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

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Speaker 1: Jay Lee. We bring you insight from the best in economics, finance, investment,

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Speaker 1: and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,

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Speaker 1: Bloomberg dot Com, and of course on the Bloomberg Let's

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Speaker 1: bring in great Dako shown we Oxford it can always

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Speaker 1: chief US economist He joins us in the studio in

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Speaker 1: our interactive Broacast studios. Great. Great to catch you up.

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Speaker 1: But you let's just talk about a shape and at

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Speaker 1: yield curve. What's the signal that comes from that for

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Speaker 1: you right now? Well, I think what we're seeing is

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Speaker 1: that the expectations for growth in the US are of

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Speaker 1: more moderate growth going forward, and the ten year yield

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Speaker 1: is reflecting both those expectations of more moderate growth as

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Speaker 1: well as more moderate inflation going forward. UM, and with

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Speaker 1: the fell fedding out on a hold, we believe the

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Speaker 1: Fed has actually reached its terminal paul see rate for

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Speaker 1: this cycle. UM, we don't really see much momentum upward

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Speaker 1: for for yields going forward, So I think we're going

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Speaker 1: to see this flatter curve for the foreseeable future. There's

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Speaker 1: always that question of does that signal recession. I think

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Speaker 1: there's a possibility that that signals a recession. We actually

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Speaker 1: think there won't be a recession. But we're seeing more

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Speaker 1: and more signals, including from policy makers, that the risks

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Speaker 1: are really to to the downside, and everybody's talking about

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Speaker 1: those risks, which leads to recession bias. Okay, Normally people

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Speaker 1: get more optimistic about inflation and growth when the FED

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Speaker 1: is more dubbish, right because basically people say the FED

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Speaker 1: is going to allow growth to accelerate, allow inflation to

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Speaker 1: run hot. Right now, we are not seeing that based

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Speaker 1: on the shape of the yield curve, based in the

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Speaker 1: tepid response toward risk acids. Does that mean to you

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Speaker 1: the FED is out of ammunition when it comes to

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Speaker 1: stimulating the economy during this round, during this credit cycle. Uh?

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Speaker 1: And that that really, frankly, they cannot help prolong this cycle.

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Speaker 1: I don't necessarily think that they're out of communition. Um.

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Speaker 1: I think, by the way, that by not raising rates

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Speaker 1: this year, they're actually providing somewhat of a greater growth puffer.

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Speaker 1: For we've calculated that the delta between them raising rates

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Speaker 1: three times this year or not raising rates at all

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Speaker 1: this year is about zero point five percentage points of

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Speaker 1: GDP growth, so they're actually providing an ex anti buffer

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Speaker 1: in terms of growth. They have the most ammunition amongst

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Speaker 1: all central banks around the world, having already raised rates

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Speaker 1: and having started although they're going to taper that process,

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Speaker 1: but have it started to reduce the size of their

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Speaker 1: balance sheets, so they have a little bit more ammunition.

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Speaker 1: But really that the game in town in the next recession,

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Speaker 1: in the next downturn is not going to be central banks.

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Speaker 1: It's going to be all on fiscal policy. And will

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Speaker 1: they have the capacity to do fiscal policy? In the

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Speaker 1: noted States, I think we have the capacity. The capacity

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Speaker 1: is not really an issue in the United States, especially

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Speaker 1: when you have the dollar as your your main currency reserve. Globally,

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Speaker 1: Are you basically supporting mm T here, I don't know

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Speaker 1: that we support or or do not support m m T.

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Speaker 1: I think it's always what is into m MT. But

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Speaker 1: I think we do have some fiscal space um. I

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Speaker 1: think Blanchard's argument that interest rates being low is a

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Speaker 1: great opportunity for us to increase government spending for productive

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Speaker 1: reasons that I think is the main argument. I think

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Speaker 1: what I think what he's saying is that the treasury

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Speaker 1: market will behave like a developed market sovereign bond market

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Speaker 1: in the next downturn, I yield will go lower if

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Speaker 1: growth concerns roll off a cliff, I giving you the

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Speaker 1: capacity to do some kind of fiscal stimulus. There will

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Speaker 1: be some people listening thinking, hang on a minute, this

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Speaker 1: economy is still okay. A recession isn't immediately around the corner.

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Speaker 1: So let's take stock of where we are in Europe.

