WEBVTT - Global Market Volatility; Harris & Walz Hit Campaign Trail

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news.

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<v Speaker 2>Good morning, I'm Nathan Hager.

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<v Speaker 1>And I'm Karen Moscow. Here are the stories we're following today.

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<v Speaker 3>Hearing this action in the market this morning follows a

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<v Speaker 3>big reversal in markets yesterday. After gaining almost two percent

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<v Speaker 3>earlier in the session, the S and P five hundred

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<v Speaker 3>closed down eight tenths of one percent. The rapid slide

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<v Speaker 3>followed a week forty two billion dollars sale of treasuries. Chadovi,

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<v Speaker 3>a director of investment management and Huntingdon Private Bank, says

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<v Speaker 3>now is the time to put your money to work.

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<v Speaker 4>We've been telling our clients not to be overcashed. Right.

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<v Speaker 4>The one thing that we know for certain is that

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<v Speaker 4>as interest rates start to go lower, whether that's because

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<v Speaker 4>of market activity or FED activity, cashields are going lower.

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<v Speaker 4>So if you have cash, b dollar cost averaging and

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<v Speaker 4>look to those markets where you can get in on

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<v Speaker 4>some of those dips, be a long term investor.

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<v Speaker 3>Huntington Private Banks. Chadovi It says stocks also came under

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<v Speaker 3>pressure yes esterday because seventeen blue chip companies offered almost

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<v Speaker 3>thirty two billion dollars of debt. That's the highest amount

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<v Speaker 3>of US investment great issuance this.

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<v Speaker 1>Year, well Nathan, three quarters of the global carry trade

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<v Speaker 1>has now been unwound. That's according to JP Morgan's quant strategists,

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<v Speaker 1>who say the week's volatility has wiped out year to

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<v Speaker 1>date returns and cut into the past two years of profits.

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<v Speaker 1>Mark Cranfield from Our Market's Live team says the Japanese market,

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<v Speaker 1>one of the homes of the carry trade, is still

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<v Speaker 1>not stable.

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<v Speaker 5>It's a bit dysfunctional market you're seeing in Japan, and

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<v Speaker 5>that's not too surprising when you consider the extreme volatility

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<v Speaker 5>you've seen in the past week. It's really a market

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<v Speaker 5>currently of headless chickens. People are just chasing everything, every headline,

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<v Speaker 5>every nuance. So in terms of expecting volatility to die down, unlikely.

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<v Speaker 5>We're going to have plenty of it, and we've got

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<v Speaker 5>US elections coming as well. People are just going to

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<v Speaker 5>get used to it.

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<v Speaker 1>Bloomberg's Mark Cranfield says the carry strategy involves borrowing at

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<v Speaker 1>low rates to fund purchases and higher bilding assets elsewhere.

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<v Speaker 3>We care in the odds of a recession in the

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<v Speaker 3>US are increasing. That's according to JP Morgan Chase, the

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<v Speaker 3>firm now sees a thirty five percent chance that the

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<v Speaker 3>economy tips into recession by the end of this year.

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<v Speaker 3>That's up from twenty five percent as of the start

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<v Speaker 3>of last month. Still, economist Duriel Rabini says the market

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<v Speaker 3>may be getting ahead of itself on expecting aggressive rate

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<v Speaker 3>cuts from the FED. He says the central bank is

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<v Speaker 3>right to signal a soft landing.

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<v Speaker 6>The markets are often wrong about what's going on with

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<v Speaker 6>the economy and what the FED is going to be doing.

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<v Speaker 6>There is some significant, i to say, evidence of some

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<v Speaker 6>slow down of the economy, but I don't think the

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<v Speaker 6>data suggests that we're going to have a hard landing

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<v Speaker 6>anytime soon. If anything, actually there's some elements of strength

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<v Speaker 6>in the economy.

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<v Speaker 3>Duriel Rabini is known as Doctor Doom for predicting the

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<v Speaker 3>two thousand and eight global financial crisis.

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<v Speaker 1>Well, Nathan, there are several stocks in the move this morning.

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<v Speaker 1>We'll start with shares a Bumble. They're down more than

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<v Speaker 1>thirty five percent. The dating app company is slashing its

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<v Speaker 1>annual revenue outlook, and we get the numbers from Bloomberg's

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<v Speaker 1>Charlie Pellett.

