1 00:00:03,440 --> 00:00:07,960 Speaker 1: This is Bloomberg Surveillance. Nominal GDP is actually slowing now. 2 00:00:08,160 --> 00:00:12,559 Speaker 1: We've gone from almost five percent in late down to three. 3 00:00:12,800 --> 00:00:15,160 Speaker 1: If you look in this recovery, and especially since the 4 00:00:15,160 --> 00:00:17,880 Speaker 1: Affordable Care Act passed, virtually all of the job growth 5 00:00:17,880 --> 00:00:20,720 Speaker 1: has been in full time jobs. What's changed, I think 6 00:00:20,880 --> 00:00:23,840 Speaker 1: is we've kind of reached full employment and there's a 7 00:00:23,920 --> 00:00:26,800 Speaker 1: number of inflation indicators that are finally coming to life. 8 00:00:26,840 --> 00:00:29,840 Speaker 1: Here a little bit Bloomberg Surveillance, your link to the 9 00:00:29,880 --> 00:00:36,120 Speaker 1: world of economics, finance, and investment on Bloomberg Radio. Good Morning, 10 00:00:36,120 --> 00:00:38,160 Speaker 1: I Michael McKey along with Tom Keene. It is seven 11 00:00:38,159 --> 00:00:41,600 Speaker 1: am on Wall Street. Eight pm in the port of Shanghai, 12 00:00:41,600 --> 00:00:45,320 Speaker 1: where things were quiet in February two. Quiet for investors 13 00:00:45,360 --> 00:00:48,760 Speaker 1: who are selling off on a drop in Chinese exports. 14 00:00:48,760 --> 00:00:50,800 Speaker 1: Never mind China was on a holiday for ten days 15 00:00:50,840 --> 00:00:53,040 Speaker 1: during the month. Markets looking for a reason to sell off, 16 00:00:53,320 --> 00:00:55,880 Speaker 1: and sell off they are right now. The stock six 17 00:00:55,960 --> 00:01:00,320 Speaker 1: hundred down three points, just about a percentage point. The 18 00:01:00,400 --> 00:01:04,039 Speaker 1: docks is off a hundred eleven points one point one percent. 19 00:01:04,160 --> 00:01:06,200 Speaker 1: This in spite of the fact that they had a 20 00:01:06,319 --> 00:01:09,679 Speaker 1: very strong industrial production report that according to some analysts, 21 00:01:09,720 --> 00:01:12,400 Speaker 1: is going to mean stronger growth in the first quarter. 22 00:01:12,520 --> 00:01:16,440 Speaker 1: For Germany, US futures lower eleven points down for the 23 00:01:16,560 --> 00:01:19,280 Speaker 1: SMP EMNI features at six tenths half a percent, for 24 00:01:19,360 --> 00:01:22,880 Speaker 1: down features down eighty five, nantac emnies down by twenty 25 00:01:22,959 --> 00:01:25,280 Speaker 1: nine seven tenths of percent, And believe it or not, 26 00:01:25,560 --> 00:01:28,760 Speaker 1: these are all improvements off the lows of the day. 27 00:01:28,840 --> 00:01:31,839 Speaker 1: Analysts say the rally maybe a bit tired, needs a breather. 28 00:01:32,080 --> 00:01:35,760 Speaker 1: The catalyst of higher oil prices isn't there today, at 29 00:01:35,840 --> 00:01:39,479 Speaker 1: least not at the moment. West Texas down by four 30 00:01:39,520 --> 00:01:42,520 Speaker 1: tens fifteen cents at thirty seven seventy five brent still 31 00:01:43,080 --> 00:01:46,640 Speaker 1: well over forty dollars forty seventy six cross that mark yesterday. 32 00:01:46,840 --> 00:01:49,440 Speaker 1: That's a two tenths decline. Now those are pairing their losses, 33 00:01:49,440 --> 00:01:51,720 Speaker 1: so we will see what impact oil has on the 34 00:01:51,760 --> 00:01:55,400 Speaker 1: markets later today. The oil dollar correlation seems to be 35 00:01:55,440 --> 00:01:58,640 Speaker 1: at work today, the dollar higher against most of its 36 00:01:58,800 --> 00:02:02,640 Speaker 1: major trading pay ars. BONN yields are down. The tenure 37 00:02:02,680 --> 00:02:05,080 Speaker 1: at one point eight five the five year one point 38 00:02:05,080 --> 00:02:09,760 Speaker 1: three seven eighty eight basis points your two year Thursday's 39 00:02:09,840 --> 00:02:12,080 Speaker 1: ECB decision. With the rates, they're a lot of talk 40 00:02:12,120 --> 00:02:14,720 Speaker 1: about even more negative rates. But Germany's two year yield 41 00:02:15,040 --> 00:02:18,760 Speaker 1: higher this morning at negative fifty six basis points. We'll 42 00:02:18,800 --> 00:02:21,280 Speaker 1: be talking about that with dotch Mag's dominant custom in 43 00:02:21,320 --> 00:02:24,880 Speaker 1: a few moments. The first time. Today is International Women's Day. 44 00:02:25,639 --> 00:02:27,520 Speaker 1: How you're planning to celebrate, But we have one of 45 00:02:27,520 --> 00:02:33,079 Speaker 1: the world's most accomplished women women. Her name is not 46 00:02:33,160 --> 00:02:36,880 Speaker 1: Berg dark Good, but that's where Tom is going head 47 00:02:37,520 --> 00:02:40,600 Speaker 1: years in senior positions on Wall Street, not the head 48 00:02:40,600 --> 00:02:42,760 Speaker 1: of Elevate Network for women and founder of a new 49 00:02:42,800 --> 00:02:46,000 Speaker 1: digital investing platform for women elves, which I was reading 50 00:02:46,000 --> 00:02:48,919 Speaker 1: through this morning. Some interesting articles on there. You were 51 00:02:48,919 --> 00:02:50,800 Speaker 1: telling Tom a short time ago. The biggest part of 52 00:02:50,800 --> 00:02:55,480 Speaker 1: the problem still people like to work with people like them. 53 00:02:55,520 --> 00:02:57,560 Speaker 1: And I know we can talk and talk and talk about, 54 00:02:57,720 --> 00:03:01,080 Speaker 1: you know, look for talent, but people don't that necessarily 55 00:03:01,600 --> 00:03:03,399 Speaker 1: You've been dealing with us for a long time. I'm 56 00:03:03,440 --> 00:03:07,760 Speaker 1: wondering we have new generations coming up, younger people who 57 00:03:07,800 --> 00:03:11,040 Speaker 1: may be growing up in a different kind of that. 58 00:03:11,040 --> 00:03:22,920 Speaker 1: That's for Tom. Honey, Honey, I'm on the radio the seventh. 59 00:03:25,760 --> 00:03:30,240 Speaker 1: As a new generation comes to work and gains power, 60 00:03:30,360 --> 00:03:35,040 Speaker 1: do you see that changing old pipeline when you said 61 00:03:35,080 --> 00:03:37,320 Speaker 1: that to Tom this morning. Though, you know what went 62 00:03:37,360 --> 00:03:40,200 Speaker 1: through my mind that old New Yorker cartoon on the internet. 63 00:03:40,240 --> 00:03:43,960 Speaker 1: Nobody knows you're a dog. As we get more into 64 00:03:44,240 --> 00:03:46,840 Speaker 1: you know, work that isn't defined by sitting next to 65 00:03:46,920 --> 00:03:49,000 Speaker 1: a person of the same gender, does it change I 66 00:03:49,000 --> 00:03:50,960 Speaker 1: think a couple of things. I think I was very 67 00:03:51,000 --> 00:03:54,120 Speaker 1: fortunate that I stumbled upon being an equity research analyst, 68 00:03:54,440 --> 00:03:57,200 Speaker 1: which is just very numbers oriented. Nobody ever turned down 69 00:03:57,240 --> 00:03:59,120 Speaker 1: one of my research reports. But oh it was written 70 00:03:59,120 --> 00:04:02,080 Speaker 1: by girl or geez. She wrote it on a Sunday 71 00:04:02,120 --> 00:04:05,160 Speaker 1: afternoon as opposed to a Thursday because she was doing 72 00:04:05,200 --> 00:04:08,000 Speaker 1: the whole work life balance thing. So I think there's that. 73 00:04:08,040 --> 00:04:10,880 Speaker 1: But I think the idea of relying upon it's a 74 00:04:10,920 --> 00:04:13,560 Speaker 1: pipeline issue and the pipeline is better sit on Wall 75 00:04:13,600 --> 00:04:16,279 Speaker 1: Street simply isn't right. I mean, we have the same 76 00:04:16,320 --> 00:04:19,240 Speaker 1: percentage of women in these investment banking classes that we 77 00:04:19,279 --> 00:04:22,599 Speaker 1: had when I got in in the you know, lad 78 00:04:23,839 --> 00:04:30,240 Speaker 1: don't work super young super as well. I certainly hope so, 79 00:04:30,880 --> 00:04:33,000 Speaker 1: but you know, but but so what So I think 80 00:04:33,080 --> 00:04:34,920 Speaker 1: relying on that doesn't work. I thought it was over 81 00:04:34,920 --> 00:04:36,880 Speaker 1: when I got out of college. I thought the whole thing, 82 00:04:37,320 --> 00:04:39,200 Speaker 1: the whole you know, women are going to make it 83 00:04:39,240 --> 00:04:42,160 Speaker 1: as far as men. It was done, in my opinion, 84 00:04:42,279 --> 00:04:44,160 Speaker 1: but all those men got to retire at some point, 85 00:04:44,240 --> 00:04:47,920 Speaker 1: right that the people who aren't hiring people based on talent, 86 00:04:48,000 --> 00:04:51,000 Speaker 1: but based on And then the question is can we 87 00:04:51,120 --> 00:04:55,400 Speaker 1: over do the younger folks have fewer gender biases than 88 00:04:55,440 --> 00:04:58,040 Speaker 1: we do. And maybe they do, maybe they do, And 89 00:04:58,320 --> 00:05:01,120 Speaker 1: I do find you know, you talk to these young 90 00:05:01,160 --> 00:05:03,839 Speaker 1: men and young women and they take equality as being 91 00:05:03,920 --> 00:05:07,279 Speaker 1: a given. But but you know, we need to be 92 00:05:07,360 --> 00:05:11,320 Speaker 1: vigilant because we all have these biases. And even though 93 00:05:11,360 --> 00:05:14,520 Speaker 1: the research is so clear that diverse teams lead to 94 00:05:14,600 --> 00:05:18,880 Speaker 1: higher returns, lower risk, greater client focus, greater long term focus, 95 00:05:19,000 --> 00:05:23,720 Speaker 1: greater innovation, that diverse teams outperformed smarter teams, even with 96 00:05:23,760 --> 00:05:25,479 Speaker 1: all of this, you know, you look at that and 97 00:05:25,480 --> 00:05:28,640 Speaker 1: you say, yeah, but that's true for other teams. I 98 00:05:28,680 --> 00:05:31,560 Speaker 1: want to work with my buddy Joe. Yeah. One of 99 00:05:31,600 --> 00:05:34,320 Speaker 1: the things I see here is almost a cultural thing. 