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Speaker 1: We've just had some ugly p m I data, the

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Speaker 1: Eurosie manufacturing number coming in at forty seven point six

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Speaker 1: for March. It's terrible. The estimate was fourting nine point five.

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Speaker 1: The previous read was forty nine point three. Is there

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Speaker 1: any reason to believe this really, really dreadful soft patch

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Speaker 1: in Europe over the last six months, called it nine

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Speaker 1: months bleeds into the United States in the moment of

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Speaker 1: a real Why yeah, I mean, I think external headwinds

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Speaker 1: are important, and they are one of the concerns that

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Speaker 1: the FED has um. This environment where global growth has

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Speaker 1: slowed from three percent to eighteen months ago to about

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Speaker 1: two point six percent in our latest forecast, is something

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Speaker 1: that the FED is quite concerned about but we have

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Speaker 1: to remember that US fundamentals remain quite solid despite all

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Speaker 1: this talk of a downturn an imminute recession. The U

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Speaker 1: S economy still has solid fundamentals. The labor market is

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Speaker 1: the strongest we've ever seen. The economy is about to

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Speaker 1: reach the longest expansion it's seen um in in in

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Speaker 1: over seventy years. So we are in this very still

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Speaker 1: positive market where we still have solid growth, momentum, elevated confidence.

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Speaker 1: I think, yes, growth will slow, perhaps very rapidly, from

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Speaker 1: three percent to two percent over the course of this year,

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Speaker 1: but we shouldn't be necessarily talking about recession in this

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Speaker 1: type of environment. There is a big question. It is

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Speaker 1: the inflation question, because people really don't understand why inflation

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Speaker 1: hasn't picked up more given how long this recovery has been.

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Speaker 1: Where do you see that and sort of the pressures

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Speaker 1: of rising wages and corporate profitability and their ability to

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Speaker 1: pass along costs. What are you expecting in terms of inflation?

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Speaker 1: I think there there are a few questions in that

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Speaker 1: question to unbundle. First, is this relationship, this tradeoff between

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Speaker 1: unemployment and wage growth, and we see that trade off

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Speaker 1: still happening. The philis curve is still alive. We're still

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Speaker 1: seeing wage growth accelerate as labor market slack diminishes. Um

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Speaker 1: whether that is passed on to inflation is the big question,

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Speaker 1: and I think we're seeing less of that passed through

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Speaker 1: to inflation, in large part because of increasingly anchored inflation expectations.

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Speaker 1: The tradeoff between the two has essentially had over the

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Speaker 1: last twenty years compared to the twenty years prior to that,

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Speaker 1: So we're not seeing much passed through. And actually our

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Speaker 1: view is that inflation is really not going to break

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Speaker 1: to the upside in any significant way. And that's I

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Speaker 1: think a big reason why the FED is reconsidering its

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Speaker 1: strategic framework and thinking about catch up models, average inflation,

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Speaker 1: price level targeting. Those are all things that the FED

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Speaker 1: is considering right now, Greg, Greg, to catch you out

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Speaker 1: with the really interesting moment. To catch you out with

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Speaker 1: you as well, Greg Dak they're the Oxford Economics chief

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Speaker 1: US economists. I want to get you up to speed

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Speaker 1: on the Brexit news. Two reason. May the Prime Minister

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Speaker 1: of the UK planning to hold a third vote on

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Speaker 1: her Brexit deal next week after the European Union essentially

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Speaker 1: put off the threat of the UK crashing out of

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Speaker 1: the block next Friday by giving the British another week

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Speaker 1: or two to figure out what exactly to do. Do

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Speaker 1: you essentially telling the Prime Minister that if you can't

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Speaker 1: get a Brexit deal ratified next week, she'll have until

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Speaker 1: April twelve to decide whether to leave without an agreement

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Speaker 1: or request a much longer extension. On the phone, I'm

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Speaker 1: really pleased to say taking the time out of it.

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Speaker 1: What I'm sure is a busy morning to speak to us.

