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Speaker 2: Joining us is Billy House, Bloomberg Congressional reporter. So we've
Speaker 2: seen a lot of reports this morning about eroding support
Speaker 2: for President Biden on Capitol Hill, and we also saw
Speaker 2: the governor as the Democratic governors come out and basically
Speaker 2: kind of back him up a little bit. So I'm
Speaker 2: not sure if we have stacis, but is there a
Speaker 2: catalyst that might be looming on this, Billy Well.
Speaker 3: I think what we're building up to our several public
Speaker 3: events that the president is set to take part in,
Speaker 3: including an ABC interview in time on Friday and some
Speaker 3: other public events. I think those are going to be
Speaker 3: the big tests for all these to shore up support
Speaker 3: from all these wavering congressional members, rank and file Democrats
Speaker 3: who are saying, you know, they wonder if he should
Speaker 3: just leave step down and let somebody else run for president.
Speaker 3: So the next few days appear to be critical ones,
Speaker 3: even as Biden is publicly saying he's not resigning.
Speaker 1: Billy a wise man once told me, if you can
Speaker 1: measure it, you can manage it. We get the Morning
Speaker 1: Console poll, the Bloomberg Morning Console Poll, I think Friday morning.
Speaker 1: If there is an erosion in support in the polling
Speaker 1: data for the president, does that necessarily move the needle?
Speaker 1: Do you think?
Speaker 3: Well, it's interesting you say that because the Biden campaign
Speaker 3: itself anticipating some erosion, sit to Democratic members of Congress
Speaker 3: today a memo saying, hey, there could be a dip
Speaker 3: in the next few days and some of these polls,
Speaker 3: but that's just a snapshot in time, and overall it
Speaker 3: remains within it. He remains within the margin of error.
Speaker 3: It's still competitive, and and ask them sort of to
Speaker 3: keep their powder drt.
Speaker 2: So there are a number of possible outcomes here. The
Speaker 2: president could could decide to stay in office but not run.
Speaker 2: He could also resign. He could resign inside health or
Speaker 2: or something like that. And is the compromise maybe that
Speaker 2: he doesn't have to resign while he's in office. He
Speaker 2: just serves out this term and then says that he
Speaker 2: believes he might be a little too old to run again,
Speaker 2: and then the Democratic National Committee could could find, you know,
Speaker 2: someone to run, like Kamala Harris or or whatever. Are
Speaker 2: you hearing anything that might indicate which of those two
Speaker 2: are more likely?
Speaker 3: Oh, I think I think the idea that he would
Speaker 3: stick it out for the rest of his term is
Speaker 3: far more likely. I think the issue is whether he
Speaker 3: would withdraw from the presidential race. And I think that
Speaker 3: in discussions, and we don't know, we're not in the
Speaker 3: private discussions, but there are discussions about whether his vice
Speaker 3: president would be the party's choice to replace him on
Speaker 3: the ballot. I think that he is angling, although he's
Speaker 3: not saying he's going to leave that if he does
Speaker 3: decide to leave, that he wants his vice president at
Speaker 3: the top. That's anything but a given. As you suggested,
Speaker 3: there's a lot of differences within the party about Kamala Harris.
Speaker 1: What do we know about the other camp, the Trump camp?
Speaker 1: And I was reading the other day that he is
Speaker 1: now delaying the announcement of his running mate until he
Speaker 1: sees how the dust settles out on the Democratic side.
Speaker 1: Is that right?
Speaker 4: Yeah?
Speaker 3: Well, I don't think he wants that buried so much
Speaker 3: that he that's his little jewel to unveil pillback, so
Speaker 3: also doesn't want to interrupt what has been at least
Speaker 3: first glance, good news for him. Though you got to
Speaker 3: wonder if, really, if the polls show him beating Biden,
Speaker 3: whether in the long run a replacement is necessarily good
Speaker 3: news for the former president.
Speaker 2: What would be the process for if President Biden decided
Speaker 2: to step aside, or was in effect forced to step aside.
Speaker 2: What would be the process then for having a race
Speaker 2: to see who would be on the on the nominee position.
Speaker 3: That's all over the board, and it's not certain there
Speaker 3: is a set process. I think some in the Biden
Speaker 3: camp just want him to be able to pick probably
Speaker 3: Harrister on Others want a sort of a mini primary.