100 00:05:34,360 --> 00:05:37,240 Speaker 1: There's a great map on on Twitter last night of 101 00:05:37,240 --> 00:05:42,039 Speaker 1: where women are doing better politically. Australia, all of Europe 102 00:05:42,080 --> 00:05:45,440 Speaker 1: is green on the map, and the us. Isn't there 103 00:05:45,600 --> 00:05:48,840 Speaker 1: How much of the challenge that you've lived and that 104 00:05:48,880 --> 00:05:51,279 Speaker 1: you have studied here, particularly in the last ten years. 105 00:05:51,440 --> 00:05:55,440 Speaker 1: How much of it is just outright American culture? Well, 106 00:05:55,480 --> 00:05:58,520 Speaker 1: I think some of it is that we tend to 107 00:05:58,560 --> 00:06:02,080 Speaker 1: bring in pe people who are quite different when things 108 00:06:02,080 --> 00:06:05,240 Speaker 1: are really quite broken. And so Tom, You'll remember when 109 00:06:05,240 --> 00:06:08,080 Speaker 1: I was brought in to run Smith Barney in the 110 00:06:08,120 --> 00:06:10,800 Speaker 1: research business of city. It's because the research business we've 111 00:06:10,800 --> 00:06:13,039 Speaker 1: had gone through scandal, it was broken. And you can't 112 00:06:13,080 --> 00:06:16,719 Speaker 1: tell me that part of the appeal was this woman looks, 113 00:06:17,160 --> 00:06:20,080 Speaker 1: acts think so differently than what came before. Same thing 114 00:06:20,080 --> 00:06:21,920 Speaker 1: when I was brought in to turn around Mary Lynch 115 00:06:22,400 --> 00:06:26,120 Speaker 1: that you know this was a broken business. Um, you 116 00:06:26,160 --> 00:06:28,240 Speaker 1: know that we've gone through the crisis. There were difficult 117 00:06:28,240 --> 00:06:31,839 Speaker 1: as great advisors, great advisors, but the attrition rate was 118 00:06:31,920 --> 00:06:34,920 Speaker 1: very high, and there was something about we need a change, 119 00:06:34,920 --> 00:06:36,880 Speaker 1: and we needed some bolling change. Some people call it 120 00:06:36,880 --> 00:06:39,440 Speaker 1: the glass cliff. Bringing a woman when things are broken, 121 00:06:39,480 --> 00:06:42,400 Speaker 1: bringing a person of color. Hopefully they make it. Well, Well, 122 00:06:42,480 --> 00:06:45,359 Speaker 1: let's continue that discussion. Sally Quatrick with us this morning 123 00:06:45,360 --> 00:06:48,320 Speaker 1: as we look at so much of Wall Street, Bloomberg 124 00:06:48,400 --> 00:06:53,720 Speaker 1: surveillance brought to by Investo. Looking for investment views experienced experts. 125 00:06:54,160 --> 00:06:56,640 Speaker 1: Just to click away, go to investco dot com, slash 126 00:06:56,839 --> 00:07:00,400 Speaker 1: us to subscribe to the investco blog for allow them 127 00:07:00,480 --> 00:07:03,920 Speaker 1: and at invest goo US on Twitter at I n 128 00:07:04,040 --> 00:07:07,560 Speaker 1: V s c O at Investo US. You can do 129 00:07:07,600 --> 00:07:10,320 Speaker 1: that on Twitter, Sally crowd check with us and Sally, 130 00:07:10,360 --> 00:07:12,520 Speaker 1: I want to go back to, Uh, what you and 131 00:07:12,600 --> 00:07:15,320 Speaker 1: I've talked about many many times is I'm seeing a 132 00:07:15,320 --> 00:07:19,600 Speaker 1: lot more women go into engineering and go into science. 133 00:07:19,640 --> 00:07:22,600 Speaker 1: There's no question among you know, the friends of my 134 00:07:22,720 --> 00:07:25,720 Speaker 1: kids and all that they're they're they're going for some 135 00:07:25,840 --> 00:07:30,040 Speaker 1: form of stem um structure. That makes me hugely optimistic 136 00:07:30,080 --> 00:07:33,440 Speaker 1: ten years up. They're just smarter. Yeah, well they may 137 00:07:33,520 --> 00:07:35,800 Speaker 1: or may not be smarter, but you love to see it. 138 00:07:35,880 --> 00:07:39,240 Speaker 1: What I do fret about is that women do and 139 00:07:39,360 --> 00:07:42,400 Speaker 1: girls do still get messages we're not good at math. 140 00:07:43,000 --> 00:07:46,080 Speaker 1: And I look at my old world. Well look I 141 00:07:46,080 --> 00:07:48,120 Speaker 1: look at my old world. There's a gender investing gap. 142 00:07:48,240 --> 00:07:51,160 Speaker 1: There's a gender investing gap. And if we think about 143 00:07:51,480 --> 00:07:54,800 Speaker 1: Wall Street, the bent of the employees on Wall Street, 144 00:07:55,320 --> 00:07:58,040 Speaker 1: the what we do on Wall Street, it's it gets 145 00:07:58,160 --> 00:08:01,240 Speaker 1: nail pretty quickly. We output form, we beat the market, 146 00:08:01,320 --> 00:08:04,440 Speaker 1: we picked the manager. And then we're telling women, you 147 00:08:04,480 --> 00:08:08,680 Speaker 1: need more financial education, you need more hand holding. You're 148 00:08:08,720 --> 00:08:11,440 Speaker 1: not good at math, you know. And women tend to 149 00:08:11,480 --> 00:08:14,040 Speaker 1: because we loved we're great students. The research is clear. 150 00:08:14,120 --> 00:08:17,000 Speaker 1: We love getting those a's. We tend to have all 151 00:08:17,120 --> 00:08:20,640 Speaker 1: that financial education, all those documents next to our bed, 152 00:08:20,880 --> 00:08:22,840 Speaker 1: and we say we're going to read them. Mom, don't 153 00:08:22,840 --> 00:08:26,800 Speaker 1: you can cost? You came out of Chapel Hill and 154 00:08:26,880 --> 00:08:29,680 Speaker 1: you knew f F VE equals PV one plus art 155 00:08:29,720 --> 00:08:32,400 Speaker 1: of the t You know the exponential function, you know 156 00:08:32,559 --> 00:08:35,880 Speaker 1: the five ratio dupunt function, and that No, I was 157 00:08:35,920 --> 00:08:39,360 Speaker 1: a journalism major. Actually okay, yeah, I knew a lot 158 00:08:39,400 --> 00:08:45,079 Speaker 1: of basketball and beer. But to the point, to the 159 00:08:45,120 --> 00:08:50,760 Speaker 1: point you had the initiative to learn the fundamental dynamics 160 00:08:50,800 --> 00:08:52,960 Speaker 1: so you could be an executive down the road. Do 161 00:08:53,040 --> 00:08:55,200 Speaker 1: you see that trend? Bill? Yeah? But look, you know 162 00:08:55,320 --> 00:08:58,040 Speaker 1: I again, I wouldn't push it back on the women, right, 163 00:08:58,080 --> 00:09:02,560 Speaker 1: it's you know, okay, women work harder, take other different classes. 164 00:09:02,920 --> 00:09:05,960 Speaker 1: I would say I certainly worked hard, but I did 165 00:09:06,120 --> 00:09:10,520 Speaker 1: happen into a company and a type of business that 166 00:09:10,640 --> 00:09:15,960 Speaker 1: was really gender color background blind, being an equity research 167 00:09:16,000 --> 00:09:20,199 Speaker 1: analyst for me was such serendipity, and so don't make it. 168 00:09:20,640 --> 00:09:22,360 Speaker 1: You know, women, you better keep changing, you know what 169 00:09:22,600 --> 00:09:25,320 Speaker 1: I mean. We've got this gender investing gap. We somehow 170 00:09:25,400 --> 00:09:28,000 Speaker 1: tell women it's their fault. Well, how about we change. 171 00:09:28,240 --> 00:09:30,960 Speaker 1: How about we start too as we're trying to at 172 00:09:31,040 --> 00:09:34,319 Speaker 1: last look at what they need to invest and it's 173 00:09:34,360 --> 00:09:38,200 Speaker 1: not necessarily being correct. When the euro performs again, well 174 00:09:39,080 --> 00:09:42,800 Speaker 1: we need an hour with Sally Tom. We absolutely don't 175 00:09:42,840 --> 00:09:44,560 Speaker 1: have enough time. So in the very short time we 176 00:09:44,600 --> 00:09:46,360 Speaker 1: have left, about thirty seconds left, why don't we let 177 00:09:46,400 --> 00:09:51,160 Speaker 1: you do a shameless plug tell us about you're going 178 00:09:51,200 --> 00:09:57,160 Speaker 1: there anyway. I am so excited about last right now. 179 00:09:57,520 --> 00:10:00,319 Speaker 1: For years I told myself women didn't need something different 180 00:10:00,320 --> 00:10:04,000 Speaker 1: on investing, but the numbers speak for themselves, and so 181 00:10:04,120 --> 00:10:07,240 Speaker 1: we've done an enormous amount of research. We're in beta 182 00:10:07,360 --> 00:10:10,680 Speaker 1: right now on Alvest, digital investment platform for women that 183 00:10:10,720 --> 00:10:12,719 Speaker 1: really speaks to their needs. We're sort of keeping its 184 00:10:12,720 --> 00:10:15,760 Speaker 1: super secret right now. And then I'm also the chair 185 00:10:15,800 --> 00:10:18,920 Speaker 1: of Elevate Network, which is tens of thousands of women strong. 