1 00:00:02,520 --> 00:00:13,760 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg 2 00:00:13,840 --> 00:00:17,920 Speaker 1: Surveillance Podcast. Catch us live weekdays at seven am Eastern 3 00:00:18,200 --> 00:00:22,000 Speaker 1: on Apple, CarPlay or Android Otto with the Bloomberg Business App. 4 00:00:22,360 --> 00:00:25,680 Speaker 1: Listen on demand wherever you get your podcasts, or watch 5 00:00:25,760 --> 00:00:27,000 Speaker 1: us live on YouTube. 6 00:00:27,040 --> 00:00:29,240 Speaker 2: And the Equity Americans Now is someone who has been 7 00:00:29,520 --> 00:00:33,640 Speaker 2: a confirmed believer in American capitalist and Benjamin Ladler that 8 00:00:33,800 --> 00:00:37,600 Speaker 2: joins at Brudesco BBI. Ben to tariff's matter and the 9 00:00:37,680 --> 00:00:39,280 Speaker 2: confidence to hold equities. 10 00:00:39,960 --> 00:00:42,120 Speaker 3: Yeah, I think they do. Unfortunately, I think we'll do 11 00:00:42,200 --> 00:00:43,960 Speaker 3: a bit of a reality check here. I mean, I 12 00:00:44,000 --> 00:00:48,360 Speaker 3: think tariff complacency is high. I think the Trump administration's emboldened. 13 00:00:49,040 --> 00:00:52,720 Speaker 3: I think the traditional Trump puts uh frankly nowhere in sight, 14 00:00:53,159 --> 00:00:56,840 Speaker 3: and that's just I think feeding this this loop and 15 00:00:57,040 --> 00:01:00,400 Speaker 3: maybe further inboldening the administration. So yeah, I think we'll 16 00:01:00,440 --> 00:01:02,120 Speaker 3: do a bit of a reality check. It doesn't make 17 00:01:02,160 --> 00:01:06,120 Speaker 3: me particularly bearish, you know, looking further out, but I 18 00:01:06,120 --> 00:01:08,080 Speaker 3: would certainly mind the gap a little bit in the 19 00:01:08,080 --> 00:01:09,240 Speaker 3: short term. 20 00:01:09,440 --> 00:01:11,360 Speaker 4: What do you think we're going to get from earnings here? 21 00:01:11,560 --> 00:01:13,960 Speaker 4: Ben Again, We're going to kick off tomorrow with Jamie 22 00:01:13,959 --> 00:01:16,399 Speaker 4: Diamond and JP Morgan and some of the other big banks. 23 00:01:16,400 --> 00:01:19,880 Speaker 4: What do you expect this quarter from, you know, the 24 00:01:19,880 --> 00:01:20,959 Speaker 4: corporate American. 25 00:01:22,120 --> 00:01:23,800 Speaker 3: Yeah, so I'd be focused on two things. The good 26 00:01:23,840 --> 00:01:27,600 Speaker 3: news is that the expectations are very low three four 27 00:01:27,640 --> 00:01:30,080 Speaker 3: percent earnings growth. That's a very low bar, which I 28 00:01:30,120 --> 00:01:33,839 Speaker 3: think everyone's going to easily beat. The less good news, 29 00:01:33,920 --> 00:01:35,880 Speaker 3: and I think the focus of earning season is going 30 00:01:35,920 --> 00:01:39,240 Speaker 3: to be on the company guidance, especially with all this 31 00:01:39,440 --> 00:01:41,760 Speaker 3: tariff uncertainty that I think is where the sort of 32 00:01:41,800 --> 00:01:43,479 Speaker 3: rubber may hit the road a little bit and we're 33 00:01:43,480 --> 00:01:46,080 Speaker 3: going to maybe get some less good news from corporate 34 00:01:46,520 --> 00:01:50,160 Speaker 3: I do think this uncertainty remains very corrosive for corporate 35 00:01:50,200 --> 00:01:53,320 Speaker 3: America for investment plans, and I would expect to hear 36 00:01:53,360 --> 00:01:56,160 Speaker 3: a little bit about that from the earning scourse. 37 00:01:57,000 --> 00:01:58,760 Speaker 4: Do you think the markets here again we're looking at 38 00:01:58,800 --> 00:02:01,400 Speaker 4: the US equity mark. It's at our near all time 39 00:02:02,000 --> 00:02:06,320 Speaker 4: highs here again retracing the selloff from a liberation day? 40 00:02:07,040 --> 00:02:07,880 Speaker 5: Is that too much? 41 00:02:08,160 --> 00:02:12,760 Speaker 4: Are the markets too complacent about the potential economic headwinds 42 00:02:12,800 --> 00:02:14,120 Speaker 4: from tariffs? 43 00:02:15,400 --> 00:02:17,919 Speaker 3: Yeah, I think we've become too reliant on this taco narrative. 44 00:02:18,520 --> 00:02:20,960 Speaker 3: It's a sort of boiling the frog scenario. I mean, 45 00:02:21,000 --> 00:02:22,800 Speaker 3: I think we're going to wake up potentially in a 46 00:02:22,840 --> 00:02:25,799 Speaker 3: month or two's time and find out that somehow Trump 47 00:02:25,840 --> 00:02:27,959 Speaker 3: has walked us up from ten percent taris to twenty 48 00:02:28,000 --> 00:02:31,079 Speaker 3: percent tarifs, flipping the sort of narrative on its head. 49 00:02:31,120 --> 00:02:33,840 Speaker 3: And I think that will have an impact. It's a 50 00:02:33,919 --> 00:02:37,480 Speaker 3: question I think of when, not if we may start 51 00:02:37,480 --> 00:02:40,000 Speaker 3: to get a little bit of signs that tomorrow in 52 00:02:40,040 --> 00:02:42,600 Speaker 3: the inflation print and the PPI print the day after that, 53 00:02:42,720 --> 00:02:46,120 Speaker 3: and then the guidance from companies. But it's still early. 54 00:02:46,280 --> 00:02:48,960 Speaker 3: But that's not fool ourselves. It's it's definitely coming. 55 00:02:50,120 --> 00:02:52,520 Speaker 2: It looks then at the terrace and right right now 56 00:02:52,600 --> 00:02:55,400 Speaker 2: yell budget labs at eighteen percent and they may model 57 00:02:55,440 --> 00:02:59,160 Speaker 2: it in to a nineteen thirty four equivalent. Anybody that's 58 00:02:59,280 --> 00:03:03,720 Speaker 2: studied this knows that's impossible. Does Bridesco, and particularly with 59 00:03:03,800 --> 00:03:08,480 Speaker 2: your Latin American excellence, do you have a number that's doable? 60 00:03:08,600 --> 00:03:10,679 Speaker 2: I mean to me, if we were at two or 61 00:03:10,720 --> 00:03:15,600 Speaker 2: three percent before, is five percent doable? Dare I say 62 00:03:15,840 --> 00:03:17,720 Speaker 2: eight percent on a blended basis? 63 00:03:19,360 --> 00:03:20,760 Speaker 3: Well, I think the market has sort of made its 64 00:03:20,800 --> 00:03:22,880 Speaker 3: peace with you know, something like ten I think the 65 00:03:22,919 --> 00:03:25,040 Speaker 3: reality here is, though we may end up at double that, 66 00:03:25,600 --> 00:03:28,239 Speaker 3: And and to your earlier point, the market's at twenty 67 00:03:28,240 --> 00:03:32,120 Speaker 3: two times earnings. That's above average. The vix is at sixteen. 68 00:03:32,200 --> 00:03:34,680 Speaker 3: Last time I looked well below average. I think that's 69 00:03:34,720 --> 00:03:37,920 Speaker 3: just a very vulnerable you know, setup as I say, 70 00:03:37,920 --> 00:03:41,080 Speaker 3: I'd probably buy any significant weakness, you know, looking further out, 71 00:03:41,080 --> 00:03:43,800 Speaker 3: I wouldn't want to bet against corporate America. I will 72 00:03:43,840 --> 00:03:46,240 Speaker 3: certainly been buying the rest of the world, where you 73 00:03:46,320 --> 00:03:48,400 Speaker 3: have a sort of double discount of sort of cheaper 74 00:03:48,440 --> 00:03:52,400 Speaker 3: currencies and cheaper evaluations. But yes, I think this could 75 00:03:52,400 --> 00:03:55,240 Speaker 3: be our sort of long hot summer with a bit 76 00:03:55,280 --> 00:03:56,000 Speaker 3: of volatility. 77 00:03:57,360 --> 00:04:00,040 Speaker 2: This is a ben I've ever heard. Are you in ken. 78 00:04:02,960 --> 00:04:04,840 Speaker 3: I would certainly be holding a little bit of cash 79 00:04:05,080 --> 00:04:07,160 Speaker 3: ready to buy that dip which I think is coming. 80 00:04:07,400 --> 00:04:09,160 Speaker 3: And I would certainly be looking at the rest of 81 00:04:09,160 --> 00:04:12,360 Speaker 3: the world. I mean, I think the rotation narrative remains 82 00:04:12,400 --> 00:04:14,200 Speaker 3: in place. I think this is worse news for the 83 00:04:14,280 --> 00:04:15,920 Speaker 3: United States than it is for the rest of the 84 00:04:15,920 --> 00:04:18,599 Speaker 3: world economically, and I think the rest of the world 85 00:04:18,760 --> 00:04:21,159 Speaker 3: has buffers that the US doesn't have. The US still 86 00:04:21,200 --> 00:04:24,640 Speaker 3: has this double premium of an expensive currency and expensive 87 00:04:24,640 --> 00:04:27,720 Speaker 3: equity markets, and the rest of the world doesn't. As 88 00:04:27,760 --> 00:04:29,839 Speaker 3: I say, I wouldn't want to bet too much against 89 00:04:29,880 --> 00:04:32,719 Speaker 3: corporate America. I'd be looking for opportunities any sell off 90 00:04:32,760 --> 00:04:36,760 Speaker 3: in tech and healthcare. But I do think, I do 91 00:04:36,800 --> 00:04:39,680 Speaker 3: think we've taken the Tacho narrative too much at face value. 