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Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane. Along

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Speaker 1: with Jonathan Ferroll and Lisa Abramowitz. Daily we bring you

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Speaker 1: insight from the best and economics, finance, investment, and international relations.

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Speaker 1: To find Bloomberg Surveillance on Apple podcast, SoundCloud, Bloomberg dot Com,

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Speaker 1: and of course on the Bloomberg terminal. Let's move on

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Speaker 1: right now. And we are guilty of this, and I

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Speaker 1: am incredibly guilty of this. We look at well, the

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Speaker 1: joke of me going below fifty ninth Street, or the

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Speaker 1: idea that most of our audiences in three zip codes

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Speaker 1: and a couple in London as well, and we forget

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Speaker 1: about the open plains. Mike Rounds knows where the Missouri

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Speaker 1: River is. He knows it. Getting from Pierre, not Pierre,

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Speaker 1: but Pierre, South Dakota over to the Target store up

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Speaker 1: by twenty nine north the Sioux Falls is actually something

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Speaker 1: difficult to do. Evermore so five dollars a gallon gasoline.

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Speaker 1: The senator from South Dakota, their former governor, joins us

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Speaker 1: this morning, I want you to give me a visceral picture,

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Speaker 1: real estate guy, of the emotion and Pier and the

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Speaker 1: emotion at that target store Northsoux Falls. What's going on

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Speaker 1: out there away from the fancy people like Global Wall Street.

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Speaker 1: I know you like dollars and cents. The average South

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Speaker 1: Dakota family right now is paying over six d and

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Speaker 1: four dollars more per month in living expenses and what

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Speaker 1: they were in January of that's seven thousand dollars plus

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Speaker 1: per year more. And wages aren't going up that fast.

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Speaker 1: When you start talking about that in places like South Dakota,

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Speaker 1: the pain is real. And it's the same thing across

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Speaker 1: the entire country. And the worst part about this whole

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Speaker 1: thing is is this is policy induced. When you start

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Speaker 1: driving up the price of fuels, diesel, natural gas and

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Speaker 1: so forth by policy determination. Uh, and you start limiting

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Speaker 1: the amounts of some applies that are being produced, and

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Speaker 1: you recognize that that you're doing it, and you do

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Speaker 1: it anyway, then it's a policy induced movement. We can

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Speaker 1: do a lot to change that right now in the

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Speaker 1: United States, and it's got to come back down to

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Speaker 1: an administration recognizing that. Uh. You know, look, I know

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Speaker 1: they're fighting climate change, but the bottom line is you've

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Speaker 1: got to have a strong economy to do a good

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Speaker 1: job on that. And they are hurting this economy with

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Speaker 1: their policies, and people in South Dakota field that and

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Speaker 1: they're not happy about it. Sent it around. Gerald Ford

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Speaker 1: of the Republican Grand Rapids Michigan Persuasion years ago said

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Speaker 1: he was gonna whip inflation. Now, what is the Republican

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Speaker 1: prescription day one to stop this inflation? There are three

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Speaker 1: parts of the policy. One is demand you can do

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Speaker 1: that through action of the Federal Reserve. But it's because

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Speaker 1: we put a huge amount of cash into the economy earlier.

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Speaker 1: Uh and that was a president that was a Biden

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Speaker 1: decision and he did it without the assistance of Republicans

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Speaker 1: in January of last year. At number two, you have

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Speaker 1: to read us the cost of energy, and that means

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Speaker 1: you produce more energy all of the above, whether it

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Speaker 1: be nuclear, whether it be more pumping, it means more

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Speaker 1: leases being released. And then allowing them to get that

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Speaker 1: that that crude oil out of the ground with additional

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Speaker 1: licenses and then allow them to be able to actually

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Speaker 1: move that to the marketplace with pipelines. That would be

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Speaker 1: an immediate thing. And finally, you have to address the

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Speaker 1: workforce issues right now. And I know that this isn't

