Speaker 1: This is Bloomberg Surveillance. Nominal GDP is actually slowing now.
Speaker 1: We've gone from almost five percent in late down to three.
Speaker 1: If you look in this recovery, and especially since the
Speaker 1: Affordable Care Act passed, virtually all of the job growth
Speaker 1: has been in full time jobs. What's changed, I think
Speaker 1: as we've kind of reached full employment and there's a
Speaker 1: number of inflation indicators that are finally coming to life.
Speaker 1: Here a little bit Bloomberg Surveillance, your link to the
Speaker 1: world of economics, finance, and investment on Bloomberg Radio. Good Morning,
Speaker 1: I Michael McKey along with Tom Keene. It is seven
Speaker 1: am on Wall Street. Eight pm in the port of Shanghai,
Speaker 1: where things were quiet in February two. Quiet for investors
Speaker 1: who are selling off on a drop in Chinese exports.
Speaker 1: Never mind China was on a holiday for ten days
Speaker 1: during the month. Markets looking for a reason to sell off,
Speaker 1: and sell off they are right now. The stock six
Speaker 1: hundred down three points, just about a percentage point. The
Speaker 1: docks is off a hundred eleven points one point one percent.
Speaker 1: This in spite of the fact that they had a
Speaker 1: very strong industrial production report that according to some analysts,
Speaker 1: is going to mean stronger growth in the first quarter.
Speaker 1: For Germany, u S features lower eleven points down for
Speaker 1: the SMP EMNI features at six tenths half a percent
Speaker 1: for Down features down eighty five, nantac emnies down by
Speaker 1: twenty nine seven tenths of percent, And believe it or not,
Speaker 1: these are all improvements off the lows of the day.
Speaker 1: Analysts say the rally maybe a bit tired, needs a breather.
Speaker 1: The catalyst of higher oil prices isn't there today, at
Speaker 1: least not at the moment. West Texas down by four
Speaker 1: tens fifteen cents at thirty seven seventy five brands still
Speaker 1: well over forty dollars forty seventy six cross that mark yesterday.
Speaker 1: That's a two tenths decline. Now those are pairing their losses,
Speaker 1: so we will see what impact oil has on the
Speaker 1: markets later today. The oil dollar correlation seems to be
Speaker 1: at work today, the dollar higher against most of its
Speaker 1: major trading pay airs. BONN yields are down the tenure
Speaker 1: at one point eight five percent, the five year one
Speaker 1: point three seven eighty eight basis points your two year
Speaker 1: Thursday's ECB decision. With their rates, they're a lot of
Speaker 1: talk about even more negative rates. But Germany's two year
Speaker 1: yield higher this morning at negative fifty six basis points.
Speaker 1: We'll be talking about that with Dutch BIG's dominant custom
Speaker 1: in a few moments the first time. Today is International
Speaker 1: Women's Day. I don't know how you're planning to celebrate,
Speaker 1: but we have one of the world's most accomplished women
Speaker 1: with her name is not Berg Dark Goodman. That's where
Speaker 1: Tom is going. Her name years in senior positions on
Speaker 1: Wall Street not a head of Elevate Network for Women
Speaker 1: and founder of a new digital investing platform for women ELVs,
Speaker 1: which I was reading through this morning. Some interesting articles
Speaker 1: on there. You were telling Tom a short time ago.
Speaker 1: The biggest part of the problem still people like to
Speaker 1: work with people like them. And I know we can
Speaker 1: talk and talk and talk about, you know, look for talent,
Speaker 1: but people don't that necessarily. You've been dealing with this
Speaker 1: for a long time. I'm wondering. We have new generations
Speaker 1: coming up, younger people who may be growing up in
Speaker 1: a different kind of that. That's for Tom, Honey. I'm on, Honey,
Speaker 1: I'm on the radio the Seventh Store. As a new
Speaker 1: generation comes to work and gains power. Do you see
Speaker 1: that changing old pipeline when you said that to Tom
Speaker 1: this morning? Though, you know what went through my mind
Speaker 1: that old New Yorker cartoon on the internet. Nobody knows
Speaker 1: you're a dog. As we get more into you know,
Speaker 1: work that isn't defined by sitting next to a person
Speaker 1: of the same gender, does it change I think a
Speaker 1: couple of things. I think I was very fortunate that
Speaker 1: I stumbled upon being an equity research analyst, which is
Speaker 1: just very numbers oriented. Nobody ever turned down one of
Speaker 1: my research reports. But oh it was written by a
Speaker 1: girl or geez, she wrote it on a Sunday afternoon
Speaker 1: as opposed to a Thursday because she was doing the
Speaker 1: whole work life balance thing. So I think there's that.
