WEBVTT - End of the Tech Rally and Rahm Wins Masters

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<v Speaker 1>From the Bloomberg Interacted Brooker Studios. This is Bloomberg day

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<v Speaker 1>Break for Monday, April tenth. Coming up today, the end

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<v Speaker 1>maybe in sight for global interest rate hikes. Our new

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<v Speaker 1>survey says the rally and tech stocks could be running

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<v Speaker 1>out of steam. Geopolitical tensions grow as China conducts military

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<v Speaker 1>drills around Taiwan, and the Biden administration weighs its options

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<v Speaker 1>after a federal judge suspense an abortion pill well the

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<v Speaker 1>first time in the university's history. Workers had Rutgers planned

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<v Speaker 1>to strike bloss of Oaks Day to reinstate and expel

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<v Speaker 1>Tennessee representative. I'm Michael laughter. More ahead, I'm trying stat

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<v Speaker 1>charon'sport John rom one of the Masters. The Yankees won,

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<v Speaker 1>the Mets lost, the nick the Nets start the playoffs

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<v Speaker 1>on Saturday. That's all straight ahead on Bloomberg day Break

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<v Speaker 1>on Bloomberg eliven Frio, New York, Bloomberg ninety nine one, Washington,

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<v Speaker 1>d C, Bloomberg one O six one, Boston, Bloomberg nine sixty,

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<v Speaker 1>San Francisco, Sirius XAM one nineteen and around the world

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<v Speaker 1>on Bloomberg Radio dot Com and via the Bloomberg Business

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<v Speaker 1>add Good morning. I'm Nathan Hager and I'm Kareron Moscow.

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<v Speaker 1>Here are the stories we're following today. Put on the

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<v Speaker 1>Way and another Spanish superstar. We'll wear a green jacket.

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<v Speaker 1>And it was a come from behind when for the

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<v Speaker 1>twenty eight year old Spaniard. He entered yesterday's tournament in Augusta, Georgia,

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<v Speaker 1>four shots back from brooks Kepka, who ended up tied

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<v Speaker 1>for second with Phil Mickelson. We're going to have much

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<v Speaker 1>more on Rom's victory at the Master's in Sports coming

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<v Speaker 1>up in just a few minutes. Well, we now turned

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<v Speaker 1>to the economy, Nathan, most global central banks maybe nearing

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<v Speaker 1>an end to raising interest rates. When we get the

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<v Speaker 1>details live with the Bloomberg's John Tucker, John, good morning

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<v Speaker 1>and Karen. After the most aggressive global tightening cycle scene

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<v Speaker 1>in decades, peak rates may be in sight. The type

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<v Speaker 1>policy has delivered dancing economic growth and turmoil in the

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<v Speaker 1>banking industry. Still, it's not a simple path of take

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<v Speaker 1>Fridays better than expected payrolls report in the US. Muhammad

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<v Speaker 1>el Area, president of Queen's College, Cambridge, reacted after those

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<v Speaker 1>numbers crossed foot a FED. This increases a probability that

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<v Speaker 1>they'll go twenty five basis points in early May. Now,

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<v Speaker 1>according to Bloomberg Economics, the short lived peat for global

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<v Speaker 1>rates will be six percent in the third quarter. By

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<v Speaker 1>the end of next year, that measure is seen dropping

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<v Speaker 1>to four point nine percent. At least twenty of the

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<v Speaker 1>twenty three major jurisdictions across the globe monitor by Bloomberg

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<v Speaker 1>are projected to be lowering borrowing costs next year. Live

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<v Speaker 1>in New York, I'm John Tucker, Bloomberg Daybreak. Well, Thanks John,

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<v Speaker 1>Well something else that may be short lived? Maybe this

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<v Speaker 1>year's twenty percent rally in tech stocks. At least that's

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<v Speaker 1>according to the latest Bloomberg m Live Pulse survey. More

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<v Speaker 1>than a quarter of respondents expect earnings to stall the

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<v Speaker 1>tech rally. Only fourteen percent predict further gains. Texas also

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<v Speaker 1>looking more expensive, the NASTAC one hundreds trading at twenty

