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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: The single best idea. What a set of great conversations today,

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Speaker 2: particularly the equity market. We started with Cam Dawson of

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Speaker 2: New Edge, and she was piercing about the ambiguities in

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Speaker 2: the market right now, the cut the back of the

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Speaker 2: forth of the equity market. She maintained a bullish tone,

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Speaker 2: but nothing like Edyard Denny who joined us for an

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Speaker 2: ample conversation. He reaffirmed an SPX it would be resilient

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Speaker 2: move above six thousand. Couldn't get him to get back

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Speaker 2: to seven thousand on standard of pores five hundred. But

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Speaker 2: we talked about the ambiguity that's out there. If yields

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Speaker 2: go up, they can cut one way or another way.

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Speaker 2: Here's Edyard Denny high oer eels should be bad, but

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Speaker 2: they haven't been bad. We have seen a global bull

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Speaker 2: market and in stocks, even though we've seen bond yields increase.

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Speaker 2: Now my view is that to a loge extent, bondials

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Speaker 2: of normalize, they're back to where they should be. Forty

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Speaker 2: a half percent is the right bond yield for the

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Speaker 2: US economy. That was the case before the Great Financial Crisis,

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Speaker 2: and I think it's the case against now. You know,

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Speaker 2: maybe we're getting some excesses in the UK, some excesses

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Speaker 2: in Japan. But you know, if you want to be

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Speaker 2: US centric, which to be, I think these bondials are

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Speaker 2: kind of normal. But I do see a risk that

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Speaker 2: there could be a mini debt crisis the way there

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Speaker 2: was in twenty twenty three. In some ways, Tom, I

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Speaker 2: hope there is, because I think now's a good time

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Speaker 2: for a debt crisis to get the attention of the

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Speaker 2: politicians in Washington that they got to get their act together.

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Speaker 2: Ed Jared Denny just really really quite good leaking economics

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Speaker 2: into the fixed income market and the equity market is well.

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Speaker 2: Angela's stent here's the backstory, the shock of Russia invading Ukraine.

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Speaker 2: I think it was a Wednesday, maybe a Thursday. And

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Speaker 2: the next day, as all of us were reeling, there

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Speaker 2: was a new book out, Putin's World, And in February

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Speaker 2: of the year a couple of years ago, in February

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Speaker 2: I picked my book of the year for the next

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Speaker 2: twelve months, and it was Angela's Stentz Putin's World. I

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Speaker 2: can't say enough about it. One volume, readable and absolutely authoritative,

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Speaker 2: Professor Stent of course at Brookings and Oliver good work.

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Speaker 2: We caught up with Angela's stent today here on the

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Speaker 2: Trump effect on Putin.

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Speaker 3: I don't think he's helping at the moment because, you know,

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Speaker 3: having gotten the Ukrainians and the Europeans to say, yes,

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Speaker 3: we have to have a thirty day interim ceasefire before

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Speaker 3: we could really negotiate, Putin has refused to do this.

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Speaker 3: Apparently in the phone call yesterday they didn't even discuss

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Speaker 3: us a ceasefire in two and a half hours. So

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Speaker 3: that's really not helping get us anywhere nearer to stopping

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Speaker 3: the killing and talking constructively about what comes afterwards.

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Speaker 2: Angela's stent and again the book is Putin's World, and

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Speaker 2: shout out if I can for Stephanie Baker of Bloomberg

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Speaker 2: News with her book on Vladimir Putin right now. It's

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Speaker 2: a valuable effort as well on your commute across the nation.

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Speaker 2: Too many ways to listen to us, Good morning on

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Speaker 2: serious XM now older technology but as modern as they

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Speaker 2: come in this new digital world. On YouTube, subscribe to

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Speaker 2: Bloomberg Podcast it's a number one way to help our effort.

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Speaker 2: And on YouTube podcasts. This is single best idea