1 00:00:00,320 --> 00:00:03,120 Speaker 1: Live from our Nations. This budget thing is going to 2 00:00:03,240 --> 00:00:05,960 Speaker 1: do nothing space forces. I still think it's interesting President 3 00:00:05,960 --> 00:00:09,639 Speaker 1: Trump not playing his cards yet headlines Policy and Politics 4 00:00:09,680 --> 00:00:14,440 Speaker 1: colliding to sound on with Kevin's really the insiders, the influencers, 5 00:00:14,600 --> 00:00:17,400 Speaker 1: the insides. I would rather see a congressional solution. It's 6 00:00:17,440 --> 00:00:20,400 Speaker 1: part of my DNA. The Senate map in looks a 7 00:00:20,400 --> 00:00:22,720 Speaker 1: lot different than it looked in. You really have a 8 00:00:22,720 --> 00:00:26,040 Speaker 1: divide within Team Trump. The president has to do exactly 9 00:00:26,079 --> 00:00:27,600 Speaker 1: what people send him here to do, which is to 10 00:00:27,640 --> 00:00:32,120 Speaker 1: get it done. He's sound on with Real on Bloomberg 11 00:00:32,960 --> 00:00:36,840 Speaker 1: one and one seven m h D two Baltimore Fed 12 00:00:36,920 --> 00:00:41,720 Speaker 1: Chair j Powell scraps his patient rate approach and a 13 00:00:41,800 --> 00:00:44,760 Speaker 1: prelude to a potential cut. Meanwhile, he had a press 14 00:00:44,800 --> 00:00:47,760 Speaker 1: conference and he had to respond to a scoop by 15 00:00:47,840 --> 00:00:52,120 Speaker 1: Bloomberg's very own Jennifer Jacobs and Sleamison will tell you 16 00:00:52,159 --> 00:00:55,480 Speaker 1: what the Fed chair says about the drama, the drama 17 00:00:56,040 --> 00:01:01,880 Speaker 1: between he and President Trump. Meanwhile, ill President Trump for 18 00:01:01,920 --> 00:01:04,920 Speaker 1: his part, Well, we're gonna break down all of that 19 00:01:05,280 --> 00:01:09,160 Speaker 1: monumental that marathon, that marathon speech that cough to his 20 00:01:09,240 --> 00:01:13,640 Speaker 1: campaign rally last night in Orlando Florida. He was fired up. 21 00:01:13,720 --> 00:01:15,319 Speaker 1: But what does it mean? What does it mean for 22 00:01:15,400 --> 00:01:18,600 Speaker 1: the crowded Democratic presidential primary field, and what can we 23 00:01:18,640 --> 00:01:24,120 Speaker 1: glean from the policy implications of that speech last night? 24 00:01:24,920 --> 00:01:28,760 Speaker 1: People twenty thousand people, they're saying, showed up at that 25 00:01:28,880 --> 00:01:34,480 Speaker 1: rally UH in Orlando, Florida, Battleground, Orlando, Florida. Here for 26 00:01:34,600 --> 00:01:37,440 Speaker 1: the hour. Mark Ross, founder of Charical Global, Mattie Doppler, 27 00:01:37,520 --> 00:01:41,720 Speaker 1: Senior Fellow at the National Taxpayers Union, and former Coalitions 28 00:01:41,800 --> 00:01:47,400 Speaker 1: director for the House Republican Conference. Poe pis appearing for 29 00:01:47,520 --> 00:01:51,800 Speaker 1: closed door testimony on Capitol Hill earlier today. She was 30 00:01:52,160 --> 00:01:54,600 Speaker 1: declining to answer some of the questions during a closed 31 00:01:54,600 --> 00:01:59,320 Speaker 1: door session with members and staff of the House Judiciary Committee, 32 00:01:59,360 --> 00:02:01,960 Speaker 1: the Democratic controlled House Judiciary Committee. We're gonna get to 33 00:02:02,000 --> 00:02:04,120 Speaker 1: that coming up later on in the program, but she 34 00:02:04,320 --> 00:02:07,960 Speaker 1: was up there on Capitol Hill. So was US Trade 35 00:02:07,960 --> 00:02:12,239 Speaker 1: Representative Bob Lightheiser Day two, day two of his testimony. 36 00:02:12,360 --> 00:02:15,280 Speaker 1: He was also over on the House side. He was 37 00:02:15,320 --> 00:02:19,960 Speaker 1: in the Senate yesterday talking about tariffs, talking about trade policy. 38 00:02:20,000 --> 00:02:23,359 Speaker 1: We're gonna talk that with our all Star panel as well. 39 00:02:23,400 --> 00:02:26,320 Speaker 1: Mark Ross is here, founder of Paricle Global, Maddie Doppler, 40 00:02:26,600 --> 00:02:29,800 Speaker 1: senior fellow at the National Taxpayers Union and former Coalitions 41 00:02:29,840 --> 00:02:32,600 Speaker 1: director for the House Republican Conference. But you know, we 42 00:02:32,680 --> 00:02:34,360 Speaker 1: previewed all the stuff coming up. But I want to 43 00:02:34,360 --> 00:02:38,880 Speaker 1: dive right in to the Federal Reserve. Because Federal Reserve, 44 00:02:39,000 --> 00:02:42,080 Speaker 1: the FED, the Central Bank indicating a readiness to lower 45 00:02:42,160 --> 00:02:44,760 Speaker 1: interest rates. I'm reading from the Bloomberg terminal for the 46 00:02:44,800 --> 00:02:48,560 Speaker 1: first time in more than a decade. More than a decade. 47 00:02:48,560 --> 00:02:51,960 Speaker 1: They're citing uncertainties in the outlook that have increased the 48 00:02:52,000 --> 00:02:55,280 Speaker 1: case for a cut as officials seek to prolong than 49 00:02:55,320 --> 00:03:00,160 Speaker 1: your record US economic expansion. J Powell uh saying that 50 00:03:00,240 --> 00:03:03,320 Speaker 1: they are leaving their key rate and a change of 51 00:03:03,360 --> 00:03:06,480 Speaker 1: two point to two point five, and they dropped the 52 00:03:06,560 --> 00:03:10,720 Speaker 1: reference in their statement to being patients. Maddie Doubler, break 53 00:03:10,760 --> 00:03:13,840 Speaker 1: this translate this Fed speak wonky speak. I mean, I 54 00:03:13,919 --> 00:03:16,360 Speaker 1: live for it. But but but walk us down. If 55 00:03:16,360 --> 00:03:18,359 Speaker 1: you're in your car on your way home from work, 56 00:03:18,400 --> 00:03:20,960 Speaker 1: what does this mean? Yes, for from the Central Bank today. 57 00:03:21,000 --> 00:03:23,160 Speaker 1: So top line from the Fed is that there's no 58 00:03:23,280 --> 00:03:26,280 Speaker 1: change in rates now. The FED does meet again in July. 59 00:03:26,440 --> 00:03:29,440 Speaker 1: At the end of July, so the expectation now is 60 00:03:29,440 --> 00:03:31,400 Speaker 1: that there will be a change in policy from the 61 00:03:31,440 --> 00:03:34,760 Speaker 1: Federal Reserve after that meeting in July. But in June, 62 00:03:35,160 --> 00:03:38,280 Speaker 1: what we were looking to see from the Chairman and 63 00:03:38,440 --> 00:03:42,040 Speaker 1: from the Committee was what are the facts on the 64 00:03:42,040 --> 00:03:44,280 Speaker 1: ground that are informing the FED decision? And we got 65 00:03:44,320 --> 00:03:46,720 Speaker 1: a couple I think interesting comments from Powell today that 66 00:03:46,760 --> 00:03:49,400 Speaker 1: clarified that a little bit. Of course, the Chairman has 67 00:03:49,400 --> 00:03:52,040 Speaker 1: been saying over the past several months how trade has 68 00:03:52,080 --> 00:03:54,880 Speaker 1: created a lot of volatility and instability and in turn 69 00:03:55,360 --> 00:03:58,080 Speaker 1: has really created a lot of downside risk that the 70 00:03:58,080 --> 00:04:01,360 Speaker 1: FED is watching closely. Uh. Powell said again and again 71 00:04:01,400 --> 00:04:04,680 Speaker 1: to that it's not just trade when you're looking at 72 00:04:04,720 --> 00:04:07,360 Speaker 1: the entire global picture that gives him cause for concern. 73 00:04:07,960 --> 00:04:10,640 Speaker 1: It's the weight on the global economy and how we're 74 00:04:10,640 --> 00:04:15,320 Speaker 1: starting to see some drag across the globe, not just 75 00:04:15,400 --> 00:04:17,800 Speaker 1: in the United States. Now. I do think that Powell 76 00:04:17,920 --> 00:04:21,320 Speaker 1: painted a pretty accurate picture of the United States economy, 77 00:04:21,360 --> 00:04:23,600 Speaker 1: which is just that we've got kind of some conflicting 78 00:04:23,680 --> 00:04:27,360 Speaker 1: data here. We've had some really strong employment reports, really 79 00:04:27,360 --> 00:04:30,680 Speaker 1: strong employment data. The labor market itself continues to remain 80 00:04:30,880 --> 00:04:34,039 Speaker 1: very very strong, and very's very tight wage growth still 81 00:04:34,320 --> 00:04:39,840 Speaker 1: uh still, I think probably positive. But the chairman did 82 00:04:39,880 --> 00:04:42,600 Speaker 1: say he would expect to see more given the tightness 83 00:04:42,839 --> 00:04:44,719 Speaker 1: that we've seen in the labor market right now, but 84 00:04:44,760 --> 00:04:46,520 Speaker 1: that he did talk about some of those other fundamental 85 00:04:46,600 --> 00:04:50,200 Speaker 1: factors that sometimes do give economists cause for concern, things 86 00:04:50,240 --> 00:04:53,240 Speaker 1: like manufacturing slowing down. One thing that Powell said that 87 00:04:53,279 --> 00:04:55,360 Speaker 1: I think is super helpful that I don't think we've 88 00:04:55,360 --> 00:04:58,760 Speaker 1: talked about enough is the fact that the manufacturing so 89 00:04:58,800 --> 00:05:01,560 Speaker 1: that in the United States not just a domestic story. 