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<v Speaker 1>four times it's forward earnings, well above it's long term

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<v Speaker 1>average of nineteen, and the S and P five hundreds

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<v Speaker 1>multiple of eighteen. Well, Nathan, the biggest tech stock of

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<v Speaker 1>them all, Apple has seen personal computer shipments plunge in

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<v Speaker 1>the first quarter, and we get the latest Live with

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<v Speaker 1>the Bloomberg Steve A. Rappaport, Good morning, Steve, Good morning,

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<v Speaker 1>Karen and Nathan. Shipments by all PC makers combined drop

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<v Speaker 1>twenty nine percent for the quarter, with Apple leading the

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<v Speaker 1>way with more than forty percent. That's according to a

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<v Speaker 1>report from the International Data Corporation. But there's a silver

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<v Speaker 1>lining to the slump. IDC says cooling demand is giving

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<v Speaker 1>manufacturers time and room to make changes as they explore

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<v Speaker 1>factories options outside of China. Experts predict a rebound in

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<v Speaker 1>twenty twenty four, driven by the need to replace aging

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<v Speaker 1>hardware and an improving global economy. Live in New York,

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<v Speaker 1>I'm Steve Rappaport, Bloomberg Daybreak, Thanks Steve and other corporate news.

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<v Speaker 1>Tesla says it's going to build a large new battery

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<v Speaker 1>factory in Shanghai. Bloomberg Daybreak Asia anchor Brian Curtis has

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<v Speaker 1>more from Hong Kong. Tesla will make its megapac large

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<v Speaker 1>scale energy storage unit in this new facility. It's a

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<v Speaker 1>move that will be seen as for the cementing China's

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<v Speaker 1>place at the top of the energy storage supply chain.

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<v Speaker 1>The project was announced on Sunday. Construction is set to

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<v Speaker 1>begin the third quarter of this year. The plant will

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<v Speaker 1>start production in the second quarter of next year. The

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<v Speaker 1>megapac is not for evs. It's intended as a massive

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<v Speaker 1>battery to help stabilize energy grids in Hong Kong. Bryan

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<v Speaker 1>Curtis Bloomberg Daybreak. All right, Brian, Thanks. While geopolitical tensions

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<v Speaker 1>are heating up this morning, a US Navy destroyer passed

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<v Speaker 1>or the South China Sea and a show of force

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<v Speaker 1>as China continues military drills around Taiwan. Bloomberg's Amy Morris

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<v Speaker 1>has details from our ninety nine one newsroom in Washington.

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<v Speaker 1>The USS MILIUS guided missile destroyer conducted freedom of navigation

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<v Speaker 1>operations in the South China Sea near the Spratley Islands,

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<v Speaker 1>an area that Beijing says belongs to China. The US

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<v Speaker 1>refuses to acknowledge China's claim and regularly conduct such operations

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<v Speaker 1>to challenge them, something China denounces as an infringement on

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<v Speaker 1>its sovereignty. Meanwhile, China this week held exercises involving aircraft

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<v Speaker 1>and ships near Taiwan. After Taiwan's president returned from a

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<v Speaker 1>visit to the US, which included meetings with the House

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<v Speaker 1>Speaker Kevin McCarthy and other lawmakers in Washington. I'm Amy Morris,

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<v Speaker 1>Bloomberg Daybreak. Thank you, Amy. The Biden administrations on track

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<v Speaker 1>to propose the toughest ever US curbs on car pollution.

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<v Speaker 1>The proposed standards on cars and light trucks are set

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<v Speaker 1>to be announced Wednesday in Detroit. They're expected to govern

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<v Speaker 1>tailpipe emissions of carbon dioxide, smog forming, nitrogen oxide, and

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<v Speaker 1>other pollution from vehicles manufactured in model years twenty twenty

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<v Speaker 1>seven to twenty thirty two. The Washington Post says the

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<v Speaker 1>goal is to have as many as two thirds of

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<v Speaker 1>all new passenger vehicles sales electric by twenty thirty two.

