WEBVTT - Shutdown Averted; Stocks at Record Highs

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan

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<v Speaker 1>Hager and I'm Karen Moscow. Here are the stories we're

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<v Speaker 1>following today.

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<v Speaker 2>We begin in Washington, where Congress has kept the lights

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<v Speaker 2>on again.

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<v Speaker 3>I'm happy to inform the American people there will be

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<v Speaker 3>no government shutdown on Friday.

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<v Speaker 2>Senate Majority Leader Chuck Schumer is celebrating after the Senate

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<v Speaker 2>passed a temporary spending bill last night that keeps some

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<v Speaker 2>parts of the government open until March eighth and the

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<v Speaker 2>rest through March twenty second. Bloomberg's Eric Wasson has more

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<v Speaker 2>details from Washington.

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<v Speaker 4>Behind the scenes, there's also sort of an agreement on

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<v Speaker 4>a six bill package full year funding for about twenty

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<v Speaker 4>seven percent of agency spending. We're exciting to see that

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<v Speaker 4>release sometime this weekend, probably on Sunday.

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<v Speaker 2>Bloomberg's Eric Wasson reports Republicans in the House have been

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<v Speaker 2>told not to expect many victories when those tales come out.

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<v Speaker 2>The temporary spending bill is now headed to the White House,

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<v Speaker 2>where President Biden plans to sign it well.

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<v Speaker 1>Nathan, turning to presidential politics, the border is quickly replacing

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<v Speaker 1>the economy is the most important issues for American voters,

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<v Speaker 1>and Bloomberg's Ed Baxter reports the front runners are paying attention.

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<v Speaker 5>Both President Joe Biden and Donald Trump visiting the border

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<v Speaker 5>two different locations and both blaming each other. Trump at

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<v Speaker 5>Eagles Pass, people.

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<v Speaker 6>From places unknown, from countries unknown, who don't speak languages.

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<v Speaker 6>We have languages coming into a country. We have nobody

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<v Speaker 6>that even speaks those languages. They truly foreign languages. Nobody

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<v Speaker 6>speaks them.

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<v Speaker 7>Biden at Brownsville, folks, So my first day is president

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<v Speaker 7>I introduced to Bill, I sent to Congress a comprehensive

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<v Speaker 7>plan to fix the broken immigration system and to secure

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<v Speaker 7>the border, but no action was taken.

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<v Speaker 5>Trump calling it a Biden invasion, Biden saying the Congress

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<v Speaker 5>and Republicans must act. Ed Baxter Bloomberg Radio, All right, Ed,

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<v Speaker 5>thank you. Now, he turned to the markets where stock

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<v Speaker 5>begin the new month. That record highs. We get more

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<v Speaker 5>from Bloomberg's John Tucker, John and Nathan.

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<v Speaker 8>The S and P five hundredth, the NASDAK, and the

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<v Speaker 8>NASDAK one hundred all ended Thursday session at records. In fact,

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<v Speaker 8>the S and P five hundred so it's fourteenth record

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<v Speaker 8>this year. The NASDAQ one hundred climbed almost one percent,

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<v Speaker 8>with Nvidia leading gains and megacaps. Investor is also encouraged

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<v Speaker 8>that the latest inflation data was not as hot as

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<v Speaker 8>some expected. At Lauren San Philippo at Merrill and Bank

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<v Speaker 8>of America Private Bank thinks stocks can move higher from here.

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<v Speaker 9>There's a lot of things to look forward to. Right

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<v Speaker 9>we have this said pivot that's being priced in. Growth

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<v Speaker 9>is certainly surprising to the upside the Sate Atlanta tracker

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<v Speaker 9>for GDP for this quarter three point two percent, So

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<v Speaker 9>again surprises city upside will certainly matter, and I think

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<v Speaker 9>kerry the market through this year.