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Speaker 1: Is Anthony Phillipson, the British Consul General for the United States,

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Speaker 1: and to be always great to get your thoughts on

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Speaker 1: this situation. So talk to me about what your message

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Speaker 1: is today to anyone who's essentially dealing with the U

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Speaker 1: United Kingdom, whether it's from a trade perspective, from a

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Speaker 1: business perspective, what's your message for them today? Well, thank

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Speaker 1: you very much, Jonathan, it's always great to be on

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Speaker 1: your show. Um. I think the key message that came

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Speaker 1: out of yesterday is the Prime Ministers and the government's

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Speaker 1: commitment to delivering on the result of the referendum and

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Speaker 1: doing so in an orderly way that provides both the

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Speaker 1: future perspective and future relationship with the EU and the

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Speaker 1: time for people to prepare. We are obviously very conscious

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Speaker 1: that people, you know, we're very close to the twenty

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Speaker 1: ninth of March as as you say, next Friday, um

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Speaker 1: and the agreement with the EU last night in Brussels

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Speaker 1: provides for either a technical extension if Parliament agrees the

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Speaker 1: withdrawal agreement next week, or as you say, there is

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Speaker 1: then a new sort of milestone of the twelfth of April,

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Speaker 1: by which time we either need to come forward with

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Speaker 1: an alternative plan, including the crucial question of whether to

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Speaker 1: run and candidates in European elections in May, and the

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Speaker 1: Prime Minister has made clear that she thinks that would

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Speaker 1: be the wrong thing to do, given that the British

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Speaker 1: people voted almost three years ago to leave the EU.

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Speaker 1: So I think the key messages that we're still determined

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Speaker 1: to deliver on the result of the referenced and to

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Speaker 1: do so in a smooth and orderly way, and to

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Speaker 1: give business time to prepare as necessary. And so will

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Speaker 1: Parliament hold a third vote next week? Is that clear

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Speaker 1: to you whether that will actually happen. So the Prime

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Speaker 1: Minister will be talking to colleagues today. I'm sure she

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Speaker 1: said in her statement in Brussels last night that she

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Speaker 1: was committed to bringing this back to the Commons next week.

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Speaker 1: I think, you know, it's it's a fast moving issue.

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Speaker 1: I think we need to wait and see exactly how

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Speaker 1: she plans to do that. What gives you confidence that

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Speaker 1: a third vote will actually get some consensus given some

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Speaker 1: of the turmoil that we've seen in Parliament. I think

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Speaker 1: the key point the Prime Minister keeps making is that

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Speaker 1: Parliament needs to agree what it wants to do. It

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Speaker 1: has had a series of votes that have obviously been

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Speaker 1: very significant in terms of expressing the will of the

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Speaker 1: House on various issues. But at the minute, the important

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Speaker 1: thing is to pass this agreement or to decide to

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Speaker 1: do something else. So the key debate I think next

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Speaker 1: week will focus on that, the agreement that the Prime

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Speaker 1: Minister has done with the eu UM and that's her

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Speaker 1: primary that's her primary focus for now. If they don't

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Speaker 1: agree that, then that the Commons we need to agree

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Speaker 1: something else. We can't just keep letting it slip down

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Speaker 1: the road. And so can you guarantee the trade community

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Speaker 1: that the one be a hard breaxit um? No I

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Speaker 1: don't think I can. If I can, to be very honest,

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Speaker 1: I can certainly guarantee that the Prime Minister's determination is

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Speaker 1: not to to to carry out this process in a

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Speaker 1: way that creates needless uncertainty. And that's why the focus

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Speaker 1: is still on the withdrawal agreement, the implementation period that's

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Speaker 1: built into that, that gives a period of transition and continuity,

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Speaker 1: or within a context of agreeing a new future relationship

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Speaker 1: with the EU that allows us to continue a close

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Speaker 1: economic relationship with them at the same time as developing

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Speaker 1: our our trade policy with the rest of the world.

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Speaker 1: That remains her her view about the best way forward

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Speaker 1: and the best way to deliver on the referendum result.

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Speaker 1: It must be a tough job to speak with with

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Speaker 1: trade partners and try to massage the situation at a

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Speaker 1: time of great and certainty. How do you do it?

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Speaker 1: I think we focus on two things. One is trying

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Speaker 1: to explain to them what is happening and what the

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Speaker 1: implications are. We also do try to keep our eyes

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Speaker 1: on a slightly broader perspective about the continuing opportunities of

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Speaker 1: an economic partnership with the UK, the continuing investment opportunities

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Speaker 1: that the UK economy offers in a whole host of sectors.