90 00:05:01,600 --> 00:05:03,599 Speaker 1: This is something that is happening in the world or 91 00:05:03,600 --> 00:05:06,760 Speaker 1: the world over. We've seen a turn to a services uh, 92 00:05:07,440 --> 00:05:10,360 Speaker 1: the service sector rather than just the manufacturing sector being 93 00:05:10,680 --> 00:05:13,479 Speaker 1: one of the one of the more powerful components of 94 00:05:13,800 --> 00:05:16,320 Speaker 1: developed economies. And that's something that I think we need 95 00:05:16,360 --> 00:05:19,680 Speaker 1: to explore more of because that certainly has been one 96 00:05:19,680 --> 00:05:22,640 Speaker 1: of the main data points that economist and observers are 97 00:05:22,640 --> 00:05:25,000 Speaker 1: looking at, saying, listen, if the economy is doing well, 98 00:05:25,040 --> 00:05:28,080 Speaker 1: we would expect manufacturer so so they're keeping rates the 99 00:05:28,120 --> 00:05:31,680 Speaker 1: same for now, for now. So if you're in top 100 00:05:31,760 --> 00:05:35,160 Speaker 1: line view, they're keeping rates the same. And then you've 101 00:05:35,200 --> 00:05:37,960 Speaker 1: got he leaves the door open fed Share Jpell. He 102 00:05:38,040 --> 00:05:40,839 Speaker 1: leaves the door open for a rake cut. The market 103 00:05:41,400 --> 00:05:43,840 Speaker 1: kind of interpreted this, not kind of they did interpret 104 00:05:43,880 --> 00:05:45,640 Speaker 1: this that they're that they're still going to be a 105 00:05:45,720 --> 00:05:47,920 Speaker 1: rake cut before the end of the year. But then 106 00:05:47,960 --> 00:05:51,120 Speaker 1: like you read the actual literature and they're saying the 107 00:05:51,200 --> 00:05:55,080 Speaker 1: rate cuts not coming until calendar here. So it's like, 108 00:05:55,480 --> 00:05:57,680 Speaker 1: who do you believe. Do you believe the markets, do 109 00:05:57,720 --> 00:06:00,880 Speaker 1: you believe the literature, or do you believe FED shared J. Powell. 110 00:06:00,920 --> 00:06:03,440 Speaker 1: That's my question to you, Mark Ross. It's almost like 111 00:06:03,480 --> 00:06:05,960 Speaker 1: we get three different answers about when there's going to 112 00:06:06,000 --> 00:06:09,440 Speaker 1: be a rick cut. I believe J. Paul. I thought, Um, 113 00:06:09,600 --> 00:06:13,440 Speaker 1: I'd just say that because I don't know. I'll just 114 00:06:13,480 --> 00:06:16,000 Speaker 1: say that, UM, I do think though it just I mean, 115 00:06:16,120 --> 00:06:19,840 Speaker 1: last job numbers last month May was underperforming, as every 116 00:06:19,880 --> 00:06:23,000 Speaker 1: call was still growing, but underperforming, and there is this 117 00:06:23,360 --> 00:06:25,039 Speaker 1: I don't know, there's like an angst, right, there's some 118 00:06:25,120 --> 00:06:28,839 Speaker 1: kind of like uncertainty. There's no resolution U S M 119 00:06:28,839 --> 00:06:31,640 Speaker 1: c A is not going anywhere, there's no resolution between 120 00:06:31,640 --> 00:06:34,440 Speaker 1: the US and China. UM. So you know, I think 121 00:06:34,440 --> 00:06:37,080 Speaker 1: this patient rate approach, whatever that means in terms of 122 00:06:37,080 --> 00:06:39,920 Speaker 1: FED speak, is probably the right move. Well, and so 123 00:06:40,000 --> 00:06:42,279 Speaker 1: It's interesting too that you raise kind of public policy 124 00:06:42,320 --> 00:06:45,480 Speaker 1: concerns that are creating this anxiety, because the FED talked 125 00:06:45,520 --> 00:06:48,560 Speaker 1: about those and they seemingly are in conflict with one 126 00:06:48,560 --> 00:06:53,000 Speaker 1: another because the UH. Powell said repeatedly that China US 127 00:06:53,040 --> 00:06:55,760 Speaker 1: trade tensions are a concern um and he actually got 128 00:06:55,760 --> 00:06:57,960 Speaker 1: a question from our reporter today about Okay, so does 129 00:06:58,040 --> 00:07:00,560 Speaker 1: that mean and I've been thinking about the question, does 130 00:07:00,560 --> 00:07:02,599 Speaker 1: that mean if we get a trade deal, that the 131 00:07:02,640 --> 00:07:05,080 Speaker 1: federal Reserve is actually less likely to cut in the 132 00:07:05,120 --> 00:07:07,320 Speaker 1: future because it's such a major It is such a 133 00:07:07,360 --> 00:07:11,520 Speaker 1: major drag on on sentiment um and Pow of course 134 00:07:11,520 --> 00:07:13,520 Speaker 1: the very diplomatical the answer. He didn't say one way 135 00:07:13,640 --> 00:07:16,240 Speaker 1: or the other. But that is certainly something that we 136 00:07:16,280 --> 00:07:18,120 Speaker 1: need to watch and I think will create a ton 137 00:07:18,200 --> 00:07:20,520 Speaker 1: of volatility in the market because the market is watching 138 00:07:20,520 --> 00:07:22,760 Speaker 1: that very Maddie, you always do such a good job 139 00:07:22,800 --> 00:07:26,160 Speaker 1: of laying this out. I mean the words sentiment. There's 140 00:07:26,160 --> 00:07:28,480 Speaker 1: a lot of money behind the words sentiment. A lot 141 00:07:28,520 --> 00:07:31,800 Speaker 1: of people trade on on the notion as sentiment, UH. 142 00:07:31,840 --> 00:07:33,920 Speaker 1: And I think that it's you know, I don't think 143 00:07:33,920 --> 00:07:35,560 Speaker 1: we're making light of it when we say that the 144 00:07:35,640 --> 00:07:38,280 Speaker 1: literature from the Fed versus the public comments from the 145 00:07:38,280 --> 00:07:41,160 Speaker 1: Fed versus the market reaction from the Fed. You could 146 00:07:41,160 --> 00:07:46,200 Speaker 1: literally interpret all three of those different communications. I'm talking 147 00:07:46,240 --> 00:07:51,640 Speaker 1: so Bloomberg, the communicates from those three different buckets, and 148 00:07:51,720 --> 00:07:56,280 Speaker 1: you reasonable smart people could could get three different interpretations. Um, 149 00:07:56,320 --> 00:07:58,000 Speaker 1: I do want to play for this exchange because it's 150 00:07:58,040 --> 00:07:59,960 Speaker 1: you know, it's all the chatter here in one world 151 00:08:00,240 --> 00:08:03,760 Speaker 1: about fed share Powell versus President Trump, and they're they're 152 00:08:03,800 --> 00:08:06,080 Speaker 1: back and forth, and of course the Bloomberg exclusive. I 153 00:08:06,120 --> 00:08:09,440 Speaker 1: gotta give a major props to my colleague Jennifer Jacobson's lamos. 154 00:08:09,480 --> 00:08:11,280 Speaker 1: And I mean, did you see this coop? Everybody was 155 00:08:11,280 --> 00:08:14,800 Speaker 1: talking about it. So last February when everyone was saying, oh, 156 00:08:14,920 --> 00:08:20,200 Speaker 1: is fed share J Powell gonna fire? Uh gonna fire? Uh? 157 00:08:20,560 --> 00:08:22,840 Speaker 1: Is fed your powers? President Trump gonna fire fed shair 158 00:08:22,960 --> 00:08:25,520 Speaker 1: J Powell? So then they say no, like and there's 159 00:08:25,560 --> 00:08:27,760 Speaker 1: all this talk about it. Well, the President wanted to 160 00:08:27,760 --> 00:08:30,160 Speaker 1: know if he could demote him, if he could demote him, 161 00:08:30,160 --> 00:08:33,199 Speaker 1: how do you demote the FED chair? So he gets 162 00:08:33,240 --> 00:08:37,679 Speaker 1: this question from the New York Times earlier today. Uh, 163 00:08:37,720 --> 00:08:41,359 Speaker 1: and here's the fed shares response to that. I am 164 00:08:41,360 --> 00:08:43,600 Speaker 1: I think the law is clear that I have a 165 00:08:43,600 --> 00:08:46,480 Speaker 1: four year term and I fully intend to serve it. 166 00:08:47,080 --> 00:08:49,880 Speaker 1: So there's so much to unpackage here. He says, the 167 00:08:50,000 --> 00:08:54,160 Speaker 1: law is clear. Well, candidly, I'm not you know, I'm 168 00:08:54,160 --> 00:08:57,120 Speaker 1: not breaching the trust of any of our senior sources. 