WEBVTT - Markets Rally on Pivot Hopes; Yellen Plans Another China Visit

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<v Speaker 1>Good morning.

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<v Speaker 2>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 2>stories we're following today.

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<v Speaker 3>Karen. Stocks are set for their fifth weekly gain, with

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<v Speaker 3>rate cut bets giving traders a lot of hope heading

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<v Speaker 3>into twenty twenty four. Equities are pushing for all time

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<v Speaker 3>highs after J. Powell indicated this week the Fed could

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<v Speaker 3>ease monetary policy soon. The S and P is advancing

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<v Speaker 3>toward its seventh consecutive weekly advance. Oil is looking at

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<v Speaker 3>its first weekly gain in almost two months. Neil Dutta

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<v Speaker 3>of Renaissance Macro Research says the Fed is following a

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<v Speaker 3>framework that will allow the US economy to grow.

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<v Speaker 4>The die has been cast for this for a little

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<v Speaker 4>bit of time now, I mean, and that's because inflation

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<v Speaker 4>is slowing more rapidly than they expect. I mean, I

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<v Speaker 4>think the Fed is following essentially a rules based framework

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<v Speaker 4>where they're taking changes in inflation and the unemployment rate

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<v Speaker 4>and translating that into expectations around the federal funds rate.

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<v Speaker 4>And that's basically what's happening.

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<v Speaker 3>In fact, last month, Neil detis that he expected the

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<v Speaker 3>Fed to cut rates by March, so he says he

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<v Speaker 3>is not surprised by the.

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<v Speaker 2>Pivot, but Nathan Dudda's expectations were not shared by many

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<v Speaker 2>on Wall streets, such as Peter Sheer, head of Macro's

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<v Speaker 2>strategy at Academy Securities.

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<v Speaker 5>Really took me by surprise of how comfortable the power

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<v Speaker 5>was with cutting rates. So when I was at four twenty,

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<v Speaker 5>I was getting nervous about risk assets because I thought

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<v Speaker 5>the only way you have to four percent, given what

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<v Speaker 5>the FED was saying, is for economic conditions to turn

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<v Speaker 5>much worse. They didn't turn much worse, and yet we're

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<v Speaker 5>at four percent because of the FED. So I think

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<v Speaker 5>we have some room for risk to continue to rally,

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<v Speaker 5>and it's been a great run.

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<v Speaker 2>Peter Sheer with Academy Securities also tells Bloomberg, despite hawkish

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<v Speaker 2>stances from the European Central Bank and Bank of England,

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<v Speaker 2>he expects more growth outside the US. He specifically focused

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<v Speaker 2>on shine Up. He anticipates further cooperation with the US

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<v Speaker 2>and increased stimulus measures, and.

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<v Speaker 3>That's the signal that Treasury Secretary Janet Yellen is sending Karen.

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<v Speaker 3>She says she's going to visit China again next year

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<v Speaker 3>with a goal of deepening ties and improving communication with

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<v Speaker 3>the world's second biggest economy. Speaking of the US China

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<v Speaker 3>Business Council in Washington, Secretary Yellen said that the discussions

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<v Speaker 3>will focus on difficult topics, but she expects cooperation from

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<v Speaker 3>both sides.

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<v Speaker 6>America's fundamental economic strength means that we have nothing to

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<v Speaker 6>fear from healthy economic competition with China or any other country.

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<v Speaker 6>The United States does not seek to decouple from China.

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<v Speaker 6>This would be damaging to both our economies.

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<v Speaker 3>Still, Treasury Secretary Yellen says the US will pursue export

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<v Speaker 3>controls and investment restrictions that have angered China. She did

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<v Speaker 3>stress the need to engage to prevent what she calls

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<v Speaker 3>a wide range of diplomatic and financial crises.

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<v Speaker 2>Well as for the latest moves in China, Nathan, the

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<v Speaker 2>People's Bank of China pumped a record amount of cash

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<v Speaker 2>into the economy to try to prop up as struggling

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<v Speaker 2>property market and boost de mad It marked a bullish

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<v Speaker 2>signal to investors who have been disappointed in china recent

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<v Speaker 2>piecemeal approaches to stimulus. Meanwhile, stocks across Asia traded higher

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<v Speaker 2>on optimism over a FED pivot.

