Speaker 1: of bond sales. I just wonder how much does that
Speaker 1: constrain some of what the Fed and Treasury can do.
Speaker 1: Speaking to a job was saying the concern about the
Speaker 1: reflationary boom that they're seeing in Japan.
Speaker 3: So nominal GDP is what six and a half? Where
Speaker 3: should thirty year yels be? With six and a half nominal,
Speaker 3: I think you could make a very valid case that
Speaker 3: you know, five point twenty is by no means extraordinary.
Speaker 3: You kind of go back and you look at the
Speaker 3: kind of great decade at the nineteen nineties. There wasn't
Speaker 3: a day in the nineteen nineties where the ten year
Speaker 3: yield was under five percent, right, So I just think
Speaker 3: we'd have to put this in a little bit of context,
Speaker 3: I've always been to the when you look at these
Speaker 3: kind of bubble like equity environments or melt up like environments,
Speaker 3: they tend to end with both equities going parabolic and
Speaker 3: bond yields going in parabolic. I think eighty seven it happened.
Speaker 3: In eighty nine in Japan, it happened. You had the
Speaker 3: Nikke double that year, JGB yields one from four to eight.
Speaker 3: In ninety nine, it happened. The Nasdaq clearly did what
Speaker 3: it did. But people forget us ten yere yeels in
Speaker 3: ninety nine, one from four to seven. So that's how
Speaker 3: these typically end. I don't think we're in that explosive
Speaker 3: bond environment just yet.
Speaker 2: To gendp right shows have changed. Yeah, we're running persistent
Speaker 2: six percent budget deficits even in good times. That's problematic.
Speaker 2: Clearly the Treasury is very uncomfortable about allowing people to
Speaker 2: monetize their double reserves at the moment. Based on the
Speaker 2: access that the Japanese have been given to a particular vehicle
Speaker 2: over the federal reserve, that would speak not used.
Speaker 3: I believe it hasn't been US hasn't been used ft
Speaker 3: reporters warning has not been used, but.
Speaker 2: It speaks to unease of the Treasury, and some people
Speaker 2: might say, for good reason, that these yields are getting
Speaker 2: away from them at the wrong time. When the bank
Speaker 2: drop for fixed income right now has changed. There are
Speaker 2: problems in Germany, there are problems in Japan that we
Speaker 2: didn't have to otherwise confront. And you know where I'm
Speaker 2: going with this, because fifteen years ago, when we would
Speaker 2: all sit around this table and people would complain about
Speaker 2: the deficit and you know, the supply concerns and a
Speaker 2: lot of those concerns were misplaced, but the bank drop
Speaker 2: for fixed income was so different. We had an anchor
Speaker 2: in Japan, we had an anchor in Germany, and the
Speaker 2: biggest companies in this country weren't issuing debt in quite
Speaker 2: the same way. There's competition for capital in a way
Speaker 2: that did not exist ten to fifteen years ago. We
Speaker 2: have to confront that the Treasury does too, and there's
Speaker 2: obviously a reluctance for them to turn out the debt
Speaker 2: as well. So you say this is normal, I don't
Speaker 2: think the Treasury thinks this is normal at all, which
Speaker 2: is why they won't extend duration at all, and they
Speaker 2: keep guiding the treasury market to expect the same kind
Speaker 2: of issuance because they're nervous about what's happening with long end.
Speaker 3: Well, if you look historically, the issues on the short
Speaker 3: end are STI running below the long term average. And
Speaker 3: this is you know, it's really no different than how
Speaker 3: the own treasury funded the government. Here as well, I
Speaker 3: think what's interesting, and we use the term we're entering
Speaker 3: the alpha market, right, this is a market where you know,
Speaker 3: I think ambiguity is greater than people are used to.
Speaker 3: I think it's an environment where there's no free lunch.
Speaker 3: You have to pick stocks. This is no longer the
Speaker 3: kind of fifteen years of que and Fower guidance that
Speaker 3: everyone gets trophies. So I think it's an important shift
Speaker 3: and one will have to adjust. There are so many
Speaker 3: moving pieces here at the moment. You know, in this
Speaker 3: ten minute discussion, right, we've talked about treasury yields, We've
Speaker 3: talked about yen, we've talked about equities. I think you've
Speaker 3: really got to stay on your toes here, and I
Speaker 3: you know, I kind of liken this from the transition
Speaker 3: from the fifties into the sixties, where you had a
Speaker 3: very docile decade in the fifties. Bonnyields got to about
Speaker 3: five and a half or six in the early part
Speaker 3: of the sixties. You bounced around for the next six
Speaker 3: seven eight years. It was a decent decade for stocks,
Speaker 3: but you had multiple corrections, multiple better markets, multiple economic cycles.