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Speaker 1: a popular thing to talk about, but we have to

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Speaker 1: have legal immigration reform. We need visas, we need H

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Speaker 1: two B visas, we need H two A visas right now,

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Speaker 1: and we've got legislation in place right now that we're

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Speaker 1: recommending that would do that. All of those would help

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Speaker 1: to reduce inflation in this country and the effects would

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Speaker 1: be immediate. Well, just a senator, just to push back

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Speaker 1: a little bit. You're talking about the issues with certain

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Speaker 1: policy prescriptions that led to the inflation. But a lot

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Speaker 1: of this, a lot of economists say, is driven by

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Speaker 1: some of the supply disruption is whether it's in China

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Speaker 1: or particularly the war in Ukraine. How much do you

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Speaker 1: see as inflation staying high as a results certain national

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Speaker 1: security decisions being made that you've supported. Yeah, First of all,

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Speaker 1: I think the actual inflationary trends with regard to the

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Speaker 1: supply chains and so forth, a lot of that has

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Speaker 1: to do with the cost of transportation of those items. Now,

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Speaker 1: can you have supply disruptions, We had it. We had

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Speaker 1: it during the previous administration, but you did not see

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Speaker 1: that driving up inflation. You saw inflation begin almost immediately

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Speaker 1: upon the recognition that we were going to have increases

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Speaker 1: in the cost of energy within this country, and they

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Speaker 1: were going to be increased by policy determination. Once again,

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Speaker 1: if you take back and you look at the actual

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Speaker 1: costs of energy and the impact of that has on

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Speaker 1: all types of pricing for services and for products, it's

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Speaker 1: a no brainer that you can begin to reduce inflation

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Speaker 1: if you address the cost of energy. It's in all

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Speaker 1: those products aside from just the energy issue. Though, I'm wondering, Senator,

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Speaker 1: would you agree with potentially relaxing certain tariffs in China

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Speaker 1: or perhaps changing certain stances in order to reduce inflation domestically,

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Speaker 1: even if on a national security level it was viewed

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Speaker 1: to be prudent to keep certain things in place. I

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Speaker 1: think that there there is always the possibility of looking

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Speaker 1: at modifying policy with regard to needed items. But remember

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Speaker 1: there's a reason why we put those in place in

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Speaker 1: the first place, and that was to try to develop

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Speaker 1: domestic production. But if you can't do it domestically and

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Speaker 1: you've tried it, then to look at other alternatives with

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Speaker 1: other countries. It's not that we want to produce everything

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Speaker 1: in the United States. We'd love to have good trading partners,

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Speaker 1: but we also have to recognize it. Simply going back

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Speaker 1: to China does not get into the long term scheme.

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Speaker 1: And as long as they're going to try to continue

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Speaker 1: to steal the i P in this country, we've got

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Speaker 1: to continue to to recognize the need for enforcement of

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Speaker 1: trade deals and the limitation of trade with China whenever

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Speaker 1: possible until they come around and recognize that they can't

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Speaker 1: be stealing the i P, the copyrights and so forth.

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Speaker 1: So yeah, look, I I'd be very stingy about going

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Speaker 1: back on what we've already done with China. I try

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Speaker 1: to develop some of those products, those product lines with

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Speaker 1: our other allies and other people that literally want to

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Speaker 1: do business with us under the rule of law. Senator,

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Speaker 1: thanks for your time today. We appreciate it, Senator. My

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Speaker 1: grants there on the story at d C and Worldwide.

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Speaker 1: Love Hano joins US now Global Chief Investment Officer of

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Speaker 1: State Street Global Advices. Laurie, you've got that big cash position.

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Speaker 1: You can talk to us about how big that is.

