WEBVTT - Single Best Idea with Tom Keene: Michelle Meyer & Amanda Rebello

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. A single ust idea

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<v Speaker 1>to start a really interesting week. I'm exhausted by the politics.

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<v Speaker 1>I'm sure you were over the weekend of the United

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<v Speaker 1>Kingdom of France. Thank you Francine Lacroix coming to first

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<v Speaker 1>with Avenue Marceaux with the Eiffel Tower in the background,

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<v Speaker 1>straddle between the eighth and sixteenth Arrondi smamp. Francie Lacuix

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<v Speaker 1>reporting early this morning on the shocking French election, all

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<v Speaker 1>that's going on in the United States. Looked at Joe

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<v Speaker 1>Matthew and Kayley Lines for balance of Power. That story

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<v Speaker 1>will change by the time we get this out on

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<v Speaker 1>ample podcasts, but we're trying to do conventional work with

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<v Speaker 1>inflation reports late in the week and JP Morgan and

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<v Speaker 1>City Group on Friday, really getting the earnings going, and

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<v Speaker 1>of course stay cool in this brutal heat and humidity

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<v Speaker 1>that we're having really across the nation. Michelle Meyer was

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<v Speaker 1>definitive at Bank of America working with Ethan Harris on

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<v Speaker 1>the Consumer master Card. Was so impressed they brought her

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<v Speaker 1>over as their chief economists and she's been brilliant as

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<v Speaker 1>a wonderful prism. What she's really good at is telling me,

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<v Speaker 1>I don't know what I'm talking about. Michelle Meyer here

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<v Speaker 1>on the polarity of the consumer.

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<v Speaker 2>I don't think that's an accurate assessment. I think that

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<v Speaker 2>there's as we talked before, there's not a uniform story.

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<v Speaker 2>But I don't think you can just break it into

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<v Speaker 2>those two categories, because think about again, look at the

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<v Speaker 2>labor market. Consider the fact that we've had job gains

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<v Speaker 2>that have been impressive across many different categories, which span

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<v Speaker 2>many different income levels. Wage growth was actually the fastest

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<v Speaker 2>coming out of the pandemic for the lower income, lower

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<v Speaker 2>skilled part of the population a way that we hadn't

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<v Speaker 2>seen in prior cycles. A lot of folks had really

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<v Speaker 2>been supported by the fact that the stimulus was extremely

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<v Speaker 2>beneficial and supportive.

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<v Speaker 1>Michelle Meyer there on the American consumer, and I'll tell you,

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<v Speaker 1>listen to the entire interview, very valuable. She is just

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<v Speaker 1>heeded of this being the great mist call out of

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<v Speaker 1>the pandemic on the strength the broad strength of the

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<v Speaker 1>American consumer. And I think she said both on and

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<v Speaker 1>off the mic, that MasterCard continues to see data of

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<v Speaker 1>a consumer that is spending what a wonderful day Terry

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<v Speaker 1>Haynes on short notice on Washington as well with Pangaea.

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<v Speaker 1>He was just absolutely brilliant on the need to see

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<v Speaker 1>poles and he said, most of those polls will be

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<v Speaker 1>coming up. And hey, it's July, folks. There's a convention

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<v Speaker 1>in Milwaukee, the Republican Convention, and you know, I'm sorry

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<v Speaker 1>it's sort of upon us here and we'll continue to

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<v Speaker 1>follow that of course, all in France and England as well,

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<v Speaker 1>but we do have to look at what we see

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<v Speaker 1>in the markets. And with a brilliant note from DWS

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<v Speaker 1>of London was Amanda Rebello and this is on ETFs

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<v Speaker 1>and what to do, and it's a very surgical note

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<v Speaker 1>as well. I should point out we talked to her

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<v Speaker 1>though about the difference in education in Europe and in

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<v Speaker 1>the broader United Kingdom. In her mathematics which she took

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<v Speaker 1>at Oxford, she is just absolutely first rate. Here's Amanda

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<v Speaker 1>Rebello on the mathiness of our teachers.

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<v Speaker 3>One thing that's in the way in which math has

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<v Speaker 3>taught and actually my sister is a high school teacher

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<v Speaker 3>in the UK for mathematics. That issue is that it's

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<v Speaker 3>very procedural, I think as well a lot of teachers

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<v Speaker 3>don't have the passion. So yeah, we really need to

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<v Speaker 3>get passionate people to teach. I'm one of them. I

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<v Speaker 3>sold out and I went into finance.

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<v Speaker 1>Right she sold out to DWS. I'm sure the DWS

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<v Speaker 1>marketing people love that statement. Her work is brilliant at

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<v Speaker 1>DWS and the allocation of what to do. There's like

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<v Speaker 1>six hundred ETFs out there and you say, okay, what's

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<v Speaker 1>the most efficacious way to take a belief? And that's

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<v Speaker 1>what Amanda Rebello leads at it DWS off the London

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<v Speaker 1>desk as well. To look forward to this week again

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<v Speaker 1>CPI and PPI, those will be key reports and then

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<v Speaker 1>we go into the earning season. I've been saying for weeks,

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<v Speaker 1>if not months, I have been saying that all of

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<v Speaker 1>a sudden, the fed chat is less weighted by me

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<v Speaker 1>and the earnings chat, the cash flow chat is way

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<v Speaker 1>more rating weighted. It'll be fascinating to see Brian Belski

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<v Speaker 1>with us at Demo Capital Markets today and he's absolutely

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<v Speaker 1>heated that the generation of free cash flow will be there,

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<v Speaker 1>although he's hoping, and I mean being was the word

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<v Speaker 1>for a correction? Of course? I asked him, what's a

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<v Speaker 1>correction And the joke now is it's three percent. The

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<v Speaker 1>historical correction is ten percent, and Brian Belski suggesting the

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<v Speaker 1>joy of a five to six seven percent correction would

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<v Speaker 1>be more appropriate. We will see as we stagger through July.

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<v Speaker 1>We're out on YouTube again. Go to Google search YouTube

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<v Speaker 1>we do on radio. And there's Apple car Play and

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<v Speaker 1>Android Auto as well on Apple podcasts. This is single

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<v Speaker 1>best idea