1 00:00:02,480 --> 00:00:10,480 Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. This is the Bloomberg 2 00:00:10,520 --> 00:00:13,720 Speaker 1: Daybreak Asia podcast. I'm Doug Prisner. You can join Brian 3 00:00:13,800 --> 00:00:16,640 Speaker 1: Curtis and myself for the stories, making news and moving 4 00:00:16,680 --> 00:00:19,560 Speaker 1: markets in the Apec region. You can subscribe to the 5 00:00:19,600 --> 00:00:23,080 Speaker 1: show anywhere you get your podcast and always on Bloomberg Radio, 6 00:00:23,320 --> 00:00:26,120 Speaker 1: the Bloomberg Terminal, and the Bloomberg Business App. 7 00:00:27,280 --> 00:00:31,440 Speaker 2: Joining us is Billy House, Bloomberg Congressional reporter. So we've 8 00:00:31,480 --> 00:00:35,239 Speaker 2: seen a lot of reports this morning about eroding support 9 00:00:35,320 --> 00:00:38,640 Speaker 2: for President Biden on Capitol Hill, and we also saw 10 00:00:38,760 --> 00:00:41,560 Speaker 2: the governor as the Democratic governors come out and basically 11 00:00:41,960 --> 00:00:44,440 Speaker 2: kind of back him up a little bit. So I'm 12 00:00:44,479 --> 00:00:46,360 Speaker 2: not sure if we have stacis, but is there a 13 00:00:46,400 --> 00:00:50,360 Speaker 2: catalyst that might be looming on this, Billy Well. 14 00:00:50,200 --> 00:00:53,280 Speaker 3: I think what we're building up to our several public 15 00:00:53,320 --> 00:00:58,200 Speaker 3: events that the president is set to take part in, 16 00:00:58,200 --> 00:01:02,600 Speaker 3: including an ABC interview in time on Friday and some 17 00:01:02,640 --> 00:01:04,440 Speaker 3: other public events. I think those are going to be 18 00:01:04,480 --> 00:01:07,640 Speaker 3: the big tests for all these to shore up support 19 00:01:07,680 --> 00:01:11,320 Speaker 3: from all these wavering congressional members, rank and file Democrats 20 00:01:11,319 --> 00:01:15,440 Speaker 3: who are saying, you know, they wonder if he should 21 00:01:15,840 --> 00:01:19,640 Speaker 3: just leave step down and let somebody else run for president. 22 00:01:19,800 --> 00:01:22,720 Speaker 3: So the next few days appear to be critical ones, 23 00:01:22,760 --> 00:01:25,920 Speaker 3: even as Biden is publicly saying he's not resigning. 24 00:01:26,680 --> 00:01:29,240 Speaker 1: Billy a wise man once told me, if you can 25 00:01:29,280 --> 00:01:32,479 Speaker 1: measure it, you can manage it. We get the Morning 26 00:01:32,560 --> 00:01:36,440 Speaker 1: Console poll, the Bloomberg Morning Console Poll, I think Friday morning. 27 00:01:37,000 --> 00:01:39,840 Speaker 1: If there is an erosion in support in the polling 28 00:01:39,920 --> 00:01:43,880 Speaker 1: data for the president, does that necessarily move the needle? 29 00:01:43,880 --> 00:01:44,360 Speaker 1: Do you think? 30 00:01:45,200 --> 00:01:47,800 Speaker 3: Well, it's interesting you say that because the Biden campaign 31 00:01:47,800 --> 00:01:54,320 Speaker 3: itself anticipating some erosion, sit to Democratic members of Congress 32 00:01:54,360 --> 00:01:57,600 Speaker 3: today a memo saying, hey, there could be a dip 33 00:01:57,640 --> 00:01:59,960 Speaker 3: in the next few days and some of these polls, 34 00:02:00,560 --> 00:02:04,520 Speaker 3: but that's just a snapshot in time, and overall it 35 00:02:04,560 --> 00:02:06,960 Speaker 3: remains within it. He remains within the margin of error. 36 00:02:07,000 --> 00:02:09,760 Speaker 3: It's still competitive, and and ask them sort of to 37 00:02:09,880 --> 00:02:10,880 Speaker 3: keep their powder drt. 38 00:02:12,320 --> 00:02:15,440 Speaker 2: So there are a number of possible outcomes here. The 39 00:02:15,480 --> 00:02:21,400 Speaker 2: president could could decide to stay in office but not run. 40 00:02:22,240 --> 00:02:25,640 Speaker 2: He could also resign. He could resign inside health or 41 00:02:25,760 --> 00:02:30,720 Speaker 2: or something like that. And is the compromise maybe that 42 00:02:31,120 --> 00:02:33,240 Speaker 2: he doesn't have to resign while he's in office. He 43 00:02:33,320 --> 00:02:36,200 Speaker 2: just serves out this term and then says that he 44 00:02:36,680 --> 00:02:38,960 Speaker 2: believes he might be a little too old to run again, 45 00:02:39,440 --> 00:02:44,200 Speaker 2: and then the Democratic National Committee could could find, you know, 46 00:02:44,680 --> 00:02:48,320 Speaker 2: someone to run, like Kamala Harris or or whatever. Are 47 00:02:48,360 --> 00:02:50,880 Speaker 2: you hearing anything that might indicate which of those two 48 00:02:50,919 --> 00:02:51,560 Speaker 2: are more likely? 49 00:02:52,720 --> 00:02:54,919 Speaker 3: Oh, I think I think the idea that he would 50 00:02:54,960 --> 00:02:56,760 Speaker 3: stick it out for the rest of his term is 51 00:02:56,800 --> 00:03:01,480 Speaker 3: far more likely. I think the issue is whether he 52 00:03:01,520 --> 00:03:05,160 Speaker 3: would withdraw from the presidential race. And I think that 53 00:03:05,560 --> 00:03:08,040 Speaker 3: in discussions, and we don't know, we're not in the 54 00:03:08,080 --> 00:03:14,520 Speaker 3: private discussions, but there are discussions about whether his vice 55 00:03:14,560 --> 00:03:17,400 Speaker 3: president would be the party's choice to replace him on 56 00:03:17,440 --> 00:03:22,960 Speaker 3: the ballot. I think that he is angling, although he's 57 00:03:23,000 --> 00:03:26,000 Speaker 3: not saying he's going to leave that if he does 58 00:03:26,160 --> 00:03:29,120 Speaker 3: decide to leave, that he wants his vice president at 59 00:03:29,120 --> 00:03:32,799 Speaker 3: the top. That's anything but a given. As you suggested, 60 00:03:33,120 --> 00:03:35,840 Speaker 3: there's a lot of differences within the party about Kamala Harris. 