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Speaker 1: What do you want you for to deploy it? Well,

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Speaker 1: first of all, there's a lot of uncertainty out there,

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Speaker 1: So I would say the biggest theme around our portfolios

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Speaker 1: right now is less about the directional trade and much

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Speaker 1: more about the relative value. So we've been trading around

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Speaker 1: different markets, deploying capital into the US, which we thought

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Speaker 1: was still a bit of a safe haven relative to

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Speaker 1: other regions, but also looking at places like commodities, looking

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Speaker 1: like at places like gold and as you say, holding

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Speaker 1: a bit of a five percent cash position right now, Laura,

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Speaker 1: you are the perfect one to talk about right now.

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Speaker 1: And folks, this is the esteem Shairman of Bloomberg Peter T.

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Speaker 1: Grower telling me in times of stress you see transactions

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Speaker 1: and combinations calls is flat on their back. They have

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Speaker 1: just announced within all the troubles of calls over decades,

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Speaker 1: board thoroughly testing standalone strategic plan. Are we going to

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Speaker 1: see one big roll up, Laurie of American Financing corporations

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Speaker 1: out of these risks and challenges, Well, every situation is.

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Speaker 1: It is socratic. And one of the things that striking

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Speaker 1: about the recent announcements on the consumer side is that

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Speaker 1: we've known for a while that consumers were likely to

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Speaker 1: move from more goods oriented purchases to more service oriented purchases.

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Speaker 1: And while we certainly have had some of the news

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Speaker 1: out on on some of those retail uh franchises. The

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Speaker 1: other side of it is you've got airlines and other

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Speaker 1: service providers that are actually saying very good demanded actually

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Speaker 1: having the chrising power. So there's it's not just a

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Speaker 1: one size so it's all there's gonna be a out

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Speaker 1: of idiosyncratic behavior and companies that can think about what

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Speaker 1: their exposures are and how to hedge those and where

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Speaker 1: they do have pricing flexibility or power, those are the

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Speaker 1: ones that are going to survive. I can't emphasize Lisa enough.

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Speaker 1: They need here to see one size is wrong. Target

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Speaker 1: four fifty thousand employees Calls thirty five thousand, and yet

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Speaker 1: people like to compare the two are completely different into

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Speaker 1: in a ten year total return, Target gets it. Calls

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Speaker 1: has been a disaster, right, And we can talk more

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Speaker 1: about the two distinct stories, but they're responding to the

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Speaker 1: same macroeconomic backdrop. And Lorie, when you take a look

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Speaker 1: at this multifascinated backdrop that is not just one narrative,

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Speaker 1: what gives you conviction that, frankly, the market is right

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Speaker 1: that the FED is going to blink well before it

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Speaker 1: raises rates to restrictive territory, which seems to be the

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Speaker 1: zeitgeist right now in markets. Well, the big contectrum is

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Speaker 1: we've talked about, and I've heard you talking about this

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Speaker 1: morning as well, is that on the one hand, we

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Speaker 1: still have inflation with we could argue whether we've hit

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Speaker 1: peak inflation or not, but the numbers are still quite

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Speaker 1: eye popping. We all know that eventually that wears itself

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Speaker 1: out because the comps here over you get harder and harder.

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Speaker 1: But that's happening at the same time that growth in

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Speaker 1: the from a macro standpoint is slowing. And so this

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Speaker 1: delicate balancing act is what the Fed's got to navigate,

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Speaker 1: what all central bankers have to navigate, and everybody is

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Speaker 1: afraid that they're going to get it wrong, and the

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Speaker 1: chances are that they will get it wrong. We actually

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Speaker 1: are a little bit more dubbish in terms of what

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Speaker 1: we think the Fed's going to do, and if they

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Speaker 1: move in the summer and then actually do take a

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Speaker 1: bit of a pause, then there's a chance that we

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Speaker 1: get out of this without a recession. Laurie, thank you

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Speaker 1: for your perspective. As always. Lori Hano, the of State

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Speaker 1: Street Global Advices, this is an example of what you're

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Speaker 1: seeing on the street he maintains outperform on target, but

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Speaker 1: lowers the price target big time from a three oh

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Speaker 1: five down to two. Those are the microadjustments being made.