Speaker 1: But I think the idea of relying upon it's a
Speaker 1: pipeline issue, and the pipeline is better sit on Wall
Speaker 1: Street simply isn't right. I mean, we have the same
Speaker 1: percentage of women in these investment banking classes that we
Speaker 1: had when I got in in the You know, ladies
Speaker 1: don't worry super super as well. I certainly hope so.
Speaker 1: But you know, but but so what So I think
Speaker 1: relying on that doesn't work. I thought it was over
Speaker 1: when I got out of college. I thought the whole thing,
Speaker 1: the whole you know, women are going to make it
Speaker 1: as far as men. It was done, in my opinion,
Speaker 1: But all those men got to retire at some point,
Speaker 1: right that the people who aren't hiring people based on talent,
Speaker 1: but based on you know, And then the question is
Speaker 1: can we over do the younger folks have fewer gender
Speaker 1: biases than we do, And maybe they do, maybe they do,
Speaker 1: And I do find you know, you talk to these
Speaker 1: young men and young women and they take equality as
Speaker 1: being a given. But but you know, we need to
Speaker 1: be vigilant because we all have these biases. And even
Speaker 1: though the research is so clear that diverse teams lead
Speaker 1: to higher returns, lower risk, greater client focus, greater long
Speaker 1: term focus, greater innovation, that diverse teams outperformed smarter teams,
Speaker 1: even with all of this, you know, you look at
Speaker 1: that and you say, yeah, but that's true for other teams.
Speaker 1: I want to work with my buddy Joe. Yeah. One
Speaker 1: of the things I see here is almost a cultural thing.
Speaker 1: There's a great map on on Twitter last night of
Speaker 1: where women are doing better politically Australia all of Europe
Speaker 1: is green on the map, and the US isn't there.
Speaker 1: How much of the challenge that you've lived and that
Speaker 1: you have studied here, particularly in the last ten years,
Speaker 1: how much of it is just outright American culture? Well,
Speaker 1: I think some of it is that we tend to
Speaker 1: bring in pe people who are quite different when things
Speaker 1: are really quite broken. And so Tom, You'll remember when
Speaker 1: I was brought in to run Smith Barney and the
Speaker 1: research business of city. It's because the research business we've
Speaker 1: had gone through scandal, it was broken. And you can't
Speaker 1: tell me that part of the appeal was this woman looks, acts,
Speaker 1: think so differently than what came before. Same thing when
Speaker 1: I was brought in to turn around Meryll Lynch that
Speaker 1: you know this was a broken business. Um, you know
Speaker 1: that we've gone through the crisis. There were difficult as
Speaker 1: great advisors, great advisors, but the attrition rate was very high,
Speaker 1: and there was something about we need a change, and
Speaker 1: we needed some bombing change. Some people call it the
Speaker 1: glass cliff, bring in a woman when things are broken,
Speaker 1: bringing a person of color. Hopefully they make it. Well, well,
Speaker 1: let's continue that discussion. Sally Quatrick with us this morning.
Speaker 1: As we look at so much of Wall Street Bloomberg
Speaker 1: Surveillance brought you by Investco. Looking for investment views, experienced
Speaker 1: experts are just to click away go to investco dot
Speaker 1: com slash us to subscribe to the Investo blog for
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Speaker 1: at I m v s c O at invest go us.
Speaker 1: You can do that on Twitter. Sally Cachuck with us
Speaker 1: and Sally, I want to go back to, uh, what
Speaker 1: you and I've talked about many many times is I'm
Speaker 1: seeing a lot more women go into engineering and go
Speaker 1: into science. There's no question among you know, the friends
Speaker 1: of my kids and all that they're they're they're going
Speaker 1: for some form of stem um structure that makes me
Speaker 1: hugely optimistic ten years up. They're just smarter. Yeah, well
Speaker 1: they may or may not be smarter, but you love
Speaker 1: to see it. What I do fret about is that
Speaker 1: women do and girls do still get messages. Were not
Speaker 1: good at math and I look at my old world.
Speaker 1: Well look I look at my old world. There's a
Speaker 1: gender investing gap. There's a gender investing gap. And if
Speaker 1: we think about Wall Street, the bent of the employees
Speaker 1: on Wall Street, the what we do on Wall Street.
