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

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Speaker 1: d C, Bloomberg to Boston, Bloomberg twelve Hounds to San Francisco,

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Speaker 1: Bloomberg to the Country Series Channel one nine and around

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Speaker 1: the globe the Bloomberg Radio plus Aben Bloomberg dot Com.

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Speaker 1: This is Bloomberg Surveillance. Good Morning eight thirty on Wall

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Speaker 1: Street Michael McKee along with Tom Keener. Economic Indicators brought

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Speaker 1: to you by Commonwealth Financial Network. When it's time to

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Speaker 1: change the conversation, talk with a broker dealer r I

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Speaker 1: A that's ready to listen, call for six two three

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Speaker 1: eight or visit Commonwealth dot com to learn more. They

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Speaker 1: call him Mr. Good News. Here's Vine Dell. Jud I

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Speaker 1: said the first word desk with our numbers. Okay, Michael,

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Speaker 1: Let's start with the Consumer Price Index. It's up up

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Speaker 1: point four the most since sixteen. This is an April number.

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Speaker 1: Good news because it suggests, uh the economy could finally

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Speaker 1: be picking up a little bit of steam. Of course,

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Speaker 1: we saw higher energy prices, so that could figure into

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Speaker 1: the mix as well. Housing starts another number pointing to

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Speaker 1: a good news. Housing starts up six point six percent

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Speaker 1: and able to one point one seven two million. Building

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Speaker 1: permits also higher, So let's start from the top. Cp

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Speaker 1: I the biggest month over month increase since and April

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Speaker 1: up point four percent, more than forecast. Core excluding food

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Speaker 1: and energy at point two percent. Building permits, housing starts

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Speaker 1: both up now at ninth fifteen Wall Street time figure

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Speaker 1: from the Federal Reserve on industrial production. That number also

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Speaker 1: forecast to be an increase at the Bloombark First word, guest,

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Speaker 1: I'm Pinny del Let's go back to New York. Finny,

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Speaker 1: thank you so much. There's been a number of economists

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Speaker 1: on this program who've been gloomy about the prospects for

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Speaker 1: the economy. Mark's Andy is not one of them. He's

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Speaker 1: with Moody's Analytics chief economists there, and Mark is at

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Speaker 1: least um classy enough not to be running around going

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Speaker 1: told you so, told us so. Well, it's a zany number,

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Speaker 1: or in the two year yield is in a zandy direction.

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Speaker 1: It's a very zandy morning. Well, good morning to Mark Sandy.

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Speaker 1: Morn't any good morning. I like the sound of all that.

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Speaker 1: This is, this is what you and UH and a

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Speaker 1: few others have said might be happening. Yeah, the economy

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Speaker 1: feels fine today. I mean we've gotten the good jobs numbers,

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Speaker 1: I mean, the the soft top line number, notwithstanding retail

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Speaker 1: sales for very good and these housing numbers are are

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Speaker 1: good as well, So the economy feels fine to me.

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Speaker 1: The inflation number is obviously the one that's gonna catch

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Speaker 1: wall streets attention this morning. Uh, how much do you

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Speaker 1: make of that? Because the core rate UH is unchanged,

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Speaker 1: the headline rate is obviously going to be influenced by

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Speaker 1: energy prices. Yeah, well, the core is U between two

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Speaker 1: and two and a half percent year every year, you know,

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Speaker 1: just for context. The FETCH target for core CPI s,

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Speaker 1: although they don't state it explicitly, is uh implicitly about

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Speaker 1: two and a half percent. So we're just a bit

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Speaker 1: south of where the Fed would like it to be. UM.

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Speaker 1: But with the economy coming into full employment and wage

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Speaker 1: growth picking up strong rank growth because of the tight

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Speaker 1: housing market, and you know, still solid growth in medical

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Speaker 1: care costs, I think we'll be back close to that

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Speaker 1: target by certainly by this time next year. Because there's

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Speaker 1: a you know, different ways of looking in inflation. Janet

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Speaker 1: Yellen has suggested the rising inflation we had been seeing

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Speaker 1: in the core rate was temporary. She looks at things

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Speaker 1: like the Atlanta Fed Sticky Price Index that shows that

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Speaker 1: the things they consider sticky and price hadn't moved all

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Speaker 1: that much and suggest there wasn't a broad based increase

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Speaker 1: in inflation. Yeah, I think that's fair. I mean, I

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Speaker 1: don't I think it's broad based yet. But all the

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Speaker 1: all these signs are and all the trend lines indicate

