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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: This is a breaking news update from Bloomberg instant reaction

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Speaker 2: and analysis from our three thousand journalists and analysts around

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Speaker 2: the world.

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Speaker 3: In the next twenty minutes. On this program, we need

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Speaker 3: to discuss two things. The future of Chairman Paw One

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Speaker 3: the easing bias at the Federal Reserve. Two on the

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Speaker 3: future of Chairman pow staying one as a governor of

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Speaker 3: the Federal Reserve. He was asked why this is what

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Speaker 3: he had to say.

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Speaker 2: My concern is really about the series of legal attacks

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Speaker 2: on the FED. These attacks are battering the institution and

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Speaker 2: putting at risk the thing that really matters to the public,

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Speaker 2: which is the ability to conduct monetary policy without taking

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Speaker 2: into consideration political factors.

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Speaker 3: The Federal Reserve Chairman Jay Powell on independence. I think

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Speaker 3: FED independence is at risk. So what about the easing

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Speaker 3: buss Let's talk about monetary policy. A question coming into

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Speaker 3: this decision is whether this reserve would move to a

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Speaker 3: more symmetrical reaction function. That's the juket. This is a

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Speaker 3: plane speak. Isn't just as likely they'll hike as they'll cut.

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Speaker 3: They didn't do it this time around, but there was

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Speaker 3: some descent. This vote was eight to four. Four descents

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Speaker 3: haven't seen that since the nineteen nineties. Of those four

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Speaker 3: to three wanted to get rid of that easing bus.

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Speaker 3: This is what the chairman had to say on that issue.

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Speaker 2: You know a number of people on the committee who

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Speaker 2: either could support that language change, changing to a more

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Speaker 2: neutral stance so that a hike is as likely as

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Speaker 2: a cut. That number has increased over the inter meeting period,

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Speaker 2: and it's easy to see why we had the discussion.

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Speaker 2: The majority are still on the page of not feeling

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Speaker 2: the need to move to that level, and that's where

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Speaker 2: I am.

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Speaker 4: I get it though.

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Speaker 2: You know at a certain point you would move, and

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Speaker 2: that that conceivingly could come as soon as the next meeting.

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Speaker 3: They're getting closer, but they're not there yet. So much

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Speaker 3: to learn apparently over the next thirty to sixty days.

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Speaker 5: I thought that was the most market moving aspect of

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Speaker 5: the news conference, the idea that it wasn't just the

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Speaker 5: three dissenters who are to shift to a more neutral

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Speaker 5: kind of positioning symmetric kind of positioning, but that it

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Speaker 5: was a bigger group that just didn't feel like there

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Speaker 5: was a need to move right now, because ultimately, why

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Speaker 5: move now, and so much can change. Nonetheless, this goes

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Speaker 5: on for as long as people are might be thinking

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Speaker 5: based on the oil prices in the future. This is

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Speaker 5: something that clearly will come back on the table.

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Speaker 6: I like the way on the Bloomberg Professional Service we

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Speaker 6: have a way to see the president's tweets quickly. I

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Speaker 6: am waiting to see a president and tweet wheeler. Do

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Speaker 6: we get it by the time the clock turns around?

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Speaker 6: Or do we get it by metas earnings here in

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Speaker 6: X number of mini.

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Speaker 3: Things have softened somewhat around this institution just a little bit.

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Speaker 3: We heard from the Treasury Secretary scope person who said

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Speaker 3: it's understandable if this fed remains on hold for some time.

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Speaker 3: But the last thing we had from the President was

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Speaker 3: something like this, if the chairman doesn't leave on time,

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Speaker 3: I'll fire it now.

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Speaker 4: What is on time actually mean?

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Speaker 3: Because he can stay on as the Board of governors,

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Speaker 3: he can stay on that board until twenty twenty eight.

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Speaker 4: Is that on time? Or is the president looking for

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Speaker 4: something else?

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Speaker 5: Are we entering a new standoff? We're dealing with a

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Speaker 5: standoff of the Middle East. We were dealing with the

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Speaker 5: staring contest between Tom Tillis and Donald Trump, and now

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Speaker 5: might be dealing with President Trump versus j Powell the governor,

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Speaker 5: to see who blinks first, who's going to drop the

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Speaker 5: legal cases, who's going to step away? And this could

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Speaker 5: potentially get pretty tense, especially if the bar is that

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Speaker 5: much higher. Right now for FEED chair Jay Powell.