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<v Speaker 1>Well Nathan. The issue of abortion rights back in the

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<v Speaker 1>spotlight thanks to a decision in Texas, a federal judge

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<v Speaker 1>has suspended FDA approval of mepapriss stone, a drug that's

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<v Speaker 1>often used in early stage medication abortions. The drug has

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<v Speaker 1>been deemed safe and effective for decades now. Health in

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<v Speaker 1>Human Services Secretary Javier Basra says he's weighing every option

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<v Speaker 1>to over turn the ruling if a judge decides to

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<v Speaker 1>substitute his preference his personal opinion for that of scientists

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<v Speaker 1>and medical professionals, what drug is it subject to some

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<v Speaker 1>kind of legal challenge? And Health Secretary how Yer Basara

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<v Speaker 1>was on CNN State of the Union. The Texas judge's

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<v Speaker 1>ruling was almost immediately contradicted by a competing decision from

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<v Speaker 1>a judge in Washington State. And this is Bloomberg. It

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<v Speaker 1>is forty two degrees in New York. It's going to

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<v Speaker 1>be sunny today with a high year sixty five. We'll

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<v Speaker 1>get down to the upper forties tonight with just a

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<v Speaker 1>few clouds around. Time Now to take a look at

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<v Speaker 1>some of the other stories making news in New York

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<v Speaker 1>and around the world with Bloomberg's Michael bar Good morning, Michael,

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<v Speaker 1>Good morning Nathan. It looks like more than nine thousand

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<v Speaker 1>Rutgers University union members will go on strike today for

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<v Speaker 1>the first time in the school's two hundred and fifty

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<v Speaker 1>seven year history. Three unions representing educators, researchers, saying clinicians,

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<v Speaker 1>took a formal vote last night to walk off the

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<v Speaker 1>job at nine am after no agreement was made on

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<v Speaker 1>a new contract after nearly a year bargaining. Union president

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<v Speaker 1>Rebecca Givens spoke to ABC seven grad workers, postdocs, counselors,

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<v Speaker 1>biomedical faculty, so called legacy faculty, and we will take

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<v Speaker 1>this momentous step. The strike will affect all three campuses

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<v Speaker 1>of Rutgers in Newark, New Brunswick, and Camden. Nashville, Tennessee's

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<v Speaker 1>Metro board is expected to meet today to start work

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<v Speaker 1>on reappointing expelled state Representative Justin Jones. The Republican controlled

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<v Speaker 1>state House voted last week to expel Jones and another

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<v Speaker 1>black member, Justin Pearson, over their part in a protest

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<v Speaker 1>for gun reform legislation. Nashville Vice Mayor Jim Schulman says

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<v Speaker 1>constituents have been silenced by the punishment. They're speaking out.

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<v Speaker 1>They're speaking out on some serious issues, and they deserve

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<v Speaker 1>to be heard the syst democracy. Meanwhile, Jones visited his

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<v Speaker 1>church on Easter Sunday, bringing the congregation to its feet.

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<v Speaker 1>A New Jersey a mom is recovering after being stabbed

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<v Speaker 1>during morning prayers on Sunday. About two hundred people were

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<v Speaker 1>at the Omar Mosque in Paterson, New Jersey, when an

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<v Speaker 1>attacker rushed said Elkankib and stabbed the a mom twice

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<v Speaker 1>in the back before being restrained by other attendees. The

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<v Speaker 1>mom is in the hospital and stable condition, according to authorities.

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<v Speaker 1>As for the attacker, no motive has been released. The

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<v Speaker 1>former president's attorney general says he thinks the Manhattan criminal

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<v Speaker 1>case against President Donald Trump is weak, but Bill Barr

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<v Speaker 1>thinks the potential charges for where the classified documents seized

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<v Speaker 1>at Mara Lago and the charges stemming from allegedly trying

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<v Speaker 1>to convince Georgia officials to change the States twenty twenty

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<v Speaker 1>election results have much better chances at sticking. Barr said

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<v Speaker 1>Trump has no one to blame but himself for all

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<v Speaker 1>of his legal woes. The President unfortunately has a pensiont

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<v Speaker 1>for engaging in reckless and self destructive behavior that brings

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<v Speaker 1>these kinds of things on him. Barr spoke on ABC's

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<v Speaker 1>This Week, which can't be heard Sundays on Bloomberg Global

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<v Speaker 1>News twenty four hours a day, powered by more than

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<v Speaker 1>twenty seven hundred journalists, analyists, and over one hundred twenty countries.