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Speaker 1: that inflation is more likely to accelerate than slow and

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Speaker 1: and I do think it. You know, we will be

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Speaker 1: back to target, probably sooner than than I think the condensus,

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Speaker 1: thanks to maybe even she thinks, Mike, Atlanta GDP now

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Speaker 1: two percent, remember the headlines being made some one and

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Speaker 1: then with a reset one to three, four or five, six,

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Speaker 1: seven eight resets up to two percent. Mark, I want

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Speaker 1: to talk to you about your academics and pen of course,

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Speaker 1: the legend of Laurence Klein. He did a lot of

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Speaker 1: work on a inertial force and momentum. We're using the

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Speaker 1: phrase now overshoot, which comes from Dornbush up at M

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Speaker 1: I T. But really Mr Klein, Professor Klein was the

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Speaker 1: one who codified it with an econometrics. Is there such

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Speaker 1: a thing as momentum within the economic growth. Yeah. He

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Speaker 1: even a great man, Larry Klein. Uh, you know, wonderful

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Speaker 1: man on every level. Uh. Yeah, I think there's something

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Speaker 1: to that. Uh you know, some things like inflation do have. Uh.

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Speaker 1: Momentum isn't the greatest word. In fact, I don't think

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Speaker 1: he even liked that word momentum, but it certainly has

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Speaker 1: uh inertial aspects to its kind of feeds on itself.

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Speaker 1: Of course, in terms of inflation. You know, if it

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Speaker 1: gets into the two wages and wages accelerate, then that

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Speaker 1: pushes up prices. You know that that's the infamous wage

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Speaker 1: price spiral. Well we see that, do you presume with it?

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Speaker 1: But this is critical, folks, because Zandy has been at

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Speaker 1: Pinata recently for his optimism. We're beginning to see a

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Speaker 1: Zany world doesn't fold into a Walter Heller wage price spiral. No,

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Speaker 1: I but it overstates the case. Uh you know, I

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Speaker 1: think there's a case. Uh you know, I do think

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Speaker 1: inflation is going to pick up, and and I think

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Speaker 1: to some degree the firm reserve wouldn't be unhappy with that.

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Speaker 1: If if inflation picked up and was abuff target for

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Speaker 1: a while just as long as inflation expectations didn't come

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Speaker 1: untothered but a wage pricepiral. No, I don't see that.

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Speaker 1: I mean lots have changed since Larry Klein worked on

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Speaker 1: these issues back you know, twenty thirty years ago. Back

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Speaker 1: then had lots of cost of living adjustments and wage

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Speaker 1: contracts that kind of think they're no longer there inflation

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Speaker 1: expectations or nailed down. They weren't back years ago because

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Speaker 1: policemakers really didn't understand the roles of inflation expectations at

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Speaker 1: that point in time. So it's a very different world.

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Speaker 1: So no, but you know, I think everyone should uh.

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Speaker 1: I think that the odds are very high that inflation

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Speaker 1: is going to be a buff target to eighteen twenty

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Speaker 1: four months from now. Let's come back and talking about

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Speaker 1: the outlook for the economy with with Mark Mike, we

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Speaker 1: should mention. I mean we had a two basis point

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Speaker 1: moving the two year, which is not in substantial point

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Speaker 1: eight one on the two years. So it was a

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Speaker 1: market moving report, no, no question about that. Yeah, I

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Speaker 1: don't want to oversell it, but nonetheless there is I

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Speaker 1: would really go to the asymmetrical idea of gloom. It's

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Speaker 1: very comfortable to talk about gloom and yet a huge

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Speaker 1: turnaround in the Atlanta GDP even getting out over the

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Speaker 1: optimism of the middle of February two. You gotta believe

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Speaker 1: that statistics may be my great a bit higher here

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Speaker 1: as well. Futures of negative four down, futures down, futures

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Speaker 1: negative thirty on the Bloomberg. This hour of surveillance brought

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Speaker 1: to you by Westchester subar Up is at Westchester subar

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Speaker 1: ut dot com. Here's Blake a bar within his headline,

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Speaker 1: Mike Tom, thank you very much. It has been a

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Speaker 1: violent day in Baghdad, Iraqi, officials saying at least thirty

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Speaker 1: six people are dead after a wave of car bombing

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Speaker 1: struck outdoor markets today. No one has claimed responsibility, but

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Speaker 1: experts say it has the look of the Islamic State.