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Speaker 1: Patrick Palfrey is cohead of Quantitative Research and senior equity

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Speaker 1: strategistic Credit Squeeze and is looking at the macro adjustments.

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Speaker 1: How are you using the micro changes of your cell

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Speaker 1: side research team, Patrick, this morning, Well, when we talk

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Speaker 1: with our analysts and we go through the transcripts and

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Speaker 1: we look at where earnings estimates are moving, everything on

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Speaker 1: the fundamental front seems very much intact. Estimates continue to

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Speaker 1: rise their certain sectors communications in particularly what you're seeing pressure,

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Speaker 1: but generally speaking, estimates are holding up quite well, including revenues.

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Speaker 1: Margins a little bit less weaker, but but still enough

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Speaker 1: to propride the earning sport in a meaningful way. Were

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Speaker 1: this is important, folks, because Credit Squeeze hit the ball out.

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Speaker 1: So we hit the ball out of the park eighteen

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Speaker 1: months ago with a wonderful Barbell strategy of bullishness. Patrick,

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Speaker 1: if you've got a constructive view like that, are we

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Speaker 1: over focusing on margins and not looking at a pretty

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Speaker 1: good or good revenue lift based on nominal g d P.

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Speaker 1: We'll talk it. I think you're absolutely right. Companies live

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Speaker 1: in a nominal world. I know, as as economist, individuals

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Speaker 1: like to talk about real activity and they're like the

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Speaker 1: piece out inflation. But companies, for the most part don't

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Speaker 1: really matter. They are oftentimes in most cases able to

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Speaker 1: pass that on and we're seeing that come through with

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Speaker 1: revenues UH this year expecting to be plus tempers that

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Speaker 1: that's an incredibly strong number. So with revenues that strong,

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Speaker 1: there's an ability to give up very incremental margin to

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Speaker 1: see the range pictures still be up eighth to nine percent,

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Speaker 1: and that is spectacular for this point in the cycle.

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Speaker 1: What are you counting on in terms of rates to

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Speaker 1: get you to that level in equities based in the

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Speaker 1: fact that not only do you have, yes, you've got

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Speaker 1: denominal growth, but you also have a revaluation based on

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Speaker 1: higher inflation and frankly based on a FED willing to

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Speaker 1: raise rates much beyond what people had imagined a year ago. Well,

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Speaker 1: it's it's it's a great question. And I think really

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Speaker 1: what people are trying to understand there's a lot of

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Speaker 1: pieces moving around here in our focus is really here

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Speaker 1: on valuation that's really where the biggest distortions were. At

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Speaker 1: the beginning of the year, we started with the twenty

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Speaker 1: one point five multiple. We're down to a sixteen point five.

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Speaker 1: That's roughly in line with long term averages. But more importantly,

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Speaker 1: expensive companies were extremely expensive, and that's where all the

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Speaker 1: pain has been. You see that in secular growth themes,

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Speaker 1: you see that in technology and communications. When you look

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Speaker 1: outside of those groups, valuations look a lot more reasonable

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Speaker 1: if the pain looks a lot less meaningful in those groups.

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Speaker 1: This has been a valuation rerating because of higher interest rates,

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Speaker 1: and that's a meaningful part of the discussion, which sounds

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Speaker 1: all very logical, and it's easy to then come on

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Speaker 1: and say, look, if I like those stocks before they've

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Speaker 1: been on sale, let's buy them. But it doesn't count

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Speaker 1: for the behavior of investors who see their statements and say,

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Speaker 1: holy cow, we've got to get rid of this. We've

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Speaker 1: got to actually start selling. We haven't seen those kinds

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Speaker 1: of mass sales. How much of an over suits the

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Speaker 1: downside could we see before we get to what you

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Speaker 1: expect to be a rally. Well, I think we're pretty

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Speaker 1: much getting close to that bottom now, Like like we

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Speaker 1: piloted earlier in the show. Right now is really where

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Speaker 1: the SMP is down historically, and and bear bear markets,

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Speaker 1: we see it down a little bit more. But that

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Speaker 1: tends to be recessionary. Right now, we have an incredibly

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Speaker 1: strong economic outlook. Certainly inflation is a concern and I

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Speaker 1: agree with that. But right now, nominally GPS expect to

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Speaker 1: be nine percent this year with real gene being three percent.

