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Speaker 1: Global business news twenty four hours a day at Bloomberg

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Speaker 1: dot com, the Radio Plus mobile app and on your radio.

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Speaker 1: This is a Bloomberg Business Flash and I'm Karen Moscow.

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Speaker 1: This updates rount to. You buy carbonite. You never know

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Speaker 1: when disaster will strike your business, from spilled coffee to

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Speaker 1: malware attacks. Protect your digital files with secure automatic clown

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Speaker 1: back up from Carbonite physic carbonite dot com today to

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Speaker 1: get two three months with offer code broadcast. Oil is

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Speaker 1: falling is OPEC members agreed to stick to the policy

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Speaker 1: of unfettered production, while European stocks and bonds slipped with

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Speaker 1: US equities after the European Central Bank indicated its policies

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Speaker 1: have yet the spur growth. We checked the markets every

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Speaker 1: fifteen minutes throughout the trading day. On Bloomberg SNP five

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Speaker 1: hundred down three tenths per cent or six points to

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Speaker 1: nine three down. Jones Industrial average down three tenths per

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Speaker 1: cent or forty seven points to seventeen thousand, seven hundred

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Speaker 1: forty three. Then as DACT down to ten two tenths

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Speaker 1: per cent or eleven points to ten. Your treasury up

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Speaker 1: six thirty seconds, the yield one point eight one percent

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Speaker 1: yield on the two year point eight eight percent NIMEX

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Speaker 1: s crude oil down one point four per cent, or

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Speaker 1: sixty six cents to forty thirty four. A barrel comes

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Speaker 1: gold is little changed at twelve fourteen sixty an ounce,

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Speaker 1: the euro at a dollar eleven fifty seven a yen

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Speaker 1: one oh eight point six four. Household confidence increasing to

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Speaker 1: a five week high as Americans grew more upbeat about

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Speaker 1: their financial situation as well as purchasing plans. According to

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Speaker 1: the weekly Bloomberg Consumer Comfort Index, the comfort gage rising

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Speaker 1: to forty three point two and a period ending nine

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Speaker 1: from forty to the prior week. And that's a Bloomberg

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Speaker 1: business flash. Tom and Mike caramelsca, thank you very much.

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Speaker 1: The Bloomberg n j I T STEM Report is brought

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Speaker 1: to by New Jersey Institute of Technology, investing more than

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Speaker 1: a hundred and ten million dollars a year and applied

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Speaker 1: research to solve problems and improve life. Learn more at

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Speaker 1: Stories of Innovation dot n j I T dot edu.

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Speaker 1: Here's problem Michael, good morning. Here's what's making news in science, Technology, engineering,

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Speaker 1: and math. About of Americans eat more salt than health

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Speaker 1: authority recommend much of it baked into packaged food and

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Speaker 1: restaurant meals. Now, the Food and Drug Administration is taking

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Speaker 1: a modest step toward ratcheting down the sodium. The voluntary

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Speaker 1: guidelines that's proposing are aimed getting food companies to gradually

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Speaker 1: remove sodium from their products. The idea is that if

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Speaker 1: companies agree to slowly make their products less salty at

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Speaker 1: the same time, no company will have to act first

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Speaker 1: and take a sales hit from consumers turned off by

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Speaker 1: blender foods. Cutting the nation's salt intake could save tens

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Speaker 1: of thousands of lives a year by some estimates, though

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Speaker 1: precisely how much sodium is too much is still debated

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Speaker 1: by scientists, and some industry groups are calling for more

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Speaker 1: research to determine what's acceptable. And US government scientists say

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Speaker 1: El Nino's super warm water has turned what had been

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Speaker 1: one of the world's most lush and isolated tropical marine

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Speaker 1: reserves into a coral graveyard. They say the warmer water

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Speaker 1: is mostly from the natural El Nino effect, assisted by

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Speaker 1: man made warming. And that's this morning's Bloomberg j I. T.

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Speaker 1: Stem Report. Michael, thank you very much, Bob Tom. A

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Speaker 1: couple of minutes with Bob said, then we going to

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Speaker 1: Peter l at on salt. Bob sinch with us the

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Speaker 1: average Bob I wanted to crowbar you in here. Uh.

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Speaker 1: With the way the yen is moving against the Euro,

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Speaker 1: we've blown through the center tendency on euro yen. Do

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Speaker 1: you have a framework of when the Japanese would intervene

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Speaker 1: with the with a sudden plunge stronger euro weak a

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Speaker 1: stronger yen, weaker Euro. Should we start discussing intervention by

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Speaker 1: the Japanese. Well, I think we should start discussing it.

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Speaker 1: But they're in a tough place. You know. They just

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Speaker 1: had a G seven meeting and they I'm sure they

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Speaker 1: reaffirmed a lot of the issues of not to intervene UM,

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Speaker 1: but clearly this is a problem. The Chinese currency is

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Speaker 1: weakning up a little bit. Uh, the Euro is weakening

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Speaker 1: up a little bit, and the yen is strengthening a lot.