92 00:04:39,839 --> 00:04:42,440 Speaker 3: You know, right here, I think there are you know, 93 00:04:42,520 --> 00:04:44,880 Speaker 3: the Trump puts are still out there, They're just further away. 94 00:04:45,040 --> 00:04:46,960 Speaker 3: I mean, I think there's maybe a new one you 95 00:04:47,200 --> 00:04:49,680 Speaker 3: alluded to earlier of the sort of American stomach. What's 96 00:04:49,720 --> 00:04:52,320 Speaker 3: going to happen when your coffee or induce your sugar, 97 00:04:52,360 --> 00:04:55,599 Speaker 3: your beef is all fifty percent more expensive. You know, 98 00:04:55,720 --> 00:04:57,159 Speaker 3: time will tell and we will find out. 99 00:04:58,000 --> 00:04:59,360 Speaker 2: Ben Leader, thank you so much. 100 00:05:04,400 --> 00:05:08,000 Speaker 1: You're listening to the Bloomberg Surveillance Podcast. Catch us live 101 00:05:08,040 --> 00:05:11,200 Speaker 1: weekday afternoons from seven to ten am Eastern Listen on 102 00:05:11,279 --> 00:05:14,960 Speaker 1: Applecarplay and Android Otto with the Bloomberg Business app, or 103 00:05:15,120 --> 00:05:16,560 Speaker 1: watch us live on YouTube. 104 00:05:16,760 --> 00:05:19,119 Speaker 2: This was scheduled and to be an interview of Joy 105 00:05:19,240 --> 00:05:23,000 Speaker 2: talking about the House, the Budget Committee and all. Jody 106 00:05:23,080 --> 00:05:25,599 Speaker 2: Errington is from the Texas that a lot of people, 107 00:05:25,640 --> 00:05:30,200 Speaker 2: particularly Northerners, don't know we fly into DFW. Maybe we've 108 00:05:30,200 --> 00:05:33,240 Speaker 2: got a wandering understanding of San Antoni and down to 109 00:05:33,279 --> 00:05:37,719 Speaker 2: the Mexican border. But the northern Texas of Abilene and 110 00:05:37,800 --> 00:05:42,560 Speaker 2: Delbert McClinton and Buddy Holly's Lubbock is just not talked about. 111 00:05:43,000 --> 00:05:46,760 Speaker 2: Mister Errington is of the nineteenth district in the House 112 00:05:46,800 --> 00:05:49,680 Speaker 2: of Representatives and with the Budget Committee. Jody Errington, thank 113 00:05:49,680 --> 00:05:51,160 Speaker 2: you so much for joining bloomber Well. 114 00:05:51,160 --> 00:05:55,680 Speaker 6: What a beautiful introduction. My folks in the food, fuel 115 00:05:55,720 --> 00:05:58,440 Speaker 6: and fiber capital of the world would be would be 116 00:05:58,560 --> 00:06:00,560 Speaker 6: very pleased and proud by that introduction. 117 00:06:00,800 --> 00:06:03,719 Speaker 2: It is three hundred and some miles down eighty three 118 00:06:03,880 --> 00:06:09,400 Speaker 2: south to Kernville. There's people making that drive today. This 119 00:06:09,560 --> 00:06:13,080 Speaker 2: flood has turned the nation upside down. Give us an update, 120 00:06:13,160 --> 00:06:13,799 Speaker 2: sir well. 121 00:06:14,200 --> 00:06:21,120 Speaker 6: It's unimaginably heart wrenching for the families who've lost, especially 122 00:06:21,160 --> 00:06:27,279 Speaker 6: their children overnight. A wall of river that rows almost 123 00:06:27,320 --> 00:06:31,440 Speaker 6: thirty feet in less than an hour. That area is 124 00:06:31,520 --> 00:06:34,720 Speaker 6: prone to flash floods. We have a ranch about three 125 00:06:34,760 --> 00:06:37,680 Speaker 6: miles up the road from Camp Mystic, which is at 126 00:06:37,720 --> 00:06:41,600 Speaker 6: the epicenter of this, but we've never seen anything like this. 127 00:06:42,120 --> 00:06:45,720 Speaker 6: I don't know how you could prepare for it, but 128 00:06:46,160 --> 00:06:50,440 Speaker 6: we're all praying for that community and those families, and 129 00:06:50,480 --> 00:06:53,880 Speaker 6: there's still folks missing, and I know the governor's committed to, 130 00:06:54,520 --> 00:06:58,240 Speaker 6: you know, not ceasing the search and rescue until everybody's found. 131 00:06:58,360 --> 00:07:01,840 Speaker 2: It's Atlanta, States, Rise less Federal. You had a horrific 132 00:07:01,920 --> 00:07:06,799 Speaker 2: winter storm. The swinter storms, folks in northern Texas are glacial. 133 00:07:06,920 --> 00:07:10,320 Speaker 2: I mean they're like back to the ice age and 134 00:07:10,360 --> 00:07:12,960 Speaker 2: the answers in nineteen twenty one, Lollock and Avelene was 135 00:07:13,080 --> 00:07:16,600 Speaker 2: absolutely leveled and you dialed one eight hundred FEMA to 136 00:07:16,640 --> 00:07:20,360 Speaker 2: get assistance. Is the FEMA of twenty twenty one the 137 00:07:20,400 --> 00:07:21,480 Speaker 2: same as the FEMA now? 138 00:07:23,000 --> 00:07:25,200 Speaker 6: Well, I hope it's much improved, but I'm not sure 139 00:07:25,240 --> 00:07:28,840 Speaker 6: that's the case. I think the President's right to push 140 00:07:28,920 --> 00:07:32,640 Speaker 6: that down at the state, local level, not necessarily the 141 00:07:32,680 --> 00:07:35,000 Speaker 6: resources we're taxed on it one way or the other. 142 00:07:35,120 --> 00:07:37,840 Speaker 6: I just think folks at the local and state level 143 00:07:37,880 --> 00:07:39,280 Speaker 6: are probably best to handle it. 144 00:07:40,720 --> 00:07:44,920 Speaker 4: So Congressman talked to us about this legislation that is 145 00:07:44,960 --> 00:07:47,800 Speaker 4: a big success story for the Trumpet administration. I know 146 00:07:47,840 --> 00:07:49,080 Speaker 4: you had a big hand and it talked to us 147 00:07:49,080 --> 00:07:52,160 Speaker 4: about what this spending bill of this tax bill. What 148 00:07:52,200 --> 00:07:55,200 Speaker 4: does it mean for this economy do you think going forward? 149 00:07:55,560 --> 00:07:58,760 Speaker 6: I think it's significant and it couldn't come at a 150 00:07:58,800 --> 00:08:03,760 Speaker 6: better time. I know there's some uncertainty with the tariff realignment. 151 00:08:03,880 --> 00:08:06,440 Speaker 6: I think that will work out in a very positive 152 00:08:06,440 --> 00:08:09,480 Speaker 6: way when we get these new deals and we have 153 00:08:09,560 --> 00:08:14,280 Speaker 6: reciprocal trade relationships with folks, so I'm supportive of that. 154 00:08:14,440 --> 00:08:19,400 Speaker 6: In the meantime, we have supercharged the growth that we 155 00:08:19,480 --> 00:08:23,640 Speaker 6: saw from the first Trump tax cuts by making permanent, 156 00:08:23,680 --> 00:08:29,760 Speaker 6: for example, business expensing for R and D, capital interest expensing, 157 00:08:29,920 --> 00:08:33,560 Speaker 6: the pro growth provisions there. And then just tax relief 158 00:08:33,640 --> 00:08:37,800 Speaker 6: to working families, not just the marginal rates, but improving 159 00:08:38,280 --> 00:08:41,280 Speaker 6: the standard deduction and making it permanent. And then of 160 00:08:41,320 --> 00:08:46,199 Speaker 6: course there are several working working man provisions. Tax on tips, 161 00:08:46,520 --> 00:08:52,040 Speaker 6: no tax on overtime. Families with children get a supercharge 162 00:08:52,160 --> 00:08:53,160 Speaker 6: of child deduction. 163 00:08:53,280 --> 00:08:56,559 Speaker 4: How does it impact maybe people in your district, some 164 00:08:56,760 --> 00:08:59,920 Speaker 4: a rural district, for example, the folks in your district, 165 00:09:00,120 --> 00:09:02,600 Speaker 4: they here a global walltery here at bloomber we talked 166 00:09:02,600 --> 00:09:04,640 Speaker 4: tariffs all day every day. Did the people in your 167 00:09:04,679 --> 00:09:08,000 Speaker 4: district did they think about that or how did they 168 00:09:08,000 --> 00:09:10,240 Speaker 4: think about some of the economic issues that you're trying 169 00:09:10,240 --> 00:09:12,400 Speaker 4: to address in your bill and maybe the president's trying 170 00:09:12,400 --> 00:09:13,440 Speaker 4: to address with tariffs. 