WEBVTT - Bloomberg Daybreak: January 18, 2023

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<v Speaker 1>Live from the Bloomberg Interactive Brooker Studios is Bloomberg day

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<v Speaker 1>Break for Wednesday, January eighteen. Coming up this hour. It's

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<v Speaker 1>day three of the World Economic Forum. We are in

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<v Speaker 1>Davos with the latest. The end tumbles after the Bank

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<v Speaker 1>of Japan keeps monetary settings unchanged. Secretary Yelling meets with

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<v Speaker 1>China's Vice Premier in a bid to manage tensions and

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<v Speaker 1>investors away key readings on inflation and retail sales babeled.

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<v Speaker 1>Congressman Santos has been assigned to House committee seats, whilst

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<v Speaker 1>the man accused of a deadly truck attack in Manhattan

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<v Speaker 1>is on trial. I'm Michael Vaughn More, I'm John Stasharon

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<v Speaker 1>Sports the de fleeted nets lost in San Antonio. The

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<v Speaker 1>next place tonight in the big upset at the Australian Open.

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<v Speaker 1>That's all's trendy ahead on Bloomberg Daybreak on Bloomberg eleven three,

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<v Speaker 1>on New York, Bloomberg one, Washington, d C, Bloomberg one

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<v Speaker 1>oh six one, Boston, Bloomberg nine sixties and Francisco Sirius

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<v Speaker 1>x M one nine team, and around the world on

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<v Speaker 1>Bloomberg Radio dot Com and via the Bloomberg Business. Good morning,

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<v Speaker 1>I'm Nathan Hagar and I'm kerin Moscow. Here are the

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<v Speaker 1>stories we're following today. Let's get to the latest from Davos.

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<v Speaker 1>It is day three of the World Economic Forum GIT

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<v Speaker 1>to Gopinath, the International Monetary Funds number two official, is there.

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<v Speaker 1>She tells us the global economy is showing signs of

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<v Speaker 1>resilience and China is a key. We expect to see

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<v Speaker 1>China's growth recover later this year, and also it has

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<v Speaker 1>that has positive spiller was for the rest of the world.

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<v Speaker 1>We've certainly seen more engagement between the U S and China.

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<v Speaker 1>I think one important meeting was what happened at the

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<v Speaker 1>Leader Summit in Bali in November between Prison Biden prison

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<v Speaker 1>Ugene Pink. That was a positive assigned. The idea was

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<v Speaker 1>to put the floor on their relationship. To Gopinath with

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<v Speaker 1>the i m F made those comments in an interview

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<v Speaker 1>with Bloomberg's Francine la Qua. Meantime, Nathan, we're watching for

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<v Speaker 1>more signs of improvement in US China relations. Treasury Secretary

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<v Speaker 1>Janet Yellen has held her first face to face meeting,

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<v Speaker 1>which Chinese Vice Premier Leo ha and Zurich and Bloomberg

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<v Speaker 1>Washington correspondent Joe Matthew has more. It's at the beginning

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<v Speaker 1>of a trip that she is making to Africa, which

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<v Speaker 1>is important. It's part of the strategy to try to

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<v Speaker 1>find elements around the world that that that can align

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<v Speaker 1>with the United States policy here and not China for

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<v Speaker 1>that matter. They've met three times by video conference, and

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<v Speaker 1>he's gonna be leaving his post when President she unveils

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<v Speaker 1>his new government in March, so this could be a

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<v Speaker 1>bit of a farewell conversation. Bloomberg's Joe Matthew reports that

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<v Speaker 1>during today's meeting, Secretary Yellen said the US and China

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<v Speaker 1>need to manage their differences and prevent competition from turning

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<v Speaker 1>into conflict. Turning back to markets, now, Karen, we're seeing

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<v Speaker 1>the yen get weaker this morning, trading at one twenty

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<v Speaker 1>nine point four four against the dollar. The move comes

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<v Speaker 1>after the Bank of Japan made no changes to its

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<v Speaker 1>yield curve control program. Bloomberg Daybreak Asia anchor Brian Curtis

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<v Speaker 1>has more. This was the b o J pushing back

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<v Speaker 1>against market speculation of change. The b o J double

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<v Speaker 1>down on its stimulus program, leading to huge swings in

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<v Speaker 1>bond yields and the end the b o J made

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<v Speaker 1>no key changes. That was more or less expected by economists,

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<v Speaker 1>but traders were betting that the yield curve control policy

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<v Speaker 1>would be altered or scrapped. The b o J said no,

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<v Speaker 1>and in effect we're content to stay at odds with

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<v Speaker 1>other central banks. Brian Curtis, Bloomberg debris greay, Brian, thank you.

