Speaker 1: Welcome to the Bloomberg Markets Podcast. Every business day, we
Speaker 1: bring you interviews from CEOs, market pros, from Bloomberg experts,
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Speaker 1: your investment professional before investing. Let's bring on our Jersey
Speaker 1: chief US interest rate strategist for Bloomberg Intelligence IRA, give
Speaker 1: us the latest on what your Federal Reserve plans to
Speaker 1: do over the next let's call it six to twelve months. Hey, yeah,
Speaker 1: there's uh, the opinions are all over the place. My
Speaker 1: view is that the Fed is going to go a
Speaker 1: little bit slower than the market is currently pricing, but
Speaker 1: also start balance sheet runoff pretty early. So um so
Speaker 1: I think that they might announce in May, might even
Speaker 1: start in May with their balance sheet reduction because they
Speaker 1: really they bought so much and I was actually just
Speaker 1: looking at some of my spreadsheets this morning, you're fallen
Speaker 1: and that they probably bought about a trillion dollars too
Speaker 1: much in terms of their asset buying over the last year,
Speaker 1: so they have to get rid of that before they
Speaker 1: could really tighten monetary policy very effectively in my view,
Speaker 1: just hanging out at home going through my spreadsheets. You know,
Speaker 1: that's the life of a chief fixed income strategist. Um.
Speaker 1: You know. I read a great piece today. I think
Speaker 1: it was Cormack Mullen talking about maybe it's too soon
Speaker 1: to call the end of the bond bull market. And
Speaker 1: one of the interesting things that he says is, um,
Speaker 1: there are already a substantial amount of rate hikes priced
Speaker 1: in two treasuries today. If that's the case and the
Speaker 1: Fed delivers less than the market expects, um, you know,
Speaker 1: that's that's that's bullish for treasuries. What is priced in?
Speaker 1: And how do and how do you read what's priced
Speaker 1: in for for someone who doesn't know? Yeah, so the
Speaker 1: easiest way we actually have a very uh you know,
Speaker 1: simple function on the Bloomberg terminal called w I r
Speaker 1: P or WARP some people call it um And if
Speaker 1: you if you use that, you can see kind of
Speaker 1: over the next year how much the markets pricing seven
Speaker 1: rate more or left. Yeah, so seven rate hikes uh
Speaker 1: by by this time next year, Yeah, exactly. So that's
Speaker 1: that's where I think that the market maybe is getting
Speaker 1: a little bit too far ahead of itself. We actually
Speaker 1: put out a note yesterday suggesting that something more realistic
Speaker 1: would be maybe five hikes along with runoff, because I
Speaker 1: do think that the Federal Reserve does think about um
Speaker 1: the runoff as replacing a hike or two right that
Speaker 1: they don't know exactly, you know what the what the
Speaker 1: metric is is it, you know, five billion dollars a
Speaker 1: runoff equals equals another hike or something like that. That
Speaker 1: that's a little bit more of guests work. But importantly,
Speaker 1: and and to your point that we are pricing in
Speaker 1: more interest rate hikes. The difference between looking at that
Speaker 1: long term trend that you mentioned, Matt. You know, yes,
Speaker 1: interest rates have been going down basically from present they
Speaker 1: the long term bond bull market goes down. But if
Speaker 1: you're an an asset manager trying to outperform an index
Speaker 1: or you're trying to determine, um, you know, what your
Speaker 1: total return is going to be over the next twelve
Speaker 1: months of holding an asset, you don't have to think
Speaker 1: about that long term you know, kind of two generation trend. Well,
Speaker 1: you worry about as the cycle and keep in mind
Speaker 1: ten year treasury yields are right now at two percent
Speaker 1: a hundred and fifty basis points one and a half
Speaker 1: percent higher than where they were a year ago or
Speaker 1: after that, after I should say, at the beginning of
Speaker 1: one So so you know, that is a pretty substantial
Speaker 1: move and and interest rates of you've lost money if
Speaker 1: you held the Treasury index right the Bloomberg Treasury indexes
Speaker 1: down UM you know, five percent since the beginning of
Speaker 1: last year, actually even a little bit more than that.
Speaker 1: So that's a non trivial loss in a you know,
Speaker 1: in a bond portfolio, which is supposed to be you know,
Speaker 1: your ballast compared to the rest of your financial assets.
Speaker 1: Is the Federal Reserve gonna hike fifty basis points in March?