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Speaker 1: So this is not a good combination. You know. You

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Speaker 1: look at at at the manufacturing p m I s

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Speaker 1: that were just out across the Asia region, and Japan

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Speaker 1: really stands out as a as an under warmer. You know,

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Speaker 1: a PM manufacturing p m I down in the forty

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Speaker 1: seven range. So they're in a tough place with not

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Speaker 1: much policy flexibility, and I think that's why we just

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Speaker 1: saw them postpone the the hike and the consumption tax

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Speaker 1: for next year. We're gonna have be you on Monday,

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Speaker 1: longer after the jobs reporting to pick up the weekend, debree,

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Speaker 1: What is your target quickly onion? You know, I think

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Speaker 1: that the one oh five one ten is probably a

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Speaker 1: reasonable range right now, depending on how you know, how

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Speaker 1: how things work out. Obviously, if we get a stronger

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Speaker 1: employment number UM, and we think it will be a

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Speaker 1: pretty good employment number, and Steve Stanley does think the

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Speaker 1: Fed goes in June UM, then I think we will

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Speaker 1: quickly probably get back to the top end of that range,

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Speaker 1: and and my guesses will settle above one ten. But

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Speaker 1: in the neat in the you know, in the meantime,

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Speaker 1: you know, I think we we continue under one ten,

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Speaker 1: and it's really up to the FEDS to whether gets

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Speaker 1: back above one ten. Okay, one a very good one

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Speaker 1: oh eight point five seven Now New Yen strength this

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Speaker 1: morning sention he will join us on Monday as well.

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Speaker 1: What a perfect time to talk to Peter Elliott about

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Speaker 1: Bob Moon. With that terrific STEM report. Peter, let's rip

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Speaker 1: up the script here. Do restaurateurs in the kitchen where

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Speaker 1: you are, I'm not do they use handfuls of salt?

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Speaker 1: Oh my god, an evil conspirat First of all, good morning,

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Speaker 1: good morning. Second of all, I loved listening to that

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Speaker 1: report because I just heard nine percent of well trained

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Speaker 1: chefs saying no, no, no, it's a fact. There's a

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Speaker 1: right amount of salt and a wrong amount. It is

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Speaker 1: not it is whatever tastes good to you. But I

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Speaker 1: can tell you having to judge cooking competitions with some

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Speaker 1: of the most important chefs in the world, there is

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Speaker 1: a right amount of salt per dish, per whatever you're cooking,

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Speaker 1: whether it's pasta, whether it's um so. At least for

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Speaker 1: the professional food world, there is. You have to make

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Speaker 1: a distinction between what Marcus Samuelson is doing in the kitchen,

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Speaker 1: or what Rene red Zeppe is doing at Noma, and

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Speaker 1: what he's doing with salt versus what is coming off

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Speaker 1: the back of a Cisco System truck or what shakes anybody.

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Speaker 1: I mean, the amounts of salt and these foods, sodium

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Speaker 1: is it is a massive killer. I mean, it's like

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Speaker 1: the sugar thing. I mean, basically, what do Americans and

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Speaker 1: well now increasingly Chinese. I mean, this is just a

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Speaker 1: known fact. But the question is there is a right

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Speaker 1: amount of salt? And the food industry, I don't know,

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Speaker 1: just mean chefs, but I mean the food industry by

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Speaker 1: by far and away over salts and over sugars, because

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Speaker 1: that is what human beings like. That is why you

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Speaker 1: eat French fries. It's the combination. You just get the

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Speaker 1: wonderful combination. That's why David Chang every all these foods

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Speaker 1: that people love. It's what Americans love. I do it

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Speaker 1: all the time. That is why we are overweight. That

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Speaker 1: is also why we ever. Hey, I can tell you

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Speaker 1: I just did one of my favorite bosa, one of

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Speaker 1: my favorite David Changing recipes, right out of Lucky Peach magazine.

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Speaker 1: You know it marinates in a cup of salt and

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Speaker 1: a cup of sugar for twenty four hours and you

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Speaker 1: cook it. Now. Is that's a healthy preparation, believe it

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Speaker 1: or not, for for that icular dish. But it's the

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Speaker 1: amount of processed salt in processed foods that's the real problem. Well,

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Speaker 1: it is summertime and the lipens easy Tom Keene is

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Speaker 1: breaking out the summer suits, the white bow ties. Uh,

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Speaker 1: and you there in your summer suits. Uh. Where do

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Speaker 1: we want to go as the season turns? You want

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Speaker 1: to go to Greece? Okay, we'll come. Well, we're doing salt,

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Speaker 1: we can do Brexit, we can do summer. The where

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Speaker 1: do you want to go? The point is is that

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Speaker 1: it was a long, strange winter and it is suddenly lovely,

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Speaker 1: particularly lovely today in New York City, but all up

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Speaker 1: and down the East Coast, everyone is just that marvelous thing.