186 00:10:19,520 --> 00:10:21,720 Speaker 1: Um it's a network that helps them advance in business 187 00:10:21,760 --> 00:10:24,360 Speaker 1: because networking is the number one unwritten rule of success 188 00:10:24,360 --> 00:10:27,080 Speaker 1: in business. You guys do it better than we ladies do. 189 00:10:27,160 --> 00:10:29,240 Speaker 1: So we're trying to help. So to two of those 190 00:10:29,320 --> 00:10:31,800 Speaker 1: big initiatives, Sally, thank you so much for coming in. 191 00:10:31,920 --> 00:10:37,640 Speaker 1: Thank you, thanks for having met. Futures negative six, they've 192 00:10:37,640 --> 00:10:40,200 Speaker 1: improved a little bit. Doufus just negative thirty five. Already 193 00:10:40,240 --> 00:10:44,400 Speaker 1: quote euro again because Sally says it doesn't matter. Fifty 194 00:10:44,480 --> 00:10:48,240 Speaker 1: seven stronger yet weaker euro? Uh what does it mean? 195 00:10:48,840 --> 00:10:53,320 Speaker 1: There is hero yet? All right, let's check with Michael 196 00:10:53,360 --> 00:10:56,400 Speaker 1: bar now and get the latest world at national headlines. Tom, 197 00:10:56,440 --> 00:10:58,079 Speaker 1: thank you very much voters, or well ahead to the 198 00:10:58,120 --> 00:11:03,800 Speaker 1: polls today for presidential Mary's Republicans have contests in Michigan, Mississippi, Idaho, 199 00:11:03,840 --> 00:11:08,160 Speaker 1: and Hawaii. Democrats have primaries in Michigan and Mississippi. The 200 00:11:08,240 --> 00:11:10,840 Speaker 1: European Union is close to a deal with Turkey on 201 00:11:10,880 --> 00:11:14,559 Speaker 1: a cap on the inflow of migrants. Turkey made a 202 00:11:14,679 --> 00:11:18,440 Speaker 1: plea at the last minute for concessions at the Brussels summit, 203 00:11:18,800 --> 00:11:20,839 Speaker 1: calling on the Block to double its financial aid to 204 00:11:20,880 --> 00:11:24,920 Speaker 1: Turkey to six billion euros or six point six billion dollars. 205 00:11:25,400 --> 00:11:27,680 Speaker 1: Cell phones could be a big distraction for drivers and 206 00:11:27,720 --> 00:11:30,920 Speaker 1: people walking on the street, and the report by the 207 00:11:30,960 --> 00:11:34,200 Speaker 1: Governor's Highway Safety Association says that could be a factor 208 00:11:34,480 --> 00:11:37,520 Speaker 1: in the rise and pedestrian deaths. According to the report, 209 00:11:37,559 --> 00:11:41,400 Speaker 1: pedestrian death surged by an estimated ten percent last year. 210 00:11:41,920 --> 00:11:45,080 Speaker 1: More people were driving more miles because the economy improved 211 00:11:45,120 --> 00:11:48,199 Speaker 1: and gas prices plunged. Global News twenty four hours a day, 212 00:11:48,200 --> 00:11:51,640 Speaker 1: powered by our journalists and more than a hundred fifty 213 00:11:51,640 --> 00:11:54,280 Speaker 1: news bureaus from around the world. Michael bar Mike Tom 214 00:11:54,320 --> 00:11:57,080 Speaker 1: and Michael Thanks so much. Features, Thing of six Town Features, 215 00:11:57,080 --> 00:12:00,760 Speaker 1: Thing of thirty nine. Next, Dominick Constomer, Deutsche Bank. This 216 00:12:00,840 --> 00:12:07,360 Speaker 1: is Bloomberg Surveillance. Bloomberg Surveillance brought to you by the 217 00:12:07,400 --> 00:12:09,920 Speaker 1: Jewish Community Fund j c f's donor advised fund is 218 00:12:09,960 --> 00:12:12,439 Speaker 1: the smart and efficient choice to manage your philanthropy. Called 219 00:12:12,440 --> 00:12:23,240 Speaker 1: to one two to eight to seven seven. Global Business 220 00:12:23,280 --> 00:12:26,240 Speaker 1: News twenty four hours a day at Bloomberg dot Com, 221 00:12:26,480 --> 00:12:29,760 Speaker 1: the Radio, plus mobile and on your radio. This is 222 00:12:29,800 --> 00:12:33,480 Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow. There's updates. 223 00:12:33,480 --> 00:12:36,920 Speaker 1: Brought to you by Eisener Emperor. When entrepreneurs faced challenges 224 00:12:37,000 --> 00:12:39,920 Speaker 1: like choosing a business structure, or access to capital. They 225 00:12:39,920 --> 00:12:42,840 Speaker 1: call the accountants and advisors at Eisner Emper connect with 226 00:12:42,880 --> 00:12:46,720 Speaker 1: them Eisner Emperor, dot com slash tech Global stocks are 227 00:12:46,840 --> 00:12:49,960 Speaker 1: dropping as a slump in Chinese exports drag, commodity prices 228 00:12:50,280 --> 00:12:53,800 Speaker 1: lower and brought equities five day winning streak to a halt. 229 00:12:54,200 --> 00:12:57,040 Speaker 1: Japanese government bonds are surging in a haven ascid rally 230 00:12:57,080 --> 00:12:59,520 Speaker 1: that is lifting the yen, golden treasuries. And we checked 231 00:12:59,559 --> 00:13:02,000 Speaker 1: the markets every fifteen minutes throughout the trading day on 232 00:13:02,080 --> 00:13:04,920 Speaker 1: Bloomberg SNP. E Many futures down eight and a half 233 00:13:04,960 --> 00:13:08,480 Speaker 1: points DOWNI Mini futures down sixty, NASA documuni futures down 234 00:13:08,480 --> 00:13:10,880 Speaker 1: twenty two of the decks in Germany's down half percent, 235 00:13:11,200 --> 00:13:13,760 Speaker 1: and your treasury of sixteen thirty seconds, the yeld one 236 00:13:14,040 --> 00:13:16,400 Speaker 1: eight four percent, non ex screwed oil down a tenth 237 00:13:16,440 --> 00:13:19,160 Speaker 1: of upper center four since coms gold up nine tenths 238 00:13:19,160 --> 00:13:21,679 Speaker 1: per cent, or eleven dollars twenty cents, the euro a 239 00:13:21,760 --> 00:13:24,640 Speaker 1: dollar ten fifteen, the yen one thirteen point oh seven. 240 00:13:25,000 --> 00:13:29,320 Speaker 1: That's a Bloomberg business flash, Tom and Mike, thank you. 241 00:13:29,400 --> 00:13:33,160 Speaker 1: Karen Moscow joining US now Dominic Constam. He's global head 242 00:13:33,160 --> 00:13:36,760 Speaker 1: of rates research at Deutsche Bank, and have you put 243 00:13:36,800 --> 00:13:40,560 Speaker 1: on your global hat, because the big issue of the 244 00:13:40,559 --> 00:13:43,280 Speaker 1: week is the European Central Bank and what they're going 245 00:13:43,360 --> 00:13:46,080 Speaker 1: to do. You're on record is saying they're going to 246 00:13:46,160 --> 00:13:48,520 Speaker 1: do more, but it may not be what many in 247 00:13:48,520 --> 00:13:51,080 Speaker 1: the market thinks. It's not necessarily going to be a 248 00:13:51,160 --> 00:13:55,680 Speaker 1: deep cut in the deposit rate, right, So the concern 249 00:13:56,240 --> 00:13:59,679 Speaker 1: recently has obviously been negative rates and extents which they 250 00:13:59,720 --> 00:14:03,800 Speaker 1: may be hurting the financial system, although on the other 251 00:14:03,840 --> 00:14:07,080 Speaker 1: hand and helping the economy um. And the issue is 252 00:14:07,080 --> 00:14:09,079 Speaker 1: if they cut too deeply, some people are going to 253 00:14:09,320 --> 00:14:13,280 Speaker 1: perhaps worry again about the financial system in terms of 254 00:14:13,480 --> 00:14:17,720 Speaker 1: profitability being a concern for raising capital and things like that. Well, 255 00:14:17,840 --> 00:14:21,080 Speaker 1: the question is, on the other side, do they even 256 00:14:21,160 --> 00:14:23,640 Speaker 1: have an impact. We are not seeing a big increase 257 00:14:23,680 --> 00:14:27,960 Speaker 1: in bank lending in countries where they have imposed in 258 00:14:28,360 --> 00:14:32,120 Speaker 1: larger open economies where they have imposed negative rates. But 259 00:14:32,200 --> 00:14:34,760 Speaker 1: I think some people look at Sweden and Switzerland as 260 00:14:34,800 --> 00:14:38,080 Speaker 1: a negative rates actually being quite helpful. I think the 261 00:14:38,120 --> 00:14:41,480 Speaker 1: issue there has been the structure of the balance sheets 262 00:14:41,520 --> 00:14:44,240 Speaker 1: of the banks, whereby perhaps they have sort of higher 263 00:14:44,240 --> 00:14:48,080 Speaker 1: loan deposit ratios in contrast to say the Japanese system 264 00:14:48,160 --> 00:14:51,040 Speaker 1: and perhaps some of the other core European facts, So 265 00:14:51,080 --> 00:14:53,520 Speaker 1: I think it's an open debate. Is certainly the policymakers 266 00:14:53,520 --> 00:14:57,160 Speaker 1: are on record as being quite constructive on how negative 267 00:14:57,160 --> 00:14:59,960 Speaker 1: interest rates are helping the economy and have the potential 268 00:15:00,160 --> 00:15:04,760 Speaker 1: to to raise lending growth potential. But the proof is 269 00:15:04,840 --> 00:15:08,680 Speaker 1: not there yet, uh not not not definitively, but perhaps 270 00:15:08,680 --> 00:15:11,360 Speaker 1: going in that direction. So I wouldn't rule it out. 271 00:15:11,480 --> 00:15:15,280 Speaker 1: And I think the only issue is comes down to spreads. Basically, 272 00:15:15,320 --> 00:15:18,240 Speaker 1: the idea that banks are constrained to some extent on 273 00:15:18,280 --> 00:15:21,080 Speaker 1: the deposit side because they can't pass through those negative rates, 274 00:15:21,560 --> 00:15:24,640 Speaker 1: and perhaps there's a transitional phase whereby the assets that 275 00:15:24,680 --> 00:15:27,080 Speaker 1: they're buying, you know, they've got to be encouraged to 276 00:15:27,080 --> 00:15:30,040 Speaker 1: to take on sort of assets that are yielding more, 277 00:15:30,040 --> 00:15:32,000 Speaker 1: which obviously means a little bit more risky, but those 278 00:15:32,160 --> 00:15:34,840 Speaker 1: those risky loans are perhaps more supportive to growth. It's 279 00:15:34,840 --> 00:15:37,720 Speaker 1: always great when you're on out on Twitter. Somebody said 280 00:15:37,840 --> 00:15:41,080 Speaker 1: Dominique Constant, he's a socialist, and of course, you know 281 00:15:41,080 --> 00:15:44,480 Speaker 1: it's an analysis of balance sheet dynamics. There's an American 282 00:15:45,000 --> 00:15:50,160 Speaker 1: strand Lackey in American ethos everyone for themselves and if 283 00:15:50,160 --> 00:15:53,080 Speaker 1: we had less text as things would solve out. It's 284 00:15:53,120 --> 00:15:56,520 Speaker 1: sort of sort of a pseudo supply side feel. Can 285 00:15:56,560 --> 00:16:01,720 Speaker 1: America move forward given the realities of global balance sheets 286 00:16:01,840 --> 00:16:05,520 Speaker 1: and and just the mass, you know, the inertial mass 287 00:16:05,600 --> 00:16:09,800 Speaker 1: of the global system that that nineteen century American spirit. 