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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside

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Speaker 1: my co host Matt Miller. Every business day, we bring

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Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along

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Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast

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Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and

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Speaker 1: at Bloomberg dot com slash podcast. All right, we get

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Speaker 1: some inflation data tomorrow c p I. The year of

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Speaker 1: year consensus is eight point four UM. I don't think

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Speaker 1: wages are going up eight point four percent, so that's

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Speaker 1: a challenge for many folks out there. Let's check in

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Speaker 1: with Robert Rosener, executive director, senior US economist at Morgan Stanley. Robert,

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Speaker 1: what are you can? Award winning economists? Award winning economist,

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Speaker 1: aren't they all? No, that's the point. He won the

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Speaker 1: n A B Outlook Award for the most accurate economic

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Speaker 1: forecasts over the past four quarters. So who yeah, So

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Speaker 1: he knows what he's talking about. So you we're gonna

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Speaker 1: ask about inflation. This sperfect. Let's do it. Robert, thanks

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Speaker 1: so much for joining us. Really appreciate you taking the

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Speaker 1: time here. What are you going to be looking for tomorrow, Robert,

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Speaker 1: and that inflation data. Yeah, well, thanks guys, thanks for

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Speaker 1: having me on and you're two nice um. But when

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Speaker 1: it comes to the inflation data tomorrow, we're certainly going

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Speaker 1: to see a lot of heat. Um. We're looking for

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Speaker 1: a high headline inflation reading driven by the upside and

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Speaker 1: energy prices as well as food prices, and underneath the surface,

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Speaker 1: the core should remain elevated as well. We're seeing a

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Speaker 1: little bit of give back in terms of goods inflation.

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Speaker 1: Some of the areas that we're leading the high inflation

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Speaker 1: prints that we saw last year, areas like used car prices,

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Speaker 1: appear that they've pulled back a little bit. But on

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Speaker 1: the surfaces side of the picture, where we've seen that

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Speaker 1: broadening out of inflationary pressures in recent months, we actually

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Speaker 1: look for some acceleration there in things like rents owner's

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Speaker 1: equivalent rents as well as some of the COVID sensitive

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Speaker 1: categories like air fairs and hotels all look like they're

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Speaker 1: set up for high readings. And all of that's important

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Speaker 1: as we think about how to read this print, because

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Speaker 1: we know the top line is going to be high

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Speaker 1: driven by energy prices. The internals are going to tell

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Speaker 1: us a lot more about where inflation is likely to

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Speaker 1: trend over the month ahead and if we are going

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Speaker 1: to see any sequential deceleration. So um, but where do

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Speaker 1: you think now it's likely a trend over there. You

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Speaker 1: know a lot of people are saying it's going to

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Speaker 1: peak with this reading. Our Abigail Doolittle, who is a chartist, disagrees.

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Speaker 1: What's your view? Well, that's the key question. You know,

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Speaker 1: on a twelve month basis, we do expect that inflation

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Speaker 1: is going to peak. We're expecting that this peak reading

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Speaker 1: for headline CPI is going to come in at eight

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Speaker 1: point six percent, so again that multidecade high, and as

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Speaker 1: we make the lap around those tough base effects from

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Speaker 1: the spring, we should see inflation coming off of those peaks.

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Speaker 1: I think the key question here is what's going on

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Speaker 1: with those core internals and how quickly are we going

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Speaker 1: to roll off of those peaks and to where our

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Speaker 1: forecast would say, yes, we're going to come off of

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Speaker 1: those peaks. It's going to be a slow grind off

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Speaker 1: of that peak for inflation, though year over year inflation

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Speaker 1: is going to remain elevated. It's likely in our forecast

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Speaker 1: to remain above seven per cent until we get into

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Speaker 1: the second half of the year, so those pressures are

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Speaker 1: still going to be there. Um, what we need to

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Speaker 1: see is if the core is going to start decelerating

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Speaker 1: a material way that can give us more confidence that

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Speaker 1: we will see inflation slow further or more materially when

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Speaker 1: we're getting into the end of next year early sorry,

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Speaker 1: end of this year, early next year. But that evans

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Speaker 1: is not there yet, and what we're seeing is that

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Speaker 1: a trend is warming that suggests them for their support.

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Speaker 1: All right, So, Robert, given that inflationary backdrop, give us

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Speaker 1: your assessment of kind of where the FED is right

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Speaker 1: now in terms of their actions and kind of how

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Speaker 1: you think that might play off for the remainder of

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Speaker 1: the year. Yeah. Well, this is clearly a FED that

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Speaker 1: is taking inflation much more seriously and has undergone a

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Speaker 1: very hawkers shift in recent months as a result, and

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Speaker 1: we're expecting the Fed to deliver on more hawk is expectations.