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<v Speaker 1>In the UK this morning, data show inflation coming in

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<v Speaker 1>lower for the second month in a row. And let's

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<v Speaker 1>go live to London and get the details of a

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<v Speaker 1>Bloomberg's you win, pass you and good morning, Good morning,

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<v Speaker 1>Karen and Nathan. Consumer prices in the UK rose ten

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<v Speaker 1>point five percent in December from a year ago. That's

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<v Speaker 1>the second time that inflation has eased from its peak

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<v Speaker 1>above eleven percent back in October. But prices in Britain

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<v Speaker 1>are still increasing at five times the official two percent targets,

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<v Speaker 1>and that means another tough call for the Bank of

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<v Speaker 1>England at they're meeting on February first in London. I'mu

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<v Speaker 1>and pot Spoinberg debreak you and thank you. Interest rates

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<v Speaker 1>are also in focus at the European Central Bank their

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<v Speaker 1>speculation the e c B could slow its pace of hikes,

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<v Speaker 1>but Governing Council member Francois v Roy de Gallo is

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<v Speaker 1>pushing back at that idea. We caught up with him

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<v Speaker 1>at the World Economic Forum. Let me remind you of

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<v Speaker 1>the words of President Leaguard. It's her last press conference

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<v Speaker 1>in December. We should expect to raise weights at the

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<v Speaker 1>pace of fifty basis points for a period of time. Well,

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<v Speaker 1>the words are still valid today, but again we are pragmatic.

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<v Speaker 1>ECB Governing Council member Francois vi Roy de Gallo says

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<v Speaker 1>it's too soon to talk about the size of an

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<v Speaker 1>infrastrate hike in March. Well, back here in the US,

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<v Speaker 1>Nathan investors are waiting for two key readings on the

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<v Speaker 1>economy before the opening bell and Bloomberg's Michael McKee has

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<v Speaker 1>a preview of retail sales and PPI data for December.

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<v Speaker 1>Earlier holiday spending and inflation are expected to take a

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<v Speaker 1>bite out of December retail sales sales were up a

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<v Speaker 1>lot in October and if cooled since and are even

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<v Speaker 1>lower on an inflation adjusted basis. There may be some

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<v Speaker 1>good news on inflation, however, producer prices are FO asked

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<v Speaker 1>to have fallen on both a month over month and

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<v Speaker 1>annual basis. That likely would reinforce investor perceptions the feds

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<v Speaker 1>cumulative rate hikes are affecting inflation. Michael McKey Bloomberg Daybreak,

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<v Speaker 1>All right, Mike, thanks. The SMP five hundred's coming off,

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<v Speaker 1>its first loss in five days. Is disappointing earnings from

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<v Speaker 1>Goldman Sachs Way on stocks. Wells Fargo Securities head of

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<v Speaker 1>equity strategy Chris Harvey says there is room to go

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<v Speaker 1>lower from here. We think there's downside the DRED, but

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<v Speaker 1>ultimately do recover, right. We we do think that we

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<v Speaker 1>end up higher for DRED is the high for this year,

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<v Speaker 1>and we do think we get there. We think that again,

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<v Speaker 1>what you're facing is more of an economic malaise, not

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<v Speaker 1>a sharp sell off, not something that that's going to

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<v Speaker 1>be horrific, and as a result, we can muddle through that.

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<v Speaker 1>Wells fargoes. Chris Harvey, like so many other strategists, says

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<v Speaker 1>FED policy will be key for the path of equities

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<v Speaker 1>this year. Well. Returning to corporate News now, Nathan, and

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<v Speaker 1>we're seeing more job cuts in the tech industry, Let's

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<v Speaker 1>get the latest Live with the Bloomberg Steve Rappaport's Steve

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<v Speaker 1>good Good morning, Karen and Nathan. Add Microsoft to the

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<v Speaker 1>list of tech companies tightening the belt. The software giant

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<v Speaker 1>plans to slash jobs in various engineering divisions today. The

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<v Speaker 1>number of cuts is not clear, but a person familiar

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<v Speaker 1>with the matter tells Bloomberg the reduction will be significantly

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<v Speaker 1>larger than previous rounds of layoffs. The company stock closed

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<v Speaker 1>up yesterday by nearly half of a percent. Shares are

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<v Speaker 1>down slightly in pre market trading. Live in New York.