171 00:09:13,720 --> 00:09:16,520 Speaker 6: Well, on the bill, it's just more money in their 172 00:09:16,679 --> 00:09:20,360 Speaker 6: in their pockets, right, that's a good thing for them, 173 00:09:20,760 --> 00:09:21,800 Speaker 6: and they recognize it. 174 00:09:22,640 --> 00:09:25,480 Speaker 5: On the on the other piece, you got ag and 175 00:09:25,679 --> 00:09:27,880 Speaker 5: energy dominate. Yeah, I mean it is the. 176 00:09:27,880 --> 00:09:30,560 Speaker 6: Largest oil patch and cattle feeder system and in the world. 177 00:09:31,280 --> 00:09:35,840 Speaker 6: And so they understand unfair trade, they understand that it's 178 00:09:35,880 --> 00:09:39,480 Speaker 6: not sustainable, and I think they're all in to support 179 00:09:39,920 --> 00:09:44,439 Speaker 6: this president getting to that even competitive playing field. 180 00:09:45,480 --> 00:09:50,079 Speaker 2: I'm looking for folks with this. Jody Arrington here from Texas, 181 00:09:50,080 --> 00:09:54,559 Speaker 2: were thrillies with us in nineteenth congressional district of Northern Texas. 182 00:09:54,840 --> 00:09:56,560 Speaker 2: You know, I look at you. You slipped by in 183 00:09:56,600 --> 00:09:58,840 Speaker 2: the last election. You win eighty percent of the vote. 184 00:09:58,960 --> 00:10:02,200 Speaker 2: I mean, they gotta do better next time. The president 185 00:10:02,240 --> 00:10:04,760 Speaker 2: took Texas with fifty six percent. I don't know what 186 00:10:04,960 --> 00:10:06,360 Speaker 2: you know off the top of your head what he 187 00:10:06,400 --> 00:10:08,840 Speaker 2: took in the nineteenth congressional. 188 00:10:08,720 --> 00:10:12,079 Speaker 5: Lesson me, less you Okay, So we're going to get 189 00:10:12,120 --> 00:10:12,839 Speaker 5: him up there, okay. 190 00:10:13,040 --> 00:10:15,160 Speaker 2: But the bottom line is, at least they had this 191 00:10:15,200 --> 00:10:18,480 Speaker 2: for Michael bart today, student loans are going to affect 192 00:10:18,559 --> 00:10:21,360 Speaker 2: Texas Tech. They're going to affect your Texas Tech. How 193 00:10:21,400 --> 00:10:25,679 Speaker 2: do you balance the Trump mantra of tear the federal 194 00:10:25,760 --> 00:10:29,439 Speaker 2: government apart with those eight hundred and forty two kids 195 00:10:29,440 --> 00:10:32,080 Speaker 2: at Texas Tech. They can't go there this fall. I'm 196 00:10:32,120 --> 00:10:34,720 Speaker 2: making it up, folks, they can't go there this fall 197 00:10:34,840 --> 00:10:37,880 Speaker 2: because of the student loan shifts he's proposing. 198 00:10:38,760 --> 00:10:41,440 Speaker 6: Well, I think the fact that we have all of 199 00:10:41,480 --> 00:10:44,719 Speaker 6: this student aid and not targeted necessarily the people who 200 00:10:44,760 --> 00:10:46,840 Speaker 6: need it, I think is an inflation area, has an 201 00:10:46,840 --> 00:10:49,760 Speaker 6: inflation effect on the cost of education. I'm a former 202 00:10:49,840 --> 00:10:51,200 Speaker 6: vice chancellor at Texas Tech. 203 00:10:51,240 --> 00:10:54,480 Speaker 2: That's my alma mater. And the larger they do with 204 00:10:54,559 --> 00:10:57,800 Speaker 2: the walk on football players, they give him like a 205 00:10:57,840 --> 00:11:00,839 Speaker 2: fancy job. What was it like and you walked down? 206 00:11:00,960 --> 00:11:04,079 Speaker 2: I mean with Patrick Mahams on the field, when you walked. 207 00:11:03,800 --> 00:11:05,559 Speaker 5: Down, I would never have a chance. 208 00:11:05,720 --> 00:11:09,080 Speaker 6: I couldn't even catch the balls that he throws today. 209 00:11:08,840 --> 00:11:12,400 Speaker 6: But this was under the Spike Dyke's era, where just 210 00:11:12,440 --> 00:11:15,280 Speaker 6: about anybody in their body you could fog a mirror, 211 00:11:15,280 --> 00:11:18,000 Speaker 6: could walk on and and in fact, I didn't play 212 00:11:18,000 --> 00:11:20,840 Speaker 6: football in high school. And when the recruiter asked me 213 00:11:20,880 --> 00:11:23,400 Speaker 6: when we sat down right before my physical, He said, 214 00:11:23,400 --> 00:11:24,440 Speaker 6: what did you play in high school? 215 00:11:24,480 --> 00:11:27,800 Speaker 5: I said tennis? And he thought, old man, I want 216 00:11:27,840 --> 00:11:29,280 Speaker 5: to see this question. 217 00:11:29,920 --> 00:11:32,720 Speaker 2: Cowboys are chiefs, you know what. 218 00:11:33,480 --> 00:11:37,000 Speaker 6: Cowboys over the chiefs. But I'm a college football guy. 219 00:11:37,080 --> 00:11:40,480 Speaker 6: I'm not really interested. And we're losing that uniqueness in 220 00:11:40,520 --> 00:11:46,320 Speaker 6: college sports because of Beniel's another conversation. I think we're destroyed. 221 00:11:46,120 --> 00:11:50,480 Speaker 2: Another D one powerhouse, Duke Cosman. 222 00:11:51,600 --> 00:11:54,360 Speaker 4: One of the key topics and key issues for President 223 00:11:54,400 --> 00:11:57,600 Speaker 4: Trump and in his election was immigration. You come from 224 00:11:57,640 --> 00:11:59,640 Speaker 4: a state that is boy that is right on the 225 00:11:59,679 --> 00:12:02,680 Speaker 4: front lines of immigration. How do the folks in your 226 00:12:02,760 --> 00:12:05,439 Speaker 4: district think about it? I mean a lot of these 227 00:12:05,440 --> 00:12:09,920 Speaker 4: folks that come over, they pick our agricultural they build 228 00:12:09,960 --> 00:12:11,839 Speaker 4: our homes, they do all that kind of stuff. 229 00:12:11,880 --> 00:12:13,160 Speaker 5: They bust our tables. 230 00:12:13,360 --> 00:12:14,960 Speaker 4: How do people in your district think about it? 231 00:12:15,600 --> 00:12:18,839 Speaker 6: Well, I think they appreciate the fact that we don't 232 00:12:18,920 --> 00:12:22,160 Speaker 6: have Americans that would do the jobs that are needed 233 00:12:22,200 --> 00:12:25,880 Speaker 6: in the fields. As you mentioned in agriculture. Probably the 234 00:12:25,920 --> 00:12:29,319 Speaker 6: same could be said in the in the oil patch. 235 00:12:30,400 --> 00:12:34,880 Speaker 6: But I think they first and foremost wanted security and 236 00:12:35,280 --> 00:12:38,560 Speaker 6: from a return to law and order from the chaos. 237 00:12:38,760 --> 00:12:42,520 Speaker 6: It's been devastating and I'm just there with law enforcement. 238 00:12:42,559 --> 00:12:46,920 Speaker 6: I'm telling you, the gangs, the drug activity exponential. 239 00:12:46,520 --> 00:12:47,720 Speaker 5: Over the last four years. 240 00:12:48,040 --> 00:12:50,520 Speaker 6: So in order to have the conversation that we need 241 00:12:50,559 --> 00:12:54,240 Speaker 6: to have about legal immigration and making sure we have 242 00:12:54,440 --> 00:12:56,840 Speaker 6: a win win situation with people who want a better 243 00:12:56,880 --> 00:13:00,000 Speaker 6: life and filling the jobs that we need to produce 244 00:13:00,200 --> 00:13:03,560 Speaker 6: the food, fuel, and fire, we had to do. We 245 00:13:03,679 --> 00:13:05,680 Speaker 6: needed a president with the will to do what is 246 00:13:05,720 --> 00:13:08,920 Speaker 6: being been done by this president in terms of border security, 247 00:13:09,280 --> 00:13:12,240 Speaker 6: but there's more to be done on the legal side 248 00:13:12,559 --> 00:13:16,120 Speaker 6: so that we can continue to facilitate the economic. 249 00:13:15,760 --> 00:13:19,160 Speaker 2: Okay, including agriculture, which is a small matter from apling 250 00:13:19,880 --> 00:13:22,400 Speaker 2: to love it to cut to the chase. Henrietta Tre's 251 00:13:22,520 --> 00:13:26,320 Speaker 2: beautiful analyst was on earlier and says they're almost hiding 252 00:13:26,360 --> 00:13:29,720 Speaker 2: the president's langeductedness because Jodie Arrington has to get re 253 00:13:29,800 --> 00:13:35,319 Speaker 2: elected in November of twenty twenty six. What's your Republican 254 00:13:35,360 --> 00:13:40,480 Speaker 2: Party in particularly the Texas delegation look like after President Trump? 255 00:13:40,960 --> 00:13:43,880 Speaker 2: Is this like a moment and you guys shift back 256 00:13:43,920 --> 00:13:47,040 Speaker 2: to you know, hating Lyndon Baines Johnson or you know 257 00:13:47,080 --> 00:13:50,600 Speaker 2: what does the framework look like after Trump. 