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Speaker 1: Broadcasting live to New York Gloomberg eleventh ry oh to Washington,

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Speaker 1: d C Bloomberg to Boston Bloomberg twelve hundreds, to San

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Speaker 1: Francisco Bloomberg nine to the Country Series Exam Channel one nineteen,

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Speaker 1: and around the globe the Bloomberg Radio plus Aven Bloomberg

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Speaker 1: dot Com. This is Bloomberk Surveillance. Good morning, I'm Karen

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Speaker 1: Moscow along with Tom Keene and Michael McKee and the

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Speaker 1: opening now brought to you by American Arbitration Association. Business

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Speaker 1: Stock higher at the open the SNP five hundred or

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Speaker 1: four tenths per cent or eight points to twenty seventy

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Speaker 1: Dow Jones industrial average up about four tens percent or

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Speaker 1: sixty six points to seventeen thousand, seven d eighty eight.

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Speaker 1: Then as to acts up seven tenths percent or thirty

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Speaker 1: three points to five ten. Your treasury down four or

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Speaker 1: day seconds. The yield one point seven eight percent. The

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Speaker 1: yield on the two year point seven five percent. Nimax

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Speaker 1: herd Oil down one percent or forty four cents to

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Speaker 1: have already won seventy three of barrel Comx goal down

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Speaker 1: eight ten percent or nine dollars ninety cents at twelve

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Speaker 1: fifty one, announced the euro A dollar thirteen ten the

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Speaker 1: end one oh nine point one too, Tom and Mike

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Speaker 1: Karen thanks so much. He was not on the conference

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Speaker 1: call for JP Morgan. David Kelly is with JP Morgan Funds,

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Speaker 1: where he is chief global Strategist. Good to catch up

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Speaker 1: with him, given, Uh, the SWIRLD that's out there, Mike,

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Speaker 1: there's like eighteen ways to go here. I'm gonna start

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Speaker 1: with Animal Spirit. David Kelly, where is Global nominal g

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Speaker 1: d P? Is it alive? Uh? It's pretty slow. Um.

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Speaker 1: The problem is that there's no particular part of the

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Speaker 1: world is actually adding to growth right now. Um. You know,

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Speaker 1: the global economy is a tortoise's not a hair right now.

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Speaker 1: So we've got low and state and overall we don't

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Speaker 1: have any real pockets of strong growth. And of course

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Speaker 1: we go places like Russia and Brazil and Venezuela and

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Speaker 1: so forth in recession. But having said all that, I

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Speaker 1: still think the global economy is moving forward. I don't

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Speaker 1: see anything that's going to push the global economy actually

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Speaker 1: into a free fall here. Well, if that's the case,

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Speaker 1: then are we properly priced in the major indexes at

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Speaker 1: this point? Well, the thing that's most out of whack

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Speaker 1: is is the pricing of central banks UM, and and

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Speaker 1: where short term interest rates are, because, as I said,

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Speaker 1: you know that this is this, this is a boring

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Speaker 1: global economy. It's a tortoise, but it doesn't seem to

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Speaker 1: be under any particular threat. But monetary policy is positioned

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Speaker 1: in the developed world for depression. And because of that,

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Speaker 1: short term interest rates are extraordinarily low. And given how

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Speaker 1: low those short term rates are, UM, I think risk

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Speaker 1: acids still look relatively attractors. So I'd still be a

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Speaker 1: little overweight equities in this environment globally, despite the valuations

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Speaker 1: are pretty normal, because you know, although evaluations are normal

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Speaker 1: for equities, they are not normal for cash. Well, at

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Speaker 1: this point, UM, then you know, what's what can you

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Speaker 1: say about the outlook UH? Since we seem to not

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Speaker 1: be necessarily coupled to what's going on in UH the

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Speaker 1: economy and and UH and our fundamentals, Well, I think

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Speaker 1: I think we have we have to have some patients here.

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Speaker 1: I mean, these are these are going to be troubling

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Speaker 1: times over the next few weeks. We we've got we're

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Speaker 1: gonna have a nasty first quarter GDP report out of

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Speaker 1: the US. I'm thinking that we could be as weak

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Speaker 1: as negative one percent, depending on how the inventory numbers

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Speaker 1: come out at ten UM. That's that's gonna be a

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Speaker 1: bit of a shock to the system and and it's

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Speaker 1: going to be a pretty weak first quarter earning season also, um.