Speaker 3: However that would be held, and whether it be at
Speaker 3: the convention in August or it'd have to be way
Speaker 3: before then. Somehow, there's really no set pattern for how
Speaker 3: to do this, and I think that's part of the
Speaker 3: confusion and what Biden is kind of waiting into if
Speaker 3: you met does decide to leave Billy.
Speaker 1: A lot has been written, as you know, on the
Speaker 1: influence that the family has over the president. Is that
Speaker 1: what we really need to pay attention to. I mean
Speaker 1: Jill Biden and the immediate family members and maybe some
Speaker 1: very very close advisors.
Speaker 3: I think that's absolutely correct. Maybe not so much Hunter Biden,
Speaker 3: though he is described as being in the room nowadays
Speaker 3: with the president. But Jill Biden, I think does carry
Speaker 3: a great amount of weight and what he does obviously,
Speaker 3: and I think that she is also helping to guide
Speaker 3: the potential paths ahead. We'll have to wait and see,
Speaker 3: but I think there's no doubt that she's been very
Speaker 3: instrumental in some of the discussions taking place.
Speaker 2: You know, if we were to look forward and talk
Speaker 2: about some sort of competition between Kamala Harris, maybe Governor
Speaker 2: Newsom from California, Wes Moore from Maryland, and Gretchen Whitner
Speaker 2: in Michigan, what do you hear from people? I mean,
Speaker 2: are there you know, sort of in back room discussions.
Speaker 2: Are you hearing that anyone sort of stands at the top.
Speaker 3: Well, I think Biden's favored obviously as his vice president,
Speaker 3: But there is polling no matter whose opinion is. There
Speaker 3: has been some polling about a backup candidate, and it
Speaker 3: does show kind of a resurgence or of Harris popularity
Speaker 3: that might surprise some. But Boodagij Whitmer knew some more
Speaker 3: from Maryland, others there in there too, So I think
Speaker 3: that focus would become greater on each of these potential
Speaker 3: candidates if something were to break.
Speaker 2: Billy, thank you, Billy Howes Bloombergy, Congressional reporter. Adrian Zerker,
Speaker 2: CIO and head of Global Asset Allocation at UBS Global
Speaker 2: Wealth Management. Adrian, thank you for coming in the studios.
Speaker 2: I think I heard your heart start to be faster
Speaker 2: when I mentioned we'd be talking about President Biden and
Speaker 2: what's happening with that whole saga at the moment. I'll
Speaker 2: give you a few moments to maybe anticipate a question there.
Speaker 5: Let's talk first about the Fed.
Speaker 2: It seems like now and this was not reflected in
Speaker 2: the minutes because that was last month, but it seems
Speaker 2: like now there is recognition that you are seeing growth
Speaker 2: moderating and we are seeing this inflation kind of take hold.
Speaker 2: Do you agree and you expect that the Fed will
Speaker 2: alter its commentary soon.
Speaker 6: Well, it's a very good question, and I think we
Speaker 6: have seen Powell or her Powell in Cintra talking relatively dorbishly,
Speaker 6: much more dorbash than doing the FMC meetings, and that's
Speaker 6: a reflection. I think what the FED has done over
Speaker 6: the last couple of months. They were looking in the
Speaker 6: rare mirror and driving straight forward and the rare mirroad.
Speaker 6: Looking at data that are coming from the past that
Speaker 6: still showing inflation pressure has been probably a bit misleading.
Speaker 6: If you look at most of the economic models that
Speaker 6: the FED is actually looking at, they only should cut
Speaker 6: interest rates, and therefore I think it's just a matter
Speaker 6: of time until some certain factors like shelter particular oeer
Speaker 6: rents or inflation is actually coming off. Then we had
Speaker 6: some eadiosyncratic factor like car insurance, but that has now
Speaker 6: peaked out. It's rolling over an ear ear basis and
Speaker 6: also on amounts on months basis.
Speaker 5: So I think we get this evidence.
Speaker 6: Of inflationy pressure or this inflationary pressure that will open
Speaker 6: up the room for cuts to lie. Probably too early,
Speaker 6: let's see what's coming out of the non vae pay roll.
Speaker 6: But I guess JU lies too early. But September definitely life.
Speaker 1: Speaking of being too early, I'm wondering if it's too
Speaker 1: early to begin anticipating how the market may react to
Speaker 1: a Trump presidency. Tax cuts, tariffs. I mean that would
Speaker 1: be both of those I think would be a huge
Speaker 1: negative for the bond market, wouldn't you agree.
Speaker 5: It's a very complex mix at the moment.