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Speaker 1: And obviously I continue to feel there is no more

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Speaker 1: important partnership than we have with North America and with

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Speaker 1: the with the U S and Canada. We do try,

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Speaker 1: as to say and keep our eyes focused on that

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Speaker 1: forward agenda with for example, in a couple of weeks

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Speaker 1: here in New York, we're doing a big event around

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Speaker 1: that we call designing our Future. That is trying to

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Speaker 1: build the partnerships with the business community, of the academic community,

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Speaker 1: building on our industrial strategy, but also a lot of

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Speaker 1: what's going on here. So we try to offer assurance

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Speaker 1: an explanation where we can at the same time as

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Speaker 1: talking about future opportunity and something always great to get

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Speaker 1: your insight. I know this morning will be incredibly busy

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Speaker 1: for you, so we appreciate your time here on Bloomberg

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Speaker 1: Radio and Anthony Phillips and there the British Consul General

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Speaker 1: for the United States. We have a unicorn in studio

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Speaker 1: right now, a unicorn who also happens to be eight

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Speaker 1: months pregnant with her second child. We're talking with Rent

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Speaker 1: the Runaway co founder and chief executive officer. Jennifer Hyman

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Speaker 1: joining us here in our bloom Bloomberg Interactive Broker studios.

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Speaker 1: I want to just first start by congratulating you because

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Speaker 1: you did just reach this one billion dollar valuation. Staff

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Speaker 1: is making you a unicorn. Congratulations, Thank you. We are

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Speaker 1: so proud and it's been a huge amount of teamwork

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Speaker 1: over the last ten years to get us here. So

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Speaker 1: can you give us a sense of where the biggest

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Speaker 1: businesses that you do and how you've expanded, in other words,

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Speaker 1: which locations around the world that really are driving the

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Speaker 1: growth here. Well, our business is primarily well, our business

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Speaker 1: is based in the United States right now, the majority

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Speaker 1: of our revenue comes from a subscription to fashion called

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Speaker 1: Rent the Runway Unlimited that women are using to get

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Speaker 1: dressed in their daily lives. In fact, they're using it

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Speaker 1: a hundred twenty days of the year as a substitution

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Speaker 1: for the closet that's in their bedroom. So they're renting

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Speaker 1: all forms of apparel from us, everything from a pair

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Speaker 1: of pants, jeans, coats, blouses, dresses, vacation where, maternity where

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Speaker 1: literally everything that you can think of on rotation. How

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Speaker 1: long do they usually borrow each item of clothing for?

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Speaker 1: So you pay a monthly fee and receive four items

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Speaker 1: and you can swap them at your leisure, at your discretions. So, um,

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Speaker 1: the customer is really in control. It's this new form

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Speaker 1: of dynamic ownership where she's able to decide how long

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Speaker 1: she actually needs each item for. Can you talk about

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Speaker 1: the value proposition from your perspective, right, because the fixed

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Speaker 1: costs have to do with cleaning. Uh, what happens if

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Speaker 1: somebody does a little too much wear and tear on

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Speaker 1: something or there's a stain or something like that, right

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Speaker 1: in acquiring the clothes. Well, let's actually talk about the

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Speaker 1: value proposition first to the customer, because the customer in

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Speaker 1: America right now, on average is spending thirty three d

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Speaker 1: dollars a year on apparel and five to seven hundred

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Speaker 1: dollars a year on dry cleaning, whether they care about

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Speaker 1: fashion or not. You are down four thousand dollars a year.

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Speaker 1: And that doesn't actually vary that much based on household income.

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Speaker 1: So even at lower household incomes, this is still this

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Speaker 1: fixed six spence that people have because they work and

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Speaker 1: they need to show up at work looking professional. So

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Speaker 1: now for a hundred sixty dollars a month, so less

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Speaker 1: than fifty of what you would have spent on fashion

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Speaker 1: for the year. You're getting unlimited choice of millions of items.

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Speaker 1: You're getting forty thousand dollars worth of value in terms

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Speaker 1: of the cost of the product that you're getting free

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Speaker 1: dry cleaning. You're saving time and it's much more sustainable,

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Speaker 1: so you don't have that waste of the of your

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Speaker 1: closet that's not regularly used. From our standpoint um in

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Speaker 1: terms of how we optimize our own costs and profitability,

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Speaker 1: we have known that this company is primarily about logistics

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Speaker 1: and technology from the very beginning, so we vertically integrated

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Speaker 1: the company ten years ago. We've built out proprietary reverse

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Speaker 1: logistics technology, including the largest dry cleaning operation in the world,

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Speaker 1: so we are real experts and how to restore clothing

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Speaker 1: to perfect condition and utilize it multiple times throughout its life.

