Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: Single best idea and a little background here. In each firm,
Speaker 2: there's basically two sides. In the old old phrase is
Speaker 2: there's a Chinese wall between them. You don't hear that
Speaker 2: phrase anymore because of the sensitivities of our society. But
Speaker 2: the Chinese wall is still a wall. So maybe it's
Speaker 2: a big, big brick wall. And when you have investment
Speaker 2: banking and you have an initial public offering where you're
Speaker 2: selling shares of the public, research and management really can't
Speaker 2: talk about a specific deal. So I have Lisia Shaladan
Speaker 2: today Morgan Stanley Wealth Management, and I know and she
Speaker 2: knows it's really rude of me to ask a question about, say,
Speaker 2: a small Elon Musk company called Space. So the way
Speaker 2: we frame this was to say to Lisa Shalott, the
Speaker 2: IPOs that are coming in, now, what's it mean? As
Speaker 2: announced last night that they have to play by the
Speaker 2: index rules. Lisa Shalott class act from Morgan Stanley.
Speaker 3: I was extraordinarily cheered by the S and P five
Speaker 3: hundred index decision. I think it maintains, you know, quote
Speaker 3: unquote the rules of the game. I think it maintains
Speaker 3: the integrity of that index, given how important it is
Speaker 3: to the fundamental foundational integrity of retirement savings, and so,
Speaker 3: you know, I think having rules sticking to them is
Speaker 3: you know, part of what makes American capital markets, you know,
Speaker 3: so prized around the world. And I was very happy
Speaker 3: with with with that decision.
Speaker 2: Lisa Shallatt driving all the leadership and men of Morgan
Speaker 2: Stanley Wealth Management, it was Job's day. We were so
Speaker 2: fortunate after that big number, the big move yields, higher price,
Speaker 2: lower equities, trading off dollars, stronger yen, weaker through one
Speaker 2: sixty to have with us. Francis Donald of URBC Capital
Speaker 2: Markets her interpretation of this key report.
Speaker 1: There are so many interesting stories within this May job
Speaker 1: report that are really synonymous with other trends that we're seeing. So,
Speaker 1: for example, there's some cyclical momentum forming underneath. The gains
Speaker 1: that we saw today were pretty broad across all the sectors,
Speaker 1: not just about healthcare. There are signs the consumer is okay.
Speaker 1: So leisure and hospitality having a big number. We watched
Speaker 1: that not because we're trying to forecast the next leisure
Speaker 1: and hospitality number, but because we want to know what
Speaker 1: the consumer's doing. We're looking for evidence of tariffs impacting
Speaker 1: the job market, and so far that seems okay as well.
Speaker 1: Looks like businesses are passing on those price pressures or
Speaker 1: the inflation channel, not through the jobs channel. And we
Speaker 1: still got a hearty support from those healthcare added jobs.
Speaker 1: So when I put that story together, you know, for
Speaker 1: a long time, the goal of the economist was to
Speaker 1: get that non farm payroll number right. You know, you
Speaker 1: were sort of measured by how well you could forecast that.
Speaker 1: I don't know if it's just because I'm getting older,
Speaker 1: but now I use the NFP number to help me
Speaker 1: forecast where the economy is going to be in six
Speaker 1: to twelve months. And when I do that, it tells
Speaker 1: me that our view that we're going to come in
Speaker 1: around two percent growth this year is right on track.
Speaker 2: Francis Donald of RBC, there really a game changing jobs
Speaker 2: report today at the headline that came out during the
Speaker 2: show after the report that the futures market, the betting industry,
Speaker 2: if you will, in the FED looks for a rate
Speaker 2: increase sometime here into two thousand twenty six. We're on Apple,
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Speaker 3: Seven,