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Speaker 1: We're expecting a fifty basis point rate hike from the

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Speaker 1: Fed at them May meeting. We're expecting another fifty basis

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Speaker 1: point rate hike at the June meeting. All the while

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Speaker 1: policymakers have given us an indication that the balance sheet

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Speaker 1: runoff is likely to begin. We think that announcement comes

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Speaker 1: in May. We just learned in the minutes last week

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Speaker 1: that will likely occur at a pace of a billion

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Speaker 1: dollars per month. So that's a lot of policy tightening

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Speaker 1: coming in the pipeline. And there are a number of

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Speaker 1: important things that we learned in the FMC minutes last week,

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Speaker 1: particularly around policymakers preferences for tightening policy expeditiously more our

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Speaker 1: favoring fifty basis point rate hikes, and coming back to

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Speaker 1: the inflation data, that's going to be the key guide.

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Speaker 1: We do think it will get to in May and June.

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Speaker 1: What does the policy path look like thereafter? It remains

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Speaker 1: data dependent, and so if inflation does not pull back materially,

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Speaker 1: we should expect the Fed to continue to pursue a

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Speaker 1: more hawkish policies down all right, So back to back

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Speaker 1: fifty basis point hikes. And for those wondering, there's no

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Speaker 1: April meeting for the Fed. They skip it maybe because

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Speaker 1: of Easter, I don't know, but their next meeting is May.

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Speaker 1: F earth Um Robert talked to me about, you know,

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Speaker 1: Paul said, isn't everyone but no, Um, Wall Street is

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Speaker 1: one example of a place where everyone doesn't get a trophy.

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Speaker 1: There's one winner. You are in participation, UM, So talk

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Speaker 1: to us about your process. You know what, what do

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Speaker 1: you think is different about your process that allows you

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Speaker 1: to forecast more accurately. Well, I think it's been continuously

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Speaker 1: the case as we moved through UH this recovery and

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Speaker 1: as we're moving for this expansion. We really have to

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Speaker 1: get into the leads. There's a lot of specific drivers

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Speaker 1: moving at the sector level. So for Morgan Stanley research

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Speaker 1: about the collaborative process, we get to hear very smart

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Speaker 1: things from analysts who are experts in the oil sector

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Speaker 1: who know what's going on with cathex, same thing with

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Speaker 1: the auto sector and so on. So that collaboration really

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Speaker 1: plays a big role in the forecasting process. And then

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Speaker 1: also you know, keeping a very close eye on the models. UH,

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Speaker 1: there have been a lot of surprises. That is clearly

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Speaker 1: what Kapta fed by surprise coming into this year is

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Speaker 1: the models would have predicted transitory inflation. We have to

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Speaker 1: be constantly questioning what the models are saying and understanding

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Speaker 1: what the output means in the context of a very

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Speaker 1: fast moving economic backdrop. So this is a real interesting

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Speaker 1: point for me. Robert, is Morgan Stanley back in your office.

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Speaker 1: Now we are back in the office, and you know,

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Speaker 1: talk about collaboration. Nothing like seeing people face to face

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Speaker 1: feels really good. That's interesting. So yeah, it's intertionally a

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Speaker 1: lot of different companies trying to come to grip soths.

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Speaker 1: I always like that, let me get somebody on and see, hey,

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Speaker 1: are you guys actually in the office. Are you working remotely?

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Speaker 1: And Matt and I are here in your office. Yeah,

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Speaker 1: but Robert won the trophy when people were home. The

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Speaker 1: only trophy HEAT cares about his Institutional Investor magazine. That

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Speaker 1: is the one that South Side really cares about. Not

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Speaker 1: as much as in the old days, but still I

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Speaker 1: think it's pretty important. Robert Rosener, executive Director, Senior us

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Speaker 1: E commers from Morgan Stanley, working from the office, expecting

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Speaker 1: fifty basis points rise from Federal Reserve over the next

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Speaker 1: two meetings. Tracy mcmillians she's had of a global asset

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Speaker 1: allocation strategy Wells Fargo and co graduate of William and

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Speaker 1: Mary Rick. Down the road from my University of Richmond,

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Speaker 1: UH Spider's nice little rivalry going there. Tracy, We're gonna