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<v Speaker 3>Now let's turn to a major move in US banking

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<v Speaker 3>Karen Bloomberg News has learned City Group is shutting down

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<v Speaker 3>its municipal bond business. It is one of the most

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<v Speaker 3>dramatic moves yet in CEO Jane Fraser's ongoing restructuring as

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<v Speaker 3>she looks to squeeze better returns out of the Wall

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<v Speaker 3>Street Giant. Bloomberg Finance team leader Sally Bakewell says although

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<v Speaker 3>the move was expected, it is still a shock.

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<v Speaker 7>City was an absolute powerhouse in this four trillion market

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<v Speaker 7>for US state and for local debt. It helped on

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<v Speaker 7>deals for some very prominent buildings in landmarks, such as

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<v Speaker 7>the World Trade Center rebuilding the Port Authority of New

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<v Speaker 7>York and New Jersey. It was also one of the

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<v Speaker 7>lead underwriters Bloomberg.

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<v Speaker 3>Sally Bakewell says City will complete the wine down by

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<v Speaker 3>the end of the first quarter. Source to say the

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<v Speaker 3>moves expected to effect about one hundred employees and some.

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<v Speaker 2>More news on the labor front this morning, Nathan General

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<v Speaker 2>Motors cutting more than one thousand, three hundred hourly job.

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<v Speaker 2>Is it a pair of plants in Michigan. It comes

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<v Speaker 2>less than a month after GMS he unionized workforce. It

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<v Speaker 2>proved a new labor contract the counts will take effect January.

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<v Speaker 3>First s turned to politics Now Karen and messaging out

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<v Speaker 3>of Washington. President Biden continues to urge Israel to be

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<v Speaker 3>more cautious in its war with Hamas. Bloomberg z ed

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<v Speaker 3>Baxter has the details.

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<v Speaker 8>A bit of a change from the message he's delivered

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<v Speaker 8>for the last week. NIC spokesman John Kirby says keywords

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<v Speaker 8>are lower intensity.

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<v Speaker 9>Possible transitioning from what we would call high intensity operations,

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<v Speaker 9>which is what we're seeing them do now, to lower

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<v Speaker 9>intensity operations sometime, you know, in the near future.

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<v Speaker 8>Meaning more surgical operations aimed at a Moss leaders rather

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<v Speaker 8>than the current force. Biden says the focus should be

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<v Speaker 8>getting Hamas, but also saving civilian lives. I'm at Baxter

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<v Speaker 8>Bloomberg Radio, all right.

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<v Speaker 2>And thanks. Meanwhile, in Europe, Ukraine has taken a win

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<v Speaker 2>and a loss at the EU leader summit in Brussels.

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<v Speaker 2>The leaders have agreed to open membership talks with Ukraine,

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<v Speaker 2>but they couldn't not agree on a new financial aid package.

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<v Speaker 2>That debate will extend into early next year. Hungary's Victor

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<v Speaker 2>Orbond planned the are blocked the planned fifty billion euro

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<v Speaker 2>package despite support from the twenty six other EU leaders.

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<v Speaker 3>The amount of newly committed Western eight for Ukraine has

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<v Speaker 3>fallen to its lowest level since Russia's invasion almost two

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<v Speaker 3>years ago. That has Russian President Vladimir Putin expressing renewed

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<v Speaker 3>confidence in his war aims at his annual end of

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<v Speaker 3>year news conference.

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<v Speaker 10>Coming back to the ghouls, they remain unchanged, I will

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<v Speaker 10>remind you it means the Nazification, the neutralization all of

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<v Speaker 10>Ukraine and its neutral status.

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<v Speaker 3>This was President Putin's first end of your news conference

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<v Speaker 3>since he ordered the Ukraine invasion in February of last year.

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<v Speaker 11>S and P.

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<v Speaker 3>Futures are higher by three tens of one percent, up

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<v Speaker 3>thirteen points. Now futures up one hundred and twenty five points,

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<v Speaker 3>that's again of a third of one percent, and Nasdaq

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<v Speaker 3>futures are about a third of one percent higher as well,

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<v Speaker 3>up fifty three points. Global headlines straight ahead, plus a

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<v Speaker 3>check of sports. This is Bloomberg.

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<v Speaker 2>Sor Ry Nathan.

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<v Speaker 1>Thanks.

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<v Speaker 2>It's time now for a look at some of the

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<v Speaker 2>other stories making news around the world, and for that

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<v Speaker 2>we're joined by Bloomberg's John Tucker. John, good morning, and good.

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<v Speaker 12>Morning, Karen.

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<v Speaker 13>Google Will stop telling police witch users we're near a crime.