288 00:16:11,360 --> 00:16:14,400 Speaker 1: I mean, I'm definitely not a stationalist, but everyone who 289 00:16:14,440 --> 00:16:18,800 Speaker 1: knows me, I'm a libertarian, and I guess my only 290 00:16:19,120 --> 00:16:23,600 Speaker 1: issue is I sort of understand the role that sort 291 00:16:23,600 --> 00:16:27,160 Speaker 1: of socialist economics has and and there is a certain 292 00:16:27,200 --> 00:16:30,240 Speaker 1: logic to when you have a problem, how you deal 293 00:16:30,280 --> 00:16:32,480 Speaker 1: with it, and having to just accept that there needs 294 00:16:32,480 --> 00:16:35,360 Speaker 1: to be some sort of transfer if you're so we 295 00:16:35,400 --> 00:16:36,960 Speaker 1: have a we have a low growth problem, and we 296 00:16:37,000 --> 00:16:40,760 Speaker 1: have some debt, so we got dragging on Thursday. He's 297 00:16:40,800 --> 00:16:45,920 Speaker 1: working within different flavors and sets of austerity or at 298 00:16:45,960 --> 00:16:48,440 Speaker 1: the minimum, with one hand tie behind his back, with 299 00:16:48,560 --> 00:16:51,400 Speaker 1: no fiscal effort, right, yeah, exactly. I mean, he's he's 300 00:16:51,400 --> 00:16:54,280 Speaker 1: in a really difficult position in the sense that he's 301 00:16:54,600 --> 00:16:57,560 Speaker 1: he's the only person who's really doing the heavy lifting 302 00:16:57,680 --> 00:17:01,120 Speaker 1: in terms of European growth than trying to sort of 303 00:17:01,200 --> 00:17:04,439 Speaker 1: keep that the whole the whole uh, the whole union 304 00:17:04,480 --> 00:17:07,159 Speaker 1: together and being challenged from left and right, including the 305 00:17:07,480 --> 00:17:10,639 Speaker 1: Brexit issue. But I mean, I think within that confines 306 00:17:10,800 --> 00:17:13,440 Speaker 1: he's doing a pretty good job and he is delivering, 307 00:17:13,640 --> 00:17:16,639 Speaker 1: and I think the key thing for drug is to 308 00:17:16,760 --> 00:17:19,399 Speaker 1: basically make it clear that he understands all the issues 309 00:17:19,440 --> 00:17:22,800 Speaker 1: that people have. So for example, regarding the role of 310 00:17:22,880 --> 00:17:26,000 Speaker 1: banks and banks being profitable enough to sustain growth and 311 00:17:26,080 --> 00:17:28,960 Speaker 1: broader economy, he understands that. He doesn't necessarily do anything 312 00:17:28,960 --> 00:17:31,720 Speaker 1: explicit about it. He needs to make people feel comfortable 313 00:17:31,760 --> 00:17:34,240 Speaker 1: that if it becomes an issue later on, then then 314 00:17:34,280 --> 00:17:37,800 Speaker 1: he's he's there to help out. Basically, if they don't 315 00:17:37,880 --> 00:17:41,719 Speaker 1: do a significant cut in the deposit rate and they 316 00:17:41,760 --> 00:17:44,119 Speaker 1: do more qui as you suggest, how are they going 317 00:17:44,160 --> 00:17:45,879 Speaker 1: to do that? There at a point where they're going 318 00:17:45,920 --> 00:17:49,520 Speaker 1: to have trouble buying buns certain companies. But we'll remember that. 319 00:17:49,600 --> 00:17:51,600 Speaker 1: I mean, they can also cut the refi rates as well, 320 00:17:51,640 --> 00:17:53,520 Speaker 1: So that's going to be perhaps the most interesting thing, 321 00:17:53,520 --> 00:17:56,000 Speaker 1: because they're the refire rators are slightly above zero. I mean, 322 00:17:56,040 --> 00:17:58,560 Speaker 1: you could take a negative. People may complain and own, look, 323 00:17:58,600 --> 00:18:01,520 Speaker 1: you're paying banks to borrow money from from ECB. But 324 00:18:01,520 --> 00:18:03,959 Speaker 1: then obviously if the banks are then taking that and 325 00:18:03,960 --> 00:18:06,040 Speaker 1: and on lending it in a more aggressive way, then 326 00:18:06,040 --> 00:18:08,040 Speaker 1: that would be very good for profibilancy. So they could 327 00:18:08,040 --> 00:18:10,040 Speaker 1: do that. The Q thing is there's lots of things 328 00:18:10,040 --> 00:18:11,320 Speaker 1: they can do in qu I mean that they are 329 00:18:11,560 --> 00:18:13,119 Speaker 1: once a cup the deposit rate. They can buy more 330 00:18:13,160 --> 00:18:14,920 Speaker 1: bonds because there is a limit to what they can 331 00:18:14,920 --> 00:18:17,280 Speaker 1: buy if anything is trained blow the deposit rate. So 332 00:18:17,280 --> 00:18:19,840 Speaker 1: they've got that, and they can obviously signal other types 333 00:18:19,880 --> 00:18:22,199 Speaker 1: of assets that they may be waiting to buy. What 334 00:18:22,320 --> 00:18:26,439 Speaker 1: you said two hours ago, is demand there for that 335 00:18:26,640 --> 00:18:31,680 Speaker 1: new money? It's a demand issue. Yeah, I mean, it's 336 00:18:31,720 --> 00:18:34,000 Speaker 1: really do I mean, I don't think it's really difficult. 337 00:18:34,000 --> 00:18:36,159 Speaker 1: I mean, I take I take an example away and 338 00:18:36,200 --> 00:18:38,760 Speaker 1: if I were to pay you to take a mortgage 339 00:18:38,800 --> 00:18:40,760 Speaker 1: from me, what you do? And I do that. But 340 00:18:40,920 --> 00:18:42,840 Speaker 1: when I have client meetings, I go and I asked 341 00:18:42,840 --> 00:18:44,960 Speaker 1: the room and how many of you would take a 342 00:18:44,960 --> 00:18:47,120 Speaker 1: loan if I was going to pay you one? And 343 00:18:47,280 --> 00:18:49,280 Speaker 1: you know a few people will get obviously definitely not 344 00:18:49,440 --> 00:18:50,960 Speaker 1: because I have to pay this back, you know something, 345 00:18:51,200 --> 00:18:54,520 Speaker 1: and all some people say well you know more more 346 00:18:54,560 --> 00:18:56,159 Speaker 1: subtly some people and say well yeah, but if the 347 00:18:56,320 --> 00:18:58,119 Speaker 1: rates are going to continue to fall, maybe our delay 348 00:18:58,200 --> 00:18:59,679 Speaker 1: for example, you know, I don't necessari want to lock 349 00:18:59,720 --> 00:19:01,520 Speaker 1: it in there out, And they may have credit issues 350 00:19:01,520 --> 00:19:03,800 Speaker 1: of refinancing and things like that. So so there are 351 00:19:03,800 --> 00:19:06,399 Speaker 1: those more subtle issues. But in general those people would 352 00:19:06,480 --> 00:19:09,120 Speaker 1: would would borrow, we would take the loan. So I'm 353 00:19:09,160 --> 00:19:12,320 Speaker 1: not entirely convinced that, you know, there's there's always the 354 00:19:12,359 --> 00:19:14,080 Speaker 1: main problem. And I keep coming back to one of 355 00:19:14,080 --> 00:19:17,119 Speaker 1: my basic economic tenants, which is supply creates its own demand. 356 00:19:17,320 --> 00:19:19,800 Speaker 1: If you supply these loans, someone will probably take them, 357 00:19:19,880 --> 00:19:23,040 Speaker 1: but you've got to supply them on the right price. Brilliant. 358 00:19:23,560 --> 00:19:28,320 Speaker 1: I'll take a little. That is a weekly briefing from Dominic. 359 00:19:29,480 --> 00:19:31,920 Speaker 1: Good to have you in dominic custom with Deutsche Bank. 360 00:19:31,960 --> 00:19:35,840 Speaker 1: Had to write strategy there and just terrific work over 361 00:19:35,880 --> 00:19:39,560 Speaker 1: the years into, during and out of this crisis. Just 362 00:19:39,680 --> 00:19:45,000 Speaker 1: it just never gets doll Mike, I wish it would. Yeah, 363 00:19:45,160 --> 00:19:50,040 Speaker 1: you're not at three months t bill point three zero percent, 364 00:19:51,040 --> 00:19:55,080 Speaker 1: ten year yield one eight. I believe we're still alter 365 00:19:55,200 --> 00:19:58,560 Speaker 1: accommodative in this way or that way. To stay with us. 366 00:19:59,320 --> 00:20:07,280 Speaker 1: More of Bloomberg Surveillance. Good morning, Bloomberg surveillance is brought 367 00:20:07,280 --> 00:20:08,919 Speaker 1: to you by Bank of America. Mary Lynch, committed to 368 00:20:08,920 --> 00:20:12,200 Speaker 1: bringing higher finance to lower carbon named the most investment 369 00:20:12,240 --> 00:20:14,960 Speaker 1: bank for climate change in sustainability by the Banker. That's 370 00:20:14,960 --> 00:20:17,320 Speaker 1: the power of global connections. Back of America. In a 371 00:20:17,600 --> 00:20:26,440 Speaker 1: f d i C broadcasting live to New York, Bloomberg eleventh, 372 00:20:27,080 --> 00:20:31,800 Speaker 1: to Washington d C, Bloomberg to Boston, Bloomberg twelve hundreds, 373 00:20:31,840 --> 00:20:35,680 Speaker 1: to San Francisco Bloomberg nine six, to the Country Series 374 00:20:36,200 --> 00:20:39,640 Speaker 1: Channel one ninety and around the globe the Bloomberg Radio 375 00:20:39,720 --> 00:20:44,879 Speaker 1: plus Bloomberg dot Com. This is Bloomberg Surveillance running. It 376 00:20:44,960 --> 00:20:46,600 Speaker 1: is seven thirty on Wall Street. I Mike of a 377 00:20:46,680 --> 00:20:50,520 Speaker 1: Key along with Tom Keene and it's about two hours 378 00:20:50,560 --> 00:20:54,200 Speaker 1: away from the start of trading. Maybe interesting today because 379 00:20:54,560 --> 00:20:58,120 Speaker 1: we saw futures down significantly. They're pairing their losses. SMP 380 00:20:58,240 --> 00:21:02,360 Speaker 1: features now down eight po points as oil prices start 381 00:21:02,400 --> 00:21:06,679 Speaker 1: to rise. Brent crude is now up by two tenths three. 