1
00:00:02,520 --> 00:00:15,960
Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

2
00:00:14,160 --> 00:00:19,400
Speaker 2: Single best idea and a little background here. In each firm,

3
00:00:19,880 --> 00:00:23,000
Speaker 2: there's basically two sides. In the old old phrase is

4
00:00:23,040 --> 00:00:25,920
Speaker 2: there's a Chinese wall between them. You don't hear that

5
00:00:25,960 --> 00:00:30,520
Speaker 2: phrase anymore because of the sensitivities of our society. But

6
00:00:30,640 --> 00:00:33,319
Speaker 2: the Chinese wall is still a wall. So maybe it's

7
00:00:33,360 --> 00:00:36,600
Speaker 2: a big, big brick wall. And when you have investment

8
00:00:36,680 --> 00:00:40,480
Speaker 2: banking and you have an initial public offering where you're

9
00:00:40,640 --> 00:00:45,680
Speaker 2: selling shares of the public, research and management really can't

10
00:00:45,880 --> 00:00:50,080
Speaker 2: talk about a specific deal. So I have Lisia Shaladan

11
00:00:50,159 --> 00:00:53,599
Speaker 2: today Morgan Stanley Wealth Management, and I know and she

12
00:00:53,760 --> 00:00:57,680
Speaker 2: knows it's really rude of me to ask a question about, say,

13
00:00:57,720 --> 00:01:01,120
Speaker 2: a small Elon Musk company called Space. So the way

14
00:01:01,160 --> 00:01:05,640
Speaker 2: we frame this was to say to Lisa Shalott, the

15
00:01:06,120 --> 00:01:10,280
Speaker 2: IPOs that are coming in, now, what's it mean? As

16
00:01:10,319 --> 00:01:13,680
Speaker 2: announced last night that they have to play by the

17
00:01:13,720 --> 00:01:18,120
Speaker 2: index rules. Lisa Shalott class act from Morgan Stanley.

18
00:01:18,400 --> 00:01:24,039
Speaker 3: I was extraordinarily cheered by the S and P five

19
00:01:24,120 --> 00:01:29,000
Speaker 3: hundred index decision. I think it maintains, you know, quote

20
00:01:29,040 --> 00:01:32,120
Speaker 3: unquote the rules of the game. I think it maintains

21
00:01:32,120 --> 00:01:36,119
Speaker 3: the integrity of that index, given how important it is

22
00:01:36,480 --> 00:01:41,600
Speaker 3: to the fundamental foundational integrity of retirement savings, and so,

23
00:01:42,040 --> 00:01:46,280
Speaker 3: you know, I think having rules sticking to them is

24
00:01:47,200 --> 00:01:51,240
Speaker 3: you know, part of what makes American capital markets, you know,

25
00:01:51,360 --> 00:01:55,320
Speaker 3: so prized around the world. And I was very happy

26
00:01:55,520 --> 00:01:56,960
Speaker 3: with with with that decision.

27
00:01:57,120 --> 00:02:00,760
Speaker 2: Lisa Shallatt driving all the leadership and men of Morgan

28
00:02:00,800 --> 00:02:05,120
Speaker 2: Stanley Wealth Management, it was Job's day. We were so

29
00:02:05,320 --> 00:02:09,560
Speaker 2: fortunate after that big number, the big move yields, higher price,

30
00:02:09,639 --> 00:02:13,480
Speaker 2: lower equities, trading off dollars, stronger yen, weaker through one

31
00:02:13,919 --> 00:02:17,800
Speaker 2: sixty to have with us. Francis Donald of URBC Capital

32
00:02:17,840 --> 00:02:20,880
Speaker 2: Markets her interpretation of this key report.

33
00:02:21,200 --> 00:02:24,520
Speaker 1: There are so many interesting stories within this May job

34
00:02:24,520 --> 00:02:28,480
Speaker 1: report that are really synonymous with other trends that we're seeing. So,

35
00:02:28,600 --> 00:02:33,120
Speaker 1: for example, there's some cyclical momentum forming underneath. The gains

36
00:02:33,160 --> 00:02:36,119
Speaker 1: that we saw today were pretty broad across all the sectors,

37
00:02:36,440 --> 00:02:40,799
Speaker 1: not just about healthcare. There are signs the consumer is okay.

38
00:02:40,880 --> 00:02:43,919
Speaker 1: So leisure and hospitality having a big number. We watched

39
00:02:43,960 --> 00:02:46,640
Speaker 1: that not because we're trying to forecast the next leisure

40
00:02:46,680 --> 00:02:48,600
Speaker 1: and hospitality number, but because we want to know what

41
00:02:48,639 --> 00:02:53,680
Speaker 1: the consumer's doing. We're looking for evidence of tariffs impacting

42
00:02:53,720 --> 00:02:56,399
Speaker 1: the job market, and so far that seems okay as well.

43
00:02:56,440 --> 00:03:00,200
Speaker 1: Looks like businesses are passing on those price pressures or

44
00:03:00,200 --> 00:03:03,240
Speaker 1: the inflation channel, not through the jobs channel. And we

45
00:03:03,280 --> 00:03:06,440
Speaker 1: still got a hearty support from those healthcare added jobs.

46
00:03:06,440 --> 00:03:08,760
Speaker 1: So when I put that story together, you know, for

47
00:03:08,800 --> 00:03:11,400
Speaker 1: a long time, the goal of the economist was to

48
00:03:11,480 --> 00:03:14,080
Speaker 1: get that non farm payroll number right. You know, you

49
00:03:14,160 --> 00:03:16,640
Speaker 1: were sort of measured by how well you could forecast that.

50
00:03:16,960 --> 00:03:18,560
Speaker 1: I don't know if it's just because I'm getting older,

51
00:03:18,560 --> 00:03:20,639
Speaker 1: but now I use the NFP number to help me

52
00:03:20,680 --> 00:03:22,519
Speaker 1: forecast where the economy is going to be in six

53
00:03:22,520 --> 00:03:24,919
Speaker 1: to twelve months. And when I do that, it tells

54
00:03:24,960 --> 00:03:26,640
Speaker 1: me that our view that we're going to come in

55
00:03:26,720 --> 00:03:29,400
Speaker 1: around two percent growth this year is right on track.

56
00:03:29,639 --> 00:03:33,919
Speaker 2: Francis Donald of RBC, there really a game changing jobs

57
00:03:33,960 --> 00:03:36,960
Speaker 2: report today at the headline that came out during the

58
00:03:37,000 --> 00:03:41,360
Speaker 2: show after the report that the futures market, the betting industry,

59
00:03:41,360 --> 00:03:43,800
Speaker 2: if you will, in the FED looks for a rate

60
00:03:44,400 --> 00:03:50,240
Speaker 2: increase sometime here into two thousand twenty six. We're on Apple,

61
00:03:50,240 --> 00:03:59,920
Speaker 2: We're on Spotify and YouTube, podcasts, single Best Idea

62
00:04:02,120 --> 00:04:02,400
Speaker 3: Seven,