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<v Speaker 13>That story in this report this morning from Bloomberg's Amy Morris, Google.

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<v Speaker 9>Is changing its maps tools so the company no longer

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<v Speaker 9>has access to users individual location histories. It cuts off

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<v Speaker 9>its ability to respond to law enforcement warrants that ask

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<v Speaker 9>for data on everyone who is in the vicinity of

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<v Speaker 9>a crime. The change comes three months after a Bloomberg

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<v Speaker 9>BusinessWeek investigation that found police across the US are increasingly

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<v Speaker 9>using warrants to obtain location and search data from Google,

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<v Speaker 9>even for nonviolent cases and even for people who had

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<v Speaker 9>nothing to do with the crime. Google will roll out

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<v Speaker 9>the changes gradually through the next year on its own

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<v Speaker 9>Android and Apple's iOS mobile operating systems. Amy Morris Bloomberg Radio.

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<v Speaker 13>President Biden trying to rally support among seniors, highlighting new

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<v Speaker 13>government caps and prescription drug prices, saying the effort will

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<v Speaker 13>help crack down on price gouging by the pharmaceutical companies.

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<v Speaker 14>Year before we pass the cization, drug maker's jacked up

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<v Speaker 14>prices nearly four times faster and inflation went on and

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<v Speaker 14>they were already too high. Let's call this for what

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<v Speaker 14>it is is, simply, it's a rip off.

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<v Speaker 13>Under legislation passed by Democrats, pharmaceutical companies are required to

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<v Speaker 13>pay rebates to Medicare when they increase certain drug prices

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<v Speaker 13>passed inflation rates into Bloomberg News Morning consult Paul released Thursday,

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<v Speaker 13>Biden trailed Donald Trump across a number of swing states.

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<v Speaker 13>US defense officials say a cargo ship caught fire in

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<v Speaker 13>the Red Sea this morning into being hit by a

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<v Speaker 13>projectile launched by rebel controlled Yimmen. The attack and eyed

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<v Speaker 13>Lightberian flag vessel further escalates a campaign by Yemmens, Iran

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<v Speaker 13>backed Hooti rebels who claim responsibility for a series of

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<v Speaker 13>missile assaults in recent days. A lawyer for two former

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<v Speaker 13>election officials told members of a jury and federal court

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<v Speaker 13>Thursday they should send a message in considering how much

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<v Speaker 13>former Mayor Rudy Juliani should have to pay for spreading

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<v Speaker 13>diffamatory lies about them as part of his effort three

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<v Speaker 13>years ago to keep President Trump in office. At the

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<v Speaker 13>last minute decision, Juliani decided not to testify as planned

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<v Speaker 13>on Thursday. Global News twenty four hours a day and

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<v Speaker 13>whenever you want it with Bloomberg News. Now, I'm John Tucker,

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<v Speaker 13>and this is Bloomberg.

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<v Speaker 2>Karen, all right, John, thank you well. We do bring

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<v Speaker 2>you news throughout the day right here on Bloomberg Radio.

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<v Speaker 2>But now you can get the latest news on demand,

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<v Speaker 2>and that means you can get it whenever you want it.

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<v Speaker 2>Subscribe to Bloomberg News Now and you can get the

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<v Speaker 2>latest headlines right at the click of a button. Get

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<v Speaker 2>Time now for the Bloomberg Scores Update with John Stashauer

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<v Speaker 2>John Karon.

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<v Speaker 15>Blowout in the Desert. Just a few days after the

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<v Speaker 15>Raiders had a home game and lost to the Vikings

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<v Speaker 15>three did nothing. They had another home game and beat

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<v Speaker 15>the Chargers sixty three to twenty one. This game was

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<v Speaker 15>twenty one nothing in the first quarter. It was forty

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<v Speaker 15>two to nothing at halftime. That's a near NFL record.

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<v Speaker 15>It was sixty three to seven midway through the fourth quarter.

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<v Speaker 15>The Raiders rookie quarterback Adan O'Connell through four touchdown passes.

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<v Speaker 15>The Chargers lost four fumbles. It's the most points the

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<v Speaker 15>Raiders have ever scored in the game, and it's the

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<v Speaker 15>most points the Chargers have ever allowed. Celtics twelve and

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<v Speaker 15>I went home. They've be in Cleveland, won sixteen to

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<v Speaker 15>one oh seven. Warriors now just ten and fourteen, playing

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<v Speaker 15>without the suspended Draymond Green. They lost to the Clippers

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<v Speaker 15>in LA. Won twenty one one thirteen. Big NBA story

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<v Speaker 15>so far this year the Minnesota Timberwolves now eighteen and

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<v Speaker 15>five A one nineteen one oh one win in Dallas.