Speaker 1: It's it gets mail pretty quickly, we output form, we
Speaker 1: beat the market, we pick the manager. And then we're
Speaker 1: telling women, you need more financial education, you need more
Speaker 1: hand holding. You're not good at math, you know. And
Speaker 1: women tend to because we loved we're great students. The
Speaker 1: research is clear. We love getting those a's. We tend
Speaker 1: to have all that financial education, all those documents next
Speaker 1: to our bed, and we say we're going to read
Speaker 1: them when we don't. You came from cost you came
Speaker 1: out of Chapel Hill, and you know f F the
Speaker 1: equals PV one plus art of the t. You know
Speaker 1: the exponential function, you know the five ratio du punt function,
Speaker 1: and that No, I was a journalism major. Actually okay,
Speaker 1: I need a lot of basketball and beer. But point
Speaker 1: to the point. You had the initiative to learn the
Speaker 1: fundamental dynamics so you could be an executive down the road.
Speaker 1: Do you see that trend? Bill? Yeah? But look, you
Speaker 1: know I again, I wouldn't push it back on the women, right,
Speaker 1: it's you know, okay, women work harder, take other different classes.
Speaker 1: I would say I certainly worked hard, but I did
Speaker 1: happen into a company and a type of business that
Speaker 1: was really gender color background blind. Being an equity research
Speaker 1: analyst for me was such serendipity. And so don't make it.
Speaker 1: You know, women, you better keep changing, you know order.
Speaker 1: I mean, we've got this gender investing gap. We somehow
Speaker 1: tell women it's their fault. Well, how about we change.
Speaker 1: How about we start too as we're trying to at
Speaker 1: last look at what they need to invest and it's
Speaker 1: not necessarily being correct. When the euro performs again, well
Speaker 1: we need an hour with Sally Tom. We absolutely don't
Speaker 1: have enough time. So in the very short time we
Speaker 1: have left about thirty seconds left, why don't we let
Speaker 1: you do a shameless plug tell us about you're going
Speaker 1: there anyway. I am so excited about last right now.
Speaker 1: For years I told myself women didn't need something different
Speaker 1: on investing, But the numbers speak for themselves, and so
Speaker 1: we've done an enormous amount of research. We're in beta
Speaker 1: right now on Alvest digital investment platform for women that
Speaker 1: really speaks to their needs. We're sort of keeping its
Speaker 1: super secret right now. And then I'm also the chair
Speaker 1: of Elevate Network, which is tens of thousands of women strong.
Speaker 1: Um it's a network that helps them advance in business,
Speaker 1: because networking is the number one unwritten rule of success
Speaker 1: in business. You guys do it better than we ladies do,
Speaker 1: so we're trying to help. So to two of those
Speaker 1: big initiatives. Selly, thank you so much for coming in.
Speaker 1: Thank thanks for having met futures negative six. They've improved
Speaker 1: a little bit, doufs. Just netis thirty five. We're going
Speaker 1: to quote euro again because Sally says it doesn't matter.
Speaker 1: Fifty seven stronger yet weaker euro? Uh what does it
Speaker 1: mean there is hero yet? All right, let's check with
Speaker 1: Michael barn now and get the latest world at national headlines.
Speaker 1: Thank you very much. Voters will ahead to the polls
Speaker 1: today for presidential Mary's Republicans have contests in Michigan, Mississippi, Idaho,
Speaker 1: and Hawaii. Democrats have primaries in Michigan and Mississippi. The
Speaker 1: European Union is close to a deal with Turkey on
Speaker 1: a cap on the inflow of migrants. Turkey made a
Speaker 1: plea at the last minute for concessions at the Brussels summit,
Speaker 1: calling on the BLOCK to double its financial eight to
Speaker 1: Turkey to six billion euros or six point six billion
Speaker 1: dollars cell phones could be a big distraction for drivers
Speaker 1: and people walking on the street, and the report by
Speaker 1: the Governor's Highway Safety Association says that could be a
Speaker 1: factor in the rise and pedestrian depths. According to the report,
Speaker 1: pedestrian death surged by an estimated ten percent last year.
Speaker 1: More people were driving more miles because the economy improved
Speaker 1: and gas prices plunged. Global News twenty four hours a day,
Speaker 1: powered by our journalists and more than a hundred fifty
Speaker 1: news bureaus from around the world. Michael bar Mike, Tom
Speaker 1: and Michael thanks so much. Features, Think of the six
Speaker 1: town Features. Thing of thirty nine. Next, Dominick Constom of
Speaker 1: Deutsche Bank. This is Bloomberg's Surveillance. Bloomberg Surveillance brought you
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