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Speaker 1: When we look at the economy in the way it's operating,

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Speaker 1: and when we look at earnings, I think we're going

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Speaker 1: to see a big bounce back by the end of

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Speaker 1: the year, but it's a little unnerved and have to

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Speaker 1: wait that long for for that bounce back. Does does

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Speaker 1: the dynamics of what I'm gonna call economic cash flow

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Speaker 1: sustain and that we've had a huge lack of labor productivity,

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Speaker 1: good capital productivity, maybe not great, all of the benefit

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Speaker 1: going to corporations. You see that in use of cash.

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Speaker 1: You see that in dividend growing. You see the dividend

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Speaker 1: ETFs out to new highs, balloon chip cash generators out

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Speaker 1: to new highs. Does that change given exogenous factors, or

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Speaker 1: does that change given central bank temperament over the next

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Speaker 1: say three years. I think it will eventually change. But

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Speaker 1: you really highlighted what the problem is. The problem is

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Speaker 1: that the places cash is in the world are in

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Speaker 1: the hands of people who aren't don't aren't inclined to

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Speaker 1: spend it. Uh. You know, one of the problems of

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Speaker 1: growing inequality is that if you give a poor person

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Speaker 1: how the dollars, they will spend hound the dollars. If

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Speaker 1: you give a corporation to hundred dollars and they don't

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Speaker 1: don't ever get into a liquidity crisis, don't ever fold

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Speaker 1: the clutches of the central banks or anybody else. They

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Speaker 1: will simply stash it away in the in the vault

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Speaker 1: and added to their their war chest. And so I

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Speaker 1: think there's a lot of war chesting going on and

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Speaker 1: not enough enough. They's expending by by companies and consumers,

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Speaker 1: and that's really part of the problem, and it's being

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Speaker 1: caused by central banks. Well that's true certainly in the financials.

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Speaker 1: Um Well what about in other companies You give them

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Speaker 1: a hundred dollars and they're just sitting on it or

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Speaker 1: using it to buy back stock. Well, well, that's right,

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Speaker 1: and and part of the problem, I mean there's it

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Speaker 1: does come back to central banks to some extent because

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Speaker 1: I think that they're they're contributing to low nominal GDT growth.

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Speaker 1: And one of the problems for companies is if you

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Speaker 1: can tell them that their market is going to grow

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Speaker 1: by ten percent or twenty percent or thirty percent over

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Speaker 1: a number of years, they will invest. If you tell

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Speaker 1: them the growth is gonna be very slow, they don't

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Speaker 1: really have that much of an incentive. The other thing

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Speaker 1: that's very that really hurts growth in the US is

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Speaker 1: UH a very complicated and punite of corporate tax structure,

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Speaker 1: which keeps cash overseas and companies have to put cash

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Speaker 1: in a little bit of pockets to try and hide

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Speaker 1: it from the from the tax man as opposed to

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Speaker 1: actually deploying it. Yeah. Well, our John Tucker knows that

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Speaker 1: it is every third week trip to Panama that he's been.

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Speaker 1: You're on a cheeta borrow on that, John. Yeah, well,

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Speaker 1: I can't really say, you know, I look, Mike McKee,

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Speaker 1: I think this is important. The dividend, one of the

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Speaker 1: dividend ETFs is up six point percent change over the

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Speaker 1: last ugly ten years, coming pretty much off the Lehman lows.

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Speaker 1: It's up seventeen point two percent per year. I mean,

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Speaker 1: the world's coming to an end. Nominal GDP is terrible,

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Speaker 1: and people like David Kelly are having have faith. That's why. Well, no,

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Speaker 1: nominal GDP is is terrible, and we're seeing earnings recession.

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Speaker 1: I mean for a year now we've watched earnings contract

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Speaker 1: and the forecast. Sorry, this is going to continue for

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Speaker 1: a while. So David, at what point does it turn?

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Speaker 1: At what point do companies start to believe again? Is

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Speaker 1: it going to take some sort of action in Washington

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Speaker 1: and Congress to change the tax code or can something

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Speaker 1: happen absent that. Well, well, for the first thing that

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Speaker 1: I do take issue a little bit with the concept

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Speaker 1: of an earnings recession, because to me, a recession is

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Speaker 1: a broad based decline in earnings, and this is very

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Speaker 1: much the dollar in oil. Okay, I got interrupt. This

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Speaker 1: is incredibly important, this insight. You just said, Dr Kelly,

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Speaker 1: Are we in a cash flow recession? Um? No, I

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Speaker 1: don't think we're in any I don't think we're actually

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Speaker 1: in any recession. I think I think over overall corporations