Speaker 6: Clearly can see that there's pressure also on depth sustainability.
Speaker 6: But we also think Trump is very aware that inflation
Speaker 6: has been a key factor he actually got elected. I
Speaker 6: think mister Biden is probably a very unpopular president because inflation,
Speaker 6: if you look at the employment rates, very very low,
Speaker 6: the economic.
Speaker 5: Factor is actually relatively strong.
Speaker 6: So the key factor for Trump to get elected is
Speaker 6: the inflation factor, which is definitely a huge headwind. And
Speaker 6: so increasing tariffs, spending a lot will create more inflation,
Speaker 6: and that's probably something even mister Trump will anticipate, and
Speaker 6: therefore we are not sure how quickly it will happen.
Speaker 6: So the risk is definitely for higher rates, but we
Speaker 6: will have to see until he really gets elected and
Speaker 6: then also how the Senate looks like.
Speaker 2: Adrian, do you feel that President Biden is wrongfully maligned
Speaker 2: for inflation?
Speaker 6: In one hand, yes, I mean go back in twenty
Speaker 6: two any we had an unprecedented situation, and to get
Speaker 6: out of this unprecedented situation, you had to print money.
Speaker 6: You had to throw everything on this economy that you
Speaker 6: actually were able to put and that's what they did.
Speaker 6: And the Fed was very data dependent. There are four
Speaker 6: hundred PhD economists haven't seen what's happening to inflation. It's
Speaker 6: sky rocked. They were behind basically the inflation pattern. They
Speaker 6: had to increase interest rates very aggressively, but it came
Speaker 6: too late, and that's a reflection. So it's difficult to
Speaker 6: blame Biden. But we also have seen fiscal deficit is
Speaker 6: still extended, and so it's a mix of course that
Speaker 6: we have to take into account.
Speaker 1: Would you be betting Adrian that we're going to see
Speaker 1: a lot more in the way of dollar weakness right
Speaker 1: now or is there too early to make that call.
Speaker 6: So it's quite a tricky situation. We think the dollars
Speaker 6: should weaken. We actually do think the Fed will cut
Speaker 6: in September and they will also cut in December. I
Speaker 6: think we get more indication even from the labor market looking.
Speaker 5: At the latest Charles data.
Speaker 6: But then mister Trump could be actually positive for the
Speaker 6: US doll at least temporarily so purely macroeconomic environment, we
Speaker 6: think the dollar is too expensive, it will weaken. The
Speaker 6: FED is basically the last major central bank that will
Speaker 6: cut interest rate, which is quite unique, and therefore there
Speaker 6: should be weakness coming through. And then we have a
Speaker 6: political situation which might give temporary support for the wist dollar,
Speaker 6: but probably not a long term support.
Speaker 2: So here we are in a situation where we're about
Speaker 2: ready to see a change in government in the UK,
Speaker 2: possibly in France, and quite possibly in the United States.
Speaker 2: On the one hand, that makes me nervous if I'm
Speaker 2: in the market, and the other end, we just had
Speaker 2: Dan Ives and Gene Munster on the program, just lauding
Speaker 2: the prospects for artificial intelligence, which one of those themes
Speaker 2: will dominate markets more over the next year too.
Speaker 5: Well.
Speaker 6: I do think usually political markets are quite short lived,
Speaker 6: have short legs. That's a quick pricing in. I think
Speaker 6: the UK election, even the French election, will be more
Speaker 6: temporary concern for the markets we have seen. Trump is
Speaker 6: a different story, particularly the trade war situation. Of course,
Speaker 6: we'll have to see how aggressive Trump will be eventually,
Speaker 6: how quickly he will act on that part, so that
Speaker 6: might resonate a little bit longer, but I do think
Speaker 6: that the AI story is definitely one of the key aspects.
Speaker 5: And looking a bit more shorter and we going.
Speaker 6: To earning seasons, we have still seen very strong AI
Speaker 6: KPAX related kpax basically over the last couple of months.
Speaker 6: We actually do think that this could drive markets higher.
Speaker 6: We see the fat probably cutting interest rates more evidence
Speaker 6: for that. So I do think we actually have a
Speaker 6: relatively solid market environment until we get a bit closer
Speaker 6: to the November.
Speaker 1: Before we let you go, can we get your view
Speaker 1: on Japan the PBOC, the degree to which they may
Speaker 1: be behind the curve a little bit and bog I'm sorry,
Speaker 1: and the degree to which they really need to make
Speaker 1: a decision this month in July to Titan.