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Speaker 1: So when you're raising money, which you just did. You

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Speaker 1: just had a fresh capital raise million dollars from investors

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Speaker 1: collored by Franklin, Templeton and Bane Capital. UH. Other investors

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Speaker 1: have included tro Price, Hamilton Lane Advisors. What are their

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Speaker 1: main concerns at a time in investing in retail in

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Speaker 1: in an era of Amazon and a steeply competitive environment. Yeah,

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Speaker 1: I think the investors set thinks more um towards the

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Speaker 1: sharing economy as it relates to around the runway camps,

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Speaker 1: and they think about retail where if it's really interesting,

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Speaker 1: look at millennials and Generation Z, dynamic ownership has already

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Speaker 1: overtaken our lives when it comes to our digital our

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Speaker 1: digital footprint, music, entertainment, books, everything that we want is

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Speaker 1: in the cloud, and Rent the Runway is providing those

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Speaker 1: same options for the physical world. You know, our goal

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Speaker 1: is to become the Amazon Prime of rental and make

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Speaker 1: it fiscally irresponsible for anyone to not have a subscription

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Speaker 1: to Rent the Runway. What kind of bargaining power do

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Speaker 1: you have when it comes to purchasing the clothes. So,

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Speaker 1: of course the company is growing rapidly, so the amount

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Speaker 1: that we purchased from designers has gone up UM a

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Speaker 1: lot every year, and that gives us increased purchasing power.

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Speaker 1: But I think what's more exciting to the designer brands

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Speaker 1: that we work with is the data that we're providing

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Speaker 1: them and the millions of new customers that we're able

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Speaker 1: to introduce to their brands for the very first time.

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Speaker 1: Remember that for these designers, their primary distribution channels in

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Speaker 1: the past have been via department stores, and those department

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Speaker 1: stores are catering to a woman who is above the

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Speaker 1: age of fifty, whereas most of the rent the runway

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Speaker 1: customers rent the runway customers are below the age of

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Speaker 1: fifty in fact, our media ages. So we're introducing thirty

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Speaker 1: years worth of women to these brands for the first

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Speaker 1: time and developing that brand affinity early in their lives.

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Speaker 1: What kind of data is helpful in determining this mean?

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Speaker 1: Is it basically what kinds of clothes? Uh, somebody has

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Speaker 1: liked in the past. You know, that's data that almost

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Speaker 1: everyone can get, Like you can look at cell through rate,

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Speaker 1: you can look at preferences online and figure out what

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Speaker 1: people like. But what was missing from the retail industry

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Speaker 1: is what happens after someone purchases the product. What happens

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Speaker 1: Do they actually wear it? How often do they wear it,

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Speaker 1: do they like how it looks on them? How often?

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Speaker 1: What quality is that item in and how many times

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Speaker 1: can it be used over its lifetime before it falls apart.

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Speaker 1: So we have this precious source of data that we

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Speaker 1: call our post order data of what happens once it

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Speaker 1: is at home in a customers closet, because a lot

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Speaker 1: of brands have um high cell through rates, very low

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Speaker 1: loyalty rates, and they have no idea why the customer

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Speaker 1: is not coming back to them, and we're able to

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Speaker 1: solve that for them and let them know. Is it

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Speaker 1: because of the item quality, is it because of fit?

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Speaker 1: Is it because you know it just went out of style, etcetera.

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Speaker 1: So you know, if somebody basically, uh for all inends

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Speaker 1: of purposes, buy something and stick it on the shelf

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Speaker 1: of the tag to a lot it not, don't never

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Speaker 1: wear it again versus in order to receive the next

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Speaker 1: items in our unlimited subscription, you have to tell us

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Speaker 1: about the items you just wore, so real quick. I'm

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Speaker 1: just wondering, where do you see the biggest expansion opportunities

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Speaker 1: going forward. I think that we've just scratched the surface

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Speaker 1: of women putting their closets in the cloud in the

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Speaker 1: United States. You know, we really think the total addressable

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Speaker 1: market here is every woman we've already seen in the subscribers.

