WEBVTT - Congress Plan to Avert Shutdown; Fed's Powell to Testify

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan

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<v Speaker 1>Hager and I'm Karen Moscow. Here are the stories we're

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<v Speaker 1>following today. We begin with policy. In Washington, congressional leaders

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<v Speaker 1>have unveiled a plan to fund parts of the federal

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<v Speaker 1>government through the end of September. Bloomberg's Ed Baxter has

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<v Speaker 1>the story.

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<v Speaker 2>It's four hundred and thirty six billion dollars and covers

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<v Speaker 2>about a quarter of the overall government spending. It represents

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<v Speaker 2>the first real progress toward resolving ideological clashes, but at

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<v Speaker 2>the same time does not address the sharply partisan issues

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<v Speaker 2>that keep pushing last minute shut down anxiety. It does

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<v Speaker 2>not address Pentagon spending, for example. It does include, though,

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<v Speaker 2>a provision to prevent oil sales from the US Strategic

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<v Speaker 2>Petroleum Reserve to China. Ed Baxter, Bloomberg Radio, All.

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<v Speaker 1>Right, Ed, thank you, Ale. Turning to the presidential race.

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<v Speaker 1>Nikki Haley just won her first Republican primary. It's in

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<v Speaker 1>the district of Columbia, where, with one hundred percent of

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<v Speaker 1>the votes counted, Hailey took sixty two point eight percent

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<v Speaker 1>to former President Trump's thirty three point three percent. Before

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<v Speaker 1>the win Hailey hinted she might stay in the race

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<v Speaker 1>all the way to the Republican National Convention in July.

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<v Speaker 3>If the people want to see me go forward, they'll

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<v Speaker 3>show it.

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<v Speaker 2>They'll show it in their votes, they'll show it in

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<v Speaker 2>their donations, They'll show it in the fact that they

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<v Speaker 2>want us to continue to go forward.

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<v Speaker 1>And Nikki Haley spoke on NBC's Meet the Press her

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<v Speaker 1>in Sundays on Bloomberg Radio. Her win in the DC

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<v Speaker 1>primary gives her nineteen convention delegates, bringing her total to

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<v Speaker 1>forty three. Former President Trump has racked up two hundred

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<v Speaker 1>and forty four delegates so far. He's likely to pick

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<v Speaker 1>up many more when fifteen states vote tomorrow and Super Tuesday.

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<v Speaker 4>I mean, while Karen, former President Trump could learn today

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<v Speaker 4>whether the Supreme Court lets him appear on the Colorado ballot.

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<v Speaker 4>The justices are expected to decide at least one case today.

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<v Speaker 4>Signs are pointing to resolution of the Colorado case. The

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<v Speaker 4>threatened to kick Trump off some state ballots because of

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<v Speaker 4>his efforts to over return his twenty twenty election loss.

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<v Speaker 4>Trump is challenging a Colorado Supreme Court decision that he

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<v Speaker 4>has disqualified from being president again and ineligible for the

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<v Speaker 4>state's primary tomorrow.

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<v Speaker 3>Well.

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<v Speaker 1>Turning to the Middle East, now, Nathan calls for a

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<v Speaker 1>ceasefire between Israel and Hamas are growing louder. Vice President

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<v Speaker 1>Kamala Harris is now calling for a pause in the

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<v Speaker 1>fighting in Gaza.

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<v Speaker 5>Let's get a ceasefire, let's reunite the hostages with their families,

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<v Speaker 5>and let's provide immediate relief to the people of Gaza.

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<v Speaker 1>Vice President Harris spoke in Selma, Alabama, a day after

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<v Speaker 1>US officials said Israel had essentially agreed to a six

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<v Speaker 1>week ceasefire if Amas hands over vulnerable hostages. Meanwhile, a

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<v Speaker 1>new Gallup poll shows Americans are less favorable of both

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<v Speaker 1>Israel and the Palestinian authority since the Gaza war began.

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<v Speaker 1>Fifty eight percent say they have a positive view of Israel.

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<v Speaker 1>That's down ten percentage point since last year. Favorable views

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<v Speaker 1>of the Palestinian authority have dropped from eighteen to eight percent.

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<v Speaker 4>Now, let's look toward outer space. Karen SpaceX has successfully

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<v Speaker 4>launched another Falcon nine spacecraft from NASA's Kennedy Space Center

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<v Speaker 4>in Florida. The one cosmonaut and three astronauts on border

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<v Speaker 4>headed to the International Space Station, American astrobiologist and former

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<v Speaker 4>NASA employee Keith Cowing says, for SpaceX, incredible feats like

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<v Speaker 4>this are becoming routine.

