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Speaker 1: Broadcasting live to New York, Bloomberg eleventh, Rio to Washington,

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Speaker 1: d C, Bloomberg to Boston, Bloomberg twelve, unders to San Francisco,

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Speaker 1: Bloomberg nine to the country suis Exam Channel one ninety

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Speaker 1: and around the globe. The Bloomberg Radio bus happened. Bloomberg

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Speaker 1: dot Com. This is Bloomberg Surveillance. Good morning. It is

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Speaker 1: eight thirty on Wall Street. I Michael McKee along with

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Speaker 1: Tom Keane Economic Indicators brought to you by Commonwealth Financial Network.

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Speaker 1: When it's time to change the conversation, talk with a

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Speaker 1: broker dealer r I A that's ready to listen to

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Speaker 1: eight six six four six two. Visit Commonwealth dot com

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Speaker 1: to learn more. You're you're very anxious. Do we need

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Speaker 1: our own p M I? Everyone else has the surveillance

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Speaker 1: p M I surveillance p M I. What you buy

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Speaker 1: a good idea? I think so well. We have a

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Speaker 1: U S p m I. We call it the Institute

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Speaker 1: for Supplying Management Manufacturing Index. It's due out at ten

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Speaker 1: am this morning. Uh A later released this morning for

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Speaker 1: you on the Bloomberg Advantage. Fifty point three is the forecast.

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Speaker 1: Fifty point eight was last month. Help me here. That's

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Speaker 1: the diffusion index fifty point zero center tendency. Mike does

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Speaker 1: forty nine point nine signal the end of the world.

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Speaker 1: Uh No, it's generally written, of course that UM anything

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Speaker 1: below fifty indicates contraction. That's actually not true statistically, it's

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Speaker 1: more like forty two. Yes, thank you. I knew what

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Speaker 1: I knew. Valmer, I knew where Farmer? Are you wearing

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Speaker 1: your Sydney Crosby jersey again? I can't believe. Oh, you're

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Speaker 1: making lots of enemies with that. Uh. And we also

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Speaker 1: got construction spending ten o'clock this morning. This afternoon, at

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Speaker 1: two pm, the Federal Reserve releases its a beige book,

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Speaker 1: and today is auto sales Day. We are keeping an

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Speaker 1: eye on the filmmakers and waiting for them to release

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Speaker 1: their results. So far, we have not heard from the

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Speaker 1: Big Three. The forecast is or a seventeen point three

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Speaker 1: million rate uh in the words UM index, and that

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Speaker 1: would be about the same as Kevin Tynan scheduled to

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Speaker 1: be with us in the next hour. We'll talk about that.

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Speaker 1: It has been It is p m I Day around

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Speaker 1: the world. Everybody has been reporting their manufacturing numbers, and

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Speaker 1: I think we use the economic term my UH to

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Speaker 1: describe the results we've been getting. UH. William Lee, the

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Speaker 1: head of North American Economics for City Research. UH is

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Speaker 1: one of the founders of the Meth School of p

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Speaker 1: m I reporting. Are we gonna get anything to write

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Speaker 1: home about? I mean, if you look, uh real at

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Speaker 1: the at the regional p m I or federals equivalence

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Speaker 1: around the country, it kind of points to not such

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Speaker 1: a good month here in the US. Absolutely. In fact, Mike,

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Speaker 1: I'm glad you mentioned where where the pm I have

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Speaker 1: to be order to release show some contraction and in

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Speaker 1: the in the low forties, and we're coming out with

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Speaker 1: the number that says we would expect forty nine point four,

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Speaker 1: and so we have a four handle literally below fifty uh.

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Speaker 1: And it's one of these who cares? I mean, you know,

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Speaker 1: I think people make a big deal of p m

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Speaker 1: I around the world because in some countries where manufacturing

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Speaker 1: is a big deal, especially in the emerging markets, it's

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Speaker 1: a very important number because the manufacturer is a big

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Speaker 1: deal in the economy. In the US, manufacturer is not

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Speaker 1: that big a deal, um now. And and you know

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Speaker 1: it's it's eight under ten percent of GDP and employment um.