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<v Speaker 1>I'm Michael Bard. This is Bloomberg Naked. Thanks Michael Than

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<v Speaker 1>for the Bloomberg Sports update. Good morning, John Stanshown In Morning,

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<v Speaker 1>Nathan John Romby Game twenty twenty three by winning three

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<v Speaker 1>of the first seven pg Evanson. Now he's won the

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<v Speaker 1>first major, one of the Master's going away for the

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<v Speaker 1>twelve hundred part meeting Brooks Kepka and Phil Mickelson by

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<v Speaker 1>four shots. Britty, proud of myself from what I did,

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<v Speaker 1>and still really hust in. Same thing yet, and I'm

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<v Speaker 1>looking at this course and I'm still thinking I have

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<v Speaker 1>a couple more holes left to win, and can't really

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<v Speaker 1>say anything else. You know, this one was for Sevy.

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<v Speaker 1>I know he was up there helping, and help he did.

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<v Speaker 1>He's referred to the Late Sevy by Astaros, a golfing

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<v Speaker 1>legend in Rome's native Spain. He won the green jacket

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<v Speaker 1>forty years ago. He kept go lost by four after

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<v Speaker 1>leading by four at the start of the day. He's

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<v Speaker 1>left the PGA Tour to join the Live, as did Mickelson, who,

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<v Speaker 1>at age fifty two, had not been playing well the

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<v Speaker 1>last couple of years, but he turned back to clock

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<v Speaker 1>yesterday with the final round sixty five. Yankees won five

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<v Speaker 1>three at Baltimore, two one runs for Aaron Judge, one

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<v Speaker 1>for Francie Cordero hit two in the series against the

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<v Speaker 1>team that cut him in spring training. Yanks have won

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<v Speaker 1>all three series so far, and they started another one

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<v Speaker 1>tonight at Cleveland. The Mets were going for a city

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<v Speaker 1>field sweep, but Carlos Carrasco roughed up again in Miami

0:10:27.280 --> 0:10:29.960
<v Speaker 1>won seven to two. Carrasco's oh and two with an

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<v Speaker 1>eleven era a Tampa Bay one. Again. That's a second

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<v Speaker 1>straight eleven nothing win over Oakland, and the Rains are

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<v Speaker 1>now nine and ozero. Nicks and Nets both lost their

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<v Speaker 1>regular season finales and then learned their playoff openers will

0:10:41.480 --> 0:10:43.800
<v Speaker 1>be on the road on Saturday. The Knicks will out

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<v Speaker 1>of six o'clock start in Cleveland, the Nets a one

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<v Speaker 1>o'clock tip in Philadelphia. Odell Beckham Junior will not play

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<v Speaker 1>for the Jets or rejoined the Giants he signed with Baltimore.

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<v Speaker 1>John Stashaward Bloomberg Sports, Nathan Okay, John, thank you up.

0:10:58.280 --> 0:11:02.000
<v Speaker 1>Next year. We'll get the trading week started with Dennis Gartman,

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<v Speaker 1>the former publisher of The Gartman Letter, as we look

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<v Speaker 1>to the path ahead for the Fed after last week's

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<v Speaker 1>jobs report and with more inflation data due out later

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<v Speaker 1>this week, as we watch futures trade little changed right now.

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<v Speaker 1>SMP Futures are little changed to the upside Down futures

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<v Speaker 1>are up five points. Nastack futures are lower by nineteen points.

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<v Speaker 1>This is Bloomberg Live from coast to coast, from New

0:11:29.280 --> 0:11:33.400
<v Speaker 1>York to San Francisco, Boston to Washington, DC, nationwide on

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<v Speaker 1>Sirius XAMP, the Bloomberg Business app, and Bloomberg dot Com.