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<v Speaker 7>Bumble says annual revenue will grow between one and two

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<v Speaker 7>percent from the previous year. The company had previously forecast

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<v Speaker 7>growth of between eight and eleven percent. Wall Street was

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<v Speaker 7>expecting an eight point four percent gain, according to Bloomberg

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<v Speaker 7>compiled estimates. The company's third quarter forecast and second quarter

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<v Speaker 7>results also broadly missed the mark. Bumble, which went public

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<v Speaker 7>in twenty twenty one, sawt shares hit a record low

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<v Speaker 7>in February after it shared a weaker than expected sales

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<v Speaker 7>outlook and cut around a third of its workforce in

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<v Speaker 7>New York.

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<v Speaker 3>Charlie Pellett Bloomberg Radio, all right, Charlie, thanks and shares

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<v Speaker 3>of Warner Brothers Discovery, You're down nearly twelve percent. The

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<v Speaker 3>parent of CNN and the TNT cable network posted a

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<v Speaker 3>second quarter charge of more than nine billion dollars after

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<v Speaker 3>writing down the value of those traditional TV networks. The

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<v Speaker 3>company was created in twenty twenty two when Discovery acquired WarnerMedia.

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<v Speaker 3>It has concluded the cable channels are no longer worth

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<v Speaker 3>what they were when that forty two billion dollar merger

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<v Speaker 3>was completed.

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<v Speaker 1>Well Nathan investor Kathy Wood is trying to take advantage

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<v Speaker 1>of the recent stock markets sell off. She scooped up

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<v Speaker 1>shares of tech firms, just as our flagship fund is

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<v Speaker 1>synk to a new twenty twenty four low Woods Arc

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<v Speaker 1>Innovation ETF bought Amazon Advanced micro Devices and Roku, a

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<v Speaker 1>fintech focused fund of her firm. Arc Investment Management also

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<v Speaker 1>added Reddit and meta platforms.

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<v Speaker 3>Let's turn to the latest in the presidential race, Karen.

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<v Speaker 3>It is now a sprint through the key battleground states

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<v Speaker 3>for Vice President Kamala Harris and her new running mate,

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<v Speaker 3>Minnesota Governor Tim Waltz.

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<v Speaker 8>Donald Trump he sees the world differently than we see it.

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<v Speaker 8>He has no understanding of service because he's too busy

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<v Speaker 8>servicing himself.

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<v Speaker 3>Governor Waltz spoke there in Detroit, Michigan, as his opponent

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<v Speaker 3>for the vice president's Ohio Senator jd Vance tailed the Democrats.

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<v Speaker 3>He spoke with reporters by her plane of Harris's plane

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<v Speaker 3>Air Force two, near oh Claire, Wisconsin.

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<v Speaker 7>We think it's.

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<v Speaker 9>Important to get out there to talk to people, to

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<v Speaker 9>make the best case.

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<v Speaker 10>That we can.

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<v Speaker 9>And obviously there's an element of especially local media is

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<v Speaker 9>going to cover her because she's a vice president and

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<v Speaker 9>a presumptive dominie. So we think it's important to have

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<v Speaker 9>a counter narrative here and importantly to drive home this

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<v Speaker 9>point that she has been a dangerous radical.

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<v Speaker 3>And after JD Vance's appearance on the Harris Waltz trail,

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<v Speaker 3>a Harris campaign spokeswoman posted on x this is getting weird.

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<v Speaker 1>And Nathan asks his vice president campaigns through the key

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<v Speaker 1>battleground states. President Biden says he is not confident there'll

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<v Speaker 1>be a peaceful transition of power if former President Trump

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<v Speaker 1>loses in November.

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<v Speaker 11>He means what he says, we don't take them seriously.

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<v Speaker 3>He means it to look what they're trying to do

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<v Speaker 3>now in the local election districts where people count the

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<v Speaker 3>votes elected, putting people in place in states that they're

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<v Speaker 3>going to count the votes.

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<v Speaker 9>Right.

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<v Speaker 3>You can't love your country only when you win.

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<v Speaker 1>President Biden spoke to CBS News in his first interview

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<v Speaker 1>since he ended his reelection bid last month. The full

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<v Speaker 1>interview will air on CBS Sunday Morning, which can be

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<v Speaker 1>heard on Bloomberg Radio in New York, Washington, DC, and

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<v Speaker 1>Boston is Sundays at ten am.

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<v Speaker 3>Andy Karen Delta Airlines has been hit by a class

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<v Speaker 3>action lawsuit. The airline is accused of failing to properly

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<v Speaker 3>refund flyers or provide them with meals, hotels, or transportation

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<v Speaker 3>vouchers after crowds strike software outage last month caused widespread

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<v Speaker 3>delays and cancelations.