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Speaker 1: That doesn't feel reflection, That doesn't feel recessionary to me.

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Speaker 1: This is really important folks that are hearing here, this

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Speaker 1: nominal versus real argument. Patrick. Let's say we've got a

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Speaker 1: nominal glide path. I'm going to call it a harmonic

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Speaker 1: You go from nine percent as you stayed, to four

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Speaker 1: and a half percent. Maybe we get down to two

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Speaker 1: and a quarter percent at some point japan like. But

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Speaker 1: within that time frame, corporations adjust and they adjust use

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Speaker 1: of cash. What are you, as optimists feel use of

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Speaker 1: cash will be starting now into this summer, and then

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Speaker 1: there's a budget outlook the corporation's frame for two thousand three. Well,

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Speaker 1: you know, companies are always very rational. What's how they

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Speaker 1: deploy their capital? Right now, we've seen shifts towards the dividends,

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Speaker 1: we've seen increasingly shifts towards five backs. We've also seen

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Speaker 1: a shift towards capex. I think all three of those

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Speaker 1: areas are going to continue to see growth. We're seeing

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Speaker 1: areas like dividends and like in capex get rewarded a

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Speaker 1: lot more than five backs. So companies shifting that way

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Speaker 1: are going to likely see better returns than perhaps going

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Speaker 1: directly towards five backs. But there's ample capital on many

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Speaker 1: of these companies, particularly large cap companies, given how strong

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Speaker 1: for capitalism, were expected to continue to use that well.

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Speaker 1: A router way to ask Tom's question is they could

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Speaker 1: start to lay off people in order to save costs

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Speaker 1: in order to increase their margins, especially as you get

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Speaker 1: the likes of Amazon and Walmart talking about how basically

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Speaker 1: they have too many people paid too much. Based on

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Speaker 1: the shift in appetite by consumers, I think as long

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Speaker 1: as the demand is their companies are staffing to meet

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Speaker 1: the level of demand. They're not staffing to meet stock

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Speaker 1: market gyration. So yes, the markets down, and I think

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Speaker 1: investors are assuming that's going to impact company's decisions. But

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Speaker 1: a company doesn't say I'm not going to need your

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Speaker 1: order because my stock is up. They say, no, you

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Speaker 1: want an order, I'm going to supply you with that order.

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Speaker 1: Depending on how much demand declines from here, that's ultimately

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Speaker 1: to depend on how much tapping they need. Right now,

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Speaker 1: the GDP backdrop still remains quite wherebust. Labor market remains

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Speaker 1: incredibly tight. Does that weaken incrementally, perhaps, But I don't

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Speaker 1: see that as being a huge catalyst in the story here. Actually,

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Speaker 1: just to jump in because I think this is really important.

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Speaker 1: I know that companies don't face what they need to

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Speaker 1: supply the company with face on what's handing in the

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Speaker 1: equity market. But I would say some of the C

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Speaker 1: suite right now they are worse calling their own company

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Speaker 1: than some people are on this show calling this market.

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Speaker 1: And that's been the problem. These companies have set them

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Speaker 1: sunds up for the demand of last year, and it's

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Speaker 1: not there anymore. We saw that with Target, we saw

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Speaker 1: that with Amount was sort with Amazon. Patrick, We've got

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Speaker 1: some stuff to work through here, don't you agree? I

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Speaker 1: do think we agree, And I think there's areas of

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Speaker 1: market that are particularly under pressure. Discrection areas is an

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Speaker 1: area that's probably going to be weaker. I think technology

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Speaker 1: is area that's going to be weaker as well. I

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Speaker 1: think investors need to be selective and when where they

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Speaker 1: look at the opportunities for companies. I mean, we're we're investing.