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<v Speaker 1>I'm Steve Rappaport, Bloomberg Daybreak. Thank you, Karen. It's forty

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<v Speaker 1>four degrees in Central Park. We're looking for sunshine today

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<v Speaker 1>and highs in the low fifties. It will turn cloudy tonight.

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<v Speaker 1>We'll get down to the up for thirties. Time not

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<v Speaker 1>to take a look at some of the other stories

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<v Speaker 1>making news in New York and around the world. Good morning,

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<v Speaker 1>Michael barn Good morning, Nathan. Despite being accused of violating

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<v Speaker 1>campaign finance laws and falsifying his resume, newly elected New

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<v Speaker 1>York Congressman George Santos is taking up his duties in Washington.

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<v Speaker 1>He's been assigned on two committees. It comes as calls

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<v Speaker 1>for the Long Island representative to resign are growing from

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<v Speaker 1>his District three and among lawmakers. Another New York congressman,

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<v Speaker 1>Democrat Richie Torres, says he has asked the Federal Elections

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<v Speaker 1>Commission to look into the campaign finance allegations tours. Speaking

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<v Speaker 1>to the adversary group Concerned Citizens of n Y three,

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<v Speaker 1>how to message for Santos, This will not end well

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<v Speaker 1>for you. You should resign in order to put to

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<v Speaker 1>rest the national nightmare you're creating, not only for yourself,

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<v Speaker 1>but for the people of New York three who are

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<v Speaker 1>being denied the representation that they deserve. Santos has sense

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<v Speaker 1>refused to step down. The Biden administration remains under pressure

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<v Speaker 1>to talk about the discovery of classified documents in the

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<v Speaker 1>President's home and think tank office. White House attorneys say

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<v Speaker 1>they turned in those documents voluntarily. White House Press Secretary

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<v Speaker 1>Kurin Jean Pierre, We're going to continue to uh as

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<v Speaker 1>we have said, fully cooperate with the Department of Justice.

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<v Speaker 1>We're going to fully cooperate with the President's team is

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<v Speaker 1>going to fully put with the special counsel. Republicans are

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<v Speaker 1>demanding investigations. However, the Biden administration is accusing the GOP

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<v Speaker 1>of hypocrisy, saying they showed little interest in investigating Donald

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<v Speaker 1>Trump took hundreds of classified documents to his Mara Lago home.

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<v Speaker 1>Ci Fulo Sipov is on trial this week on terror,

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<v Speaker 1>rism and murder charges in New York City. Thirty say

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<v Speaker 1>he is responsible for the deadly terror attack on Halloween

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<v Speaker 1>in seventeen in Manhattan. He is accused of driving a

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<v Speaker 1>rented truck down a bike path along the West Side Highway,

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<v Speaker 1>mowing down pedestrians and writers, killing eight and injuring many more.

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<v Speaker 1>Prosecutors say he wanted to join ISIS. The chief of

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<v Speaker 1>Ukraine's National Police says a helicopter crash and a Kiev

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<v Speaker 1>suburb has killed sixteen people. Those killed include Ukraine's Interior

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<v Speaker 1>minister and two children. Global News twenty four hours a

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<v Speaker 1>day on air and on Bloomberg Quittake, powered by more

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<v Speaker 1>than seven hundred journalists and analysts more than a hundred,

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<v Speaker 1>twenty countries. Michael Barrn, this is Bloomberg, Nathan Michael, thank

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<v Speaker 1>you time for a Bloomberg sports update. Brought to you

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<v Speaker 1>by Tri State OUTI good morning, John stanshawer morning, and

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<v Speaker 1>Nathan upset at the Australian Open, or I fail at

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<v Speaker 1>out the top seed in defending champion, the winner of

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<v Speaker 1>a record twenty two Grand slams out in the second

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<v Speaker 1>round and it was not closed, beating straight sets by

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<v Speaker 1>twenty seven year old American Mackenzie McDaniel, former n C

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<v Speaker 1>Double A champion u C l A. He's ranked sixty

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<v Speaker 1>five the dall seam Bothered by a hip injury, American

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<v Speaker 1>Francis Tiafo one straight sets, so to Jess Pagoula. She's

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<v Speaker 1>the third seed on the women's side, already without Kevin Durant,

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<v Speaker 1>Kyrie irving the late scratch for the Nets in San

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<v Speaker 1>Antonio like injured calf, and sure enough the Spurs one

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<v Speaker 1>one oh six to ninety eight. Keldon Johnson scored thirty

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<v Speaker 1>six no one for Brooklyn, hit for even twenty and

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<v Speaker 1>the Nets were three of twenty three on three pointers.