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Speaker 1: The U State Department has issued a blunt travel ban

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Speaker 1: aimed at North Korea. State Department spokesman John Kirby is

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Speaker 1: urging Americans to stop going to North Korea. Um in

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Speaker 1: some ways in terms of laying out what we've you know,

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Speaker 1: the kinds of and it's not an exhaustive list, by

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Speaker 1: the way, but it is a list of examples of

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Speaker 1: activities for which we have seen UH foreigners be given

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Speaker 1: unduly harsh sentences. So yes, it was a little bit

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Speaker 1: more specific and a little bit more blunt in some ways.

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Speaker 1: Kirby says it is possible to get into trouble, including

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Speaker 1: showing disrespect to the country's current and former leaders, taking

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Speaker 1: unauthorized photos, and shopping at store is not designated to foreigners.

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Speaker 1: President Obama's request for money to combat the Zeke virus

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Speaker 1: is about to get a response from the Senate. It

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Speaker 1: likely won't pass the request at one point nine billion

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Speaker 1: dollar measure. The procedural vote is scheduled today on three

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Speaker 1: competing plans by partisan one point one billion dollar bill

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Speaker 1: is seen as having the best chance. Global News twenty

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Speaker 1: four hours a day, powered by our twenty four d journalists.

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Speaker 1: I'm Michael, bar Blank Tom, Thank you, Michael. Time now

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Speaker 1: for the land Rover Precipit Bloomberg NBC Sports Update with

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Speaker 1: Rob Bushka and good Morning Mike and Tom. The Yankees

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Speaker 1: struggles continue on the road as Chad Green lasted only

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Speaker 1: four innings, allowing six runs in a twelve two route

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Speaker 1: by Arizona. Jake Lamb had a three ron homer for

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Speaker 1: the d Backs, who scored in all but two innings.

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Speaker 1: Yankee should get some help, though both c C. Sabathia

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Speaker 1: and Alex Rodriguez expected back by the weekend. Series continues tonight.

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Speaker 1: The Mets were idle, but tonight they host the National's

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Speaker 1: Noah Synderguard entertains Max Scherzer. NBA Western Conference Finals Game

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Speaker 1: one in Oakland goes to the thunder one oh eight

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Speaker 1: one oh two. The duo of Kevin Durant and Russell

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Speaker 1: Westbrook combined for fifty three, outlasting Clay Thompson and Steph Curry,

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Speaker 1: who had a combined fifty one. The big difference was

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Speaker 1: the fourth quarter, when the thunder Titan defensively holding Golden

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Speaker 1: State to just fourteen points, the second time this year

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Speaker 1: the Warriors have lost in home. The Brooklyn Nets introduced

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Speaker 1: their new coach, Kenny Atkinson to the New York media

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Speaker 1: on Monday. I really felt like shown with someone I

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Speaker 1: could form a partnership with, someone I could collaborate with,

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Speaker 1: someone I could trust, and um that really excited me

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Speaker 1: and it really made me aggressive in pursuing this job.

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Speaker 1: I said, this is a guy love to work with

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Speaker 1: on a daily basis. Beyond in the trenches with so

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Speaker 1: I'm excited. Atkinson is referring to the hands on approach

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Speaker 1: of GM Shawn Marks and even Nets owner Michael Brokov

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Speaker 1: was in on the interview process. The Nicks interviewed former

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Speaker 1: Sons coach Jeff hornessec for their vacancy. On Monday last week,

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Speaker 1: they met with Pacers head coach Frank Vogel and on

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Speaker 1: the ice, Pittsburgh edge Tampa Bay three to two in

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Speaker 1: overtime to even that series up at one as it

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Speaker 1: shifts to Florida. And that is your NBC Bloomberg Sports Update,

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Speaker 1: Mike and Tom. Mike the Mets tonight. That's a real

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Speaker 1: baseball game. BET's Nationals. These are two frontline pictures. Yeah,

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Speaker 1: the first meeting of the year. Syndergard has been the

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Speaker 1: best picture for you and me. Wrote for Delta Gold

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Speaker 1: three dollars a ticket. Yeah, thank you. I can see

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Speaker 1: Delta Gold. Lobster rolls. Lobster rolls the Mets tonight. The

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Speaker 1: Sports report was brought to you by land Rover Parcipitate.

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Speaker 1: the Radio plus mobile app and on your radio. This

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Speaker 1: is a Bloomberg Business Flash and I'm Camra in Moscow.

