WEBVTT - Oil Surges As OPEC Cuts Production

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<v Speaker 1>From the Bloomberg Interacted Burker's Studios. This is Bloomberg day

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<v Speaker 1>Break for Monday, April third. Coming up today, oil surges

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<v Speaker 1>as Opec announces a surprise production cut. UBS reportedly may

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<v Speaker 1>cut thirty percent of its workforce after the takeover of

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<v Speaker 1>Credit Suite, we may be nearing a deal for the

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<v Speaker 1>purchase of World Wrestling Entertainment. And Donald Trump's lawyer says

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<v Speaker 1>he'll lead not guilty in Manhattan tomorrow. The National Weather

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<v Speaker 1>Service confirms four tornado's touchdown in New Jersey. Plus the

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<v Speaker 1>US has a pointed message to Russia about a detained

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<v Speaker 1>American reporter. I'm Michael barn Or Ahead, I'm John Stashayward

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<v Speaker 1>wins for the Mets, Yankees, Knicks, Nets, and Rangers. The

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<v Speaker 1>National Championship Game will be played tonight. That's all straight

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<v Speaker 1>Ahead on Bloomberg day Break, The business news you need

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<v Speaker 1>disturn your day, and just one fifteen minute podcast each

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<v Speaker 1>pointing on Apple's Spotify, the Bloomberg Business App, and everywhere

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<v Speaker 1>you get your podcasts. Good morning, I'm Nathan Hagar and

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<v Speaker 1>I'm Karon Moscow. Here are the stories we're following today. Karen.

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<v Speaker 1>We begin this morning with a jump in oil prices.

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<v Speaker 1>Right now, West Texas Intermediate CREWD is up five and

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<v Speaker 1>a half percent to seventy nine dollars eighty four cents

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<v Speaker 1>of barrel. That's after OPEC Plus announced a surprise production

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<v Speaker 1>cut of more than one million barrels a day. The

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<v Speaker 1>move flies in the face of previous assurances that it

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<v Speaker 1>would hold supply steady. We get more from Bloomberg's Christine

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<v Speaker 1>Burke in riod. So we're coming off of a pretty

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<v Speaker 1>soft quarter for oil prices. Brent was down about seven

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<v Speaker 1>percent in the first quarters. We have seen some weakness

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<v Speaker 1>and that is I think very much why we're seeing

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<v Speaker 1>OPEC Plus take this decision to cut production is they

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<v Speaker 1>have seen that that prices have come down so much.

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<v Speaker 1>We're dealing with a lot of macro and certainty. You've

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<v Speaker 1>got a lot of uncertainty around the Fed, a lot

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<v Speaker 1>of questions about what's going to happen with the banking crisis,

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<v Speaker 1>and so OPEC really stepping in here to try and

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<v Speaker 1>signal to the market that it wants those higher prices.

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<v Speaker 1>Man Bloomberg's Christine Burke says the White House is responding,

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<v Speaker 1>calling opex production cut quote ill advised and we're seeing

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<v Speaker 1>oil stocks rally on the OPEC News Nathan shares of

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<v Speaker 1>Chevron and Exxon Mobile or at more than three percent

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<v Speaker 1>in early trading. Haliburton, Marathon Oil, and Schlumberge are all

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<v Speaker 1>lot more than four percent. And another major story this morning,

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<v Speaker 1>Karen centers on massive job cuts at UBS. A Swiss

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<v Speaker 1>newspaper is reporting UBS will cut its workforce by up

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<v Speaker 1>to thirty percent after completing the takeover of Credit Suis.

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<v Speaker 1>We get more from Bloomberg's Russell Ward. These are pretty

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<v Speaker 1>dramatic numbers, as many as eleven thousand staff domestically twenty

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<v Speaker 1>five thousand abroad according to the report. That's much more

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<v Speaker 1>than the nine thousand that Sweets was cutting before the takeover.