169 00:08:57,160 --> 00:09:01,680 Speaker 1: But senior level administration officials in cabinet and whatnot have 170 00:09:01,840 --> 00:09:05,960 Speaker 1: all testified publicly that they feel there's debate in the 171 00:09:06,080 --> 00:09:10,440 Speaker 1: law about whether or not the president has jurisdiction over 172 00:09:10,480 --> 00:09:14,200 Speaker 1: this matter. Powell was giving his best lawyer answer there, 173 00:09:14,240 --> 00:09:17,680 Speaker 1: which was, listen, this is my personal mandate is to 174 00:09:17,720 --> 00:09:19,920 Speaker 1: be here for four years, and that's what I intend 175 00:09:20,000 --> 00:09:21,800 Speaker 1: to do. I think he could there was no other 176 00:09:21,840 --> 00:09:24,040 Speaker 1: answer he could have given that I think would have 177 00:09:24,120 --> 00:09:27,640 Speaker 1: not done a better job. Um kind of putting this 178 00:09:27,720 --> 00:09:30,920 Speaker 1: question to rest as one that the Federal Reserve is contemplating. 179 00:09:31,160 --> 00:09:33,280 Speaker 1: And I will say too, that was something that we 180 00:09:33,280 --> 00:09:36,040 Speaker 1: were really watching going into this meeting, was how is 181 00:09:36,080 --> 00:09:39,920 Speaker 1: the Fed going to respond to the president's needling this 182 00:09:39,960 --> 00:09:43,319 Speaker 1: time around, because not only has it really escalated in 183 00:09:43,360 --> 00:09:45,840 Speaker 1: the previous twenty four hours to this press conference, but 184 00:09:45,880 --> 00:09:48,360 Speaker 1: you had the President also tweeting about Mario Draggy from 185 00:09:48,360 --> 00:09:51,079 Speaker 1: the ECB saying that what they're doing shouldn't form what 186 00:09:51,120 --> 00:09:53,840 Speaker 1: the FED is doing. I mean just constant broad So 187 00:09:54,280 --> 00:09:56,480 Speaker 1: I think that the FED it was very wise to 188 00:09:56,640 --> 00:10:00,120 Speaker 1: stay in that sense because there once again proving that 189 00:10:00,160 --> 00:10:03,240 Speaker 1: they are immune to some of these did this politicking. Yeah, 190 00:10:03,240 --> 00:10:05,120 Speaker 1: and the law could say one thing, but as we know, 191 00:10:05,559 --> 00:10:09,160 Speaker 1: the President is creating new norms here in the District 192 00:10:09,160 --> 00:10:12,120 Speaker 1: of Columbia, certainly getting more engaged, not only taking on 193 00:10:12,160 --> 00:10:14,720 Speaker 1: his own Federal Reserve, but commenting on what's happening in 194 00:10:14,760 --> 00:10:17,800 Speaker 1: Europe last night in the campaign trail, talking about China's 195 00:10:17,800 --> 00:10:21,840 Speaker 1: manipulation of their currency. Uh, there's there's simply no central 196 00:10:21,840 --> 00:10:24,400 Speaker 1: bank that is immune for President Trump at this time. 197 00:10:24,760 --> 00:10:27,240 Speaker 1: So um, but I do think that the pile handled 198 00:10:27,280 --> 00:10:29,160 Speaker 1: it is probably the right what he got me. For 199 00:10:29,240 --> 00:10:30,760 Speaker 1: him to get in a spat with the president makes 200 00:10:30,800 --> 00:10:33,520 Speaker 1: no sense whatsoever. Well, you mentioned what he said down 201 00:10:33,520 --> 00:10:35,720 Speaker 1: in Orlando. Coming up, we're gonna have more reaction, more 202 00:10:36,280 --> 00:10:40,199 Speaker 1: analysis on President Trump's kickoff, his former formal kickoff to 203 00:10:40,920 --> 00:10:44,960 Speaker 1: the presidential campaign. Trump, wouldn't it be funny if J 204 00:10:45,120 --> 00:10:48,880 Speaker 1: Powell just said, ask Mario, ask Mario what he thinks. 205 00:10:49,160 --> 00:10:59,679 Speaker 1: Panel stays I'm Kevin Cirelli. You're listening to Bloomberg. This 206 00:11:00,200 --> 00:11:04,600 Speaker 1: he's sound On with Kevin's she related on Bloomberg one 207 00:11:04,760 --> 00:11:07,559 Speaker 1: and one oh five point seven m HD two Baltimore 208 00:11:09,520 --> 00:11:14,240 Speaker 1: Born to Run. Such a great iconic American song by 209 00:11:14,360 --> 00:11:17,959 Speaker 1: Bruce Springsteen, one of my all time favorites. Here with 210 00:11:18,040 --> 00:11:21,640 Speaker 1: me in studio two of our of our family favorites 211 00:11:21,640 --> 00:11:24,000 Speaker 1: here at the sound On family, Mark Ross, founder of 212 00:11:24,640 --> 00:11:28,320 Speaker 1: Errical Global or Global Communications firm, which specializes in the 213 00:11:28,320 --> 00:11:33,520 Speaker 1: intersection of globalization in these populous times, and Maddie Doubler, 214 00:11:33,600 --> 00:11:36,360 Speaker 1: senior fellow, and I don't know why I'd like developed 215 00:11:37,440 --> 00:11:39,959 Speaker 1: and I literally developed this tick where I like go 216 00:11:40,040 --> 00:11:42,440 Speaker 1: into like the radio thing and it's got to stop 217 00:11:42,440 --> 00:11:44,480 Speaker 1: because it's I don't know. I think Mark probably could 218 00:11:44,520 --> 00:11:51,080 Speaker 1: have like even that was that was good, senior fellow 219 00:11:51,120 --> 00:11:55,280 Speaker 1: at National Taxpayers Union and former Coalitions director for the 220 00:11:55,280 --> 00:11:58,000 Speaker 1: House Republican Conference. All Right, we were having such a 221 00:11:58,040 --> 00:12:00,959 Speaker 1: great conversation. During the break, I said time out, hold 222 00:12:01,040 --> 00:12:05,600 Speaker 1: that thought, let's keep it for the show. President Trump 223 00:12:05,640 --> 00:12:07,760 Speaker 1: wants to see the rates cut, right, I mean, And 224 00:12:07,800 --> 00:12:09,800 Speaker 1: the FED chair J. Pale today at the press conference 225 00:12:09,800 --> 00:12:12,120 Speaker 1: saying that rates are going to go unchanged for now. 226 00:12:12,200 --> 00:12:15,160 Speaker 1: They have another announcement obviously next month. But but he 227 00:12:15,200 --> 00:12:17,920 Speaker 1: wants to see the rates cut Maddie, Yeah, because Kevin, 228 00:12:17,960 --> 00:12:19,679 Speaker 1: you asked me. You're like, well, the president should be 229 00:12:19,720 --> 00:12:22,400 Speaker 1: happy with this policy decision, right if we're not doing 230 00:12:22,600 --> 00:12:24,360 Speaker 1: we're not raising rates, we're staying where we are. And 231 00:12:24,400 --> 00:12:26,200 Speaker 1: I said no, like he wants to see a cut 232 00:12:26,360 --> 00:12:29,160 Speaker 1: because he wants to see that juice in the market. Now, 233 00:12:29,200 --> 00:12:31,600 Speaker 1: if you look a little further beyond just today and 234 00:12:31,600 --> 00:12:35,280 Speaker 1: into July. Um and Powell references in his comments to 235 00:12:35,960 --> 00:12:39,400 Speaker 1: the size of the cut when it eventually arrives, is 236 00:12:39,440 --> 00:12:42,280 Speaker 1: going to be a big source of contention. I personally 237 00:12:42,280 --> 00:12:45,520 Speaker 1: think that you actually to get any stimulative effect from this, 238 00:12:45,600 --> 00:12:47,360 Speaker 1: it's got to be fifty basis points. It can't be 239 00:12:47,400 --> 00:12:49,480 Speaker 1: twenty five. It can't be seen as the Fed just 240 00:12:49,559 --> 00:12:51,720 Speaker 1: kind of nibbling around the edges. It needs to be 241 00:12:51,760 --> 00:12:54,400 Speaker 1: seen as a sincere policy move that is meant to 242 00:12:54,440 --> 00:12:57,880 Speaker 1: recognize a change in fundamentals in the economy. Um. So, 243 00:12:57,920 --> 00:13:00,280 Speaker 1: I think that's my expectation right now for a lie. 244 00:13:00,320 --> 00:13:02,800 Speaker 1: But as we mentioned before, things could always change. We 245 00:13:02,800 --> 00:13:04,480 Speaker 1: could get a deal with China, We could see some 246 00:13:04,520 --> 00:13:07,840 Speaker 1: of this global growth pickup. We could see domestic reports 247 00:13:07,840 --> 00:13:10,839 Speaker 1: of GDP really improved from expectations. We don't know. It's 248 00:13:10,840 --> 00:13:13,200 Speaker 1: gonna be a fun you know, ninety days or so. 249 00:13:13,840 --> 00:13:18,480 Speaker 1: I think from a very simple political calculation, I mean, 250 00:13:18,520 --> 00:13:21,600 Speaker 1: for Trump to get reelected, the economy is, you know, 251 00:13:22,000 --> 00:13:23,720 Speaker 1: one of the top three issues for him. So keeping 252 00:13:23,720 --> 00:13:26,000 Speaker 1: the economy hot, as Maddy talks about, if you can 253 00:13:26,040 --> 00:13:29,160 Speaker 1: land a trade deal whatever that looks like, be very positive. 