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Speaker 1: um their profits outside of the dollar head wind and

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Speaker 1: the oil headwind is those profits are positive. And what's

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Speaker 1: going to happen by the end of this year is

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Speaker 1: those headwinds are going to turn into tailor winds and

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Speaker 1: profits going to bounce back to double digit year over

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Speaker 1: year growth. So I do think we will see that,

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Speaker 1: but it's it's contributing to a you know, an atmosphere

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Speaker 1: of gloom when we you know, the fact that earnings

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Speaker 1: are down year over years. So I think that's part

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Speaker 1: of the problem in terms of a catalyst. I mean,

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Speaker 1: it's the ultimately you need you don't you don't need

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Speaker 1: more government actions. That's that's really been the whole problem

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Speaker 1: for the last twenty years, is that everyone's the mindset

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Speaker 1: of what is the government going to do about the economy,

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Speaker 1: And the more the government does about the economy, the

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Speaker 1: more it squashes the animal spirits and the natural greed

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Speaker 1: which would cause businesses and consumers to go ahead and

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Speaker 1: make a bit of money for themselves. Um. So I

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Speaker 1: really feel that the the the constant morphine drip of

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Speaker 1: federal regulation and uh super easy and appropriate to easy

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Speaker 1: money is actually slowing long from growth slowing demand around

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Speaker 1: around the world. What the government needs to do is

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Speaker 1: get out of the way. We're hearing more and more

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Speaker 1: people say that time we are, and not within a

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Speaker 1: political stance. Someone less political as David Kelly will come

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Speaker 1: back with the chief Global Strategist JP Morgan funds as

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Speaker 1: well with the optimism. I'm not on the record watch yet,

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Speaker 1: but we are getting there abruptly. Seventeen thousand, eight fifty

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Speaker 1: six on the dall Up hundred thirty vics fourteen point

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Speaker 1: four three. This hour of surveillance brought to by Volvo

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Speaker 1: Cars White Planes. Visit Volvo Cars White Planes dot com.

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Speaker 1: Here's Michael Barr with headlines, Thank you very much. Mike

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Speaker 1: Tom A South Carolina judge is being asked to delay

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Speaker 1: the state death penalty trial of Dylan Rufe. Rufe has

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Speaker 1: charged with nine accounts of murderer after prosecutors say he

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Speaker 1: went into a Charleston church last year and shot black parishioners.

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Speaker 1: Ruf's attorneys say starting the trial as schedule on July

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Speaker 1: eleven won't give them enough time to mount in adequate defense.

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Speaker 1: Health officials say at least thirty states could potentially be

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Speaker 1: at risk for the zeke of virus. Dr Anthony Fauci,

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Speaker 1: director of the National Institute for Allergy and Infections Diseases

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Speaker 1: at the National Institutes of Health, says, the more that

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Speaker 1: is about ZEKEA, the scarier the virus is. Its ability

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Speaker 1: to cause damage to the neurological system is really getting

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Speaker 1: right rather concerning, even more so than we thought originally.

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Speaker 1: The House of Representatives yesterday passed a bill to speed

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Speaker 1: up Zeka Drug research. US charges a workplace discrimination against lesbian, gay, bisexual,

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Speaker 1: and transgender employees jumped twenty eight percent last year, according

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Speaker 1: to the chairman of the US Equal Employment Opportunity Commission.

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Speaker 1: More and more people are willing to talk about the issues,

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Speaker 1: Jenny Yang told Bloomberg. The national dialogue has really shifted

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Speaker 1: global news twenty four hours a day, powered by our

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Speaker 1: twenty four hundred journalists more than a hundred fifty news

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Speaker 1: bureaus from around the world at Michael Barr to Michael,

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Speaker 1: thanks so much. We do Equities, bonds, currencies, commodities, equities,

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Speaker 1: front and Center up on it in thirty three on

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Speaker 1: the DAO sp up thirteen points seventy four with David

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Speaker 1: Kelly of JP Morgan Bloomberg surveillance. Bloomberg's valance brought to

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Speaker 1: for climate change and sustainability by the banker. That's the

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Speaker 1: on your radio, he's a Bloomberg business flash and I'm

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Speaker 1: camer in moscown. This's updates ronty. You buy national realty

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Speaker 1: returns on cash and rented real estate, find them at

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Speaker 1: n r I A dot net. US docks rising for

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Speaker 1: a second day, buoyed by improving Chinese trade data and

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Speaker 1: better than expected results from JP morgan Chase, the biggest