Speaker 1: I don't think so, UM. I think that they'll they'll
Speaker 1: go twenty five. I think it's much more likely that
Speaker 1: they go every meeting this year and do go seven
Speaker 1: times as opposed to UM as opposed to hike initially
Speaker 1: with a fifty basis point move. UM, it is possible
Speaker 1: if inflation doesn't roll over the way that a lot
Speaker 1: of u UM market participants and economists think that it
Speaker 1: will UM that that maybe they'll do a hike a
Speaker 1: fifty base point hike sometime later in the cycle. But
Speaker 1: I just don't think that they'll start with you you think,
Speaker 1: I mean, I'm guessing you think inflation is gonna roll over,
Speaker 1: our growth is going to slow down, because otherwise, well
Speaker 1: I wouldn't have fed do fifty basis points hike at
Speaker 1: every meeting and then not just let the balance sheet
Speaker 1: run off, but actually sell assets. You know, if we
Speaker 1: if we're stuck at seven and a half percent, people
Speaker 1: are freaking out. Yeah. Yeah, So so we won't be
Speaker 1: stuck at seven and a half percent, I mean, just
Speaker 1: base effects alone. If you're looking at year over year inflation, UM,
Speaker 1: inflation will be low or for four or five months
Speaker 1: from now. The question is how much lower, right will
Speaker 1: we will we be trending from eight percent, which you
Speaker 1: know we could get seen a percent prince is not
Speaker 1: out of the question, especially with what oil has done recently, UM.
Speaker 1: But but if we get an eight percent print, the
Speaker 1: question is will we be at at four percent or
Speaker 1: five percent at the end of the year, right, So,
Speaker 1: so how is that glidepath going to go? Which would
Speaker 1: be harsh by the way, that's four or five percent
Speaker 1: at the end of the year on a six percent
Speaker 1: number from the year before, right, Yeah, But at the
Speaker 1: same time, keep in mind we were at one and
Speaker 1: a half percent inflation for a decade, right, So that
Speaker 1: was good in a way. That was good. Remember what
Speaker 1: Reagan said about inflation. Yeah sure, but and yes, this
Speaker 1: is this is the question that it has to be
Speaker 1: answered before we know what that end game is, right, Like,
Speaker 1: is seven hikes going to be? What what it takes. Look,
Speaker 1: the bond market right now is telling you there's gonna
Speaker 1: be a recession next year. Let me say that again.
Speaker 1: The bond market is telling you there's gonna be a
Speaker 1: recession next Well, that's not fun. Curves are flat um.
Speaker 1: And and this is where this is where this you know,
Speaker 1: the FED making a policy mistake, Like the markets already
Speaker 1: priced with the Fed to make a policy mistake. So
Speaker 1: what we're already priced for two s tends to be
Speaker 1: basically at zero UM at this time next year, which
Speaker 1: is very consistent with the market thinking the Fed is
Speaker 1: gonna be done and we're gonna have a recession. I'm
Speaker 1: looking for when, I can't find when. But Reagan said
Speaker 1: that inflation is as violent as a mugger, as frightening,
Speaker 1: as an arm dropper and as deadly as a hit man.
Speaker 1: All Right, Ira Jersey gif us industrate strategist for Bloomberg
Speaker 1: Intelligence bond market calling forward recession. If you're talking about
Speaker 1: Ira Jersey in the last segment you mentioned w I
Speaker 1: R P Worp. Put that into the Bloomberg and it
Speaker 1: shows you that the markets pricing in seven rate increases
Speaker 1: by the end of the year. What's the fixed income
Speaker 1: manager to do in that kind of environment, Well, let's
Speaker 1: check in with Kevin Nicholson, Global Fixed Income co ce IO,
Speaker 1: cohead of the Investment Committee at river Front Investment Group,
Speaker 1: located in Lovely Richmond, Virginia, home of the University of
Speaker 1: Richmond Spiders. Kevin, thanks so much for joining us here.
Speaker 1: Given that interest rate backdrop, how are you guys positioning
Speaker 1: your portfolios? Thanks for having me, Paul, And we continue
Speaker 1: to position our portfolios in such a way that we're
Speaker 1: moving further and further up the curve, so to speak.
Speaker 1: So we're buying on the short end of the curve
Speaker 1: because as we're seeing the curve flattened, it doesn't really
Speaker 1: make sense to take on that duration risk in your portfolio.