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<v Speaker 8>A signed from economic data. The four hundred and eighty

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<v Speaker 8>nine companies of the S and P five hundred that

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<v Speaker 8>have reported earning so far this season, seventy six percent

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<v Speaker 8>have delivered positive earning surprises. A year to date, the

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<v Speaker 8>SCID five and the NASDEK are up around seven percent.

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<v Speaker 8>John Tucker, Bloomberg Radio.

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<v Speaker 1>All right, John, thanks so one stock participating in the

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<v Speaker 1>rally as Dell shares surging twenty two percent. The computer

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<v Speaker 1>hardware company reported fourth quarter results that beat expectations. Analysts

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<v Speaker 1>say demand for artificial intelligence servers is driving momentum well On.

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<v Speaker 2>The flip side, Karen Shares of New York Community Bank

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<v Speaker 2>Corpor Down more than twenty seven percent. The commercial real

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<v Speaker 2>estate lender took a two point four billion dollar hit

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<v Speaker 2>to earnings as it identified weaknesses with its loan review process,

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<v Speaker 2>details from Bloomberg's Charlie Pellett.

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<v Speaker 10>The bank also said it needs more time to file

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<v Speaker 10>its annual report to regulators as it shores up its

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<v Speaker 10>internal controls. In a separate filing, NYCB said quote management

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<v Speaker 10>identified material weaknesses in the company's internal controls related to

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<v Speaker 10>internal loan review resulting from ineffective oversight, risk management, unmonitoring activities.

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<v Speaker 10>The announcement re so drama that erupted at the end

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<v Speaker 10>of January when the bank slashed its dividend and stockpiled

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<v Speaker 10>cash to cover troubled loans in New York. Charlie Pellet,

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<v Speaker 10>Bloomberg Radio and Charlie. The bank's also changing bosses.

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<v Speaker 2>Alessandro Dinelli will become chief executive Officer, effective immediately, succeeding

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<v Speaker 2>Thomas Kangemme Well Nathan.

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<v Speaker 1>While equities overall sit at record highs, it's also been

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<v Speaker 1>quite a run for bitcoin. The cryptocurrency is more than

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<v Speaker 1>forty two percent this year. Demand for the token from

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<v Speaker 1>new US exchange traded funds is helping fuel the rally,

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<v Speaker 1>which saw bitcoin surged over sixty three thousand dollars earlier

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<v Speaker 1>this week, but Michael nova Grants, the CEO of Galaxy

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<v Speaker 1>Digital Holdings, expects a pullback in the near term.

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<v Speaker 2>I would say we've got the very frothy frothy levels,

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<v Speaker 2>and so I wouldn't be surprised to see some correction

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<v Speaker 2>in some consolidation. But I'm very loath to pick a

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<v Speaker 2>Bitcoin high because.

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<v Speaker 10>I really do believe this is price discovery.

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<v Speaker 1>And Galaxy did you, CEO Michael Novagrad, says bitcoin could

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<v Speaker 1>pull back to the mid fifty thousand level before rallying

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<v Speaker 1>to new highs. Looking at Bitcoin right now, it's at

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<v Speaker 1>about sixty two one hundred dollars.

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<v Speaker 2>Turning to the economy, Karen, Despite the Fed's preferred measure

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<v Speaker 2>of inflation rising at its fastest pace in nearly a year,

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<v Speaker 2>more central bankers are talking about rate cuts. San Francisco

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<v Speaker 2>FED president Mary Daily says policymakers are ready to take action.

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<v Speaker 11>We want to avoid holding on all the way to

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<v Speaker 11>two percent. They're putting policy very tight and then cause

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<v Speaker 11>an unnecessary downturn. We are agile, and we're sitting in

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<v Speaker 11>what I call the ready position. We are ready to

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<v Speaker 11>make moves and adjust as the data demand us to do.

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<v Speaker 11>And I think right now the economy and policy are

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<v Speaker 11>in a good place to do that.

