WEBVTT - GameStop Soars; Nvidia New Chips

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan

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<v Speaker 1>Hager and I'm Karen Moscow. Here are the stories we're

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<v Speaker 1>following today, Karen.

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<v Speaker 2>We began the first trading day of the month of

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<v Speaker 2>June with Memestocks on the move. Let's get the latest

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<v Speaker 2>with Bloomberg's John Tucker, John.

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<v Speaker 3>Yeah, Nathan. GameStop shares rocketing higher this morning. This comes

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<v Speaker 3>after the Reddit account that drove the meanstock Manium twenty

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<v Speaker 3>twenty one posted what appeared to be a one hundred

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<v Speaker 3>and sixteen million dollar position in the game retailer. A

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<v Speaker 3>screen shot by Keith Gill shows five million cheers bought

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<v Speaker 3>a twenty one twenty seven per share. The screen shot,

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<v Speaker 3>which also included one hundred twenty thousand call options, couldn't

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<v Speaker 3>be verified on social media, Gil, using his account handle

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<v Speaker 3>Roaring Kitty, also posted an image of an Uno reverse cord,

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<v Speaker 3>the post that attracted more than four and a half

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<v Speaker 3>million views in about five hours. You'll recall that back

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<v Speaker 3>in mid May, Gil returned to x with an image

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<v Speaker 3>of a video game person leaning in, fueling anticipation is

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<v Speaker 3>going to actively return to the market. Well other medium

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<v Speaker 3>stocks they're also getting a boost and shares of Game Stop.

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<v Speaker 3>We'll I'll start there. They are upright now sixty nine percent.

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<v Speaker 3>Shares of AMC Entertainment they're up twenty six percent. I'm

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<v Speaker 3>John Tucker, Bloomberg Radio.

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<v Speaker 1>Right, John, thank you. But we're also seeing in Nvidia

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<v Speaker 1>shares on the move. They're up almost three percent. The

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<v Speaker 1>company has plenty to upgrade its AI accelerator chips every

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<v Speaker 1>year as it seeks to broaden its customer base beyond

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<v Speaker 1>cloud computing giants. CEO Jensen Wong announced a new Blackwell

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<v Speaker 1>Ulter chip for next year and the development of an

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<v Speaker 1>AI platform called Rubin for twenty twenty six for future laptop.

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<v Speaker 2>Your future PC will become an AI. You'll be constantly

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<v Speaker 2>helping you, assisting.

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<v Speaker 4>You in the background. The PC will also run applications

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<v Speaker 4>that are enhanced by an.

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<v Speaker 5>Your PC will.

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<v Speaker 2>Also post applications with digital humans that are as.

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<v Speaker 1>In Vidia CEO Jensen Wong was speaking at the Computex

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<v Speaker 1>conference in Taiwan. He compared the rise of AI to

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<v Speaker 1>the Industrial Revolution.

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<v Speaker 2>And not to be outdone, Karen Advanced micro Devices is

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<v Speaker 2>speeding up introductions of new artificial intelligence processors as it

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<v Speaker 2>seeks to dent in Vidia's domination of that lucrative market.

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<v Speaker 2>AMD's CEO Lisa Sue was also at the Computex conference

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<v Speaker 2>in Taiwan. She says the MII three twenty five X

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<v Speaker 2>will go on sale in the fourth quarter.

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<v Speaker 4>Well.

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<v Speaker 1>Nathan Stocks in India search to our record after exit

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<v Speaker 1>polls signaled an emphatic victory for Prime Minister Narendra Modi's

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<v Speaker 1>ruling party. Winning by a landslide would enable Modi's party

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<v Speaker 1>to push through policies that are seen as crucial by

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<v Speaker 1>some investors for boosting India's economic growth, already among the

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<v Speaker 1>world's fastest.

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<v Speaker 2>And another important election we're looking at this morning. Karen

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<v Speaker 2>is in South Africa. The ruling African National Congress has

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<v Speaker 2>now begun talks with its rivals to form a government.

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<v Speaker 2>The move comes after the party lost its parliamentary majority

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<v Speaker 2>for the first time since Nelson Mandela led it to

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<v Speaker 2>power at the end of apartheid in nineteen ninety four.

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<v Speaker 2>And See leader Serril Ramaposa says the result is assigned.

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<v Speaker 2>The South African people wanted more cooperation among major parties.

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<v Speaker 6>What this election has made plain is that the people

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<v Speaker 6>of South Africa expect their leaders to work together to

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<v Speaker 6>meet their needs. They expect the parties for which they

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<v Speaker 6>have voted to act and work together for the good

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<v Speaker 6>of everyone.