258 00:13:51,600 --> 00:13:56,120 Speaker 6: I think President Trump's philosophy and focus on America First 259 00:13:56,120 --> 00:13:57,960 Speaker 6: is here to stay. I think it's here to stay 260 00:13:58,080 --> 00:14:01,640 Speaker 6: for all the right reasons, and I think it resonates 261 00:14:01,640 --> 00:14:04,480 Speaker 6: with all the Republican districts, certainly in Texas. I mean, 262 00:14:04,480 --> 00:14:08,000 Speaker 6: it's a ruby red state, and so putting our ag 263 00:14:08,040 --> 00:14:12,280 Speaker 6: producers first in trade, putting our families first in allowing 264 00:14:12,320 --> 00:14:14,720 Speaker 6: them to keep more of their money, putting the safety 265 00:14:15,080 --> 00:14:16,360 Speaker 6: of our families first. 266 00:14:16,880 --> 00:14:18,800 Speaker 5: Again, We've been at ground zero in. 267 00:14:18,760 --> 00:14:21,640 Speaker 6: This border crisis for several years now, So. 268 00:14:22,280 --> 00:14:22,920 Speaker 5: I don't think it. 269 00:14:23,640 --> 00:14:28,000 Speaker 6: I think it remains the America First agenda into the future, 270 00:14:29,480 --> 00:14:31,280 Speaker 6: and I think that's a good thing, and I think 271 00:14:31,320 --> 00:14:32,640 Speaker 6: they will support that. 272 00:14:32,720 --> 00:14:35,640 Speaker 2: Does he understand H two A program and dairy farms. 273 00:14:35,720 --> 00:14:37,120 Speaker 5: I think he does. I think he does. 274 00:14:37,160 --> 00:14:39,560 Speaker 6: In fact, he's the one that led me did that well. 275 00:14:39,600 --> 00:14:43,200 Speaker 6: In the first Trump administration. You'll recall he actually pushed 276 00:14:43,200 --> 00:14:47,360 Speaker 6: our party to a deal in fixing H two A. 277 00:14:47,480 --> 00:14:49,680 Speaker 5: It was called H two C. It was a reform, 278 00:14:50,000 --> 00:14:50,400 Speaker 5: it was a. 279 00:14:50,400 --> 00:14:54,520 Speaker 6: Much improved reform along with giving legal status to Dhaka. 280 00:14:54,800 --> 00:14:58,000 Speaker 6: He pushed our party outside of our comfort. It failed 281 00:14:58,440 --> 00:15:00,480 Speaker 6: ultimately because we didn't get a Democrat to support it. 282 00:15:00,600 --> 00:15:03,600 Speaker 2: We continue with Jody Arrington of the nineteenth Congressional Diistic. 283 00:15:03,720 --> 00:15:06,640 Speaker 2: This is Northern Texas. Paul did an all night or 284 00:15:06,720 --> 00:15:09,600 Speaker 2: Friday and Saturday. Did you watch all of land Man? 285 00:15:09,720 --> 00:15:09,800 Speaker 7: Oh? 286 00:15:09,880 --> 00:15:12,240 Speaker 5: Yeah, I'm all in. I know everything you know about oil. 287 00:15:12,080 --> 00:15:14,200 Speaker 2: And gas when you see Landman? Is it fiction? 288 00:15:15,000 --> 00:15:15,080 Speaker 3: No? 289 00:15:15,200 --> 00:15:16,440 Speaker 5: I think he's pretty true to form. 290 00:15:16,480 --> 00:15:18,720 Speaker 2: Actually, yeah, for better for worse. 291 00:15:18,880 --> 00:15:21,040 Speaker 4: So it's funny when you think about Texas and energy. 292 00:15:21,240 --> 00:15:23,240 Speaker 4: Obviously you think about the oil and gas, but you 293 00:15:23,280 --> 00:15:25,600 Speaker 4: guys also have tons of wind farms and solar and 294 00:15:25,840 --> 00:15:28,040 Speaker 4: you kind of lead the nation all of those things. 295 00:15:28,400 --> 00:15:30,400 Speaker 4: So how does the folks out in your district? How 296 00:15:30,440 --> 00:15:34,080 Speaker 4: did they think about, you know, fossil fuels versus you know, 297 00:15:34,160 --> 00:15:35,960 Speaker 4: alternative energy? I guess is the term? 298 00:15:35,960 --> 00:15:36,800 Speaker 5: How did they think about that? 299 00:15:37,600 --> 00:15:40,840 Speaker 6: I think most folks are for all the above. I 300 00:15:40,920 --> 00:15:44,600 Speaker 6: just think it's how you get there. Accelerating R and 301 00:15:44,720 --> 00:15:48,440 Speaker 6: D for example, where we accelerate the amortization. We make 302 00:15:48,480 --> 00:15:52,880 Speaker 6: that expensing immediate and permanent in this tax bill, as long. 303 00:15:52,760 --> 00:15:54,320 Speaker 5: As it's technology neutral. 304 00:15:54,400 --> 00:15:57,160 Speaker 6: I don't think they want the government picking winners and losers. 305 00:15:57,560 --> 00:16:01,160 Speaker 6: I think they see the good that could come of 306 00:16:01,240 --> 00:16:04,800 Speaker 6: renewable resources in the future. Obviously fossil is finite, but 307 00:16:04,880 --> 00:16:10,560 Speaker 6: after the natural gas shale revolution, we have an ocean 308 00:16:10,720 --> 00:16:14,479 Speaker 6: of this great resource, and so we don't want a distortion. 309 00:16:14,840 --> 00:16:19,840 Speaker 6: We don't want regressive inflationary energy policies. We want it 310 00:16:19,880 --> 00:16:24,720 Speaker 6: even playing field. But no one's averse to all the above, 311 00:16:24,760 --> 00:16:29,440 Speaker 6: including renewable. It's just how aggressive we've been a at 312 00:16:29,480 --> 00:16:34,080 Speaker 6: accelerating with tax benefits for renewable while b over the 313 00:16:34,160 --> 00:16:37,360 Speaker 6: last four years being hostile to our bread and butter, 314 00:16:37,800 --> 00:16:39,680 Speaker 6: which has put a lot of people on the defensive. 315 00:16:39,760 --> 00:16:41,760 Speaker 2: Question, how do you respond in the bill that Paul 316 00:16:41,880 --> 00:16:46,280 Speaker 2: mentioned that the huge benefit goes to the wealthy, granted 317 00:16:46,320 --> 00:16:48,640 Speaker 2: the wealthy on a percentage basis or paying a lot 318 00:16:48,680 --> 00:16:52,840 Speaker 2: of taxes. How the middle class of Lubbock and Abolene 319 00:16:53,400 --> 00:16:55,200 Speaker 2: fair in this bill. 320 00:16:55,240 --> 00:16:58,640 Speaker 6: I think they believe and have experienced that the value 321 00:16:58,680 --> 00:17:01,760 Speaker 6: of the tax breaks that we extended from the first 322 00:17:01,760 --> 00:17:06,000 Speaker 6: Trump administration in seventeen are greater among the lower and 323 00:17:06,040 --> 00:17:10,200 Speaker 6: middle income folks than the upper upper income, and in fact, 324 00:17:10,640 --> 00:17:14,600 Speaker 6: the top one percent pay a greater share, and in fact, 325 00:17:15,400 --> 00:17:18,000 Speaker 6: the top ten percent of the income owners in the 326 00:17:18,040 --> 00:17:21,159 Speaker 6: country paid seventy percent of all the federal bills. 327 00:17:21,440 --> 00:17:22,919 Speaker 5: Now they pay seventy five percent. 328 00:17:23,560 --> 00:17:26,840 Speaker 2: You're in a Paul mentioned this earlier. You're in a house. 329 00:17:27,000 --> 00:17:31,320 Speaker 2: You guys are riding tall. Maybe you lose House, Senate 330 00:17:31,400 --> 00:17:34,960 Speaker 2: president here over the next two four years ago, what's 331 00:17:34,960 --> 00:17:38,280 Speaker 2: your response to how the Democrats have been so ineffective 332 00:17:39,080 --> 00:17:42,159 Speaker 2: off of the election. You barely won the House. We 333 00:17:42,280 --> 00:17:45,800 Speaker 2: witnessed that, you barely won the Senate. Good morning, Vice 334 00:17:46,040 --> 00:17:50,560 Speaker 2: president advantage, we witnessed. We witnessed that. I mean, are 335 00:17:50,600 --> 00:17:53,320 Speaker 2: you surprised that the Democrats can't get their act together? 336 00:17:53,520 --> 00:17:53,840 Speaker 5: I am? 337 00:17:54,160 --> 00:17:56,120 Speaker 2: I mean, I'm in the land of Anne Richards. I mean, 338 00:17:56,160 --> 00:17:57,000 Speaker 2: she was iconic. 339 00:17:57,960 --> 00:18:03,080 Speaker 5: I am. They are still wondering why. I don't know. 340 00:18:03,160 --> 00:18:06,399 Speaker 6: I think they're so used to being against President Trump 341 00:18:06,600 --> 00:18:12,280 Speaker 6: and making demonizing him that that has become And then 342 00:18:12,320 --> 00:18:16,560 Speaker 6: you've got the left that has overpowered their party to 343 00:18:16,640 --> 00:18:18,840 Speaker 6: the point that it's going to be really difficult to 344 00:18:18,880 --> 00:18:23,240 Speaker 6: break free from their agenda that is disconnected from from 345 00:18:23,640 --> 00:18:24,840 Speaker 6: mainstream Americans. 346 00:18:25,280 --> 00:18:26,400 Speaker 2: Why are you in New York? 347 00:18:27,359 --> 00:18:29,800 Speaker 6: Well, I'm here to tell the good news, the gospel 348 00:18:30,000 --> 00:18:34,280 Speaker 6: of prosperity and security and opportunity that is going to 349 00:18:34,359 --> 00:18:36,960 Speaker 6: come when you get the right policies and set the 350 00:18:37,000 --> 00:18:39,840 Speaker 6: right conditions. We've done it, and I want people to 351 00:18:39,880 --> 00:18:41,119 Speaker 6: know that help is on the way. 352 00:18:41,280 --> 00:18:46,600 Speaker 2: If if we do a remote from Abilene, all we're 353 00:18:46,640 --> 00:18:50,359 Speaker 2: the Lukes's Love Texas. 