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<v Speaker 1>Nixon wizards. Tonight at the Garden, the Islanders host the

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<v Speaker 1>NHL leading Bruins. Brian dave Ball has already taken the

0:09:56.880 --> 0:09:59.000
<v Speaker 1>Giants to a place no one figured they'd be at

0:09:59.040 --> 0:10:02.800
<v Speaker 1>the division play else but not satisfied. Next stop Philadelphia.

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<v Speaker 1>Good to move on, but you gotta put that in

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<v Speaker 1>the past really quick and get to the preparation on

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<v Speaker 1>this week's opponent, which um number one seed going to

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<v Speaker 1>the East, that beat us twice. You got eight pro bowlers,

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<v Speaker 1>six all pros, and they can get your attention real quick,

0:10:19.240 --> 0:10:20.839
<v Speaker 1>so we'll get a lot of work to do. Saturday night,

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<v Speaker 1>fifth ever playoff game between the two teams. They both

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<v Speaker 1>won twice. The Giants have not won in Philly since

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<v Speaker 1>two thousand thirteen. Has forty five year old Tom Brady

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<v Speaker 1>weighs his NFL future, So does thirty nine year old

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<v Speaker 1>Aaron Rodgers. He said he's not ready to make a decision,

0:10:34.920 --> 0:10:36.920
<v Speaker 1>but says that the Packers want to go young and

0:10:37.000 --> 0:10:39.200
<v Speaker 1>he wants to keep playing. It have to be with

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<v Speaker 1>a different team. Rob Gronkowski says he considered coming out

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<v Speaker 1>of retirement again, decided against it, but if he did,

0:10:45.240 --> 0:10:46.959
<v Speaker 1>it was gonna be for Buffalo, the team he grew

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<v Speaker 1>up looking for. Live from coast to coast, from New

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<v Speaker 1>York to San Francisco, Boston to Washington, d C. Nationwide

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<v Speaker 1>on sirius X amp, the Bloomberg Business app, and bloom

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<v Speaker 1>dot Com. This is Bloomberg Daybreak. Good morning. I'm Nathan

0:11:05.080 --> 0:11:07.840
<v Speaker 1>Hagar taking you back to Davos now bringing you some

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<v Speaker 1>of our conversations from day three of the World Economic Forum.

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<v Speaker 1>Managing Director of the International Monetary Fund, Gita Gopinath is

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<v Speaker 1>forecasting the year ahead for the global economy and the

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<v Speaker 1>influence of US and China relations. In a conversation with

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<v Speaker 1>Bloomberg's Francine la Quax, Gopinat says it is going to

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<v Speaker 1>be a rocky first half of the year as several

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<v Speaker 1>countries battle inflation and manage geopolitical risks. At the same time,

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<v Speaker 1>she thinks China's reopening is a key stimulus for the

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<v Speaker 1>global economy and as a result US China relations as well.

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<v Speaker 1>Let's listen in to part of that conversation. Now, you

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<v Speaker 1>seem a bit more optimistic than maybe a couple of

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<v Speaker 1>months ago. So overall, are you leading towards a better

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<v Speaker 1>forecast for the world economy this year? In terms of

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<v Speaker 1>the overall foecust We will have the south at the

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<v Speaker 1>end of January, but it will be in the ballpark

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<v Speaker 1>of what we put out in October. So I think

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<v Speaker 1>the positive way to think about it is, you know,

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<v Speaker 1>after going through about three rounds of downgrades, at least

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<v Speaker 1>we don't have a worse outcome that we're looking at

0:12:08.360 --> 0:12:12.040
<v Speaker 1>this time around. The positive news is that we have

0:12:12.240 --> 0:12:15.920
<v Speaker 1>global growth for the bottoming out of this year. It

0:12:16.000 --> 0:12:18.360
<v Speaker 1>improves towards the second half of this year and then

0:12:18.400 --> 0:12:22.040
<v Speaker 1>into four and that's because that we've seeing signs of resilience.