Speaker 6: Well, looking at the macrocanomic environment, inflation where it coulds going,
Speaker 6: there's no real pressure for the BOJA to actually increase
Speaker 6: interest rates and to increase interests. Therefore, we also see
Speaker 6: the Japanese yet and still suffering, going above one hundred
Speaker 6: and sixty and maybe even heading to one hundred and seventy.
Speaker 5: So it's a cheap currency.
Speaker 6: But the macricanomic environment, there's a lot of structural changes
Speaker 6: that are coming through, but currently in this cycle, we
Speaker 6: actually don't really see the BOHA has a huge pressure
Speaker 6: to increase interest rates, and therefore there's probably more weakness
Speaker 6: in the store for the Japanese yet.
Speaker 2: And because the PBOC is also in the news, I
Speaker 2: got to ask you about that and borrowing bonds from
Speaker 2: several key banks. Do you like that plan to perhaps
Speaker 2: so way in to kind of keep to you know,
Speaker 2: shore up and get in front of the rally.
Speaker 6: I do think the people actually should cut interest rates,
Speaker 6: should become more aggressive, probably even going down sort of
Speaker 6: the power of what Western central banks have done doing
Speaker 6: QE to reactivate basically the economy.
Speaker 5: We're going to plan them.
Speaker 6: I don't have a big expectations, but I do think
Speaker 6: they actually should lower interest rates and not stabilize them.
Speaker 2: Yeah, it makes it. It's a little easier, isn't it. Adrian,
Speaker 2: thank you for joining us. Adrian Zirker, cio and head
Speaker 2: of Global Asset Allocation at UBS Global Wealth Management. Let's
Speaker 2: take a look at markets here with Chris Carey, portfolio manager,
Speaker 2: Carnegie Investment Counsel, Carnegie as we would say in the States,
Speaker 2: and Carnegie as yeah exactly. Yeah, good to have you
Speaker 2: here on the program. Well, I'm kind of all ginned
Speaker 2: up here on AI because we just had Dan ives
Speaker 2: Gene Munster on allotting the prospects and we didn't have
Speaker 2: a rebound in in Nvidia. The thing is, we haven't
Speaker 2: had any negative warnings from in video or Broadcom, and
Speaker 2: we haven't had anybody really talking about channel checks that
Speaker 2: were disappointing. So is it still all systems go? Or
Speaker 2: should we be careful here?
Speaker 7: I still think for the meantime it's all systems go.
Speaker 5: You know as well.
Speaker 7: As anyone that the next stage of this is really
Speaker 7: going to see. You know, they made all this investment,
Speaker 7: how are we going to be able to actually monetize this?
Speaker 7: And you know, we've start to see some examples of that,
Speaker 7: but that's probably going to be you know, hopefully we'll
Speaker 7: get a hint of that in this coming earning season,
Speaker 7: which should kick off, I believe, beginning next Friday. But
Speaker 7: I think that the level of exuberance and enthusiasm is
Speaker 7: is well warranted.
Speaker 1: Yeah, it's interesting. I remember reading some research a short
Speaker 1: while back talking about the degree to which AI could
Speaker 1: transform the financial services industry, the banking industry. I mean
Speaker 1: there could be significant job losses here as the result
Speaker 1: of artificial intelligence. But let's talk more broadly about the banks.
Speaker 1: They do kick off earning season. We know what the
Speaker 1: rates environment looks like these days. How do you think
Speaker 1: the banks will come out in earning season.
Speaker 7: I think that the guidance is going to be something
Speaker 7: that we'll really like to see. Again, we have rates
Speaker 7: still at five percent, so these guys are earning net
Speaker 7: interest margins that are, you know, above what is usual,
Speaker 7: and you know that's why it pays to own the
Speaker 7: best of breeds banks like JP Morgan for instance. That's
Speaker 7: where we are positioned. And it's going to be interesting
Speaker 7: to see the commentary, especially with regards to any any
Speaker 7: comments on an activity, as well as any further updates
Speaker 7: we're seeing on that corporate real estate side.
Speaker 2: And I guess the eight hundred pound gorilla in the
Speaker 2: room really is is what happens with the presidency. Is
Speaker 2: that something that has the potential to play big into
Speaker 2: markets or are you sort of in the camp that says,
Speaker 2: you know, we'll get by either way.
Speaker 7: I'm I'm in the camp of what the data says
Speaker 7: and the data never lies, which is that regardless of
Speaker 7: what president is in office, the market does all right.
