Speaker 1: Bloomberg Audio Studios, podcasts, radio.
Speaker 2: News, the single best idea first day at June, first
Speaker 2: business day at June, final bunt of Q two, Uncertainty
Speaker 2: in the air, in the ground, everywhere, and it was
Speaker 2: just an odd, odd Monday. So what you do is
Speaker 2: you don't so much blow up the show as you
Speaker 2: piece it together. In our team, Eric and the interns,
Speaker 2: they pieced it together in the six to seven, even
Speaker 2: in the eight o'clock hour. What an honor to have
Speaker 2: Olivia Blanchard with us today to make comments on the
Speaker 2: life of Stanley Fisher is just magisterial for him to
Speaker 2: talk the stories we talked about. Oh the time Samuelson
Speaker 2: was so angry he grabbed the chalk out of stan
Speaker 2: Fisher's hand, through it against the wall. Blanchard said, Madigliani
Speaker 2: was actually worse. Great vignettes there, but also there was
Speaker 2: a weaker dollar on short notice. Thrilled to have Jordan
Speaker 2: Rochester with again from a Zuo piercing analysis. Look for
Speaker 2: his good work out on LinkedIn. Here is Jordan Rochester
Speaker 2: of Miszouo.
Speaker 1: Well, as we learned this through Trump's first term, it's
Speaker 1: so noisy, ton't that it's very easy to get yourself
Speaker 1: lost in the woods and miss the big trades that
Speaker 1: happen in the background. And I think this de dollarization
Speaker 1: is a big trade that will carry on. I think
Speaker 1: the Europeans building up their defense spending. You just had
Speaker 1: the UK over the weekend or today announced the increasing
Speaker 1: spending on submarines. So you're going to miss that big
Speaker 1: structural improvement in European growth expectations if you focus too
Speaker 1: much much on what comes out of the Oval Office,
Speaker 1: taris on tarasof or the taco trade as some people
Speaker 1: talk about it. But I do worry about the summer's
Speaker 1: event risks. The calendar is pretty positive for defense spending.
Speaker 1: We've got the G seven summit, the NATO Summit, and
Speaker 1: the EU Defense Summit all in the last two weeks
Speaker 1: of June. That could be trade deals secured with US
Speaker 1: and Japan. That might be a bit of a positive.
Speaker 1: I worry about the Europeans. I don't think they're going
Speaker 1: to get a deal before the July ninth cut off,
Speaker 1: the date when the reciprocal tariffs shift high for Europe,
Speaker 1: and if that's the case, the ECB will have to
Speaker 1: cut rates. In my opinion, in July there's only six
Speaker 1: basis points priced for that meeting, so we'll find out
Speaker 1: on Thursday how doubles they are.
Speaker 2: Jordan Rochester there my head spinning on European dates, but
Speaker 2: he's got them in too. We'll keep our eye on that.
Speaker 2: Joining us as well from Bank of America. And this
Speaker 2: is something odd for us in the financial media. We
Speaker 2: love to talk to bank executives. What's the FED going
Speaker 2: to do? And all that drives me absolutely bonkers. Today
Speaker 2: in the plumbing of the Bank of America, we had
Speaker 2: Sharon Miller off of their Texas shop. She's in charge
Speaker 2: of all of their business relationships for Brian moynihan and
Speaker 2: the team. Here is Sharon Miller on the pulse of
Speaker 2: American small business.
Speaker 3: I have been head of small Business for the past
Speaker 3: eight years at Bank of America, and what I have
Speaker 3: seen from our clients is resilience. They go through different things. COVID,
Speaker 3: we went through COVID, We went through all different types
Speaker 3: of crisis. And you've got to look at the data
Speaker 3: versus what people are saying. And so we do see
Speaker 3: in our data and we you know, we look at
Speaker 3: all areas of the country. The Northeast has not fared
Speaker 3: as well as the South, and so as you think
Speaker 3: about what's actually happening from region to region, industry to industry,
Speaker 3: it's not all the same, but I would see overall
Speaker 3: the health of business is strong.
Speaker 2: Sharon Miller, the Bank of America. An eventful week on
Speaker 2: a jobs Day on Friday. A lot of economic data
Speaker 2: here the first week of the month, including market moving
Speaker 2: data here on Monday, really difficult ten am numbers at
Speaker 2: ism manufacturing in all that again across this nation. And
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