382 00:21:06,720 --> 00:21:10,000 Speaker 1: We'll see if we get over the mark. There are 383 00:21:10,040 --> 00:21:13,199 Speaker 1: some company stories you'll want to know about. Burberry shares 384 00:21:13,520 --> 00:21:15,760 Speaker 1: are up more than four and a half percent. Speculation 385 00:21:15,800 --> 00:21:19,000 Speaker 1: in the UK's biggest luxury goods producer setting up defenses 386 00:21:19,040 --> 00:21:22,639 Speaker 1: against a potential takeover offer, made a record gain in 387 00:21:22,680 --> 00:21:25,280 Speaker 1: iron oil prices via the world's biggest producers. Signing an 388 00:21:25,280 --> 00:21:28,399 Speaker 1: accord with Fortescue Metals Group could see the Brazilian company 389 00:21:28,440 --> 00:21:33,480 Speaker 1: take as much as minority stake in the Australian miner 390 00:21:33,520 --> 00:21:35,800 Speaker 1: And here's an interesting story. The swings in the stock 391 00:21:35,840 --> 00:21:39,320 Speaker 1: market causing headaches for both Connecticut politicians and investors in 392 00:21:39,359 --> 00:21:42,800 Speaker 1: the state's bonds because Connecticut lowering its estimates for personal 393 00:21:42,840 --> 00:21:45,639 Speaker 1: income taxes for the current fiscal year three times in 394 00:21:45,680 --> 00:21:48,480 Speaker 1: the past four months, blaming last year's stock market losses 395 00:21:49,040 --> 00:21:53,080 Speaker 1: steming capital gains revenue a lot of investors in Connecticut. 396 00:21:53,760 --> 00:21:55,440 Speaker 1: Now let's check in with Michael Barr. We want to 397 00:21:55,440 --> 00:21:59,440 Speaker 1: get the latest world national headlines. But thank you very much. 398 00:21:59,480 --> 00:22:02,399 Speaker 1: Democratic Hillary Clinton and a Republican Donald Trump are the 399 00:22:02,440 --> 00:22:05,119 Speaker 1: favorites as voters in Michigan head to the polls today 400 00:22:05,240 --> 00:22:08,919 Speaker 1: for the presidential primaries. Democrats also will be voting in 401 00:22:08,960 --> 00:22:12,240 Speaker 1: Mississippi for Republicans. They will also head to the polls 402 00:22:12,240 --> 00:22:17,240 Speaker 1: in Mississippi, Idaho, and in Hawaii. Donald Trump campaign yesterday 403 00:22:17,240 --> 00:22:20,280 Speaker 1: in Madison, Mississippi, Trump told the crowd he has heard 404 00:22:20,320 --> 00:22:23,280 Speaker 1: from Christian leaders who say they are too intimidated to 405 00:22:23,440 --> 00:22:26,520 Speaker 1: publicly endorse him. People came up to me, Mr Trump, 406 00:22:26,960 --> 00:22:29,040 Speaker 1: I love you. You're the best. You're gonna be the 407 00:22:29,040 --> 00:22:31,560 Speaker 1: greatest leader you're gonna be. I want to endorse you. 408 00:22:31,640 --> 00:22:34,360 Speaker 1: I'm endorsing you, but I'm not allowed to do it publicly, 409 00:22:34,400 --> 00:22:36,639 Speaker 1: because if I do it publicly, I may lose for 410 00:22:36,680 --> 00:22:40,600 Speaker 1: the church the tax exempt status. At least nine people 411 00:22:40,640 --> 00:22:43,600 Speaker 1: were injured after a commuter train derail last night in 412 00:22:43,680 --> 00:22:46,960 Speaker 1: northern California. According to the trains operator, a tree fell 413 00:22:46,960 --> 00:22:50,560 Speaker 1: across the tracks and caused the derailment. Israel today refuted 414 00:22:50,560 --> 00:22:52,760 Speaker 1: a White House claim that Prime Minister Benjamin Ett and 415 00:22:52,800 --> 00:22:56,240 Speaker 1: Yah who surprised the Obama administration by canceling a plan 416 00:22:56,320 --> 00:22:59,119 Speaker 1: to visit to Washington later this month. Israel says the 417 00:22:59,119 --> 00:23:03,000 Speaker 1: White House new net who was considering not coming. Global 418 00:23:03,040 --> 00:23:05,720 Speaker 1: News twenty four hours a day, powered by our two 419 00:23:05,840 --> 00:23:08,560 Speaker 1: hundred journalists more than a hundred fifty news bureaus from 420 00:23:08,600 --> 00:23:12,160 Speaker 1: around the world. Michael Barr, Mike, thank him, Michel. Time 421 00:23:12,200 --> 00:23:15,399 Speaker 1: now for the Bloomberg NBC Sports update. Here's John sash 422 00:23:15,400 --> 00:23:17,920 Speaker 1: Our done all right, like they are dancing in the 423 00:23:17,960 --> 00:23:21,040 Speaker 1: streets of New Rochelle this morning. Iona College going back 424 00:23:21,080 --> 00:23:22,840 Speaker 1: to the n C Double A tournament after winning a 425 00:23:23,240 --> 00:23:26,240 Speaker 1: nippentuck affair with Monmouth in the Metro Atlantic Final at 426 00:23:26,240 --> 00:23:29,640 Speaker 1: Albany's seventy nine seventy six. The question now is does 427 00:23:29,720 --> 00:23:32,600 Speaker 1: Monmouth get an invitation? The MAC normally does not get 428 00:23:32,600 --> 00:23:35,639 Speaker 1: two teams in, but the Hawks won twenty seven games, 429 00:23:35,680 --> 00:23:39,440 Speaker 1: including road wins at Notre Dame, Georgetown, USC and U C. 430 00:23:39,680 --> 00:23:41,480 Speaker 1: L A. Hofstra hasn't been to the n C Double 431 00:23:41,520 --> 00:23:44,160 Speaker 1: A since Villanova's Jay Wright was the coach in two 432 00:23:44,240 --> 00:23:47,240 Speaker 1: thousand one. Had a twelve point lead in the Colonial 433 00:23:47,240 --> 00:23:49,840 Speaker 1: Final in Baltimore, but the Pride lost in North Carolina 434 00:23:49,880 --> 00:23:54,159 Speaker 1: Wilmington eighty to seventy three in overtime. When word came Sunday, 435 00:23:54,280 --> 00:23:56,960 Speaker 1: Maria scheiffop a major announcement of feeling that she, like 436 00:23:57,040 --> 00:24:00,359 Speaker 1: Peyton Manny, was gonna retire. Instead, she announced the failed 437 00:24:00,359 --> 00:24:03,679 Speaker 1: a drug test at the Australian Open. She waits a suspension. 438 00:24:04,080 --> 00:24:06,720 Speaker 1: Five time Grand Slam winner says she hopes to continue 439 00:24:06,800 --> 00:24:10,160 Speaker 1: playing with the Bloomberg. NBC Sports Update, I'm John Stashiell. 440 00:24:11,160 --> 00:24:14,080 Speaker 1: Thank you John. As we mentioned, futures continue to improve. 441 00:24:14,119 --> 00:24:17,280 Speaker 1: The SMP futures now down by seven points. We'll see 442 00:24:17,320 --> 00:24:19,320 Speaker 1: where that goes on the day. Of course, we've had 443 00:24:19,359 --> 00:24:22,520 Speaker 1: a long winning streak for the SNP after a tough 444 00:24:22,680 --> 00:24:25,679 Speaker 1: start to the year. Now we see Brent crude up 445 00:24:25,680 --> 00:24:28,320 Speaker 1: by three tents of eight percent and West Texas has 446 00:24:28,359 --> 00:24:32,760 Speaker 1: turned higher by about a tenth of a percent thirty 447 00:24:33,200 --> 00:24:40,080 Speaker 1: ninety two. This is Bloomberg worldwide, and this is Bloomberg surveillance. 448 00:24:40,119 --> 00:24:43,679 Speaker 1: SI Michael McKee along with Tom Keane I mentioned the 449 00:24:43,720 --> 00:24:47,480 Speaker 1: stock mark Odow evening futures down fifty seven. Now that's 450 00:24:47,520 --> 00:24:49,680 Speaker 1: an improvement, believe it or not, three tents of a percent, 451 00:24:49,800 --> 00:24:54,440 Speaker 1: NAZDAC futures off by twenty one half a percent. Europe 452 00:24:54,600 --> 00:24:57,920 Speaker 1: is improving as well. The stock six hundred pairing losses 453 00:24:58,240 --> 00:25:02,240 Speaker 1: now down two points half a percent. Time now for 454 00:25:02,320 --> 00:25:04,800 Speaker 1: the Bloomberg n j I T STEM Report brought to 455 00:25:04,840 --> 00:25:08,320 Speaker 1: you by New Jersey Institute of Technology, partnering with government 456 00:25:08,359 --> 00:25:11,320 Speaker 1: and industry to apply the university's world class research assets 457 00:25:11,359 --> 00:25:14,440 Speaker 1: to innovate and spur economic growth. Learn more at n 458 00:25:14,520 --> 00:25:17,719 Speaker 1: j I T dot E d U here's Bob Michael. 459 00:25:17,720 --> 00:25:20,720 Speaker 1: Good morning, and coming up on seven on Wall Street, 460 00:25:20,760 --> 00:25:23,840 Speaker 1: Here's what's making news in science, technology, engineering, and math. 461 00:25:24,080 --> 00:25:27,919 Speaker 1: Cybersecurity experts are pointing to the first widespread ransomware attack 462 00:25:28,000 --> 00:25:31,119 Speaker 1: on Apple computers as a sign the hacking underworld sees 463 00:25:31,119 --> 00:25:35,000 Speaker 1: a lucrative target beyond the dominant Windows computer market. Researchers 464 00:25:35,040 --> 00:25:37,879 Speaker 1: at Palo Alto Networks discovered the malicious software at the 465 00:25:38,000 --> 00:25:40,600 Speaker 1: end of last week, and The Transmission Project, a file 466 00:25:40,680 --> 00:25:45,120 Speaker 1: sharing software provider, estimates sixt macs have been infected. Once 467 00:25:45,160 --> 00:25:48,880 Speaker 1: downloaded and installed, the bug demanded that users pay one 468 00:25:48,960 --> 00:25:52,240 Speaker 1: Bitcoin to decrypt the data, or about four d eleven 469 00:25:52,280 --> 00:25:56,720 Speaker 1: dollars at Friday's prices. Forizon Communications was fined one point 470 00:25:56,720 --> 00:25:59,800 Speaker 1: three five million dollars by US regulators for failing to 471 00:25:59,800 --> 00:26:03,240 Speaker 1: tell wireless customers about a technology that tracked them as 472 00:26:03,280 --> 00:26:06,520 Speaker 1: they traveled from site to site on the Internet. The 473 00:26:06,520 --> 00:26:10,239 Speaker 1: Federal Communications Commission says Verizon agrees to tell customers more 474 00:26:10,240 --> 00:26:12,840 Speaker 1: about how they're tracked and to get their permission before 475 00:26:13,000 --> 00:26:17,240 Speaker 1: beginning some tracking, and online retailers early moves suggests they'll 476 00:26:17,240 --> 00:26:20,280 Speaker 1: be among the first to use augmented and virtual reality. 