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Speaker 1: This updates brought to you by Pershing's Inside Conference and

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Speaker 1: must have tend for advisers. June seventh through the ninth

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Speaker 1: in Orlando, Florida. Register at Inside dot com. That's I N,

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Speaker 1: S I T dot com. The cost of living in

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Speaker 1: the US climbing in April by the most in by

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Speaker 1: climbing in April, consumer prices increased four tenths percent. That

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Speaker 1: was the biggest gain since February, and it followed a

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Speaker 1: one tenth percent advance in March and a climbed by

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Speaker 1: the most in three years. New home construction rose in April.

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Speaker 1: Residential starts increased six point six percent to a one

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Speaker 1: point one seven million annualized rate from one point one

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Speaker 1: million in March. Permits of proxy for future construction also climbed,

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Speaker 1: and futures this morning are lower, with SNP even A

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Speaker 1: futures down five points, DOWIE many futures down forty one,

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Speaker 1: and NASDACU many futures down six. That acts in Germany's

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Speaker 1: down half per cent. The ten year Treasury little change

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Speaker 1: yield one point seven five per cent. NIMEX scrude oil

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Speaker 1: up three ten percent or thirteen cents to forty eighty

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Speaker 1: five a barrel Comex gold is up a tenth of

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Speaker 1: upper center a dollar forty to twelve seventy five sixty

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Speaker 1: announced the euro another thirteen thirteen again one oh nine

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Speaker 1: point three zero. That's a Bloomberg business flash, Tom and

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Speaker 1: Mike Karen, thank you so much. It is on Wall Street.

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Speaker 1: The following is from Bloomberg View opinions in commentary from

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Speaker 1: Bloomberg columnists. I'm Justin Fox, a columnist for Bloomberg View.

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Speaker 1: The city of Houston doesn't have zoning. It does have

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Speaker 1: some land use rules that look a little like zone,

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Speaker 1: but they're not all that strict. If you want to

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Speaker 1: put up a big new building on commercial property or

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Speaker 1: town houses on a single family plot, you can generally

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Speaker 1: count on getting permission. For decades, Houston's hands off approach

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Speaker 1: was caused for head scratching and even derision outside the city. Lately, though,

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Speaker 1: zoning has come under fire for restricting economic growth, worsening

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Speaker 1: income segregation, and even causing housing crises. So Houston's approach

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Speaker 1: is looking smarter. For one thing, Houstonians seem to understand

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Speaker 1: a basic economic truth that people in other cities struggle with,

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Speaker 1: that allowing more housing to be built makes housing more affordable.

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Speaker 1: And yes, housing remains pretty affordable in Houston. The median

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Speaker 1: price of an existing single family home there is two

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Speaker 1: hundred and eight thousand dollars. It's affordable mainly because the

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Speaker 1: area has been able to keep sprawling outward, building new

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Speaker 1: subdivisions on vacant land. But lately demand has been rising

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Speaker 1: for housing in walkable, close in neighborhoods, and Houston has

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Speaker 1: been doing a pretty good job of providing that. Developers

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Speaker 1: there have been putting up apartment buildings and a much

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Speaker 1: master pace than in San Francisco or Los Angeles. I'm

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Speaker 1: Justin Fox, a columnist for Bloomberg View. For more Bloomberg

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Speaker 1: opinion and commentary, please go to Bloomberg View dot com

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Speaker 1: or view go on the Bloomberg terminal. This has been

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Speaker 1: Bloomberg View and Bloomberg View commentaries can be heard hourly weekdays.

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Speaker 1: I'm Bloomberg Radio Michael with Mark Sandy. Yeah, we're talking

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Speaker 1: with Marks Andy from Moody's about the economic data, and

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Speaker 1: of course, if you talk about the economic data, you

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Speaker 1: gotta be talking about the central bank and its reaction

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Speaker 1: function to that data. We're seeing it reflected in the

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Speaker 1: equity markets this morning, with futures taking a bit of

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Speaker 1: a dive after the numbers came out, but we're not

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Speaker 1: seeing a whole lot reflected in the boom market, essentially

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Speaker 1: unchanged mark. It doesn't matter what the numbers say, it

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Speaker 1: doesn't matter what people from the Fed say. The market

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Speaker 1: just doesn't believe the Fed is going to raise interest

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Speaker 1: rates anytime soon. Right now, according to the FED funds

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Speaker 1: futures anytime before December. Yeah. Bit perplexing. I'm you know,

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Speaker 1: I the economists uh, and I'm one of those have

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Speaker 1: a somewhat different perspective on things, so we'll see who's right. Um,

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Speaker 1: But yeah, I'm a bit perplexed by how same when

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Speaker 1: the market seems to be about about the Fed. Uh.