354 00:18:50,640 --> 00:18:55,520 Speaker 5: This guy knows his Texas. He knows his Texas well. 355 00:18:55,520 --> 00:18:57,639 Speaker 5: You're well choed anytime. 356 00:18:57,520 --> 00:18:59,840 Speaker 2: Jody, thank you so much for joining us. Today's an 357 00:19:00,040 --> 00:19:04,320 Speaker 2: nineteenth district the Real Texas at Delbert McClinton and one 358 00:19:04,440 --> 00:19:08,040 Speaker 2: Buddy Holly from years ago. Jody Erinton, thank you so much. 359 00:19:08,400 --> 00:19:12,280 Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday 360 00:19:12,320 --> 00:19:15,719 Speaker 1: starting at seven am Eastern on Applecarplay and Android Auto 361 00:19:15,760 --> 00:19:18,720 Speaker 1: with the Bloomberg Business App. You can also listen live 362 00:19:18,800 --> 00:19:22,359 Speaker 1: on Amazon Alexa from our flagship New York station. Just 363 00:19:22,400 --> 00:19:24,879 Speaker 1: say Alexa play Bloomberg eleven thirty. 364 00:19:25,040 --> 00:19:26,920 Speaker 2: This is going to be a good interview now, it's 365 00:19:26,920 --> 00:19:29,720 Speaker 2: a critical interview. In fact, it may be our interview 366 00:19:29,800 --> 00:19:32,879 Speaker 2: of the day. Joining us now from London, Jane Foley 367 00:19:32,960 --> 00:19:36,760 Speaker 2: joins US head of Foreign Exchange statu to Strategy and 368 00:19:36,840 --> 00:19:41,360 Speaker 2: tariff theory at Robobank. Jane, Robobank, with all of its 369 00:19:41,400 --> 00:19:45,679 Speaker 2: centuries of tradition has to have a radar on the 370 00:19:45,760 --> 00:19:50,360 Speaker 2: tariff dynamics. How is the chure now? The thirty year 371 00:19:50,480 --> 00:19:56,800 Speaker 2: French bond in price has declined over seven percent since 372 00:19:57,280 --> 00:20:03,399 Speaker 2: Donald Trump's inauguration, with a markets seizing in Europe? Is 373 00:20:03,440 --> 00:20:06,640 Speaker 2: this different than Liberation Day one, say April third? 374 00:20:08,760 --> 00:20:12,159 Speaker 8: Oh yeah, well, good morning Tom, Well, good morning everyone 375 00:20:12,200 --> 00:20:14,119 Speaker 8: that you know it is. There's a very different feeling. 376 00:20:14,119 --> 00:20:16,359 Speaker 8: And I think we can really extrapolate from what you 377 00:20:16,400 --> 00:20:19,000 Speaker 8: were just hearing from your former guest, you know, straight 378 00:20:19,040 --> 00:20:22,640 Speaker 8: back into the bond market, straight back into to foreign exchange. 379 00:20:22,680 --> 00:20:26,120 Speaker 8: The market is just not as worried right now as 380 00:20:26,160 --> 00:20:29,800 Speaker 8: it was on April the second. Now, you know, in 381 00:20:29,840 --> 00:20:33,320 Speaker 8: agreement with your your previous guest, if we are in 382 00:20:33,359 --> 00:20:37,760 Speaker 8: for a shock then on August the FIR with significant tariffs, 383 00:20:37,760 --> 00:20:42,320 Speaker 8: say thirty twenty five percent tariffs for Europe, well the 384 00:20:42,359 --> 00:20:45,600 Speaker 8: market is not necessarily priced for that, and that could 385 00:20:45,600 --> 00:20:50,199 Speaker 8: certainly send you know, significant amount of gloom. Particularly you know, 386 00:20:50,240 --> 00:20:53,200 Speaker 8: you consider the Eurozone economy. You know what is Germany 387 00:20:53,240 --> 00:20:56,080 Speaker 8: facing right now? Well, it's always been facing pretty high 388 00:20:56,160 --> 00:20:59,080 Speaker 8: energy cast labor market shortages, and then of course you 389 00:20:59,160 --> 00:21:02,120 Speaker 8: put on top of that at the possibility of tariffs 390 00:21:02,119 --> 00:21:04,480 Speaker 8: at a time with the exchange rate is is really 391 00:21:04,560 --> 00:21:07,800 Speaker 8: quite strong. Well, you know that is not a pretty picture, 392 00:21:07,920 --> 00:21:10,160 Speaker 8: and certainly the market will be worried. 393 00:21:10,280 --> 00:21:13,960 Speaker 2: Fancy excuse me, Jane, I'm thinking I'm talking to Francy Lacuah. 394 00:21:14,119 --> 00:21:16,760 Speaker 2: I mean they both went to Wimbledon. I'm sorry, Jane, 395 00:21:17,760 --> 00:21:20,480 Speaker 2: I'm looking at the linkage here between your litmus paper 396 00:21:20,560 --> 00:21:23,560 Speaker 2: pH in exchange and I got log convexity in the 397 00:21:23,600 --> 00:21:27,600 Speaker 2: French thirty year bond price down big time. Mister mcclah 398 00:21:27,920 --> 00:21:31,919 Speaker 2: has gone ooh la la uh Jane, how are they linked? 399 00:21:31,960 --> 00:21:35,280 Speaker 2: And does it mean dxy back to one hundred Paul 400 00:21:35,359 --> 00:21:37,840 Speaker 2: gets euro back to one oh five before he goes 401 00:21:37,880 --> 00:21:41,680 Speaker 2: to Rome. I mean, wor's the accelerative tendency right now 402 00:21:42,000 --> 00:21:44,200 Speaker 2: into Trump's second round of tariffs. 403 00:21:45,440 --> 00:21:47,679 Speaker 8: Well again, you know, the market doesn't seem to be 404 00:21:47,760 --> 00:21:50,200 Speaker 8: that concerned. The market seems to think that what Trump 405 00:21:50,240 --> 00:21:53,480 Speaker 8: is saying rap right now is a negotiation tactic. So 406 00:21:53,800 --> 00:21:56,239 Speaker 8: you know, it's looked at what Trump has said, what 407 00:21:56,280 --> 00:21:59,080 Speaker 8: Trump has pulled back on, you know, since April and 408 00:21:59,119 --> 00:22:01,960 Speaker 8: decided that the thirty percent tariffs, so he was warning 409 00:22:02,000 --> 00:22:04,359 Speaker 8: about at the weekend are just a threat and won't 410 00:22:04,400 --> 00:22:07,359 Speaker 8: necessarily be pushed through. So if they are, if they 411 00:22:07,400 --> 00:22:10,040 Speaker 8: do stick, how August the first, you know, that's going 412 00:22:10,119 --> 00:22:12,760 Speaker 8: to be a massive, great, big shock. Now in terms 413 00:22:12,760 --> 00:22:15,560 Speaker 8: of you know, the French market particularly, we had over 414 00:22:15,640 --> 00:22:19,800 Speaker 8: the weekend, even warnings from macran or Macron or promises 415 00:22:20,359 --> 00:22:23,320 Speaker 8: that they would step up the sense very significantly. Now 416 00:22:23,359 --> 00:22:26,440 Speaker 8: that of course is in tune with the political sort 417 00:22:26,440 --> 00:22:29,400 Speaker 8: of win that's been blowing over Europe for some months now, 418 00:22:29,720 --> 00:22:33,120 Speaker 8: but it's not clear how that would be funded, how 419 00:22:33,160 --> 00:22:35,119 Speaker 8: that fits into the French budget that we were all 420 00:22:35,160 --> 00:22:37,960 Speaker 8: so concerned about, you know, just six seven months ago. 421 00:22:38,119 --> 00:22:40,480 Speaker 8: So you know that there are lots of question marks 422 00:22:40,520 --> 00:22:45,600 Speaker 8: over the growth out looks for still Europe. They already were, 423 00:22:45,600 --> 00:22:48,520 Speaker 8: but if you land, you know, thirty percent tariffs on 424 00:22:48,560 --> 00:22:51,600 Speaker 8: top of that, these rise more significantly and on top 425 00:22:51,640 --> 00:22:54,480 Speaker 8: of the budgets in most European countries, with perhaps the 426 00:22:54,520 --> 00:22:58,520 Speaker 8: exception of Germany, there were still considerable doubts. So these 427 00:22:58,520 --> 00:23:00,480 Speaker 8: are all things that the market is not pricing for 428 00:23:00,600 --> 00:23:02,760 Speaker 8: that the US he isn't reflecting right now. 429 00:23:02,880 --> 00:23:06,280 Speaker 2: I agreeative, I agree, Paul. The Euro's not shown at 430 00:23:06,280 --> 00:23:10,320 Speaker 2: the equity markets. JP Morgan tomorrow. Guess what James Diamond's. 431 00:23:09,920 --> 00:23:10,960 Speaker 5: Going to say, We don't care. 432 00:23:11,400 --> 00:23:14,760 Speaker 2: I'm looking at a chart of the thirty year French 433 00:23:14,840 --> 00:23:20,240 Speaker 2: piece in its log Convex price down, well, yield up. 434 00:23:20,640 --> 00:23:22,400 Speaker 2: It's moving, it's moving a vengeance. 435 00:23:22,720 --> 00:23:23,320 Speaker 5: Jane Foley. 