61 00:03:36,400 --> 00:03:39,360 Speaker 1: What do we know about the other camp, the Trump camp? 62 00:03:39,520 --> 00:03:42,080 Speaker 1: And I was reading the other day that he is 63 00:03:42,160 --> 00:03:46,120 Speaker 1: now delaying the announcement of his running mate until he 64 00:03:46,480 --> 00:03:49,080 Speaker 1: sees how the dust settles out on the Democratic side. 65 00:03:49,120 --> 00:03:49,520 Speaker 1: Is that right? 66 00:03:50,960 --> 00:03:51,160 Speaker 4: Yeah? 67 00:03:51,200 --> 00:03:54,160 Speaker 3: Well, I don't think he wants that buried so much 68 00:03:54,200 --> 00:03:58,400 Speaker 3: that he that's his little jewel to unveil pillback, so 69 00:03:59,480 --> 00:04:03,520 Speaker 3: also doesn't want to interrupt what has been at least 70 00:04:03,560 --> 00:04:06,400 Speaker 3: first glance, good news for him. Though you got to 71 00:04:06,480 --> 00:04:11,000 Speaker 3: wonder if, really, if the polls show him beating Biden, 72 00:04:11,040 --> 00:04:13,880 Speaker 3: whether in the long run a replacement is necessarily good 73 00:04:13,920 --> 00:04:15,120 Speaker 3: news for the former president. 74 00:04:15,880 --> 00:04:19,800 Speaker 2: What would be the process for if President Biden decided 75 00:04:19,839 --> 00:04:23,599 Speaker 2: to step aside, or was in effect forced to step aside. 76 00:04:24,200 --> 00:04:27,000 Speaker 2: What would be the process then for having a race 77 00:04:27,080 --> 00:04:30,400 Speaker 2: to see who would be on the on the nominee position. 78 00:04:31,600 --> 00:04:33,480 Speaker 3: That's all over the board, and it's not certain there 79 00:04:33,520 --> 00:04:39,000 Speaker 3: is a set process. I think some in the Biden 80 00:04:39,040 --> 00:04:41,760 Speaker 3: camp just want him to be able to pick probably 81 00:04:41,880 --> 00:04:46,120 Speaker 3: Harrister on Others want a sort of a mini primary. 82 00:04:46,279 --> 00:04:49,640 Speaker 3: However that would be held, and whether it be at 83 00:04:49,640 --> 00:04:52,839 Speaker 3: the convention in August or it'd have to be way 84 00:04:52,880 --> 00:04:56,160 Speaker 3: before then. Somehow, there's really no set pattern for how 85 00:04:56,200 --> 00:04:58,320 Speaker 3: to do this, and I think that's part of the 86 00:04:58,320 --> 00:05:02,360 Speaker 3: confusion and what Biden is kind of waiting into if 87 00:05:02,400 --> 00:05:04,320 Speaker 3: you met does decide to leave Billy. 88 00:05:04,360 --> 00:05:05,760 Speaker 1: A lot has been written, as you know, on the 89 00:05:05,800 --> 00:05:08,480 Speaker 1: influence that the family has over the president. Is that 90 00:05:08,839 --> 00:05:10,960 Speaker 1: what we really need to pay attention to. I mean 91 00:05:11,760 --> 00:05:14,960 Speaker 1: Jill Biden and the immediate family members and maybe some 92 00:05:15,120 --> 00:05:16,440 Speaker 1: very very close advisors. 93 00:05:17,560 --> 00:05:20,960 Speaker 3: I think that's absolutely correct. Maybe not so much Hunter Biden, 94 00:05:21,000 --> 00:05:24,000 Speaker 3: though he is described as being in the room nowadays 95 00:05:24,000 --> 00:05:27,000 Speaker 3: with the president. But Jill Biden, I think does carry 96 00:05:27,560 --> 00:05:30,760 Speaker 3: a great amount of weight and what he does obviously, 97 00:05:30,800 --> 00:05:33,279 Speaker 3: and I think that she is also helping to guide 98 00:05:34,120 --> 00:05:38,039 Speaker 3: the potential paths ahead. We'll have to wait and see, 99 00:05:38,040 --> 00:05:40,360 Speaker 3: but I think there's no doubt that she's been very 100 00:05:40,360 --> 00:05:42,559 Speaker 3: instrumental in some of the discussions taking place. 101 00:05:43,640 --> 00:05:46,240 Speaker 2: You know, if we were to look forward and talk 102 00:05:46,279 --> 00:05:51,400 Speaker 2: about some sort of competition between Kamala Harris, maybe Governor 103 00:05:51,480 --> 00:05:57,440 Speaker 2: Newsom from California, Wes Moore from Maryland, and Gretchen Whitner 104 00:05:57,440 --> 00:06:00,880 Speaker 2: in Michigan, what do you hear from people? I mean, 105 00:06:01,080 --> 00:06:04,800 Speaker 2: are there you know, sort of in back room discussions. 106 00:06:04,800 --> 00:06:07,600 Speaker 2: Are you hearing that anyone sort of stands at the top. 107 00:06:08,640 --> 00:06:11,360 Speaker 3: Well, I think Biden's favored obviously as his vice president, 108 00:06:11,400 --> 00:06:15,440 Speaker 3: But there is polling no matter whose opinion is. There 109 00:06:15,480 --> 00:06:18,920 Speaker 3: has been some polling about a backup candidate, and it 110 00:06:18,960 --> 00:06:22,880 Speaker 3: does show kind of a resurgence or of Harris popularity 111 00:06:22,920 --> 00:06:27,760 Speaker 3: that might surprise some. But Boodagij Whitmer knew some more 112 00:06:28,040 --> 00:06:32,680 Speaker 3: from Maryland, others there in there too, So I think 113 00:06:32,720 --> 00:06:35,800 Speaker 3: that focus would become greater on each of these potential 114 00:06:36,040 --> 00:06:38,279 Speaker 3: candidates if something were to break. 115 00:06:39,400 --> 00:06:50,760 Speaker 2: Billy, thank you, Billy Howes Bloombergy, Congressional reporter. Adrian Zerker, 116 00:06:50,960 --> 00:06:54,840 Speaker 2: CIO and head of Global Asset Allocation at UBS Global 117 00:06:54,880 --> 00:06:58,000 Speaker 2: Wealth Management. Adrian, thank you for coming in the studios. 