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<v Speaker 1>But as you say, large scale job cuts do appear

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<v Speaker 1>to be inevitable given the huge overlaps at these two banks. Domestically,

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<v Speaker 1>both banks have branches and main street main streets all

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<v Speaker 1>over the country. You know some of these which just

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<v Speaker 1>simply have to close. And globally UBS has pledged to

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<v Speaker 1>downsize Credit Swiss investment banking. This is to fit into

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<v Speaker 1>its conservative cultures, so you can expect cuts abroad to

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<v Speaker 1>center on that area and in another development, Bloomberg's Russell

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<v Speaker 1>Award says Swiss prosecutors are opening an investigation into possible

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<v Speaker 1>crimes linked to the takeover of Credit Suites. And Nathan,

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<v Speaker 1>We've seen a recent rally in tech stocks, but one

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<v Speaker 1>strategist says this surge is overdone. Mike Wilson is CHPUS

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<v Speaker 1>equity strategist at Morgan Stanley and one of the most

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<v Speaker 1>prominent bears on stocks. He warns the tech rally that

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<v Speaker 1>succeeded twenty percent is not sustainable and that the sector

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<v Speaker 1>will eventually hit new lows. Let's zoom out from the

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<v Speaker 1>markets now. Karen and turned to politics for the latest

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<v Speaker 1>developments on the indictment of former President Donald Trump. For that,

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<v Speaker 1>we're joined live by Bloomberg's John Tucker in New York.

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<v Speaker 1>Good morning, John, and Nathan. Trump is expanded to travel

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<v Speaker 1>to New York today and stay overnight at his home

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<v Speaker 1>on Fifth Avenue before his arrangement tomorrow in criminal court.

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<v Speaker 1>He'll be fingerprinted and have a mug shot taken. Trump's attorney,

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<v Speaker 1>Joe Tekapina, was on ABC's This Week, says Trump will

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<v Speaker 1>plead not guilty and called the case a political persecution.

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<v Speaker 1>Had Donald Trump not being Donald Trump and it was

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<v Speaker 1>John Smith. This case now would have been brought if

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<v Speaker 1>he was not running for reelection. There's no way this

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<v Speaker 1>case would have brought. The exact charges haven't been revealed,

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<v Speaker 1>but they are related to hushmoney payments to poor An

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<v Speaker 1>actress Stormy Daniels. Trump isn't making any friends with a

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<v Speaker 1>judge who will be presiding over the case is already

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<v Speaker 1>bashed him on social media. Key streets and Lower Manhattan

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<v Speaker 1>will be closed in anticipation of any demonstrations and ours

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<v Speaker 1>anti the Raymond. Trump is expected to return to Florida

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<v Speaker 1>and deliver an evening address from Mara Lago Live in

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<v Speaker 1>New York. I'm John Tucker Bloomberg Daybreak. All right, John,

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<v Speaker 1>thank you. When it comes to the race for the

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<v Speaker 1>White House, former President Trump has another challenger. Former Arkansas

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<v Speaker 1>Governor Aesa Hutchinson is entering the race for the Republican nomination.

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<v Speaker 1>As I've traveled a country for six months, I hear

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<v Speaker 1>people talk about the leadership of our country, and I'm

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<v Speaker 1>convinced that people want leaders that appeal to the best

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<v Speaker 1>of America and not simply appeal to our worst instincts.

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<v Speaker 1>And former Arkansas Governor Aesa Hutchinson says he'll make a

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<v Speaker 1>formal announcement on his presidential run later this month. He

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<v Speaker 1>made the comments on ABC's This Week or Sundays on

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<v Speaker 1>Bloomberg Radio. Let's turn to corporate news now, Karen. Word

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<v Speaker 1>of a possible deal this morning involving World Wrestling Entertainment

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<v Speaker 1>could have a new owner soon. Let's get the latest

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<v Speaker 1>on that, Live with Bloomberg. Steve Rappaford, Good morning, Stave,

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<v Speaker 1>Good morning, Nathan, and Karen. Sources tell us in Debora

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<v Speaker 1>Group Holdings will announce a deal this week to buy

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<v Speaker 1>WWE for about nine billion dollars, though it's possible talks

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<v Speaker 1>could still fall through. Founder and majority shareholder Vince McMahon

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<v Speaker 1>is expected to remain involved in the business after the deal.