Speaker 3: I think that's the environment we're in. Think about the
Speaker 3: equity market this year, it's been all e not pe right.
Speaker 3: PE's are down straight ease up a lot. That's inherently
Speaker 3: a more cyclical economy.
Speaker 2: I think it's one that we ought to get used
Speaker 2: to stay with US Multlmberg Savannan's coming up after this
Speaker 2: and the Savannahs this morning. A diplomatic deadlock in the
Speaker 2: Strato for.
Speaker 5: Merse sort of open right now. You know, we have
Speaker 5: a thing called the blockade, headed up by the US Navy,
Speaker 5: and we control it. I think we're doing very well.
Speaker 5: I just you know, I'm involved in the negotiation. I
Speaker 5: think it's gonna end pretty soon. I don't think they
Speaker 5: can go much longer.
Speaker 2: So here's the lices this morning. The President claiming to
Speaker 2: have control of the Strato for mercs around six to
Speaker 2: bloc the US and is righty ships from transiting the
Speaker 2: critical waterway, and.
Speaker 4: There was also apparently some attacks as well at the
Speaker 4: opening of the Trader for Most yesterday, which is why
Speaker 4: you saw oil prices of higher. The fact of the
Speaker 4: matter is, the President said yesterday, it is sort of
Speaker 4: somewhat open. It sounds very much like concepts of a plan.
Speaker 4: They have an idea of how they can get traffic
Speaker 4: back through. But the fact of the matter is, if
Speaker 4: Iran is not going to allow US or as Rali ships,
Speaker 4: what Insuran is going to allow other ships even to
Speaker 4: want to transit through the straight up from Moose very
Speaker 4: very very messy situation.
Speaker 2: It's a built on that. They form a city of
Speaker 2: US intelligence official Norman rule rights the following. The US
Speaker 2: around of conflict now has many fronts where violences in
Speaker 2: submits and but could flare up with strategic consequences. Norman
Speaker 2: joins us now for more. Norman, welcome back to the program, sir,
Speaker 2: How would you characterize this particular agreement, would you even
Speaker 2: call it an agreement?
Speaker 6: Good morning? Well, we certainly have a greater possibility of
Speaker 6: a diplomatic agreement now than any time in recent weeks.
Speaker 6: But the maximalist demands of Tehran and its use of
Speaker 6: intermittent regional violence is making the conclusion of the agreement unpredictable. Likewise,
Speaker 6: we should note that just execution of this agreement will
Speaker 6: require Treasury to issue rules as to how firms could pay.
Speaker 6: If fees are paid, and if fees are not paid,
Speaker 6: then we have to prepare for additional violence by Iran
Speaker 6: in the future. Iranian decision making is not unified on
Speaker 6: the need for concessions, and indeed there is no sign
Speaker 6: of a concession a pro concession party in Iran at
Speaker 6: this point.
Speaker 4: Norm how can treasuring green light these fees if Iran
Speaker 4: is not allowing US vessels to transit.
Speaker 6: That's an excellent point, and we should keep in mind
Speaker 6: it's US Israeli could be US or Israeli related. The
Speaker 6: definition of that concept could be quite significant. And in essence,
Speaker 6: what Iran is doing is not only keeping the US out,
Speaker 6: but dictating to Gulf states who can deliver their food,
Speaker 6: their energy, their trade partners. This would have a significant
Speaker 6: impact on global commerce, so it can't be conducted. We
Speaker 6: can't lot that this is just a negotiating threat by
Speaker 6: the Iranian parliament. It doesn't have a decision making authority,
Speaker 6: but there have been examples of Iranian parliament making decisions
Speaker 6: such as sixty percent enrichment that have been executed by
Speaker 6: the government when approved by the Supreme Leader and the
Speaker 6: National Security Council.
Speaker 4: Norm there have been some golf countries that have been
Speaker 4: able to get oil and other products out, namely the UAE.
Speaker 4: How have they been able to do this?
Speaker 6: Most of the golf countries that use the straight up
Speaker 6: removes have exported oil in recent weeks. They've done it
Speaker 6: quietly through the Oman channel, the in closed coordination with
Speaker 6: the US military and obviously the government of Oman. But
Speaker 6: Iran has intermittently used its degraded missile and drone capability
Speaker 6: to demonstrate that it has a capacity to strike some
Speaker 6: of this shipping, and that capacity has the greatest impact
Speaker 6: on LNG, which has essentially been shut down.
Speaker 1: In the golf norm we've heard about a toll being
Speaker 1: unacceptable not only to the US but other golf countries
Speaker 1: that are neighboring Iran.
Speaker 2: Is a service fee acceptable?
Speaker 1: A five to seven percent service fee is currently being
Speaker 1: proposed by Iran.