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<v Speaker 15>Luca Dompson scored thirty nine and the loss. In Sacramento's

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<v Speaker 15>win over Oklahoma City the Aaron Fox points for the

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<v Speaker 15>King Shay Gilgess Alexander scored forty three the loss the Thunder.

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<v Speaker 15>George McGinnis, the Hall of Famer who played for the

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<v Speaker 15>Pacers and Sixers, has passed away at the age of

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<v Speaker 15>seventy three. Capital Is lost in Philadelphia four to three

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<v Speaker 15>in a shootout in LA. On the day that the

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<v Speaker 15>Dodgers introduced Joe Otani, they added another player, pitcher Tyler Glass,

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<v Speaker 15>now comes from Tampa Bay with outfielder and Manuel Margo.

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<v Speaker 15>The Rays get a couple of prospects in return. Remember,

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<v Speaker 15>Otani is not going to pitch. He's only going to

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<v Speaker 15>hit in twenty twenty four. Don Statieward, Bloomberg's courts.

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<v Speaker 2>Karen, all right, John, thank you. While we are watching stocks,

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<v Speaker 2>they're set for a fifth weekly game this on the

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<v Speaker 2>Fed pivot, and we want to discuss all of this.

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<v Speaker 2>We're going to be bringing in Andrew Sheets, the global

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<v Speaker 2>head of Corporate Credit research Ed Morgan Stanley, for that

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<v Speaker 2>discussion and ahead of EDSMP futures are higher again this morning.

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<v Speaker 2>They're up three tenths even percent of about fourteen points.

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<v Speaker 2>Dwaen Nasdaq futures all also up three tenths of up percent.

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<v Speaker 2>This is Bloomberg.

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<v Speaker 11>From coast to coast, from New York to San Francisco,

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<v Speaker 11>Boston to Washington, DC, nationwide on Syria's exam, the Bloomberg

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<v Speaker 11>Business Appen Bloomberg dot Com.

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<v Speaker 3>This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. There

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<v Speaker 3>is plenty of fuel for optimism in the US market,

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<v Speaker 3>with the Federal Reserve signaling this week that it is

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<v Speaker 3>in fact ready to start thinking about cutting interest rates

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<v Speaker 3>next year.

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<v Speaker 13>But when it.

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<v Speaker 3>Comes to global central banks like the European Central Bank

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<v Speaker 3>and the Bank of England, they're holding firm on higher

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<v Speaker 3>for longer. So what's this mean for the outlook headed

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<v Speaker 3>into twenty twenty four. Let's get some answers now from

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<v Speaker 3>Andrew Sheets, global head of corporate credit research at Morgan Stanley. Andrew,

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<v Speaker 3>it's great to speak with you this morning. So what

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<v Speaker 3>does a more dovish FED and a more hawkish ECB

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<v Speaker 3>mean in your world?

0:11:59.360 --> 0:12:01.880
<v Speaker 12>So? I think the important starting point is that I

0:12:01.920 --> 0:12:05.160
<v Speaker 12>think we've seen an evolution of the data that's much

0:12:05.200 --> 0:12:08.600
<v Speaker 12>better than we or the market would have expected six

0:12:08.640 --> 0:12:11.240
<v Speaker 12>months ago. You know, over the last twelve months, the

0:12:11.320 --> 0:12:14.280
<v Speaker 12>US economy has grown three percent year every year, and

0:12:14.360 --> 0:12:18.520
<v Speaker 12>inflation's been declining. And in Europe you've seen again inflation

0:12:18.760 --> 0:12:21.520
<v Speaker 12>really start to moderate in a way that the ECB

0:12:22.360 --> 0:12:25.400
<v Speaker 12>a number of central bank watchers would not have expected

0:12:25.440 --> 0:12:27.440
<v Speaker 12>six months ago. So I think the important factor, the

0:12:27.440 --> 0:12:30.040
<v Speaker 12>most important factor, is that this year has been all

0:12:30.080 --> 0:12:33.600
<v Speaker 12>about inflation, and inflation is finally coming down, which gives

0:12:33.600 --> 0:12:37.679
<v Speaker 12>these central banks a lot more flexibility to moderate policy