436 00:23:23,480 --> 00:23:25,520 Speaker 4: Is it a time to buy the US dollar here? 437 00:23:26,640 --> 00:23:28,879 Speaker 8: Yeah? I think it probably is. That the dollar is 438 00:23:28,880 --> 00:23:31,800 Speaker 8: the best performing D ten currency in July. It's still 439 00:23:31,880 --> 00:23:35,240 Speaker 8: performed really very poorly from the year to day. But 440 00:23:35,480 --> 00:23:37,439 Speaker 8: you know, if you look at what's happened with the 441 00:23:37,600 --> 00:23:39,959 Speaker 8: SMP in a series of all time highs recently, if 442 00:23:39,960 --> 00:23:41,879 Speaker 8: you look at TAM premier even you know, on the 443 00:23:41,920 --> 00:23:44,040 Speaker 8: long end of the treasury market, it's come off those 444 00:23:44,080 --> 00:23:46,719 Speaker 8: April highs. So there's a lot of calmers that you know, 445 00:23:47,200 --> 00:23:51,200 Speaker 8: we've been discussing this month, and yet it's only really 446 00:23:51,240 --> 00:23:53,400 Speaker 8: in the last week or so that the dollar has 447 00:23:53,440 --> 00:23:56,200 Speaker 8: begun to, you know, pick up a little bit of steam. 448 00:23:56,400 --> 00:23:59,240 Speaker 8: And I think with the SMP at full time highs, 449 00:23:59,280 --> 00:24:01,320 Speaker 8: I think we've got a question whether or not that 450 00:24:01,480 --> 00:24:04,120 Speaker 8: rotation trade that we saw in the first five months 451 00:24:04,119 --> 00:24:06,520 Speaker 8: of the year out of US ass whether or not 452 00:24:06,600 --> 00:24:08,600 Speaker 8: it's just pausing whether or not it's it's stopped. But 453 00:24:08,680 --> 00:24:11,440 Speaker 8: there does seem to be a lot more optimism now 454 00:24:11,480 --> 00:24:14,800 Speaker 8: with respect to the relative resilience of the US economy 455 00:24:15,200 --> 00:24:17,959 Speaker 8: and with the market and have short US dollars. I 456 00:24:18,000 --> 00:24:20,560 Speaker 8: think the dollar can recover some ground right here. 457 00:24:20,680 --> 00:24:24,040 Speaker 4: One ten year oh I love, Yeah, I'll take a 458 00:24:24,040 --> 00:24:27,600 Speaker 4: one ten year old come September. Japanese, yen, Jane. What's 459 00:24:27,600 --> 00:24:29,320 Speaker 4: the Bank of Japan doing these days? 460 00:24:30,000 --> 00:24:32,240 Speaker 8: Well, that the Bank of Japan, I think, is sitting 461 00:24:32,320 --> 00:24:34,439 Speaker 8: watching and waiting, and that in that respect not that 462 00:24:34,480 --> 00:24:37,199 Speaker 8: dissimilar to the Fed. You know, the market is concerned 463 00:24:37,240 --> 00:24:39,720 Speaker 8: because the market is watching these CPI inflation rates in 464 00:24:39,800 --> 00:24:43,720 Speaker 8: Japan above three percent, you know, looking fairly firm. But 465 00:24:43,760 --> 00:24:46,399 Speaker 8: the Bank of Japan is looking at its own measures 466 00:24:46,440 --> 00:24:48,960 Speaker 8: of underlying inflation saying, yeah, you know what, these are 467 00:24:49,000 --> 00:24:52,159 Speaker 8: still quite benign and therefore is taking its time. But 468 00:24:52,520 --> 00:24:54,400 Speaker 8: you know that there is a cost of living pressure 469 00:24:54,520 --> 00:24:57,560 Speaker 8: issue in Japan that is you know, dripping through into 470 00:24:57,560 --> 00:24:59,600 Speaker 8: the politics. It has been quite a while, is she 471 00:24:59,720 --> 00:25:03,240 Speaker 8: by the prime minister very unpopular? He could be about 472 00:25:03,359 --> 00:25:06,720 Speaker 8: to resign if the LDP, you know, lose its position, 473 00:25:06,840 --> 00:25:10,960 Speaker 8: lose that majority in the upper House elections at the weekend. 474 00:25:11,040 --> 00:25:13,520 Speaker 8: So there's a lot of stuff going on. They would 475 00:25:13,760 --> 00:25:17,760 Speaker 8: like to have, you know, a friendly trade deal done 476 00:25:17,920 --> 00:25:21,439 Speaker 8: with the US administration quite soon. That doesn't seem to 477 00:25:21,480 --> 00:25:21,879 Speaker 8: be coming. 478 00:25:21,960 --> 00:25:22,159 Speaker 6: You know. 479 00:25:22,240 --> 00:25:24,880 Speaker 8: We three months ago Japan was expected to be one 480 00:25:24,880 --> 00:25:28,280 Speaker 8: of those first countries, but that does not appear to becoming. 481 00:25:28,320 --> 00:25:31,840 Speaker 8: The Japanese electorate not in the right frame of mind 482 00:25:31,960 --> 00:25:34,920 Speaker 8: to see Japan give up too many concessions in its 483 00:25:34,960 --> 00:25:36,480 Speaker 8: point of view to the US. 484 00:25:36,720 --> 00:25:38,760 Speaker 2: Jane Foley, thank us so much for the Morning Brief 485 00:25:38,760 --> 00:25:41,320 Speaker 2: with robber Bank on a Monday. Jane Foley had a 486 00:25:41,359 --> 00:25:43,120 Speaker 2: foreign exchange strategy. 487 00:25:43,160 --> 00:25:53,040 Speaker 1: And this is the Bloomberg Surveillance Podcast. Listen live each 488 00:25:53,080 --> 00:25:56,119 Speaker 1: weekday starting at seven am Eastern on Apple Corplay and 489 00:25:56,119 --> 00:25:59,159 Speaker 1: Android Otto with the Bloomberg Business app. You can also 490 00:25:59,280 --> 00:26:02,399 Speaker 1: wat us live every weekday on YouTube and always on 491 00:26:02,480 --> 00:26:03,640 Speaker 1: the Bloomberg terminal. 492 00:26:03,800 --> 00:26:07,719 Speaker 2: What Henrietta Trace knows she goes on the political campaigns. 493 00:26:08,119 --> 00:26:11,240 Speaker 2: When you're invaded partners, you don't go from town to town, 494 00:26:11,760 --> 00:26:15,080 Speaker 2: you go from diner to diner. And she knows in 495 00:26:15,160 --> 00:26:19,119 Speaker 2: Manchester you go to the Puritan back Room, which is 496 00:26:19,160 --> 00:26:22,639 Speaker 2: Greek New England food. They invented the chicken tenders there. 497 00:26:23,040 --> 00:26:27,080 Speaker 2: Henrietta always has the chicken tenders with a coconut add on. 498 00:26:27,280 --> 00:26:30,400 Speaker 2: That's what you do when you're from New Orleans, you know, Henriette. 499 00:26:30,400 --> 00:26:33,840 Speaker 2: I look at the granular politics of the moment. New 500 00:26:33,880 --> 00:26:39,320 Speaker 2: Hampshire has been democrat since twenty ten is a general statement. 501 00:26:39,880 --> 00:26:44,200 Speaker 2: I mean, what does the tensions of papas, of Puritan 502 00:26:44,280 --> 00:26:47,840 Speaker 2: back room all of New Hampshire was shahen returing, What 503 00:26:47,880 --> 00:26:50,800 Speaker 2: does it mean about this absolute certitude that Trump could 504 00:26:50,800 --> 00:26:54,520 Speaker 2: win a third term, how the Republicans could maintain power? 505 00:26:54,720 --> 00:26:57,640 Speaker 2: How fragile is it on a July Monday. 506 00:26:58,800 --> 00:27:00,679 Speaker 7: Well, first of all, I do love it contenders, so 507 00:27:00,760 --> 00:27:02,680 Speaker 7: thank you for the opportunity to talk about those. 508 00:27:03,240 --> 00:27:06,080 Speaker 9: But secondarily, the Republican conference. 509 00:27:05,800 --> 00:27:08,760 Speaker 7: Does have some pretty serious headwinds at its back when 510 00:27:08,800 --> 00:27:11,320 Speaker 7: it looks at the thirty five seats that they're defending 511 00:27:11,480 --> 00:27:14,040 Speaker 7: on the House side, which Shaqim Jefferies is coming out, 512 00:27:14,080 --> 00:27:15,959 Speaker 7: you know, sort of guns blazing about him the weekend, 513 00:27:15,960 --> 00:27:18,479 Speaker 7: he was even in Louisiana talking about it. And then 514 00:27:18,520 --> 00:27:22,800 Speaker 7: the sentences where they're trying to shore up runners who 515 00:27:22,800 --> 00:27:25,960 Speaker 7: can either stay in the race or staunch retirements but 516 00:27:26,080 --> 00:27:28,680 Speaker 7: members do not want to be there, whether it's Shaheen 517 00:27:29,080 --> 00:27:33,040 Speaker 7: Susan Collins in neighboring Maine, Tom Tillis in North Carolina, 518 00:27:33,320 --> 00:27:36,040 Speaker 7: there are a host of members. Joni Ernst is on 519 00:27:36,359 --> 00:27:40,040 Speaker 7: the perennial list of will she won't she. The Republican 520 00:27:40,080 --> 00:27:41,600 Speaker 7: Conference is going to have to spend a lot of 521 00:27:41,600 --> 00:27:44,240 Speaker 7: money next year to stay in these Senate races that 522 00:27:44,280 --> 00:27:46,680 Speaker 7: they've been able to hold on to, but that are 523 00:27:46,680 --> 00:27:49,280 Speaker 7: going to come under serious dress, especially with the One 524 00:27:49,280 --> 00:27:52,679 Speaker 7: Big Beautiful Bill, which has a seventy one percent disapproval 525 00:27:52,760 --> 00:27:57,160 Speaker 7: rating amongst independents, and tariffs, so there's a lot of headwinds. 