254 00:13:29,440 --> 00:13:31,880 Speaker 1: And let's not forget the president loves the New York 255 00:13:31,920 --> 00:13:34,880 Speaker 1: Stock Exchange. The index is a barometer of the economy. 256 00:13:34,880 --> 00:13:37,920 Speaker 1: It's a very easible, recognizable number for people that are voting. 257 00:13:37,960 --> 00:13:40,640 Speaker 1: So the economy front centers number one. So whatever he 258 00:13:40,679 --> 00:13:43,960 Speaker 1: has to do, putting pressure on Pole, putting pressure on 259 00:13:43,960 --> 00:13:46,800 Speaker 1: Capitol Hill, putting pressure on Drogg, putting pressure on the 260 00:13:46,880 --> 00:13:49,000 Speaker 1: Chinese currency, I think you'll do it all. And I 261 00:13:49,000 --> 00:13:50,640 Speaker 1: think we'll see a lot more of that from Trump. 262 00:13:50,679 --> 00:13:53,320 Speaker 1: He tweeted earlier this week about how if anyone else 263 00:13:53,400 --> 00:13:56,520 Speaker 1: is elected, the stock market will tank as a result. Uh, 264 00:13:56,679 --> 00:13:59,120 Speaker 1: you know, and I've talked at nauseum about how conflating 265 00:13:59,160 --> 00:14:01,200 Speaker 1: the stock market with the economy is a little bit 266 00:14:01,200 --> 00:14:03,679 Speaker 1: of a fool's errand particularly when the president has a 267 00:14:03,679 --> 00:14:06,199 Speaker 1: lot that he can talk about that's very positive in 268 00:14:06,240 --> 00:14:08,920 Speaker 1: the economy, um in the stock market, of course, has 269 00:14:08,920 --> 00:14:12,240 Speaker 1: a lot of other exogenous factors that can certainly change 270 00:14:12,240 --> 00:14:15,160 Speaker 1: at any time. But the president will I think probably 271 00:14:15,200 --> 00:14:17,840 Speaker 1: your right, Mark, be hitting both of those themes as 272 00:14:17,880 --> 00:14:19,760 Speaker 1: we move closer and closer to the election. All Right, 273 00:14:19,840 --> 00:14:22,640 Speaker 1: it's like it's like the nuts and the phillies, you know, 274 00:14:22,760 --> 00:14:25,960 Speaker 1: the US and China, these trade talks or I guess 275 00:14:25,960 --> 00:14:29,760 Speaker 1: now that analogy could work with Trump and and j Power, 276 00:14:29,960 --> 00:14:32,960 Speaker 1: Trump and Mario. So you know, it's all it's all 277 00:14:33,000 --> 00:14:36,040 Speaker 1: in good sports fun. I guess all right, I want 278 00:14:36,040 --> 00:14:38,040 Speaker 1: to talk last night because a lot of these themes, 279 00:14:38,240 --> 00:14:41,080 Speaker 1: the Fed speak. It came up in Orlando, Orlando, Florida. 280 00:14:41,320 --> 00:14:44,360 Speaker 1: So there's We had Mark lauder on yesterday, the Strategic 281 00:14:44,400 --> 00:14:47,360 Speaker 1: Comms director. He's like the Maddie of the House conference 282 00:14:47,360 --> 00:14:49,880 Speaker 1: before Trump World. He was down there. He was eating 283 00:14:49,880 --> 00:14:52,080 Speaker 1: at the food trucks. They had food trucks. That's the thing. 284 00:14:52,080 --> 00:14:54,240 Speaker 1: If you've never been to a Trump rally, they've got 285 00:14:54,240 --> 00:14:57,240 Speaker 1: food trucks. The whole thing, the whole thing. So literally 286 00:14:57,520 --> 00:15:00,080 Speaker 1: when I was on the trail last time last cycle. Mean, 287 00:15:00,120 --> 00:15:02,040 Speaker 1: I would just be eating chicken fingers every night, while 288 00:15:02,040 --> 00:15:04,920 Speaker 1: the Clinton campaign embeds would have like, you know, I 289 00:15:04,920 --> 00:15:06,520 Speaker 1: don't know, I don't know what they were eating. But 290 00:15:07,000 --> 00:15:09,320 Speaker 1: we I was in you know, a lot of other 291 00:15:09,320 --> 00:15:10,960 Speaker 1: people in the press griped. I was like, this is 292 00:15:11,000 --> 00:15:13,240 Speaker 1: good food. I don't know what everyone's plenty about. Let's 293 00:15:13,320 --> 00:15:15,440 Speaker 1: start off with what President Trump had to say about 294 00:15:15,440 --> 00:15:18,960 Speaker 1: how he's defining the Democrats last night in Orlando, Florida. 295 00:15:19,000 --> 00:15:23,920 Speaker 1: Here's President Trump on radical Democrats. Our radical Democratic partners 296 00:15:24,360 --> 00:15:28,280 Speaker 1: are driven by hatred, prejudice, and rage. They want to 297 00:15:28,320 --> 00:15:32,600 Speaker 1: destroy you, and they want to destroy our country as 298 00:15:32,720 --> 00:15:36,640 Speaker 1: we know. It not acceptable. It's not going to happen. 299 00:15:37,840 --> 00:15:41,880 Speaker 1: They where do you they want to destroy you, Maddie, 300 00:15:41,920 --> 00:15:44,960 Speaker 1: I mean, you were the messaging arm of the House Republican. 301 00:15:45,760 --> 00:15:49,800 Speaker 1: The Democrats want to destroy people. I mean, the President 302 00:15:49,960 --> 00:15:53,360 Speaker 1: we all know does not communicate the way that we 303 00:15:53,440 --> 00:15:56,840 Speaker 1: have all kind of consulted and told our politicians in 304 00:15:56,880 --> 00:15:59,800 Speaker 1: the past to communicate. I would have obviously purchased this 305 00:16:00,200 --> 00:16:04,240 Speaker 1: speech saying, you know, draw a contrast envisions for the 306 00:16:04,280 --> 00:16:07,440 Speaker 1: American public. Now, the President certainly did that just instead 307 00:16:07,480 --> 00:16:11,440 Speaker 1: of contrasting a lot of different policy, he really decided 308 00:16:11,600 --> 00:16:16,320 Speaker 1: to go strong on how the president messages, which is 309 00:16:16,600 --> 00:16:20,200 Speaker 1: kind of this alternate future of Democrats versus Republicans, and 310 00:16:20,200 --> 00:16:24,440 Speaker 1: the only choice for any American is to choose the Republican. Yeah, 311 00:16:24,480 --> 00:16:26,280 Speaker 1: I think we've got a situation here when I'm calling 312 00:16:26,360 --> 00:16:30,280 Speaker 1: the four D. So Trump wants to find the Democrats 313 00:16:30,280 --> 00:16:32,880 Speaker 1: and he wants to demonize the Democrats, and he's gonna 314 00:16:32,920 --> 00:16:35,640 Speaker 1: do that. He's got a very feb D. Not to 315 00:16:35,680 --> 00:16:38,000 Speaker 1: be confused with five G. That's correct. This is the 316 00:16:38,000 --> 00:16:42,000 Speaker 1: four D approach for communications, right, not the five G. 317 00:16:42,160 --> 00:16:44,360 Speaker 1: But I think you've got a situation here. If you 318 00:16:44,400 --> 00:16:47,480 Speaker 1: look at Biden, if Biden is the candidate, Trump can say, 319 00:16:47,640 --> 00:16:50,400 Speaker 1: you know, Joe is an insider, he's a failed from 320 00:16:50,400 --> 00:16:53,280 Speaker 1: a failed administration. Let's say Elizabeth Warren or that part 321 00:16:53,280 --> 00:16:55,680 Speaker 1: of the winning is the nominee. Uh. He could say, listen, 322 00:16:55,760 --> 00:16:58,120 Speaker 1: Venezuela is right around the corner. But the thing that's 323 00:16:58,120 --> 00:17:00,160 Speaker 1: gonna be interesting one of these twenty four Democrats run 324 00:17:00,200 --> 00:17:02,000 Speaker 1: around the country for the next six seven months to 325 00:17:02,120 --> 00:17:04,960 Speaker 1: get the nomination. Trump has free space to define them, 326 00:17:04,960 --> 00:17:06,960 Speaker 1: and we'll do it on a daily basis, which is 327 00:17:06,960 --> 00:17:09,399 Speaker 1: a huge advantage warm. I mean, there's so much to 328 00:17:09,680 --> 00:17:13,600 Speaker 1: unpackaged from last night's speech, but I think for me, 329 00:17:13,800 --> 00:17:17,399 Speaker 1: the top line view is get ready, folks, get ready. 330 00:17:17,440 --> 00:17:21,320 Speaker 1: From the intro, from Don Junior's intro speech to the 331 00:17:21,400 --> 00:17:23,840 Speaker 1: first Lady Melanie at Trump, I mean, they're fired up. 332 00:17:23,920 --> 00:17:26,119 Speaker 1: They feel that they've been that they've been under attack. 