0:12:22.080 --> 0:12:24.840
<v Speaker 1>We have China that's ripped off with zero COVID policy,

0:12:25.040 --> 0:12:28.960
<v Speaker 1>so we're going to see some improvement towards the end

0:12:28.960 --> 0:12:31.880
<v Speaker 1>of the year. But again, this is still a tough here.

0:12:32.160 --> 0:12:33.880
<v Speaker 1>It is a tough here. But do you think inflation

0:12:33.920 --> 0:12:36.520
<v Speaker 1>has peaked? And if inflation speak doesn't make it again

0:12:36.679 --> 0:12:38.520
<v Speaker 1>much easier from the from the second half, is that

0:12:38.640 --> 0:12:41.160
<v Speaker 1>the main thing that would make a difference. Our expectation

0:12:41.320 --> 0:12:44.959
<v Speaker 1>is that headline inflation has peaked, But when it comes

0:12:45.000 --> 0:12:48.160
<v Speaker 1>to the more sticky components of inflation, which is inflation

0:12:48.360 --> 0:12:53.280
<v Speaker 1>services sector inflation, there are countries where that's still trending up.

0:12:53.720 --> 0:12:56.000
<v Speaker 1>In the US, we've seeing signs of its slowing, but

0:12:56.040 --> 0:12:58.000
<v Speaker 1>we're gonna have to wait for a few more months

0:12:58.000 --> 0:13:00.240
<v Speaker 1>of the kind of good data that we suffering come

0:13:00.240 --> 0:13:02.800
<v Speaker 1>out of the US just to start thinking that, Okay,

0:13:02.840 --> 0:13:05.800
<v Speaker 1>now we're truly on the part towards the two percent target.

0:13:05.960 --> 0:13:07.840
<v Speaker 1>I think one three policy will have to stay the

0:13:07.840 --> 0:13:10.760
<v Speaker 1>course through three git. How are you expecting the China

0:13:10.840 --> 0:13:13.840
<v Speaker 1>reopening to go ahead? So today we also have Janet Yellen,

0:13:14.440 --> 0:13:17.480
<v Speaker 1>Treasury Secretary, meeting with the Vice Primery of China in Zurich.

0:13:17.760 --> 0:13:19.920
<v Speaker 1>Are you expecting a rap prosh ball between the two

0:13:19.920 --> 0:13:22.040
<v Speaker 1>and does that help with the world economy? I mean, firstly,

0:13:22.160 --> 0:13:24.920
<v Speaker 1>we have a China reopening, which literally means that they're

0:13:24.920 --> 0:13:27.280
<v Speaker 1>going to travel two different paths of the world after

0:13:27.320 --> 0:13:30.480
<v Speaker 1>being shut out for a couple of years. So that

0:13:30.800 --> 0:13:33.880
<v Speaker 1>with the increasing mobility, we expect to see China's growth

0:13:33.920 --> 0:13:36.880
<v Speaker 1>recover later this year. And also it has that has

0:13:36.880 --> 0:13:39.400
<v Speaker 1>positive spillers for the rest of the world. We've certainly

0:13:39.400 --> 0:13:42.160
<v Speaker 1>seen more engagement between the US and China. I think

0:13:42.240 --> 0:13:45.240
<v Speaker 1>one important meeting was what happened at the Leader summit

0:13:45.280 --> 0:13:48.280
<v Speaker 1>in Bali in November between prison by didn President Juan

0:13:48.360 --> 0:13:50.199
<v Speaker 1>pink That was a positive signed. The idea was to

0:13:50.240 --> 0:13:52.719
<v Speaker 1>put a floor on their relationship, and I think these

0:13:52.760 --> 0:13:54.679
<v Speaker 1>meetings are critical. I mean, these are the two largest

0:13:54.720 --> 0:13:57.120
<v Speaker 1>economies of the world. It's important for the rest of

0:13:57.160 --> 0:13:59.240
<v Speaker 1>the world that they work closely together. How worried are

0:13:59.240 --> 0:14:03.280
<v Speaker 1>you about the US sailing? It really should not be

0:14:03.440 --> 0:14:07.280
<v Speaker 1>something we are even second guessing at this point. Right

0:14:07.400 --> 0:14:11.600
<v Speaker 1>the US has the highest investment grade rating in the world.