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Speaker 1: But the reason why I think manufacturing has become such

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Speaker 1: a big deal is because the nature of the recovery

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Speaker 1: we've had so far as that most of the job

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Speaker 1: growth has been in these lower weight sectors like retail, hospitality,

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Speaker 1: and healthcare that pay under seven dollars a week on average.

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Speaker 1: But manufacturing is one of these above average manufacturers pay

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Speaker 1: pay sectors. And so when you lose the job there,

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Speaker 1: you need, you know, more like one than a half

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Speaker 1: the two jobs to make up for it. That's why

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Speaker 1: it's important, because it helps to boost the consumption that

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Speaker 1: we being so badly to keep the recovery going. And

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Speaker 1: and so for me, I look at the pm MY

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Speaker 1: numbers to say, show me the employment numbers first, because

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Speaker 1: manufacturing p m I is I think of one of

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Speaker 1: these soft numbers as far as I'm concerned in the

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Speaker 1: UN but a very important number in place by China

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Speaker 1: where you don't have much data that to go on.

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Speaker 1: And and that's one of the harder of the data

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Speaker 1: you've got. Well, you're an economists, so you look at

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Speaker 1: the number and you figure out the statistical relationship between

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Speaker 1: that number and the US economy's growth rate. People sitting

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Speaker 1: at trading guests look at a four handle and think,

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Speaker 1: oh my god, we're all gonna die. Are you kidding me?

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Speaker 1: I mean, why, why do you think? I put out

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Speaker 1: a notice yesterday saying, hey are once we got Chicago

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Speaker 1: and we saw that the regional pomis becoming, and we

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Speaker 1: we immediately told our training colleagues state be prepared for

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Speaker 1: a poor handle. So, because these guys are trading on

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Speaker 1: on DESKIML points, regardless of whether or not they mean

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Speaker 1: anything for the economy, they mean something for other people trading,

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Speaker 1: and that means they've got to beat out the other

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Speaker 1: guy who's training them. So it's but well, thank you.

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Speaker 1: I was going to shout out to Evan salt As

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Speaker 1: a Princeton who I think he passed Mike. He did

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Speaker 1: pretty good and getting they dragged him out of Princeton

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Speaker 1: this week in economics, and I told him Billy to

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Speaker 1: do sun spots like William Stanley Jevons. I mean, that's

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Speaker 1: what every good economists needs to do, is consider sun spots.

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Speaker 1: Does any of this correlate to g d P. Does

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Speaker 1: a p M I frenzy actually assist you or Villain

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Speaker 1: Bowder in figuring out g d P because you know,

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Speaker 1: I I magnifact train is too small to matter that much,

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Speaker 1: but it is big enough so that if I see

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Speaker 1: job losses there, it will matter because I'm gonna have

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Speaker 1: to find a lot of job growth in Okay, Well

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Speaker 1: you said that. Uh we got a minute here. Um,

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Speaker 1: it matters a lot of traitors. Who are you know

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Speaker 1: going to panic if we get a four handle? But

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Speaker 1: does it matter to Jennet Yellen? Uh? That's the key.

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Speaker 1: That's the key, And I'm glad you guys brought up

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Speaker 1: because right now, all the data up to this week

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Speaker 1: have been showing really optimistic, really rosy scenario right but

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Speaker 1: now we suddenly start to get some not so rosy scenarios.

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Speaker 1: And Janet Yelling is yet to tell us where she stands,

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Speaker 1: because if she had taken the same mood a fact

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Speaker 1: that she took an October, she would have said at

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Speaker 1: the next meeting, we're ready to move, the members are

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Speaker 1: ready to move. All we saw in the minutes it

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Speaker 1: was of the coded message that said we have a

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Speaker 1: division within the FOBC and I can't handle the division

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Speaker 1: because I don't even have enough of the consensus to

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Speaker 1: put that message that was in the minutes into the statement,

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Speaker 1: so we had to wait three weeks for us to

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Speaker 1: find out by the way, most participants wanted to move.

