Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: A single best idea A four hour broadcast today. What
Speaker 2: a set of conversations given the newsflow. As Lauri Calvicina said,
Speaker 2: she was celebrating her mother's day and the world paused
Speaker 2: and turned upside down about four pm Sunday, Wall Street time,
Speaker 2: and on we went, and on we went. Today. We
Speaker 2: blew up the show two or three times. It was
Speaker 2: just great to start strong with Jeffrey Ewitt BNY really
Speaker 2: quite exceptional at pulling together equities, bonds, currencies, commodities sent
Speaker 2: most of the time in talking to him about tariffs. Here, Jeffrey,
Speaker 2: you unchanged American exceptionalism.
Speaker 3: US exceptionalism means you buy stocks, You buy US stocks,
Speaker 3: you buy US bonds, and you buy the dollar. We
Speaker 3: think that the only thing which may decorrelate slightly or
Speaker 3: not just be as full on is on the dollar side.
Speaker 3: So to compensate for maybe a little bit more risk
Speaker 3: premia due to the recent uncertainty, is a softer dollar.
Speaker 3: But again, this shouldn't be seen as a bad thing.
Speaker 3: A it's something that the Trump administration, perhaps on and off,
Speaker 3: has been talking about. But b what if US companies
Speaker 3: become exporters as well, then you can benefit from that
Speaker 3: FX earnings translation that Europe, Switzerland, you know, Japan and
Speaker 3: even China Asia they always look for So that correlationshift
Speaker 3: is perhaps taking place. But don't read it as a
Speaker 3: negative for US exceptionalism, at least not yet. Let's say,
Speaker 3: if US companies can adapt, I.
Speaker 2: Would suggest a different type of uncertainty on this day
Speaker 2: versus seven days ago or seven months ago. Jeffrey, you
Speaker 2: with being why what approves you have? Hugh von steinis
Speaker 2: with us. He was with us, and then I think
Speaker 2: he went to Milton Institute out in LA and was
Speaker 2: back again in New York City today. So we spoke
Speaker 2: to the vice chairman of Oliver Wyman with all of
Speaker 2: his respective on continental banking and finance, and of course
Speaker 2: QVA and Steinas and the exceptional turmoil of his United Kingdom.
Speaker 4: The great advantage of the UK for many years was
Speaker 4: it was mid atlantic. It had didn't have quite the
Speaker 4: US growth rate, but it certainly was growing faster than Europe. Unfortunately,
Speaker 4: since the financial crisis were particularly since Brexit, we've lost
Speaker 4: that UK exceptionalism. In fact, in a way we were
Speaker 4: exceptional compared to Europe and now where we've actually the
Speaker 4: end of UK exceptionalism in twenty sixteen was really the
Speaker 4: right and actually my Prime Minister m Carney was correct.
Speaker 4: The Brexit was economically, at least put to one side,
Speaker 4: politically a poor decision. So I think that we're trying
Speaker 4: to get our act together again. I think one thing
Speaker 4: that the President here has really shon a light on
Speaker 4: is like the terms of trade internationally. The UK's terms
Speaker 4: of trade with its nearest counterpart is now poorer. So
Speaker 4: is there a way to put the politics one side
Speaker 4: improve trade relationships? And if you want to us of
Speaker 4: a hail mayor, it would be if Canada wants to
Speaker 4: actually have lower tariffs with Europe, maybe there's an opportunity
Speaker 4: for Ukraine Canada UK to end into a much lower
Speaker 4: tariff zone.
Speaker 2: Here Von steinas of Oliver Wyman, of course the service
Speaker 2: to the Bank of England with at the time Governor
Speaker 2: Mark Karney now doing other things in Canada. Thank you
Speaker 2: so much for your attention today, particularly thank you to
Speaker 2: Eric and our team for just blowing up the show
Speaker 2: literally three four times here over the last twenty four
Speaker 2: hours on your commute across the nation. Thank you so
Speaker 2: much for your attention on Bloomberg, I should say on YouTube,
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