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Speaker 1: have some CPI data tomorrow. It's going to be an

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Speaker 1: ugly read. What's your inflation call? Yeah, so we're definitely

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Speaker 1: seeing a perfect storm of inflationary pressures, and you know,

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Speaker 1: we do think we're going to see an AID handle

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Speaker 1: on this CPI headline number tomorrow. So as you said,

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Speaker 1: the numbers are going to be ugly this week. We've

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Speaker 1: got CPI, we've got PPI coming out. But inflation we

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Speaker 1: think is probably near its high for the cycle. Our

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Speaker 1: commodities analysts always says that the cure for high prices

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Speaker 1: as high prices, and you know, we don't see things

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Speaker 1: like oil spiking higher at this point, but trading in

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Speaker 1: a really broad range with some potential upside as we

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Speaker 1: go into the end of the year, and you know,

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Speaker 1: other commodities probably choppy too, so they really impact headline

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Speaker 1: inflation um. But we're also seeing you know, at this

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Speaker 1: point shut downs in China and by shortages from that

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Speaker 1: and all of that we think keeps inflation elevated. But again,

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Speaker 1: you know, here in the eight um we're probably towards

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Speaker 1: the top for this cycle. How difficult is it to

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Speaker 1: factor in geopolitical risk and issues when you're looking at

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Speaker 1: these markets, Tracy, because of course, you know, last year

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Speaker 1: this time, you wouldn't have known that we're going to

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Speaker 1: have this sort of extra crimp in the supply chain,

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Speaker 1: extra boost to inflation of Russia invading Ukraine, and for

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Speaker 1: all we know, you know, next year we could be

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Speaker 1: looking at a bigger problem around China. Yeah, absolutely, And

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Speaker 1: you know it's it's really um, these unexpected events that

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Speaker 1: happened to market that cause the kind of uh, you know,

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Speaker 1: volatility that we tend to see uh in market cycles.

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Speaker 1: And you know, this time around, um, we not only

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Speaker 1: had COVID kind of ending and instella. Instead of you know,

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Speaker 1: celebrating the reopening from COVID, now we are lamenting a

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Speaker 1: war in Europe and looking at the market impacts of

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Speaker 1: that conflict because exports from Russia and Ukraine have caused

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Speaker 1: additional supply shocks in addition to the ones that we

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Speaker 1: were already seeing. So we had to you know, increase

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Speaker 1: our inflation expectation, we had to pull back on our

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Speaker 1: growth numbers, and you know, unfortunately commodities don't really clear quickly.

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Speaker 1: And this war is you know adding additional supply talks,

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Speaker 1: shocks to commodities, so they all ramp nail to inflation.

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Speaker 1: UM has been lengthened, and the Federal Reserve is ramping

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Speaker 1: up its policy response. So all of that is something

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Speaker 1: that markets have had to recalibrate really and just the

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Speaker 1: last three months. So do you expect tracy that this

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Speaker 1: Fed Reserve will raise interestrates fifty basis points maybe over

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Speaker 1: the next two meetings. Do you think they'll be that aggressive? Yeah,

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Speaker 1: we do. We think they're preparing markets for a really

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Speaker 1: tough inflation fight. And they told us that they're going

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Speaker 1: to do what it takes UM to you know, quell inflation,

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Speaker 1: and their frontloading these hikes. So we do think that

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Speaker 1: means probably fifty basis points in May, probably another fifty

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Speaker 1: basis points in June. And they're also going to be

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Speaker 1: implementing quantitative typening. That's another tool in their tool kit.

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Speaker 1: They're they're using UM and they're bringing that to the

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Speaker 1: four very quickly as well. UM. So a job of

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Speaker 1: orchestrating a soft landing is going to be really tough.

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Speaker 1: We've only utilized quantitative tightening once before, and it was

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Speaker 1: to a much lesser degree. And it ended shortly after

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Speaker 1: it started. So you know, the set is now using

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Speaker 1: both rate increases and quantitative tightening to get inflation under control,

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Speaker 1: and we think that's going to be a headwind market.

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Speaker 1: So where do you hide? Yeah, yeah, yeah, it's so

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Speaker 1: really investors are are asking that question, and you know,

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Speaker 1: looking across different outset classes, we're seeing a fairly steady

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Speaker 1: move out of equities, but not a run for the adfits.

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Speaker 1: And we're not suggesting running for the exits and equities, um.

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Speaker 1: We are suggesting moving back towards neutral strategic allocations. So

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Speaker 1: that means holding some equities but not being over risked.