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Speaker 1: We have incredible diversity both in household income geography. Our

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Speaker 1: subscribers already comprised seventy six percent of all zip codes

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Speaker 1: across the US. We have um of our subscribers have

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Speaker 1: household incomes below sixty five dollars a year of household

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Speaker 1: incomes above two dollars a year, so very diverse group

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Speaker 1: of people. We really want to proliferate this behavior of

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Speaker 1: dynamic ownership because we think that the customer gets a

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Speaker 1: lot more value, saves time, feels incredible every day, and

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Speaker 1: it is far more sustainable. Jennifer Hyman, thank you so

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Speaker 1: much for joining us here in congratulations on reaching a

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Speaker 1: unicorn status. And you're impending a delivery, Jennifer than Jennifer

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Speaker 1: Rent the Runway, chief executive officer and co founder. Really

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Speaker 1: interesting to think about these sharing economy. Uh. Putting your

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Speaker 1: closet in the cloud certainly would be much more space

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Speaker 1: efficient in a place like New York City. Uh. The

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Speaker 1: news out of Washington continues unabated, as it has been

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Speaker 1: for some time, and at this time on Fridays of

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Speaker 1: every week, we have our friend Margaret Brennan help us

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Speaker 1: break it down. Margaret Brennan, of course, as a host

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Speaker 1: of CBS has faced the nation, which you can see

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Speaker 1: every Sunday on CBS and on Bloomber. Uh, Margaret, thank

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Speaker 1: you so much for joining us. I just wanted to

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Speaker 1: start off by giving us a sense of where you

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Speaker 1: think the Mueller investigation is. We've been waiting for the

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Speaker 1: report for uh seems like several weeks. Now, can you

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Speaker 1: give us the latest? Well, you know, every Friday, I

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Speaker 1: think all reporters across the country hold their breath and wait. Uh.

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Speaker 1: We don't necessarily have any um indication it will be

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Speaker 1: this Friday, but we do know that the Special Counsel's

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Speaker 1: Office has been shrinking. A number of the investigators who

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Speaker 1: have been on staff are slowly leaving as their portions

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Speaker 1: of this probe wrap up, So that indicates they are

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Speaker 1: getting closer to the end. But as to the official

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Speaker 1: day that the report will be finalized and quietly transmitted

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Speaker 1: to the Department of Justice, we are just waiting to see. Um.

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Speaker 1: Of course, the bigger question then is what happened next.

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Speaker 1: It will be up to the Attorney General to make

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Speaker 1: a decision to act on the Mueller report if there's

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Speaker 1: anything in it that warrants action, um, and it will

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Speaker 1: also be up to him in many ways to decide

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Speaker 1: what becomes public. The President just yesterday, UM, said that

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Speaker 1: he does think proportions of it should be public, which

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Speaker 1: is a reversal from his prior position, which is that

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Speaker 1: it would be a call for the Attorney General. Margaret

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Speaker 1: I am interested in how the economic backdrop fits into

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Speaker 1: the ongoing political drama, in particular the US China trade discussions,

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Speaker 1: because President Trump has come out recently and cast a

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Speaker 1: little bit of cold water on expectations that a deal

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Speaker 1: will go through easily ahead of the meeting with Jimpeng.

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Speaker 1: Can you give us a sense of what you're looking

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Speaker 1: for there? Well, we know us negotiators it was very

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Speaker 1: deliberately leaked. UM are headed to big Ing in the

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Speaker 1: following days. That includes the Secretary of the Treasury and

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Speaker 1: the U s trade negotiator, Robert Lightheizer. So there is

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Speaker 1: um a desire for the Trump administration to continue to

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Speaker 1: hold up hopes that they get to the point that

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Speaker 1: there is a deal broker between the US and China

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Speaker 1: in the near term. The President continues speaking as if

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Speaker 1: it is very much within grasps. But of course what

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Speaker 1: we hear details about are the things that have to

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Speaker 1: do with trade of goods, like buying more soybeans, doing

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Speaker 1: things that will have certainly political residents for supporters as

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Speaker 1: the president, who have been hurt directly by tariffs from

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Speaker 1: the farmers in the heartland of this country. We're hearing

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Speaker 1: a lot less detail about the things that we're at

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Speaker 1: the heart of this dispute in terms of the really

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Speaker 1: tough reforms that the administration says China has to undertake,