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<v Speaker 2>San Francisco Fed chief Mary Daily added she's looking for

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<v Speaker 2>quote a collage of evidence that inflation is moving sustainably lower.

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<v Speaker 2>Daily spoke with David Weston on Bloomberg Wall Street. We

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<v Speaker 2>catch the full conversation today at six pm Wall Street

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<v Speaker 2>time on Bloomberg Radio and television.

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<v Speaker 1>Than over in Europe, big changes are coming at the

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<v Speaker 1>Swiss National Bank. Thomas Jordan is leaving the SMB later

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<v Speaker 1>this year after more than a decade as president. It

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<v Speaker 1>ends an era where his institution was at the heart

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<v Speaker 1>of currency and banking turmoil that rippled around the world.

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<v Speaker 1>Jordan is one of Switzerland's best known a most influential

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<v Speaker 1>public officials. He steered the economy through the Euro Area

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<v Speaker 1>dead crisis, remove the cap on the frank and twenty fifteen,

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<v Speaker 1>and adopted the world's lowest interest rate.

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<v Speaker 2>Moving to Asia, Karen manufacturing activity in China slumped in

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<v Speaker 2>February as factories wrestled with weak demand. Bloomberg Daybreak Asia

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<v Speaker 2>anchor Brian Curtis has more from Hong Kong.

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<v Speaker 12>China's factory activity shrank for a fifth month, the official

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<v Speaker 12>PMI coming in at forty nine point one, slightly better

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<v Speaker 12>than expected but still in contraction that Taishin PMI came

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<v Speaker 12>in stronger at fifty point nine. Surveys elsewhere in Asia

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<v Speaker 12>showed manufacturers cutting output and new orders last month as

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<v Speaker 12>due to subdued customer spending in both domestic and internet

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<v Speaker 12>national markets. Taiwan's PMI edging down to forty eight point six,

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<v Speaker 12>Japan's at forty seven point two in al Kong.

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<v Speaker 13>Brian Curtis, Bloomberg.

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<v Speaker 1>Radio, All right, Brian, thanks so, Bloomberg News has learned

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<v Speaker 1>the World Trade Organization has made progress toward agreements on

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<v Speaker 1>measures to broaden global trade. Sources say a final deal

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<v Speaker 1>on agriculture subsidies, over fishing and tariff free e commerce

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<v Speaker 1>are hinging on the willingness of major economies to make

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<v Speaker 1>last minute concessions.

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<v Speaker 2>So now to take a look at some of the

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<v Speaker 2>other stories making news in New York and around the world,

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<v Speaker 2>and for that we are joined by Bloomberg's Michael Barr.

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<v Speaker 13>Good morning, Michael.

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<v Speaker 14>Good morning, Nathan. There are conflicting reports about yesterday's events

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<v Speaker 14>leading up to the depths of more than one hundred Palestinians,

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<v Speaker 14>according to health officials in northern Gaza, witnesses say Israeli

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<v Speaker 14>soldiers guarding an AID convoy in Gaza City opened fire

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<v Speaker 14>on Palestinians racing to pull food off the trucks. Israel

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<v Speaker 14>says many of the victims were run over by the

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<v Speaker 14>trucks and that troops only opened fire when they felt

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<v Speaker 14>endangered by the crowd. IDF spokesman Peter Lerner.

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<v Speaker 15>A large amount of people were going on the trucks

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<v Speaker 15>and looting them and trampling and crushing one another, and

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<v Speaker 15>indeed many of the people that were injured or wounded

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<v Speaker 15>or even killed were as a result of the truck movement.

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<v Speaker 14>At a Pentagon briefing press Secretary Air Force Major General

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<v Speaker 14>Pat Riders, the Defensive Department has repeatedly stressed to Israel

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<v Speaker 14>the need to minimize civilian casualties.

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<v Speaker 16>We're going to continue to work with partners in the

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<v Speaker 16>region to try to ensure that humanitarian assistants can be

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<v Speaker 16>delivered while at the same time communicating with our Israeli

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<v Speaker 16>partners the importance of taking civilian safety into account.