333 00:17:26,200 --> 00:17:29,160 Speaker 1: They've been under siege for what two and a half 334 00:17:29,240 --> 00:17:34,399 Speaker 1: years now, They've largely been confined by all of the 335 00:17:35,280 --> 00:17:38,320 Speaker 1: Washington swamp as they would refer to it as. And 336 00:17:38,440 --> 00:17:40,960 Speaker 1: last night they thought, you know what, We're gonna Pakistadium 337 00:17:41,000 --> 00:17:44,040 Speaker 1: and we're going to come out swinging. Well, there's a 338 00:17:44,160 --> 00:17:46,480 Speaker 1: there's some great tweets yesterday to kind of revisiting the 339 00:17:46,520 --> 00:17:50,119 Speaker 1: headlines in when Trump came down the golden escalator of 340 00:17:50,200 --> 00:17:54,440 Speaker 1: all of the uh defying from the establishment press saying 341 00:17:54,480 --> 00:17:56,879 Speaker 1: this can't be serious. Can you believe Donald Trump is 342 00:17:56,960 --> 00:17:59,479 Speaker 1: running for president? So you got to know that they 343 00:17:59,520 --> 00:18:02,120 Speaker 1: campaign and it's just relishing this moment saying not only 344 00:18:02,119 --> 00:18:03,800 Speaker 1: did we win, we're coming back with the vengeance. And 345 00:18:04,359 --> 00:18:07,399 Speaker 1: see here's Bernie Sanders. I got so we played for you. 346 00:18:07,720 --> 00:18:11,760 Speaker 1: I still again, I'm not I'm a journalist, but this 347 00:18:11,880 --> 00:18:14,920 Speaker 1: quote they want to destroy you. Okay, Well, here's Senator 348 00:18:14,960 --> 00:18:18,399 Speaker 1: Bernie Sanders, who I guess is like the antithesis really 349 00:18:18,760 --> 00:18:21,840 Speaker 1: of of of Donald Trump. And anyways, so here's here's 350 00:18:21,840 --> 00:18:23,680 Speaker 1: Bernie Sanders, and here's what he had to say after 351 00:18:23,720 --> 00:18:28,840 Speaker 1: the speech. Listening to Trump made me feel very much 352 00:18:29,760 --> 00:18:33,600 Speaker 1: that he is a man living in a parallel universe, 353 00:18:34,720 --> 00:18:37,399 Speaker 1: a man way out of touch with the needs of 354 00:18:37,560 --> 00:18:42,119 Speaker 1: ordinary people. Uh, and a man who must be defeated. 355 00:18:43,440 --> 00:18:48,040 Speaker 1: So that's that's Senator Bernie Sanders. Mark, that was pretty rousing. 356 00:18:48,280 --> 00:18:52,120 Speaker 1: What's interesting is, um, the Democrats are running around there. 357 00:18:52,119 --> 00:18:54,920 Speaker 1: They're saying Trump is an existential threat, and so they're 358 00:18:54,920 --> 00:18:57,440 Speaker 1: decided twenty four of them need to decide who's the 359 00:18:57,480 --> 00:19:00,760 Speaker 1: best person, and they're gonna play polytics the way it's 360 00:19:00,800 --> 00:19:03,520 Speaker 1: always been just so dramatic. And that's where we want 361 00:19:03,520 --> 00:19:05,400 Speaker 1: to leave it for right now. Trump saying they want 362 00:19:05,440 --> 00:19:08,920 Speaker 1: to destroy you, then Democrats are saying, it's a parallel universe. 363 00:19:08,960 --> 00:19:11,280 Speaker 1: Take a breath coming up. If you've got much more 364 00:19:11,320 --> 00:19:14,040 Speaker 1: fall out of the politics and the policy of last 365 00:19:14,119 --> 00:19:18,040 Speaker 1: night's speech, hopis former communications director to President Trump, and 366 00:19:18,160 --> 00:19:20,160 Speaker 1: back on the campaign trail. She was on Capitol Hill. 367 00:19:20,320 --> 00:19:22,720 Speaker 1: I'll give you the latest on that as well. At Huawei. 368 00:19:23,080 --> 00:19:26,320 Speaker 1: Huawei is back in the news. I'm Kevin Cilli. You 369 00:19:26,320 --> 00:19:29,159 Speaker 1: can download the sound on podcast on Apple iTunes, at 370 00:19:29,160 --> 00:19:32,160 Speaker 1: Bloomberg dot com, or by downloading the Bloomberg Business app. 371 00:19:32,200 --> 00:19:34,960 Speaker 1: You can also find me on Radio dot com, I 372 00:19:35,119 --> 00:19:44,920 Speaker 1: Heart Radio and Spotify. You're listening to Bloomberg one. You're 373 00:19:44,960 --> 00:19:49,960 Speaker 1: listening to Sound On with Kevin's really on Bloomberg one 374 00:19:50,080 --> 00:19:52,080 Speaker 1: and one oh five point seven f m h D 375 00:19:52,160 --> 00:19:56,040 Speaker 1: two Baltimore. They called you and us. You remember this, 376 00:19:56,640 --> 00:20:03,000 Speaker 1: They called us deplorables. That was a mistake. That was 377 00:20:03,040 --> 00:20:07,800 Speaker 1: a big mistad. That was President Trump. President Trump last 378 00:20:07,880 --> 00:20:13,639 Speaker 1: night in Orlando, Florida talking about hashtag deplorables with me 379 00:20:13,720 --> 00:20:17,720 Speaker 1: in studio. Mark Cross, founder and CEO of le Global 380 00:20:18,320 --> 00:20:23,840 Speaker 1: Global UH, a global special affirm that specializes in globalization 381 00:20:24,760 --> 00:20:27,239 Speaker 1: during these populous times. And Maddie Doppler's senior fellow at 382 00:20:27,240 --> 00:20:30,400 Speaker 1: the National Taxpayers Union, former Coalitions director for the House 383 00:20:30,400 --> 00:20:33,320 Speaker 1: Republican Conference. I mean, he's bringing up the ploorables, Maddie, 384 00:20:33,359 --> 00:20:35,240 Speaker 1: He's bringing up to Flora balls. I want to return 385 00:20:35,280 --> 00:20:36,720 Speaker 1: to a point that Mark made that I think was 386 00:20:36,760 --> 00:20:39,480 Speaker 1: a really good one about what's going to happen during 387 00:20:39,480 --> 00:20:41,840 Speaker 1: this primary season. And you know, I had mentioned how 388 00:20:42,000 --> 00:20:45,440 Speaker 1: Trump didn't set out any policy vision next last night, 389 00:20:45,800 --> 00:20:48,720 Speaker 1: because why should he. We have twenty four Democrats who 390 00:20:48,720 --> 00:20:50,440 Speaker 1: are ripping each other to shreds and are going to 391 00:20:50,480 --> 00:20:52,520 Speaker 1: spend the next I don't know, twelve months doing so. 392 00:20:53,200 --> 00:20:57,800 Speaker 1: Don't expect the president to be articulating any nuanced policy 393 00:20:57,880 --> 00:21:00,960 Speaker 1: vision for the country when that is where all of 394 00:21:00,960 --> 00:21:03,240 Speaker 1: the attention is going to be. There's no reason for 395 00:21:03,320 --> 00:21:06,199 Speaker 1: him to stake out a new policy position or a 396 00:21:06,280 --> 00:21:10,920 Speaker 1: new campaign position, because he's just gonna spend his time 397 00:21:11,200 --> 00:21:13,280 Speaker 1: pointing to the Democrats and saying that's what you want America. 398 00:21:13,280 --> 00:21:14,800 Speaker 1: It doesn't look good to me. Do you think we're 399 00:21:14,800 --> 00:21:17,720 Speaker 1: gonna get a healthcare plan? Though the White House is 400 00:21:17,720 --> 00:21:22,240 Speaker 1: really invested in continuing to create something out of nothing 401 00:21:22,280 --> 00:21:25,040 Speaker 1: on healthcare? The White House I think learned pretty quickly 402 00:21:25,080 --> 00:21:27,880 Speaker 1: that Republicans have been trying not just for eight years, 403 00:21:27,880 --> 00:21:29,560 Speaker 1: but for you know, sixty years to come up with 404 00:21:29,600 --> 00:21:32,200 Speaker 1: a consensus healthcare plan and haven't quite yet. I think 405 00:21:32,200 --> 00:21:35,359 Speaker 1: there certainly will be administrative action on healthcare. I'm not 406 00:21:35,359 --> 00:21:38,960 Speaker 1: sure that we'll see something that really has consensus um 407 00:21:39,040 --> 00:21:41,760 Speaker 1: and will be considered a full, full sale plan. But 408 00:21:41,840 --> 00:21:44,199 Speaker 1: I think there will certainly be continued discussion about healthcare 409 00:21:44,480 --> 00:21:49,199 Speaker 1: leading into the primaries. Mark, I don't like the policy 410 00:21:49,200 --> 00:21:51,320 Speaker 1: stuff out the White House. I don't know who's working 411 00:21:51,320 --> 00:21:52,960 Speaker 1: at the White House anymore. I mean, people are living 412 00:21:52,960 --> 00:21:55,800 Speaker 1: on a daily basis, Like I don't I think that 413 00:21:55,960 --> 00:21:58,960 Speaker 1: you're you know, I'm gonna have to say this. I'm 414 00:21:59,000 --> 00:22:03,400 Speaker 1: studied recently, but I think to actually move legislation through 415 00:22:03,680 --> 00:22:07,480 Speaker 1: Congress is a herculean task. It's a very serious, complicated process. 