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<v Speaker 1>But it's time now for a look at some of

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<v Speaker 1>the other stories making news in New York and around

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<v Speaker 1>the world. For that, we're joined by Bloomberg's John Tucker.

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<v Speaker 12>John, Good morning, Good morning, Karen. Tropical Storm Debbi has

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<v Speaker 12>made a second landfall in South Carolina on its way

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<v Speaker 12>up the East Coast, where residents as far north as

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<v Speaker 12>Vermont could gainst several inches of rain this weekend. Bloomberg

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<v Speaker 12>meteoramalogist Rob Carrolyn is tracking the storm.

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<v Speaker 13>John.

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<v Speaker 14>The circulation associated with what's left of Debbie continues to

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<v Speaker 14>produce very heavy rain over portions of the Carolinas, and

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<v Speaker 14>this will be spreading into Virginia today. We're looking at

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<v Speaker 14>numerous flash flood watches and some warnings from northeastern South

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<v Speaker 14>Carolina across North Carolina, then up along the Appalachians all

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<v Speaker 14>the way to central New York.

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<v Speaker 12>Debby came as shore early this morning near Bulls Bay,

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<v Speaker 12>South Carolina. Taylor Swift's aeros tour has been canceled in Austria,

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<v Speaker 12>and officials announced the irrative two men they accused of

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<v Speaker 12>plotting a terror attack. Authority say, a nineteen year old

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<v Speaker 12>Austrian citizen who had recently plunged allegiance to the Islamic state,

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<v Speaker 12>focused on the Aras tour as a potential target. Nearly

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<v Speaker 12>two hundred thousand people had been expended to attend the

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<v Speaker 12>Vienna concerts, which were to start today. Bad news if

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<v Speaker 12>you're looking for a deal on an apartment. The Manhattan

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<v Speaker 12>rental market still sky high. More from Bloomberg's Denise Pellegrini.

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<v Speaker 10>The average rental price in Manhattan one forty six dollars

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<v Speaker 10>a month in July. The average rental price did fall

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<v Speaker 10>from a year ago, but that's just because these size

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<v Speaker 10>of the average apartment being rented fell. And forget about

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<v Speaker 10>signing incentives. In Manhattan, deals offered by landlords plunged, and

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<v Speaker 10>some lieutenants paid up above the list price. And if

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<v Speaker 10>you were hoping to get a better deal in Brooklyn

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<v Speaker 10>or Queen's, forget about it. The price per square foot

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<v Speaker 10>of apartments in those places also rose. Denise Pellgritty, Bloomberg Radio.

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<v Speaker 12>RAN's president telling his French counterpart, Emmanuel met Crown, the

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<v Speaker 12>US and Europe must urge Israel to accept a truce

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<v Speaker 12>in Gaza to reduce tensions in the Middle East. The

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<v Speaker 12>comments hints at a diplomatic path at de escalation as

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<v Speaker 12>Israel braces for retaliation after the killing of a top

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<v Speaker 12>Hamas leader in Tehran. Global News twenty four hours a

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<v Speaker 12>day and whatever you wanted with Bloomberg News. Now, I'm

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<v Speaker 12>John Tucker, and this is Bloomberg Nathan and Karen.

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<v Speaker 1>All right, John, thank you. It's time now for the

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<v Speaker 1>Bloomberg Sports Update. But John stash Hour, John, good.

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<v Speaker 13>Morning, Good morning, Karen. Is the Olympics start to wind down.

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<v Speaker 13>Big day in Paris the two hundred meters with American

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<v Speaker 13>Noah Lyles. He already won the one hundred and that

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<v Speaker 13>thrilling finish. This is considered his stronger event. And the

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<v Speaker 13>men's basketball semifinals as the US taking on Nicolo Jokich

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<v Speaker 13>and Serbia. US beat the Serbs in an exhibition game

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<v Speaker 13>and in group play, and both wins were by twenty

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<v Speaker 13>six points. US women into the Semis. Win over Nigeria

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<v Speaker 13>makes it fifty nine Olympic wins in a row. They'll

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<v Speaker 13>play Australia tomorrow. Quincy Hall's come from behind gold medal

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<v Speaker 13>in the four hundred meters the third time an American

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<v Speaker 13>runner has won gold with a rally at the end.

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<v Speaker 13>Lyles did it, so did Cole Hawker the fifteen hundred meters.