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<v Speaker 2>Ramaposa's ANC got a vote share of just over forty percent.

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<v Speaker 2>That's down from more than fifty seven percent five years ago.

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<v Speaker 1>Well, Nathan to the latest from the Middle East. Now,

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<v Speaker 1>the White House is continuing to push what it says

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<v Speaker 1>is an Israeli proposal to end the war with Hamas.

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<v Speaker 1>National Security spokesman John Kirby discussed it on ABC's This Week.

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<v Speaker 7>Where we are right now? Is that propose? An Israeli

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<v Speaker 7>proposal has been given to Hamas. It was done on

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<v Speaker 7>Thursday night our time. We're waiting for an official response

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<v Speaker 7>from Hamas. We would note that publicly Hamas officials came

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<v Speaker 7>out and welcomed this proposal. So what would we hope

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<v Speaker 7>happen is they would agree to start Phase one as

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<v Speaker 7>soon as possible.

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<v Speaker 1>Why how Spokesman John Kirby says that Phase one would

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<v Speaker 1>be a six week truce where hostages and prisoners would

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<v Speaker 1>be exchanged, followed by a second phase focused on a

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<v Speaker 1>permanent ceasefire, then major reconstruction in Gaza. But is really

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<v Speaker 1>prime Minister Benjamin et Yaho says the plan he's agreed

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<v Speaker 1>to does not include a permanent ceasefire. In a statement,

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<v Speaker 1>he says that would be a non starters. Samasa's capabilities

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<v Speaker 1>are destroyed in all hostages are freed first.

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<v Speaker 2>In other political news, Karen Donald Trump's legal team is

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<v Speaker 2>now confirming it is readying an appeal to his recent

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<v Speaker 2>convictions in the hush money trial. We get that story

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<v Speaker 2>from Bloomberg's Ed Baxter.

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<v Speaker 8>Trump attorney Will Sharp says it deals with judicial fairness.

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<v Speaker 9>We're going to speedily appeal this unjust verdict. I think

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<v Speaker 9>this case is replete with reversible error. We plan to

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<v Speaker 9>vigorously defend President Trump's rights in the appellate courts all

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<v Speaker 9>the way up to the US Supreme Court if necessary.

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<v Speaker 8>On ABC has heard on Bloomberg saying problems with jury

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<v Speaker 8>instruction and denial of change of venue. Congressman Adam Schiff,

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<v Speaker 8>co chair of the January sixth Committee, says the reaction

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<v Speaker 8>to venue is simple.

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<v Speaker 2>If you don't want to be tried in front of

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<v Speaker 2>a New York jera, then maybe don't commit so many

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<v Speaker 2>crimes in New York City.

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<v Speaker 8>Shiff says he sees no grounds for appeal, does say

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<v Speaker 8>the whole process will definitely take beyond election day. Head

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<v Speaker 8>Baxter Bloomberg Radio, All.

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<v Speaker 2>Right, ed, thank you well.

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<v Speaker 1>As survey by Bloomberg shows that investors are worried about

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<v Speaker 1>the Federal reserves independence if Donald Trump is re elected

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<v Speaker 1>as president in November. Forty four percent of those responding

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<v Speaker 1>to Our Market's Live Paul survey said they expect the

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<v Speaker 1>former president to politicize the Central Bank or limit its

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<v Speaker 1>power if he returns to the White House. They also

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<v Speaker 1>expect volatility in the bond market in the event of

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<v Speaker 1>a Trump victory, with around a quarter seeing the ten

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<v Speaker 1>year treasure Yell jumping by more than twenty five basis points.

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<v Speaker 2>And speaking of the Fed, Karen, we're getting more signals

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<v Speaker 2>that the Central Bank is going to stand pat for

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<v Speaker 2>a while. Minneapolis Fed President Neil Cashcari tells The Financial

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<v Speaker 2>Times the Fed will likely keep interest rates on hold

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<v Speaker 2>for an extended period of time. He says new economic

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<v Speaker 2>data will need to convince policymakers that inflation is on

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<v Speaker 2>the way down.