118 00:06:58,000 --> 00:07:00,440 Speaker 2: I think I heard your heart start to be faster 119 00:07:00,520 --> 00:07:03,520 Speaker 2: when I mentioned we'd be talking about President Biden and 120 00:07:03,600 --> 00:07:07,400 Speaker 2: what's happening with that whole saga at the moment. I'll 121 00:07:07,400 --> 00:07:11,280 Speaker 2: give you a few moments to maybe anticipate a question there. 122 00:07:11,360 --> 00:07:12,920 Speaker 5: Let's talk first about the Fed. 123 00:07:13,360 --> 00:07:16,640 Speaker 2: It seems like now and this was not reflected in 124 00:07:16,680 --> 00:07:20,119 Speaker 2: the minutes because that was last month, but it seems 125 00:07:20,160 --> 00:07:24,000 Speaker 2: like now there is recognition that you are seeing growth 126 00:07:24,040 --> 00:07:28,200 Speaker 2: moderating and we are seeing this inflation kind of take hold. 127 00:07:28,840 --> 00:07:32,080 Speaker 2: Do you agree and you expect that the Fed will 128 00:07:32,120 --> 00:07:33,440 Speaker 2: alter its commentary soon. 129 00:07:34,320 --> 00:07:36,520 Speaker 6: Well, it's a very good question, and I think we 130 00:07:36,560 --> 00:07:41,520 Speaker 6: have seen Powell or her Powell in Cintra talking relatively dorbishly, 131 00:07:41,840 --> 00:07:46,080 Speaker 6: much more dorbash than doing the FMC meetings, and that's 132 00:07:46,120 --> 00:07:48,400 Speaker 6: a reflection. I think what the FED has done over 133 00:07:48,440 --> 00:07:50,920 Speaker 6: the last couple of months. They were looking in the 134 00:07:51,000 --> 00:07:54,280 Speaker 6: rare mirror and driving straight forward and the rare mirroad. 135 00:07:54,680 --> 00:07:57,480 Speaker 6: Looking at data that are coming from the past that 136 00:07:57,760 --> 00:08:02,040 Speaker 6: still showing inflation pressure has been probably a bit misleading. 137 00:08:02,320 --> 00:08:04,520 Speaker 6: If you look at most of the economic models that 138 00:08:04,520 --> 00:08:06,960 Speaker 6: the FED is actually looking at, they only should cut 139 00:08:07,000 --> 00:08:10,160 Speaker 6: interest rates, and therefore I think it's just a matter 140 00:08:10,240 --> 00:08:14,920 Speaker 6: of time until some certain factors like shelter particular oeer 141 00:08:16,520 --> 00:08:19,280 Speaker 6: rents or inflation is actually coming off. Then we had 142 00:08:19,280 --> 00:08:22,320 Speaker 6: some eadiosyncratic factor like car insurance, but that has now 143 00:08:22,320 --> 00:08:25,240 Speaker 6: peaked out. It's rolling over an ear ear basis and 144 00:08:25,280 --> 00:08:26,840 Speaker 6: also on amounts on months basis. 145 00:08:27,080 --> 00:08:29,480 Speaker 5: So I think we get this evidence. 146 00:08:29,000 --> 00:08:32,880 Speaker 6: Of inflationy pressure or this inflationary pressure that will open 147 00:08:32,960 --> 00:08:35,720 Speaker 6: up the room for cuts to lie. Probably too early, 148 00:08:35,920 --> 00:08:37,880 Speaker 6: let's see what's coming out of the non vae pay roll. 149 00:08:37,960 --> 00:08:41,280 Speaker 6: But I guess JU lies too early. But September definitely life. 150 00:08:41,320 --> 00:08:43,520 Speaker 1: Speaking of being too early, I'm wondering if it's too 151 00:08:43,559 --> 00:08:46,960 Speaker 1: early to begin anticipating how the market may react to 152 00:08:47,480 --> 00:08:52,200 Speaker 1: a Trump presidency. Tax cuts, tariffs. I mean that would 153 00:08:52,240 --> 00:08:54,120 Speaker 1: be both of those I think would be a huge 154 00:08:54,160 --> 00:08:56,160 Speaker 1: negative for the bond market, wouldn't you agree. 155 00:08:57,400 --> 00:08:59,320 Speaker 5: It's a very complex mix at the moment. 156 00:09:00,120 --> 00:09:03,920 Speaker 6: Clearly can see that there's pressure also on depth sustainability. 157 00:09:04,840 --> 00:09:07,880 Speaker 6: But we also think Trump is very aware that inflation 158 00:09:08,040 --> 00:09:10,760 Speaker 6: has been a key factor he actually got elected. I 159 00:09:10,800 --> 00:09:15,559 Speaker 6: think mister Biden is probably a very unpopular president because inflation, 160 00:09:15,600 --> 00:09:18,280 Speaker 6: if you look at the employment rates, very very low, 161 00:09:18,600 --> 00:09:19,600 Speaker 6: the economic. 162 00:09:19,280 --> 00:09:21,040 Speaker 5: Factor is actually relatively strong. 163 00:09:21,320 --> 00:09:25,520 Speaker 6: So the key factor for Trump to get elected is 164 00:09:25,559 --> 00:09:28,840 Speaker 6: the inflation factor, which is definitely a huge headwind. And 165 00:09:29,040 --> 00:09:34,680 Speaker 6: so increasing tariffs, spending a lot will create more inflation, 166 00:09:34,840 --> 00:09:38,600 Speaker 6: and that's probably something even mister Trump will anticipate, and 167 00:09:38,679 --> 00:09:41,120 Speaker 6: therefore we are not sure how quickly it will happen. 168 00:09:41,360 --> 00:09:44,320 Speaker 6: So the risk is definitely for higher rates, but we 169 00:09:44,400 --> 00:09:46,600 Speaker 6: will have to see until he really gets elected and 170 00:09:46,640 --> 00:09:48,480 Speaker 6: then also how the Senate looks like. 171 00:09:48,960 --> 00:09:53,439 Speaker 2: Adrian, do you feel that President Biden is wrongfully maligned 172 00:09:53,720 --> 00:09:54,440 Speaker 2: for inflation? 173 00:09:57,240 --> 00:09:59,800 Speaker 6: In one hand, yes, I mean go back in twenty 174 00:09:59,840 --> 00:10:03,960 Speaker 6: two any we had an unprecedented situation, and to get 175 00:10:04,000 --> 00:10:07,360 Speaker 6: out of this unprecedented situation, you had to print money. 