416 00:22:07,520 --> 00:22:08,879 Speaker 1: I mean, that's why they're not doing it though, right 417 00:22:09,520 --> 00:22:13,879 Speaker 1: on h announcement from the White House today for you. 418 00:22:13,880 --> 00:22:16,080 Speaker 1: So I've got to your point, Mark, I mean, I 419 00:22:16,119 --> 00:22:19,320 Speaker 1: was in where the where's the dunkin Donuts in the 420 00:22:19,320 --> 00:22:21,520 Speaker 1: basement of the house buildings that considered Rayburn. It's like 421 00:22:21,560 --> 00:22:26,719 Speaker 1: halfway between the Rayburn dunkin Donuts, you know I'm talking about. Yes, 422 00:22:26,760 --> 00:22:29,320 Speaker 1: So I'm down at the dunkin Donuts basement. I'm talking 423 00:22:29,320 --> 00:22:32,399 Speaker 1: with with some Democratic staffers and I'm like, are you 424 00:22:32,480 --> 00:22:34,479 Speaker 1: guys gonna are you gonna make a deal with Trump 425 00:22:34,560 --> 00:22:36,480 Speaker 1: on U S m c A or not. And they 426 00:22:36,480 --> 00:22:38,639 Speaker 1: were speaking on background, so I'm not, you know, giving 427 00:22:38,720 --> 00:22:41,439 Speaker 1: up anyone, and they said, really, no one's really excited 428 00:22:41,480 --> 00:22:44,159 Speaker 1: for this. I mean, and even the moderate Democrats on 429 00:22:44,280 --> 00:22:46,200 Speaker 1: U S m c A or not the two point Oh, 430 00:22:46,400 --> 00:22:48,520 Speaker 1: they would rather. I mean, when you have moderate Democrats 431 00:22:48,520 --> 00:22:50,600 Speaker 1: now saying that they want to impeach the president, they 432 00:22:50,640 --> 00:22:53,080 Speaker 1: certainly don't want to hand him a deal on U 433 00:22:53,080 --> 00:22:55,040 Speaker 1: S m c A. So you've got Lightheiser, the U. 434 00:22:55,080 --> 00:22:58,560 Speaker 1: S Trade representative, up on Capitol Hill yesterday and today 435 00:22:59,280 --> 00:23:01,879 Speaker 1: saying that he's working with Speaker Pelosi on on getting 436 00:23:01,960 --> 00:23:03,879 Speaker 1: U S m c A ahead of August. But I 437 00:23:03,920 --> 00:23:06,080 Speaker 1: gotta tell you that does not mesh at all mark 438 00:23:06,160 --> 00:23:08,360 Speaker 1: with what I'm hearing that from the sources that I'm 439 00:23:08,400 --> 00:23:12,600 Speaker 1: talking with who work with these Democrats, and and frankly, 440 00:23:13,119 --> 00:23:15,480 Speaker 1: if they were going to make any type of deal, 441 00:23:15,800 --> 00:23:18,680 Speaker 1: according to these people, they would rather get it done 442 00:23:18,680 --> 00:23:23,159 Speaker 1: on infrastructure, which is not likely. I was still in 443 00:23:23,240 --> 00:23:27,600 Speaker 1: bathroom from day one. The Trump team didn't go with infrastructure. 444 00:23:27,600 --> 00:23:30,040 Speaker 1: But that's another discussion. But on U S, U s 445 00:23:30,119 --> 00:23:32,119 Speaker 1: m c A or healthcare, I think it'll be interesting 446 00:23:32,119 --> 00:23:34,199 Speaker 1: in terms of policy, is there a Senate race that 447 00:23:34,240 --> 00:23:36,960 Speaker 1: can be switched or protected for some kind of policy, 448 00:23:37,080 --> 00:23:38,920 Speaker 1: then I think there'll be some impetus. But the idea 449 00:23:38,960 --> 00:23:41,720 Speaker 1: that the White House is gonna lead policy going forward, 450 00:23:41,720 --> 00:23:42,919 Speaker 1: I just don't see it. I think we're in a 451 00:23:42,960 --> 00:23:46,440 Speaker 1: campaign situation for the next five hundred plus days. Yeah, Kevin, 452 00:23:46,480 --> 00:23:48,080 Speaker 1: want to push back a little bit on the care 453 00:23:48,200 --> 00:23:50,960 Speaker 1: trelation that there's not a ton of appetite the Democratic side, 454 00:23:50,960 --> 00:23:52,600 Speaker 1: because that's not what I'm hearing from a lot of 455 00:23:52,600 --> 00:23:55,440 Speaker 1: these offices where some of these members when they go home, 456 00:23:55,520 --> 00:23:57,960 Speaker 1: the pressure they get is not wired to impeaching the president. 457 00:23:58,160 --> 00:24:00,760 Speaker 1: The pressure they get is what the heck are you doing? Yeah, 458 00:24:00,760 --> 00:24:03,359 Speaker 1: why aren't you doing anything? And that is the chorus 459 00:24:03,440 --> 00:24:05,400 Speaker 1: that's going to get louder and louder as we get 460 00:24:05,440 --> 00:24:07,680 Speaker 1: closer to the I want to stick with U s 461 00:24:07,800 --> 00:24:10,320 Speaker 1: m c A because I mean, there's been developments on 462 00:24:10,359 --> 00:24:12,239 Speaker 1: this in the sense that you've got light Hiser up 463 00:24:12,240 --> 00:24:13,879 Speaker 1: there saying he wants to get U s m c 464 00:24:14,040 --> 00:24:17,159 Speaker 1: A done ahead of the August recess. Everybody knows Speaker 465 00:24:17,160 --> 00:24:20,040 Speaker 1: Pelosi doesn't want to have anyone for pressure on her 466 00:24:20,080 --> 00:24:22,360 Speaker 1: with what to do with the calendar. Neither does Leader McConnell. 467 00:24:22,359 --> 00:24:24,760 Speaker 1: By the way, this is indicative of a leadership role 468 00:24:24,800 --> 00:24:28,920 Speaker 1: in Congress. And so the only thing that would really 469 00:24:29,040 --> 00:24:33,080 Speaker 1: drive this to the notion of their having to be 470 00:24:33,160 --> 00:24:35,560 Speaker 1: an urgency to get U s m c A passed, 471 00:24:35,880 --> 00:24:37,879 Speaker 1: and most whip counts would argue that it does have 472 00:24:37,920 --> 00:24:41,600 Speaker 1: the votes, UH, would be if the President withdrawals from NAFTA, 473 00:24:41,760 --> 00:24:45,719 Speaker 1: because that would trigger a quote unquote a political emergency. 474 00:24:45,800 --> 00:24:48,320 Speaker 1: And I'm just staring this down and I agree with Maddie. 475 00:24:48,359 --> 00:24:50,920 Speaker 1: I agree with Mark that the votes are essentially there, 476 00:24:51,400 --> 00:24:54,040 Speaker 1: but I don't think leadership right now wants to give 477 00:24:54,119 --> 00:24:57,080 Speaker 1: them a vote, right, And I think that that I'm 478 00:24:57,119 --> 00:25:00,840 Speaker 1: not curious. I'm very curious for the challenge on the demo. 479 00:25:00,920 --> 00:25:03,199 Speaker 1: And the White House has been clear on this UH 480 00:25:03,640 --> 00:25:06,480 Speaker 1: that they want to be able to pursue U s 481 00:25:06,600 --> 00:25:09,000 Speaker 1: m c A in partnership with House Democrats. They're giving 482 00:25:09,080 --> 00:25:12,520 Speaker 1: Nancy Pelosi this opportunity to talk about talk through it 483 00:25:12,560 --> 00:25:14,640 Speaker 1: with her caucus about what they need to get it done. 484 00:25:15,080 --> 00:25:18,520 Speaker 1: But the timeline is very important. Your point about the 485 00:25:18,600 --> 00:25:21,800 Speaker 1: schedule is a really good one, because we all know 486 00:25:21,920 --> 00:25:24,760 Speaker 1: that if it doesn't have traction by the end of August. 