1
00:00:02,400 --> 00:00:14,200
Speaker 1: Bloomberg Audio Studios, podcasts, radio news. A single ust idea

2
00:00:14,280 --> 00:00:19,040
Speaker 1: to start a really interesting week. I'm exhausted by the politics.

3
00:00:19,040 --> 00:00:21,840
Speaker 1: I'm sure you were over the weekend of the United

4
00:00:21,920 --> 00:00:25,480
Speaker 1: Kingdom of France. Thank you Francine Lacroix coming to first

5
00:00:25,640 --> 00:00:29,200
Speaker 1: with Avenue Marceaux with the Eiffel Tower in the background,

6
00:00:29,280 --> 00:00:34,040
Speaker 1: straddle between the eighth and sixteenth Arrondi smamp. Francie Lacuix

7
00:00:34,120 --> 00:00:37,839
Speaker 1: reporting early this morning on the shocking French election, all

8
00:00:37,880 --> 00:00:39,920
Speaker 1: that's going on in the United States. Looked at Joe

9
00:00:39,960 --> 00:00:43,480
Speaker 1: Matthew and Kayley Lines for balance of Power. That story

10
00:00:43,520 --> 00:00:46,000
Speaker 1: will change by the time we get this out on

11
00:00:46,120 --> 00:00:50,280
Speaker 1: ample podcasts, but we're trying to do conventional work with

12
00:00:50,320 --> 00:00:54,400
Speaker 1: inflation reports late in the week and JP Morgan and

13
00:00:54,560 --> 00:00:59,200
Speaker 1: City Group on Friday, really getting the earnings going, and

14
00:00:59,280 --> 00:01:02,840
Speaker 1: of course stay cool in this brutal heat and humidity

15
00:01:03,640 --> 00:01:09,200
Speaker 1: that we're having really across the nation. Michelle Meyer was

16
00:01:09,280 --> 00:01:12,399
Speaker 1: definitive at Bank of America working with Ethan Harris on

17
00:01:12,480 --> 00:01:16,400
Speaker 1: the Consumer master Card. Was so impressed they brought her

18
00:01:16,400 --> 00:01:19,080
Speaker 1: over as their chief economists and she's been brilliant as

19
00:01:19,120 --> 00:01:22,800
Speaker 1: a wonderful prism. What she's really good at is telling me,

20
00:01:22,840 --> 00:01:25,680
Speaker 1: I don't know what I'm talking about. Michelle Meyer here

21
00:01:25,680 --> 00:01:28,120
Speaker 1: on the polarity of the consumer.

22
00:01:27,720 --> 00:01:30,320
Speaker 2: I don't think that's an accurate assessment. I think that

23
00:01:30,360 --> 00:01:33,080
Speaker 2: there's as we talked before, there's not a uniform story.

24
00:01:33,080 --> 00:01:34,560
Speaker 2: But I don't think you can just break it into

25
00:01:34,600 --> 00:01:39,000
Speaker 2: those two categories, because think about again, look at the

26
00:01:39,080 --> 00:01:42,520
Speaker 2: labor market. Consider the fact that we've had job gains

27
00:01:42,560 --> 00:01:46,319
Speaker 2: that have been impressive across many different categories, which span

28
00:01:46,560 --> 00:01:50,720
Speaker 2: many different income levels. Wage growth was actually the fastest

29
00:01:50,760 --> 00:01:54,200
Speaker 2: coming out of the pandemic for the lower income, lower

30
00:01:54,320 --> 00:01:56,600
Speaker 2: skilled part of the population a way that we hadn't

31
00:01:56,640 --> 00:02:02,440
Speaker 2: seen in prior cycles. A lot of folks had really

32
00:02:02,880 --> 00:02:06,720
Speaker 2: been supported by the fact that the stimulus was extremely

33
00:02:06,800 --> 00:02:08,080
Speaker 2: beneficial and supportive.

34
00:02:08,560 --> 00:02:11,680
Speaker 1: Michelle Meyer there on the American consumer, and I'll tell you,

35
00:02:11,960 --> 00:02:15,240
Speaker 1: listen to the entire interview, very valuable. She is just

36
00:02:15,560 --> 00:02:19,200
Speaker 1: heeded of this being the great mist call out of

37
00:02:19,240 --> 00:02:22,120
Speaker 1: the pandemic on the strength the broad strength of the

38
00:02:22,160 --> 00:02:25,640
Speaker 1: American consumer. And I think she said both on and

39
00:02:25,680 --> 00:02:29,840
Speaker 1: off the mic, that MasterCard continues to see data of

40
00:02:29,880 --> 00:02:34,239
Speaker 1: a consumer that is spending what a wonderful day Terry

41
00:02:34,280 --> 00:02:37,720
Speaker 1: Haynes on short notice on Washington as well with Pangaea.