176 00:10:07,440 --> 00:10:09,520 Speaker 6: You had to throw everything on this economy that you 177 00:10:09,559 --> 00:10:12,040 Speaker 6: actually were able to put and that's what they did. 178 00:10:12,920 --> 00:10:16,199 Speaker 6: And the Fed was very data dependent. There are four 179 00:10:16,280 --> 00:10:19,800 Speaker 6: hundred PhD economists haven't seen what's happening to inflation. It's 180 00:10:19,800 --> 00:10:24,480 Speaker 6: sky rocked. They were behind basically the inflation pattern. They 181 00:10:24,480 --> 00:10:27,160 Speaker 6: had to increase interest rates very aggressively, but it came 182 00:10:27,200 --> 00:10:31,079 Speaker 6: too late, and that's a reflection. So it's difficult to 183 00:10:31,120 --> 00:10:34,959 Speaker 6: blame Biden. But we also have seen fiscal deficit is 184 00:10:35,080 --> 00:10:38,719 Speaker 6: still extended, and so it's a mix of course that 185 00:10:38,760 --> 00:10:40,000 Speaker 6: we have to take into account. 186 00:10:40,040 --> 00:10:42,360 Speaker 1: Would you be betting Adrian that we're going to see 187 00:10:42,640 --> 00:10:45,000 Speaker 1: a lot more in the way of dollar weakness right 188 00:10:45,040 --> 00:10:49,120 Speaker 1: now or is there too early to make that call. 189 00:10:49,200 --> 00:10:51,640 Speaker 6: So it's quite a tricky situation. We think the dollars 190 00:10:51,640 --> 00:10:54,120 Speaker 6: should weaken. We actually do think the Fed will cut 191 00:10:54,360 --> 00:10:57,000 Speaker 6: in September and they will also cut in December. I 192 00:10:57,000 --> 00:11:00,400 Speaker 6: think we get more indication even from the labor market looking. 193 00:11:00,240 --> 00:11:02,120 Speaker 5: At the latest Charles data. 194 00:11:03,120 --> 00:11:06,040 Speaker 6: But then mister Trump could be actually positive for the 195 00:11:06,120 --> 00:11:11,040 Speaker 6: US doll at least temporarily so purely macroeconomic environment, we 196 00:11:11,120 --> 00:11:13,880 Speaker 6: think the dollar is too expensive, it will weaken. The 197 00:11:13,960 --> 00:11:17,079 Speaker 6: FED is basically the last major central bank that will 198 00:11:17,080 --> 00:11:20,000 Speaker 6: cut interest rate, which is quite unique, and therefore there 199 00:11:20,040 --> 00:11:22,320 Speaker 6: should be weakness coming through. And then we have a 200 00:11:22,360 --> 00:11:26,560 Speaker 6: political situation which might give temporary support for the wist dollar, 201 00:11:26,800 --> 00:11:28,439 Speaker 6: but probably not a long term support. 202 00:11:28,640 --> 00:11:31,480 Speaker 2: So here we are in a situation where we're about 203 00:11:31,559 --> 00:11:33,959 Speaker 2: ready to see a change in government in the UK, 204 00:11:34,679 --> 00:11:39,120 Speaker 2: possibly in France, and quite possibly in the United States. 205 00:11:39,600 --> 00:11:41,880 Speaker 2: On the one hand, that makes me nervous if I'm 206 00:11:41,920 --> 00:11:43,840 Speaker 2: in the market, and the other end, we just had 207 00:11:43,920 --> 00:11:47,480 Speaker 2: Dan Ives and Gene Munster on the program, just lauding 208 00:11:47,559 --> 00:11:51,800 Speaker 2: the prospects for artificial intelligence, which one of those themes 209 00:11:52,200 --> 00:11:54,720 Speaker 2: will dominate markets more over the next year too. 210 00:11:55,160 --> 00:11:55,360 Speaker 5: Well. 211 00:11:55,360 --> 00:11:58,360 Speaker 6: I do think usually political markets are quite short lived, 212 00:11:58,440 --> 00:12:01,719 Speaker 6: have short legs. That's a quick pricing in. I think 213 00:12:01,760 --> 00:12:04,800 Speaker 6: the UK election, even the French election, will be more 214 00:12:04,800 --> 00:12:09,120 Speaker 6: temporary concern for the markets we have seen. Trump is 215 00:12:09,160 --> 00:12:12,400 Speaker 6: a different story, particularly the trade war situation. Of course, 216 00:12:12,760 --> 00:12:15,360 Speaker 6: we'll have to see how aggressive Trump will be eventually, 217 00:12:15,679 --> 00:12:18,200 Speaker 6: how quickly he will act on that part, so that 218 00:12:18,280 --> 00:12:21,600 Speaker 6: might resonate a little bit longer, but I do think 219 00:12:21,640 --> 00:12:24,440 Speaker 6: that the AI story is definitely one of the key aspects. 220 00:12:24,440 --> 00:12:26,200 Speaker 5: And looking a bit more shorter and we going. 221 00:12:26,040 --> 00:12:29,240 Speaker 6: To earning seasons, we have still seen very strong AI 222 00:12:29,800 --> 00:12:35,360 Speaker 6: KPAX related kpax basically over the last couple of months. 223 00:12:35,400 --> 00:12:38,960 Speaker 6: We actually do think that this could drive markets higher. 224 00:12:39,000 --> 00:12:42,200 Speaker 6: We see the fat probably cutting interest rates more evidence 225 00:12:42,240 --> 00:12:44,160 Speaker 6: for that. So I do think we actually have a 226 00:12:44,200 --> 00:12:47,720 Speaker 6: relatively solid market environment until we get a bit closer 227 00:12:47,760 --> 00:12:48,600 Speaker 6: to the November. 228 00:12:48,880 --> 00:12:51,240 Speaker 1: Before we let you go, can we get your view 229 00:12:51,280 --> 00:12:54,360 Speaker 1: on Japan the PBOC, the degree to which they may 230 00:12:54,480 --> 00:12:59,800 Speaker 1: be behind the curve a little bit and bog I'm sorry, 231 00:13:00,679 --> 00:13:03,560 Speaker 1: and the degree to which they really need to make 232 00:13:03,720 --> 00:13:07,360 Speaker 1: a decision this month in July to Titan. 