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Speaker 1: It means being diversified inequities and moving away from higher

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Speaker 1: beta equities like emerging markets and small caps and adding

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Speaker 1: to UH fixed income from maybe you know, the higher

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Speaker 1: beta equities. And for there we would say, look at

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Speaker 1: the intermediate part of the curve. With ten years at

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Speaker 1: two point seven percent, that's starting to look more attractive,

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Speaker 1: certainly more so than we've seen in a couple of years.

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Speaker 1: All Right, Tracy, great stuff, as always, Tracy McMillian, head

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Speaker 1: of Global asset Allocation Strategy for Wells Fargo. I think

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Speaker 1: Tracy's based in Winston Salem, the home of wake Forest University. UM,

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Speaker 1: part of all those great colleges down in the great

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Speaker 1: state of North Carolina. So we have U n C.

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Speaker 1: We have a little place called Duke, NC State, you

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Speaker 1: got Wake Forest, you got basically the Atlantic Coast Conference,

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Speaker 1: basically all located within an hour of each other. But

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Speaker 1: you've got to go to the Midwest to find a

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Speaker 1: basketball champion. Will please? All right, Let's bring in a

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Speaker 1: professional here because we want to talk cyber security here.

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Speaker 1: Bob Kulaski, Senior VP for Exeter. Bob, we have a

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Speaker 1: hot war in Ukraine. I think about cyber aspects to that.

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Speaker 1: What have you noticed in terms of maybe some of

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Speaker 1: the activity over there and what risk it may pose

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Speaker 1: to some Western countries? Sure? Great to be with you, UM,

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Speaker 1: I mean I think the first thing I would take

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Speaker 1: away is cyber that fully integrated into a war plan here.

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Speaker 1: And for Russia, UM, we've seen their attacks not be

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Speaker 1: cyber specifics as much as cyber being part of their

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Speaker 1: overall campaign too. You know, you legitimately go after Ukraine

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Speaker 1: and the Ukrainian people, and so that means their attacks

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Speaker 1: have been somewhat strategic just going after communications infrastructure, um

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Speaker 1: which is intentional to hurt the Ukrainian military commander control

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Speaker 1: things like that, as well as things against the electric

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Speaker 1: gride in the financial sector, which just cause more inconvenient

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Speaker 1: for you know, the people, and you know, to help

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Speaker 1: the Russians achieve their war rings. And then you throw

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Speaker 1: that in with some disinformation and using cyber to get

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Speaker 1: access to credentials for Ukrainian military leaders, people involved in

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Speaker 1: creating military and um post i legitimate things on social

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Speaker 1: media sites. So it's an attack on credential spear fishy

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Speaker 1: to then get access to so confusion. So you know,

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Speaker 1: unfortunately the cyber's part of an overall hybrid effort the

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Speaker 1: Russian government. But Bob, what can we do in terms

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Speaker 1: of retaliatory attacks? Does the US engage in that sort

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Speaker 1: of um, I guess warfare? Do we engage in cyber warfare?

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Speaker 1: Will we hit back that way? So, I mean, when

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Speaker 1: you put in the contents of warfare, you know, we're

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Speaker 1: still largely following our own strategic participation in conflicts, so

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Speaker 1: you're not going to see US actively attacking. It's committing

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Speaker 1: an offensive cyber operations that would be thought of as warfare.

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Speaker 1: But do we have a setup like that we have

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Speaker 1: ability to cause harm in Russia and particularly to cause

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Speaker 1: harm and introduce friction into the operation to cyber operational

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Speaker 1: system of parts of the Russian government. And uh, you know,

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Speaker 1: obviously the administration is somewhat the circumspect of when that's used.

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Speaker 1: You know that that authority has been given to the

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Speaker 1: Secretary Defense and been been to cyber calm to go

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Speaker 1: offensive if it's part of our overall strategic efforts. So

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Speaker 1: who Bob, who who kind of runs our cyber I

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Speaker 1: guess security issues from a military perspective is that part

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Speaker 1: of the Department of Defense is at the n s A.

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Speaker 1: Where does it really lie that responsibility? So, you know,

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Speaker 1: the administration under the Trump administration gave authorities to the

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Speaker 1: Secretary of Defense, which in the operational command is the

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Speaker 1: cyber Command, which is a link with the National Security Agency.