477 00:26:20,640 --> 00:26:24,040 Speaker 1: One third of consumer goods technology executives planned to use VR, 478 00:26:24,400 --> 00:26:27,879 Speaker 1: according to E Marketer. Meanwhile, sixty four percent of consumers 479 00:26:27,880 --> 00:26:31,240 Speaker 1: would like to use VR to view products virtually online. 480 00:26:31,240 --> 00:26:34,040 Speaker 1: One example of how it's being used, i Kea's catalog 481 00:26:34,080 --> 00:26:37,920 Speaker 1: app allows users to place virtual furniture in a room. 482 00:26:37,960 --> 00:26:41,240 Speaker 1: And that's this morning's Bloomberg n J I t Stame report. Michael, 483 00:26:41,280 --> 00:26:43,840 Speaker 1: maybe someday you can the virtual you can ride to 484 00:26:43,880 --> 00:26:45,960 Speaker 1: work right next to your listeners. Would be nice if 485 00:26:46,000 --> 00:26:49,320 Speaker 1: the virtual me could do my job and I can bob. 486 00:26:50,119 --> 00:26:52,520 Speaker 1: Thank you very much. Well, here's the statistic. It's International 487 00:26:52,560 --> 00:26:56,800 Speaker 1: Women's Day. Here's the statistic from Harvard University. Although nearly 488 00:26:56,840 --> 00:26:59,840 Speaker 1: equal numbers of American women men and women now go 489 00:27:00,040 --> 00:27:02,880 Speaker 1: to medicine and law, and more women than men graduate 490 00:27:02,920 --> 00:27:06,080 Speaker 1: from college and graduate school, women still make up only 491 00:27:06,119 --> 00:27:10,640 Speaker 1: four percent of fortune, five CEOs of Congress, and they 492 00:27:11,160 --> 00:27:16,119 Speaker 1: still make less per dollar than men. We have Irish 493 00:27:16,119 --> 00:27:18,800 Speaker 1: spondent with us from Harvard's Kennedy School, a professor of 494 00:27:18,800 --> 00:27:21,240 Speaker 1: public policy who is the author of a new book 495 00:27:21,359 --> 00:27:28,320 Speaker 1: What Works, Gender Equality by Design? Uh? Iris Bone Uh? 496 00:27:28,800 --> 00:27:32,320 Speaker 1: What works? Your argument is that we need to go 497 00:27:32,400 --> 00:27:36,919 Speaker 1: beyond hoping people change their attitudes. That's exactly right. I 498 00:27:36,920 --> 00:27:39,160 Speaker 1: am arguing that we should stop trying to de bias 499 00:27:39,280 --> 00:27:43,120 Speaker 1: mindsets and de biased organizations and how we do things 500 00:27:43,200 --> 00:27:47,520 Speaker 1: more generally, How do you do that? Take the example 501 00:27:47,600 --> 00:27:52,080 Speaker 1: of orchestras. Many of the major symphony orchestras introduced curtains 502 00:27:52,200 --> 00:27:57,040 Speaker 1: in the nineteen seventies and had musicians audition behind curtains, 503 00:27:57,080 --> 00:27:59,840 Speaker 1: and what they found was that increase the likelihoods that 504 00:28:00,160 --> 00:28:03,600 Speaker 1: would make the cut by about sixty percentage points. In 505 00:28:03,640 --> 00:28:07,160 Speaker 1: the seventies we had about five human musicians on major 506 00:28:07,200 --> 00:28:12,960 Speaker 1: symphony orchestras. Today that fraction is almost The screen is 507 00:28:13,000 --> 00:28:17,160 Speaker 1: a behavioral intervention, a design change that doesn't change mindsets, 508 00:28:17,240 --> 00:28:21,760 Speaker 1: but changes how the value people. How I have to 509 00:28:21,800 --> 00:28:23,960 Speaker 1: work with somebody, I have to sit next to, somebody, 510 00:28:24,000 --> 00:28:26,359 Speaker 1: have to deal with somebody. How do I screen without 511 00:28:26,480 --> 00:28:31,399 Speaker 1: knowing their gender? So many increasing actually an increasing number 512 00:28:31,440 --> 00:28:35,320 Speaker 1: of organizations now do blind evaluations, at least in the 513 00:28:35,400 --> 00:28:39,760 Speaker 1: first round of evaluations, and software helps the companies do that. 514 00:28:39,920 --> 00:28:42,680 Speaker 1: So certainly early on in the screening process you can 515 00:28:42,720 --> 00:28:45,600 Speaker 1: easily do that. But the supreme really is more of 516 00:28:45,640 --> 00:28:48,680 Speaker 1: a metaphor than an actual thing that everyone should go 517 00:28:48,880 --> 00:28:53,080 Speaker 1: through the whole interview process, but there's lots we can 518 00:28:53,120 --> 00:28:56,520 Speaker 1: do during that stage as well. So, for example, sadly 519 00:28:56,640 --> 00:29:00,480 Speaker 1: enough into personal interviews are very bad partic there's a 520 00:29:00,520 --> 00:29:06,240 Speaker 1: future performance. Well, that may be true, but I'm still 521 00:29:06,280 --> 00:29:09,200 Speaker 1: gonna want to meet with a person to understand what 522 00:29:09,280 --> 00:29:11,600 Speaker 1: kind of person they are and whether or not I 523 00:29:11,640 --> 00:29:14,080 Speaker 1: would like working with them. That's an extent to right. 524 00:29:14,160 --> 00:29:16,960 Speaker 1: So what you should do is couple the interview with 525 00:29:17,160 --> 00:29:20,640 Speaker 1: two things. One, you should ideally have a work sample 526 00:29:20,720 --> 00:29:24,520 Speaker 1: test that is the best predictor of future performance. And secondly, 527 00:29:24,600 --> 00:29:28,440 Speaker 1: instead of using an unstructured interview, you should force yourself 528 00:29:28,560 --> 00:29:32,680 Speaker 1: retire yourself to the mask and use a structured interview 529 00:29:32,720 --> 00:29:38,040 Speaker 1: where you ask a candidate the safe the same five questions. Now, 530 00:29:38,040 --> 00:29:42,760 Speaker 1: how how else can we get more women into higher 531 00:29:42,880 --> 00:29:46,479 Speaker 1: level positions, not just into the company? Yeah, that's an 532 00:29:46,480 --> 00:29:49,560 Speaker 1: excellent question, because, as you rightly point out, where we 533 00:29:49,920 --> 00:29:52,800 Speaker 1: typically see the gaps is in promotion, not so much 534 00:29:52,800 --> 00:29:54,840 Speaker 1: at the entry levels. That's not so much a pipeline 535 00:29:55,160 --> 00:29:57,600 Speaker 1: problem anymore at least than many disciplines, not at all, 536 00:29:57,640 --> 00:30:00,480 Speaker 1: but in many disciplines, And so for promotion, since there 537 00:30:00,480 --> 00:30:03,120 Speaker 1: are two low hanging food that I would recommend every 538 00:30:03,160 --> 00:30:06,720 Speaker 1: company think about. The first one is for performance appraisals. 539 00:30:07,120 --> 00:30:11,120 Speaker 1: Think hard about how you use potential when you evaluate 540 00:30:11,280 --> 00:30:15,360 Speaker 1: your employees. That's where we typically the gender bias creep 541 00:30:15,360 --> 00:30:19,240 Speaker 1: in because performance is more easily measurable. And another low 542 00:30:19,280 --> 00:30:22,120 Speaker 1: hanging food that many companies could do away with is 543 00:30:22,240 --> 00:30:29,040 Speaker 1: sharing employees self evaluations with their supervisors. These numbers, self 544 00:30:29,120 --> 00:30:33,520 Speaker 1: rankings or self ratings will affect a manager's evaluation of 545 00:30:33,560 --> 00:30:36,600 Speaker 1: the employee, and if women are less self confident than men, 546 00:30:37,120 --> 00:30:43,200 Speaker 1: that will Buya is a manager's evaluations from Harvard's Kennedy School. 547 00:30:43,240 --> 00:30:47,640 Speaker 1: The book is called What Works gender Equality by Design. 548 00:30:48,000 --> 00:30:52,360 Speaker 1: Very important work on International Women's Day, have very important 549 00:30:52,360 --> 00:30:54,760 Speaker 1: work any day. We don't want to just confine it 550 00:30:54,800 --> 00:30:57,520 Speaker 1: to that. So thank you for joining us today here 551 00:30:58,000 --> 00:31:02,720 Speaker 1: on Bloomberg Surveillance. Well, we are watching what works in 552 00:31:02,760 --> 00:31:07,000 Speaker 1: the Market's not work today. The SMPS winning streak in 553 00:31:07,160 --> 00:31:12,680 Speaker 1: danger of stopping as we watch futures once again deteriorate, 554 00:31:12,760 --> 00:31:15,800 Speaker 1: now down nine points four tenths of eight percent. This 555 00:31:16,000 --> 00:31:21,760 Speaker 1: is Bloomberg's Avillance on Bloomberg Radio worldwide. We're counting you 556 00:31:21,840 --> 00:31:23,040 Speaker 1: down to the opening Bell brought to you by the 557 00:31:23,080 --> 00:31:25,400 Speaker 1: Jeep Grand Cherokee, the most awarded suv ever. The Grand 558 00:31:25,480 --> 00:31:28,160 Speaker 1: Cherokee continues to raise the bar with its luxurious interior 559 00:31:28,400 --> 00:31:30,760 Speaker 1: and legendary four by four capability. Drive one at your 560 00:31:30,760 --> 00:31:39,800 Speaker 1: local Jeep dealer. Today, Global business news twenty four hours 561 00:31:39,800 --> 00:31:42,920 Speaker 1: a day. If Bloomberg dot com the radio plus mobil 562 00:31:43,200 --> 00:31:46,720 Speaker 1: and on your radio, this is a Bloomberg Business flash 563 00:31:47,480 --> 00:31:49,959 Speaker 1: and I'm Karen Moscow. You must stock. Index futures are 564 00:31:50,000 --> 00:31:52,840 Speaker 1: signaling equities will halt their best winning streak in five 565 00:31:52,840 --> 00:31:56,640 Speaker 1: months after worsening economic data from Asia reignited concern over 566 00:31:56,720 --> 00:31:59,520 Speaker 1: the outlook for global growth. We checked the markets every 567 00:31:59,520 --> 00:32:02,880 Speaker 1: fifteen that's throughout the trading day on Bloomberg SNP E 568 00:32:02,920 --> 00:32:05,160 Speaker 1: Many futures down eight and a half points downy Many 569 00:32:05,200 --> 00:32:07,760 Speaker 1: futures down fifty eight and Nash DOCU many futures down 570 00:32:07,840 --> 00:32:10,920 Speaker 1: twenty two. Dax in Germany's down four tenths per cent. 571 00:32:11,240 --> 00:32:13,719 Speaker 1: Can your treasury up eighteen thirty seconds the yield one 572 00:32:13,720 --> 00:32:16,080 Speaker 1: point eight four percent yield on the two year point 573 00:32:16,080 --> 00:32:19,200 Speaker 1: eight six percent. Nimax screwed oil up a quarter percent, 574 00:32:19,280 --> 00:32:21,360 Speaker 1: or twelve cents to thirty eight oh to a barrel. 