233 00:13:08,720 --> 00:13:12,600 Speaker 6: Well, looking at the macrocanomic environment, inflation where it coulds going, 234 00:13:13,160 --> 00:13:16,440 Speaker 6: there's no real pressure for the BOJA to actually increase 235 00:13:16,520 --> 00:13:21,880 Speaker 6: interest rates and to increase interests. Therefore, we also see 236 00:13:21,880 --> 00:13:25,280 Speaker 6: the Japanese yet and still suffering, going above one hundred 237 00:13:25,320 --> 00:13:28,000 Speaker 6: and sixty and maybe even heading to one hundred and seventy. 238 00:13:28,400 --> 00:13:29,840 Speaker 5: So it's a cheap currency. 239 00:13:30,280 --> 00:13:33,760 Speaker 6: But the macricanomic environment, there's a lot of structural changes 240 00:13:33,760 --> 00:13:36,880 Speaker 6: that are coming through, but currently in this cycle, we 241 00:13:36,960 --> 00:13:39,880 Speaker 6: actually don't really see the BOHA has a huge pressure 242 00:13:39,920 --> 00:13:43,800 Speaker 6: to increase interest rates, and therefore there's probably more weakness 243 00:13:43,840 --> 00:13:45,320 Speaker 6: in the store for the Japanese yet. 244 00:13:45,880 --> 00:13:48,400 Speaker 2: And because the PBOC is also in the news, I 245 00:13:48,400 --> 00:13:52,040 Speaker 2: got to ask you about that and borrowing bonds from 246 00:13:52,280 --> 00:13:55,880 Speaker 2: several key banks. Do you like that plan to perhaps 247 00:13:55,960 --> 00:14:00,280 Speaker 2: so way in to kind of keep to you know, 248 00:14:00,360 --> 00:14:02,680 Speaker 2: shore up and get in front of the rally. 249 00:14:03,040 --> 00:14:06,120 Speaker 6: I do think the people actually should cut interest rates, 250 00:14:06,440 --> 00:14:10,920 Speaker 6: should become more aggressive, probably even going down sort of 251 00:14:10,960 --> 00:14:15,240 Speaker 6: the power of what Western central banks have done doing 252 00:14:15,320 --> 00:14:19,440 Speaker 6: QE to reactivate basically the economy. 253 00:14:19,600 --> 00:14:20,720 Speaker 5: We're going to plan them. 254 00:14:20,760 --> 00:14:24,280 Speaker 6: I don't have a big expectations, but I do think 255 00:14:24,320 --> 00:14:27,200 Speaker 6: they actually should lower interest rates and not stabilize them. 256 00:14:27,280 --> 00:14:29,800 Speaker 2: Yeah, it makes it. It's a little easier, isn't it. Adrian, 257 00:14:29,800 --> 00:14:32,960 Speaker 2: thank you for joining us. Adrian Zirker, cio and head 258 00:14:32,960 --> 00:14:43,640 Speaker 2: of Global Asset Allocation at UBS Global Wealth Management. Let's 259 00:14:43,680 --> 00:14:46,680 Speaker 2: take a look at markets here with Chris Carey, portfolio manager, 260 00:14:46,800 --> 00:14:50,840 Speaker 2: Carnegie Investment Counsel, Carnegie as we would say in the States, 261 00:14:50,840 --> 00:14:54,640 Speaker 2: and Carnegie as yeah exactly. Yeah, good to have you 262 00:14:54,680 --> 00:14:57,440 Speaker 2: here on the program. Well, I'm kind of all ginned 263 00:14:57,520 --> 00:14:59,920 Speaker 2: up here on AI because we just had Dan ives 264 00:15:00,120 --> 00:15:04,960 Speaker 2: Gene Munster on allotting the prospects and we didn't have 265 00:15:05,000 --> 00:15:08,000 Speaker 2: a rebound in in Nvidia. The thing is, we haven't 266 00:15:08,120 --> 00:15:12,240 Speaker 2: had any negative warnings from in video or Broadcom, and 267 00:15:12,440 --> 00:15:15,080 Speaker 2: we haven't had anybody really talking about channel checks that 268 00:15:15,120 --> 00:15:18,880 Speaker 2: were disappointing. So is it still all systems go? Or 269 00:15:18,960 --> 00:15:20,080 Speaker 2: should we be careful here? 270 00:15:21,280 --> 00:15:25,560 Speaker 7: I still think for the meantime it's all systems go. 271 00:15:26,160 --> 00:15:27,440 Speaker 5: You know as well. 272 00:15:27,360 --> 00:15:29,120 Speaker 7: As anyone that the next stage of this is really 273 00:15:29,160 --> 00:15:31,640 Speaker 7: going to see. You know, they made all this investment, 274 00:15:32,040 --> 00:15:33,840 Speaker 7: how are we going to be able to actually monetize this? 275 00:15:33,920 --> 00:15:36,840 Speaker 7: And you know, we've start to see some examples of that, 276 00:15:37,000 --> 00:15:40,160 Speaker 7: but that's probably going to be you know, hopefully we'll 277 00:15:40,160 --> 00:15:43,200 Speaker 7: get a hint of that in this coming earning season, 278 00:15:43,920 --> 00:15:48,280 Speaker 7: which should kick off, I believe, beginning next Friday. But 279 00:15:48,680 --> 00:15:55,040 Speaker 7: I think that the level of exuberance and enthusiasm is 280 00:15:55,040 --> 00:15:56,119 Speaker 7: is well warranted. 281 00:15:56,680 --> 00:15:59,440 Speaker 1: Yeah, it's interesting. I remember reading some research a short 282 00:15:59,440 --> 00:16:02,160 Speaker 1: while back talking about the degree to which AI could 283 00:16:02,160 --> 00:16:06,600 Speaker 1: transform the financial services industry, the banking industry. I mean 284 00:16:06,600 --> 00:16:09,920 Speaker 1: there could be significant job losses here as the result 285 00:16:09,920 --> 00:16:13,400 Speaker 1: of artificial intelligence. But let's talk more broadly about the banks. 286 00:16:13,520 --> 00:16:16,760 Speaker 1: They do kick off earning season. We know what the 287 00:16:16,840 --> 00:16:19,040 Speaker 1: rates environment looks like these days. How do you think 288 00:16:19,040 --> 00:16:20,800 Speaker 1: the banks will come out in earning season. 