42
00:02:38,160 --> 00:02:41,360
Speaker 1: He was just absolutely brilliant on the need to see

43
00:02:41,480 --> 00:02:44,560
Speaker 1: poles and he said, most of those polls will be

44
00:02:44,600 --> 00:02:47,640
Speaker 1: coming up. And hey, it's July, folks. There's a convention

45
00:02:47,720 --> 00:02:52,919
Speaker 1: in Milwaukee, the Republican Convention, and you know, I'm sorry

46
00:02:52,960 --> 00:02:56,600
Speaker 1: it's sort of upon us here and we'll continue to

47
00:02:56,639 --> 00:02:59,400
Speaker 1: follow that of course, all in France and England as well,

48
00:03:00,080 --> 00:03:04,080
Speaker 1: but we do have to look at what we see

49
00:03:04,080 --> 00:03:07,840
Speaker 1: in the markets. And with a brilliant note from DWS

50
00:03:08,160 --> 00:03:12,720
Speaker 1: of London was Amanda Rebello and this is on ETFs

51
00:03:12,760 --> 00:03:15,440
Speaker 1: and what to do, and it's a very surgical note

52
00:03:15,919 --> 00:03:18,919
Speaker 1: as well. I should point out we talked to her

53
00:03:19,000 --> 00:03:25,120
Speaker 1: though about the difference in education in Europe and in

54
00:03:25,160 --> 00:03:29,040
Speaker 1: the broader United Kingdom. In her mathematics which she took

55
00:03:29,120 --> 00:03:33,799
Speaker 1: at Oxford, she is just absolutely first rate. Here's Amanda

56
00:03:33,880 --> 00:03:37,840
Speaker 1: Rebello on the mathiness of our teachers.

57
00:03:38,160 --> 00:03:40,720
Speaker 3: One thing that's in the way in which math has

58
00:03:40,760 --> 00:03:43,400
Speaker 3: taught and actually my sister is a high school teacher

59
00:03:43,400 --> 00:03:47,480
Speaker 3: in the UK for mathematics. That issue is that it's

60
00:03:47,560 --> 00:03:49,800
Speaker 3: very procedural, I think as well a lot of teachers

61
00:03:49,840 --> 00:03:52,640
Speaker 3: don't have the passion. So yeah, we really need to

62
00:03:52,680 --> 00:03:58,000
Speaker 3: get passionate people to teach. I'm one of them. I

63
00:03:58,040 --> 00:04:00,040
Speaker 3: sold out and I went into finance.

64
00:03:59,640 --> 00:04:05,240
Speaker 1: Right she sold out to DWS. I'm sure the DWS

65
00:04:05,360 --> 00:04:09,000
Speaker 1: marketing people love that statement. Her work is brilliant at

66
00:04:09,040 --> 00:04:12,040
Speaker 1: DWS and the allocation of what to do. There's like

67
00:04:12,080 --> 00:04:15,200
Speaker 1: six hundred ETFs out there and you say, okay, what's

68
00:04:15,200 --> 00:04:18,159
Speaker 1: the most efficacious way to take a belief? And that's

69
00:04:18,160 --> 00:04:23,039
Speaker 1: what Amanda Rebello leads at it DWS off the London

70
00:04:23,080 --> 00:04:28,039
Speaker 1: desk as well. To look forward to this week again

71
00:04:28,279 --> 00:04:31,800
Speaker 1: CPI and PPI, those will be key reports and then

72
00:04:31,839 --> 00:04:35,120
Speaker 1: we go into the earning season. I've been saying for weeks,

73
00:04:35,160 --> 00:04:39,000
Speaker 1: if not months, I have been saying that all of

74
00:04:39,040 --> 00:04:41,760
Speaker 1: a sudden, the fed chat is less weighted by me

75
00:04:42,440 --> 00:04:45,440
Speaker 1: and the earnings chat, the cash flow chat is way

76
00:04:45,480 --> 00:04:49,760
Speaker 1: more rating weighted. It'll be fascinating to see Brian Belski

77
00:04:49,800 --> 00:04:53,800
Speaker 1: with us at Demo Capital Markets today and he's absolutely

78
00:04:53,880 --> 00:04:57,800
Speaker 1: heated that the generation of free cash flow will be there,

79
00:04:58,279 --> 00:05:01,080
Speaker 1: although he's hoping, and I mean being was the word

80
00:05:01,480 --> 00:05:03,600
Speaker 1: for a correction? Of course? I asked him, what's a

81
00:05:03,680 --> 00:05:07,440
Speaker 1: correction And the joke now is it's three percent. The

82
00:05:07,640 --> 00:05:12,160
Speaker 1: historical correction is ten percent, and Brian Belski suggesting the

83
00:05:12,279 --> 00:05:15,440
Speaker 1: joy of a five to six seven percent correction would

84
00:05:15,440 --> 00:05:20,640
Speaker 1: be more appropriate. We will see as we stagger through July.

85
00:05:21,000 --> 00:05:25,600
Speaker 1: We're out on YouTube again. Go to Google search YouTube

86
00:05:25,960 --> 00:05:31,360
Speaker 1: Bloomberg Podcasts and you can subscribe there on YouTube to

87
00:05:31,400 --> 00:05:34,600
Speaker 1: the Bloomberg podcast page. All the value add of what

88
00:05:34,640 --> 00:05:37,880
Speaker 1: we do on radio. And there's Apple car Play and

89
00:05:37,880 --> 00:05:42,960
Speaker 1: Android Auto as well on Apple podcasts. This is single

90
00:05:43,040 --> 00:05:49,000
Speaker 1: best idea