Speaker 6: Certainly not you can call it whatever you wish, but
Speaker 6: it's a shakedown, and that fee can be changed. Now,
Speaker 6: Iran is entitled to a compensation or charge if it
Speaker 6: we're to take care of a pollution issue, a security issue,
Speaker 6: rescue a ship in danger. That's not unreasonable that any
Speaker 6: country would ask for that. But Iran is providing no services.
Speaker 6: And to be clear, the last time anyone charged a
Speaker 6: fee in the straight up or moves was April sixteen,
Speaker 6: twenty two, and that was the Portuguese.
Speaker 1: How do you see this evolving given the fact that
Speaker 1: it seems like President Trump has some reluctance to engaging
Speaker 1: in kinetic warfare again. There's been a discourse about whether
Speaker 1: that's tied to the munition stockpiles, Questions around whether anything
Speaker 1: additional can be accomplished with airstrikes that hasn't already been accomplished.
Speaker 1: What do you see as a potential of travel should
Speaker 1: these negotiations not yield anything.
Speaker 6: Time tenacity by the diplomats and the intermediaries. The United
Speaker 6: States is certainly pursuing a diplomatic route along with the
Speaker 6: Gulf parties, but events may shape that into a different direction.
Speaker 6: The Huthi attack on Saudi Arabia, we'll have to see
Speaker 6: if the Saudi's follow through with retaliation. The reported attack
Speaker 6: that took place yesterday on shipping and will the US
Speaker 6: retaliate If we don't, Iran will continue these attacks, and
Speaker 6: it's not assure that diplomacy will succeed. But at the
Speaker 6: same time, the diplomatic path forward will require concessions from Iran.
Speaker 6: If that doesn't occur, we're in a new normal.
Speaker 4: Where has the US set de terrence then, because the
Speaker 4: IRGC is still going after vessels to the Strait of
Speaker 4: Hormus and at the same time the Huthis are now involved.
Speaker 6: Well, that is true, but the nature of the attacks
Speaker 6: are limited, they're infrequent, they're usually singular, they're not involving
Speaker 6: sature strikes. There is no question that Iran's and military
Speaker 6: capacity has been significantly degraded. But degraded does not mean eliminated,
Speaker 6: and that's really the question.
Speaker 2: Stay with us. More Bloomberg surveillance coming up after this.
Speaker 2: Let's talk about a messy process developing in the Middle East,
Speaker 2: the Rum seeking to prevent US and is Rady ships
Speaker 2: from entering the Stratiform mers. A potential deal with a
Speaker 2: man could grant ten run tighter control of the waterway.
Speaker 2: The part of Los Angeles Executive director Gene Soroka, writing,
Speaker 2: regional instability continues to think global shipping by increasing fuel
Speaker 2: and transportation expenses. Those high costs ripple through the economy,
Speaker 2: ultimately affecting businesses and consumers alike. Geno places to say
Speaker 2: is with us here in New York, Chink and MORNINGO
Speaker 2: to see you.
Speaker 3: Good to see you, John.
Speaker 2: How has that instability changed your world in the last
Speaker 2: five months.
Speaker 7: It's been really unbelievable because while there is about ten
Speaker 7: percent of world what cargo that goes in and out
Speaker 7: of the Middle East, it's taking up ninety five percent
Speaker 7: of everyone's time in the supply chain. New base cases
Speaker 7: on prices of energy, new base cases on how waterborne
Speaker 7: deployment architecture is going to look on these big ships
Speaker 7: and where they're going, and how we're going to handle
Speaker 7: the cargo. Case in point was this summer you saw
Speaker 7: a lot of small to middle sized importers bringing in
Speaker 7: their cargo earlier because the fuel prices were going to
Speaker 7: go up. They lagged by about three months in the industry,
Speaker 7: and you had a target date of those tariffs, the
Speaker 7: Section one twenty twos going offline on July twenty fourth,
Speaker 7: So we saw an abnormal rise in cargo May June July,
Speaker 7: ahead of a traditional peak season.
Speaker 2: And we got problems in the rest. To say now as.
Speaker 7: Well, four years now, John, the suics Canal receipts are
Speaker 7: down eighty percent on average, which means the shipping lines
Speaker 7: take a longer route around the Cape of Good Hope
Speaker 7: of Africa, adding fourteen to seventeen maybe even twenty one
Speaker 7: days long are on transit time. Now with the price
Speaker 7: of bunker fuel up sixty percent since February twenty eighth,
Speaker 7: that means the spend on each one of those vessel
Speaker 7: voyages is so much higher.
Speaker 4: Our vessels and shipping companies just prepared to live through this.
Speaker 4: As you said, four years you've been doing the Red Sea.
Speaker 4: Are they prepared to live through the straight of her
Speaker 4: moves that's off and on like a light switch.