289 00:16:22,160 --> 00:16:25,320 Speaker 7: I think that the guidance is going to be something 290 00:16:25,360 --> 00:16:28,760 Speaker 7: that we'll really like to see. Again, we have rates 291 00:16:28,800 --> 00:16:31,520 Speaker 7: still at five percent, so these guys are earning net 292 00:16:31,520 --> 00:16:35,760 Speaker 7: interest margins that are, you know, above what is usual, 293 00:16:36,920 --> 00:16:39,000 Speaker 7: and you know that's why it pays to own the 294 00:16:39,000 --> 00:16:43,400 Speaker 7: best of breeds banks like JP Morgan for instance. That's 295 00:16:43,440 --> 00:16:48,480 Speaker 7: where we are positioned. And it's going to be interesting 296 00:16:48,520 --> 00:16:54,080 Speaker 7: to see the commentary, especially with regards to any any 297 00:16:54,080 --> 00:16:59,160 Speaker 7: comments on an activity, as well as any further updates 298 00:16:59,160 --> 00:17:01,600 Speaker 7: we're seeing on that corporate real estate side. 299 00:17:02,640 --> 00:17:04,679 Speaker 2: And I guess the eight hundred pound gorilla in the 300 00:17:04,760 --> 00:17:09,000 Speaker 2: room really is is what happens with the presidency. Is 301 00:17:09,040 --> 00:17:12,960 Speaker 2: that something that has the potential to play big into 302 00:17:13,040 --> 00:17:16,000 Speaker 2: markets or are you sort of in the camp that says, 303 00:17:17,119 --> 00:17:18,600 Speaker 2: you know, we'll get by either way. 304 00:17:19,600 --> 00:17:22,000 Speaker 7: I'm I'm in the camp of what the data says 305 00:17:22,280 --> 00:17:24,639 Speaker 7: and the data never lies, which is that regardless of 306 00:17:24,680 --> 00:17:27,199 Speaker 7: what president is in office, the market does all right. 307 00:17:28,160 --> 00:17:32,000 Speaker 7: It doesn't matter if you're a Republican or a Democrat. 308 00:17:33,040 --> 00:17:36,000 Speaker 7: At the end of the day, these America still runs 309 00:17:36,040 --> 00:17:39,320 Speaker 7: on a capitalist system. These corporate America is very good 310 00:17:39,359 --> 00:17:42,080 Speaker 7: at making sure that they can maintain their margins. And 311 00:17:42,200 --> 00:17:45,560 Speaker 7: you know, we're investing in the biggest and best companies 312 00:17:46,560 --> 00:17:49,240 Speaker 7: within you know, the S and P five hundred and 313 00:17:49,280 --> 00:17:51,720 Speaker 7: so it doesn't really concern us. Are there going to 314 00:17:51,760 --> 00:17:56,560 Speaker 7: be certain sectors that will rally or falter as a result? Sure, 315 00:17:56,680 --> 00:18:00,280 Speaker 7: there always are, you know, private prisons were we're doing 316 00:18:00,320 --> 00:18:05,320 Speaker 7: well after Thursday's debate. But for the average investor, for 317 00:18:05,520 --> 00:18:09,080 Speaker 7: how we think about allocating our funds, you know that 318 00:18:10,000 --> 00:18:12,040 Speaker 7: we invest for the decade. So this really is just 319 00:18:12,880 --> 00:18:14,840 Speaker 7: you know, short term, short term noise. 320 00:18:14,920 --> 00:18:17,159 Speaker 1: Really okay, but maybe there's a little bit of signal 321 00:18:17,160 --> 00:18:20,119 Speaker 1: here when it comes to the possibility of tariffs and 322 00:18:20,240 --> 00:18:23,360 Speaker 1: tax cuts. I mean both of those, Well, the tariffs 323 00:18:23,440 --> 00:18:26,320 Speaker 1: issue would point to rising inflation. Tax cuts. The bond 324 00:18:26,400 --> 00:18:29,560 Speaker 1: market is not going to like a worsening fiscal situation, 325 00:18:29,800 --> 00:18:31,960 Speaker 1: So this could play out in the bond market. 326 00:18:33,040 --> 00:18:36,800 Speaker 7: Yeah, and you know, we saw today that the ten 327 00:18:36,880 --> 00:18:40,800 Speaker 7: years are nicely and it's America's birthday tomorrow, but today 328 00:18:40,880 --> 00:18:43,679 Speaker 7: is the second birthday of the your cut curve and version, 329 00:18:43,760 --> 00:18:46,120 Speaker 7: and where finally looks like we're seeing a bit of steepening, 330 00:18:46,960 --> 00:18:49,200 Speaker 7: which is which is good. But you know, you're right, 331 00:18:49,280 --> 00:18:54,320 Speaker 7: the fiscal deficit problem in the United States is one 332 00:18:54,359 --> 00:18:57,199 Speaker 7: that is becoming harder and harder to ignore on our 333 00:18:57,240 --> 00:19:00,440 Speaker 7: service for cost for servicing, the debt is geting much 334 00:19:00,480 --> 00:19:03,159 Speaker 7: higher than it is for you know, our defense budget. 335 00:19:03,359 --> 00:19:06,760 Speaker 7: And this is something that even you're seeing j Powell 336 00:19:06,760 --> 00:19:09,000 Speaker 7: start to even though citizen weigh in on fiscal policy, 337 00:19:09,040 --> 00:19:11,720 Speaker 7: he's trying to He talked about that in Portugal the 338 00:19:11,720 --> 00:19:14,320 Speaker 7: other day, where it's becoming more and more of a concern. 339 00:19:14,480 --> 00:19:18,800 Speaker 7: And I think that you know, this is probably problems 340 00:19:18,800 --> 00:19:21,080 Speaker 7: getting harder to ignore, and it it will have to 341 00:19:21,119 --> 00:19:25,879 Speaker 7: be addressed by either administration whoever happens to get into 342 00:19:27,760 --> 00:19:28,439 Speaker 7: into power. 