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Speaker 1: And what we see now is most participants were the

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Speaker 1: regional presidents. They want to move, but we have yet

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Speaker 1: to hear from the governor's particularly brainer Tarrillo Fisher right,

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Speaker 1: uh and and and that to me is the core

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Speaker 1: of it. Janet yelling herself will grab any use to

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Speaker 1: keep things loose and right out, she doesn't have the

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Speaker 1: votes on the board. Let's come back with William Lee

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Speaker 1: of City Group. He's got some very good research here,

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Speaker 1: some themes to talk about on the American economy, the

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Speaker 1: yen one oh nine six, stability and a stronger yen.

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Speaker 1: This morning, time to check in now with Michael Barr

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Speaker 1: and get the latest world in national highlights. Michael, Mike, Tom,

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Speaker 1: thank you very much. Have crews found the all important

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Speaker 1: black boxes from a doomed egypt airplane. A French Navy

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Speaker 1: ship picked up signals that may be coming from one

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Speaker 1: of the flight recorders on egypt Air flight eight oh four,

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Speaker 1: which crashed into the Mediterranean last month. Egypt's Ministry of

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Speaker 1: Civil Aviation says once located a ship from Deep Ocean

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Speaker 1: Search will join the search team within a week to

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Speaker 1: retrieve the boxes. The RBS are crash, killing all sixty

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Speaker 1: six people on board. There's new guidance from the Navy

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Speaker 1: for sailors and their families on how to protect themselves

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Speaker 1: from the Zekea virus. Bloomberg Zamy Morris has more from

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Speaker 1: our Washington bureau. The Navy is updated its information in

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Speaker 1: connection with the advice from the Centers for Disease Control

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Speaker 1: and Prevention, with guidance for installation commanders on how to

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Speaker 1: work with local officials to prevent mosquito infestations on bases

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Speaker 1: and in base housing. The outbreak is so far contained

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Speaker 1: at the Pacific Islands, Caribbean, throughout Central America and South America,

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Speaker 1: putting Navy and Marine Corps personnel there at risk. Amy Morris,

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Speaker 1: Bloomberg Radio Washington, President of MAMA will travel to Elkhurrent,

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Speaker 1: Indiana today to tell out the city's resurgence and the

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Speaker 1: motor home industry. Global News twenty four hours a day,

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Speaker 1: powered by our twenty four hundred journalists more than a

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Speaker 1: d fifty news bureaus around the world. I'm Michael Barr,

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Speaker 1: Mike tom Thank, you, Michael. Time now for the land

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Speaker 1: Rover Parsippany Bloomberg NBC Sports Update with John Thanks, Mike.

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Speaker 1: Is looking like a Mets victory that led for nothing

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Speaker 1: in the sixth in against the White Sox team they

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Speaker 1: lost seven or ow they had Stephen Mats on the

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Speaker 1: mound going from eighth straight win, but Todd Fraser homer

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Speaker 1: of the sixthiting off Mats is sixteenth the year, and

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Speaker 1: then in the eight there's a high flive all leftists

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Speaker 1: tag going back to the track to the wall. It's

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Speaker 1: gone salad. You notice hit his third home run. The

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Speaker 1: White Sox now lead at five to four, six four

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Speaker 1: White Sox Radio the call Han Solo Robos took the loss.

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Speaker 1: He came in after a scoreless sitting. The released by

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Speaker 1: Noah Synder Guard pitched out of the pen since his

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Speaker 1: start was cut short the other day when he got tossed.

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Speaker 1: Day game today at City Field. David right to miss

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Speaker 1: a few more games, but not going on the disabled list,

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Speaker 1: not now anyway. Right, it's got a neck injury. That's

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Speaker 1: two back of Washington to be Philadelphia five to one.