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<v Speaker 6>They're always exciting, but I'll be honest with you, these

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<v Speaker 6>SpaceX things are starting to get a little boring, which

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<v Speaker 6>is a good thing, because we're at least now going

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<v Speaker 6>from being scared every time we launched the crew. Just

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<v Speaker 6>something that's approaching, maybe not routine, but acceptable, and that's again,

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<v Speaker 6>that's a good thing.

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<v Speaker 4>American astrobiologist Keith Cowing says after last night's launched, the

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<v Speaker 4>spacecraft is expected to dock autonomously to the space station

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<v Speaker 4>at about three am Eastern time tomorrow morning.

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<v Speaker 1>Well, Nathan, turning to the markets. Now, for the first time,

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<v Speaker 1>Japan's and EK two twenty five stock average are past

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<v Speaker 1>forty thousand. Investors around the world have been piling into

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<v Speaker 1>Japan's biggest companies on moving shareholder returns, the weaker yen

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<v Speaker 1>and booming corporate profits.

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<v Speaker 4>And back on Wall Street Care and another firm is

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<v Speaker 4>lifting its price target for US stocks. We get that

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<v Speaker 4>story from Bloomberg's Jeff Bellinger. Bank of Americas Savita Subramanian

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<v Speaker 4>now expects the S and P five hundred to end

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<v Speaker 4>the year at fifty four hundred. That is up from

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<v Speaker 4>her earlier target to five thousand and indicates about a

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<v Speaker 4>five percent gain from Friday's close. She says indicators are

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<v Speaker 4>flashing bullish signals on stronger earnings growth ahead and surprising

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<v Speaker 4>profit margin resilience. Ba A's fifty four hundred price target

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<v Speaker 4>now ranks as one of the most bullish on Wall Street.

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<v Speaker 4>Subramanian joins the ranks of Ed yard Denny of Yard

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<v Speaker 4>Denny Research and Jonathan Gollub of UBS, who both hold

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<v Speaker 4>the same year end outlook. Jeff Bellinger, Bloomberg Radio.

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<v Speaker 1>All right, Jeff. Thanks. While stocks begin the week at

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<v Speaker 1>record levels, Bitcoin is edging up near its all time hi.

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<v Speaker 1>The cryptocurrency is trading above sixty five thousand. Traders are

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<v Speaker 1>betting on price to soon cross the record of almost

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<v Speaker 1>sixty nine thousand dollars reached during the COVID pandemic in

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<v Speaker 1>November twenty twenty one. Bitcoin has jumped about one hundred

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<v Speaker 1>and eighty six percent in the last twelve months, and

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<v Speaker 1>right now is at sixty five one hundred dollars. We

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<v Speaker 1>turn to the economy now and interest rates will be

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<v Speaker 1>in focus this week. FED Chair j Powell is delivering

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<v Speaker 1>congressional testimony this week. We get the latest with the

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<v Speaker 1>Bloomberg's John Tucker, John and Karen.

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<v Speaker 7>Powell's expected to double down on his message that there's

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<v Speaker 7>no rush to cut interest rates. He delivers his semi

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<v Speaker 7>annual monetary policy testimony to a House committee Wednesday and

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<v Speaker 7>then a Senate panel on Thursday. Powell and nearly all

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<v Speaker 7>his colleagues have said in recent weeks that they can

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<v Speaker 7>afford to be patient in deciding when to cut rates,

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<v Speaker 7>given that the underlying strength in the US economy. That

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<v Speaker 7>cautious approach has been validated in recent weeks by data

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<v Speaker 7>showing inflation picked up last month. On Democrats in Congress

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<v Speaker 7>likely to press the FED chief on why officials are

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<v Speaker 7>keeping borrowing costs so high on the path of rates

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<v Speaker 7>good effect the November election. John Tucker, Bloomberg Radio.

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<v Speaker 4>Okay, John, thank you. In company news, we're watching shares

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<v Speaker 4>of Macy's this morning. They're up nearly fourteen percent in

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<v Speaker 4>early trading. Investors are boosting their takeover bid for the retailer.

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<v Speaker 4>That story from Bloomberg's Doug Prisner.