Speaker 1: Um and so what we have constantly been doing is
Speaker 1: we've looked for some spread, getting some a little bit
Speaker 1: of additional spread on the front end of the curve,
Speaker 1: and buying short term corporates and some high ye opportunistically. UM.
Speaker 1: But one of the things that we have not been
Speaker 1: doing is going you know, beyond about five years out
Speaker 1: on the curve, because we really don't need to at
Speaker 1: this point. But overall, because we run balanced portfolios, we
Speaker 1: have been underweight fixing become pretty substantially relative to our
Speaker 1: benchmarks in those balance portfolios. And we've seen, um, a
Speaker 1: Bank America survey yesterday shows us that credit investors were
Speaker 1: in kind of sell everything mode. Goldman Sachs was recommending, um,
Speaker 1: you reduce your exposure to credit and go to cash.
Speaker 1: Is this the end you think of the bond bull
Speaker 1: market that we've seen since the early eighties or is
Speaker 1: this a mini bear market as some I've been describing it.
Speaker 1: I would say it's probably a mini bear market in
Speaker 1: the sense that I think that you know, by the
Speaker 1: end of the year, we'll see it two and a
Speaker 1: half on the ten uere But I don't think that
Speaker 1: we're going to retrace what we have seen occur over
Speaker 1: the last you know, twenty years. You know, I've been
Speaker 1: in the business thirty years, and I think that when
Speaker 1: I started, the tenure was right about a seven thirty
Speaker 1: four seven thirty five. Um. And do I think that
Speaker 1: we're going to retrace all of that? Absolutely not, um I.
Speaker 1: But I do think that we're gonna go higher. We
Speaker 1: are probably like I said, see you know, two and
Speaker 1: a half on fight year end, Kevin, I think the
Speaker 1: consensus on the street is that inflation will kind of
Speaker 1: peak I don't know in the next several months and
Speaker 1: then moderate remainder of the year. Are are you in
Speaker 1: that camp? If not, why I had been in night camp.
Speaker 1: You know, my thoughts were that inflation was going to
Speaker 1: peep in the first half of this year and then
Speaker 1: moderate to around between two and a half and three uh.
Speaker 1: Thus far I would say that we have been wrong
Speaker 1: on that front. And you know, I think that it
Speaker 1: might be consensus that it's going to peak. But right
Speaker 1: now it's a hope and a prayer because as you've seen,
Speaker 1: you know, headline inflation coming out of seven and a
Speaker 1: half cent. We saw a p p I the this morning.
Speaker 1: Um that was really high. And so there's inflation everywhere. UM.
Speaker 1: But the one thing that is all that we believe
Speaker 1: in is that high prices will solve the high prices problem.
Speaker 1: And so as prices continue to go up, I think that,
Speaker 1: you know, we're going to kill some of the demand
Speaker 1: out there, and so that may help mitigate the inflation
Speaker 1: risks that we're seeing. So hopefully by you know, Midsummer,
Speaker 1: we will start to make inflation teach here all right, Kevin,
Speaker 1: thanks so much for joining us. Kevin Nicholson. They're Global
Speaker 1: fixed Income Co. C I O and Co. Had to
Speaker 1: invest the investment committee as well at Riverfront Investment Group.
Speaker 1: Talking to us about the fixed income markets. Looking at
Speaker 1: the yield curve here, I got the ten year treasury
Speaker 1: up five basis points two point zero four percent, to
Speaker 1: thirty year up six basis points two point three five
Speaker 1: on the thirty years, So rates moving higher. Let's get
Speaker 1: in angle on how you might play the fixed income
Speaker 1: markets given that this feder Reserve has been very clear
Speaker 1: that it will be raising rates. We check in with
Speaker 1: Hugh Robert's head of analytics for quant Insights. Hugh, thanks
Speaker 1: so much for joining us here. What is your bond
Speaker 1: market outlook for Hi, thank you very much for having
Speaker 1: me at the moment, we have our models, we rely
Speaker 1: on macro input to give a kind of quantitative perspective
Speaker 1: on all asset classes, and looking at the US fixed
Speaker 1: income at the moment, then the moving yields has slightly
Speaker 1: got ahead of itself on our metrics UM and anecdotally
Speaker 1: adding into that, I think you know one one story
Speaker 1: that might just play Internet if you start looking at
Speaker 1: just how much the flattening of the yield curve has
Speaker 1: happened in coupon space, and then looking at the shape
Speaker 1: of the yellow donor strip, you see the deferred contracts
Speaker 1: actually starting to speculator about rate cuts. So while at
Speaker 1: the moment markets are talking about the said high team
Speaker 1: this year and next, the market is actually already moving
Speaker 1: on to the next narrative, which is, at what point
Speaker 1: do they fear a proper kind of mistake and a
Speaker 1: reversal in the policy stance and easing once again? You
Speaker 1: know how far away from that are we? I mean
Speaker 1: it's difficult, of course, the forecast UM into the future,
Speaker 1: the further away you get. And and for now we're
Speaker 1: looking at a seven and a half percent inflation print.