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Speaker 1: You know, there's some question about how we're measuring expectations

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Speaker 1: in futures markets, just because we're kind of a very

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Speaker 1: odd environment, so we might not be teasing out exactly

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Speaker 1: what markets think. But but regardless of the measurement issues,

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Speaker 1: it does feel feel weird? Yeah, do you think, Well,

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Speaker 1: here's a two part question. Do you think the Fed

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Speaker 1: can talk the market up assuming that the numbers keep

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Speaker 1: coming in the way they have before the June meeting?

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Speaker 1: And if they don't, does that keep them from doing anything? Yeah,

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Speaker 1: there's a lot of evidence that the policy makers don't

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Speaker 1: like changing policy without preparing markets. So the fact that

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Speaker 1: they haven't been preparing markets for a rate hike suggests

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Speaker 1: that there will not be one in June. But they

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Speaker 1: can change that pretty fast. I mean, one speech by

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Speaker 1: Jenny Allen or she's intimating that they're going to begin

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Speaker 1: raising rates again. I think that would change things pretty quickly.

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Speaker 1: So I think they can. It's just that they haven't though.

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Speaker 1: How do you respond away from models to the behavioral construct,

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Speaker 1: almost an Austrian construct that they need to raise rates.

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Speaker 1: So they got wiggle room if they get an exogenous shock,

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Speaker 1: They got to get the rate up, they got to

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Speaker 1: get it over one granted, new terminal value. I get

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Speaker 1: all the debates that are out there, but they got

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Speaker 1: to have almost a moral responsibility to get rates normal.

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Speaker 1: So if there's something none of us can see coming,

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Speaker 1: they've got room to come back down. Yeah, you know,

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Speaker 1: toime I I don't buy into that argument, or it

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Speaker 1: doesn't feel right to me. I mean, you know, at

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Speaker 1: the end of the day, they need to get the

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Speaker 1: economy to full employment, that they need to get inflation

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Speaker 1: to target, and they got to do it an environment

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Speaker 1: where financial market conditions are relatively stable. You know. Trying

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Speaker 1: to get ahead of all of that, I think would

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Speaker 1: be a mistake and to be just be counterproductive, make

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Speaker 1: it more less likely that they'll get the kind of

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Speaker 1: increase in rates that everybody wants to see. So I

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Speaker 1: just don't think that's the right strategy. You know, you

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Speaker 1: could take my My perspective on this is that you know,

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Speaker 1: there's a balance of risks, and the risks are taking

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Speaker 1: now is that the longer they wait, the greater the

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Speaker 1: odds are they gonna have an overheating economy down the

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Speaker 1: road and we get into it just a very classic

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Speaker 1: kind of business cycle. And that's that to me, is

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Speaker 1: a greater risk for not moving now. Not that they

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Speaker 1: need to get some work. Well, there's a lot of

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Speaker 1: arguments that we are not in a classic business cycle,

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Speaker 1: that we're in a new normal. We're going to see

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Speaker 1: inflation if it rises rise very slowly, the fact has

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Speaker 1: time to react. How comfortable are you with that view?

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Speaker 1: I don't. You know, it's a different cycle, no doubt,

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Speaker 1: And I think goes to the fact that it was

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Speaker 1: a distant, an incredibly difficult recession and financial crisis we suffered.

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Speaker 1: So it's just taking time to recover. But I don't

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Speaker 1: think the business cycle dynamics that we've seen since World

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Speaker 1: War Two change. I think they're the same and they're

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Speaker 1: gonna start to manifest themselves. So, you know, I don't

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Speaker 1: I don't think anything's new normal new about that. It's

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Speaker 1: just taking longer because of what we went through. Is

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Speaker 1: there a new globalization that is a backdrop to this

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Speaker 1: with our new digital You know, you read any historic

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Speaker 1: history book on globalization and they talk about logistics and transportations.

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Speaker 1: The new logistics is digital. That's got a change the calculus,

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Speaker 1: doesn't it? Yeah, it does, And it goes to a

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Speaker 1: broader point about how we're how we measure things. Uh,

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Speaker 1: you know, I think g d P is understated because

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Speaker 1: there is a lot of economic activity that's out there

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Speaker 1: someone which you've you've just mentioned that it's just incredibly

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Speaker 1: definitely difficult to measure and we're definitely not measuring it,

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Speaker 1: and that measurement issue is becoming bigger and bigger and bigger.