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Speaker 1: The Yankees five losses and seven games have fallen seven

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Speaker 1: a half back of the Red Sox. Yanks followed the

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Speaker 1: four two loss, losing four one at Toronto c c

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Speaker 1: Sbathia pitched well but suffered the loss when the normally

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Speaker 1: reliable Dellan Batance has replaced him the seventh. Then he

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Speaker 1: gave up a go ahead hit to Kevin Pollar a

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Speaker 1: two run single to Darwin Barney Yankee bats again extremely quiet.

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Speaker 1: Yanks say Dustin actually done for the year. Torn labor Boston. Meanwhile,

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Speaker 1: one six to at Baltimore Mookie Betts three home runs.

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Speaker 1: French Open today, Novack Djokovica winner Serena Williams has one

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Speaker 1: Venus Williams lost with Bloomberg. NBC Sports Update, John, thanks

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Speaker 1: so much features negative seven features negative sixty six. We

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Speaker 1: need to tell you the yields are in to four

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Speaker 1: digits A tenure one point eight one eight zero the

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Speaker 1: two year within eighties six handle point eight six percent

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Speaker 1: think gets my attention. Germany yields lower as well. A

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Speaker 1: negative point five one seven on the German two years

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Speaker 1: shows really globally yields lower in prices higher a sogginess

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Speaker 1: over the last eighteen hours Gold twelve nineteen, make A

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Speaker 1: twelve twenty and the ales and really front and center today.

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Speaker 1: Yen week, it's not near a one oh eight. Excuse me,

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Speaker 1: Yen strength one oh nine five one point four eight

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Speaker 1: big figures, Stronger Yen. This morning, Tom keane and Michael

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Speaker 1: McKee were with William Lee of City Group on America's economy,

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Speaker 1: the Jobs Report Friday, Bloomberg Surveillance, the Sports Report brought

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Speaker 1: nature to cast off the every day and seek adventure,

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Speaker 1: the Discovery Sport was built to help your search. Visit

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Speaker 1: R dot org US DOT Index futures are lower this

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Speaker 1: morning after b S and P five hundred captains the

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Speaker 1: longest monthly rally since this comes a bit evidence of

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Speaker 1: sluggish growth global growth this morning. Investors are meanwhile awaiting

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Speaker 1: a report on manufacturing activity in the world's biggest economy.

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Speaker 1: And we checked the markets every fifteen minutes about the

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Speaker 1: trading day. On Bloomberg SNP e Mani futures down seven points,

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Speaker 1: Dow e Many futures down sixties seven and as doc

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Speaker 1: Emuny futures are down twelve. The decks in Germany's down

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Speaker 1: eight tenths per cent. Ten, Your treasury up eight thirty seconds,

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Speaker 1: the yield one point eight one percent yield on the

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Speaker 1: two year point eight six percent. Nine Max screwed oil

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Speaker 1: down one point three percent or sixty three cents to

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Speaker 1: forty eight forty seven of barrel comes Gold up a

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Speaker 1: tenth of a percent or a dollar twenty to twelve

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Speaker 1: eighteen seventy an ounce the euro and dollar eleven eighty

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Speaker 1: the n one oh nine point two six. Michael Corps

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Speaker 1: holdings up more than seven percent in early trading at

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Speaker 1: reported fourth quarter earnings that beat analysts estimates after new

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Speaker 1: products helped draw customers to its stores, and Salesforce dot Com,

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Speaker 1: which sells business productivity software, agreed to buy demand where

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Speaker 1: a provider of cloud commerce services, and a deal worth

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Speaker 1: about two point eight billion dollars. Demand Wear is up

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Speaker 1: fifty six percent this morning. That's a Bloomberg business Flash,

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Speaker 1: Tom and Mike Karen, thank you so much. It is

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Speaker 1: on Wall Street. Of following is from Bloomberg View, opinions