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Speaker 1: We're encouraging investors to look at cyclical oriented companies like energy, materials, industrials,

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Speaker 1: things that benefit more from this backdrop and are less

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Speaker 1: exposed to some of the issues that are happening perhaps

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Speaker 1: with technology and and and with some of the issues

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Speaker 1: with the consumer at the moment. Great to catch on

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Speaker 1: Patrick as always to get your your perspective and send

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Speaker 1: out best to Jonathan as well. Patrick Putrey the credit

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Speaker 1: sways this should be a three hour discussion. His ability

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Speaker 1: in our international relations linked to our economy is formidable

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Speaker 1: with his work at Goldman Sex International for years. Robert

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Speaker 1: Harman's US now a tite of an advisor and a

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Speaker 1: course of service to the nation in the State Department.

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Speaker 1: Ambassador Hormats, I want to cut to the chase right now.

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Speaker 1: I am hearing in every interview we will see a

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Speaker 1: defense build out by Germany. We will see a defense

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Speaker 1: build out by the United States of America. The President

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Speaker 1: waltzes off to the Pacific rim. What do we need

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Speaker 1: to rebuild in the Pacific, to show the flag in

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Speaker 1: an appropriate manner. Well, two things. One, I'm glad he's

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Speaker 1: doing this now because I think there was a feeling

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Speaker 1: in the Pacific, in some countries at least, that we

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Speaker 1: were so preoccupied with Ukraine and Europe that we had

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Speaker 1: more or less forgotten about the Pacific. This trip will

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Speaker 1: demonstrate that we have not forgotten, that we realize that

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Speaker 1: it's important. Second, he's got to get this set of

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Speaker 1: alliances organized. And there's been a lot of talk about

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Speaker 1: coopera Aracian coordination, but there really hasn't been much progress

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Speaker 1: on on trade, UM, the cooperation between the United States,

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Speaker 1: Japan and Australia, New Zealand UM are all all these

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Speaker 1: are important, and he has got to demonstrate that this

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Speaker 1: is a sustainable alliance. Pulling out of t p P

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Speaker 1: was one of the worst possible things we could have done,

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Speaker 1: because it showed not only a trade set of actions

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Speaker 1: that was a pulling, but it showed that we really

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Speaker 1: were not committed to a sustainable embassador. I want to

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Speaker 1: get through this quickly because Lisa's got some really important

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Speaker 1: questions away from this. This is your wheelhouse all Republicans

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Speaker 1: and Democrats are against t p P. My guess is

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Speaker 1: there against Indo Pacific. Let's go granular to the reported

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Speaker 1: victory of Marcos Jr. In the Philippines and what we

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Speaker 1: do at Subic Bay and at Clark how and we

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Speaker 1: shift our modern behavior back to what you and I

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Speaker 1: knew in our ute. This is a critically important point.

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Speaker 1: They're the way to look at Asia is there two

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Speaker 1: island chains. One is the one that's very close to China.

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Speaker 1: The Chinese really have increased their domination over that with

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Speaker 1: their small islands and their new air force spaces that

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Speaker 1: they put in. We have to demonstrate that we have

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Speaker 1: credibility in that so called second island chain, which is

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Speaker 1: the Philippines, which is the Marianas, Guam and Um Australian

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Speaker 1: New Zealand. We have to show that we are strong,

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Speaker 1: a strong presence there and working with the Philippines, which

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Speaker 1: is critically important. It was in World War Two, it

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Speaker 1: is now and that's going to be I think extremely

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Speaker 1: important to demonstrate that we can work with young Marcos

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Speaker 1: and and develop our main structure which was as you know,

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Speaker 1: virtually eliminated. But how optimistic are you that the political

