Speaker 1: Bloomberg Audio Studios, podcasts, radio news. A single ust idea
Speaker 1: to start a really interesting week. I'm exhausted by the politics.
Speaker 1: I'm sure you were over the weekend of the United
Speaker 1: Kingdom of France. Thank you Francine Lacroix coming to first
Speaker 1: with Avenue Marceaux with the Eiffel Tower in the background,
Speaker 1: straddle between the eighth and sixteenth Arrondi smamp. Francie Lacuix
Speaker 1: reporting early this morning on the shocking French election, all
Speaker 1: that's going on in the United States. Looked at Joe
Speaker 1: Matthew and Kayley Lines for balance of Power. That story
Speaker 1: will change by the time we get this out on
Speaker 1: ample podcasts, but we're trying to do conventional work with
Speaker 1: inflation reports late in the week and JP Morgan and
Speaker 1: City Group on Friday, really getting the earnings going, and
Speaker 1: of course stay cool in this brutal heat and humidity
Speaker 1: that we're having really across the nation. Michelle Meyer was
Speaker 1: definitive at Bank of America working with Ethan Harris on
Speaker 1: the Consumer master Card. Was so impressed they brought her
Speaker 1: over as their chief economists and she's been brilliant as
Speaker 1: a wonderful prism. What she's really good at is telling me,
Speaker 1: I don't know what I'm talking about. Michelle Meyer here
Speaker 1: on the polarity of the consumer.
Speaker 2: I don't think that's an accurate assessment. I think that
Speaker 2: there's as we talked before, there's not a uniform story.
Speaker 2: But I don't think you can just break it into
Speaker 2: those two categories, because think about again, look at the
Speaker 2: labor market. Consider the fact that we've had job gains
Speaker 2: that have been impressive across many different categories, which span
Speaker 2: many different income levels. Wage growth was actually the fastest
Speaker 2: coming out of the pandemic for the lower income, lower
Speaker 2: skilled part of the population a way that we hadn't
Speaker 2: seen in prior cycles. A lot of folks had really
Speaker 2: been supported by the fact that the stimulus was extremely
Speaker 2: beneficial and supportive.
Speaker 1: Michelle Meyer there on the American consumer, and I'll tell you,
Speaker 1: listen to the entire interview, very valuable. She is just
Speaker 1: heeded of this being the great mist call out of
Speaker 1: the pandemic on the strength the broad strength of the
Speaker 1: American consumer. And I think she said both on and
Speaker 1: off the mic, that MasterCard continues to see data of
Speaker 1: a consumer that is spending what a wonderful day Terry
Speaker 1: Haynes on short notice on Washington as well with Pangaea.
Speaker 1: He was just absolutely brilliant on the need to see
Speaker 1: poles and he said, most of those polls will be
Speaker 1: coming up. And hey, it's July, folks. There's a convention
Speaker 1: in Milwaukee, the Republican Convention, and you know, I'm sorry
Speaker 1: it's sort of upon us here and we'll continue to
Speaker 1: follow that of course, all in France and England as well,
Speaker 1: but we do have to look at what we see
Speaker 1: in the markets. And with a brilliant note from DWS
Speaker 1: of London was Amanda Rebello and this is on ETFs
Speaker 1: and what to do, and it's a very surgical note
Speaker 1: as well. I should point out we talked to her
Speaker 1: though about the difference in education in Europe and in
Speaker 1: the broader United Kingdom. In her mathematics which she took
Speaker 1: at Oxford, she is just absolutely first rate. Here's Amanda
Speaker 1: Rebello on the mathiness of our teachers.
Speaker 3: One thing that's in the way in which math has
Speaker 3: taught and actually my sister is a high school teacher
Speaker 3: in the UK for mathematics. That issue is that it's
Speaker 3: very procedural, I think as well a lot of teachers
Speaker 3: don't have the passion. So yeah, we really need to
Speaker 3: get passionate people to teach. I'm one of them. I
Speaker 3: sold out and I went into finance.
Speaker 1: Right she sold out to DWS. I'm sure the DWS
Speaker 1: marketing people love that statement. Her work is brilliant at
Speaker 1: DWS and the allocation of what to do. There's like
Speaker 1: six hundred ETFs out there and you say, okay, what's
Speaker 1: the most efficacious way to take a belief? And that's
Speaker 1: what Amanda Rebello leads at it DWS off the London
Speaker 1: desk as well. To look forward to this week again
Speaker 1: CPI and PPI, those will be key reports and then
Speaker 1: we go into the earning season. I've been saying for weeks,
Speaker 1: if not months, I have been saying that all of
Speaker 1: a sudden, the fed chat is less weighted by me
Speaker 1: and the earnings chat, the cash flow chat is way
Speaker 1: more rating weighted. It'll be fascinating to see Brian Belski
Speaker 1: with us at Demo Capital Markets today and he's absolutely
Speaker 1: heated that the generation of free cash flow will be there,
Speaker 1: although he's hoping, and I mean being was the word
Speaker 1: for a correction? Of course? I asked him, what's a
Speaker 1: correction And the joke now is it's three percent. The
Speaker 1: historical correction is ten percent, and Brian Belski suggesting the
Speaker 1: joy of a five to six seven percent correction would
Speaker 1: be more appropriate. We will see as we stagger through July.
Speaker 1: We're out on YouTube again. Go to Google search YouTube
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