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Speaker 1: US lender by assets. We checked the markets every fifteen

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Speaker 1: minutes throughout the trading day. On Bloomberg, the S and

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Speaker 1: P five hundred is up seven tenths per cent, up

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Speaker 1: thirteen points at seventy five down Jones Industrial average up

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Speaker 1: eight tenths per cent or a hundred thirty three points

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Speaker 1: to seventeen thousand, eight hundred fifty four and then as

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Speaker 1: DAK up one percent or forty seven points to forty

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Speaker 1: nine one nine Tenure Treasury is down four thirty seconds,

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Speaker 1: the yield one point seven nine percent. The yeld on

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Speaker 1: a two year point seven five percent nine night screwed

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Speaker 1: oil down one point six percent or sixty nine cents

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Speaker 1: to forty one forty seven of barrel comas goal down

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Speaker 1: one percent or twelve dollars twenty cents at twelve forty

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Speaker 1: eight seventy and ounce. The euro a dollar twelve ninety

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Speaker 1: three and one oh nine point oh eight. JP morgan

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Speaker 1: Chase is up three and a half percent this morning

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Speaker 1: after reporting first quarter profit that was boosted by pay

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Speaker 1: cuts and trading revenue that declined less than most analysts predicted.

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Speaker 1: JP Morgan Chase, Bank of America, and three other major

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Speaker 1: US banks failed to persuade regulators they could go bankrupt

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Speaker 1: without disrupting the financial system. It can now face a

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Speaker 1: tighter leash from Washington after government agencies used one of

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Speaker 1: the most significant post crash powers bestowed under the Dodd

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Speaker 1: Frank Act. And that's a Bloomberg business flash, Tom and

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Speaker 1: Mike Karen, thanks so much. One of my great phrases, folks,

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Speaker 1: is nobody cares. When I get upset, I'll say nobody cares.

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Speaker 1: Nobody cares about business inventories usually Michael McKee, I was

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Speaker 1: suggest in eleven minutes nobody cares goes out the window.

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Speaker 1: A lot of people care about business inventories. Explain why

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Speaker 1: and then bring it into Mr Kelly gotta turn on

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Speaker 1: the red button. Um. Business inventories a key piece of

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Speaker 1: the GDP number because inventories are counted as just playing

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Speaker 1: around in warehouses because they were it was built, it's counted.

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Speaker 1: Now business inventories are expected to decline and that could

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Speaker 1: push the initial guesses about GDP negative. This is a

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Speaker 1: February number, though we'll get another one in March, and

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Speaker 1: uh you know it all just continues to to to

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Speaker 1: point to what marks Andy said about paying attention to

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Speaker 1: the jobs numbers as opposed to the GDP numbers. David Kelly,

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Speaker 1: I heard you laughing there about business inventories. It was

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Speaker 1: like it was like third week in March and school. Remember, yeah, yeah, okay,

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Speaker 1: I don't need to know that for the exam to

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Speaker 1: business inventories matter right now? Oh yeah, I think they do.

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Speaker 1: I mean that they are going to shape that first

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Speaker 1: quarter GDP number. Because the problem is, you're right, we

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Speaker 1: get the March numbers, uh um in in a month.

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Speaker 1: But the problem is the first quarter GDP is going

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Speaker 1: to come out with the government's estimates of March and

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Speaker 1: you know, depending on you know, how strong or how

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Speaker 1: weak the number is on retail inventories today. Um, you know,

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Speaker 1: I think we could be down as much as one

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Speaker 1: percent on real GDP for the first quarter. I think

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Speaker 1: it will clear. I think things will get better going forward.

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Speaker 1: But one of the problems is that a year ago

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Speaker 1: we were accumulating inventories very fast. We're getting back to

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Speaker 1: a normal level of accumulation. But if you do that

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Speaker 1: as you slow down production, and that's one of the

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Speaker 1: things that think's going to show up in the GDP report. Well,

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Speaker 1: at this point, does does it make more sense, as

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Speaker 1: Mrs Andy said, to ignore the GDP numbers and look

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Speaker 1: to the jobs numbers. I think I think so, because

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Speaker 1: I think there are a lot of problems with these

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Speaker 1: GDP numbers. I mean, if GDP comes in negative, that's

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Speaker 1: going to be in a quarter in which pay un

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Speaker 1: employment rose by one point nine percent annualized and household

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Speaker 1: employment rose by four percent. Annualized, and the only thing

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Speaker 1: is just getting back to these inventory numbers. I mean,

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Speaker 1: you know, I do think that inventories will be growing

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Speaker 1: more slowly. But when I look at surveys on whether

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Speaker 1: people actually say they've got too much inventory, but don't

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Speaker 1: say that. I mean the service sector in the manufacturing

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Speaker 1: sector is saying inventories are about right. So I don't

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Speaker 1: even know that businesses regard their inventories as being too high.