575 00:32:21,640 --> 00:32:24,240 Speaker 1: Comax Gold is up nine tenths percent, or eleven dollars 576 00:32:24,320 --> 00:32:27,360 Speaker 1: nineties cents at twelve seventy five seventy and ounce, the 577 00:32:27,440 --> 00:32:30,080 Speaker 1: euro a dollar ten twenty six, the ens one thirteen 578 00:32:30,240 --> 00:32:33,680 Speaker 1: even some stocks moving in early trading. Dick's Sporting Goods 579 00:32:33,720 --> 00:32:37,440 Speaker 1: down more than seven percent, fourth quarter profit missing analysts estimates, 580 00:32:37,440 --> 00:32:40,960 Speaker 1: and it said first quarter profit may also disappoint. Urban 581 00:32:40,960 --> 00:32:43,680 Speaker 1: Outfitters is up ten percent this morning, while fourth quarter 582 00:32:43,720 --> 00:32:47,680 Speaker 1: profit beat and unless estimates, and Iron ores rallies stalling 583 00:32:47,720 --> 00:32:50,720 Speaker 1: today after a record nineteen percent advance a day earlier, 584 00:32:51,000 --> 00:32:53,600 Speaker 1: as banks from Goldman Sachs Group to City Group, together 585 00:32:53,720 --> 00:32:56,480 Speaker 1: with some of the largest miners, said that the surge 586 00:32:56,920 --> 00:32:59,920 Speaker 1: wasn't likely to endure. And that's a Bloomberg business flag. 587 00:33:00,120 --> 00:33:03,640 Speaker 1: Tom and Mike Karen, thanks so much, Bloomberg Surveillance. Brouch 588 00:33:03,680 --> 00:33:07,320 Speaker 1: to by interactive brokers. Are your returns dragged down by 589 00:33:07,400 --> 00:33:11,360 Speaker 1: high transaction costs? Trade up to interactive brokers where are 590 00:33:11,520 --> 00:33:14,960 Speaker 1: lower costs can help you maximize your returns. Visit I 591 00:33:15,120 --> 00:33:21,040 Speaker 1: b k R dot com slash save more for more information. Michael, 592 00:33:21,640 --> 00:33:26,080 Speaker 1: we have identified that whale you heard yesterday afternoon from 593 00:33:26,160 --> 00:33:30,200 Speaker 1: the direction of Wisconsin Avenue in Washington, d C. It 594 00:33:30,280 --> 00:33:32,600 Speaker 1: was NBC's Chuck cod the host of Meet the Press, 595 00:33:32,640 --> 00:33:35,840 Speaker 1: when he got the news that Michael Bloomberg, the founder 596 00:33:36,080 --> 00:33:40,200 Speaker 1: a majority owner of this radio station in Bloomberg LP, 597 00:33:40,440 --> 00:33:43,960 Speaker 1: was not going to run for president. Uh. You were 598 00:33:43,960 --> 00:33:47,800 Speaker 1: not endorsing him, but you would have as a political reporter, 599 00:33:47,880 --> 00:33:50,440 Speaker 1: he would have loved to have an into a well financed, 600 00:33:50,480 --> 00:33:54,640 Speaker 1: credible independent in the race. Always shake it up number one, 601 00:33:55,120 --> 00:33:57,920 Speaker 1: force post parties to be more accountable number two. And 602 00:33:57,960 --> 00:34:00,360 Speaker 1: it would have engaged more voters number three. I mean that. Look, 603 00:34:00,680 --> 00:34:03,120 Speaker 1: I'm for it because it would have, you know, guaranteed 604 00:34:03,160 --> 00:34:05,800 Speaker 1: more states and play guaranteed that the candidates would have 605 00:34:05,840 --> 00:34:08,279 Speaker 1: to talk to more voters and talk to So there's 606 00:34:08,400 --> 00:34:09,879 Speaker 1: there's a lot of good that would have come out 607 00:34:09,880 --> 00:34:14,760 Speaker 1: of a third party bid. Um. But you know, everybody 608 00:34:14,760 --> 00:34:18,160 Speaker 1: I've talked too, very close to Mayor Bloomberg essentially said 609 00:34:18,360 --> 00:34:21,239 Speaker 1: he wanted a path to victory and he couldn't find one. Uh. 610 00:34:21,280 --> 00:34:23,319 Speaker 1: And the only path he kept finding was a path 611 00:34:23,440 --> 00:34:26,440 Speaker 1: for Donald Trump to win if he got in in 612 00:34:26,520 --> 00:34:29,560 Speaker 1: a Clinton Trump scenario. Do you agree with that analysis? 613 00:34:29,920 --> 00:34:32,319 Speaker 1: I do I think that he would have taken votes 614 00:34:32,360 --> 00:34:36,759 Speaker 1: away from her in places like Pennsylvania, Ohio, New York, 615 00:34:36,760 --> 00:34:39,080 Speaker 1: but particularly in the rust belt in the Northeast corridor, 616 00:34:39,719 --> 00:34:41,719 Speaker 1: and that would have opened the door for Trump to 617 00:34:41,760 --> 00:34:44,799 Speaker 1: carry those states. Uh and and I think would have 618 00:34:44,840 --> 00:34:47,799 Speaker 1: messed up her path. He had a better shot if 619 00:34:47,880 --> 00:34:50,200 Speaker 1: Sanders had been and been making more noise in the 620 00:34:50,239 --> 00:34:55,799 Speaker 1: Democratic side. Um, you could see that possibility. But with 621 00:34:55,880 --> 00:34:59,480 Speaker 1: Hillary Clinton, I think they share too many positions, particularly 622 00:34:59,520 --> 00:35:04,800 Speaker 1: on that uh, foreign affairs, things like that, that that 623 00:35:05,360 --> 00:35:07,960 Speaker 1: they split both. They'd more likely split both more so 624 00:35:08,080 --> 00:35:11,880 Speaker 1: than uh Bloomberg and Trump. Chuck. The most intelligent tweet 625 00:35:11,920 --> 00:35:15,160 Speaker 1: I've seen in the political season was from one S. 626 00:35:15,280 --> 00:35:18,920 Speaker 1: Guthrie at NBC suggesting that we should all have a 627 00:35:19,000 --> 00:35:22,240 Speaker 1: drinking game when Chuck Todd refers to the Whig Party, 628 00:35:23,640 --> 00:35:27,520 Speaker 1: which which is which is great but also exceptionally important. 629 00:35:28,000 --> 00:35:32,840 Speaker 1: The Whig Party is attacking Mr Trump and it works 630 00:35:32,960 --> 00:35:36,640 Speaker 1: every day. Where are we on this Tuesday? Is the 631 00:35:36,680 --> 00:35:39,960 Speaker 1: Whig Party tries to move forward? Well, you know, it's 632 00:35:40,000 --> 00:35:43,040 Speaker 1: interesting and obviously in case people are wondering what we're 633 00:35:43,040 --> 00:35:46,400 Speaker 1: why we keep talking about the Whigs. Essentially, the the 634 00:35:46,400 --> 00:35:49,560 Speaker 1: the conservative Party. Before there was the Republican Party was 635 00:35:49,560 --> 00:35:52,680 Speaker 1: the Whigs and they were having their own uh they 636 00:35:52,840 --> 00:35:55,400 Speaker 1: you know, they splintered and the Republican Party was formed 637 00:35:55,880 --> 00:35:59,560 Speaker 1: Abe Lincoln Winson and the rest is history. And essentially, 638 00:36:00,000 --> 00:36:02,399 Speaker 1: you know, there's a split inside this party. The rank 639 00:36:02,480 --> 00:36:06,520 Speaker 1: and file on one definition of what conservatism is and 640 00:36:06,560 --> 00:36:09,520 Speaker 1: the elite, the ones that run the party, have another definition. 641 00:36:09,560 --> 00:36:11,800 Speaker 1: That's really what's going on here, right, And it's about 642 00:36:12,920 --> 00:36:15,920 Speaker 1: you know that this is this rank and file, working 643 00:36:15,960 --> 00:36:19,640 Speaker 1: class wing of the Republican Party there for thirty years, 644 00:36:19,680 --> 00:36:21,839 Speaker 1: but they got lurned in by social issues and now 645 00:36:21,880 --> 00:36:24,320 Speaker 1: they're saying, hey, wait a minute, none of your economic 646 00:36:24,360 --> 00:36:27,799 Speaker 1: policies have benefited us, and we're tired of it. And 647 00:36:27,800 --> 00:36:31,440 Speaker 1: and that's where this is. That's that's Trump's track. It 648 00:36:31,520 --> 00:36:33,279 Speaker 1: speaks to a lot of Michigan. What will you look 649 00:36:33,320 --> 00:36:39,520 Speaker 1: for tonight? I mean, Michigan is the symbol of Donald Trump, right, 650 00:36:39,719 --> 00:36:42,200 Speaker 1: This should be his This should be the heart and 651 00:36:42,280 --> 00:36:45,400 Speaker 1: soul of where he does well. Um, I think what 652 00:36:45,520 --> 00:36:48,640 Speaker 1: I'm looking for Margins tonight, both Michigan and Mississippi should 653 00:36:48,640 --> 00:36:50,920 Speaker 1: be big Trump's day. How big are they going to be? 654 00:36:51,520 --> 00:36:53,680 Speaker 1: The big double digit wins. Are we calling it right? 655 00:36:53,680 --> 00:36:56,560 Speaker 1: When the polls closed, that tells you that that Trump 656 00:36:56,640 --> 00:36:59,080 Speaker 1: is You know that that Saturday was a blip. Maybe 657 00:36:59,120 --> 00:37:01,399 Speaker 1: the Romney stuff to have an impact. But if Trump 658 00:37:01,440 --> 00:37:03,640 Speaker 1: struggled tonight, you know you're gotter be wins both states. 659 00:37:03,680 --> 00:37:08,480 Speaker 1: But it's very narrow. Single day did less some five points. Um. 660 00:37:08,640 --> 00:37:11,239 Speaker 1: Then I think we started putting connecting the dots and saying, 661 00:37:11,239 --> 00:37:14,359 Speaker 1: you know what, starting last Thursday with met Romney, then 662 00:37:14,400 --> 00:37:17,920 Speaker 1: that vulgar debate, then the results on Saturday, maybe something's 663 00:37:17,920 --> 00:37:20,319 Speaker 1: happening here and and Trump start to lose a little. 