Speaker 1: We had pp I come out higher than expected today,
Speaker 1: UM and there's no sign that we're UM in a
Speaker 1: recession other than the you know, implications of a flattening
Speaker 1: yield curve. Yeah, well, some of the men if you
Speaker 1: look at somebody like that Lena said GDP, now that
Speaker 1: had a sharp move earlier. Most of the models that
Speaker 1: are kind of more forward looking, that are kind of
Speaker 1: more credit impulsey type of nature or financial conditions indicators
Speaker 1: do suggest that the story from the the flattening of
Speaker 1: the yield curve is true, that the big fiscal stimulus
Speaker 1: we saw last year UM is going to fall off.
Speaker 1: We'll get a kind of cliff edge effect there. So
Speaker 1: I think there are quite a few of the more
Speaker 1: forward indicators that do suggest the data could be struggling
Speaker 1: in the near term. The consumer confidence data yesterday not
Speaker 1: make pretty reading UM, but yes, that the whole inflation
Speaker 1: debate is absolutely front and center. And I don't think
Speaker 1: team transitory has completely thrown in the town. There's a
Speaker 1: large residual of the market who are still in team transitory.
Speaker 1: It's just that they defined transitory in quarters rather than
Speaker 1: in months. And you know, they think that we need
Speaker 1: to wait till probably the middle part of this year
Speaker 1: before you start to see things roll back over again.
Speaker 1: You does a flattening of the yield curve suggests a
Speaker 1: recession to you? I think you have to be very
Speaker 1: very careful the because you have to rephrase that question.
Speaker 1: To my mind, an inversion of the yield curve, Yes,
Speaker 1: it is consistent with with recessionary conditions. It does depend
Speaker 1: on whether you're looking at two s, tens, fives, thirties,
Speaker 1: whether you look at guvees or swaps or O I
Speaker 1: s um. There are little nuances you can take on
Speaker 1: that front. But the inversion of the curve does have
Speaker 1: a good back record of being consistent with recessionary conditions.
Speaker 1: For sure, a flattening of itself. But when the curve
Speaker 1: stays positive, no, that won't stop the market speculating about it,
Speaker 1: because obviously it's about the journey to the end game.
Speaker 1: But you really have got to wait until you see
Speaker 1: curves go negative before you can really start kind of
Speaker 1: increasing your your forecast for recession in a material way. Well,
Speaker 1: but we're still close, right What are we looking at
Speaker 1: a forty basis point spread between twos and tens right now?
Speaker 1: And the Fed hasn't even begun its rate high cycle.
Speaker 1: If you look at rate high cycles over the past decades.
Speaker 1: Um the curve always flattens more in a in a
Speaker 1: in a rate high cycle. So if we're going to
Speaker 1: see any more flattening, inversion is next. Yeah, no, I agree,
Speaker 1: but we have got that Fordy Lips cushion and it
Speaker 1: will take time to get there. That's my my point really,
Speaker 1: just on the reality of inversion versus the flattening when
Speaker 1: you're in a positive, upward sloping gheel curve. And then
Speaker 1: I guess the other point to throw into the mix
Speaker 1: really is just the degree to which financial conditions have
Speaker 1: heightened already. I mean, the moving real rate is phenomenal,
Speaker 1: The repricing of the front end of the yield curve,
Speaker 1: you know, the two year notes or do euro dollar strike,
Speaker 1: whichever metric you want to use. The widening in credit spreads,
Speaker 1: you know, the widening in credit spreads is a tough one.