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Speaker 1: So there's a lot of noise here, and I think

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Speaker 1: I would trust the employment numbers a little bit more

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Speaker 1: than the GDP numbers, particularly in the first quarter they have.

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Speaker 1: I have a real problem getting the first quarters right.

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Speaker 1: What's the run rate on non firm payrolls right now?

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Speaker 1: With our new demographics are new American dynamics? Is two

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Speaker 1: oh five like better than good? Or is that average? No,

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Speaker 1: that's that's better than that's that's better than good. Right now,

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Speaker 1: we've had a big revival in labor force participation just

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Speaker 1: in the last six months, and we've added something like

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Speaker 1: two point four million people to the labor force. I

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Speaker 1: think what's happening is that a lot of people who

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Speaker 1: were on things like disability and then so forth coming

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Speaker 1: back into the labor market. But that's a short term effect.

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Speaker 1: In the long run, our labor force is only going

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Speaker 1: to grow by about five tenths will present per per

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Speaker 1: per year, and that means anything above about eighty thousand,

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Speaker 1: ninety thousand jobs per month will actually push unemployment down.

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Speaker 1: So two other thousand is way above the normal run rate.

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Speaker 1: UH at this point, should we then be optimistic pessimistic neither?

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Speaker 1: I think. I think the whole key is to to

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Speaker 1: understand what sort of economy we have here. You know,

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Speaker 1: we we sort of think about the economy is a

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Speaker 1: thirty year old under performing, and this economy is really

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Speaker 1: a six year old performing just as expected. This is

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Speaker 1: a slow, older economy. It's going to grow more slowly

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Speaker 1: the long run, but relatively those expectations, it's doing what

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Speaker 1: it's supposed to do. And I think a lot of

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Speaker 1: our problems coming from trying to get this economy heated

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Speaker 1: up and jacked up in a way that it's not

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Speaker 1: gonna It's not gonna work in an economy with the

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Speaker 1: low labor force growth, the low productivity growth, you just

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Speaker 1: kind of pushing more demands and this kind of a

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Speaker 1: calm me doesn't really work, David when I when I

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Speaker 1: look at this and link it into investment, I want

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Speaker 1: to go back to a doll again. Your record highs.

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Speaker 1: Many chips breaking out the record highs. If we can

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Speaker 1: all agree collegiately, it's been the most unloved rationalized bull

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Speaker 1: market since time began. What do you actually do at

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Speaker 1: JP Morgan Funds? They come in with a pot of money,

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Speaker 1: Some of us have a smaller pot. What's the David

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Speaker 1: Kelly to do list? In the equity market, you just

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Speaker 1: acrost the average in No, I don't think you don't.

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Speaker 1: I don't really believe in that. I mean, as for

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Speaker 1: the most part, I mean dollocost averaging will give you

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Speaker 1: half the expected to return on cash and half the

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Speaker 1: expected return equities. UM, if you believe that the keeping

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Speaker 1: is not the timing, it's is just being allocated appropriately.

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Speaker 1: I do think there's you know, US equities, we've got

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Speaker 1: some upside here. I think UM high qualities, ext income,

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Speaker 1: treasuries in cash, I think I got underweight. But also

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Speaker 1: look at international equities. I mean, I think there's an opposite,

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Speaker 1: a sick local opportunity. In Europe, it's got to years

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Speaker 1: of growth ahead of it. I think there's a long

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Speaker 1: term opportunity and emerging markets. I know it's it takes bravery,

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Speaker 1: but I think this is a good time to be

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Speaker 1: a little bit braver there. But but the key thing is,

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Speaker 1: you know, if cash pays you nothing, you need to

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Speaker 1: get invested in something. And and to review here, you

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Speaker 1: think equities over ponds where you're going to clip the

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Speaker 1: coupon and not get total return. Um, I you know,

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Speaker 1: I think I think you should look for total return.