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Speaker 3: My mccame is in that news conference. He'll join us

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Speaker 3: in just a moment. I want to start with Jimpanco

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Speaker 3: of Pianco Research. Jim, Welcome to the program, buddy. I

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Speaker 3: think FED independence is at risk. The chairman's words, I'll

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Speaker 3: continue to serve as a governor for a period of time.

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Speaker 3: Recent events have left me no choice but to stay.

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Speaker 1: Your reaction, please, I think it's one of the most

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Speaker 1: disappointing things that he's done during his chairmanship. That is

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Speaker 1: a political decision. The decision was made to push the

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Speaker 1: investigation of the building to the Inspector General. The Inspector

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Speaker 1: General finds some malfeasans or wrongdoing with the building, they'll

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Speaker 1: have a criminal referral. That is appropriate. He seems to

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Speaker 1: be saying that has billions of dollars in building construction

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Speaker 1: and no one's allowed to ask any questions about it,

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Speaker 1: and he's going to stand in the doorway and disrupt

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Speaker 1: the FED as long as they're going to look into

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Speaker 1: this building. I think that that is a big, big disappointment.

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Speaker 1: I would have expected more from him, to be very honest,

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Speaker 1: and I'm a guy that liked him. I'm a guy

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Speaker 1: that would have reappointed him, and I think this is

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Speaker 1: a big disappointment that I've seen from him.

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Speaker 5: Jim, do you think that it has longer term ramifications

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Speaker 5: for the institution based in the fact that he is

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Speaker 5: saying he does think that this is an independent institution,

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Speaker 5: a committee, but does want to avoid some of the

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Speaker 5: attacks that he says are battering the institution.

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Speaker 1: Marin or Eccles is the only other FED chairman that

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Speaker 1: stayed on in the late nineteen forties, and his memoirs

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Speaker 1: say that he stayed on because he saw, with Bretton

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Speaker 1: Woods and with the World Bank and the IMF in

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Speaker 1: the post World War two period, change was coming and

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Speaker 1: he wanted to marshal the world through those changes. It

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Speaker 1: seems like what Chairman Paul is saying is we're eighty

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Speaker 1: years later and changes coming. I want to stand in

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Speaker 1: the doorway and prevent those changes. He said he wants

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Speaker 1: to see a more traditional move back to the FED.

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Speaker 1: He wants to see the FED institution remain the way

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Speaker 1: it is and not evolve. Now, as far as independence goes,

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Speaker 1: I think we've solved the independence pro problem with the

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Speaker 1: vote today eight four. We have twelve independent voters. The

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Speaker 1: Chairman is one of those voters. That is how you're

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Speaker 1: going to get a truly independent FED. The Chairman cannot

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Speaker 1: dictate the policy like he has for the last forty years.

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Speaker 1: He needs six other people to agree with him in

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Speaker 1: order to get that policy across. What's going to happen

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Speaker 1: if we continue to have these descents. I'll remind you

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Speaker 1: last year the Bank of England had a four to

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Speaker 1: four to one vote. If we get to a six

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Speaker 1: to six vote with this FED we're already at eight four.

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Speaker 1: That gives Chairman Powell all the power to decide what

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Speaker 1: the policy's going to be. Even though he said he's

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Speaker 1: not going to give any speeches and he's going to

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Speaker 1: remain in the background, or is he saying that he

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Speaker 1: will just do whatever to Chairman wash tells him to

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Speaker 1: do and that's the way he's going to vote and

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Speaker 1: he's not going to vote independently, So it's a big

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Speaker 1: problem that he needs to define and try to explain,

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Speaker 1: and he didn't did this press conference, Jim.

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Speaker 6: I look at this simplistically. I got oil at one

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Speaker 6: nineteen sixty one in this announcement that I saw on

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Speaker 6: the Bloomberg that we're leaving an aircraft carrier from the

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Speaker 6: Middle East, the gerald Ford, with five four hundred sailors.

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Speaker 6: I believe it as is coming home exhausted. Is Jerome Powell,

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Speaker 6: simplistically in the same way, just staying to block a

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Speaker 6: Trump appoint period.