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<v Speaker 14>Major General Writers says the White House is asking for

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<v Speaker 14>an investigation. Relatives and supporters of Alexi Navolni are bidding

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<v Speaker 14>farewell to the Russian opposition leader. Today, a funeral is

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<v Speaker 14>in southeastern Moscow after his still unexplained death in an

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<v Speaker 14>Arctic peace colony. The first MTA public hearing was held

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<v Speaker 14>last night on congestion pricing in Manhattan. There were comments

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<v Speaker 14>four and against the move to toll drivers who travel

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<v Speaker 14>below sixtieth Street. The hearing is not expected to change much,

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<v Speaker 14>but it was a chance for voices to be heard.

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<v Speaker 14>Many uber and lyft drivers are against the measure. This man,

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<v Speaker 14>who identified himself as a TLC driver, says the MTA

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<v Speaker 14>is a money pit, and he made sure the board

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<v Speaker 14>knew he was in the no column.

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<v Speaker 1>For each and every one of you.

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<v Speaker 5>There is a special place in hell for you.

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<v Speaker 13>Lucifer waits for you.

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<v Speaker 1>He waits for you.

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<v Speaker 14>Then he was escorted out. However, there were others for

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<v Speaker 14>congestion pricing, like this woman who lost her husband and

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<v Speaker 14>says an ambulance was delayed because of traffic.

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<v Speaker 11>None of you want to be in a situation where

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<v Speaker 11>you might have been saved but you died because there

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<v Speaker 11>was too much traffic.

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<v Speaker 14>Audio courtesy of ABC seven and picks eleven Federal agents

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<v Speaker 14>search to properties owned by a top advisor to New

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<v Speaker 14>York City may Eric Adams. The FBI carried out rage

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<v Speaker 14>yesterday had two Bronx addresses, which records show are owned

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<v Speaker 14>by Winnie Greco, a former fundraiser for Adams who now

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<v Speaker 14>serves as his director of Asian Affairs. The purpose of

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<v Speaker 14>the investigation not revealed. Global News twenty four hours a

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<v Speaker 14>day and whenever you want it with Bloomberg News Now,

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<v Speaker 14>Michael Barr, this is Bloomberg.

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<v Speaker 7>Nathan.

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<v Speaker 13>All right, Michael, thank you.

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<v Speaker 2>Time now for the Bloomberg Sports Update, brought to you

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<v Speaker 2>by tri State out are you.

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<v Speaker 13>Good morning, John Stanshawer.

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<v Speaker 3>Good morning, Nathan. Steph Curry has been coming into the

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<v Speaker 3>garden for fifteen years.

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<v Speaker 13>Every time he does.

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<v Speaker 3>Knicks fans can't help but think back to that two

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<v Speaker 3>thousand and nine draft. Nicks had the eighth pick we're

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<v Speaker 3>hoping to take Curry. Golden State took him with the seventh.

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<v Speaker 3>He's gone on to make the most three pointers ever

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<v Speaker 3>win four championships. Curry had it going at MSG last night.

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<v Speaker 17>Step step back, left point three over at show a

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<v Speaker 17>perfecto fifty three forty four and Steph with his four

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<v Speaker 17>to three of the game, He's got seventeen lead back

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<v Speaker 17>to nine one oho seven ago. In the first step

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<v Speaker 17>bounce pass, Draymond goes to Paul Offus great Steph catches

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<v Speaker 17>shoot right wing three as God. This eighth of the game, He's.

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<v Speaker 3>Got thirty one ninety five seven the fan. Curry and

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<v Speaker 3>the Warriors never trailed. Beat the Knicks one ten ninety nine.