0:12:37.880 --> 0:12:41.800
<v Speaker 12>as that happens. So again, you know, you've seen central

0:12:41.840 --> 0:12:43.840
<v Speaker 12>banks react to that a little bit differently, the FED

0:12:43.880 --> 0:12:45.760
<v Speaker 12>sounding a little bit more dubvish, the ECB sounding a

0:12:45.760 --> 0:12:47.760
<v Speaker 12>little bit more hawkish, But I think the core message

0:12:47.800 --> 0:12:50.240
<v Speaker 12>as you go into next year is these are central

0:12:50.240 --> 0:12:52.880
<v Speaker 12>banks that are done hiking. They're going to be cutting,

0:12:52.920 --> 0:12:55.200
<v Speaker 12>and the path is going to be easing going forward.

0:12:55.840 --> 0:12:57.559
<v Speaker 3>But the path is going to be easing at a

0:12:57.640 --> 0:13:01.760
<v Speaker 3>much different pace. It seems like when we hear this

0:13:01.920 --> 0:13:05.720
<v Speaker 3>more hawkish tone from the likes of Madame Legarde, what

0:13:05.760 --> 0:13:09.200
<v Speaker 3>could that mean for a global bond markets If we

0:13:09.280 --> 0:13:13.240
<v Speaker 3>see higher for longer in the Eurozone and maybe not

0:13:13.360 --> 0:13:14.800
<v Speaker 3>so much here in the US.

0:13:15.080 --> 0:13:17.400
<v Speaker 12>Well, I think what the market might test is how

0:13:17.640 --> 0:13:20.280
<v Speaker 12>credible that more hawkish rhetoric really is. You know, we've

0:13:20.320 --> 0:13:24.520
<v Speaker 12>seen a very weak PMI data out today from the Eurozone.

0:13:24.559 --> 0:13:28.280
<v Speaker 12>You're seeing inflation in the Eurozone come down quickly, and

0:13:28.320 --> 0:13:32.000
<v Speaker 12>on Morgan Stanley's forecast it continues to decline quickly. And

0:13:32.080 --> 0:13:35.400
<v Speaker 12>so you know, we can understand from a strategic standpoint,

0:13:35.559 --> 0:13:39.000
<v Speaker 12>not wanting to ease up too early on the rhetoric

0:13:39.040 --> 0:13:43.120
<v Speaker 12>run inflation, wanting to establish the ECB's credibility on inflation.

0:13:43.360 --> 0:13:46.000
<v Speaker 12>But as the data continues to come in, as inflation

0:13:46.080 --> 0:13:48.520
<v Speaker 12>data continues to fall, as the growth data is soft,

0:13:49.120 --> 0:13:51.959
<v Speaker 12>we'd be surprised. We would not expect the ECB to

0:13:52.000 --> 0:13:54.680
<v Speaker 12>continue to sound this hawkish into next year, and would

0:13:54.720 --> 0:13:57.920
<v Speaker 12>expect them to be to be easing policy in line

0:13:57.960 --> 0:13:59.960
<v Speaker 12>with the FED into twenty twenty four.

0:14:00.360 --> 0:14:03.600
<v Speaker 3>Interesting, what about the Fed's credibility? Is there a risk

0:14:03.920 --> 0:14:07.080
<v Speaker 3>that the FED pivots back the other way next year?

0:14:07.200 --> 0:14:08.439
<v Speaker 3>Is that something in your forecast?

0:14:08.840 --> 0:14:10.920
<v Speaker 12>It's not in our forecast. And I think the point

0:14:10.960 --> 0:14:14.440
<v Speaker 12>about credibility is key. You know, credibility is everything in

0:14:14.480 --> 0:14:18.080
<v Speaker 12>central banking, and I think to the credit of the FED,

0:14:18.559 --> 0:14:23.560
<v Speaker 12>they are talking more dubbishly as core inflation is coming

0:14:23.600 --> 0:14:26.960
<v Speaker 12>down on Morgan Stanley's estimates with the latest readings of

0:14:26.960 --> 0:14:32.440
<v Speaker 12>producer price inflation six month annualized core PCE, and thinking

0:14:32.480 --> 0:14:35.000
<v Speaker 12>about core PCE is the measure of inflation that the

0:14:35.000 --> 0:14:38.240
<v Speaker 12>FED cares about the most. Over the last six months,

0:14:38.360 --> 0:14:40.760
<v Speaker 12>core PCE in the US is running at one point