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Speaker 1: So you know, my senses, I can't prove it. You know,

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Speaker 1: there's got a lot more work that needs to be

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Speaker 1: done here, but my sense is that there's a lot

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Speaker 1: more output GDP out there than than than more measuring

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Speaker 1: right now. And the economy. Actually, I think the best

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Speaker 1: measure of how the economy is performing, you know, gives

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Speaker 1: us the best sense of what's going on, is just jobs,

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Speaker 1: because we can measure jobs. How about housing housing numbers

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Speaker 1: coming very strong? Is that just a kind of weather

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Speaker 1: related quirk for the month or is it picking up? Uh? Well,

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Speaker 1: I think you just take a step back and look. Unfortunately,

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Speaker 1: housing starre summers have been pretty punk. You know, they've

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Speaker 1: been kind of basically moving flat for the last nine

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Speaker 1: twelve months. Uh, certainly off bottom. But you know, no nowhere, nowhere,

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Speaker 1: nowhere close to where they need to be, so I

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Speaker 1: expect them to pick up. I think there's been just

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Speaker 1: a lot of supply side constraints. You know, you've got

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Speaker 1: a lot of the home building industry is very interesting,

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Speaker 1: and you know a lot of homes are built by

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Speaker 1: very small builders. They require construction land development loan. It's

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Speaker 1: been tough for them to get that permitting issues, hard

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Speaker 1: to get workers in some parts of the country because

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Speaker 1: of labor shortages, supply construte. You know, there's there's a

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Speaker 1: trade group that worries about lumber and they're telling me that,

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Speaker 1: you know that you have beetles eating all the lumber

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Speaker 1: in Canada because of you know, the global warming. They're

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Speaker 1: not getting killed and so that's affecting construction different parts

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Speaker 1: of the Northwest. So you've got all these nitpicky supply

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Speaker 1: side constraints on the market. But ultimately, I think we're

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Speaker 1: gonna see a lot more house and construction simply because

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Speaker 1: households are forming and those households have to lift with

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Speaker 1: somewhere by definition, and that means more house things coming owners.

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Speaker 1: Equivalent rent just one of the many series is three

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Speaker 1: point one percent. It's migrated from two on a very

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Speaker 1: linear fashion up to three point one over the last

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Speaker 1: four years. So it's got a nice established trend. When

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Speaker 1: does the zany radar go up over rent increases, it's up.

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Speaker 1: It's up, And that goes to my point about housing construction.

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Speaker 1: It's you know, well below what we need. That means

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Speaker 1: vacancy rates are declining. In vacancy rates, rentalv incancy rates

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Speaker 1: are thirty thirty five year loads and falling. Home innery

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Speaker 1: vacancy rates are falling very rapidly and are going to

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Speaker 1: be uh, you know, close to record lows soon. So

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Speaker 1: that means stronger rent growth. And going back to your

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Speaker 1: point about momentum inertia, rent growth has a lot of

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Speaker 1: inertial aspects to it. That's like a that's like an

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Speaker 1: aircraft carrier. So that's one reason why I do think

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Speaker 1: that inflation is going to be above target because rent

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Speaker 1: cost of shelter is a big chunk of you know, inflation,

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Speaker 1: and you know, in the core c p I it's

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Speaker 1: you know, I think it's forty the CPI. Mark, thank

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Speaker 1: you so much, Uh, Mark Zandy with us this morning

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Speaker 1: with the uh Michael McKee, I just put out on

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Speaker 1: Bloomberg Radio Plus that owner's equivalent red chart. That may

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Speaker 1: be my chart, a single best chart tomorrow. It is elevated,

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Speaker 1: it is it is where it was before the boom

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Speaker 1: take off of two thousand three ish and then two

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Speaker 1: thousand six is it's it's it's an I did not

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Speaker 1: realize how it's above its average back twenty years. Just

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Speaker 1: to get everybody's attention. Yeah, well we're seeing some price

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Speaker 1: pressures and big question is how high, how fast and

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Speaker 1: when does the fan take notice? So there we go

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Speaker 1: Mark Sandy um And and a major shout out to

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Speaker 1: the optimists that we speak to UH with some of

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Speaker 1: the data that we've seen over the last three or

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Speaker 1: four days has had a certain lift to it. Still

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Speaker 1: to come, industrial production coming up at forecast to be out.

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Speaker 1: We'll see to those cautious, maybe it speaks to two

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Speaker 1: America's one doing very well. David Wilson has darkened the door.

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Speaker 1: I think he's talking Home depot. Another hour of Bloomberg surveillance.