Speaker 1: Bloomberg Audio Studios, podcasts, radio news, single best idea on
Speaker 1: a really interesting day. I thought it would be much
Speaker 1: more FED driven. Thank you Sarah House at Wells Fargo
Speaker 1: for a good FED briefing. Michael McKee from Washington. He
Speaker 1: will be in the press conference all and most importantly
Speaker 1: Michael McKee suggesting we are far from a snooze fest
Speaker 1: and this will be truly one of the most interesting
Speaker 1: FED meetings, statements and press conferences in years. Alicia Levine
Speaker 1: with US with BNY continued optimism on the market. She's
Speaker 1: been absolutely dead on about you got to be in
Speaker 1: the market, you got to play to be in the market.
Speaker 1: She looked at the valuation of the MAG five, the
Speaker 1: MAG six, the.
Speaker 2: MAG seven on a relative basis, the tech stocks are
Speaker 2: cheaper than they were twenty five years ago. On a
Speaker 2: cash flow basis, they are just batting it out of
Speaker 2: the park on free cash flow margins. And on the
Speaker 2: operator you can.
Speaker 1: Say, like Aaron Judge, you won't insult it.
Speaker 2: So, I mean, these are different companies, but you know,
Speaker 2: keep the main point, the main point, which is that
Speaker 2: the FED is cutting into an increased earnings cycle. Okay,
Speaker 2: S and B earnings estimates are moving higher. The FED
Speaker 2: is cutting into it. Banks that are all at are
Speaker 2: at all time highs, hence the melt up. But I
Speaker 2: think global managers are under allocated because the flee America
Speaker 2: conversation was everywhere. I actually wrote a piece about how
Speaker 2: ridiculous to the flee America trade is because where you
Speaker 2: where else are you're going for innovation and global and
Speaker 2: growth and margins and earnings power.
Speaker 1: Alicia Levine with bn Y and I really have to
Speaker 1: say that one of the interesting correlations before the FED
Speaker 1: meeting today was dollar dynamics. This morning, for example, the
Speaker 1: euro at a one eighteen level, is that the strongest
Speaker 1: euro since September of twenty twenty one. That's really an
Speaker 1: important benchmark. That's one I wouldn't normally watch euro dollar
Speaker 1: off of a FED meeting, but over the next coming
Speaker 1: days that will be fascinating to watch. Certainly we could
Speaker 1: say on a Tuesday, the dollar gives way. He is
Speaker 1: at no Murrah. David Sieff is really really quite good
Speaker 1: with all of his work, his academics at MIT and
Speaker 1: at Harvard. At Harvard a few years behind it was
Speaker 1: a Mirran doctor Mirron and David Sief of course with
Speaker 1: real graduate level experience with a new Fed governor. Here's
Speaker 1: David Sief this morning.
Speaker 3: We clearly have more of a debt problem than we
Speaker 3: did twenty years ago when Steve and I met, I
Speaker 3: would point out that that this this has emerged from
Speaker 3: president to president, from party to party, and so clear
Speaker 3: deficit reduction has become more of a priority over time.
Speaker 3: The OBBBA didn't really cut the deficit compared to what
Speaker 3: it could have potentially done. But at the same time,
Speaker 3: the tariffs, love them or hate them, look like they're
Speaker 3: going to collect on the order of four hundred billion
Speaker 3: dollars per.
Speaker 1: Year addicted to that, aren't we.
Speaker 3: That's that's really the great word to use. The tariffs
Speaker 3: are something where it would take a generation to get
Speaker 3: rid of them, because where are we going to get
Speaker 3: the money to replace them?
Speaker 1: Unbelievable comment so soon after the advent of the Trump terrorists.
Speaker 1: David sef is with no more on our podcast Nationwind Special.
Speaker 1: Good morning, the Philippines. Wonderful to have Isabelle Lee with
Speaker 1: us with their leadership and Bloomberg Equities this morning on
Speaker 1: Apple podcasts, on Spotify and on YouTube podcasts. It's single
Speaker 1: best idea
Speaker 2: Remain with them.