WEBVTT - Single Best Idea with Tom Keene: Jordan Rochester & Sharon Miller

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio.

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<v Speaker 2>News, the single best idea first day at June, first

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<v Speaker 2>business day at June, final bunt of Q two, Uncertainty

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<v Speaker 2>in the air, in the ground, everywhere, and it was

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<v Speaker 2>just an odd, odd Monday. So what you do is

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<v Speaker 2>you don't so much blow up the show as you

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<v Speaker 2>piece it together. In our team, Eric and the interns,

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<v Speaker 2>they pieced it together in the six to seven, even

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<v Speaker 2>in the eight o'clock hour. What an honor to have

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<v Speaker 2>Olivia Blanchard with us today to make comments on the

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<v Speaker 2>life of Stanley Fisher is just magisterial for him to

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<v Speaker 2>talk the stories we talked about. Oh the time Samuelson

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<v Speaker 2>was so angry he grabbed the chalk out of stan

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<v Speaker 2>Fisher's hand, through it against the wall. Blanchard said, Madigliani

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<v Speaker 2>was actually worse. Great vignettes there, but also there was

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<v Speaker 2>a weaker dollar on short notice. Thrilled to have Jordan

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<v Speaker 2>Rochester with again from a Zuo piercing analysis. Look for

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<v Speaker 2>his good work out on LinkedIn. Here is Jordan Rochester

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<v Speaker 2>of Miszouo.

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<v Speaker 1>Well, as we learned this through Trump's first term, it's

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<v Speaker 1>so noisy, ton't that it's very easy to get yourself

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<v Speaker 1>lost in the woods and miss the big trades that

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<v Speaker 1>happen in the background. And I think this de dollarization

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<v Speaker 1>is a big trade that will carry on. I think

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<v Speaker 1>the Europeans building up their defense spending. You just had

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<v Speaker 1>the UK over the weekend or today announced the increasing

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<v Speaker 1>spending on submarines. So you're going to miss that big

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<v Speaker 1>structural improvement in European growth expectations if you focus too

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<v Speaker 1>much much on what comes out of the Oval Office,

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<v Speaker 1>taris on tarasof or the taco trade as some people

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<v Speaker 1>talk about it. But I do worry about the summer's

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<v Speaker 1>event risks. The calendar is pretty positive for defense spending.

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<v Speaker 1>We've got the G seven summit, the NATO Summit, and

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<v Speaker 1>the EU Defense Summit all in the last two weeks

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<v Speaker 1>of June. That could be trade deals secured with US

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<v Speaker 1>and Japan. That might be a bit of a positive.

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<v Speaker 1>I worry about the Europeans. I don't think they're going

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<v Speaker 1>to get a deal before the July ninth cut off,

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<v Speaker 1>the date when the reciprocal tariffs shift high for Europe,

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<v Speaker 1>and if that's the case, the ECB will have to

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<v Speaker 1>cut rates. In my opinion, in July there's only six

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<v Speaker 1>basis points priced for that meeting, so we'll find out

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<v Speaker 1>on Thursday how doubles they are.

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<v Speaker 2>Jordan Rochester there my head spinning on European dates, but

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<v Speaker 2>he's got them in too. We'll keep our eye on that.

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<v Speaker 2>Joining us as well from Bank of America. And this

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<v Speaker 2>is something odd for us in the financial media. We

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<v Speaker 2>love to talk to bank executives. What's the FED going

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<v Speaker 2>to do? And all that drives me absolutely bonkers. Today

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<v Speaker 2>in the plumbing of the Bank of America, we had

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<v Speaker 2>Sharon Miller off of their Texas shop. She's in charge

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<v Speaker 2>of all of their business relationships for Brian moynihan and

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<v Speaker 2>the team. Here is Sharon Miller on the pulse of

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<v Speaker 2>American small business.

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<v Speaker 3>I have been head of small Business for the past

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<v Speaker 3>eight years at Bank of America, and what I have

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<v Speaker 3>seen from our clients is resilience. They go through different things. COVID,

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<v Speaker 3>we went through COVID, We went through all different types

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<v Speaker 3>of crisis. And you've got to look at the data

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<v Speaker 3>versus what people are saying. And so we do see

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<v Speaker 3>in our data and we you know, we look at

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<v Speaker 3>all areas of the country. The Northeast has not fared

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<v Speaker 3>as well as the South, and so as you think

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<v Speaker 3>about what's actually happening from region to region, industry to industry,

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<v Speaker 3>it's not all the same, but I would see overall

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<v Speaker 3>the health of business is strong.

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<v Speaker 2>Sharon Miller, the Bank of America. An eventful week on

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<v Speaker 2>a jobs Day on Friday. A lot of economic data

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<v Speaker 2>here the first week of the month, including market moving

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<v Speaker 2>data here on Monday, really difficult ten am numbers at

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<v Speaker 2>ism manufacturing in all that again across this nation. And

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<v Speaker 2>your commute on serious XEM channel one, twenty one, Apple CarPlay,

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<v Speaker 2>Android Auto and of course ninety nine ninety two nine

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<v Speaker 2>fm UH and Bloomberg eleventh three h on the East Coast,

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<v Speaker 2>we say good morning to you. Out of YouTube, subscribe

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