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<v Speaker 1>Well, Nathan, we have some deal news to get you

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<v Speaker 1>caught up on this morning. Bloomberg News has learned film

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<v Speaker 1>producer David Ellison's latest offer for Paramount Global includes an

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<v Speaker 1>option for non voting shareholders to cash out a portion

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<v Speaker 1>of their stock for about fifteen dollars a share. The offer,

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<v Speaker 1>roughly twenty six percent premium to Friday's closing price, is

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<v Speaker 1>for only some of the shares. The cash payout is

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<v Speaker 1>the latest attempt by Ellison to sweeten the terms of

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<v Speaker 1>a deal that has faced opposition from some investors. Shares

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<v Speaker 1>a Paramount up around four percent.

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<v Speaker 2>This morning, and another stock on the move this morning

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<v Speaker 2>is Stereocycle Karen. Those shares are up about four and

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<v Speaker 2>a half percent. The Wall Street journals reporting the Waste

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<v Speaker 2>Management is close to a deal to buy that medical

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<v Speaker 2>waste disposal company.

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<v Speaker 1>And it's time now for a look at some of

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<v Speaker 1>the other stories making news in New York and around

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<v Speaker 1>the world.

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<v Speaker 2>And for that we're joined by Bloomberg's Michael Barr. Michael,

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<v Speaker 2>Good Morning, Good morning, Karen.

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<v Speaker 5>Mexico's projected election winner, Claudia Shanebaum, will become the first

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<v Speaker 5>woman president in the country's two hundred year history, making

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<v Speaker 5>The climate scientist and former Mexico City mayor said last

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<v Speaker 5>night that her two competitors had called her and conceded

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<v Speaker 5>her victory. Shane Baum had between fifty eight and almost

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<v Speaker 5>sixty one percent of the vote. For the first time ever,

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<v Speaker 5>Mexican nationals living in the Chicago area were allowed to

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<v Speaker 5>cast their vote at the Consulate General in the city.

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<v Speaker 5>Hundreds lined up all day waiting for hours to cast

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<v Speaker 5>their ballot, including this woman.

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<v Speaker 1>For me, It's the most important election of my lifetime.

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<v Speaker 5>Shane Baum said that the voting had been peaceful, but

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<v Speaker 5>Mexico's largest ever elections were also the deadliest in its

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<v Speaker 5>modern history for the tax carried out against candidates and

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<v Speaker 5>people close to them. Jerry's election is set to begin today,

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<v Speaker 5>and the federal gun case against President Joe Biden's son,

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<v Speaker 5>after a deal with prosecutors fell apart. They would have

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<v Speaker 5>avoided the spectacle of a trial so close to the

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<v Speaker 5>twenty twenty four election. Hunter Biden has been charged with

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<v Speaker 5>lying on federal gun purchase forms when he said he

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<v Speaker 5>wasn't a drug addict. He has pleaded not guilty. Hunter

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<v Speaker 5>Biden is also facing a separate trial in California in

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<v Speaker 5>September on charges of failing to pay one point four

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<v Speaker 5>million dollars in taxes more than sixty US World War

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<v Speaker 5>II veterans arrived in Paris over the weekend to participate

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<v Speaker 5>in ceremonies marking the eightieth anniversary of D Day. The

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<v Speaker 5>youngest World War Two veteran on the American Airlines flight

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<v Speaker 5>from Dallas to Paris was ninety six, the oldest one

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<v Speaker 5>hundred and seven. The group was welcomed by Philippe and Tienne,

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<v Speaker 5>president of Mission Liberation, a former French ambassador to the US.

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<v Speaker 4>Your presence here in France symbolizes not only the spirit

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<v Speaker 4>of fraternity and solidarity that prevailed during those dark years,

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<v Speaker 4>but also the unbreakable alliance between our two nations.

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<v Speaker 5>The former French ambassador also says there were also two

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<v Speaker 5>Rosy the Riveters among the veterans, representing women who worked

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<v Speaker 5>in factories and shipyards during the war. Global News twenty

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<v Speaker 5>four hours a day and whenever you want it with

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<v Speaker 5>Bloomberg News Now. I'm Michael Barr. This is Bloomberg hererott.

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<v Speaker 1>Ory, Michael Barr.

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<v Speaker 10>Thank you.

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<v Speaker 1>Time now for the Bloomberg Sports Update with John Stanshauer

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<v Speaker 1>Junk of Morning.

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<v Speaker 11>Good Morning Karen. The Yankees just spent ten days in California.

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<v Speaker 11>They won two of three in San Diego. Took two

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<v Speaker 11>of three at Anaheim, and it looked like that was

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<v Speaker 11>how the series was going to go. In San Francisco,

0:09:53.200 --> 0:09:56.440
<v Speaker 11>the Yanks trailed in the nineteen eight Here what oh.