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<v Speaker 3>Golden States now one ten to last twelve. The injury

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<v Speaker 3>riddled Knicks have lost eight of the last eleven. At

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<v Speaker 3>Barkley's rare easy win for the Nets, up eighteen in

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<v Speaker 3>the first quarter, they beat Atlanta, won twenty four to

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<v Speaker 3>ninety seven. Cam Johnson scored twenty nine. The Wizard's fiftieth loss,

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<v Speaker 3>thirteenth in a row. Took the Lakers to overtime, fell short.

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<v Speaker 3>Anthony Davis scored forty for La. Celtics will host Dallas tonight.

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<v Speaker 3>Thirty five year old Jeff Peterson, who's been the Nets

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<v Speaker 3>assistant GM named a head up basketball operations in Charlotte.

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<v Speaker 3>The Islanders went to Detroit end of the red winging

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<v Speaker 3>sixty game, winning Street five to three, two goals for

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<v Speaker 3>brock Nelson. The Bruins blew a three nothing leads, still

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<v Speaker 3>beat Vegas five to four. College hoops Rutgers by thirty

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<v Speaker 3>over Michigan. In Iowa, Caitlyn Clark announced she's going pro

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<v Speaker 3>when the season ends.

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<v Speaker 13>Hardly a surprise.

0:11:56.120 --> 0:11:58.359
<v Speaker 3>She's played four years did have a year of eligibility

0:11:58.400 --> 0:12:01.040
<v Speaker 3>left due to COVID. Clark already the leading score in

0:12:01.160 --> 0:12:03.720
<v Speaker 3>NCAA and all of women's basketball history, and about to

0:12:03.720 --> 0:12:06.480
<v Speaker 3>go past Pete Maravich and have the most points men

0:12:06.600 --> 0:12:09.719
<v Speaker 3>or women. She'll almost certainly be taken first overall by

0:12:09.720 --> 0:12:13.080
<v Speaker 3>Indiana in the WNBA draft. Yankees and Marlins played an

0:12:13.120 --> 0:12:14.680
<v Speaker 3>exhibition game in Tampa.

0:12:15.080 --> 0:12:18.320
<v Speaker 13>The game ended scoreless. Josh stashie that we're Bloomberg's sport, Nathan,

0:12:18.520 --> 0:12:20.600
<v Speaker 13>Thank you, John. Now let's get right back to this market.

0:12:20.640 --> 0:12:23.000
<v Speaker 2>Closing out the week entering a new trading month at

0:12:23.000 --> 0:12:25.559
<v Speaker 2>the S and P five hundred and Nasdaq one hundred,

0:12:25.600 --> 0:12:28.720
<v Speaker 2>both at all time high. So what should we be

0:12:28.800 --> 0:12:31.400
<v Speaker 2>waiting as we round out the quarter. Let's bring in

0:12:31.520 --> 0:12:35.600
<v Speaker 2>Daniel Morris, chief market strategists at BNP Pariba. Daniel, thanks

0:12:35.640 --> 0:12:38.240
<v Speaker 2>for being with us. Does this market look toppy to you?

0:12:38.320 --> 0:12:39.600
<v Speaker 2>Does the rally have more to go?

0:12:40.040 --> 0:12:42.319
<v Speaker 13>Where do you see the momentum?

0:12:42.720 --> 0:12:45.640
<v Speaker 18>Well, certainly one thing you would be looking at if

0:12:45.640 --> 0:12:48.680
<v Speaker 18>you're trying to make that assessment and valuations given the

0:12:48.760 --> 0:12:51.640
<v Speaker 18>run that we've had. But I think thecouraging news is

0:12:51.679 --> 0:12:55.200
<v Speaker 18>that certain evaluations are higher than average. But given an

0:12:55.200 --> 0:12:58.400
<v Speaker 18>earnings growth that we've seen, given the strength of US

0:12:58.440 --> 0:13:02.000
<v Speaker 18>economic growth that we've had, seems perfectly reasonable and certainly

0:13:02.000 --> 0:13:04.520
<v Speaker 18>compared to other parts of the world. You know, we

0:13:04.720 --> 0:13:07.280
<v Speaker 18>Europe is struggling, in Japan was in recession in the

0:13:07.360 --> 0:13:10.680
<v Speaker 18>last quarter. The latest Chinese data was disappointing, so you

0:13:10.760 --> 0:13:13.440
<v Speaker 18>kind of running out of growth areas and so you

0:13:13.520 --> 0:13:15.559
<v Speaker 18>turn into the US and that's reflected in the market.