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Speaker 1: noise will be able to dovetail the national security issues

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Speaker 1: of shifting around some trade partnerships at a time when

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Speaker 1: inflation is very much at the forefront and people are

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Speaker 1: more concerned about how quickly prices are rising as a

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Speaker 1: result in part at least for some of the supply

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Speaker 1: chain disruptions and realignments. A very good point. I mean,

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Speaker 1: the presidents in a difficult spot. On one hand, it

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Speaker 1: is clear that a lot of the tariffs that we've

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Speaker 1: imposed on China do contribute. They're not the main contributing factor,

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Speaker 1: but they do contribute to higher prices in the United States.

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Speaker 1: And yet if the president were to appear to be

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Speaker 1: weak on that, it would look like he was weak

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Speaker 1: on on China. The priority here, it seems to me,

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Speaker 1: is to deal with the inflationary issues. We can demonstrate

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Speaker 1: that we're still resolute on China by strength in our

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Speaker 1: alliances in the region, which gives the president more flexibility

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Speaker 1: to lower some of the tariffs on China, which really

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Speaker 1: have not had any impact on China anyway, but certainly

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Speaker 1: have had an impact on prices in certain sectors in

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Speaker 1: the United States. So if he's if he's tough enough

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Speaker 1: and firm enough in building our alliances. It gives them

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Speaker 1: a little more wable room to take action to reduce

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Speaker 1: UH tariffs on certain Chinese items. And he needs to

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Speaker 1: develop these trade relationships that we threw away when we

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Speaker 1: got out of t p P. He's got to resurrect

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Speaker 1: those and make sure that we don't just talk about them,

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Speaker 1: that we have a firm and and sustain program of

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Speaker 1: trade cooperation with these countries in the Indo Pacific. Well,

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Speaker 1: just real quick here, we just have a little bit

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Speaker 1: of time left. What grade would you give this administration

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Speaker 1: in terms of reaffirming some of these alliances. M I

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Speaker 1: give them very high marks. I think the fact that

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Speaker 1: the president, now in the middle of what's going on

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Speaker 1: in Europe, is making a major trip to Asia is

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Speaker 1: going to be very important. There's gonna be a G

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Speaker 1: twenty meeting coming up. Whether he goes is not clear,

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Speaker 1: but I think that anything he can do to demonstrate

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Speaker 1: with these friends and allies in the region um that

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Speaker 1: we're back and credible is important. The one thing he

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Speaker 1: also has to do is make sure that he can

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Speaker 1: get bipartisan support for sustaining this because a lot of

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Speaker 1: these countries say, well volume is going out there doing this,

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Speaker 1: making this good trip. But if the house flips and

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Speaker 1: if you get another administration a couple of years from now,

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Speaker 1: that could pull back American the alliances in the region.

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Speaker 1: So we have to show a not only that we're

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Speaker 1: doing this and we're and we're firm in doing it,

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Speaker 1: but be this is a sustainable proposition. You've got to

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Speaker 1: figure out how to deal with the Chinese shoes that

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Speaker 1: it really matters, really have no real impact on China.

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Speaker 1: There has to be other stuff, which is particularly intellectual property,

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Speaker 1: trade secret Inbassador, I don't mean we are out of time.

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Speaker 1: We will continue this just discussion. Robert Harmas are particularly

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Speaker 1: strong in the Pacific Rim with Tiaman advisers. This is

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Speaker 1: the Bloomberg Surveillance Podcast. Thanks for listening. Join us live

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Speaker 1: weekdays from seven to ten a m. Eastern on Bloomberg

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Speaker 1: Radio and on Bloomberg Television each day from six to

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Speaker 1: nine am for insight from the best in economics, finance, investment,

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Speaker 1: and international relations. And subscribe to the Surveillance Podcast on

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Speaker 1: Apple podcast, SoundCloud, Bloomberg dot com, and of course on

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Speaker 1: the terminal. I'm Tom Keene and this is Bloomberg