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Speaker 1: and commentary from Bloomberg columnists. I'm Megan mccartell, a columnist

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Speaker 1: for Bloomberg View. A few weeks ago, a judge ruled

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Speaker 1: against the administration in the matter of the cost sharing

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Speaker 1: subsidies for Obamacare. These aren't the subsidies that reduced premiums

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Speaker 1: for everyone below a certain income level. It's another set

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Speaker 1: of subsidies, this one aimed at people earning less than

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Speaker 1: two dromi percent on the poverty line, which keeps their

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Speaker 1: out of pocket expenses lower as long as they buy

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Speaker 1: a qualifying Silver plan. The House of Representatives did not

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Speaker 1: appropriate money for the paying of these subsidies, and when

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Speaker 1: the administration went ahead and gave insurers the money anyway,

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Speaker 1: the House sued. Now it appears Republicans and the judge

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Speaker 1: aren't the only folks who think that the administration's actions

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Speaker 1: are illegal. Report in the New York Times this weekend

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Speaker 1: says the I R S told the administration they had

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Speaker 1: no legal authority to spend the money. Beginning in I

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Speaker 1: R S agent testified he his supervisor began combing through

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Speaker 1: the law looking for readings that might support the administration's plan.

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Speaker 1: According to The Times, they came out empty. Obama is

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Speaker 1: hardly the first president to rely on expansive readings of

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Speaker 1: laws to get increase in executive power. But this goes

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Speaker 1: a little beyond expansive readings. And if the court's rule,

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Speaker 1: as they may well, that the legislature has no power

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Speaker 1: to sue to stop it, and Americans are left with

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Speaker 1: an unpalatable question, what's the point of having laws at

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Speaker 1: all if the powers that be can't be compelled to

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Speaker 1: follow them. I'm Megan mccartell. For more of you, Please

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Speaker 1: get a Bloomberg View dot com or view go on

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Speaker 1: the Bloomberg terminal. This has been Bloomberg View and Bloomberg

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Speaker 1: View commentary can be here to hourly weekdays on Bloomberg Radio.

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Speaker 1: We're through the ringing. William Lee of City Group working

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Speaker 1: with Villain Boulder, a cautious view on the global economy,

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Speaker 1: more optimism on what's going on in the US. Billy Uh,

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Speaker 1: you lead your paragraph of your researcher note off on

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Speaker 1: something that, without question gets us a lot of mail.

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Speaker 1: Maybe not our record mail, but it's right up there

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Speaker 1: with gold. And that is the wage in America. You

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Speaker 1: talk about average early earnings, you talk about your preferred

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Speaker 1: e c. I. I believe there's twelve other ways to

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Speaker 1: measure wage growth. Do we have wage growth? The vast

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Speaker 1: majority of our listeners say maybe not. The place I

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Speaker 1: found acceleration right way, the growth in the pace of

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Speaker 1: increase in wages was in the near minimum wage fIF

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Speaker 1: type jobs. Outside of that category, maybe you can find

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Speaker 1: something into specialized construction skills like plumbers, framers, and roofers.

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Speaker 1: But outside But but the rest of the economy is

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Speaker 1: really having very very little wage inflation um and and

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Speaker 1: and and certainly no acceleration wages, which is what the

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Speaker 1: FT is we're looking for because we don't want relative

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Speaker 1: wage changes to move Montree policy, because relative weight changes

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Speaker 1: means we have to shuffle people from one seite to

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Speaker 1: another because there are shortages there. What the FET is

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Speaker 1: looking for is a sustained cost increase that leads to

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Speaker 1: companies pushing up prices and that we haven't seen Michael.

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Speaker 1: I mean, that's beautifully sad. And Michael, that's really the

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Speaker 1: heart of it, isn't it. Well, the question is does

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Speaker 1: that start to change. The feed is of the view

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Speaker 1: that we are moving in that direction, that we're going

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Speaker 1: to see more wage gains for a broader selection of people.