0:13:16.000 --> 0:13:19.120
<v Speaker 2>Now those valuations looking good to you across the market?

0:13:19.200 --> 0:13:22.280
<v Speaker 2>Or is it just in those AI stocks that we

0:13:22.600 --> 0:13:24.439
<v Speaker 2>focus so much on these days.

0:13:25.360 --> 0:13:28.800
<v Speaker 18>Well it's not the only Perhaps the interesting comparison is

0:13:28.840 --> 0:13:32.040
<v Speaker 18>if you take say NAOSAQ one hundred and then look

0:13:32.040 --> 0:13:35.199
<v Speaker 18>at multiples relative to history for the NASAC and then

0:13:35.240 --> 0:13:37.280
<v Speaker 18>do the same thing, say for the wrestle one thousand

0:13:37.400 --> 0:13:39.440
<v Speaker 18>value is kind of the other part of the market,

0:13:39.440 --> 0:13:42.240
<v Speaker 18>if you will, And they're both at about the same

0:13:42.360 --> 0:13:46.120
<v Speaker 18>relative valuations, meaning they're both a bit about average, not terrible.

0:13:46.679 --> 0:13:48.839
<v Speaker 18>And that's actually a big change from the garment we've

0:13:48.840 --> 0:13:50.920
<v Speaker 18>had in previous years, where when you would say the

0:13:51.040 --> 0:13:53.760
<v Speaker 18>SMP was expensive, you were really saying that tech stocks

0:13:53.800 --> 0:13:56.880
<v Speaker 18>were expensive and everything else perhaps was cheap. So that's

0:13:56.880 --> 0:14:00.000
<v Speaker 18>not the case anymore. Everything is going to equally up

0:14:00.080 --> 0:14:03.160
<v Speaker 18>of average. But again that goes back as a reflection

0:14:03.280 --> 0:14:04.840
<v Speaker 18>of the growth and the earnings potential.

0:14:04.880 --> 0:14:05.319
<v Speaker 11>We think, we.

0:14:05.320 --> 0:14:07.720
<v Speaker 2>See, what did you make of the reaction that we

0:14:07.760 --> 0:14:11.720
<v Speaker 2>saw after the core PC deflator The feds preferred inflation

0:14:11.880 --> 0:14:16.040
<v Speaker 2>gauge came in hotter, but right in line with estimates.

0:14:16.679 --> 0:14:20.240
<v Speaker 2>We're starting to hear more Fed officials saying that maybe

0:14:20.280 --> 0:14:22.680
<v Speaker 2>we can start thinking about rate cuts even with this

0:14:22.720 --> 0:14:24.400
<v Speaker 2>little bump in inflation.

0:14:26.280 --> 0:14:29.200
<v Speaker 18>Maybe mature to go quite that far. I mean, certainly

0:14:29.200 --> 0:14:31.840
<v Speaker 18>we had the chance to adjust our expectations after the

0:14:31.880 --> 0:14:34.600
<v Speaker 18>CPI data, so it really should not have been another surprise,

0:14:34.680 --> 0:14:37.680
<v Speaker 18>given it's just another slice at the same underlying dynamic.