Speaker 3: Yeah.
Speaker 7: I don't think anybody is sitting back and Marie San
Speaker 7: you know this is just the way it's going to be.
Speaker 7: But the amount of time that's being invested in scenario analysis,
Speaker 7: whether it's the importer exporter shipping line three PO Logistics
Speaker 7: company has just been off the charts. What do I
Speaker 7: do if this happens? There are so many announcements once
Speaker 7: again emanating out of Washington. This whipsaw effect of information
Speaker 7: has got people just planning as much as they can
Speaker 7: and then executing to the best of their ability.
Speaker 4: How expensive is it to take these roots?
Speaker 7: These routes add so much time and the fuel burn
Speaker 7: at these elevated levels. You're talking about prices that are
Speaker 7: up sixty percent over the last six months on average,
Speaker 7: the transit time has increased by two and a half fold,
Speaker 7: and right now the fuel burn is about thirty to
Speaker 7: thirty five percent of the cost of a vessel voyage
Speaker 7: one ship sailing thirty thirty five percent is what you're
Speaker 7: looking at on the energy price.
Speaker 1: What I'm struck by is how we've had one supply
Speaker 1: shock after another, and people keep saying, well, at first
Speaker 1: it was transitory, the second one it was just inconvenient
Speaker 1: that one shock came after another. And now people are
Speaker 1: saying this is a new normal, that a lot of
Speaker 1: the old rules are breaking down, the sort of free
Speaker 1: traverse of the seas kind of dissipating. How do your
Speaker 1: clients think about the supply side shocks when it comes
Speaker 1: to the influence over their prices and how they plan
Speaker 1: for the future.
Speaker 7: The question really is to that how much more can
Speaker 7: we take? We go through COVID, we had one hundred
Speaker 7: and nine ships backed up in la and Long Beach
Speaker 7: because people were buying so much product and then sitting
Speaker 7: on it like a warehouse complex at the Port of
Speaker 7: Los Angeles. Then we go through the tariff policies and
Speaker 7: the reaction from overseas markets where we're now out of
Speaker 7: the ag sector, soybeans moving out of Brazil, Argentina, almonds
Speaker 7: from Australia, and then import shifting with windows of opportunity
Speaker 7: and folks just speeding product to market. So it's not consistent,
Speaker 7: and that's what many of the questions are. When will
Speaker 7: we get to a day where there's consistency, and if
Speaker 7: it's a new normal, at least put these policies in
Speaker 7: place where we can kind of predict what's going to happen.
Speaker 1: Well, like I said, if it's a new normal to
Speaker 1: some degree, or as people struggle to keep up, can
Speaker 1: they just raise prices?
Speaker 2: Is that a lever that.
Speaker 1: They can keep leaning on to offset the extra costs
Speaker 1: incurred by the inefficiencies and the disruptions.
Speaker 7: Not always, And I'll give you one example with the
Speaker 7: price of energy across the board going up. Diesel prices
Speaker 7: in southern California are up by about a third. Most
Speaker 7: of the truckers that do our business at the port,
Speaker 7: about two thirds of all the cargo moves in and
Speaker 7: out over the road. They're small to mid sized businesses.
Speaker 7: They can't absorb these price shops like others can, and
Speaker 7: they can't necessarily pass it on because they don't have
Speaker 7: the leverage. So there are different segments in this. The
Speaker 7: retailer passing it on, absorbing finding efficiencies in their supply
Speaker 7: chain better chance than some of these service providers that
Speaker 7: are really doing the business every day. Our first and
Speaker 7: last mile ambassadors.
Speaker 2: Jane just found a question. It's Pyros Friday, So we
Speaker 2: talked about the job states. What's the labor market movement
Speaker 2: look like in your industry at the moment things get
Speaker 2: intined to what's access to talent shaping up?
Speaker 7: Like, generally speaking, we're pretty good shape. These dock workers
Speaker 7: the best in the business moving all this cargo. Our
Speaker 7: daily stats have never looked better from an efficiency standpoint,
Speaker 7: how much cargoes moving it out. Even with the changes
Speaker 7: in commercial driver's license and truckers, we're still in very
Speaker 7: good shape for the seventeen thousand that are registered to
Speaker 7: do business.
Speaker 2: Now, time's imagining on the horizon, not.
Speaker 7: That I've seen oka, but even at elevated levels, you've
Speaker 7: got to do better with your gate appointments. You've got
Speaker 7: to make sure that you're loading these trains on DOC
Speaker 7: quickly and moving them through the alome to corridors. All
Speaker 7: about speed and efficiency, and so far we're staying ahead
Speaker 7: of the curve on that.
Speaker 2: This is the Bloomberg Surveillance Podcast, bringing you the best
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