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<v Speaker 1>McMahon left WWE last year after revelations that he paid

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<v Speaker 1>millions of dollars to settle claims of sexual misconduct. The

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<v Speaker 1>seventy seven year old reinstated himself as chairman in January

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<v Speaker 1>to oversee a strategic review of the company. Live in

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<v Speaker 1>New York, I'm Steve Rappaport Bloomberg Daybreak. All right, Steve,

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<v Speaker 1>thank you all. Tesla's shares are hitting the brakes this morning.

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<v Speaker 1>They're down two point one percent in early trading. Sled

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<v Speaker 1>did report record deliveries in the first quarter, but they

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<v Speaker 1>fell short of the pace required to meet Elon muskol

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<v Speaker 1>a fifty percent annual growth. Tesla delivered almost four hundred

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<v Speaker 1>and twenty three thousand cars worldwide last quarter. After it

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<v Speaker 1>cut prices and Karen of bankruptcy filing maybe looming for bed,

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<v Speaker 1>Bath and Beyond, the home goods retailer has three weeks

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<v Speaker 1>to raise another three hundred million dollars from equity markets

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<v Speaker 1>that have largely turned against the company. The shares plunged

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<v Speaker 1>fifty percent after it raised three hundred and sixty million

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<v Speaker 1>from a hedge fund. That deal diluted existing shareholders. Straight ahead,

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<v Speaker 1>we'll get your latest local headlines into check of sports.

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<v Speaker 1>This is Bloomberg. It's thirty nine degrees in New York.

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<v Speaker 1>We have a frost advisor this morning in the suburbs,

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<v Speaker 1>but will be mostly sunny, sixty degrees by this afternoon,

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<v Speaker 1>mostly cloudy tonight, headed down to around fifty. Let's take

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<v Speaker 1>a look at some of the other stories making news

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<v Speaker 1>in New York and around the world. With Bloomberg's Michael

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<v Speaker 1>bar Good morning, Michael, Good morning, Nathan. The National Weather

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<v Speaker 1>Service confirmed that ford tornado it's touched down over the weekend.

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<v Speaker 1>In New Jerry. One twister hit Jackson Township. This woman

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<v Speaker 1>and her fiance got an alert on their cell phones

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<v Speaker 1>and took cover. Lights started flickering and then eventually went off,

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<v Speaker 1>and we grabbed flashlights and went to the basement as

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<v Speaker 1>fast as we could. Jackson Township residents woke up to

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<v Speaker 1>find downed power lines and trees brought to the ground.

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<v Speaker 1>Weekend tornadoes killed more than two dozen people in several states,

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<v Speaker 1>including five fatalities in Arkansas. Tornadoes were reported spanning from

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<v Speaker 1>Alabama to as far north as Delaware. Arkansas Governor Sarah

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<v Speaker 1>Huckaby Sanders says they're preparing for more severe weather that

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<v Speaker 1>is forecast for the region tomorrow. Huckaby Sanders spoke in

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<v Speaker 1>wind which took a direct tornado hit. What I found

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<v Speaker 1>to be so amazing are the people who are stepping up,

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<v Speaker 1>not just from this community but across all of Arkansas,

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<v Speaker 1>coming together and helping build their neighbors up. Almost four

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<v Speaker 1>hundred thousand people are without power across a dozen states,

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<v Speaker 1>Senator John Feederman is talking about his inpatient treatment for

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<v Speaker 1>clinical depression. He spends six weeks in Washington d ses

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<v Speaker 1>Walter Read Medical Center. The Pennsylvania Democrat was released on