487 00:25:24,840 --> 00:25:26,840 Speaker 1: It's not getting done. You can tell us there's still 488 00:25:26,840 --> 00:25:29,119 Speaker 1: time left on the calendar. There's not time left in 489 00:25:29,160 --> 00:25:31,280 Speaker 1: the Washington d C type calendar. I think you can 490 00:25:31,320 --> 00:25:33,679 Speaker 1: see pressure maybe possibly from the outside. One of the 491 00:25:33,840 --> 00:25:35,720 Speaker 1: before we went on air, one of the branches of 492 00:25:36,040 --> 00:25:38,760 Speaker 1: the government Mexico advanced U S, M c A and 493 00:25:38,880 --> 00:25:40,960 Speaker 1: Justin Trugo, the Prime Minister of Canada, will be in 494 00:25:41,040 --> 00:25:43,440 Speaker 1: DC tomorrow meet with people on the Hill and Vice 495 00:25:43,440 --> 00:25:45,680 Speaker 1: President Pence. So maybe there's an upset there. But I 496 00:25:45,720 --> 00:25:49,320 Speaker 1: think there's only twenty one days legislative days left. Has 497 00:25:49,359 --> 00:25:53,600 Speaker 1: got popularity amongst Democrats, so right, us Matary in his 498 00:25:53,640 --> 00:25:55,880 Speaker 1: own country now he's got his own problems there. But yeah, 499 00:25:56,040 --> 00:25:58,760 Speaker 1: Democrats here like they like them. So I mean, it's 500 00:25:59,160 --> 00:26:03,040 Speaker 1: it is fascinating to watch Mexico and Canada. They're doing 501 00:26:03,040 --> 00:26:05,560 Speaker 1: what they said they would do, but it's it's really 502 00:26:05,640 --> 00:26:08,000 Speaker 1: up to two Americans. And if they don't and I said, 503 00:26:08,000 --> 00:26:10,320 Speaker 1: this is Tom Keene earlier on Bloomberg Surveillance on Bloomberg 504 00:26:10,359 --> 00:26:14,120 Speaker 1: Television h and he made this point, you know, if 505 00:26:14,160 --> 00:26:18,320 Speaker 1: they don't and a Democrat wins, it's like literally back 506 00:26:18,320 --> 00:26:21,159 Speaker 1: to the drawing On on U S m C A 507 00:26:21,440 --> 00:26:25,120 Speaker 1: coming up. We talked more more politics, more policy. Mark 508 00:26:25,200 --> 00:26:28,399 Speaker 1: Ross stays. Mattie Douppler stays. You can download the Sound 509 00:26:28,440 --> 00:26:31,600 Speaker 1: On podcast on Apple iTunes, at Bloomberg dot com, or 510 00:26:31,680 --> 00:26:34,120 Speaker 1: by downloading the Bloomberg Business app. You can also find 511 00:26:34,119 --> 00:26:37,440 Speaker 1: me on Radio dot com, I Heart Radio and Spotify. 512 00:26:37,560 --> 00:26:41,639 Speaker 1: I'm Kevin Serelli, Chief Washington correspondent for Bloomberg Television and 513 00:26:41,680 --> 00:26:49,840 Speaker 1: Bloomberg Radio. And you're listening to Bloomberg. You're listening to 514 00:26:50,119 --> 00:26:54,920 Speaker 1: Sound On with Kevin Serelli on Bloomberg and one oh 515 00:26:55,000 --> 00:26:59,800 Speaker 1: five point seven f M HD two Boltomore. I'm Kevin Serelli, 516 00:27:00,040 --> 00:27:04,720 Speaker 1: Chief Washington correspondent for Nomberg Television of Bloomberg Radio. It's Wednesday. 517 00:27:04,720 --> 00:27:07,840 Speaker 1: Folks were rained tonight. Come on, Phillies and Nats. Let's 518 00:27:07,840 --> 00:27:10,800 Speaker 1: go Philly. Sorry, don't pull off the road. I just 519 00:27:11,040 --> 00:27:14,080 Speaker 1: I will never root for for the Nats, like go Phillies, 520 00:27:14,160 --> 00:27:16,600 Speaker 1: and we got Harper and just the way it all 521 00:27:16,640 --> 00:27:18,880 Speaker 1: worked out, the way it all works out with Mark Ross, 522 00:27:18,880 --> 00:27:22,240 Speaker 1: founder of Tericle Global, He's here. Maddie Doppler, Senior fellow 523 00:27:22,280 --> 00:27:25,560 Speaker 1: at the National Taxpayers Union, former Coalitions director for the 524 00:27:25,600 --> 00:27:30,000 Speaker 1: House Republican Conference and not a baseball fan. What are 525 00:27:30,040 --> 00:27:32,760 Speaker 1: your Phillies fan? No, I just don't like baseball. I'm 526 00:27:32,760 --> 00:27:34,800 Speaker 1: a Tigers fan, and I don't think the Tiggers one. 527 00:27:35,520 --> 00:27:41,040 Speaker 1: Uh yeah, they're two and seventeen last nineteen games. Natzy 528 00:27:41,119 --> 00:27:43,320 Speaker 1: Lyons is in our group chat and she just said, 529 00:27:43,320 --> 00:27:46,480 Speaker 1: Boo has sorry nance, We're still friends. We were talking 530 00:27:46,520 --> 00:27:51,200 Speaker 1: about President Trump's speech last night in Orlando, Florida, which, 531 00:27:51,200 --> 00:27:53,000 Speaker 1: by the way, I couldn't get enough of. I mean 532 00:27:53,400 --> 00:27:56,239 Speaker 1: just because it's about to enter a lot of it. 533 00:27:56,840 --> 00:27:59,160 Speaker 1: I mean, we lived for this. So like I've got 534 00:27:59,160 --> 00:28:01,919 Speaker 1: like my Twitter renopened to see what the Dems are saying. 535 00:28:02,480 --> 00:28:05,120 Speaker 1: You've got you know, Trump and the reaction. You've got 536 00:28:05,119 --> 00:28:08,520 Speaker 1: the reporters, and you know, I'm like Jen Jacobs on Twitter. 537 00:28:08,640 --> 00:28:11,800 Speaker 1: You know, my friend Jen, and she's having the videos, 538 00:28:11,840 --> 00:28:14,199 Speaker 1: you know, Mark Lauder staying there's food trucks and I'm like, 539 00:28:14,240 --> 00:28:17,119 Speaker 1: come on, send me down there. Bloomberg. So you've got 540 00:28:17,160 --> 00:28:19,879 Speaker 1: a host of all of these different action things. But 541 00:28:19,880 --> 00:28:21,960 Speaker 1: there's this great article up on the Bloomberg terminal. I 542 00:28:22,040 --> 00:28:25,520 Speaker 1: love this article because it really dives into the data. 543 00:28:25,800 --> 00:28:28,560 Speaker 1: The data up on the Bloomberg terminal. Uh, And it's 544 00:28:28,600 --> 00:28:31,880 Speaker 1: by our colleagues, and they report on this poll that 545 00:28:32,119 --> 00:28:36,760 Speaker 1: was conducted by the Pew Research Center, and it says 546 00:28:37,040 --> 00:28:39,000 Speaker 1: that are you ready for this? Because I don't want 547 00:28:39,000 --> 00:28:42,480 Speaker 1: to get these numbers wrong. The majority of Americans feel 548 00:28:42,560 --> 00:28:46,680 Speaker 1: the nation's political discourse has become more negative. Okay, so 549 00:28:47,160 --> 00:28:51,120 Speaker 1: we're all on the same page, thank you. But it 550 00:28:51,200 --> 00:28:55,000 Speaker 1: goes deeper than that mark, and it says that more 551 00:28:55,040 --> 00:28:57,880 Speaker 1: than half of the respondents say that the president has 552 00:28:58,000 --> 00:29:01,959 Speaker 1: changed the tone and nature of political discussion for the worst, 553 00:29:02,280 --> 00:29:07,440 Speaker 1: while twenty four percent said he's changed it for the better. Um. 554 00:29:07,480 --> 00:29:10,040 Speaker 1: And I think that it's interesting to watch this because 555 00:29:10,280 --> 00:29:12,240 Speaker 1: this is how I want to frame this. This final 556 00:29:12,320 --> 00:29:14,840 Speaker 1: segment in the final a couple of minutes that we 557 00:29:14,880 --> 00:29:18,120 Speaker 1: have is how are the Democrats going to take him on? 558 00:29:18,640 --> 00:29:21,720 Speaker 1: Are they going to take the J. Powell approach and 559 00:29:22,040 --> 00:29:27,480 Speaker 1: not engage and be uh, non engaging with him? Or 560 00:29:27,520 --> 00:29:30,320 Speaker 1: are they going to go the Senator Bernie Sanders route 561 00:29:30,320 --> 00:29:33,400 Speaker 1: and try to be combative? Are they going to do? 562 00:29:34,160 --> 00:29:36,440 Speaker 1: You know? I think former Vice President Joe Biden has 563 00:29:36,480 --> 00:29:40,640 Speaker 1: sort of tried to do that. I still believe and 564 00:29:40,720 --> 00:29:43,640 Speaker 1: maybe maybe I'm wrong. Maybe I know nothing, which I 565 00:29:43,640 --> 00:29:45,360 Speaker 1: I know nothing. I know enough to know that I 566 00:29:45,400 --> 00:29:47,960 Speaker 1: know nothing. But maybe I really think it's going to 567 00:29:48,040 --> 00:29:50,120 Speaker 1: be the candidates who take the gloves off on each 568 00:29:50,120 --> 00:29:53,320 Speaker 1: other that are going to break out on that debate 569 00:29:53,320 --> 00:29:56,080 Speaker 1: stage in Miami Round one, which were literally a week 570 00:29:56,080 --> 00:29:58,120 Speaker 1: away from I will be in Miami. I'm very excited 571 00:29:58,160 --> 00:30:01,120 Speaker 1: we're broadcasting from down there. Um, But I don't know. 572 00:30:01,160 --> 00:30:02,480 Speaker 1: I want to leave it open to you, guys, what 573 00:30:02,520 --> 00:30:04,720 Speaker 1: do you think? I think I think we've get a 574 00:30:04,760 --> 00:30:08,120 Speaker 1: situation where the Democrats are like the PBS Julia Child's 575 00:30:08,160 --> 00:30:15,240 Speaker 1: cooking show Trump campaign, and it's just you know, even 576 00:30:15,280 --> 00:30:18,400 Speaker 1: this week Center, you know, a huge respect for but 577 00:30:18,440 --> 00:30:21,160 Speaker 1: she came out with a hundred policies. I mean, the 578 00:30:21,200 --> 00:30:25,720 Speaker 1: idea that Americans want to elect a technocrat with numerous policies. 