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<v Speaker 8>Back in January, arc House Management and Brigade Capital offered

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<v Speaker 8>five point eight billion dollars for Macy's, but the retailer

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<v Speaker 8>rejected the bid, saying it lacked compelling value. Well now,

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<v Speaker 8>ourk House and Brigade have boosted their offer by fourteen percent.

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<v Speaker 8>It's worth six point six billion per share twenty four dollars.

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<v Speaker 8>The latest bid is a thirty three percent premium to

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<v Speaker 8>Macy's closing price on Friday, and the investor group also

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<v Speaker 8>disclosed equity partners in the proposed transaction Fortress Investment Group

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<v Speaker 8>and One Investment Management US in New York. I'm Doug Prisoner, Bloomberg.

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<v Speaker 1>Radio, all right, Doug, thanks well. In Asia, Chinese Premier

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<v Speaker 1>Leak Chong will break tradition at the end of the

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<v Speaker 1>National People's Congress, and Bloomberg and Daybreak Asia anchor Brian

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<v Speaker 1>Curtis has more from Hong Kong.

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<v Speaker 9>Premierly will not hold a news briefing, killing a long

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<v Speaker 9>standing tradition. This will surely fan fears of a lack

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<v Speaker 9>of openness by the Chinese leadership. It will be seen

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<v Speaker 9>as diminishing access to information. In addition, a spokesperson said

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<v Speaker 9>this will continue for the remainder of this term of

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<v Speaker 9>the NBC. China will set a growth target for this

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<v Speaker 9>year and what's likely to be a slight increase in

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<v Speaker 9>deficit spending. But the thing is we may not hear

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<v Speaker 9>much about the reasoning behind it. In Hong Kong, Brian Curtis,

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<v Speaker 9>Bloomberg Radio.

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<v Speaker 1>All right, Brian, thank you, and it's time now for

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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. And for that

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<v Speaker 1>we're joined by Bloomberg's Michael Barr.

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<v Speaker 10>Michael, good morning, Good morning, Karen. Congestion pricing is set

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<v Speaker 10>up in London now. The final set of MTA hearings

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<v Speaker 10>about congestion pricing in Manhattan takes place today. The two

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<v Speaker 10>final hearings are schedule for ten am and six pm

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<v Speaker 10>at the MTA headquarters. New York. Carrier residents will have

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<v Speaker 10>another chance to share their thoughts on congestion pricing. South

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<v Speaker 10>of sixtieth Street. Most drivers and cars would pay a

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<v Speaker 10>fee of at least fifteen dollars. That's on top of

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<v Speaker 10>paying the tolls to drive through the Lincoln or Holland Tunnel's.

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<v Speaker 10>The plan is slated to begin in mid June. US

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<v Speaker 10>military plane started dropping food aid into Gaza over the weekend.

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<v Speaker 10>Former Marine fighter pilot Colonel Steve Ganyard explains the Air

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<v Speaker 10>Force regularly makes air drops to resupply US Army units

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<v Speaker 10>in the field.

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<v Speaker 11>Part of the Air Force crew's mission is being able

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<v Speaker 11>to air drop supplies. So in this case it's not

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<v Speaker 11>US forces. Obviously they're close to the ground, and so

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<v Speaker 11>you need a permissive environment where people aren't shooting at you.

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<v Speaker 11>Presumably none of of a moss would be shooting at

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<v Speaker 11>the US while they were trying to deliver this aid.

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<v Speaker 10>Former pilot Steve Ganyard spoke to ABC. Authorities avoided a

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<v Speaker 10>night time curfew in an attempt to regain control of

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<v Speaker 10>Haiti streets after an explosion of violence during the weekend,

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<v Speaker 10>including gunmen from gangs overrunning the centry's two biggest prisons

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<v Speaker 10>and freeing their inmates. Democratic Senator Chris Murphy, one of

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<v Speaker 10>the bipartisan senators who negotiated a border security deal that

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<v Speaker 10>fell through after it failed to garner enough Republican support

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<v Speaker 10>in the House, now urges Democrats to go on the

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<v Speaker 10>offensive on immigration. Senator Murphy of Connecticut says he knows

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<v Speaker 10>the reason. He believes Republicans chose to back out of

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<v Speaker 10>the deal.

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<v Speaker 12>Republicans blocked the bill because they knew only the legislation

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<v Speaker 12>would be effective in controlling the border. They want the

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<v Speaker 12>border to be out of control because it helps him politically,

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<v Speaker 12>and they know the president has limits to what he

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<v Speaker 12>can do through executive order.

