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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Single best idea on Apple podcasts and thank you for

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Speaker 2: your attention. We're moving this out on Twitter and LinkedIn.

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Speaker 2: Look there for you know, announcements about it. But the

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Speaker 2: best thing to do is subscribe to Apple podcasts. An

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Speaker 2: eventful day, any number of ways to go here. I

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Speaker 2: thought that David Gerr was outstanding on the NATO angle

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Speaker 2: into all this uproar about President Biden's health. Greg Valier

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Speaker 2: was very timely there, particularly about the convention overlay. We're

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Speaker 2: really coming up on the Republican convention the suire in Milwaukee,

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Speaker 2: I believe July fifteenth. We'll look for that and then

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Speaker 2: Wendy Schiller will get to in a moment. But first

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Speaker 2: we do economics, finance, investment, investment, investment, and like all

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Speaker 2: of financial media, I underplay municipal bond, which is really

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Speaker 2: really dumb. Municipal bonds are extremely important. You get a

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Speaker 2: tax advantage at the federal level, you may get a

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Speaker 2: tax advantage at the state level, and you get a

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Speaker 2: tax advantage perhaps at the city level, like New York City,

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Speaker 2: where we say it's triple tex free. An expert on

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Speaker 2: this a true legit expert is Craig Brandon. He's out

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Speaker 2: of Eaton Vans of Boston, who helped invent the industry.

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Speaker 2: James Gorman and Morgan Stanley took out eating Vance and

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Speaker 2: what all A claimed to be a successful transaction, bringing

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Speaker 2: over the intellect of people like Craig Brandon. Here, Craig Brandon,

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Speaker 2: I'm taking advantage of tex free bonds.

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Speaker 3: The way I look at fixed income the way I

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Speaker 3: look at Munie's. Tom, You're a hockey guy, right, So football,

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Speaker 3: you have your plays, right, you have your playbook and

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Speaker 3: you have your long your plays in Munie's. In fixed income,

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Speaker 3: it's it's more like being a hockey coach where things

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Speaker 3: change so fast. So if you're an individual investor, buy

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Speaker 3: and hold. We're looking at how the market changes. I

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Speaker 3: mean the market changes every day. Look, you know, later

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Speaker 3: today we have you know, the Fed chairman speaking in Congress.

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Speaker 3: We have CPI can coming out later this week for

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Speaker 3: active management. You know, the MUNI market tends to be

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Speaker 3: very correlated to treasuries because for the most part, it's

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Speaker 3: a high quality asset class with a little bit of

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Speaker 3: duration in it. So you know, when the treasury market moves,

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Speaker 3: UNI's really with it, and I think that as a

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Speaker 3: retail based asset class, retail moves when the FED moves.

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Speaker 3: So we talk about flows, you know, we we had

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Speaker 3: a lot of outflows in twenty one, a lot of

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Speaker 3: inflows in twenty one, we had a lot of outflows

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Speaker 3: in twenty two. We've been sort of flatish for the

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Speaker 3: last couple of years.

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Speaker 2: Craig Brandon there with Eaton Vance, Morgan Center. I'm sorry

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Speaker 2: he's more with Morgan Stanley, but I'll always say he's

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Speaker 2: with Eaton Vance. My parochial parochial narrowness is well, those

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Speaker 2: are really interesting conversation. I promise we'll do more on

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Speaker 2: municipal bonds and if someone with really the decades of

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Speaker 2: experience such as Craig is is important on the politics

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Speaker 2: of the moment. We could have easily picked four or

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Speaker 2: five six tapes, but there's nothing like the holistic knowledge

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Speaker 2: of Wendy Schiller at Brown. She has just been a

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Speaker 2: huge promotion at Brown. Brown has chosen to rebuild out

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Speaker 2: their already successful international relations into a substantial new project.

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Speaker 2: She is spearheading that project for Brown University, and where

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Speaker 2: those new duties were just humbled that she can spend

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Speaker 2: time with us. You know, she gets some political flak,

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Speaker 2: I'll say the least, but I think for Republicans, Democrats,

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Speaker 2: and those unaffiliated, Wendy Schiller is always interesting on the

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Speaker 2: cacophony of the day, Professor.

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Speaker 4: Schiller, I'm looking at the difference between our daily lives

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Speaker 4: and the functioning of the federal government and Biden's capacity. Understand,

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Speaker 4: it's a reasonable question to ask for an eighty one

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Speaker 4: year old president who had a disastrous debate and shows

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Speaker 4: signs of aging. There's no question it's fair game. But

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Speaker 4: most Americans want to know is the government working or

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Speaker 4: is the government not working? And you know, you're talking

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Speaker 4: about inflation, we sort of get a sense it might

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Speaker 4: be easing. Things are slowing, but the economy is still

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Speaker 4: pretty vibrant. The question is does consumer sentiment shift in

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Speaker 4: time to reward Biden for handling inflation or not? And

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Speaker 4: I think that's really the big determinant. You know, age

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Speaker 4: is a big deal in the media right now. But

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Speaker 4: you know, is the federal government functioning?

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Speaker 3: Yes?

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Speaker 4: It is? Is it shut down? No?

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Speaker 1: It isn't.

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Speaker 4: Is it the meeting with our NATO allies, Are we

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Speaker 4: sending weapons where we need to spend weapons in the

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Speaker 4: interest of the United States, according to him.

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Speaker 1: Yes, So that's the big.

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Speaker 4: Disconnect is the media focus on this issue, whereas the

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Speaker 4: rest of the country kind of experience is the federal

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Speaker 4: government and says, right now, except for inflation, working decently well.

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Speaker 2: Wendy Schuller of Brown University, I thought David Gerrow is riveting.

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Speaker 2: Of course, he's doing the big take, has a recent

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Speaker 2: big take on President Biden. He has a recent big

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Speaker 2: take on the madness of the French outcome as well.

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Speaker 2: And girl really focused on the NATO meetians coming up here.

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Speaker 2: They begin Wednesday into Thursday Friday, and of course of

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Speaker 2: press conference. I believe Thursday, I'm guessing afternoon with President Biden,

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Speaker 2: hugely anticipated worldwide. We'll have full coverage of that press conference,

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Speaker 2: of course, Amory Hoard and I know spearheading that effort

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Speaker 2: as well. We're out on YouTube. You go to search

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Speaker 2: in Google, you go YouTube Bloomberg Podcast. It gets you

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Speaker 2: there to our live icon Lisa Mateo leading the icon

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Speaker 2: off as you would well expect, and you can then

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Speaker 2: subscribe to Bloomberg Surveillance. Out on Bloomberg Podcast, run Apple CarPlay,

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Speaker 2: Android Auto as well and on Apple Podcasts, it is

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Speaker 2: single best idea