343 00:19:29,400 --> 00:19:31,359 Speaker 2: In the short term, we're about to head into a 344 00:19:31,400 --> 00:19:33,840 Speaker 2: period where there are going to be some that worry 345 00:19:33,840 --> 00:19:37,200 Speaker 2: about a rapid falloff in growth versus the others who 346 00:19:37,240 --> 00:19:42,359 Speaker 2: think this is a comfortable moderating Where do you sit 347 00:19:42,400 --> 00:19:42,639 Speaker 2: on that? 348 00:19:44,000 --> 00:19:46,399 Speaker 7: I think I'm more in the in the camp and 349 00:19:46,520 --> 00:19:49,880 Speaker 7: it's a we're in a comfortable, moderating place. But I'll 350 00:19:49,960 --> 00:19:53,480 Speaker 7: admit I'm a bit purtued by the Federal Reserve and 351 00:19:53,600 --> 00:19:58,200 Speaker 7: they're you know, hesitance still to want to get more data. 352 00:19:58,200 --> 00:20:00,960 Speaker 7: They are slaves to high frequency data. Every time we 353 00:20:01,000 --> 00:20:02,560 Speaker 7: hear them, it's like, oh, we need more data, Oh 354 00:20:02,560 --> 00:20:05,000 Speaker 7: we need more data. But the fact is that, you know, 355 00:20:05,040 --> 00:20:08,600 Speaker 7: the unemployment rate has climbed to you know, four percent, 356 00:20:09,040 --> 00:20:12,080 Speaker 7: that's that's up point six percent since April of twenty 357 00:20:12,080 --> 00:20:16,800 Speaker 7: twenty three. We're seeing the core inflation has called if 358 00:20:16,840 --> 00:20:19,680 Speaker 7: you look at inflation as a whole, we've had twelve 359 00:20:19,720 --> 00:20:23,000 Speaker 7: months stretch under four percent. That's great if you consider 360 00:20:23,119 --> 00:20:26,680 Speaker 7: why we were previously. And you also have the fact 361 00:20:26,720 --> 00:20:30,520 Speaker 7: that the labor market is starting to cool down. If 362 00:20:30,520 --> 00:20:34,480 Speaker 7: you look at a beverage curve, how much more can 363 00:20:34,520 --> 00:20:40,679 Speaker 7: we let the labor market call before we see unemployment 364 00:20:41,080 --> 00:20:46,600 Speaker 7: start to climb. I think that the Fed is really 365 00:20:46,640 --> 00:20:48,200 Speaker 7: needs to wake up. 366 00:20:48,440 --> 00:20:49,080 Speaker 2: And you know, J. 367 00:20:49,200 --> 00:20:53,200 Speaker 7: Powell himself said that you can't really pull a significance 368 00:20:53,200 --> 00:20:55,720 Speaker 7: from the US economy from a twenty five basis point cup, 369 00:20:55,920 --> 00:20:57,160 Speaker 7: So why not start now? 370 00:20:57,440 --> 00:21:08,200 Speaker 2: Chris? Thank you. Chris Carey from Carnegie Investment counsel. Well, 371 00:21:08,200 --> 00:21:10,480 Speaker 2: the pressure on Joe Biden to drop out of the 372 00:21:10,560 --> 00:21:14,600 Speaker 2: US presidential race has intensified. Let's get to Ed Baxter 373 00:21:14,760 --> 00:21:16,320 Speaker 2: in San Francisco with the story. 374 00:21:16,480 --> 00:21:16,520 Speaker 3: Ed. 375 00:21:16,960 --> 00:21:19,959 Speaker 8: Yeah, that's right, Brian. The drum beat for the Democratic 376 00:21:19,960 --> 00:21:22,520 Speaker 8: Party to find its path forward has increased today, as 377 00:21:22,560 --> 00:21:24,720 Speaker 8: you say, and it appears to be moving in two 378 00:21:24,840 --> 00:21:28,000 Speaker 8: directions right now. We'll go through it and get some context. 379 00:21:28,240 --> 00:21:30,679 Speaker 8: The latest says a governor's meeting with a president. We 380 00:21:30,800 --> 00:21:35,560 Speaker 8: have several governors coming out saying, like Governor Wes Moore Maryland, 381 00:21:35,560 --> 00:21:38,639 Speaker 8: he says president is in in a to win it. 382 00:21:38,920 --> 00:21:42,320 Speaker 8: Minnesota Governor Tim Wall saying the president is fit. Joining 383 00:21:42,359 --> 00:21:46,560 Speaker 8: us live is Christian Hall Bloomberg, Government Congressional reporter, Christian, 384 00:21:46,560 --> 00:21:49,960 Speaker 8: thank you so much for being with us. Does that 385 00:21:50,080 --> 00:21:54,320 Speaker 8: seem what governors Waltz and more are saying? Does that 386 00:21:54,320 --> 00:21:57,240 Speaker 8: seem to be the consensus of that meeting coming out? 387 00:21:58,359 --> 00:22:00,760 Speaker 4: Look, I mean, I think we have to realize that 388 00:22:00,840 --> 00:22:03,960 Speaker 4: the stakes are very high for President Biden right now 389 00:22:04,320 --> 00:22:07,760 Speaker 4: after that meeting with the governors, his top goal is 390 00:22:07,800 --> 00:22:12,480 Speaker 4: to project confidence and ensure that you know, he can 391 00:22:12,520 --> 00:22:16,000 Speaker 4: continue the job as president. But the stakes are incredibly 392 00:22:16,080 --> 00:22:19,320 Speaker 4: high for him right now. Over the next couple of days. 393 00:22:19,400 --> 00:22:22,360 Speaker 4: He's going to have to make sure that his appearances 394 00:22:22,760 --> 00:22:25,679 Speaker 4: over the next few days are very strong, and he 395 00:22:25,760 --> 00:22:29,760 Speaker 4: has to really instill in lawmakers key donors that he 396 00:22:29,840 --> 00:22:31,960 Speaker 4: has what it takes to run again. 