Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: The single best idea. What a set of great conversations today,
Speaker 2: particularly the equity market. We started with Cam Dawson of
Speaker 2: New Edge, and she was piercing about the ambiguities in
Speaker 2: the market right now, the cut the back of the
Speaker 2: forth of the equity market. She maintained a bullish tone,
Speaker 2: but nothing like Edyard Denny who joined us for an
Speaker 2: ample conversation. He reaffirmed an SPX it would be resilient
Speaker 2: move above six thousand. Couldn't get him to get back
Speaker 2: to seven thousand on standard of pores five hundred. But
Speaker 2: we talked about the ambiguity that's out there. If yields
Speaker 2: go up, they can cut one way or another way.
Speaker 2: Here's Edyard Denny high oer eels should be bad, but
Speaker 2: they haven't been bad. We have seen a global bull
Speaker 2: market and in stocks, even though we've seen bond yields increase.
Speaker 2: Now my view is that to a loge extent, bondials
Speaker 2: of normalize, they're back to where they should be. Forty
Speaker 2: a half percent is the right bond yield for the
Speaker 2: US economy. That was the case before the Great Financial Crisis,
Speaker 2: and I think it's the case against now. You know,
Speaker 2: maybe we're getting some excesses in the UK, some excesses
Speaker 2: in Japan. But you know, if you want to be
Speaker 2: US centric, which to be, I think these bondials are
Speaker 2: kind of normal. But I do see a risk that
Speaker 2: there could be a mini debt crisis the way there
Speaker 2: was in twenty twenty three. In some ways, Tom, I
Speaker 2: hope there is, because I think now's a good time
Speaker 2: for a debt crisis to get the attention of the
Speaker 2: politicians in Washington that they got to get their act together.
Speaker 2: Ed Jared Denny just really really quite good leaking economics
Speaker 2: into the fixed income market and the equity market is well.
Speaker 2: Angela's stent here's the backstory, the shock of Russia invading Ukraine.
Speaker 2: I think it was a Wednesday, maybe a Thursday. And
Speaker 2: the next day, as all of us were reeling, there
Speaker 2: was a new book out, Putin's World, And in February
Speaker 2: of the year a couple of years ago, in February
Speaker 2: I picked my book of the year for the next
Speaker 2: twelve months, and it was Angela's Stentz Putin's World. I
Speaker 2: can't say enough about it. One volume, readable and absolutely authoritative,
Speaker 2: Professor Stent of course at Brookings and Oliver good work.
Speaker 2: We caught up with Angela's stent today here on the
Speaker 2: Trump effect on Putin.
Speaker 3: I don't think he's helping at the moment because, you know,
Speaker 3: having gotten the Ukrainians and the Europeans to say, yes,
Speaker 3: we have to have a thirty day interim ceasefire before
Speaker 3: we could really negotiate, Putin has refused to do this.
Speaker 3: Apparently in the phone call yesterday they didn't even discuss
Speaker 3: us a ceasefire in two and a half hours. So
Speaker 3: that's really not helping get us anywhere nearer to stopping
Speaker 3: the killing and talking constructively about what comes afterwards.
Speaker 2: Angela's stent and again the book is Putin's World, and
Speaker 2: shout out if I can for Stephanie Baker of Bloomberg
Speaker 2: News with her book on Vladimir Putin right now. It's
Speaker 2: a valuable effort as well on your commute across the nation.
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