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<v Speaker 1>Friday and returned to his home. His office said his

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<v Speaker 1>depression is in remission. During an interview with CBS Sunday morning,

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<v Speaker 1>he recalled feeling low the ninety one the election to

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<v Speaker 1>the Senate. It's like you just won the biggest race

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<v Speaker 1>in the country. And the whole thing about depression is

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<v Speaker 1>is that objectively you may have won, but the depression

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<v Speaker 1>can absolutely convince you that you actually lost. And that's

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<v Speaker 1>exactly what happened, and that was the start of a

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<v Speaker 1>downward spiral. Feederman suffered a stroke last May when he

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<v Speaker 1>was a candidate for the Senate. A deadly bomb attack

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<v Speaker 1>in Russia has killed a pro Russian military blogger and

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<v Speaker 1>art and supporter of the war in Ukraine. Dozens of

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<v Speaker 1>people were injured in the blast and explosive device ripped

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<v Speaker 1>through a cafe in the heart of Saint Petersburg. The attack,

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<v Speaker 1>looking like an assassin nation killed Maxim Foeman, who used

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<v Speaker 1>the pseudonym Vladmin Tatarski on his blogs. Global news twenty

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

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<v Speaker 1>hundred journalists and analysts in over one hundred twenty countries.

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<v Speaker 1>I'm Michael bar This is Bloomberg, Nathan. Thank you Michael,

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<v Speaker 1>now for the Bloomberg Sports Update. Good morning, John stash Hour,

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<v Speaker 1>Good morning Nathan. It was a Sunday where seven New

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<v Speaker 1>York area professional teams played. The Islanders and Devils both

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<v Speaker 1>lost on the road, but the other five one including

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<v Speaker 1>the Nixon Rangers, who both beat teams from Washington. Knicks

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<v Speaker 1>at the Garden over the Wizards one eighteen one oh nine,

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<v Speaker 1>first time in five years. Nicks had four players scored

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<v Speaker 1>more than twenty points, Jalen Brunson, Quentin Grimes, Manual Quickly

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<v Speaker 1>and Obie Top and Nick's clinch a playoff. Birth Rangers

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<v Speaker 1>were in Washington, jumped in front three nothing went on

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<v Speaker 1>to beat the Capitols five to two. The Nets led

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<v Speaker 1>Utah by twenty in the fourth quarter of the league

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<v Speaker 1>schrump to one. Nets held on one ten. They lead

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<v Speaker 1>Miami by two games. Teams in the race to finish

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<v Speaker 1>sixth in the East and avoid the play And so

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<v Speaker 1>that was in Brooklyn. In the Bronx a tape measure shot.

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<v Speaker 1>Stead in swings, girls flop the deep glove center feel

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<v Speaker 1>up ball is high. That is fuck hoo us god

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<v Speaker 1>shut Oh what a shot. That is a Stantonian home

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<v Speaker 1>run A plus drilled the deep glove center n WFA

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<v Speaker 1>and four hundred and eighty five feet longest for John

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<v Speaker 1>Carlos Stanton since a five hundred footer in twenty sixteen

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<v Speaker 1>when he was with Miami. Aaron Judge also Homer started

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<v Speaker 1>Kyle de Gasha. Yoka Yankees blanked the Giant six nothing,

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<v Speaker 1>already their second shutout victory the Mets, also with solid

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<v Speaker 1>pitching from Kodai Singa and his Met's debut, they won

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<v Speaker 1>five one at Miami. Tommy fam had three hits, three

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<v Speaker 1>RBIs LSU won at first ever NCUBA Women's Championship one

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<v Speaker 1>h two to eighty five over Iowa, highest scoring title

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<v Speaker 1>game ever. Yukon and San Diego State meet tonight in

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<v Speaker 1>Houston to decide the men's championship. John Stash Howard Bloomberg

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<v Speaker 1>Sports live from coast to coast, from New York to