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Speaker 1: And that's key, Mike. The FETE is not of the view.

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Speaker 1: The fit the view. The view at the FED is split.

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Speaker 1: The hawks are saying, we are seeing signs that the

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Speaker 1: tightness in the labor market will lead to that at

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Speaker 1: some point, really soon. The doves are saying, show me,

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Speaker 1: show me that we actually have the wage increases and

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Speaker 1: price increases before we start to move, because so far

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Speaker 1: we've been bush whacked all along the way. I don't

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Speaker 1: mean the jump in here, but I think this is

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Speaker 1: an important distinction. What you just said is neither of

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Speaker 1: them can see it right exactly. And and and the

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Speaker 1: key is we've the doves have lost faith in the

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Speaker 1: Phillips curve. Now, as you know, Tom, the Philis curve

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Speaker 1: has been declared dead since I was in graduate school,

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Speaker 1: and that was many, many decades ago. But now the

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Speaker 1: nature of the deadness of the philis curve is that

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Speaker 1: the scope is so shallow. In other words, it takes

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Speaker 1: a lot of change in slack to generate a little

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Speaker 1: bit of wage inflation or a little bit of price inflation.

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Speaker 1: And and there is the mystery where is the slack?

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Speaker 1: How much slack is there? And and and Jenny Yellen says,

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Speaker 1: is a lot of slack because we don't see the

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Speaker 1: wage increases. We don't even see signs of it across

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Speaker 1: the board. We only see pockets of it, which is

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Speaker 1: where shortages are. And and that's the debate within the

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Speaker 1: phone right now, Well, what's your view of what they're

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Speaker 1: gonna do in the next couple of months. I find

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Speaker 1: this fascinating. Uh, Friday, we had strong retail sales. Yesterday,

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Speaker 1: we had strong personal income and spending numbers, and a

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Speaker 1: sign that inflation was rising in the PC numbers, And

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Speaker 1: the probability of a rate increase in June or July

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Speaker 1: has gone below Nothing has happened, But the market is

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Speaker 1: now pricing out the Fed, no kidding, and and and

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Speaker 1: and because the markets know they can push the feed around.

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Speaker 1: The big event, of course, is gonna be this Friday,

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Speaker 1: what will the employment numbers be? Because both sides are

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Speaker 1: looking for evidence to shore up their arguments. A number

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Speaker 1: like one forty, which is what we're calling for, it's

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Speaker 1: going to cause a lot of people to stirb Now,

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Speaker 1: remember there's thirty works on strike, so we have to

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Speaker 1: add that back in. So our call for one forty

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Speaker 1: is really a one sent call, and that to me

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Speaker 1: is pretty okay. It's where where business as usual? But

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Speaker 1: that's not enough to give the the hawks the smoking gun,

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Speaker 1: and it's certainly not enough to say we don't have enough,

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Speaker 1: and so we're gonna have more debate at the next meeting.

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Speaker 1: We can also have a debate with you or a

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Speaker 1: discussion with you that is informed with your work at

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Speaker 1: the i m F. You're on the Hong Kong and

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Speaker 1: Singapore watch, you've done work at the FEED as well. Actually,

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Speaker 1: very simple here. If if we don't know where we're going,

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Speaker 1: if we really don't observe wage growth, what can be

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Speaker 1: the proactive policy of a FED or do they just

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Speaker 1: wait and wait and wait? And that is a critical

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Speaker 1: mistake the FED is making, because what we need is leadership.