0:09:56.679 --> 0:10:00.439
<v Speaker 1>Swinging a fly ball deep white field Stretchky.

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<v Speaker 10>Turns and what is it?

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<v Speaker 1>It is?

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<v Speaker 11>God?

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<v Speaker 10>Go ahead?

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<v Speaker 1>Two roun bless by one Sodo.

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<v Speaker 3>He gives the Yankees the lead in the top of

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<v Speaker 3>the nine, going over the twenty four foot high wall

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<v Speaker 3>and right.

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<v Speaker 11>On Wfan So it was the last part of a

0:10:18.240 --> 0:10:21.160
<v Speaker 11>four run rally. Yanks beat the Giants seven to five

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<v Speaker 11>for a series sweep and a seven and two road trip.

0:10:23.679 --> 0:10:26.120
<v Speaker 11>Soto had earlier homeward in the first inning a city field.

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<v Speaker 11>Arizona's Kettle Marte also homeward in the first and the ninth,

0:10:30.040 --> 0:10:32.720
<v Speaker 11>two runs shown off Jake Diekman a rally. The Diamondbacks

0:10:32.760 --> 0:10:35.080
<v Speaker 11>passed the Mets five to four. To the Mets when

0:10:35.240 --> 0:10:37.760
<v Speaker 11>nine and nineteen in May, they're zero and two. In June,

0:10:37.840 --> 0:10:39.920
<v Speaker 11>Red Sox blew with three nothing. Lee lost in Detroit

0:10:39.960 --> 0:10:43.240
<v Speaker 11>eight to four ten innings. Nationals won five two in Cleveland.

0:10:43.240 --> 0:10:45.199
<v Speaker 11>The Ools is just their second loss in the last ten.

0:10:45.280 --> 0:10:47.720
<v Speaker 11>Beaten by Tampa Bay four to three. It'll be the

0:10:47.720 --> 0:10:50.679
<v Speaker 11>Panthers and Oilers playing for the Stanley Cup. It'll be

0:10:50.720 --> 0:10:53.960
<v Speaker 11>the longest distance between the two cities in Cup final

0:10:54.080 --> 0:10:57.520
<v Speaker 11>history and Edmonton Oilers scored twice in the first period

0:10:57.559 --> 0:10:59.640
<v Speaker 11>that was enough to finish off Dallas two to one,

0:10:59.679 --> 0:11:02.040
<v Speaker 11>taking in the West Final four games to two. At

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<v Speaker 11>the front j Open fourth round wins breonnic Cinner and

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<v Speaker 11>Carlos alcaaz Novak. Djokovic placed today, back from his third

0:11:09.000 --> 0:11:10.680
<v Speaker 11>round win that took four and a half hours and

0:11:10.840 --> 0:11:14.199
<v Speaker 11>ended at three am Paris time. The lefty from Scotland,

0:11:14.280 --> 0:11:18.120
<v Speaker 11>Robert McIntyre's first PGA win in Canada. He won with

0:11:18.160 --> 0:11:21.600
<v Speaker 11>his father as his caddie. Yukusasso won the US Women's

0:11:21.640 --> 0:11:24.640
<v Speaker 11>Open for the second time. She's only twenty two. Some

0:11:24.800 --> 0:11:27.720
<v Speaker 11>own biles now twenty seven. She won the US Gymnastics

0:11:27.760 --> 0:11:30.560
<v Speaker 11>title for the ninth time. Next up the Olympic Trials

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<v Speaker 11>next month. John Stasheward Bloomberg Sports Cannon Nathan.

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<v Speaker 8>Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

0:11:40.200 --> 0:11:43.080
<v Speaker 8>and around the world on Bloomberg dot Com and the

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<v Speaker 8>Bloomberg Business app.

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<v Speaker 2>This is Bloomberg Daybreak. Good morning on Nathan Hager. As

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<v Speaker 2>we head into a new trading month, the market is

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<v Speaker 2>feeling a bit like twenty twenty one. This morning, meme

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<v Speaker 2>names are seeing the biggest moves after the investing influencer

0:11:57.840 --> 0:12:00.800
<v Speaker 2>known as Roaring Kitty posted but it looks like a

0:12:00.840 --> 0:12:04.600
<v Speaker 2>big position in game Stop and other stocks that retail

0:12:04.600 --> 0:12:08.600
<v Speaker 2>investors piled into three years ago are soaring off the

0:12:08.640 --> 0:12:10.760
<v Speaker 2>back of it. For more on this, what else do

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<v Speaker 2>you watch for? As we kick off the month of June,

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<v Speaker 2>we were pleased to be joined by Dennis Gartman, the

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<v Speaker 2>chairman of the University of Akron Endowment Investment Committee and

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<v Speaker 2>the former publisher of the Gartman Letter. Dennis, Good morning.