Speaker 7: It doesn't matter if you're a Republican or a Democrat.
Speaker 7: At the end of the day, these America still runs
Speaker 7: on a capitalist system. These corporate America is very good
Speaker 7: at making sure that they can maintain their margins. And
Speaker 7: you know, we're investing in the biggest and best companies
Speaker 7: within you know, the S and P five hundred and
Speaker 7: so it doesn't really concern us. Are there going to
Speaker 7: be certain sectors that will rally or falter as a result? Sure,
Speaker 7: there always are, you know, private prisons were we're doing
Speaker 7: well after Thursday's debate. But for the average investor, for
Speaker 7: how we think about allocating our funds, you know that
Speaker 7: we invest for the decade. So this really is just
Speaker 7: you know, short term, short term noise.
Speaker 1: Really okay, but maybe there's a little bit of signal
Speaker 1: here when it comes to the possibility of tariffs and
Speaker 1: tax cuts. I mean both of those, Well, the tariffs
Speaker 1: issue would point to rising inflation. Tax cuts. The bond
Speaker 1: market is not going to like a worsening fiscal situation,
Speaker 1: So this could play out in the bond market.
Speaker 7: Yeah, and you know, we saw today that the ten
Speaker 7: years are nicely and it's America's birthday tomorrow, but today
Speaker 7: is the second birthday of the your cut curve and version,
Speaker 7: and where finally looks like we're seeing a bit of steepening,
Speaker 7: which is which is good. But you know, you're right,
Speaker 7: the fiscal deficit problem in the United States is one
Speaker 7: that is becoming harder and harder to ignore on our
Speaker 7: service for cost for servicing, the debt is geting much
Speaker 7: higher than it is for you know, our defense budget.
Speaker 7: And this is something that even you're seeing j Powell
Speaker 7: start to even though citizen weigh in on fiscal policy,
Speaker 7: he's trying to He talked about that in Portugal the
Speaker 7: other day, where it's becoming more and more of a concern.
Speaker 7: And I think that you know, this is probably problems
Speaker 7: getting harder to ignore, and it it will have to
Speaker 7: be addressed by either administration whoever happens to get into
Speaker 7: into power.
Speaker 2: In the short term, we're about to head into a
Speaker 2: period where there are going to be some that worry
Speaker 2: about a rapid falloff in growth versus the others who
Speaker 2: think this is a comfortable moderating Where do you sit
Speaker 2: on that?
Speaker 7: I think I'm more in the in the camp and
Speaker 7: it's a we're in a comfortable, moderating place. But I'll
Speaker 7: admit I'm a bit purtued by the Federal Reserve and
Speaker 7: they're you know, hesitance still to want to get more data.
Speaker 7: They are slaves to high frequency data. Every time we
Speaker 7: hear them, it's like, oh, we need more data, Oh
Speaker 7: we need more data. But the fact is that, you know,
Speaker 7: the unemployment rate has climbed to you know, four percent,
Speaker 7: that's that's up point six percent since April of twenty
Speaker 7: twenty three. We're seeing the core inflation has called if
Speaker 7: you look at inflation as a whole, we've had twelve
Speaker 7: months stretch under four percent. That's great if you consider
Speaker 7: why we were previously. And you also have the fact
Speaker 7: that the labor market is starting to cool down. If
Speaker 7: you look at a beverage curve, how much more can
Speaker 7: we let the labor market call before we see unemployment
Speaker 7: start to climb. I think that the Fed is really
Speaker 7: needs to wake up.
Speaker 2: And you know, J.
Speaker 7: Powell himself said that you can't really pull a significance
Speaker 7: from the US economy from a twenty five basis point cup,
Speaker 7: So why not start now?
Speaker 2: Chris? Thank you. Chris Carey from Carnegie Investment counsel. Well,
Speaker 2: the pressure on Joe Biden to drop out of the
Speaker 2: US presidential race has intensified. Let's get to Ed Baxter
Speaker 2: in San Francisco with the story.
Speaker 3: Ed.
Speaker 8: Yeah, that's right, Brian. The drum beat for the Democratic
Speaker 8: Party to find its path forward has increased today, as
Speaker 8: you say, and it appears to be moving in two
Speaker 8: directions right now. We'll go through it and get some context.
Speaker 8: The latest says a governor's meeting with a president. We
Speaker 8: have several governors coming out saying, like Governor Wes Moore Maryland,
Speaker 8: he says president is in in a to win it.