0:14:40.840 --> 0:14:44.840
<v Speaker 12>nine percent. It's at the Fed's target. If anything, it's

0:14:44.840 --> 0:14:47.760
<v Speaker 12>a little below. So the idea that the FED is

0:14:47.840 --> 0:14:51.160
<v Speaker 12>reacting to that data, it is and it's not done

0:14:51.200 --> 0:14:54.760
<v Speaker 12>anything yet. It's simply talking about the possibility that it

0:14:54.840 --> 0:14:57.960
<v Speaker 12>might ease and the fact that the FED thinks the

0:14:58.120 --> 0:15:00.760
<v Speaker 12>neutral rate is way down at two and a half,

0:15:00.800 --> 0:15:04.280
<v Speaker 12>two and three quarters. All the FED is doing is saying, look,

0:15:04.280 --> 0:15:07.800
<v Speaker 12>we have policy way above neutral. Core inflation is rapidly

0:15:07.840 --> 0:15:12.120
<v Speaker 12>approaching our target. Yes, we will be easing policy next year.

0:15:12.320 --> 0:15:14.360
<v Speaker 12>I think that's a credible place for the FED to

0:15:14.360 --> 0:15:15.080
<v Speaker 12>operate from.

0:15:15.640 --> 0:15:18.760
<v Speaker 3>What about the market credibility of they're pricing in something

0:15:18.840 --> 0:15:21.320
<v Speaker 3>like what six or seven rate cuts next year when

0:15:21.360 --> 0:15:23.400
<v Speaker 3>we got three from the dot plot? Do you see

0:15:23.400 --> 0:15:25.720
<v Speaker 3>the FED moving more in line with the market or

0:15:25.760 --> 0:15:26.600
<v Speaker 3>the other way around.

0:15:26.920 --> 0:15:29.520
<v Speaker 12>So the market has moved very quickly. I mean, we

0:15:29.600 --> 0:15:32.560
<v Speaker 12>had forecasts that we thought were quite dubvish when we

0:15:32.560 --> 0:15:36.360
<v Speaker 12>put out our outlook in the middle of in early October,

0:15:36.440 --> 0:15:38.720
<v Speaker 12>in early November, excuse me, you know we had the

0:15:39.000 --> 0:15:41.600
<v Speaker 12>US tenure at three ninety five. By the end of

0:15:41.640 --> 0:15:44.640
<v Speaker 12>twenty twenty four, it's more than gotten there. You know,

0:15:44.680 --> 0:15:48.560
<v Speaker 12>we had three hundred basis points of FED cuts over

0:15:48.640 --> 0:15:50.840
<v Speaker 12>twenty four and twenty five. Again, a lot of that's

0:15:50.880 --> 0:15:54.440
<v Speaker 12>getting priced in. So I think objectively, the market's moved

0:15:54.440 --> 0:15:57.280
<v Speaker 12>to price in more cutting than we have expected. But

0:15:58.000 --> 0:16:00.200
<v Speaker 12>I think it's also fair to say that it is

0:16:00.400 --> 0:16:04.320
<v Speaker 12>historically normal. Once the FED thinks that a central bank

0:16:04.440 --> 0:16:09.920
<v Speaker 12>is done hiking. The market usually expects, usually somewhat overestimates

0:16:09.960 --> 0:16:12.760
<v Speaker 12>future cuts as the market's trying to balance the probability

0:16:12.760 --> 0:16:15.760
<v Speaker 12>of a FED staying on hold with something more significant,

0:16:15.800 --> 0:16:18.160
<v Speaker 12>So a lot has been priced in. But I think

0:16:18.200 --> 0:16:21.960
<v Speaker 12>the general idea that the market once a FED, once

0:16:21.960 --> 0:16:24.240
<v Speaker 12>the FED is done, starts pricing in more cuts that

0:16:24.440 --> 0:16:27.040
<v Speaker 12>is very consistent with what we've seen over prior cycles.

0:16:27.600 --> 0:16:29.240
<v Speaker 3>Really good to have you on with us, Andrew, at

0:16:29.280 --> 0:16:31.800
<v Speaker 3>the end of a really interesting week for central banks.

0:16:31.800 --> 0:16:34.160
<v Speaker 3>That's Andrew Sheets with us this morning, Global head of

0:16:34.200 --> 0:16:39.280
<v Speaker 3>Corporate Credit Research at Morgan Stanley. This is Bloomberg day

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<v Speaker 3>Break Today, your morning brief on the stories making news

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