0:11:37.280 --> 0:11:41.680
<v Speaker 1>This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. What

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<v Speaker 1>will the Fed do next? It is the ongoing debate

0:11:45.200 --> 0:11:48.520
<v Speaker 1>for markets, and it's gathering more steam after a March

0:11:48.600 --> 0:11:51.320
<v Speaker 1>jobs report that seemed to raise bets for yet another

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<v Speaker 1>interest rate hike. Next month. We get another key round

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<v Speaker 1>of data for this data dependent central bank this week

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<v Speaker 1>when the latest readings on inflation come out. Ahead of that,

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<v Speaker 1>let's bring in Dennis Gartman to get us ready for

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<v Speaker 1>the trading week ahead, the chairman of the University of

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<v Speaker 1>Akron Endowment Investment Committee and the former publisher of the

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<v Speaker 1>Gartman Letter. Dennis, it's great to speak with you. As always,

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<v Speaker 1>where would you say the FED is in this hiking cycle?

0:12:14.880 --> 0:12:16.920
<v Speaker 1>Nathan always going to speak with you, especially the day

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<v Speaker 1>after the Masters. What a great tournament that was. But

0:12:19.440 --> 0:12:22.600
<v Speaker 1>onto the most important stuff. Really very little going on,

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<v Speaker 1>and the consensus is after Friday's non farm payroll's number

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<v Speaker 1>of two hundred thirty six thousand, which was right on

0:12:29.880 --> 0:12:33.920
<v Speaker 1>at the consensus estimation, and a revision upward in the

0:12:33.960 --> 0:12:35.959
<v Speaker 1>previous month, the SET is probably going to move the

0:12:36.280 --> 0:12:38.960
<v Speaker 1>overnight set funds rate at twenty five basis points higher.

0:12:39.320 --> 0:12:41.360
<v Speaker 1>That may well be the last time they moved the

0:12:41.760 --> 0:12:44.679
<v Speaker 1>funds rate at all for a long period of time.

0:12:45.120 --> 0:12:47.679
<v Speaker 1>If you'd have asked me six weeks ago what was

0:12:47.720 --> 0:12:49.120
<v Speaker 1>the SET going to do, I'd have said we had

0:12:49.160 --> 0:12:51.920
<v Speaker 1>at least another twenty five basis points in May, twenty

0:12:51.960 --> 0:12:54.800
<v Speaker 1>five basis points in June, and maybe twenty five basis

0:12:54.840 --> 0:12:57.520
<v Speaker 1>points more or later in the summer. But given the

0:12:57.679 --> 0:13:01.640
<v Speaker 1>banking let's use the term crisis, Given the banking crisis

0:13:01.679 --> 0:13:03.760
<v Speaker 1>that has occurred over the course of the past over weeks,

0:13:04.160 --> 0:13:06.600
<v Speaker 1>that's probably the equivalent of fifty basis points and increase

0:13:06.640 --> 0:13:09.320
<v Speaker 1>in the overnight funds rate or the or the FEDS

0:13:09.800 --> 0:13:12.760
<v Speaker 1>tighter monetary policies, given the fact that banks will probably

0:13:13.320 --> 0:13:16.440
<v Speaker 1>somewhat reticent to make loans going forward, So we probably

0:13:16.480 --> 0:13:18.400
<v Speaker 1>got twenty five basis points coming up at the May

0:13:18.480 --> 0:13:21.200
<v Speaker 1>meeting and that should do it, probably through the course

0:13:21.240 --> 0:13:23.160
<v Speaker 1>of the year, so we'll see what happens. But that's

0:13:23.200 --> 0:13:26.560
<v Speaker 1>my estimation at this point, given the economic circumstances, given

0:13:26.559 --> 0:13:30.840
<v Speaker 1>the banking circumstances, and given the inflation circumstances that prevail.