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<v Speaker 1>San Francisco, Boston to Washington, DC, nationwide on Sirius Exam

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<v Speaker 1>The Bloomberg Business app and Bloomberg dot Com. This is

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<v Speaker 1>Bloomberg Daybreak. Good morning, I'm Nathan Hager. We are getting

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<v Speaker 1>the second quarter of twenty twenty three started with a

0:11:19.480 --> 0:11:23.760
<v Speaker 1>surgeon energy stocks this morning. The surprise announcement from OPEC

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<v Speaker 1>Plus that it's taking more than a million barrels of

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<v Speaker 1>oil off the market per day has shaken this market.

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<v Speaker 1>So let's get more on what the potential impact could

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<v Speaker 1>be as we head into this new quarter. For that,

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<v Speaker 1>we are joined live by Laurie Calvacin ahead of US

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<v Speaker 1>Equity Strategy at RBC Capital Markets. Laurie, good morning. Do

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<v Speaker 1>you change your equity strategy now that OPEC plus seems

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<v Speaker 1>to have changed its strategy? Well, thanks for having me,

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<v Speaker 1>Honor Vollways, Nathan, and look, there's no change in our

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<v Speaker 1>strategy here in terms of sectors. We've been telling people

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<v Speaker 1>here to keep a balance between defense, between values, sequicality

0:11:58.080 --> 0:12:01.040
<v Speaker 1>and the growth trade. And it's because of you know,

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<v Speaker 1>the kind of moves we saw on track in the

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<v Speaker 1>first quarter and the kind of move were likely to

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<v Speaker 1>see an energy today. We feel like this is a

0:12:06.480 --> 0:12:09.200
<v Speaker 1>market that's bouncing along, you know, sort of a bottom

0:12:09.240 --> 0:12:11.680
<v Speaker 1>sort of a similar messy normalization period of what we

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<v Speaker 1>had in O two, O three, And we think that

0:12:13.600 --> 0:12:16.720
<v Speaker 1>sector trades in terms of leadership can be vicious in

0:12:16.840 --> 0:12:20.120
<v Speaker 1>terms of their ability to shift direction quickly. And we

0:12:20.160 --> 0:12:22.480
<v Speaker 1>frankly have thought that energy was one of the babies

0:12:22.480 --> 0:12:24.680
<v Speaker 1>that was getting thrown out with the bathwater. Over the

0:12:24.720 --> 0:12:28.440
<v Speaker 1>last few weeks, valuations have been very, very cheap. I've

0:12:28.520 --> 0:12:30.800
<v Speaker 1>got cheaper in recent weeks and now we've got this

0:12:30.880 --> 0:12:33.840
<v Speaker 1>surprise cut. So I I think energy will have a

0:12:33.880 --> 0:12:35.520
<v Speaker 1>good day, and I think it's it's a part of

0:12:35.520 --> 0:12:38.240
<v Speaker 1>the market that deserves to have one. What's the potential

0:12:38.280 --> 0:12:42.760
<v Speaker 1>macroeconomic impact of oil this much oil being taken off

0:12:42.800 --> 0:12:45.440
<v Speaker 1>the market potentially, and does that have a bleed through

0:12:45.440 --> 0:12:49.400
<v Speaker 1>into stocks more broadly besides sector moves. Well, look, I

0:12:49.400 --> 0:12:51.960
<v Speaker 1>think we can always, you know, kind of trace everything

0:12:52.040 --> 0:12:54.720
<v Speaker 1>back these days to the inflation argument and the FED.

