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Speaker 1: Broadcasting live to New York, Gloomberg eleventh, to Washington, d

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Speaker 1: C Bloomber to Boston, Bloomberg twelve honors, to San Francisco

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Speaker 1: Bloomberg to the country, Suis Exam Channel one ninety and

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Speaker 1: around the globe the Bloomberg Radio bus happened. Bloomberg dot com.

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Speaker 1: This is Bloomberg Surveillance. Good morning, eight thirty Onwell's Trade.

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Speaker 1: Michael McKee along with Tom Keene are economic indicators brought

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Speaker 1: to you by Commonwealth Financial Network. When it's time to

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Speaker 1: change the conversation, talk with a broker dealer r I

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Speaker 1: A that's ready to listen call eight six six four

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Speaker 1: six two three six three eight or visit Commonwealth dot

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Speaker 1: com to learn more. No numbers at this hour. We

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Speaker 1: do have New York Fed President Bill Dudley getting some

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Speaker 1: opening remarks at an economic conference. We'll see if he

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Speaker 1: makes any headline news with that. And then at ten

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Speaker 1: o'clock this morning, the National Association of home Builders Housing

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Speaker 1: Market Index their builder's confidence. We call it that's expected

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Speaker 1: to rise by a point to fifty nine. I mean

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Speaker 1: it's a jump. We get a lot of housing day

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Speaker 1: this week. It's thede. We get housing starts tomorrow, followed

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Speaker 1: by existing home sales. Uh. We're gonna have all kinds

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Speaker 1: of housing numbers. Uh this week price indexes. We end

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Speaker 1: up Friday with new homes. Do I care about the

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Speaker 1: Chicago Fed National Activity Index MIC? Or is this just

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Speaker 1: you know, regional people doing too much? That is on Thursday?

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Speaker 1: And it is a tertiary index. It's something that some

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Speaker 1: people follow, but it doesn't have any trading implication. Should

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Speaker 1: we bring in someone who has foresary knowledge? Stephen Stanley

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Speaker 1: is the TV kind of mist ad Amherst Pierpont. He

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Speaker 1: is one of the people who does follow the Chicago

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Speaker 1: Fed Index. I'm not sure what it tells him, but

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Speaker 1: we can ask him that. Good morning to you, Steve, Hey, Mike,

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Speaker 1: how are you? UM? Numbers like that, Cargo FED has

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Speaker 1: an activity index all A number of the regional FEDS

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Speaker 1: have manufacturing or economic indusseries. Uh any of them really matter? Well? Yeah,

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Speaker 1: it's a real proliferation of data that's being put out

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Speaker 1: by the Fed banks. UM. I I you know, I

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Speaker 1: think the regional manufacturing in disease are certainly UM can

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Speaker 1: be interesting at times, UM, but that you know, people

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Speaker 1: in the markets obviously are looking for correlations with the

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Speaker 1: with the national numbers them numbers, and those correlations tend

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Speaker 1: to be pretty spotty. But certainly, um, you know, I

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Speaker 1: I think it's worth paying attention every month just to

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Speaker 1: see what the conditions are. I mean, certainly, it feels

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Speaker 1: like the manufacturing sector is doing a little better right

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Speaker 1: now than it had been for most of last year,

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Speaker 1: and that's something that has been signaled by a few

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Speaker 1: of these regional induicries. Well, when I look at it,

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Speaker 1: I wonder if this is not Greenspan's bathtub, the old

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Speaker 1: story about how he would sit in the bathtub and

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Speaker 1: he would pour through all kinds of obscure economic indicators

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Speaker 1: and try to come up with a generalized picture. Whether

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Speaker 1: you do it in your bathtub or not. Is is

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Speaker 1: that the kind of use of an economists like you

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Speaker 1: gets out of this Well, I mean, I'm a big

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Speaker 1: believer in looking at anecdotal evidence, survey evidence, just to

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Speaker 1: get a feel, you know. I mean, I think sometimes