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Speaker 1: I understand that that dividends are very fashionable because everybody's

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Speaker 1: trying to get their their portfolios to give them a

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Speaker 1: certain amount of income. But that means of stuff that

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Speaker 1: produces income. He is actually a little expensive to stuff

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Speaker 1: that produces growth. So I'd rather as a long term

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Speaker 1: investor by the stuff that's producing more growth and the

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Speaker 1: less income. Actually, David Kelly, thank you so much with

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Speaker 1: JP Morgan Fund. So it's just a great synthesis and

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Speaker 1: very brilliant whether you or disagree with the uh the

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Speaker 1: view and I like that idea of you know me persistent,

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Speaker 1: find find what you're comfortable with and go with it. Mike,

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Speaker 1: what did we learn in the last three months? Well,

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Speaker 1: maybe it's six months and in the last six hours

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Speaker 1: about the GDP analysis. Friends that you have been brilliant

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Speaker 1: over the years, Bloomberg on the Economy and Bloomberg surveillance,

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Speaker 1: you and the Amaron Richie Amaron of being measured about

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Speaker 1: market data hysteria. Are we going to a new level

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Speaker 1: of idiocy with week by week, day by day analysis

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Speaker 1: of something as complex as vasily Leonti couldn't figure it out. Well,

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Speaker 1: you know, it's not the data that the make the mistakes.

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Speaker 1: It's the people who react to the data. So I

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Speaker 1: guess it's the question of what you do with it.

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Speaker 1: It's the you know, the the Atlanta FED and the

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Speaker 1: New York FED. Without getting into the details of their methodology, basically,

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Speaker 1: they're just counting things up. They're giving you the numbers

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Speaker 1: as they shake out. You know, some things they have

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Speaker 1: to impute, so that's why they're not always exactly correct.

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Speaker 1: But it doesn't really tell you anything you didn't know.

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Speaker 1: What it does give us is another data point to

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Speaker 1: trade on, and traders got a trade, so they're always

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Speaker 1: looking for something. The next obvious question, and this is

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Speaker 1: with great respect to the many interviews you've done with

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Speaker 1: the FED over the years, and I think of our

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Speaker 1: colleague Kathleen Is as well. Is this becoming a competitive

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Speaker 1: game between independent, wonderful research houses. Every FED has a

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Speaker 1: unique character, a unique skill set, And I'm sorry these

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Speaker 1: guys are as competitive? Is the New York Rangers in

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Speaker 1: the Washington in in the Pittsburgh Penguins. I mean, I

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Speaker 1: mean we're getting into a competition of economic data? Is

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Speaker 1: that good? Uh? You know it, It's neither good nor bad. Again,

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Speaker 1: it gets back to just the fact that they take

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Speaker 1: the data and they put it into their models. And

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Speaker 1: if you're serious about it, you look at what the

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Speaker 1: models are and you decide whether you agree with the

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Speaker 1: way they figure it out. All the bank have done

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Speaker 1: financial and economic research for years. It's just a matter

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Speaker 1: of sorting it out. Yeah. But but to take a

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Speaker 1: counter factual, are we smarter now about the American labor

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Speaker 1: economy because we've had a DP for X number of years?

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Speaker 1: Not necessarily because we've had a DP. It's another data

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Speaker 1: point to pluge another, and and it has it has

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Speaker 1: some impusition issues, but uh, you know, we have more

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Speaker 1: data and more accurate, more timely data than we ever did.

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Speaker 1: And then overlight with the I s M frenzy. I mean,

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Speaker 1: you know, Bangladesh just coming out with six I s

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Speaker 1: M series. Now I'm kidding folks, but the answers, there's

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Speaker 1: an I s M p P. Yeah, there were. Manufacturing

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Speaker 1: is one of the best ways to to figure out

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Speaker 1: how many countries economies are doing, not necessarily the US.

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Speaker 1: And we got a headline here speaking. This wraps it

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Speaker 1: up perfectly. Time magazine apparently did an interview with Janet Young.

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Speaker 1: Here's the headline on Bloomberg U, there is uncertainty in

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Speaker 1: the economy, Janet yell and repeats that uncertainty warrants cautious

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Speaker 1: approach by the fan. There it is the headline. And

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Speaker 1: what's great about some dogs is there's no difference between

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Speaker 1: asking Cherry yelling New York Federal, Atlanta Fed GDP now

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Speaker 1: or Cherry yelling do you go with Abbie Joseph Cohen's

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Speaker 1: Washington Capitals or the dreaded Philadelphia Flyers. I put about

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Speaker 1: the same waiting. She's she's going with the Islanders. She's

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Speaker 1: going to the Islanders. This is Bloomberg surveillance. Have a

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Speaker 1: great Stanley Cup