0:12:54.800 --> 0:12:57.480
<v Speaker 1>I think the FED does, you know, look at inflation

0:12:57.520 --> 0:12:59.840
<v Speaker 1>in terms of what it can control, so we'll see how,

0:13:00.400 --> 0:13:03.160
<v Speaker 1>you know, shake out they're going forward in terms of

0:13:03.160 --> 0:13:06.440
<v Speaker 1>different speeches. I'm not overly worried there because of the

0:13:06.440 --> 0:13:09.520
<v Speaker 1>banking crisis, because we are still seeing outside of energy,

0:13:09.840 --> 0:13:12.640
<v Speaker 1>you know, a good trend in moderation and inflation. And

0:13:12.679 --> 0:13:16.880
<v Speaker 1>in fact, we actually wrote this morning about the Duke's

0:13:16.880 --> 0:13:19.120
<v Speaker 1>CFO survey that came out last week where some of

0:13:19.160 --> 0:13:22.840
<v Speaker 1>the questions actually spoke to the seeds of inflation, specifically

0:13:22.880 --> 0:13:26.720
<v Speaker 1>pricing and wage growth, where CFOs optimism or you know,

0:13:26.760 --> 0:13:29.440
<v Speaker 1>sort of expectations have taken a hit both for this

0:13:29.520 --> 0:13:32.079
<v Speaker 1>year and next year. So we think inflation is headed

0:13:32.080 --> 0:13:34.280
<v Speaker 1>in the right direction, despite you know, what you might

0:13:34.320 --> 0:13:37.320
<v Speaker 1>get from energy markets. Tell me a little bit more

0:13:37.320 --> 0:13:39.679
<v Speaker 1>about why you think inflation is heading in the right direction.

0:13:39.720 --> 0:13:45.440
<v Speaker 1>We have seen some moderation in the Federal reserves preferred

0:13:45.480 --> 0:13:49.120
<v Speaker 1>measure of inflation. Do you think that's the trajectory that

0:13:49.200 --> 0:13:52.680
<v Speaker 1>we're going toward? That we could see either further moderation

0:13:52.960 --> 0:13:57.760
<v Speaker 1>or a further slowdown in inflation. So our economists have

0:13:57.880 --> 0:14:00.160
<v Speaker 1>been arguing that we're sort of headed back to the

0:14:00.240 --> 0:14:02.480
<v Speaker 1>three percent type area at the end of the year.

0:14:02.559 --> 0:14:05.400
<v Speaker 1>If you look at core CPI specifically, and if you

0:14:05.440 --> 0:14:09.600
<v Speaker 1>look at consensus expectations within Bloomberg on the ECFC function,

0:14:09.679 --> 0:14:11.760
<v Speaker 1>if you look at things like PC and core PC

0:14:12.440 --> 0:14:14.680
<v Speaker 1>for quite some time, they've been headed back down in

0:14:14.720 --> 0:14:17.080
<v Speaker 1>that direction. So I think that you know, despite all

0:14:17.080 --> 0:14:20.160
<v Speaker 1>the noise that we've been seeing in the marketplace over

0:14:20.200 --> 0:14:22.640
<v Speaker 1>this debate, that's really been sort of a core belief

0:14:22.680 --> 0:14:25.560
<v Speaker 1>of the professional forecasting community, and that's really been guiding

0:14:25.560 --> 0:14:27.920
<v Speaker 1>a lot of things. And in addition to know sort

0:14:27.920 --> 0:14:30.720
<v Speaker 1>of what we heard from the CFO survey and what

0:14:30.800 --> 0:14:32.600
<v Speaker 1>we saw on the PC data last week, you know,

0:14:32.640 --> 0:14:35.360
<v Speaker 1>we are continuing to see good improvement in supply chains.