526 00:27:57,359 --> 00:27:59,840 Speaker 4: Speaking of tariff, Henriette, I mean, we're getting close to 527 00:27:59,880 --> 00:28:01,440 Speaker 4: that August one deadline. 528 00:28:01,440 --> 00:28:02,360 Speaker 5: I'm not really sure. 529 00:28:02,240 --> 00:28:05,159 Speaker 4: What that means. But one thing we're not seeing is 530 00:28:05,280 --> 00:28:07,440 Speaker 4: we're not seeing a lot of trade deals, are we? 531 00:28:07,560 --> 00:28:08,160 Speaker 5: Why is that? 532 00:28:09,160 --> 00:28:11,560 Speaker 7: No? We have no deals, We have no text of 533 00:28:11,600 --> 00:28:14,320 Speaker 7: any deals, and even the one that we sort of 534 00:28:14,400 --> 00:28:16,160 Speaker 7: have is really more of a framework. 535 00:28:16,200 --> 00:28:18,880 Speaker 9: That's the one with the UK. What's happening here and. 536 00:28:18,800 --> 00:28:23,080 Speaker 7: What we are seeing increasingly from the foreign nations that 537 00:28:23,080 --> 00:28:25,480 Speaker 7: we're trying to negotiate with, whether it's Japan, South Korea, 538 00:28:25,560 --> 00:28:29,320 Speaker 7: or the EU. Is a litany of issues. First amongst 539 00:28:29,359 --> 00:28:32,280 Speaker 7: them is the two thirty two tariffs. I can't negotiate 540 00:28:32,320 --> 00:28:36,000 Speaker 7: a temporary IEPA rate when I have a tariff pending 541 00:28:36,080 --> 00:28:39,040 Speaker 7: on pharmaceuticals of like two hundred percent, which is what 542 00:28:39,080 --> 00:28:42,200 Speaker 7: President Trump discussed in the cabinet room last week. When 543 00:28:42,200 --> 00:28:45,320 Speaker 7: I have tariffs on automobiles, autmobile parts, copper and all 544 00:28:45,360 --> 00:28:48,400 Speaker 7: these components that could come on and rise at the 545 00:28:48,440 --> 00:28:51,960 Speaker 7: President's discretion, and those are permanent tariffs. So it's not 546 00:28:52,000 --> 00:28:54,800 Speaker 7: really in your best interest to be negotiating a temporary 547 00:28:54,840 --> 00:28:58,320 Speaker 7: IEPA rate of you know, let's call it twenty twenty 548 00:28:58,320 --> 00:29:01,360 Speaker 7: five percent, even though that is highly putitive and well 549 00:29:01,400 --> 00:29:03,360 Speaker 7: above the original you know, two and a half percent 550 00:29:03,360 --> 00:29:05,320 Speaker 7: tirefreight that we had going into this administration. 551 00:29:05,600 --> 00:29:07,160 Speaker 9: But the two thirty two is a the lig bit. 552 00:29:07,560 --> 00:29:09,920 Speaker 7: And then you look at Brazil and you see, oh, well, 553 00:29:09,920 --> 00:29:12,040 Speaker 7: we don't like your political here, so we're going to 554 00:29:12,080 --> 00:29:14,680 Speaker 7: launch a Section three on one investigation into you over 555 00:29:14,760 --> 00:29:17,600 Speaker 7: extensibly the digital services tax. But we could tire if 556 00:29:17,640 --> 00:29:20,240 Speaker 7: now anything coming in from Brazil. And that's the That's 557 00:29:20,360 --> 00:29:22,760 Speaker 7: just two of what I listed in my report over 558 00:29:22,760 --> 00:29:25,920 Speaker 7: the weekend of seven different items that foreign nations are 559 00:29:25,920 --> 00:29:29,640 Speaker 7: considering when they address this administration and negotiate these trade 560 00:29:29,680 --> 00:29:31,200 Speaker 7: deals that are obviously not forthcoming. 561 00:29:31,400 --> 00:29:33,920 Speaker 2: Paul, did you read Hendria this report over the weekend. 562 00:29:34,280 --> 00:29:37,000 Speaker 4: I am reading it right now. I just called out 563 00:29:37,000 --> 00:29:39,280 Speaker 4: to Lease and metized that this is unbelievable. 564 00:29:39,360 --> 00:29:40,560 Speaker 5: Every week she packs it. 565 00:29:40,480 --> 00:29:41,880 Speaker 4: With unbelievable detail. 566 00:29:41,880 --> 00:29:42,640 Speaker 5: It's crazy. 567 00:29:42,760 --> 00:29:44,760 Speaker 2: It's just so conjunctuous, it's unbelievable. 568 00:29:44,800 --> 00:29:47,960 Speaker 4: So, Henriette, if I'm a country and I don't do 569 00:29:48,040 --> 00:29:50,680 Speaker 4: a trade deal, okay, tariffs are going to go on. 570 00:29:50,720 --> 00:29:53,080 Speaker 4: But if I'm the president, I don't think tariffs are 571 00:29:53,160 --> 00:29:58,440 Speaker 4: really polling that well with Americans. So what is the administration. 572 00:29:57,880 --> 00:29:58,360 Speaker 5: To do here? 573 00:29:59,400 --> 00:30:01,920 Speaker 7: Yeah, the the tariffs are really a problem for the 574 00:30:01,960 --> 00:30:03,800 Speaker 7: gene Janes of the world, for the members that are 575 00:30:03,880 --> 00:30:04,480 Speaker 7: up next year. 576 00:30:04,560 --> 00:30:06,800 Speaker 9: As Tom points out, Trump is not up again. He 577 00:30:06,840 --> 00:30:08,000 Speaker 9: doesn't have to run ever again. 578 00:30:08,240 --> 00:30:10,240 Speaker 7: The third term stop is really just to stave off 579 00:30:10,440 --> 00:30:12,760 Speaker 7: disappearance of being a lame duck. But the reality is 580 00:30:12,760 --> 00:30:14,840 Speaker 7: that the Republicans in the House and the Senate are 581 00:30:14,840 --> 00:30:16,680 Speaker 7: the ones who have to run, and they're going to 582 00:30:16,720 --> 00:30:19,760 Speaker 7: be in a situation where the American public. Eighty seven 583 00:30:19,800 --> 00:30:22,840 Speaker 7: percent of Americans are concerned about higher. 584 00:30:22,520 --> 00:30:25,760 Speaker 9: Prices somewhat or very much. That's a crazy number. 585 00:30:25,840 --> 00:30:28,360 Speaker 7: So they're preposed, whether the tariffs are hitting or not, 586 00:30:28,680 --> 00:30:30,080 Speaker 7: to be flipped out about tariffs. 587 00:30:30,200 --> 00:30:32,200 Speaker 2: The Street's sort of saying, I'm going to voice this 588 00:30:32,280 --> 00:30:36,600 Speaker 2: for Global Wall Street. MS trays Besson is once again 589 00:30:36,680 --> 00:30:38,040 Speaker 2: going to have to go in and set on the 590 00:30:38,080 --> 00:30:43,160 Speaker 2: couch and say, mister president, back off from liberation two. 591 00:30:43,360 --> 00:30:44,240 Speaker 2: Is that gonna happen? 592 00:30:45,280 --> 00:30:48,120 Speaker 7: I mean, Scott Besson just said in what Aspen last week, 593 00:30:48,160 --> 00:30:51,320 Speaker 7: you'll mess around and find out, except with different words. 594 00:30:51,400 --> 00:30:54,160 Speaker 7: You know, I don't know how comfortable that couch is 595 00:30:54,200 --> 00:30:56,440 Speaker 7: going to be. I think that the administrator talks about 596 00:30:56,640 --> 00:31:01,000 Speaker 7: generating three hundred million dollars in tariff revenue and we're 597 00:31:01,040 --> 00:31:03,960 Speaker 7: at one hundred now, so that math means more tires. 598 00:31:04,040 --> 00:31:08,000 Speaker 2: Henrietta, we can't wait for the New Hampshire primary. Michael 599 00:31:08,040 --> 00:31:11,040 Speaker 2: Barr will lead our entourage to the Puritan back room 600 00:31:11,520 --> 00:31:16,400 Speaker 2: for the chicken tenders. Parmesant, Oh nice, it's there, yep, 601 00:31:16,760 --> 00:31:20,880 Speaker 2: good morning. Chris Pappus in the Papist family, decades of 602 00:31:20,960 --> 00:31:26,320 Speaker 2: dedication seriously to Manchester New Hampshire and their wonderful business 603 00:31:26,440 --> 00:31:28,480 Speaker 2: up there. I'mrinna Trace. Thank you so much. 604 00:31:28,800 --> 00:31:32,680 Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday 605 00:31:32,720 --> 00:31:35,719 Speaker 1: starting at seven am Eastern on Apple Corplay and Android 606 00:31:35,760 --> 00:31:38,800 Speaker 1: Auto with the Bloomberg Business app. You can also listen 607 00:31:38,880 --> 00:31:42,120 Speaker 1: live on Amazon Alexa from our flagship New York station, 608 00:31:42,680 --> 00:31:45,320 Speaker 1: Just say Alexa Play Bloomberg eleven thirty. 609 00:31:45,440 --> 00:31:48,000 Speaker 2: Back from Chicago, Lisa Matteo. Do you start with the 610 00:31:48,080 --> 00:31:49,080 Speaker 2: Chicago Tribune? 