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<v Speaker 10>Senator Murphy spoke on ABC's This Week Heard Sundays on Bloomberg.

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<v Speaker 10>An unlucky family in Sullivan County, New York, had a

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<v Speaker 10>dangerous moment just hours after they moved into a house.

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<v Speaker 10>A home in Monticello is now condemned after the home exploded.

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<v Speaker 10>Firefighters and police officers responded to the blast on Emily

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<v Speaker 10>Street over the weekend. The family had just finished unpacking

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<v Speaker 10>two U haul trucks and was heading for bed when

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<v Speaker 10>suddenly the blast occurred.

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<v Speaker 13>It's laying down and all of a sudden, the whole

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<v Speaker 13>house went boom and shook and.

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<v Speaker 6>Ran out the door, spreadble.

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<v Speaker 10>We couldn't go. One person is hospitalized with burns. Eight

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<v Speaker 10>others managed to get out of the house uninjured. The

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<v Speaker 10>cause of the explosion believed to have stemmed from a

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<v Speaker 10>gas leak in the basement. Global News twenty four hours

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<v Speaker 10>a day and whenever you want it. With Bloomberg News Now,

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<v Speaker 10>I'm Michael Barrd. This is Bloomberg Naither.

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<v Speaker 4>Okay, Michael, thank you time now for the Bloomberg Sports Update.

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<v Speaker 4>Bron to you by tri stayed Out. Are you good morning,

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<v Speaker 4>John stash Out.

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<v Speaker 3>Good morning, Nathan and Nixon. Cleveland still without three injured starters,

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<v Speaker 3>and then in the first minute, Jalen Brunson hurt his knee.

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<v Speaker 3>They had to play without him, still beat the Calves

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<v Speaker 3>one oh seven ninety eight twenty of Nick Hero's Josh

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<v Speaker 3>Hart played forty five minutes at a triple double that

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<v Speaker 3>included nineteen rebounds. Duce McBrien came in for Brunson, never left.

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<v Speaker 3>He played forty seven minutes twenty eight points for Dante DiVincenzo.

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<v Speaker 3>Just needed win for the next who had lost seven

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<v Speaker 3>of their previous nine, and the news on Brunson's knee

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<v Speaker 3>injury is encouraging a.

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<v Speaker 10>Contusion X rays. We're negative in Boston.

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<v Speaker 3>The celtics eleventh win in a row was their third

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<v Speaker 3>win of the season by fifty or more points.

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<v Speaker 10>That's an NBA record.

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<v Speaker 3>The Celtics over Golden State one forty to eighty eight

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<v Speaker 3>This game was eighty two to thirty eight at halftime Kyler, Jops,

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<v Speaker 3>Seaton Hall or Older. The season had that upset of Yukon.

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<v Speaker 3>The Husky's got revenge beat the Pirates by thirty and

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<v Speaker 3>that clinches the Big East regular season title for.

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<v Speaker 10>Uth Khon and Iowa.

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<v Speaker 3>Last home game for Kitlin Clark yet another milestone, more

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<v Speaker 3>points than Pete Merrivitch, so most points scored male or female.

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<v Speaker 13>It's like hard for me to wrap my head around

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<v Speaker 13>everything that's going on. I think I'm just trying to

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<v Speaker 13>soak in the moment. A record is a record. I

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<v Speaker 13>don't want that to be the reason people remember me.

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<v Speaker 13>I hope people remember me for the way I played

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<v Speaker 13>with a smile on my face, my competitive fire. Sure

0:11:56.320 --> 0:11:59.040
<v Speaker 13>they can remember the wins, but also just like the

0:11:59.120 --> 0:12:00.840
<v Speaker 13>fun me and my team and they's tied together.

0:12:01.360 --> 0:12:03.679
<v Speaker 3>And a big win for Clark and Iowa over second

0:12:03.760 --> 0:12:07.160
<v Speaker 3>ranked Ohio State, top ranked South Carolina b Tennessee to

0:12:07.240 --> 0:12:10.560
<v Speaker 3>complete a second consecutive twenty nine to zero regular season

0:12:10.840 --> 0:12:13.160
<v Speaker 3>and Tampa Yankees may have lost with the Tigers seven

0:12:13.200 --> 0:12:15.680
<v Speaker 3>to two, but a Juan Soto home run first in

0:12:15.720 --> 0:12:18.920
<v Speaker 3>which gave him three homers in his first seven exhibition

0:12:19.040 --> 0:12:21.480
<v Speaker 3>season at bats, also in Florida. They couldn't finish the

0:12:21.520 --> 0:12:24.600
<v Speaker 3>cognizant golf will do so today, twenty five year old

0:12:24.600 --> 0:12:27.880
<v Speaker 3>American and Austin ekrot as a one shot John Stash

0:12:27.920 --> 0:12:28.960
<v Speaker 3>Allen Bloomberg Sports.