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<v Speaker 2>Is it twenty twenty one all over again?

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<v Speaker 10>Good morning Nathan, And yes, it seems it's twenty twenty

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<v Speaker 10>one all over again with the Roaring Kitty back on

0:12:30.880 --> 0:12:35.040
<v Speaker 10>the front pages. I find it a little disconcerting to

0:12:35.080 --> 0:12:40.000
<v Speaker 10>think that once again he's back. Once again. The means

0:12:40.440 --> 0:12:43.520
<v Speaker 10>trading is back to the forefront. That's always to me

0:12:43.559 --> 0:12:45.800
<v Speaker 10>indicative of a market that's making a top, not the

0:12:45.800 --> 0:12:48.520
<v Speaker 10>market that's making a bottom. The fact that when the

0:12:48.520 --> 0:12:53.160
<v Speaker 10>public comes in aggressively, and trades means stocks trades, spacks, trades,

0:12:53.840 --> 0:12:58.000
<v Speaker 10>single day options, trades, over the counterstocks trades less than

0:12:58.040 --> 0:13:01.840
<v Speaker 10>dollar stocks at the high rate. That's always disconcerting to me,

0:13:02.040 --> 0:13:04.160
<v Speaker 10>and I think it should be disconcerting to everybody else.

0:13:04.200 --> 0:13:07.480
<v Speaker 10>But this is twenty twenty one again, and here we

0:13:07.520 --> 0:13:08.480
<v Speaker 10>are one more time.

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<v Speaker 2>Is that the biggest indicator for you that we could

0:13:11.480 --> 0:13:13.400
<v Speaker 2>be seeing a top to this market? Or are there

0:13:13.440 --> 0:13:15.800
<v Speaker 2>other things that you're looking at that signal that for you?

0:13:16.679 --> 0:13:20.319
<v Speaker 10>Fundamentals dictate where the market goes over broad terms, Technicals

0:13:20.360 --> 0:13:23.480
<v Speaker 10>dictate where the market goes over short term terms. And

0:13:23.559 --> 0:13:25.760
<v Speaker 10>to me, one of the most important circumstances that we

0:13:25.800 --> 0:13:29.120
<v Speaker 10>saw technically was two weeks ago we had an outside

0:13:29.160 --> 0:13:31.480
<v Speaker 10>reversal day in the S and P and the NASDAC.

0:13:31.960 --> 0:13:33.440
<v Speaker 10>That's when you go to a new of all time

0:13:33.520 --> 0:13:36.520
<v Speaker 10>high trade lower on the day trade below the previous

0:13:36.600 --> 0:13:38.520
<v Speaker 10>day is low, and do it on large volume. We

0:13:38.559 --> 0:13:42.200
<v Speaker 10>had outside reversal days, and those are usually not always,

0:13:42.240 --> 0:13:46.760
<v Speaker 10>but usually indicative of market tops. To me, that was important.

0:13:46.960 --> 0:13:50.360
<v Speaker 10>That was an important circumstance to pay attention to. So

0:13:50.800 --> 0:13:53.440
<v Speaker 10>I think that's still driving things. What bothers me about

0:13:53.480 --> 0:13:57.360
<v Speaker 10>the stock market is that on rallies, volume is declining.

0:13:57.400 --> 0:14:01.280
<v Speaker 10>On declines, volume is advancing, and that too is very so.

0:14:01.720 --> 0:14:05.120
<v Speaker 10>The technical seem to be getting sloppy at best at

0:14:05.120 --> 0:14:08.760
<v Speaker 10>this point, and I think being I'm actually on the

0:14:09.040 --> 0:14:10.680
<v Speaker 10>lines for the first time in a long period of

0:14:10.679 --> 0:14:14.400
<v Speaker 10>time and comfortable being there. I'm on the sidelines in gold,

0:14:14.400 --> 0:14:16.760
<v Speaker 10>I'm on the sidelines and bonds. I'm on the sidelines

0:14:17.040 --> 0:14:21.400
<v Speaker 10>in stocks because I find things very disconcerting, very confusing,

0:14:21.880 --> 0:14:23.920
<v Speaker 10>and the sideline seems to me to be the safest

0:14:23.960 --> 0:14:27.520
<v Speaker 10>harbor at this point. Sidelines being cash and less than

0:14:27.560 --> 0:14:28.280
<v Speaker 10>two year notes.