397 00:22:32,760 --> 00:22:35,360 Speaker 8: Yeah, at good points. And the governors are not directly 398 00:22:35,400 --> 00:22:38,560 Speaker 8: involved in the down ballot race is as closely as 399 00:22:38,560 --> 00:22:41,920 Speaker 8: House members and what we've been seeing bloombergo all day, 400 00:22:41,920 --> 00:22:44,080 Speaker 8: and I know you're seeing it and reporting it. It's 401 00:22:44,119 --> 00:22:46,440 Speaker 8: a bit of a different drum beat coming out from 402 00:22:46,560 --> 00:22:47,800 Speaker 8: from Congress, isn't it. 403 00:22:49,040 --> 00:22:49,200 Speaker 1: Oh? 404 00:22:49,280 --> 00:22:53,639 Speaker 4: Absolutely. I mean we are now seeing key lawmakers in 405 00:22:53,680 --> 00:22:57,960 Speaker 4: the House who are saying that President Biden should step down. 406 00:22:58,920 --> 00:23:02,359 Speaker 4: I think that, you know, President Biden wants to see 407 00:23:02,400 --> 00:23:05,480 Speaker 4: the debate. It's just, you know, a bad performance. But 408 00:23:05,840 --> 00:23:08,840 Speaker 4: there are a lot of questions from lawmakers whether or 409 00:23:08,880 --> 00:23:11,639 Speaker 4: not he has what it takes to move forward. And 410 00:23:11,680 --> 00:23:14,960 Speaker 4: they would prefer for the president to be honest. Some 411 00:23:15,000 --> 00:23:17,800 Speaker 4: of them feel that they've been blindsided. They would prefer 412 00:23:17,840 --> 00:23:20,600 Speaker 4: for him to be honest and straightforward, letting them know 413 00:23:21,080 --> 00:23:23,040 Speaker 4: where he's at right now and whether or not he 414 00:23:23,080 --> 00:23:23,800 Speaker 4: can do the job. 415 00:23:24,560 --> 00:23:29,240 Speaker 8: Yeah, now and the congressional races down ballot. There are 416 00:23:29,240 --> 00:23:33,600 Speaker 8: two very interesting things going on too. Two congressmen coming 417 00:23:33,640 --> 00:23:36,879 Speaker 8: out publicly, and then there's a letter that apparently has 418 00:23:36,920 --> 00:23:40,320 Speaker 8: been drafted by a dozen or so other congress people. 419 00:23:40,720 --> 00:23:42,880 Speaker 8: What do we know about that. It's not been released yet. 420 00:23:44,160 --> 00:23:47,560 Speaker 4: It hasn't been released right now. I think that what 421 00:23:47,600 --> 00:23:50,959 Speaker 4: we're seeing right now is, you know, the folks up 422 00:23:50,960 --> 00:23:53,520 Speaker 4: on the hill, they are trying to Democrats on the 423 00:23:53,600 --> 00:23:57,000 Speaker 4: Hill are really trying to come together and present this 424 00:23:57,080 --> 00:24:00,760 Speaker 4: kind of unified, you know, stance on what the next 425 00:24:00,800 --> 00:24:03,520 Speaker 4: steps should be. At the end of the day, we 426 00:24:03,560 --> 00:24:06,679 Speaker 4: can't forget that President Biden is the leader of the 427 00:24:06,720 --> 00:24:11,160 Speaker 4: party right and we are just a few months out 428 00:24:11,200 --> 00:24:14,920 Speaker 4: from November, so the stakes are really high. I think 429 00:24:14,960 --> 00:24:17,199 Speaker 4: that they're going to try to make sure that whatever 430 00:24:17,320 --> 00:24:20,880 Speaker 4: decision that they make moving forward is in the best 431 00:24:20,920 --> 00:24:24,200 Speaker 4: interest in defeating President Trump in November. Yeah. 432 00:24:24,240 --> 00:24:26,359 Speaker 8: Now, there's an interesting piece up on the Bloomberg saying, 433 00:24:26,359 --> 00:24:28,760 Speaker 8: to be very hard if Biden is not going to 434 00:24:28,760 --> 00:24:31,600 Speaker 8: be the choice for the Democratic Party to turn its 435 00:24:31,640 --> 00:24:35,480 Speaker 8: back on Kamala Harris so that she's actually polling better. Now, 436 00:24:35,560 --> 00:24:36,520 Speaker 8: what do we know there. 437 00:24:37,560 --> 00:24:41,320 Speaker 4: Well, I think that's a very good point. It would 438 00:24:41,320 --> 00:24:44,880 Speaker 4: be very difficult for Democrats to kind of overlook Vice 439 00:24:44,960 --> 00:24:50,280 Speaker 4: President Kamala Harris should she become, you know, the person 440 00:24:50,320 --> 00:24:54,600 Speaker 4: that would step in line to be the nominee for 441 00:24:54,640 --> 00:24:57,840 Speaker 4: the Democratic Party, especially when it comes to black voters. 442 00:24:57,880 --> 00:25:01,119 Speaker 4: I mean, the weight that black voters will have in 443 00:25:01,240 --> 00:25:04,880 Speaker 4: this selection is significant. I mean they help President Joe 444 00:25:04,920 --> 00:25:09,680 Speaker 4: Biden enter office in twenty twenty and defeat Trump. So 445 00:25:10,000 --> 00:25:14,480 Speaker 4: it's very important that the Democratic Party kind of looks 446 00:25:14,520 --> 00:25:17,920 Speaker 4: at those key demographics within the party seeing you know, 447 00:25:18,320 --> 00:25:21,879 Speaker 4: what those voters want to see if Joe Biden is 448 00:25:21,960 --> 00:25:24,040 Speaker 4: not the Democratic nominee. 449 00:25:24,359 --> 00:25:26,440 Speaker 8: All right, Christian, thank you so much for your time, 450 00:25:26,600 --> 00:25:29,840 Speaker 8: really appreciate it. That is a Bloomberg's Christian Hall Bloomberg 451 00:25:29,880 --> 00:25:32,520 Speaker 8: Government Congression Report. I want to just add one other 452 00:25:32,600 --> 00:25:35,760 Speaker 8: note here, putting a little more impetus on having to 453 00:25:35,760 --> 00:25:38,159 Speaker 8: make there's some kind of firm decision. There are some 454 00:25:38,200 --> 00:25:41,600 Speaker 8: deadlines living Ohio, for example, as I believe August eighth 455 00:25:41,920 --> 00:25:44,679 Speaker 8: is to get a Democratic name on the ballot. 456 00:25:47,520 --> 00:25:50,439 Speaker 1: This has been the Bloomberg Daybreak Asia podcast, bringing you 457 00:25:50,520 --> 00:25:53,119 Speaker 1: the stories, making news and moving markets in the Asia 458 00:25:53,160 --> 00:25:56,960 Speaker 1: Pacific Visit the Bloomberg Podcast channel on YouTube to get 459 00:25:57,040 --> 00:26:00,800 Speaker 1: more episodes of this and other shows from Bloomberg. Subscribe 460 00:26:00,800 --> 00:26:04,680 Speaker 1: to the podcast on Apple, Spotify, or anywhere else you listen, 461 00:26:04,800 --> 00:26:07,919 Speaker 1: and always on Bloomberg Radio, the Bloomberg Terminal, and the 462 00:26:07,920 --> 00:26:09,000 Speaker 1: Bloomberg Business app.