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Speaker 1: We need a voltar that says I know that the

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Speaker 1: keping rates at zero is the wrong thing for an

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Speaker 1: economy that's coasting about potential, So I gotta start normalizing

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Speaker 1: rates now. To take that kind of leadership requires a

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Speaker 1: lot of descent within the committee and putting out the

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Speaker 1: love of descent until you start to see that the

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Speaker 1: stuff going your way or clear evidence that is not

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Speaker 1: going to way. Well, we don't have at the FED

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Speaker 1: right now is that kind of strong leadership. Instead, we

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Speaker 1: have consensus leadership, And consensus leadership means runner lists, and

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Speaker 1: in fact not only runner lists, it's being dictated by China,

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Speaker 1: the markets and everything else that's that should not be

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Speaker 1: pushing Monterrey policy. How's that word a tirade? Does Jenny

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Speaker 1: Yellen have that kind of either courage or or the

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Speaker 1: FED behind her? Well? From I mean, Cherry Yellen is

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Speaker 1: with a staffer just like me. She learned the rules

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Speaker 1: of the game just like me. You don't the first

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Speaker 1: release of data push you around, and you don't let

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Speaker 1: the markets push you around. So far, she's she has

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Speaker 1: taken debate of the markets to say I'm not going

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Speaker 1: to move until I know you guys won't get angry

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Speaker 1: at me. And and I think that shows the influence

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Speaker 1: of market based thinking that has infiltrated its way into

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Speaker 1: the board stats and the analysis being done to inform

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Speaker 1: her of her judgments. And to me, that's dangerous because

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Speaker 1: we've lost track of where the macro economy is. We've

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Speaker 1: no longer have Montrey policy anchored by macro fundamentals, and

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Speaker 1: we're allowing the markets and and and the the overreactions

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Speaker 1: in the markets to push Monterrey policy around. Well does

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Speaker 1: uh does that stop? Are we going to see a

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Speaker 1: big battle between now and June. I think one of

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Speaker 1: the great characters nest to Cherry Allen is that she

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Speaker 1: can pull a consensus together. Um, we have split, we

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Speaker 1: have a division within the DUC right now. I think

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Speaker 1: what she's gonna do at the next meeting is to

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Speaker 1: say we have a lot of evidence. The hawks have

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Speaker 1: been very, very vocal, uh, and I think it's time

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Speaker 1: to start indicating that we are ready to move. And

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Speaker 1: this is a great window of opportunity, because why lose

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Speaker 1: it now? In June and July, You've got this great

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Speaker 1: opportunity to move either one month or the other. Uh.

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Speaker 1: More likely in July because the market pricing is only

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Speaker 1: as you mentioned before, for June, so so likely July

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Speaker 1: or September. But we gotta somehow indicates in the markets

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Speaker 1: we're ready and we're gonna do it, and we're gonna

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Speaker 1: follow through. That's something that's been missing from every meeting

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Speaker 1: because data dependency does not has has really been a

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Speaker 1: vector not very quickly. Here can they do that in

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Speaker 1: effect a feeling of a one move rate and then

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Speaker 1: we'll observe or by definition, does its signal a vector

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Speaker 1: in a measured approach to produce a credible vector, tom

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Speaker 1: And they've got to produce a vector because they did

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Speaker 1: in December and it was not credible, right, they said

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Speaker 1: the next year and they blew it. Now they've got

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Speaker 1: to come up with a rationale that says we have

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Speaker 1: the following vector and the following contingencies, woul knock us

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Speaker 1: off the vector and say to those contingencies. Fascinating, Billie,

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Speaker 1: thank you so much. With city always always informative, like

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Speaker 1: the vector stuff, there's physics talk for what's the direction

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Speaker 1: and give us the language wrapped around the direction. I

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Speaker 1: I don't observe any vector. I deserve complete data dependency,

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Speaker 1: where my June is the media. Yeah, but they'll get

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Speaker 1: the vector established in thirteen. What do you got their

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Speaker 1: headline out, first automaker to report, Fiat Christler. Many US

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Speaker 1: auto sales were up one point one percent. The forecast

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Speaker 1: was drop of seven tenths. So Christler keeps their string

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Speaker 1: going another month for them, and we'll see if if

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Speaker 1: that translates to the other automakers and the auto reports

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Speaker 1: dribble out during the day, we will have coverage of

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Speaker 1: that across all of Bloomberg Radio futures and negative eight