0:14:28.600 --> 0:14:30.200
<v Speaker 2>How long do you think you're going to stay on

0:14:30.240 --> 0:14:31.360
<v Speaker 2>the sidelines tennis?

0:14:32.920 --> 0:14:35.560
<v Speaker 10>Until I come off the sidelines. That's the best answer

0:14:35.640 --> 0:14:37.800
<v Speaker 10>I can That's the best answer I can give you

0:14:38.120 --> 0:14:42.640
<v Speaker 10>at this point. I probably I tried being modestly, very

0:14:42.680 --> 0:14:46.480
<v Speaker 10>marginally short beginning two weeks ago and got stopped out

0:14:46.520 --> 0:14:49.360
<v Speaker 10>on Friday, which and I took a very small profit.

0:14:50.320 --> 0:14:52.440
<v Speaker 10>I may be on the sidelines for a protracted period

0:14:52.480 --> 0:14:57.000
<v Speaker 10>of time, certainly through the summer and through the period

0:14:57.040 --> 0:14:59.200
<v Speaker 10>of time before the Fed begins the process of easing

0:14:59.240 --> 0:15:02.120
<v Speaker 10>monetary policy and taking the overnight FED funds rate lower.

0:15:02.560 --> 0:15:04.920
<v Speaker 10>That's going to be until after the election this year,

0:15:04.920 --> 0:15:08.640
<v Speaker 10>so I may be on the sidelines in prohibitive terms

0:15:08.680 --> 0:15:10.640
<v Speaker 10>for a protracted period of time.

0:15:11.200 --> 0:15:14.320
<v Speaker 2>After the election. That still leaves the possibility that the

0:15:14.360 --> 0:15:17.120
<v Speaker 2>Fed could make a move lower before the year is out.

0:15:17.160 --> 0:15:19.960
<v Speaker 2>Are you still keeping a December rate move on the table?

0:15:20.960 --> 0:15:23.880
<v Speaker 10>I think it's if we have one, it'll be the

0:15:24.080 --> 0:15:28.640
<v Speaker 10>the FMC meeting one day after the the the elections

0:15:28.680 --> 0:15:33.200
<v Speaker 10>in early November. I think that's the possibility. Would would

0:15:33.240 --> 0:15:34.920
<v Speaker 10>be that that would be the best time for them

0:15:34.960 --> 0:15:38.080
<v Speaker 10>to make a move. But you have to remember a

0:15:38.160 --> 0:15:40.920
<v Speaker 10>year ago, the consensus was that there'd be five to six,

0:15:41.000 --> 0:15:43.400
<v Speaker 10>maybe even seven cuts in the overnight head funds rate,

0:15:43.960 --> 0:15:46.360
<v Speaker 10>And in the to the bi weekly that I send

0:15:46.360 --> 0:15:50.840
<v Speaker 10>to friends and former clients of newsletter, I maintained at

0:15:50.840 --> 0:15:53.520
<v Speaker 10>that time that we have at most one, maybe two

0:15:53.560 --> 0:15:55.560
<v Speaker 10>cuts in the overnight FED funds rate, which seemed to

0:15:55.560 --> 0:15:59.120
<v Speaker 10>be almost laughable. And it's in its differentiation from the

0:15:59.160 --> 0:16:01.920
<v Speaker 10>from the broadcast census. And I still think that we

0:16:01.960 --> 0:16:04.240
<v Speaker 10>we at mostly will get one cut in the overnight

0:16:04.240 --> 0:16:06.600
<v Speaker 10>SAD funds right, and I think that comes into November meeting,

0:16:07.120 --> 0:16:11.080
<v Speaker 10>maybe maybe two but I have my doubts substantively. I

0:16:11.120 --> 0:16:13.440
<v Speaker 10>think it'll be a protective period of time before the

0:16:13.480 --> 0:16:16.440
<v Speaker 10>seed begins the process of taking the SAD funds right

0:16:16.560 --> 0:16:20.000
<v Speaker 10>back towards three percent over the course the next several years.

0:16:20.320 --> 0:16:23.240
<v Speaker 2>This is Bloomberg day Break Today, your morning brief on

0:16:23.320 --> 0:16:26.880
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0:17:04.160 --> 0:17:05.760
<v Speaker 2>Hager and I'm Karen Moscow.

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0:17:08.840 --> 0:17:12.040
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