0:14:38.800 --> 0:14:40.960
<v Speaker 18>It is going to be and you hate to say this,

0:14:41.080 --> 0:14:43.520
<v Speaker 18>but a wait and see whether or not next month's

0:14:43.560 --> 0:14:46.880
<v Speaker 18>data confirms the trend, because you know, we saw it

0:14:47.040 --> 0:14:51.080
<v Speaker 18>wasn't just housing in both the PC and the CPI data,

0:14:51.160 --> 0:14:53.520
<v Speaker 18>you know, there was services pressure. So we need to

0:14:53.520 --> 0:14:56.800
<v Speaker 18>see if that persists. And to make you a little

0:14:56.800 --> 0:14:59.360
<v Speaker 18>bit more cautious about whether it mine or might not,

0:14:59.520 --> 0:15:01.120
<v Speaker 18>you look at the data that we got out of

0:15:01.160 --> 0:15:05.560
<v Speaker 18>Europe recently showed a similar surprise, particularly on the services side.

0:15:05.600 --> 0:15:09.560
<v Speaker 18>So this an area where inflation re accelerates simply because

0:15:09.560 --> 0:15:12.000
<v Speaker 18>growth is or strong, you know, certainly not something we

0:15:12.240 --> 0:15:13.120
<v Speaker 18>exclude entirely.

0:15:13.480 --> 0:15:16.400
<v Speaker 2>So are you thinking that cautions in order as we

0:15:16.440 --> 0:15:19.120
<v Speaker 2>get ready for the next rate on jobs next week?

0:15:20.640 --> 0:15:22.880
<v Speaker 18>Well, I think you would anticipate the job stay. That's

0:15:22.920 --> 0:15:24.880
<v Speaker 18>going to be fine. I mean, labor marketing in general

0:15:24.960 --> 0:15:27.640
<v Speaker 18>is like an indicator we have. GDP for the fourth

0:15:27.720 --> 0:15:31.120
<v Speaker 18>quarter was strong. GDP now forecasts around three percent for

0:15:31.320 --> 0:15:34.480
<v Speaker 18>the first quarter. I mean just really, these just amazingly

0:15:34.520 --> 0:15:37.080
<v Speaker 18>strong numbers given how high policy rates are. So that's

0:15:37.080 --> 0:15:39.040
<v Speaker 18>all going to be fine. And I think the reason

0:15:39.120 --> 0:15:42.680
<v Speaker 18>that you've seen this, you know, rather you know, I

0:15:42.720 --> 0:15:45.800
<v Speaker 18>guess the noign positive reaction in equity markets because a

0:15:45.800 --> 0:15:48.120
<v Speaker 18>bit more growth, a bit more inflation, that's certainly not

0:15:48.240 --> 0:15:50.440
<v Speaker 18>much of will worry as far as equitieselt concerned.

0:15:50.960 --> 0:15:53.360
<v Speaker 2>So what's going to come into play in March for you?

0:15:53.440 --> 0:15:54.880
<v Speaker 2>What catalysts are you looking at?

0:15:55.120 --> 0:15:57.840
<v Speaker 18>Well, you know you're looking it's the same two risks

0:15:57.880 --> 0:16:00.200
<v Speaker 18>to growth and in inflation. So you know, do we

0:16:00.240 --> 0:16:03.000
<v Speaker 18>start to see a deceleration and growth? Certainly not yet,

0:16:03.040 --> 0:16:05.160
<v Speaker 18>but at some point you know, it has to happen,

0:16:05.200 --> 0:16:08.000
<v Speaker 18>if you will. And then on the inflation front, you know,

0:16:08.120 --> 0:16:11.280
<v Speaker 18>a bit high, a bitsteady, not decelerating so much. That's

0:16:11.320 --> 0:16:14.080
<v Speaker 18>probably not as big a concern. If you really did

0:16:14.120 --> 0:16:17.200
<v Speaker 18>see that, that reacceleration and inflation, you're going to start

0:16:17.200 --> 0:16:19.400
<v Speaker 18>to question even the three cuts that that has put

0:16:19.440 --> 0:16:19.840
<v Speaker 18>out there.

0:16:24.640 --> 0:16:27.560
<v Speaker 2>This is Bloomberg day Break Today, your morning brief on

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