Speaker 8: Minnesota Governor Tim Wall saying the president is fit. Joining
Speaker 8: us live is Christian Hall Bloomberg, Government Congressional reporter, Christian,
Speaker 8: thank you so much for being with us. Does that
Speaker 8: seem what governors Waltz and more are saying? Does that
Speaker 8: seem to be the consensus of that meeting coming out?
Speaker 4: Look, I mean, I think we have to realize that
Speaker 4: the stakes are very high for President Biden right now
Speaker 4: after that meeting with the governors, his top goal is
Speaker 4: to project confidence and ensure that you know, he can
Speaker 4: continue the job as president. But the stakes are incredibly
Speaker 4: high for him right now. Over the next couple of days.
Speaker 4: He's going to have to make sure that his appearances
Speaker 4: over the next few days are very strong, and he
Speaker 4: has to really instill in lawmakers key donors that he
Speaker 4: has what it takes to run again.
Speaker 8: Yeah, at good points. And the governors are not directly
Speaker 8: involved in the down ballot race is as closely as
Speaker 8: House members and what we've been seeing bloombergo all day,
Speaker 8: and I know you're seeing it and reporting it. It's
Speaker 8: a bit of a different drum beat coming out from
Speaker 8: from Congress, isn't it.
Speaker 1: Oh?
Speaker 4: Absolutely. I mean we are now seeing key lawmakers in
Speaker 4: the House who are saying that President Biden should step down.
Speaker 4: I think that, you know, President Biden wants to see
Speaker 4: the debate. It's just, you know, a bad performance. But
Speaker 4: there are a lot of questions from lawmakers whether or
Speaker 4: not he has what it takes to move forward. And
Speaker 4: they would prefer for the president to be honest. Some
Speaker 4: of them feel that they've been blindsided. They would prefer
Speaker 4: for him to be honest and straightforward, letting them know
Speaker 4: where he's at right now and whether or not he
Speaker 4: can do the job.
Speaker 8: Yeah, now and the congressional races down ballot. There are
Speaker 8: two very interesting things going on too. Two congressmen coming
Speaker 8: out publicly, and then there's a letter that apparently has
Speaker 8: been drafted by a dozen or so other congress people.
Speaker 8: What do we know about that. It's not been released yet.
Speaker 4: It hasn't been released right now. I think that what
Speaker 4: we're seeing right now is, you know, the folks up
Speaker 4: on the hill, they are trying to Democrats on the
Speaker 4: Hill are really trying to come together and present this
Speaker 4: kind of unified, you know, stance on what the next
Speaker 4: steps should be. At the end of the day, we
Speaker 4: can't forget that President Biden is the leader of the
Speaker 4: party right and we are just a few months out
Speaker 4: from November, so the stakes are really high. I think
Speaker 4: that they're going to try to make sure that whatever
Speaker 4: decision that they make moving forward is in the best
Speaker 4: interest in defeating President Trump in November. Yeah.
Speaker 8: Now, there's an interesting piece up on the Bloomberg saying,
Speaker 8: to be very hard if Biden is not going to
Speaker 8: be the choice for the Democratic Party to turn its
Speaker 8: back on Kamala Harris so that she's actually polling better. Now,
Speaker 8: what do we know there.
Speaker 4: Well, I think that's a very good point. It would
Speaker 4: be very difficult for Democrats to kind of overlook Vice
Speaker 4: President Kamala Harris should she become, you know, the person
Speaker 4: that would step in line to be the nominee for
Speaker 4: the Democratic Party, especially when it comes to black voters.
Speaker 4: I mean, the weight that black voters will have in
Speaker 4: this selection is significant. I mean they help President Joe
Speaker 4: Biden enter office in twenty twenty and defeat Trump. So
Speaker 4: it's very important that the Democratic Party kind of looks
Speaker 4: at those key demographics within the party seeing you know,
Speaker 4: what those voters want to see if Joe Biden is
Speaker 4: not the Democratic nominee.
Speaker 8: All right, Christian, thank you so much for your time,
Speaker 8: really appreciate it. That is a Bloomberg's Christian Hall Bloomberg
Speaker 8: Government Congression Report. I want to just add one other
Speaker 8: note here, putting a little more impetus on having to
Speaker 8: make there's some kind of firm decision. There are some
Speaker 8: deadlines living Ohio, for example, as I believe August eighth
Speaker 8: is to get a Democratic name on the ballot.
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