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<v Speaker 13>Hall was in fourth place around the last band. It's

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<v Speaker 13>the first US gold in the four hundred since two

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<v Speaker 13>thousand and eight. In Denver, Mets and Rockies tied to two,

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<v Speaker 13>nine to eight.

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<v Speaker 3>First pitch fly to left field, fasehead fil Indor Fader scores.

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<v Speaker 3>Here comes gabble around third, he will scored.

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<v Speaker 7>The throw is cut off at third.

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<v Speaker 3>Francisco Lindor with the basis loaded, drives in two.

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<v Speaker 12>It is four to two Mets.

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<v Speaker 13>In the top of the night on WCBS, Mets won

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<v Speaker 13>five to three, another strong start for the New met

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<v Speaker 13>Paul Blackburn his second in row and the Mets only

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<v Speaker 13>half game behind Atlanta for second. In the NLS, Yankees

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<v Speaker 13>and Orioles again tied for first. Yanks split two at

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<v Speaker 13>the Angels at the Stadium. They won five to two

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<v Speaker 13>behind Luis Heally got his twelfth win. The Angels then

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<v Speaker 13>won eight to two with a six run second in

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<v Speaker 13>off Yankee rookie will Warren Baltimore one, seven to three

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<v Speaker 13>in Toronto. Red Sox lost eight to four at Kansas City.

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<v Speaker 13>The Giants won seven to four in Washington. The Football

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<v Speaker 13>Giants host the Lions tonight in the preseason open to

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<v Speaker 13>the two teams had two fight filled joint practices. The

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<v Speaker 13>NFL find both teams two hundred thousand dollars for raffiellen

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<v Speaker 13>allenounced he won't play the US Open next month. He

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<v Speaker 13>will play the Labor Cup. That might be the last

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<v Speaker 13>event of his career. John Stashedwar Bloomberg Sports can.

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<v Speaker 11>Navan coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 11>and around the world on Bloomberg dot Com and the

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<v Speaker 11>Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 3>Good morning, I'm Nathan Hager on another morning of volatility

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<v Speaker 3>in the global market as the debate over central bank

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<v Speaker 3>policy decisions around the world feeds into investor anxiety. Joining

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<v Speaker 3>us now from London is Bloomberg Stocks reporter Joe Easton

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<v Speaker 3>and a job between the worries about whether the Feds

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<v Speaker 3>waited too long to cut and the unwind in the

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<v Speaker 3>carry trades after the Bank of Japan's surprise hike, Where

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<v Speaker 3>do things sid now? Good morning, Yeah, morning, Nathan.

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<v Speaker 15>So, I mean the thing I've been waiting to see

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<v Speaker 15>is a rebound in stocksvill we're just not really seeing

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<v Speaker 15>that at all. We're seeing yesterday in the US we

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<v Speaker 15>saw a bit of a gain at the open, then

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<v Speaker 15>a decline faded away. In Europe every morning we seem

0:11:33.000 --> 0:11:36.040
<v Speaker 15>to be opening very slightly higher and then giving up

0:11:36.120 --> 0:11:38.600
<v Speaker 15>the games. The market really not willing to bet on

0:11:38.640 --> 0:11:41.720
<v Speaker 15>a rebound as such. Stocks pretty much down around five

0:11:41.800 --> 0:11:45.800
<v Speaker 15>percent over the past week, both in Europe and the US,

0:11:45.800 --> 0:11:48.120
<v Speaker 15>and we're just not seeing investors to buy it back in.

0:11:48.200 --> 0:11:50.480
<v Speaker 15>Maybe they're going to wait for a bit more date. Obviously,

0:11:50.520 --> 0:11:53.000
<v Speaker 15>later we get the US jobless claims. That could be

0:11:53.480 --> 0:11:56.080
<v Speaker 15>important in terms of the numbers, but we really need

0:11:56.120 --> 0:11:58.640
<v Speaker 15>some kind of trigger for markets to actually turn, and

0:11:58.640 --> 0:12:00.000
<v Speaker 15>we're not just seeing that at the moment.

0:12:00.400 --> 0:12:03.120
<v Speaker 3>Well, where you sit in Europe, we're continuing to see

0:12:03.360 --> 0:12:05.240
<v Speaker 3>some pretty deep selling. What's driving that?