0:12:29.000 --> 0:12:31.280
<v Speaker 4>Maybe all right, John, thank you know. Let's get right

0:12:31.280 --> 0:12:33.480
<v Speaker 4>back to this market, starting a trading week at yet

0:12:33.559 --> 0:12:35.520
<v Speaker 4>new all time highs for the S and P five

0:12:35.600 --> 0:12:38.959
<v Speaker 4>hundred and the Nasdak. Even Japan's niek has crossed forty

0:12:39.000 --> 0:12:41.560
<v Speaker 4>thousand for the first time ever. That's as we wait

0:12:41.600 --> 0:12:44.840
<v Speaker 4>for more clues on the raid path from fedcher Jerome Powell.

0:12:44.880 --> 0:12:46.560
<v Speaker 4>This week, let's bring in Jeff for you for some

0:12:46.600 --> 0:12:51.800
<v Speaker 4>market analysis, a senior EMEA market strategist at BNY Mellon, Jeff,

0:12:51.840 --> 0:12:54.600
<v Speaker 4>it seems like Wall Street analysts are sort of falling

0:12:54.600 --> 0:12:57.280
<v Speaker 4>all over themselves raising their price targets for the S

0:12:57.320 --> 0:12:59.679
<v Speaker 4>and P five hundred. Now we got Savita Supermanian at

0:12:59.679 --> 0:13:02.920
<v Speaker 4>Bank of America raising the fifty four hundred. Is there

0:13:02.960 --> 0:13:06.720
<v Speaker 4>too much euphoria in this market? Is it well placed?

0:13:07.920 --> 0:13:08.040
<v Speaker 10>Well?

0:13:08.080 --> 0:13:10.360
<v Speaker 14>Good morning. I think it's often the case, no matter

0:13:10.480 --> 0:13:14.240
<v Speaker 14>you know what benchmark you use. Once expectations are raised

0:13:14.280 --> 0:13:16.720
<v Speaker 14>and raised and raised, becomes harder to hit them, right,

0:13:16.800 --> 0:13:21.120
<v Speaker 14>So I think people will be querying that in the US, whereby,

0:13:21.280 --> 0:13:25.160
<v Speaker 14>if we look at other markets right now, expectations are

0:13:25.200 --> 0:13:28.439
<v Speaker 14>relatively muted right now, so perhaps it's a bit easier

0:13:28.440 --> 0:13:31.280
<v Speaker 14>to hit those expectations and surpass them. So I think

0:13:31.280 --> 0:13:34.040
<v Speaker 14>for US assets in general to helperform up ahead may

0:13:34.160 --> 0:13:35.720
<v Speaker 14>just be a bit trickier this month.

0:13:36.080 --> 0:13:39.559
<v Speaker 4>Interesting, So does that have you thinking that investors should

0:13:39.559 --> 0:13:41.880
<v Speaker 4>be taking a little bit more of a look at

0:13:42.040 --> 0:13:45.440
<v Speaker 4>markets outside the US as we get into the balance

0:13:45.440 --> 0:13:45.840
<v Speaker 4>of the year.

0:13:46.840 --> 0:13:48.959
<v Speaker 14>One hundred percent, right, so you know two or three things.

0:13:49.040 --> 0:13:49.199
<v Speaker 13>Yeah.

0:13:49.200 --> 0:13:52.560
<v Speaker 14>Firstly, let's look at emerging markets. This is one area

0:13:52.600 --> 0:13:55.160
<v Speaker 14>where we're expected a new wave of vasa allocation flow

0:13:55.200 --> 0:13:58.240
<v Speaker 14>this year, especially in bonds and to a lesser extent,

0:13:58.440 --> 0:14:02.440
<v Speaker 14>equities APAC. For example, if China and Japan there's both

0:14:02.440 --> 0:14:06.719
<v Speaker 14>potential for reflation, then earnings should continue to surprise the

0:14:06.800 --> 0:14:08.880
<v Speaker 14>upside as well. And in Japan even I'm not just

0:14:08.920 --> 0:14:12.840
<v Speaker 14>talking about the FX translation side of things, Latin America