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Speaker 1: I hope he's not, you know, and I hope that

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Speaker 1: you know he's he's trying to be fair minded in

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Speaker 1: his decision, and I disagree with the decision, and we

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Speaker 1: can have disagreements in it, and that is it being

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Speaker 1: as political as that that he doesn't want Trump to

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Speaker 1: have another appointee. And by the way, we'll get the

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Speaker 1: Leasa Cook decision by June when the court adjourns, and

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Speaker 1: if they do allow him to fire Lisa Cook for cause,

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Speaker 1: I would assume probably the same day he'll fire j

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Speaker 1: Paul and we'll have to and then he'll get two

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Speaker 1: votes or he'll get two open seats to be able

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Speaker 1: to replace Now. Of course the court could rule otherwise,

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Speaker 1: but that's coming as well too. But I hope it's

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Speaker 1: not that. I hope that it is more that he

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Speaker 1: has a view about the institution not changing in a

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Speaker 1: world where I think we're changing and it needs to evolve,

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Speaker 1: and he's preventing that.

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Speaker 4: Jim, stay close. I've got Miama Cay standing by it.

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Speaker 3: Just hopped out of the news conference and one of

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Speaker 3: his reactions to one of this as well, Mike here

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Speaker 3: in the room. Have you got a different perspective on things?

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Speaker 7: Yes, I think I do. I was listening to what

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Speaker 7: Jim said. I don't think Jay Paul is staying because

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Speaker 7: he's trying to stand in the way of progress at

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Speaker 7: the FED. I think Jay Powell is staying because he

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Speaker 7: doesn't trust the Department of Justice. He noted at the

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Speaker 7: top that the Justice Department had said that they were

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Speaker 7: dropping the probe, but he referenced back to Janine Piro's

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Speaker 7: comment about we could file another criminal complaint and he

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Speaker 7: doesn't know, oh what the Justice Department will do, whether

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Speaker 7: or not there would be validity in what the Justice

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Speaker 7: Department might do, So he wants to make sure that

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Speaker 7: that is the case, and he will at least probably

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Speaker 7: stay through the Inspector General's report. It is also possible

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Speaker 7: he would stay on beyond that in order, as you did,

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Speaker 7: mention that in order to deny the President the possibility

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Speaker 7: of another seat if he thinks what the President wants

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Speaker 7: to do is take political control of the FED.

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Speaker 3: Said Jim, I want to give you a chance to

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Speaker 3: respond to that. If anything, the Chairman's been consistent, he

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Speaker 3: said a bah. He said this needs to be rapped

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Speaker 3: up with transparency and finality, and based on the comments

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Speaker 3: we've had, according to the Chairman, he thinks the full

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Speaker 3: and short of that bound.

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Speaker 1: Jim, Yeah, I think he thinks that. Senator Tillis does

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Speaker 1: not think that. That's why he voted today to advance

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Speaker 1: his nomination. And I agree with Mike that he does

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Speaker 1: not trust the Justice Department. But it's not his call.

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Speaker 1: It's the Justice Department that the American public elected through

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Speaker 1: the election of Donald Trump. And if he doesn't like it,

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Speaker 1: he's going to then stay as a disruptive force to

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Speaker 1: the FED to prevent them from making any kind of

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Speaker 1: changes or referrals or even looking in Remember this is

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Speaker 1: all about the building cost and why it's been taken

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Speaker 1: several years and his run so expensive, and it seems

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Speaker 1: like he's saying we're not allowed to ask.

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Speaker 3: I've got another disruptive force to talk about, Jim a

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Speaker 3: labor to jump in one twenty on Brent just breached

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Speaker 3: that level moments ago, high on the session by eight percent.

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Speaker 3: Let's just take a step back. The chairman's future is

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Speaker 3: one part of the discussion. These market moves are something else.

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Speaker 3: At the moment, Brent at one twenty just sit on

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Speaker 3: that yields high at the front end of the curve,

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Speaker 3: retesting the highs of the last two months or so,

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Speaker 3: and equities bring up the equity screen. At the moment,

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Speaker 3: equity is this afternoon, in the face of these moves

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Speaker 3: and fixed income, these moves in commodities doing almost nothing.

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Speaker 3: Bramo hardly moved, not even phased ahead of these earnings

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Speaker 3: later this so afternoon.

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Speaker 5: And this was what the Fed was talking about. Right,

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Speaker 5: we have the NASDAK that actually up four tens ofiven

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Speaker 5: percent ahead of those earnings. As we look to the

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Speaker 5: strength that fetcher J. Powell was talking about it as

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Speaker 5: last press conference. But this is where it becomes tricky.

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Speaker 5: At what point do those higher oil prices that might

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Speaker 5: be leaving big tech unphased become an inflationary pressure that

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Speaker 5: can be withstand what we could be withstood simply because

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Speaker 5: there is enough momentum in this economy.

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Speaker 4: Jim, let's get to the price section.

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Speaker 3: Not so interested in should should an interested in market consequences.