664 00:37:20,880 --> 00:37:24,640 Speaker 1: We're still a little elevation. We're starting to see, Uh, 665 00:37:25,000 --> 00:37:28,920 Speaker 1: polls suggests that's happening. We have seen big jumps, been 666 00:37:28,960 --> 00:37:32,560 Speaker 1: through this before, though, haven't we in the voters vote, Well, 667 00:37:32,600 --> 00:37:35,120 Speaker 1: you know we have not been through this. Uh seeing 668 00:37:35,200 --> 00:37:39,479 Speaker 1: John Kay pick up support, Well, that's right, so we'll see. 669 00:37:39,480 --> 00:37:42,839 Speaker 1: I mean, look, there's a lot of I am like 670 00:37:42,880 --> 00:37:46,400 Speaker 1: I Like I said on paper, Michigan and Mississippi seemed 671 00:37:46,400 --> 00:37:50,480 Speaker 1: to be perfect Trump states, and that's why tonight margins 672 00:37:50,640 --> 00:37:53,480 Speaker 1: matter to me more than anything else. Well, we then 673 00:37:53,520 --> 00:37:56,719 Speaker 1: go on to the next version of Super Tuesday, which 674 00:37:56,760 --> 00:37:58,440 Speaker 1: really is in a way because you get into the 675 00:37:58,640 --> 00:38:02,640 Speaker 1: winner take All stage and you've got Casey's still running 676 00:38:02,960 --> 00:38:06,600 Speaker 1: strong in Ohio, got to overcome Trump. But the big 677 00:38:06,680 --> 00:38:10,920 Speaker 1: question is Florida. Marco Rodeo has lost some support, but 678 00:38:11,200 --> 00:38:13,479 Speaker 1: the anti Trump forces are pouring a ton of money 679 00:38:13,520 --> 00:38:17,120 Speaker 1: into that state. What does it look like that Well, look, 680 00:38:17,160 --> 00:38:20,600 Speaker 1: I think, look, I think Rubio is slowly making games, um, 681 00:38:20,719 --> 00:38:23,640 Speaker 1: but I don't think you know, he's still behind and 682 00:38:23,840 --> 00:38:26,000 Speaker 1: there's a ton of money being a ton of anti 683 00:38:26,040 --> 00:38:29,080 Speaker 1: Trump money being poured into the state. We'll see. I 684 00:38:29,080 --> 00:38:31,920 Speaker 1: think tonight it's gonna be another tough night for Peruvia. 685 00:38:32,160 --> 00:38:34,200 Speaker 1: There's a chance he sent its just fourth in both 686 00:38:34,239 --> 00:38:37,520 Speaker 1: Michigan and Mississippi. These are states KSA could put some 687 00:38:37,560 --> 00:38:40,640 Speaker 1: effort into and wherever kates It has put effort. He 688 00:38:40,760 --> 00:38:43,719 Speaker 1: finished ahead of Rubia and just about every every date 689 00:38:43,760 --> 00:38:46,719 Speaker 1: where he's you know, he he picks and choose a 690 00:38:46,800 --> 00:38:49,759 Speaker 1: mid date that he that he competes in. That's not 691 00:38:49,840 --> 00:38:52,520 Speaker 1: a good place for Marco Rubia to night. Um, and 692 00:38:52,560 --> 00:38:54,719 Speaker 1: I'm hosting a town all with him tomorrow. I'll be 693 00:38:54,760 --> 00:38:56,960 Speaker 1: curious to a kind of movie in two fourth place 694 00:38:57,000 --> 00:38:59,719 Speaker 1: finishes with six states to go and forth. Chuck, I 695 00:38:59,760 --> 00:39:02,120 Speaker 1: want ask you a question about the industry. I have 696 00:39:02,160 --> 00:39:05,800 Speaker 1: a huge response from our listeners and our viewers about 697 00:39:05,800 --> 00:39:08,680 Speaker 1: the state of Chuck Todd's world. You're working with NBC, 698 00:39:08,719 --> 00:39:12,880 Speaker 1: You're working with MSNBC across cable news. How do we 699 00:39:12,960 --> 00:39:17,920 Speaker 1: get the discourse back in cable news political coverage or 700 00:39:18,000 --> 00:39:21,440 Speaker 1: is it forever gone? Are we are we just drowning 701 00:39:21,440 --> 00:39:26,400 Speaker 1: in expert ology. I don't know what the I don't know. 702 00:39:26,480 --> 00:39:29,719 Speaker 1: It's an interesting question. I've been listening to some podcasts 703 00:39:29,719 --> 00:39:33,600 Speaker 1: on media criticism lately and and I hear it, right, 704 00:39:33,640 --> 00:39:36,480 Speaker 1: I get what some folks are I'm not saying you're 705 00:39:36,520 --> 00:39:40,680 Speaker 1: not doing it, but I I look, I do think 706 00:39:40,680 --> 00:39:43,719 Speaker 1: that I'd like to think that we're trying to do 707 00:39:43,760 --> 00:39:45,600 Speaker 1: it a little bit better than our two competitors. I 708 00:39:45,600 --> 00:39:49,560 Speaker 1: think our two competitors are are are pushing the envelope 709 00:39:49,600 --> 00:39:52,880 Speaker 1: on going downward. Uh, I'd like to think they're doing 710 00:39:52,880 --> 00:39:55,840 Speaker 1: a little bit faster than we are. We're trying not to. 711 00:39:56,040 --> 00:39:58,360 Speaker 1: I mean, some of us are trying really hard not 712 00:39:58,400 --> 00:40:01,040 Speaker 1: to go down that road. So I get it, I 713 00:40:01,120 --> 00:40:03,520 Speaker 1: understand it. I guess my feeling is it is that 714 00:40:03,680 --> 00:40:05,640 Speaker 1: com beauty of digital, that's the beauty of all these 715 00:40:05,640 --> 00:40:08,239 Speaker 1: other places where there's there is an opportunity to get 716 00:40:08,760 --> 00:40:12,360 Speaker 1: respectful discourse in a lot of places. Uh yeah, but 717 00:40:12,400 --> 00:40:15,080 Speaker 1: it does start with the candidates. You know, I think 718 00:40:15,320 --> 00:40:17,919 Speaker 1: let's remember this, this is not there. You can blame 719 00:40:17,960 --> 00:40:21,200 Speaker 1: the media for coverage, but the candidate. You know, we 720 00:40:21,200 --> 00:40:23,319 Speaker 1: can have a higher we can have a higher round 721 00:40:23,320 --> 00:40:26,600 Speaker 1: debate if if the front runner chose to happen. Chuck 722 00:40:26,680 --> 00:40:29,000 Speaker 1: to thank you so much, greatly appreciated. This morning, he's 723 00:40:29,040 --> 00:40:33,319 Speaker 1: moderated with Meet the Press NBC working with MSNBC as well. 724 00:40:33,360 --> 00:40:37,280 Speaker 1: Look for that. I'm Bloomberg Radio. You can see listen 725 00:40:37,280 --> 00:40:41,879 Speaker 1: to that rather Sunday afternoon Chuck Todd with NBC Mike 726 00:40:42,320 --> 00:40:45,160 Speaker 1: Um Super Tuesday. You and I took it a hockey 727 00:40:45,160 --> 00:40:48,279 Speaker 1: game and I went back to the Lamans and the 728 00:40:48,320 --> 00:40:52,120 Speaker 1: Motel six, and I was just dazzled by what I 729 00:40:52,200 --> 00:40:56,000 Speaker 1: heard on Capable News. It was it was painful. It's 730 00:40:56,080 --> 00:40:58,640 Speaker 1: just it was. I mean, you've lived it with your 731 00:40:58,680 --> 00:41:01,960 Speaker 1: wonderful comments yesterday about the Reagans. I mean, you've seen 732 00:41:01,960 --> 00:41:05,920 Speaker 1: the generational change. The problem. The problem is is that 733 00:41:06,480 --> 00:41:11,480 Speaker 1: the worst and the stupidest draw the biggest ratings. It 734 00:41:11,600 --> 00:41:14,239 Speaker 1: is not about and that's the pressure. It is not 735 00:41:14,320 --> 00:41:17,320 Speaker 1: about it, and it has for many, many many years 736 00:41:17,320 --> 00:41:21,480 Speaker 1: not been about covering the issues. Issues get some stories, 737 00:41:21,520 --> 00:41:25,080 Speaker 1: but let's face it, everybody likes to say to cover 738 00:41:25,160 --> 00:41:27,839 Speaker 1: that he said, she said, aspect of it, except here 739 00:41:27,840 --> 00:41:31,080 Speaker 1: on Bloomberg survounts, and we proudly try not to do that. 740 00:41:31,880 --> 00:41:35,160 Speaker 1: We try to stick with the issues and covering politics. 741 00:41:35,239 --> 00:41:37,480 Speaker 1: You're good to talk to. Chuck Todd, Chris Michigan covers 742 00:41:37,480 --> 00:41:41,000 Speaker 1: look for with all due respect, Mark Halprinter, and John Heilman. 743 00:41:41,280 --> 00:41:44,800 Speaker 1: Uh tonight. I loved how the other day Anderson Cooper. 744 00:41:44,840 --> 00:41:46,760 Speaker 1: I don't know if I mentioned this on radio yesterday, 745 00:41:46,840 --> 00:41:50,600 Speaker 1: Mike Anderson Cooper was talking about Mrs Reagan and the 746 00:41:50,719 --> 00:41:53,239 Speaker 1: last time he saw her and met with her. She 747 00:41:53,320 --> 00:41:57,800 Speaker 1: was reading Mark Halpern's book, Heilman's book Game Change. Well 748 00:41:57,840 --> 00:42:01,840 Speaker 1: that was that was the last election. Talking about it 749 00:42:01,840 --> 00:42:05,359 Speaker 1: seems ancient history. I mean maybe the game changed a 750 00:42:05,440 --> 00:42:09,440 Speaker 1: little four years ago, but boy did it change. You 751 00:42:09,480 --> 00:42:12,040 Speaker 1: wonder what the title of the next helper in heilmantone 752 00:42:12,640 --> 00:42:18,920 Speaker 1: will be put down. He'll probably still well there it 753 00:42:19,040 --> 00:42:23,719 Speaker 1: is coverage tonight in Michigan on Florida. Of course next Tuesday, 754 00:42:23,760 --> 00:42:28,279 Speaker 1: we look at the markets through the lens of economics, finance, 755 00:42:28,360 --> 00:42:32,279 Speaker 1: and investment. What's going on this morning, well, actually green 756 00:42:32,320 --> 00:42:35,840 Speaker 1: on the screen on oil Brent crude forty one forty 757 00:42:35,960 --> 00:42:39,880 Speaker 1: barrel of fifty six cents right now, West Texas Intermediate 758 00:42:41,160 --> 00:42:44,280 Speaker 1: that gets to watch. That's we have to watch oil 759 00:42:44,600 --> 00:42:48,680 Speaker 1: lifting with commodities. Another hour of Bloomberg surveillance.