0:13:31.160 --> 0:13:33.640
<v Speaker 1>Are you concerned that we could see a tightening in

0:13:33.760 --> 0:13:36.960
<v Speaker 1>credit conditions? Are you seeing signs of that from banking

0:13:36.960 --> 0:13:40.000
<v Speaker 1>activity at this point, it's a little too quick to

0:13:40.000 --> 0:13:42.320
<v Speaker 1>say I'm seeing signs of that when I when I

0:13:42.360 --> 0:13:45.839
<v Speaker 1>talk to my local banker in Tidewater, Virginia, there's a

0:13:45.880 --> 0:13:50.240
<v Speaker 1>reticence on their part to be aggressive lenders of money.

0:13:50.720 --> 0:13:54.240
<v Speaker 1>They're watching as I think all regional and smaller banks

0:13:54.240 --> 0:13:57.880
<v Speaker 1>are probably watching there. They're being reticent. Their propensity to

0:13:58.080 --> 0:14:01.760
<v Speaker 1>to be to be out looking for new loans or

0:14:01.800 --> 0:14:04.880
<v Speaker 1>to be extending loans has probably been someone reduced. But

0:14:04.960 --> 0:14:06.680
<v Speaker 1>it's going to take us a month to really find

0:14:06.679 --> 0:14:08.960
<v Speaker 1>out if that's true or not. We'll see it's more

0:14:09.080 --> 0:14:11.839
<v Speaker 1>psychological circumstance at this point. The data is still to

0:14:11.960 --> 0:14:15.040
<v Speaker 1>be gotten. Is there anything that the FED can do

0:14:15.600 --> 0:14:19.800
<v Speaker 1>to curtail the potential risk for a recession if we

0:14:19.840 --> 0:14:25.000
<v Speaker 1>do start to see that pullback of credit conditions. The

0:14:25.040 --> 0:14:28.360
<v Speaker 1>FED has actually been doing reverses with the market and

0:14:28.520 --> 0:14:31.320
<v Speaker 1>injecting reserves back into the system. They should be taking

0:14:31.320 --> 0:14:33.960
<v Speaker 1>sixty five billion dollars worth of assets out of the system,

0:14:34.240 --> 0:14:35.720
<v Speaker 1>that's what they said they were going to do, but

0:14:35.960 --> 0:14:39.600
<v Speaker 1>with this new movement on doing match sales, they're actually

0:14:39.640 --> 0:14:42.320
<v Speaker 1>putting sums of money back into the system. The FED

0:14:42.440 --> 0:14:46.280
<v Speaker 1>is very concerned about what happened with the Signature Bank,

0:14:46.320 --> 0:14:49.320
<v Speaker 1>what happened with the Silicon Valley Bank, what happened with

0:14:49.360 --> 0:14:53.880
<v Speaker 1>the First Republican republic First Bank. So they've actually sort

0:14:53.920 --> 0:14:58.040
<v Speaker 1>of reversed their their propensity to tighten monetary policy as

0:14:58.240 --> 0:15:01.240
<v Speaker 1>as much as they worked early on, the Feed is

0:15:01.400 --> 0:15:04.600
<v Speaker 1>going to be I think reticent to take rates much

0:15:04.680 --> 0:15:06.360
<v Speaker 1>higher than where they are right now. Let's let's just

0:15:06.440 --> 0:15:09.600
<v Speaker 1>be blunt about it. In our last minute or so here, Dennis,

0:15:09.600 --> 0:15:12.360
<v Speaker 1>we do get another reading on inflation later this week

0:15:12.400 --> 0:15:15.440
<v Speaker 1>and consumer and producer prices. What's your expectation there and

0:15:15.480 --> 0:15:17.920
<v Speaker 1>what could that mean for the FED? The SETS is

0:15:18.000 --> 0:15:20.320
<v Speaker 1>going to look at these numbers with a with an

0:15:20.360 --> 0:15:22.720
<v Speaker 1>open eye to watch to see whether the weather inflation

0:15:22.760 --> 0:15:25.760
<v Speaker 1>has curtailed or not. Take a look at grain prices

0:15:25.800 --> 0:15:29.080
<v Speaker 1>there down, take a look at the most noblest prices

0:15:29.080 --> 0:15:31.200
<v Speaker 1>they're down. Take a look at shipping prices there down,

0:15:31.800 --> 0:15:35.520
<v Speaker 1>and the propensor the The consensus estimate is that CPI

0:15:35.560 --> 0:15:37.920
<v Speaker 1>will be up three tenths to four tenths or one percent.