Speaker 1: If you look on a one year chart, it looks
Speaker 1: pretty done, dramatic. You look on a tenure history and
Speaker 1: really it's just a blip. But we have seen a
Speaker 1: sharp tightening of financial conditions, and that the others slightly cliched,
Speaker 1: but I think it is a truism. The other thing
Speaker 1: to throw into the mix is that it's less about levels,
Speaker 1: it's also about the speed of the journey. So you know,
Speaker 1: if we have a sharp flattening of the yel curve
Speaker 1: that happens in two weeks, yes, the FED they're going
Speaker 1: to sit up and take notice. But it happens over
Speaker 1: a prolong period lesser. So many of the things you
Speaker 1: just said reminded me of the Jean clautriche ECB. Is
Speaker 1: the likelihood of a turnaround, of a of an about
Speaker 1: face after a little bit of tightening higher for the
Speaker 1: E c B than it is for the FED. Um, well,
Speaker 1: that's a good question. Um. The difficulty this one, of course,
Speaker 1: that we haven't in a lot of people's recent lifetime
Speaker 1: seen inflation like this. Now, this is a complete game changer,
Speaker 1: having these levels of price pressures. And I think you
Speaker 1: know the way the markets have thought about, at least
Speaker 1: in an equity markets, you know, this kind of concept
Speaker 1: of restriking the said put for US equities at a
Speaker 1: lower level makes complete sense. We have to reprice given
Speaker 1: these conditions that we're seeing on the inflationary front in
Speaker 1: terms of FED versity c B. I mean I think
Speaker 1: most market participants will always view the CPS laguard that
Speaker 1: they are so petrified of the euro as being strong
Speaker 1: and and titling them that they will always go second.
Speaker 1: All right, Hugh, thanks so much for joining us. You
Speaker 1: Robert's head of analytics at Quad Insights, giving us his
Speaker 1: thoughts on interest rates. Well, Matt and I, we've been
Speaker 1: focusing on the supply chain challenges. It is a global
Speaker 1: issue for businesses really across the board, and you hear
Speaker 1: these quarterly earnings calls. Companies are calling it out left
Speaker 1: and right. Let's ga get a sense of what it
Speaker 1: means in the critical food business. Andre Menezez, co founder
Speaker 1: and CEO of Next Gen Foods and Tindle, joins us. Andrea,
Speaker 1: thanks so much for taking the time. First, just tell
Speaker 1: us what Next Gen Foods and Tindle do. What are
Speaker 1: you guys up to, Hi, Paul him, It's a pleasure
Speaker 1: to be here with you right now and talking to you. So.
Speaker 1: Next Thing Foods is the company behind Kingdo, our plant
Speaker 1: based chicken brand, and uh it's a company that let's
Speaker 1: stablished in seeing the poor and in less than a
Speaker 1: year we are already in Singapore, Hong Kong, Dubai Amsterdam
Speaker 1: and coming to the US right now. So where do
Speaker 1: you sell this stuff? I've noticed walking around Trader Joe's
Speaker 1: that there seems to be um plant based or you know,
Speaker 1: vegan versions of pretty much everything from cheese to meat balls. Um.
Speaker 1: What what are your sales points? Well, we actually have
Speaker 1: a slightly different strategy. We start with chefs. We call
Speaker 1: it gastronomy first, and we start with the most trendy
Speaker 1: restaurants and chefs because we do believe that they play
Speaker 1: a role in um showing consumers that plant basted foods
Speaker 1: can be really believer that great food experience that we
Speaker 1: usually have at nice restaurants and behave at the highest
Speaker 1: level of astronomy. What do you see out there? Unfortunately
Speaker 1: today are mostly only nuggets and tenders, which are nothing
Speaker 1: wrong with that, but we do believe that we can
Speaker 1: do better and we can really have a product that
Speaker 1: caters to the highest level of food experience. So is
Speaker 1: that a give us a sense of kind of kind
Speaker 1: of like is it restaurants and what types of restaurants
Speaker 1: are you selling into? So, yes, it is restaurants. Around
Speaker 1: the world, we have restaurants serving tindle in many different
Speaker 1: shapes and formats. As for the preparation of the chefs, UM,
Speaker 1: it's extremely versatile. Therefore they can really prepare as they prefer.
Speaker 1: And UM, the profile of restaurants that we have right
Speaker 1: now would range from you know, find Dyning, Mission and
Speaker 1: Stars all the way to casual neighborhood UM restaurants with
Speaker 1: their you know, their own chefs creations in house, and
Speaker 1: then maybe multiple units like five, ten up to forty units.
Speaker 1: That's what we have been seeing around the world right now.
Speaker 1: The Gray Dog is a restaurant here, orchard grocer exactly. UM,
Speaker 1: what just what I needed in hell A, Miami's Little Brazil.