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Speaker 1: in terms of its business practices, in terms of how

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Speaker 1: it handles private investment. We just don't know if they

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Speaker 1: are there yet at what the Trump administration says are

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Speaker 1: their goals out of this, But I would expect in

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Speaker 1: the coming weeks to continue to hear some um talking

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Speaker 1: up of the possibility, the practicality. We just don't have

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Speaker 1: a lot of visibility into. So, Margaret, we're getting closer

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Speaker 1: and closer to the Democratic field of potential presidential candidates

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Speaker 1: continues to grow. Uh, as anybody you know, I guess

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Speaker 1: let's start with Joe Biden. Where do you think he is?

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Speaker 1: I know there's been some concern about fundraising. Um, do

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Speaker 1: you think he is really going to go all in here? Well,

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Speaker 1: you know everyone has been waiting for him to make

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Speaker 1: it official. As one Democratic fundraisers said to me, it's

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Speaker 1: like waiting for kudo but uh one. But this particular

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Speaker 1: Democrat does know, um, as do other Democratic sources who

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Speaker 1: have been speaking to CBS News, that the Vice president

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Speaker 1: is very much getting ready to pull the trigger, doing

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Speaker 1: some work in terms of alerting fundraisers that he's getting

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Speaker 1: into the game. UM. You know, one of the concerns

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Speaker 1: among some Democrats has been the big money donors have

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Speaker 1: been way eating. Some felt burned after sixteen that they

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Speaker 1: went all in on the candidate and obviously didn't get

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Speaker 1: the return on that investment, so to speak, that they

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Speaker 1: had hoped for UH and that at this point a

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Speaker 1: lot of fundraising her smaller dollar, more activist types who

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Speaker 1: are donating to campaigns, and some of that's reflected in

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Speaker 1: what you're hearing with a more progressive sort of policy

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Speaker 1: line from Democrats responding to what they're hearing from UH

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Speaker 1: or activists and those donating early on. The big money

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Speaker 1: is kind of waiting to see who pulls out in

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Speaker 1: a really crowded field. And if the vice president jumps in,

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Speaker 1: he's already got the name recognition, so he doesn't need

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Speaker 1: to take a lot of time, um to to do

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Speaker 1: that slow build across the country. He goes in as

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Speaker 1: someone who's run at least twice before for president and

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Speaker 1: as a vice president, has been in the Senate for

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Speaker 1: so long people know who he is. So, Margaret, who

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Speaker 1: are your guests this weekend? Well, we are still working

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Speaker 1: on the lineup, but at this point, UM, we have

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Speaker 1: two big points of discussion. One is with Hakim Jeffrey

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Speaker 1: is one of the time Democrats in the House, part

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Speaker 1: of leadership there, who has been very frustrated and vocal

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Speaker 1: in recent days. But the White House isn't turning over

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Speaker 1: documents that they've requested regarding a number of different lines

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Speaker 1: of inquiry, including this latest UM a revelation from House

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Speaker 1: oversight that Jared Kushner, of the President's son in law,

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Speaker 1: was using private communication text, email messaging app What's App

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Speaker 1: for official government business? Sound familiar? That was the Hillary

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Speaker 1: Clinton criticism launched by President Trump during the twenties sixteen campaign.

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Speaker 1: Will also have on the show retired Marine General UM

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Speaker 1: John Allen, who ran the campaign against ices previously, and

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Speaker 1: he'll talk to us about what was actually accomplished on

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Speaker 1: the battle battlefield in Syria and rock. Margaret Brennan, thank

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Speaker 1: you so much for joining us. We look forward to

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Speaker 1: that you can cure Margaret Brennan this weekend on Bloomberg Radio.

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Speaker 1: Listen to Face the Nation Sunday at two pm in

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Speaker 1: New York, Washington, D C. And now Bloomberg one six

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Speaker 1: one Boston, Newberry Part That's Face the Nation this Sunday

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Speaker 1: at two on Bloomberg Radio. Thanks for listening to the

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Speaker 1: Bloomberg Surveillance podcast. Subscribe and listen to interviews on Apple Podcasts, SoundCloud,

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Speaker 1: or whichever podcast platform you prefer. I'm on Twitter at

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Speaker 1: Tom Keene before the podcast. You can always catch us worldwide.

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Speaker 1: I'm Bloomberg Radio