579 00:30:25,760 --> 00:30:27,560 Speaker 1: I think it's just it's just we're not there, and 580 00:30:27,720 --> 00:30:30,160 Speaker 1: I think the game has been changed, like what you 581 00:30:30,160 --> 00:30:33,400 Speaker 1: haven't seen before. Yeah, I'm actually surprised that think that 582 00:30:33,440 --> 00:30:35,600 Speaker 1: the president has changed it for the better because I've 583 00:30:35,600 --> 00:30:39,360 Speaker 1: been seeing some super interesting polling that basically says like, Okay, 584 00:30:39,400 --> 00:30:41,760 Speaker 1: I don't love President Trump style, really wish you'd lay 585 00:30:41,800 --> 00:30:44,440 Speaker 1: out the tweets, but I'm with the guy because he's 586 00:30:44,520 --> 00:30:47,240 Speaker 1: changing Washington. Are you ready for this same Pew poll 587 00:30:47,400 --> 00:30:49,480 Speaker 1: you brought it up. You let me to my next point. 588 00:30:49,560 --> 00:30:53,840 Speaker 1: Fifty four percent of all respondents, so this is Republicans 589 00:30:53,880 --> 00:30:58,360 Speaker 1: and Democrats of all of the those polls said that 590 00:30:58,480 --> 00:31:03,320 Speaker 1: quote at least some times they feel entertained by President 591 00:31:03,320 --> 00:31:06,920 Speaker 1: Trump's comments. So I mean there's I mean, like when 592 00:31:06,920 --> 00:31:10,280 Speaker 1: you watch him, I mean there's this element of entertainment. 593 00:31:10,280 --> 00:31:13,600 Speaker 1: I'm not suggesting don't pull over your car, don't cause 594 00:31:13,600 --> 00:31:17,240 Speaker 1: a crash, wake up. I'm not saying that people want 595 00:31:17,280 --> 00:31:19,920 Speaker 1: to be entertained by their politicians. I'm saying that, according 596 00:31:19,920 --> 00:31:22,920 Speaker 1: to this poll, of all respondents say that they at 597 00:31:23,000 --> 00:31:27,160 Speaker 1: least sometimes feel entertained by the presidents of mark entered 598 00:31:27,200 --> 00:31:32,160 Speaker 1: an age of personality, trumping politics or trumping policy, and 599 00:31:32,560 --> 00:31:34,680 Speaker 1: there's no going back. I mean, there's just so much coverage. 600 00:31:34,720 --> 00:31:37,600 Speaker 1: Now we've simplified the process, more and more people, there's 601 00:31:37,640 --> 00:31:40,600 Speaker 1: more coverage. And this is a sample size of one. 602 00:31:40,640 --> 00:31:43,360 Speaker 1: This is my father, so this is the most interesting 603 00:31:43,440 --> 00:31:44,960 Speaker 1: data point. But he is a voter in Ohio and 604 00:31:44,960 --> 00:31:48,160 Speaker 1: he said, sure, Trump is crazy, but I already know 605 00:31:48,240 --> 00:31:50,120 Speaker 1: he's crazy, and I'm fine with it, Like we already 606 00:31:50,160 --> 00:31:53,120 Speaker 1: know it's already there, Like let's just keep this thing. 607 00:31:53,360 --> 00:31:55,600 Speaker 1: Like people feel okay with Ian interrupt you, but got 608 00:31:55,600 --> 00:31:57,760 Speaker 1: so excited by talking about a Midwestern parents. I'm from 609 00:31:57,760 --> 00:31:59,880 Speaker 1: Wisconsin and this was a data point that stuck with 610 00:31:59,880 --> 00:32:01,600 Speaker 1: me too. You know, when I was working on the Hill, 611 00:32:02,120 --> 00:32:04,600 Speaker 1: I go home and I have parents and parents friends 612 00:32:04,640 --> 00:32:07,080 Speaker 1: who are all very very Republican, and they would be 613 00:32:07,120 --> 00:32:10,320 Speaker 1: so frustrated by John Bayner and Mitch McConnell and say 614 00:32:10,320 --> 00:32:12,680 Speaker 1: like they don't stand up enough, they don't do enough. 615 00:32:12,920 --> 00:32:15,160 Speaker 1: And I could never really articulate what the doing that 616 00:32:15,200 --> 00:32:18,440 Speaker 1: they weren't accomplishing was that was frustrating them so much. 617 00:32:18,800 --> 00:32:21,760 Speaker 1: But this is why the Trump antics don't bother people 618 00:32:21,800 --> 00:32:24,320 Speaker 1: like that, because they think everyone in Washington is the same. 619 00:32:24,360 --> 00:32:25,840 Speaker 1: The three of us sitting here think that, like we 620 00:32:25,880 --> 00:32:28,720 Speaker 1: all get stuft done. Everyone else outside watching DZ list 621 00:32:28,800 --> 00:32:31,680 Speaker 1: us and says we don't. Everyone outside watching DC says 622 00:32:31,720 --> 00:32:34,760 Speaker 1: that we don't do anything. And that's why they like 623 00:32:34,800 --> 00:32:38,200 Speaker 1: Trump because the Catholic Guild, I didn't clean my apartment 624 00:32:38,280 --> 00:32:41,360 Speaker 1: last night. Trump raised twenty four point eight million dollars 625 00:32:41,760 --> 00:32:44,520 Speaker 1: in less than twenty four hours. According to the RNC, 626 00:32:45,040 --> 00:32:48,880 Speaker 1: twenty four point eight million dollars in less than twenty 627 00:32:48,880 --> 00:32:50,719 Speaker 1: four hours. All right, I want to switch it up. 628 00:32:50,720 --> 00:32:52,880 Speaker 1: Hope picks we got I want to hit on this quickly, 629 00:32:53,360 --> 00:32:56,320 Speaker 1: she appeared closed door testimony. Dude, we think you're gonna 630 00:32:56,320 --> 00:33:00,160 Speaker 1: get anything new out of No? I think so. I mean, 631 00:33:00,160 --> 00:33:02,280 Speaker 1: I think this is a big deal. I mean, you know, 632 00:33:02,440 --> 00:33:05,480 Speaker 1: I just don't. I've long believe the impeachment process is 633 00:33:05,480 --> 00:33:08,360 Speaker 1: going to happen, whether the short term and long term 634 00:33:08,560 --> 00:33:11,880 Speaker 1: trouble be impeached. And I think they believe if he's 635 00:33:11,880 --> 00:33:13,880 Speaker 1: reelected they can't even get U. S. M c A pass. 636 00:33:13,880 --> 00:33:16,360 Speaker 1: Do you think that room on the count think it's 637 00:33:16,880 --> 00:33:19,400 Speaker 1: I do think yes. I think they're doing the Democrats 638 00:33:19,400 --> 00:33:22,880 Speaker 1: are being very smart, systematically broughting this stuff out its 639 00:33:22,920 --> 00:33:27,320 Speaker 1: closed doors. At question about that Trump is re elected. 640 00:33:28,000 --> 00:33:32,240 Speaker 1: Republicans don't lose the House, but they make some gains 641 00:33:32,240 --> 00:33:33,720 Speaker 1: in the House, and they have a pretty strong showing 642 00:33:33,760 --> 00:33:36,400 Speaker 1: in the Senate. You really think that these Democrats are 643 00:33:36,400 --> 00:33:39,320 Speaker 1: gonna walk the plank in these states where Republicans are 644 00:33:39,320 --> 00:33:42,840 Speaker 1: still doing well in statewide elections because it's not about 645 00:33:42,880 --> 00:33:45,960 Speaker 1: his behavior, it's about a systematic breakdown of the rule. 646 00:33:46,040 --> 00:33:47,680 Speaker 1: And there was I want to I want to bring 647 00:33:47,680 --> 00:33:49,800 Speaker 1: the news as well, because there was a development on 648 00:33:49,840 --> 00:33:52,320 Speaker 1: this front. Speaker Pelosi says she's not going to go 649 00:33:52,400 --> 00:33:56,040 Speaker 1: a censure route. She's not going to go a censure route. 650 00:33:56,040 --> 00:33:59,680 Speaker 1: We've got sixty seconds left. We've, unfortunately, have to hit 651 00:33:59,720 --> 00:34:04,520 Speaker 1: the Huawei development. Senator Mitt Romney trying to prevent President 652 00:34:04,560 --> 00:34:07,120 Speaker 1: Donald Trump from doing what many in Congress fears he 653 00:34:07,200 --> 00:34:11,080 Speaker 1: plans to do, go easy on Huawei technologies. He's got 654 00:34:11,400 --> 00:34:13,560 Speaker 1: an amendment that he's submitted to the n d A 655 00:34:13,560 --> 00:34:17,799 Speaker 1: Act which would set specific conditions for the Commerce Secretary 656 00:34:17,840 --> 00:34:22,600 Speaker 1: to remove Huahwei from a US blacklist, so it would 657 00:34:22,600 --> 00:34:26,000 Speaker 1: make it more difficult, uh, for for them to do that. 658 00:34:26,040 --> 00:34:27,600 Speaker 1: I want to thank Mark Ross. I want to thank 659 00:34:27,640 --> 00:34:31,040 Speaker 1: Mattie Doubler. Coming up tomorrow as well as later in 660 00:34:31,040 --> 00:34:33,399 Speaker 1: the week, we'll have more on the China trade front, 661 00:34:33,400 --> 00:34:36,240 Speaker 1: and of course more on Quahwei as well. I'm Kevin Surili. 662 00:34:36,520 --> 00:35:00,600 Speaker 1: You're listening to Bloomberg One