Speaker 1: So we we have some of these restaurants here. What
Speaker 1: kind of growth are you looking at? What kind of
Speaker 1: growth are you forecasting? Um? We are all about creating
Speaker 1: the most meaningful impact in the food system we can.
Speaker 1: And I mean I came from the from the poetry industry,
Speaker 1: and while the meat industry has served as well in
Speaker 1: the last two that gets to really provide protein to humanity.
Speaker 1: We believe that there's a better technology to produce what
Speaker 1: we like, which is basically ingredient. Uh, and we do
Speaker 1: it without the birds. So our ambition is to take
Speaker 1: a relevant share out of the birds on the chicken
Speaker 1: industry and provide consumers for more sustainable, equally delicious and
Speaker 1: as nutritional as or even better than than than chicken.
Speaker 1: That's our goal. I gotta say, have you seen uh
Speaker 1: the film Baraca? Paul No I ask I always ask this,
Speaker 1: and you you never go and watch it. Have you
Speaker 1: seen this film? Andre Baraca documentary? There's no um, there's
Speaker 1: no dialogue. Um. They just have a three part series
Speaker 1: where they show um city life production. I think of
Speaker 1: cigarettes and then uh poultry factory and it just makes
Speaker 1: you never want to eat chicken again when you look
Speaker 1: at and I missed this, when you look at how
Speaker 1: factory um farms Uh, I guess raise although it seems
Speaker 1: like the wrong word and produced chicken. It's just horrible.
Speaker 1: But of course it tastes so good, you know, Andre,
Speaker 1: how do you replicate the delicious nous of a chick
Speaker 1: fil a with m plant based proteins? Now, you're absolutely right,
Speaker 1: um in the I haven't watched the movie, but I will. UM.
Speaker 1: What I can tell is that I have worked for
Speaker 1: over seven years in the poetry industry, and I think
Speaker 1: what happens is that we um as consumers, as meat lovers, um,
Speaker 1: we like the ingredient. I think that, as you said,
Speaker 1: it's so delicious, right, and you know it's nutricious, as
Speaker 1: delicious as fibers versas tile. Chicken is the only global
Speaker 1: animal protein, truly global and really local everywhere. So we
Speaker 1: recognize that from a consumer perspective. But as you said,
Speaker 1: I also don't know anyone who went to a poetry factory,
Speaker 1: including you know, all of us who came from the industry,
Speaker 1: who goes to a pulture factory and get out of
Speaker 1: the saying that they're craving chicken or any animal after
Speaker 1: seeing the process in which we get the animals from.
Speaker 1: It's really um something that it's it's you know, it's
Speaker 1: not sustainable, it's not efficient, and it's time for us
Speaker 1: to improve that. How we do that is very simple. Actually,
Speaker 1: it's harder to justify the animal farming, if you think
Speaker 1: about it, than it is to to to just explain
Speaker 1: how we get you know, soy water, coconut bad some
Speaker 1: flower oil through you know, process and technology. We just
Speaker 1: don't transform that in what we want. We want the fibers,
Speaker 1: we want to taste, We want this spatch and for
Speaker 1: none of that, we need an animal in between. I
Speaker 1: guess it's just that we kind of take it for granted,
Speaker 1: but it doesn't make any sense for us to just
Speaker 1: keep raising billions and billions of animals just to get
Speaker 1: a little bit of meat out of each one of them.
Speaker 1: All right, Andre, thanks so much for joining us. Really
Speaker 1: appreciated inching part of the food chain. Andrea Manennaz, co
Speaker 1: founder and Andreas it Menzi's It's menis Is And yes,
Speaker 1: thank you so much for the chat. I'm very happy
Speaker 1: that everyone listening to us right now they can't affective
Speaker 1: the trite single ordering on Go Valley anywhere in the US,
Speaker 1: prepared by Chad Chad Rosenthal in the Motive Preston. All right, Andre,
Speaker 1: thank you so much. We really appreciate that. Thanks for
Speaker 1: listening to the Bloomberg Markets podcast. You can subscribe and
Speaker 1: listen to interviews of Apple Podcasts or whatever podcast platform
Speaker 1: you prefer. I'm Matt Miller. I'm on Twitter at Matt
Speaker 1: Miller V three. Pt On False Sweeney I'm on Twitter
Speaker 1: at pt Sweeney. Before the podcast, you can always catch
Speaker 1: us worldwide at Bloomberg Radio