0:15:37.960 --> 0:15:40.400
<v Speaker 1>We'll see if that's that follows through later this week,

0:15:40.680 --> 0:15:43.280
<v Speaker 1>But obviously these are important numbers. The set is not

0:15:43.320 --> 0:15:47.480
<v Speaker 1>going to see another employment number until after the main meetings,

0:15:47.520 --> 0:15:49.000
<v Speaker 1>so the only thing they're going to have to go

0:15:49.040 --> 0:15:51.680
<v Speaker 1>on is going to be the CPI and PPI numbers

0:15:51.680 --> 0:15:54.320
<v Speaker 1>coming out later this week. Are you looking Are you

0:15:54.360 --> 0:15:59.000
<v Speaker 1>looking for any further gains in the gold market. I'm

0:15:59.040 --> 0:16:00.840
<v Speaker 1>the only thing that I have in my own account

0:16:00.840 --> 0:16:03.280
<v Speaker 1>at this point. I'm long a lot of two year notes.

0:16:03.760 --> 0:16:05.640
<v Speaker 1>I'm short a little bit of the stock market about

0:16:05.680 --> 0:16:08.320
<v Speaker 1>four percent. About portfolio is next short, and I'm long

0:16:08.360 --> 0:16:11.600
<v Speaker 1>about five percent gold. I think gold is holding barely

0:16:11.760 --> 0:16:14.640
<v Speaker 1>fairly well, we'll see if it can. It's holding right

0:16:14.640 --> 0:16:17.360
<v Speaker 1>at two thousand dollars per ounce. We need to see

0:16:17.360 --> 0:16:19.280
<v Speaker 1>a trade about twenty twenty five in the spot to

0:16:19.600 --> 0:16:21.600
<v Speaker 1>really get things fired up on the upside. But I'm

0:16:21.600 --> 0:16:23.720
<v Speaker 1>a little bit long of gold in my own account,

0:16:24.080 --> 0:16:26.120
<v Speaker 1>and I actually have the universe of acronlong a little

0:16:26.120 --> 0:16:28.280
<v Speaker 1>bit of gold at the same time to hedge against inflation.

0:16:28.720 --> 0:16:31.640
<v Speaker 1>Time shall tell so in our last thirty seconds here

0:16:31.680 --> 0:16:35.880
<v Speaker 1>what's the trajectory for the stock market? I actually have

0:16:35.920 --> 0:16:39.360
<v Speaker 1>been embarrassed since January fifth, twenty twenty one, and continue

0:16:39.400 --> 0:16:41.680
<v Speaker 1>to be modestly barissed of the stock market. I think

0:16:41.680 --> 0:16:44.680
<v Speaker 1>that earnings are going to be reduced over the course

0:16:44.720 --> 0:16:47.200
<v Speaker 1>of the next several years. I think that the recession

0:16:47.320 --> 0:16:50.240
<v Speaker 1>is probably a certainty over the course of the next

0:16:50.240 --> 0:16:53.320
<v Speaker 1>several months. And I think stock prices are extremely high

0:16:53.640 --> 0:16:56.240
<v Speaker 1>relative to bond prices. I think stock prices are relatively

0:16:56.280 --> 0:17:03.280
<v Speaker 1>high in technical terms. So I'm honestly, quietly, very tinily

0:17:03.800 --> 0:17:05.639
<v Speaker 1>next sort of the stock market at this point. And

0:17:05.880 --> 0:17:08.800
<v Speaker 1>this is from my own account. As always, good to

0:17:08.800 --> 0:17:11.480
<v Speaker 1>get your perspective. Thanks for this. Dennis Gartman, the former

0:17:11.480 --> 0:17:14.200
<v Speaker 1>publisher of the Gartman Letter, now chairman of the University

0:17:14.240 --> 0:17:18.600
<v Speaker 1>of Akron Endowment Investment Committee. This is Bloomberg day Break Today,

0:17:18.760 --> 0:17:21.440
<v Speaker 1>your morning brief on the stories making news from Wall

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