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Speaker 1: And actually the White House right now is undertaking a

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Speaker 1: policy review about you know, what authorities should lie with

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Speaker 1: the Secretary of Defense and where the where the White

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Speaker 1: House its health the National Security Council should be um

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Speaker 1: involved in making off at the cyber decisions. And you

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Speaker 1: know that's the question that the show she's going to

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Speaker 1: be looking at is Yeah, are you giving too many

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Speaker 1: authorities to the commission closer to the command and you

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Speaker 1: know that a personal argument that happens in military operations. Interesting. Interesting,

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Speaker 1: all right, Bob Colaski, thanks so much for joining us.

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Speaker 1: Bob Carloski, Senior VP for Exeter. I'm talking about cybersecurity

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Speaker 1: in a time of you know, a hot war in

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Speaker 1: your has to raise um, you know, the awareness presumably

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Speaker 1: of Western countries. All right, let's talk about supply chains.

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Speaker 1: I'm gonna talk about supply chains as it relates to food.

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Speaker 1: We're definitely seeing issues there that includes the in the

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Speaker 1: seafood business. Our next guest is doing something about it,

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Speaker 1: Sylvia Wolf exactly of director, president and CEO of Aqua

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Speaker 1: Bounty Technologies. It's kind of like a it's a public

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Speaker 1: trade of stock on and now that kind of a

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Speaker 1: biotechnology company. So if you thanks so much for joining

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Speaker 1: us here. What if you could just start us off

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Speaker 1: by just describing what Aqua Bounties is and kind of

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Speaker 1: what what what what your strategy is? Thanks for having

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Speaker 1: me absolutely. Aquabunty Technologies has two facets to our business.

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Speaker 1: The first is we are the first genetically engineered animal

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Speaker 1: that was approved for food use, and it's our genetically

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Speaker 1: engineered salmon. And so the two components to our business

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Speaker 1: are the fact that we actually farm in a land based,

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Speaker 1: recirculating aquaculture system, which means we are under roof bio secure.

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Speaker 1: And then the other part of our business that we

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Speaker 1: think is unique is the fact that we have a

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Speaker 1: significant expertise in biotechnology. And what I mean by that

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Speaker 1: is selective breeding, gene editing, genetic engineering, as well as

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Speaker 1: thinking about fish health and nutrition. So that's what we do.

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Speaker 1: So I was about to say I love salmon, but

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Speaker 1: then I realized that everyone loves I don't love salmon.

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Speaker 1: I'm really yeah, no salmon here. I see, I'm not.

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Speaker 1: I'm not even a fish guy, but I love salmon.

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Speaker 1: And I always wonder about, um, you know, should I

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Speaker 1: buy the farm stuff? Should I go? I feel like

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Speaker 1: I'm splurging if I go for a freshwater uh salmon um?

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Speaker 1: Is it as good? Sylvia? I know you're biased, but

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Speaker 1: I'm gonna go and eat your product, and then I'm

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Speaker 1: gonna come back and give my verdict. Is it does

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Speaker 1: it taste as good as the wild stuff? It tastes.

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Speaker 1: It depends on what how you define good. And what

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Speaker 1: I mean by that is we have a slightly milder

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Speaker 1: flavor than a wild caught salmon, which is what you're describing.

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Speaker 1: But the majority of the salmon that we eat in

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Speaker 1: this country is quite frankly um farms. You know of

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Speaker 1: the salmon that's available in the US as farm salmon,

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Speaker 1: and it's all imported until we build farm is like

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Speaker 1: the one that we're currently operating in Indiana are constructing

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Speaker 1: in Ohio. Your choices are imports, and so wild cod

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Speaker 1: is seasonal. You know, there are quotas involved, but it's

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Speaker 1: it does taste slightly different than a farm variety. I mean,

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Speaker 1: I think I probably, now that I think about it,

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Speaker 1: I tend to eat farmed salmon from Scotland. Farmed in

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Speaker 1: in Scotland. If I'm Glenlocks, I think is what it's called.

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Speaker 1: But I would much prefer to eat a salmon from

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Speaker 1: the Great State of Ohio. Everything tastes better when it

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Speaker 1: comes from Ohio. What do you feed them? Do you

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Speaker 1: feed them corn? We feed them a very strict diet

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Speaker 1: that's been constructed for their life stage, and we buy

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Speaker 1: our feet, our salmon feed from the largest feed producers

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Speaker 1: in the world, and they feed all farm salmon, but

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Speaker 1: they've constructed a feed that is specific to the environment

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Speaker 1: where we raise our salmon, which is under as I said,

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Speaker 1: and there's a big tank farm um. And so you

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Speaker 1: know salmon are curnivorous, so there's fish meal, fish oil,

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Speaker 1: and a lot of protein which typically comes from soy

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Speaker 1: in their feed formulation. So we've seen inflation, uh, Sylvia

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Speaker 1: all over this economy. How has it affected your business?

