Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: Single best idea on Apple podcasts and thank you for
Speaker 2: your attention. We're moving this out on Twitter and LinkedIn.
Speaker 2: Look there for you know, announcements about it. But the
Speaker 2: best thing to do is subscribe to Apple podcasts. An
Speaker 2: eventful day, any number of ways to go here. I
Speaker 2: thought that David Gerr was outstanding on the NATO angle
Speaker 2: into all this uproar about President Biden's health. Greg Valier
Speaker 2: was very timely there, particularly about the convention overlay. We're
Speaker 2: really coming up on the Republican convention the suire in Milwaukee,
Speaker 2: I believe July fifteenth. We'll look for that and then
Speaker 2: Wendy Schiller will get to in a moment. But first
Speaker 2: we do economics, finance, investment, investment, investment, and like all
Speaker 2: of financial media, I underplay municipal bond, which is really
Speaker 2: really dumb. Municipal bonds are extremely important. You get a
Speaker 2: tax advantage at the federal level, you may get a
Speaker 2: tax advantage at the state level, and you get a
Speaker 2: tax advantage perhaps at the city level, like New York City,
Speaker 2: where we say it's triple tex free. An expert on
Speaker 2: this a true legit expert is Craig Brandon. He's out
Speaker 2: of Eaton Vans of Boston, who helped invent the industry.
Speaker 2: James Gorman and Morgan Stanley took out eating Vance and
Speaker 2: what all A claimed to be a successful transaction, bringing
Speaker 2: over the intellect of people like Craig Brandon. Here, Craig Brandon,
Speaker 2: I'm taking advantage of tex free bonds.
Speaker 3: The way I look at fixed income the way I
Speaker 3: look at Munie's. Tom, You're a hockey guy, right, So football,
Speaker 3: you have your plays, right, you have your playbook and
Speaker 3: you have your long your plays in Munie's. In fixed income,
Speaker 3: it's it's more like being a hockey coach where things
Speaker 3: change so fast. So if you're an individual investor, buy
Speaker 3: and hold. We're looking at how the market changes. I
Speaker 3: mean the market changes every day. Look, you know, later
Speaker 3: today we have you know, the Fed chairman speaking in Congress.
Speaker 3: We have CPI can coming out later this week for
Speaker 3: active management. You know, the MUNI market tends to be
Speaker 3: very correlated to treasuries because for the most part, it's
Speaker 3: a high quality asset class with a little bit of
Speaker 3: duration in it. So you know, when the treasury market moves,
Speaker 3: UNI's really with it, and I think that as a
Speaker 3: retail based asset class, retail moves when the FED moves.
Speaker 3: So we talk about flows, you know, we we had
Speaker 3: a lot of outflows in twenty one, a lot of
Speaker 3: inflows in twenty one, we had a lot of outflows
Speaker 3: in twenty two. We've been sort of flatish for the
Speaker 3: last couple of years.
Speaker 2: Craig Brandon there with Eaton Vance, Morgan Center. I'm sorry
Speaker 2: he's more with Morgan Stanley, but I'll always say he's
Speaker 2: with Eaton Vance. My parochial parochial narrowness is well, those
Speaker 2: are really interesting conversation. I promise we'll do more on
Speaker 2: municipal bonds and if someone with really the decades of
Speaker 2: experience such as Craig is is important on the politics
Speaker 2: of the moment. We could have easily picked four or
Speaker 2: five six tapes, but there's nothing like the holistic knowledge
Speaker 2: of Wendy Schiller at Brown. She has just been a
Speaker 2: huge promotion at Brown. Brown has chosen to rebuild out
Speaker 2: their already successful international relations into a substantial new project.
Speaker 2: She is spearheading that project for Brown University, and where
Speaker 2: those new duties were just humbled that she can spend
Speaker 2: time with us. You know, she gets some political flak,
Speaker 2: I'll say the least, but I think for Republicans, Democrats,
Speaker 2: and those unaffiliated, Wendy Schiller is always interesting on the
Speaker 2: cacophony of the day, Professor.
Speaker 4: Schiller, I'm looking at the difference between our daily lives
Speaker 4: and the functioning of the federal government and Biden's capacity. Understand,
Speaker 4: it's a reasonable question to ask for an eighty one
Speaker 4: year old president who had a disastrous debate and shows
Speaker 4: signs of aging. There's no question it's fair game. But
Speaker 4: most Americans want to know is the government working or
Speaker 4: is the government not working? And you know, you're talking
Speaker 4: about inflation, we sort of get a sense it might
Speaker 4: be easing. Things are slowing, but the economy is still
Speaker 4: pretty vibrant. The question is does consumer sentiment shift in
Speaker 4: time to reward Biden for handling inflation or not? And
Speaker 4: I think that's really the big determinant. You know, age
Speaker 4: is a big deal in the media right now. But
Speaker 4: you know, is the federal government functioning?
Speaker 3: Yes?
Speaker 4: It is? Is it shut down? No?
Speaker 1: It isn't.
Speaker 4: Is it the meeting with our NATO allies, Are we
Speaker 4: sending weapons where we need to spend weapons in the
Speaker 4: interest of the United States, according to him.
Speaker 1: Yes, So that's the big.
Speaker 4: Disconnect is the media focus on this issue, whereas the
Speaker 4: rest of the country kind of experience is the federal
Speaker 4: government and says, right now, except for inflation, working decently well.
Speaker 2: Wendy Schuller of Brown University, I thought David Gerrow is riveting.
Speaker 2: Of course, he's doing the big take, has a recent
Speaker 2: big take on President Biden. He has a recent big
Speaker 2: take on the madness of the French outcome as well.
Speaker 2: And girl really focused on the NATO meetians coming up here.
Speaker 2: They begin Wednesday into Thursday Friday, and of course of
Speaker 2: press conference. I believe Thursday, I'm guessing afternoon with President Biden,
Speaker 2: hugely anticipated worldwide. We'll have full coverage of that press conference,
Speaker 2: of course, Amory Hoard and I know spearheading that effort
Speaker 2: as well. We're out on YouTube. You go to search
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