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Speaker 3: Here's a Federal Reserve debates in dropping its easy bass

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Speaker 3: pressure building the commodity market rice repricing yields higher. What

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Speaker 3: are the consequences, Jim, I think.

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Speaker 1: The consequences are huge because if you look at the

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Speaker 1: way that oil is trading. You're right that the June

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Speaker 1: contract went over one twenty a few minutes ago, and

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Speaker 1: that's the highest it's been since June of twenty two.

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Speaker 1: What about the long term? Okay, let's look at the

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Speaker 1: December contract. The December contract is making new all time

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Speaker 1: highs too, and it's saying to us, at least if

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Speaker 1: you want to take it at phase value, that the

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Speaker 1: price of oil is going to stay elevated at least

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Speaker 1: through the end of the year. As Chairman Paul said,

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Speaker 1: we already have he said, three and a half percent

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Speaker 1: on PCE inflation. That's their measure, and if it's all

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Speaker 1: driven by energy, it's going to stay there right now,

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Speaker 1: and it's going to be problematic for the Fed to

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Speaker 1: even talk about an easing with that level of inflation.

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Speaker 1: It's not going to disappear and go away unless there's

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Speaker 1: some resolution in the war. And the problem is the

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Speaker 1: market doesn't see the resolution in the war. That's why

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Speaker 1: both the June all the way to the December contract

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Speaker 1: continues to move higher.

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Speaker 3: Ay, Jim, going to see you. I appreciate your opinion,

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Speaker 3: Jim of Biancore Research. Mike always go to see you, buddy.

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Speaker 3: Great work in the news conference. Mike mckaye down in Washington,

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Speaker 3: d C. If you're just joining us, welcome to the program.

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Speaker 3: We have set out for quiet an afternoon now in

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Speaker 3: the next sixty minutes so sun, we should hear from

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Speaker 3: four of the biggest companies on the planet, Microsoft, METSA Alphabet, Amazon.

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Speaker 3: Before we get there, some big market moves to talk

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Speaker 3: about eight consecutive days of high crude prices Brent crude

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Speaker 3: through one twenty. Just briefly, we've taken out the heighs

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Speaker 3: of the year closing basis. If we close at these

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Speaker 3: levels one nineteen ninety five. Look at that WCI comfortably

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Speaker 3: into triple digits. This move in the bond market off

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Speaker 3: the back of it yields high at the front end

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Speaker 3: of the curve, up by ten basis points. Not just

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Speaker 3: about oil, also about this feeder reserve. If you missed it,

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Speaker 3: here's a summary an eight to four vote. Haven't seen

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Speaker 3: that level of descent since nineteen ninety two. Of that four,

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Speaker 3: three hawkish descents a conversation about dropping the easing bias.

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Speaker 3: They haven't got enough people on site just to do

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Speaker 3: that just yet, but we're losing support for that easing

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Speaker 3: bias at this feeder reserve.

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Speaker 5: And potentially if this conflict in the Middle East doesn't

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Speaker 5: get resolved, then all of a sudden, you will have

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Speaker 5: a consensus to move to asymmetric risk. We have now

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Speaker 5: priced out a rate cut for twenty twenty six and

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Speaker 5: the Fed Fund's futures. At what point do we start

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Speaker 5: repricing in hikes, because ultimately, this is an economy that

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Speaker 5: can would stand oil prices at this level, rates at

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Speaker 5: this level, and that was the ward that we heard

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Speaker 5: from the Federal Reserve.

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Speaker 6: Repricing here is hard because it's a war. Somebody mentioned

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Speaker 6: there it's a war. We forget we're in a war.

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Speaker 6: And within that, I don't know what the unknown known

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Speaker 6: is tomorrow or out to June seventeenth. Nobody knows. We're

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Speaker 6: just going to take in the data and take in

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Speaker 6: the war news. And what I'm waiting for John is

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Speaker 6: to take in the next marginal.

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Speaker 3: President Trump tweet the S and P five hundred down

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Speaker 3: by a tenth of one percent. If you looked at that,

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Speaker 3: it's a snoozy afternoon and nothing happened at this Federo's

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Speaker 3: Eerve meeting. That's just not the case. Jeffrey Rosenberg of

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Speaker 3: Black Rock joined us now for more. Jeff, what's the

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Speaker 3: bill case in the face of what's brewing elsewhere?