611 00:31:49,280 --> 00:31:50,040 Speaker 5: I do not know. 612 00:31:50,480 --> 00:31:52,240 Speaker 10: I should have looked into it there for the. 613 00:31:52,200 --> 00:31:53,960 Speaker 2: Time article on Deep Dish pizza. 614 00:31:54,160 --> 00:31:57,320 Speaker 10: No, but it was fantastic. I am starting with a 615 00:31:57,400 --> 00:32:00,440 Speaker 10: Wall Street Journal. This is the look into the super 616 00:32:00,560 --> 00:32:03,360 Speaker 10: fake luxury handbags. Okay, we're not talking regular fake. This 617 00:32:03,480 --> 00:32:06,880 Speaker 10: is super fake fake. Yes, these are mean. They go 618 00:32:07,240 --> 00:32:09,840 Speaker 10: beyond you know, you think fake. Right, you pick them 619 00:32:09,880 --> 00:32:11,440 Speaker 10: up on the streets, Paul, you've talked about it, right, 620 00:32:11,480 --> 00:32:14,080 Speaker 10: and you go where in Chinatown get something. But the 621 00:32:14,160 --> 00:32:18,000 Speaker 10: counterfeiters are making them look as good as the real thing. 622 00:32:18,320 --> 00:32:19,880 Speaker 10: And the thing is they're not cheap. You're going to 623 00:32:19,960 --> 00:32:23,560 Speaker 10: pay between five hundred and five thousand dollars for these 624 00:32:23,600 --> 00:32:27,320 Speaker 10: super fake bags. People get them on WhatsApp, telegram, they 625 00:32:27,360 --> 00:32:30,719 Speaker 10: come straight to your door in like a branded box. 626 00:32:31,440 --> 00:32:34,960 Speaker 10: They're paying influencers to promote them. So now the younger. 627 00:32:34,680 --> 00:32:37,200 Speaker 2: Audience in Chinatown on a curve. 628 00:32:38,160 --> 00:32:39,160 Speaker 5: This is beyond. 629 00:32:39,600 --> 00:32:42,719 Speaker 10: This is a big money deal. Yeah, they're saying it's 630 00:32:42,800 --> 00:32:45,200 Speaker 10: hurting the economics of the luxury brand and. 631 00:32:46,920 --> 00:32:49,080 Speaker 5: Super fu See. 632 00:32:49,080 --> 00:32:50,920 Speaker 10: I don't know if I can justify paying over five 633 00:32:51,000 --> 00:32:52,280 Speaker 10: hundred dollars for a fake. 634 00:32:52,160 --> 00:32:53,840 Speaker 9: Bag that we're still talking. 635 00:32:54,760 --> 00:32:56,760 Speaker 2: Yesterday and there was chaos and I think it was 636 00:32:56,800 --> 00:32:59,840 Speaker 2: fifty fourth Street and it was the Chelsea lads getting 637 00:32:59,840 --> 00:33:03,200 Speaker 2: on buses. Yeah, hundreds and hundreds of people. Missus Kean 638 00:33:03,280 --> 00:33:06,040 Speaker 2: went mental. Wow, she saw a Minie Kelly on them 639 00:33:06,320 --> 00:33:07,600 Speaker 2: getting back next. 640 00:33:09,160 --> 00:33:11,120 Speaker 10: Okay, so this is for moms and dads who are 641 00:33:11,120 --> 00:33:13,120 Speaker 10: getting ready to send their kids to college. Right, that's 642 00:33:13,160 --> 00:33:16,280 Speaker 10: my daughter getting ready. A change is coming into how 643 00:33:16,320 --> 00:33:19,160 Speaker 10: much you can borrow for college and grad school two 644 00:33:19,240 --> 00:33:22,040 Speaker 10: from the federal government. So this is starting July first, 645 00:33:22,120 --> 00:33:25,120 Speaker 10: twenty twenty six, parents will be able to borrow only 646 00:33:25,200 --> 00:33:29,400 Speaker 10: twenty thousand dollars per year or sixty five thousand and four, 647 00:33:29,520 --> 00:33:32,080 Speaker 10: you know, a grand total from that Parent Plus program. 648 00:33:32,280 --> 00:33:34,200 Speaker 10: And then you get to the grad students, right, so 649 00:33:34,240 --> 00:33:37,440 Speaker 10: they'll have just over a twenty thousand dollars annual cap 650 00:33:37,480 --> 00:33:40,840 Speaker 10: on those federal loans, one hundred thousand total. And even 651 00:33:40,880 --> 00:33:43,640 Speaker 10: you look into medical school, law school, they have a 652 00:33:43,640 --> 00:33:47,120 Speaker 10: cap of fifty thousand per year and then two hundred 653 00:33:47,200 --> 00:33:50,040 Speaker 10: thousand the total limit. So the question is where do 654 00:33:50,080 --> 00:33:51,960 Speaker 10: you go. 655 00:33:51,280 --> 00:33:53,800 Speaker 2: Exactly, I mean all of us are living it. We 656 00:33:53,880 --> 00:33:58,240 Speaker 2: know all of our people nationwide it on YouTube, Paul 657 00:33:58,240 --> 00:34:01,160 Speaker 2: are living in I mean, they're just the gap here 658 00:34:01,400 --> 00:34:05,600 Speaker 2: is these teenc ween see numbers versus what it actually 659 00:34:05,680 --> 00:34:08,520 Speaker 2: cost to put a chairub one years through school. 660 00:34:08,800 --> 00:34:11,640 Speaker 4: I don't this is a huge issue, But I don't 661 00:34:11,680 --> 00:34:15,160 Speaker 4: know when people are gonna really rebel on this whole thing. 662 00:34:15,600 --> 00:34:17,400 Speaker 4: It's just the economics of higher education. 663 00:34:17,520 --> 00:34:20,480 Speaker 2: I believe the admonistration wants to force the colleges to 664 00:34:20,560 --> 00:34:24,480 Speaker 2: lower the cost, which is kind of sounds great. The 665 00:34:24,600 --> 00:34:28,200 Speaker 2: gap between the numbers you just gave, it's huge and 666 00:34:28,239 --> 00:34:29,640 Speaker 2: the reality is just genuine. 667 00:34:30,000 --> 00:34:31,400 Speaker 10: And then where so where do you go? You know, 668 00:34:31,440 --> 00:34:33,799 Speaker 10: go to these you know, private student loan lenders are 669 00:34:33,800 --> 00:34:35,680 Speaker 10: that what interest rates are they going to charge? And 670 00:34:35,719 --> 00:34:38,080 Speaker 10: what does that mean for families? So that's a big us. 671 00:34:38,160 --> 00:34:40,759 Speaker 10: So one more this was in screen Time. He put 672 00:34:40,800 --> 00:34:42,480 Speaker 10: together look as Shaw he put to get us some 673 00:34:42,560 --> 00:34:44,040 Speaker 10: lessons from the first half of the year, and he 674 00:34:44,080 --> 00:34:47,520 Speaker 10: focused on Netflix. They report, you know, earnings later this week. 675 00:34:47,560 --> 00:34:51,040 Speaker 10: But so Nielsen said, Netflix, Amazon, Apple, Right, they're the 676 00:34:51,160 --> 00:34:54,399 Speaker 10: account for the five most watched streaming shows so far. 677 00:34:54,840 --> 00:34:57,120 Speaker 10: But he says, what's happening is that Netflix is starting 678 00:34:57,160 --> 00:35:00,400 Speaker 10: to lose its share of streaming because as you have 679 00:35:00,520 --> 00:35:03,680 Speaker 10: companies like you know, Amazon, Apple, Hbo, Max, Hulu, Paramount, 680 00:35:03,719 --> 00:35:05,919 Speaker 10: like there's more and more and more, and they all 681 00:35:05,960 --> 00:35:08,160 Speaker 10: have shows in the top ten so far this year, 682 00:35:08,840 --> 00:35:12,320 Speaker 10: their share the top shows is slipping, but it's still 683 00:35:12,400 --> 00:35:14,600 Speaker 10: more than any other service combined. I mean, you have 684 00:35:14,600 --> 00:35:16,239 Speaker 10: to look at it kind of that way too. But 685 00:35:16,320 --> 00:35:18,399 Speaker 10: he said, one thing to keep an eye on are 686 00:35:18,400 --> 00:35:22,880 Speaker 10: these free advertising supported services like YouTube, the Roku channel 687 00:35:23,000 --> 00:35:26,200 Speaker 10: to be they're stealing those viewers from broadcasting cable, so 688 00:35:26,239 --> 00:35:29,000 Speaker 10: that can give some competition to can't say. 689 00:35:28,880 --> 00:35:32,160 Speaker 2: Enough about screen Time, folks. It's hugely entertaining. It's got 690 00:35:32,239 --> 00:35:35,080 Speaker 2: music in there and everything. He's super informative too. Yeah, 691 00:35:35,600 --> 00:35:38,960 Speaker 2: and the movies were still the Paul screening here, Yes, Lisa. 692 00:35:38,880 --> 00:35:44,120 Speaker 1: Tiff This is the Bloomberg Surveillance Podcast, available on Apple, Spotify, 693 00:35:44,200 --> 00:35:48,480 Speaker 1: and anywhere else you get your podcasts. Listen live each weekday, 694 00:35:48,640 --> 00:35:51,840 Speaker 1: seven to ten am Easter and on Bloomberg dot Com, 695 00:35:52,000 --> 00:35:55,799 Speaker 1: the iHeartRadio app, tune In, and the Bloomberg Business app. 696 00:35:56,120 --> 00:35:59,240 Speaker 1: You can also watch us live every weekday on YouTube 697 00:35:59,520 --> 00:36:01,520 Speaker 1: and oh ways, on the Bloomberg terminal