0:12:06.200 --> 0:12:10.720
<v Speaker 15>Yeah, So I think earnings have been largely negative here

0:12:10.760 --> 0:12:13.520
<v Speaker 15>In terms of the large cap companies today, we had

0:12:13.800 --> 0:12:16.679
<v Speaker 15>some big names like Semens. We also had a bunch

0:12:16.679 --> 0:12:19.240
<v Speaker 15>of insurers kind of just being a bit slow in

0:12:19.320 --> 0:12:21.840
<v Speaker 15>terms of where they growth. Our semens was talking about

0:12:22.120 --> 0:12:25.040
<v Speaker 15>customers cutting back on orders, being slow to put new

0:12:25.120 --> 0:12:27.920
<v Speaker 15>orders in. That had to kind of read across the

0:12:28.080 --> 0:12:32.480
<v Speaker 15>entire European industrial space. The bank numbers haven't been particularly strongviously,

0:12:32.880 --> 0:12:35.960
<v Speaker 15>interest rates fading coming down will be negative for them,

0:12:36.240 --> 0:12:38.920
<v Speaker 15>So we're just seeing just a bit of negativity. But

0:12:39.120 --> 0:12:41.199
<v Speaker 15>you've got to also bear in mind that volumes are lower.

0:12:41.200 --> 0:12:42.960
<v Speaker 15>Of course, a lot of people on holiday, a lot

0:12:43.000 --> 0:12:45.760
<v Speaker 15>of the traders I chat to all of them red

0:12:45.800 --> 0:12:48.320
<v Speaker 15>dotted on the terminal today where they're just out. So

0:12:48.400 --> 0:12:50.640
<v Speaker 15>the liquidity in the volume in the market is low,

0:12:50.920 --> 0:12:53.839
<v Speaker 15>and therefore disappointment on things like earnings and data is

0:12:53.920 --> 0:12:55.960
<v Speaker 15>just causing a bit more selling in these markets.

0:12:56.120 --> 0:12:56.200
<v Speaker 1>Now.

0:12:56.280 --> 0:12:59.160
<v Speaker 3>In terms of what's driving the broader market, a lot

0:12:59.200 --> 0:13:01.760
<v Speaker 3>of it's been driven by the global unwind in the

0:13:01.840 --> 0:13:04.839
<v Speaker 3>carry trade. After the Bank of Japan's move, the folks

0:13:04.880 --> 0:13:07.000
<v Speaker 3>over at JP Morgan Chaser saying now they think it's

0:13:07.040 --> 0:13:10.240
<v Speaker 3>about seventy five percent done. Could we expect some of

0:13:10.280 --> 0:13:14.440
<v Speaker 3>this volatility to subside once this carry trade unwind fully

0:13:14.440 --> 0:13:15.000
<v Speaker 3>shakes out?

0:13:15.880 --> 0:13:18.920
<v Speaker 15>Yeah, I did see the JP Morgan update. That was

0:13:18.960 --> 0:13:21.120
<v Speaker 15>pretty interesting to say, given a lot of that trade

0:13:21.160 --> 0:13:24.520
<v Speaker 15>potentially has now been closed out. Kind of depends on

0:13:24.840 --> 0:13:28.320
<v Speaker 15>how much losses were booked there and how much leeway

0:13:28.400 --> 0:13:30.960
<v Speaker 15>people have to buy back into other trades in terms

0:13:30.960 --> 0:13:33.880
<v Speaker 15>of buying back into stocks, whether they'll just have to

0:13:34.240 --> 0:13:36.320
<v Speaker 15>kind of hold their positions there that might kind of

0:13:36.360 --> 0:13:39.000
<v Speaker 15>be wrapped up. So I don't think that will be

0:13:39.120 --> 0:13:42.640
<v Speaker 15>the main trigger. I think we'll need to see data. Interestingly,

0:13:43.080 --> 0:13:45.760
<v Speaker 15>the US numbers next week will get US inflation, but

0:13:45.800 --> 0:13:48.960
<v Speaker 15>that's kind of taken a kind of second step in

0:13:49.040 --> 0:13:51.840
<v Speaker 15>terms of the importance. Now the market more focused on

0:13:51.880 --> 0:13:56.640
<v Speaker 15>growth will get some SMP indexes in terms of the

0:13:56.679 --> 0:14:00.480
<v Speaker 15>survey numbers next week, the ISM numbers as well later

0:14:00.800 --> 0:14:02.880
<v Speaker 15>in the beginning of next month, So those are kind

0:14:02.920 --> 0:14:05.200
<v Speaker 15>of the key dases that we'll wait for. I don't

0:14:05.240 --> 0:14:08.040
<v Speaker 15>really think the Japan issue is going to be key.