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Speaker 8: Well, you know, you highlighted it well between trying to

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Speaker 8: disconnect what's going on between oil prices and the committee

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Speaker 8: meeting today and what we heard, and you know, I

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Speaker 8: want to highlight, you know, the thing that I found

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Speaker 8: most interesting about Powell's comments were explaining the I think

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Speaker 8: the second main point and takeaway at the meeting, which

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Speaker 8: is this this theme of a divided committee that comes

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Speaker 8: out of the eight to four vote, and he framed

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Speaker 8: it as a natural consequence of the conflict in the

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Speaker 8: FEDS objectives between growth and inflation, which is the one

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Speaker 8: hundred and twenty oil you know? Is that is that you

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Speaker 8: know point? And he got asked the question about pass

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Speaker 8: through and this is I think what the markets are

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Speaker 8: really struggling with is he basically made the point it's

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Speaker 8: all about the time of which the Straits of Hormuz

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Speaker 8: remains closed, and no one knows what that will look like.

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Speaker 8: So Jim just talked about the forward curve. Uh, you know,

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Speaker 8: December contract making its new highs, but it's it's significantly

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Speaker 8: lower than the front end of the curve. So there's

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Speaker 8: an expectation here that at some point that's opening up.

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Speaker 8: We don't know what that is, and I think Divided

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Speaker 8: Committee is likely to be the continuation because of this

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Speaker 8: point that Powell highlighted that when you're faced with the

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Speaker 8: conflict of the dual objectives, that people are going to

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Speaker 8: see that in different ways. Some are going to be

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Speaker 8: arguing for the growth impact, some are going to be

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Speaker 8: arguing for the inflation impact, and that might be the

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Speaker 8: more expected outcome as opposed to what we've seen and

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Speaker 8: the historical comparisons of this being you know, very unusual,

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Speaker 8: will maybe get used to that being a little bit

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Speaker 8: more usual.

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Speaker 5: Jeff, it seems like the conflict of the Middle East

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Speaker 5: isn't necessarily that close to wrapping up. Maybe it is,

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Speaker 5: and we just all are getting mixed signals. Do you

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Speaker 5: think this market needs to price in a greater chance

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Speaker 5: of a rate hike as the next move by the

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Speaker 5: Federal Reserve?

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Speaker 8: Well, it's already done that. And to this discussion about

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Speaker 8: the easing bias and the language, you know, the market

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Speaker 8: already took the easing bias out. It did that at

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Speaker 8: the onset of the oil price impact from the Iran war.

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Speaker 8: So I don't think that as a catalyst for sort

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Speaker 8: of the next move that's made. Mostly, you know, the

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Speaker 8: Fed is a deliberate a body getting the right number

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Speaker 8: of people willing. You heard Powell talk about that they're

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Speaker 8: slow to move that bias. The market is not, and

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Speaker 8: it's moved the bias to easing out of the market pricing.

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Speaker 8: So I don't think that's really the market event. The

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Speaker 8: market event is really the uncertain unknown question that he

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Speaker 8: was asked, what's the pass through from headline inflation to

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Speaker 8: core inflation? You heard Worsh talk about it in terms

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Speaker 8: of trimmed mean and not looking at core PCE as

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Speaker 8: a measure. That's a very particular way of looking at

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Speaker 8: the potential for pass through. Will he get and move

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Speaker 8: the rest of the committee onto that view. If so,

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Speaker 8: that's a very dubvish implication, and you bring the bias

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Speaker 8: back in. But as Powell highlighted, we really just don't know.

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Speaker 8: So you're going to have to see whether or not

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Speaker 8: those pass through of headline into core shows up, whether

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Speaker 8: Worsh is more dubbish interpretation shows up, and whether you

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Speaker 8: can push the committee towards his direction, and that will

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Speaker 8: bring the bias back into market pricing. But right now

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Speaker 8: we're pricing.

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Speaker 1: Yeah, Jeff, I.

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Speaker 6: Got eight questions in time for one, and it's just

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Speaker 6: simple for our listeners interviewers across this nation and worldwide.

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Speaker 6: What is the best tool to use in the bond

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Speaker 6: market to study the potential dynamics? Don't you know the

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Speaker 6: benchmark tenure or that, or is there a unique Rosenberg spread?

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Speaker 6: It makes sense. What is the efficacious way to study

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Speaker 6: the pulse is seen in fixed income?

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Speaker 8: Yeah? You know, Tom, the kind of historical rule of

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Speaker 8: thomb is if you want to keep it simple, it's

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Speaker 8: about the five year maturity point on the treasury curve.