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Speaker 1: I get more requests for restaurants that have um spots outdoors.

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Speaker 1: The nice news is is that there are more restaurants

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Speaker 1: that have spots outdoors overall in New York City right now.

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Speaker 1: Brooklyn is where it is happening. If you want to eat,

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Speaker 1: if you want to eat outdoors, and if you want

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Speaker 1: to feel more summary so, very much like the salt argument,

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Speaker 1: you know, much of the food world has moved to

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Speaker 1: Brooklyn in New York and right now many of the

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Speaker 1: places that are out in Brooklyn tend to have outdoor

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Speaker 1: spots either on the street. And I can tell you

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Speaker 1: for sure, you'd rather sit on a street in Brooklyn

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Speaker 1: and Prospect Park than you would probably onto that fat. Yeah,

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Speaker 1: you'll still get fat. I had a spectacular fish and

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Speaker 1: chips the other day. I forgotten staying firm on the

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Speaker 1: whole thing, but it was, it was spectacular. I've forgotten

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Speaker 1: how good it can be. How does Peter Elliott advise

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Speaker 1: the acquisition of fish and chips? Oh? Man, that is

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Speaker 1: so hard. Why do you ask me these questions? This

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Speaker 1: is such a good question. First of all, if you

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Speaker 1: live in a New York City apartment, don't just don't um,

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Speaker 1: I mean, go to a restaurant, let them mess up

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Speaker 1: their air conditioning, ducks and everything in terms of frank food.

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Speaker 1: If fish and chips was a staple of of the

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Speaker 1: British Empire, and it's oddly enough getting very difficult to find.

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Speaker 1: So you make a very good point. Why is it

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Speaker 1: getting hard to find? Just get hard to find? Because

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Speaker 1: getting good cod or hake or any of those fish

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Speaker 1: that used to be as common as dirt, which is

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Speaker 1: why you fed it, you know, to to people who

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Speaker 1: were couldn't afford it, or we're stumbling out of pubs

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Speaker 1: that you know, all sorts of hours. So getting good

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Speaker 1: fish is really the issue. After that, it's it's simple.

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Speaker 1: You fry it up and you do fries. But the

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Speaker 1: problem is getting great quality fish, which is amazing, you

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Speaker 1: know if you've ever said that, And that is one

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Speaker 1: of the things that scares me most about what's going

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Speaker 1: on on the planet. And for for those who think

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Speaker 1: there is some global warming going can you can you

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Speaker 1: tell farm raised from wildfish blindfolded computer? Earlier? Obviously if

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Speaker 1: I accept that challenge, I will fail, but yes I can.

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Speaker 1: I'm a I'm a total I'm a fisher guy, so

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Speaker 1: I'm you know, I'm out there. Well, here's the difference.

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Speaker 1: The wild stuff is thirty eight dollars a pound. There's that,

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Speaker 1: but it's also texture. I mean you basically when you

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Speaker 1: when you basically if it tastes like filet of fish

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Speaker 1: if you go to McDonald's. Not not not slamming McDonald's,

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Speaker 1: I'm just saying that that if it's and previously frozen,

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Speaker 1: and they have to market as previously frozen right away.

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Speaker 1: The texture. So what you love about the fish and

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Speaker 1: chips is when it's a great cod or great haker,

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Speaker 1: you can use almost any kind of big white northern

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Speaker 1: white fish um as long as it's lightly fried and crumbles.

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Speaker 1: It's it's just a magical thing. Vinegar. How's the restaurant

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Speaker 1: business doing quickly? Here in nationwide? Here in Detroit? Here

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Speaker 1: the restaurant business I have noticed across the country. I'm

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Speaker 1: headed to Detroit. I'm headed to Detroit next week to

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Speaker 1: see how the restaurant business is doing there. I definitely

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Speaker 1: sense a lot of nervousness. There's a lot of nervousness

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Speaker 1: in New York. There's a lot of nervousness. I was

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Speaker 1: just in London, a lot of nervousness about Brexit. Um

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Speaker 1: In terms of getting employees, it's getting harder and harder

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Speaker 1: to find good people. That's what I hear when I

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Speaker 1: go into restaurants I'm talking to about when they listen

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Speaker 1: to surveillance, thank you so much. All they talk about.

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Speaker 1: They don't talk about the kitchen. They talk about now

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Speaker 1: when no one's talking about Brexit in London as oh

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Speaker 1: my god, millions of people are going to stop coming

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Speaker 1: to London restaurants, they talk about who is going to

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Speaker 1: actually make this stuff? Like it's it's much more of

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Speaker 1: an issue about supply because people don't want to do

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Speaker 1: it never enough time eater Elliott can't say enough about

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Speaker 1: Bloomberg Reserve, fish and chips. Smart smart Smart Michael mckayn,

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Speaker 1: Tom Keene, Tomorrow, Krueger, Gross Glassman, job's day,