0:14:12.440 --> 0:14:15.319
<v Speaker 1>There's already enough uncertainty, there are enough risks that we

0:14:15.400 --> 0:14:17.199
<v Speaker 1>have to deal with. This should not be an additional

0:14:17.280 --> 0:14:19.400
<v Speaker 1>risk that the US or the world should have to

0:14:19.480 --> 0:14:21.120
<v Speaker 1>deal with. But is it. I feel like a lot

0:14:21.160 --> 0:14:22.920
<v Speaker 1>of the charters here on Dables and elsewhere, is that,

0:14:23.000 --> 0:14:25.760
<v Speaker 1>actually we could see that sailing. It could be difficult

0:14:25.800 --> 0:14:28.200
<v Speaker 1>to get through it, and we could even see US

0:14:28.280 --> 0:14:31.400
<v Speaker 1>being downgraded. There was certainly a risk to it. I mean,

0:14:31.440 --> 0:14:35.200
<v Speaker 1>there is certainly, given the dynamics that we have in

0:14:35.400 --> 0:14:38.720
<v Speaker 1>the US Congress, there will certainly be some tensions around it.

0:14:38.800 --> 0:14:41.240
<v Speaker 1>But I really hope they just get the job done

0:14:41.440 --> 0:14:43.360
<v Speaker 1>and do the right thing. We just moved the death ceiling.

0:14:43.920 --> 0:14:45.640
<v Speaker 1>Do what's needed to make sure that this is not

0:14:45.800 --> 0:14:47.920
<v Speaker 1>in question. I know you focus a lot of your

0:14:48.000 --> 0:14:50.640
<v Speaker 1>energy on talking about fragmentation, and actually I guess the

0:14:50.680 --> 0:14:53.760
<v Speaker 1>pitfalls of that. Are we seeing a more fragmented world

0:14:54.000 --> 0:14:57.120
<v Speaker 1>than we did even last year. The world has been

0:14:57.160 --> 0:15:01.240
<v Speaker 1>moving towards fragmentation, say over the last few years. They

0:15:01.280 --> 0:15:06.040
<v Speaker 1>started with the U. S. China trade tensions before the pandemic.

0:15:06.320 --> 0:15:08.840
<v Speaker 1>Now you've had the pandemic. In the war, everybody is

0:15:08.920 --> 0:15:12.880
<v Speaker 1>very concerned about economic security and national security. You know,

0:15:12.960 --> 0:15:15.600
<v Speaker 1>those are good things. It's important for countries to build resilience.

0:15:15.920 --> 0:15:18.840
<v Speaker 1>But we're also seeing that as kind of ensuring, which

0:15:18.880 --> 0:15:21.920
<v Speaker 1>is bringing production back home. And that's if we move

0:15:21.960 --> 0:15:23.800
<v Speaker 1>in that direction, I think it's just going to be

0:15:23.880 --> 0:15:26.800
<v Speaker 1>costly for both households and for farms everywhere. We've seen

0:15:26.920 --> 0:15:28.800
<v Speaker 1>quite a lot of vlatility in the market because the

0:15:28.840 --> 0:15:31.160
<v Speaker 1>b A jayput or didn't put in place. Do you

0:15:31.200 --> 0:15:33.960
<v Speaker 1>support to those kind of moves. So the Bank of

0:15:34.040 --> 0:15:37.960
<v Speaker 1>Japan has a pretty complex decision to deal with unlikes

0:15:38.000 --> 0:15:40.080
<v Speaker 1>the other major economies of the world. Yes, they have

0:15:40.200 --> 0:15:44.360
<v Speaker 1>inflation going going up, but the risk of inflation sliding

0:15:44.440 --> 0:15:46.880
<v Speaker 1>back well below their target remains high. So they have

0:15:47.040 --> 0:15:51.000
<v Speaker 1>to do this complex straight off keeping monetary policy accommodative

0:15:51.640 --> 0:15:55.160
<v Speaker 1>while ensuring that it's consistent with the inflation data that's

0:15:55.200 --> 0:15:57.560
<v Speaker 1>coming up. We have actually a mission in Japan Right

0:15:57.600 --> 0:16:00.440
<v Speaker 1>now on the ground, We're gonna have a report coming

0:16:00.480 --> 0:16:05.200
<v Speaker 1>out of Japan relatively suitor to their future. This is

0:16:05.240 --> 0:16:08.680
<v Speaker 1>Bloomberg Daybreak Today, your morning brief on the stories making

0:16:08.760 --> 0:16:12.000
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