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Speaker 8: That's kind of impacts the best estimations of where you're

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Speaker 8: looking for current and forward looking FED expectations, and that

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Speaker 8: kind of is your benchmark for looking at you can

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Speaker 8: look a little bit shorter. Two year is going to

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Speaker 8: be the more near term expectations. I think that's a

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Speaker 8: really good metric. And then on the inflation side, remember inflation.

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Speaker 8: You know, headline inflation is going to impact shorter maturities.

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Speaker 8: You want to look a little bit further out, you

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Speaker 8: can look at the slope of the curve five year,

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Speaker 8: five year forward measures on break even inflation is better

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Speaker 8: when looking at longer term market expectations of the impact

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Speaker 8: on inflation, and so far, you know that's been relatively benign,

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Speaker 8: and so that's kind of supporting you know, Powells comments

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Speaker 8: in terms of market longer term expectations not being unduly impacted.

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Speaker 8: If you started to see that change, that's going to

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Speaker 8: be a major signal for FED policy pivoting more towards

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Speaker 8: the inflation concern. If you start to see that show

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Speaker 8: up in that metri Jeff.

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Speaker 3: Last question from US last time we had to yo

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Speaker 3: it at these levels close to them was the end

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Speaker 3: of March, and every person we spoke to and fixed

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Speaker 3: income on Wall Street had a very favorable interpretation of

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Speaker 3: these moves. They said we were creating value and they

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Speaker 3: wanted to buy it. Jeff, do you think we're creating

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Speaker 3: value this afternoon and do you want to buy.

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Speaker 1: Well?

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Speaker 8: I think the move in the front end is creating

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Speaker 8: some value. You know, you're seeing a big curve flattening again.

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Speaker 8: A lot of it is conditional on that pass through

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Speaker 8: of inflation, but stepping out of the curve into the

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Speaker 8: front end, we're having Warsh come in. He's already signaled

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Speaker 8: that he wants to look through that and take a

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Speaker 8: more dubvish interpretation, be able to bring the committee along

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Speaker 8: with them. You know, when you start pricing hikes in

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Speaker 8: it depends on the oil move and it's persistent. But

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Speaker 8: I think there's a little bit of value there. A

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Speaker 8: completely different answer really to the opposite side. When you

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Speaker 8: look in the long end of the curve, the long

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Speaker 8: end needs to build term premium. We got a savings

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Speaker 8: glut that's turning into a savings deficit, particularly as we

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Speaker 8: need to reshure, rebuild, reallocate in global savings around the

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Speaker 8: implications of this Iran war, all at the same time

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Speaker 8: as fiscal deficits are increasing the demand for that borrowing.

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Speaker 8: I think there you see a different story, and that's

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Speaker 8: a that's less of a buying opportunity and more of

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Speaker 8: something we're going to need to see increase in terms

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Speaker 8: of the term premium to bring investors back into the

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Speaker 8: long end of the curve.

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Speaker 3: He jeff got to see you a great answer, Jeffrey

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Speaker 3: Rosenberg there of Black Crock breaking down its views, not

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Speaker 3: because I think it's the right answer, just it's an

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Speaker 3: important answer to a very difficult question. Right now to

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Speaker 3: ya yields high by ten basis points tens full forty one.

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Speaker 5: If you think that right now there's a great opportunity

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Speaker 5: to buy and the tenure, give us a call, because

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Speaker 5: right now everyone who we ask seems to say go

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Speaker 5: right to the front end and saying that's where I'm

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Speaker 5: going to get some yeals. But right now on the

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Speaker 5: long end, things might be changing, and ultimately we just

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Speaker 5: can't get ahead of it. And that seems to be

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Speaker 5: a theme again and again.

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Speaker 6: Bob just emails in he's on his way to Step

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Speaker 6: one in Miami's here, and Bob's looking at and he's going.

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Speaker 6: The price of guests went up ten cents yesterday, twenty

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Speaker 6: two cents this week. People are needing out at restaurants.

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Speaker 6: That's got a lot more to do with us than

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Speaker 6: any of the.

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Speaker 3: Things that flight got more expensive. This afternoon is not over.

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Speaker 3: Big tech coming up after the close, coming up tomorrow

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Speaker 3: on Bluebacks, tav On Bloembock surveillance. We'll kick things off

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Speaker 3: with Jutying and Manuell. I've ever Call, will catch up

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Speaker 3: with Mike Wilson, I've Morgan Stanley, and a whole lot

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Speaker 3: more from New York City this afternoon.

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Speaker 4: Good afternoon,