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Speaker 1: You know it's affected us because obviously feed prices are rising. Um,

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Speaker 1: we've all seen what happened with agricultural commodities, soy being

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Speaker 1: no different than any other agricultural commodity. So we've seen

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Speaker 1: increases in feed pricing. But the I think one of

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Speaker 1: the benefits of the way that we farm is we

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Speaker 1: are not subject to a lot of the variability that

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Speaker 1: say netpen farmers are subject to because we farm near consumption.

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Speaker 1: So we don't have the inflation with air freight. So

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Speaker 1: you're salmon, for example, from salmon is air freighted into

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Speaker 1: the country, and we know that there's now limited capacity,

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Speaker 1: fuel prices are increasing, etcetera. So UM, the way that

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Speaker 1: we farm allows us to control those costs and actually

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Speaker 1: produce close to consumption. So where we've seen inflation is

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Speaker 1: primarily in feed. UM we're talking to Sylvia Wolf, I'll

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Speaker 1: just bring anyone up to speed. Is just tuning in

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Speaker 1: from Aqua Bounty technologies. They have genetically engineered salmon that

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Speaker 1: they're going to be growing in Ohio and some other state.

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Speaker 1: UM and you have tremendous experience in this UM industry.

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Speaker 1: You've been at Sarah Lee and Pillsbury, You've been at

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Speaker 1: UM Tyson Foods and a number of for example, the

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Speaker 1: National Fisheries Institute where you're UH committee member. UM is

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Speaker 1: this is Aqua Bounty like a big E. S G move.

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Speaker 1: Are you doing kind of the right thing for the

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Speaker 1: climate for the world at Aqua Bounty? We believe so,

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Speaker 1: and and we think about it from two perspectives. Salmon

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Speaker 1: is a very healthy, nutritious protein and providing that and

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Speaker 1: to a road are part of our population and actually

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Speaker 1: looking to feed the world globally, We're gonna need new

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Speaker 1: protein sources. So we think that feeding the world is

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Speaker 1: definitely something that we want to do, but we want

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Speaker 1: to do it in a safe, secure, and sustainable way.

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Speaker 1: So if you think about the way we farm, there's

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Speaker 1: two aspects to our fish and the way that we farm. First,

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Speaker 1: we recirculate the water um, so we think that we

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Speaker 1: use you know, we're judicious about our use of a

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Speaker 1: natural resource. And then our fish, the benefit of the

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Speaker 1: genetic engineering is twofold. The first is that they grow

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Speaker 1: faster than a conventional salm, and so we're able to

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Speaker 1: put more throughput through the farm um with that, so

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Speaker 1: for less resources in the same capital investment. But just

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Speaker 1: as importantly, our fish are actually incredibly efficient in the

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Speaker 1: way that they turn feed into biomass, so they actually

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Speaker 1: require less than a pound of feed to put on

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Speaker 1: a pound of weight. And that's another way of looking

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Speaker 1: at how we use our natural resources. So we think

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Speaker 1: that we're positioned very well for what's going on around

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Speaker 1: me right now. And I was just thinking of over fishing,

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Speaker 1: which is one of the biggest problems. I was throwing

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Speaker 1: you an alley oop, you know, dunk it, Yes, okay,

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Speaker 1: So we again you know, takes the pressure off the oceans,

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Speaker 1: um net pen farming, you know, there's environmental impact with that.

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Speaker 1: And then when you think about wild salmon, that's really

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Speaker 1: about quotas and protecting wild coop populations and so land

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Speaker 1: based farming we believe is going to be a significant

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Speaker 1: part of filling the gap for for our healthy, nutritious

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Speaker 1: protein because it's good stuff there so Via Wolf, Executive Director,

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Speaker 1: president CEO of Aqua Bounties Technology. Thanks for listening to

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Speaker 1: the Bloomberg Markets podcast. You can subscribe and listen to

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Speaker 1: interviews with Apple Podcasts or whatever podcast platform you prefer.

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Speaker 1: I'm Matt Miller. I'm on Twitter at Matt Miller, pen

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Speaker 1: on false swheey, I'm on Twitter at pt Sweeney. Before

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Speaker 1: the podcast, you can always catch us worldwide at Bloomberg Radio.

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Speaker 1: M