0:14:12.840 --> 0:14:15.880
<v Speaker 14>still offers you very very good at real rates, even

0:14:15.920 --> 0:14:19.280
<v Speaker 14>relative to the US. So there are other opportunities I'm

0:14:19.280 --> 0:14:21.960
<v Speaker 14>out there. I just think the market, well, the US

0:14:22.080 --> 0:14:25.880
<v Speaker 14>is outperforming, that exceptionalism narrative is fully in place, maybe

0:14:25.880 --> 0:14:29.920
<v Speaker 14>even relative to high expectations. Ass allocations may just be

0:14:29.960 --> 0:14:31.120
<v Speaker 14>a bit too overweight right now.

0:14:31.360 --> 0:14:33.400
<v Speaker 4>Now when it comes to the US market, what are

0:14:33.480 --> 0:14:37.520
<v Speaker 4>some of the headwinds, the major headwinds that are informing

0:14:37.560 --> 0:14:38.160
<v Speaker 4>your view.

0:14:39.520 --> 0:14:44.960
<v Speaker 14>Well, in addition to rhina equity, in addition to equity

0:14:44.960 --> 0:14:48.800
<v Speaker 14>expectations and being raised. I'm looking at our custodial data

0:14:48.920 --> 0:14:51.480
<v Speaker 14>right now and flows into bond markets. And one interesting

0:14:51.960 --> 0:14:54.640
<v Speaker 14>theme that we've established over the past month is if

0:14:54.680 --> 0:14:57.400
<v Speaker 14>in November and December it was about getting out of

0:14:57.400 --> 0:15:00.440
<v Speaker 14>frontend due to expectations of rate cuts and moving into uration,

0:15:00.960 --> 0:15:03.920
<v Speaker 14>right now we are seeing flows across the curve. So

0:15:04.240 --> 0:15:07.880
<v Speaker 14>it's actually mattering even less to clients with regard to

0:15:07.920 --> 0:15:10.640
<v Speaker 14>their bond exposures whatever part of the curve, and they're

0:15:10.640 --> 0:15:13.760
<v Speaker 14>looking at they just want to own dollars at full stop,

0:15:14.000 --> 0:15:17.640
<v Speaker 14>not saying that this is a risky prospect near right now, Again,

0:15:17.680 --> 0:15:21.920
<v Speaker 14>the US is outperforming without excessive inflation. But again, you know,

0:15:22.000 --> 0:15:24.080
<v Speaker 14>this is where even if I look at equity and

0:15:24.080 --> 0:15:26.680
<v Speaker 14>performance allocations may just be a bit too extreme. Brino

0:15:26.680 --> 0:15:29.440
<v Speaker 14>It's almost as no infrast rate risk is being priced in,

0:15:29.600 --> 0:15:32.040
<v Speaker 14>and that looks a bit excessive considering what's going to

0:15:32.040 --> 0:15:33.920
<v Speaker 14>happen this year with respect to the economy.

0:15:34.040 --> 0:15:35.960
<v Speaker 4>I wonder what you made of tourist and slocks call

0:15:36.040 --> 0:15:38.360
<v Speaker 4>over to Paula management last week that the FED might

0:15:38.400 --> 0:15:40.040
<v Speaker 4>not be able to cut rates at all this year.

0:15:40.720 --> 0:15:43.080
<v Speaker 14>We will still take the other side of that. Inflation

0:15:43.120 --> 0:15:45.440
<v Speaker 14>will continue to soften if you look at some of

0:15:45.440 --> 0:15:48.000
<v Speaker 14>the core items I think that trenders in place. Central

0:15:48.040 --> 0:15:50.880
<v Speaker 14>banks right now they need to retain optionality. They will

0:15:50.880 --> 0:15:52.960
<v Speaker 14>not state they will not pre commit to cut, but

0:15:53.000 --> 0:15:55.520
<v Speaker 14>they'll absolutely not pre commit to say there won't be

0:15:55.560 --> 0:15:59.240
<v Speaker 14>any cuts either this year. They will be data dependent,

0:15:59.320 --> 0:16:02.160
<v Speaker 14>and right now we think data will continue to justify easing,

0:16:02.240 --> 0:16:05.360
<v Speaker 14>this easing in Q two, So we will absolutely take

0:16:05.400 --> 0:16:06.080
<v Speaker 14>the other side of fact.

0:16:07.800 --> 0:16:10.880
<v Speaker 15>This is Bloomberg Daybreak Today, your morning brief on the

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