0:14:35.880 --> 0:14:38.440
<v Speaker 1>Something else our economists wrote about recently was how he

0:14:38.520 --> 0:14:41.160
<v Speaker 1>looked at all the regional federal reserves surveys that have

0:14:41.240 --> 0:14:44.080
<v Speaker 1>come out recently. They've all been showing weakness in the

0:14:44.120 --> 0:14:46.960
<v Speaker 1>services sector, and that's something that we don't often see

0:14:47.000 --> 0:14:49.560
<v Speaker 1>when all five regions are an agreement on that. So

0:14:49.600 --> 0:14:52.640
<v Speaker 1>I think, no matter where you look, you're seeing you Yes,

0:14:52.680 --> 0:14:54.880
<v Speaker 1>inflation is still high. Yes, it is still a pain

0:14:54.960 --> 0:14:57.440
<v Speaker 1>that that moderation does seem to be in place. So

0:14:57.480 --> 0:14:59.280
<v Speaker 1>do you think then that the market is right to

0:14:59.320 --> 0:15:02.680
<v Speaker 1>be pricing in rate cuts from the Fed this year?

0:15:02.840 --> 0:15:05.600
<v Speaker 1>A lot of the commentary we're hearing from Fed speakers

0:15:05.680 --> 0:15:10.360
<v Speaker 1>is that's really not on the table at this point. Well, look,

0:15:10.400 --> 0:15:13.200
<v Speaker 1>I think the FED always ends up being data dependent,

0:15:13.760 --> 0:15:16.080
<v Speaker 1>and if you talk to our economists, they are they

0:15:16.080 --> 0:15:18.360
<v Speaker 1>are baking in a couple of cuts later this year.

0:15:18.400 --> 0:15:20.800
<v Speaker 1>I think there is some degree of uncertainty in the forecast.

0:15:20.880 --> 0:15:23.360
<v Speaker 1>But what we have seen if you look at market

0:15:23.360 --> 0:15:26.120
<v Speaker 1>based expectations on the FED, no matter where people were

0:15:26.200 --> 0:15:30.840
<v Speaker 1>before PRESCB on terminal, you know cuts, people are pricing

0:15:30.920 --> 0:15:34.400
<v Speaker 1>in a less aggressive or more accommodative FED for both

0:15:34.400 --> 0:15:36.680
<v Speaker 1>this year and next year than they were previously. So

0:15:36.800 --> 0:15:39.240
<v Speaker 1>interest rate expectations bottom line. You know, we can all

0:15:39.240 --> 0:15:41.440
<v Speaker 1>fight about, you know, the exact member cuts, the exact

0:15:41.520 --> 0:15:44.880
<v Speaker 1>level of terminal, but expectations are getting rained in and

0:15:44.880 --> 0:15:47.800
<v Speaker 1>that's ultimately supportive of pe multiples in the stock market.

0:15:48.080 --> 0:15:50.080
<v Speaker 1>So in our last thirty seconds before we pick up

0:15:50.120 --> 0:15:53.040
<v Speaker 1>this conversation after the commercial break, what does that mean

0:15:53.200 --> 0:15:58.680
<v Speaker 1>for earnings expectations if we do see a little bit

0:15:58.720 --> 0:16:02.880
<v Speaker 1>more moderation from this FED. So look, I think that

0:16:02.920 --> 0:16:05.200
<v Speaker 1>one of the key things about, you know, sort of

0:16:05.200 --> 0:16:08.560
<v Speaker 1>the FED debate is just its feed through into uncertainty

0:16:08.640 --> 0:16:11.000
<v Speaker 1>in terms of outlooks from companies. I think it will

0:16:11.080 --> 0:16:14.760
<v Speaker 1>end up keeping guidance conservative, even if companies still tell

0:16:14.840 --> 0:16:17.040
<v Speaker 1>us they weren't affected by SVB or they have the

0:16:17.080 --> 0:16:19.920
<v Speaker 1>ability you know, to kind of manage whatever gets thrown

0:16:19.960 --> 0:16:21.600
<v Speaker 1>at them. But I think that's really just, you know,

0:16:21.640 --> 0:16:23.880
<v Speaker 1>the idea that it weighs on uncertainty and adds to

0:16:23.880 --> 0:16:28.080
<v Speaker 1>that uncertainty is the big read through. This is Bloomberg

0:16:28.120 --> 0:16:31.000
<v Speaker 1>day Break Today, your morning brief on the stories making

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