0:14:08.080 --> 0:14:11.640
<v Speaker 15>It's more going to be about whether US economic growth

0:14:11.679 --> 0:14:15.160
<v Speaker 15>continues to slow, whether the Fed's taken too long to

0:14:15.960 --> 0:14:18.960
<v Speaker 15>lower rates, as you say, and also the earning story.

0:14:19.200 --> 0:14:22.520
<v Speaker 15>Will markets continue to reward companies for doing well or

0:14:22.560 --> 0:14:25.160
<v Speaker 15>are they too concerned about economic growth. That's the bigger

0:14:25.200 --> 0:14:25.680
<v Speaker 15>issue for me.

0:14:25.880 --> 0:14:26.080
<v Speaker 11>Yeah.

0:14:26.120 --> 0:14:29.520
<v Speaker 3>And to your point about the data dependence in between

0:14:29.560 --> 0:14:32.560
<v Speaker 3>all those data points you mentioned, is the jobless claims

0:14:32.560 --> 0:14:35.640
<v Speaker 3>coming out this morning after all that betting about whether

0:14:35.680 --> 0:14:39.520
<v Speaker 3>the Fed's behind the curve after last week's disappointing jobs report.

0:14:39.560 --> 0:14:41.920
<v Speaker 3>I mean, what kind of volatility could we see just

0:14:42.000 --> 0:14:44.000
<v Speaker 3>from this next upcoming data point.

0:14:44.680 --> 0:14:46.840
<v Speaker 15>Yeah, I'm excited to see that that will be coming up,

0:14:46.880 --> 0:14:49.840
<v Speaker 15>as you say, at one thirty my time, eight thirty

0:14:49.880 --> 0:14:52.880
<v Speaker 15>your time, So in one hundred and eighty seven thousand,

0:14:52.880 --> 0:14:55.880
<v Speaker 15>I think was the call for continuing claims. We'll see

0:14:55.880 --> 0:14:59.920
<v Speaker 15>whether that actually lands. I think that given the sensitive

0:15:00.360 --> 0:15:03.160
<v Speaker 15>that you mentioned there, it could be a key data point.

0:15:03.160 --> 0:15:06.320
<v Speaker 15>I mean, US futures pretty much lower on the SMP

0:15:06.480 --> 0:15:09.080
<v Speaker 15>at the moment. Maybe people are going to position ahead

0:15:09.080 --> 0:15:11.120
<v Speaker 15>of that, just wait to see what that number looks like.

0:15:11.360 --> 0:15:13.520
<v Speaker 15>If it's a decent number, maybe we see a bit

0:15:13.520 --> 0:15:15.600
<v Speaker 15>of a rebound. You would expect that to be the case,

0:15:15.640 --> 0:15:18.600
<v Speaker 15>but at the moment, maybe people waiting for those jobless

0:15:18.640 --> 0:15:20.920
<v Speaker 15>claims numbers. Definitely going to keep me glued to my

0:15:21.040 --> 0:15:22.400
<v Speaker 15>screen later this afternoon.

0:15:22.800 --> 0:15:25.560
<v Speaker 3>And in terms of where we sit now on rate

0:15:25.640 --> 0:15:28.760
<v Speaker 3>cut betting, are we still thinking that there could be

0:15:28.880 --> 0:15:31.640
<v Speaker 3>a possibility of an emergency rate cut. Are we still

0:15:31.720 --> 0:15:34.480
<v Speaker 3>betting on aggressive moves from the Fed? Cut about thirty

0:15:34.480 --> 0:15:35.200
<v Speaker 3>seconds lab.

0:15:35.400 --> 0:15:38.359
<v Speaker 15>Yeah, No, I think For me, I think traders unfortunately

0:15:38.400 --> 0:15:40.920
<v Speaker 15>tend to overplay how much the Federal Reserve and other

0:15:40.960 --> 0:15:43.760
<v Speaker 15>economists that do actually look at financial markets. They're more

0:15:43.800 --> 0:15:47.280
<v Speaker 15>interested in economic data. For me, I don't think we'll

0:15:47.280 --> 0:15:49.520
<v Speaker 15>see an emergency cut. They'll have to rate for the

0:15:49.560 --> 0:15:53.760
<v Speaker 15>next meeting. I think that the Fed, like all central bankers,

0:15:53.800 --> 0:15:57.800
<v Speaker 15>are more focused on the macro numbers rather than five

0:15:57.800 --> 0:15:59.680
<v Speaker 15>percent decline in the S and P five hundred.

0:16:00.000 --> 0:16:02.960
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