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Speaker 1: the qualitative information is it can be just as good

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Speaker 1: as the quantitative stuff. Um. But at the end of

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Speaker 1: the day, there's only one reality, and they're oftentimes you know,

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Speaker 1: five to ten different measures that are really trying to

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Speaker 1: get at the same thing. Um So, you know, I

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Speaker 1: think the market sometimes tend to react over and over

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Speaker 1: and over again to what's essentially the same information. Tom,

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Speaker 1: We've got some headlines from Bill Dudley now he's speaking

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Speaker 1: in an economic conference. He says Steve Stanley is a

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Speaker 1: really good guy. He says economic news for the US

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Speaker 1: is mostly favorable and labor market conditions have significantly improved.

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Speaker 1: He is confident inflation we returned to in the next years.

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Speaker 1: Whatever that means. Yeah, well that's inflation to I guess

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Speaker 1: in the next years. That was a great movie. Um

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Speaker 1: C Stanley. When I look at this in your caution

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Speaker 1: and they're a good call. What is the setup that

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Speaker 1: that means that we'll get back to two percent economic growth?

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Speaker 1: Surret Comar really pushed against that this morning. Are we

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Speaker 1: assured of a better second, third, and fourth quarter economy? Well, certainly,

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Speaker 1: no guarantees, but I do think that the fundamentals due

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Speaker 1: point to doing better over the course of the year.

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Speaker 1: I think a couple of things that are pushing you

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Speaker 1: down in the first quarter. One is that we're going

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Speaker 1: through an inventory correction, and I think we're probably closer

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Speaker 1: to the end of that than the beginning. So I

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Speaker 1: think inventories have been a drag recently and that's likely

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Speaker 1: uh to to not be the case of the balance

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Speaker 1: of the year. UM. I think that the intensity of

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Speaker 1: the drag from the oil and gas sector is likely

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Speaker 1: to weigh and going forward simply because we've just you know,

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Speaker 1: we've gotten close to what I think is going to

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Speaker 1: be a bottom in terms of production. That the rate

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Speaker 1: of production is very low right now. And then I

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Speaker 1: think if you look at the underlying fundamentals for the consumer, um,

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Speaker 1: there's still very good I mean, the labor market is

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Speaker 1: driving solid income growth balance, it's a very clean savings

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Speaker 1: rates have moved up, so households have a lot of

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Speaker 1: dry powder. UM. So I do think consumer spending is

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Speaker 1: going to accelerate after what's shaping up to be kind

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Speaker 1: of a subpar first quarter. You mentioned near bottom in oil.

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Speaker 1: As oil prices fall again today, you wonder are we

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Speaker 1: near an end in the negative effects of low oil

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Speaker 1: prices the decline in investment. Do we see lower oil

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Speaker 1: prices now maybe contributing as consumers pay less for energy? Well,

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Speaker 1: I mean, that's an interesting question. Everybody has talked about

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Speaker 1: how um oil is supposed to be. You know, lower

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Speaker 1: oil prices supposed to be a positive for the economy,

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Speaker 1: and it seems like it hasn't been. I think, Um,

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Speaker 1: I think maybe the benefits have been underappreciated. If you

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Speaker 1: look at real consumer spending over the last couple of years,

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Speaker 1: we've basically averaged three and this is in a world

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Speaker 1: where potential growth is probably not any better than one

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Speaker 1: and a half. So not all of that is a

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Speaker 1: function of the drop and energy cost, but I think

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Speaker 1: certainly some of it has been so um. I think

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Speaker 1: the the and this is the case with a lot

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Speaker 1: of things that hit the economy, but the negatives are

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Speaker 1: very concentrated and very easy to see, and sometimes the

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Speaker 1: positives are so dispersed that you can't see them. Let

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Speaker 1: me ask this question, Steve. I've been embarrassed to ask it,

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Speaker 1: so I'll try it and flog you with This is

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Speaker 1: April a live meeting? Can I tell you, Steve, how

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Speaker 1: much I hate that language? Is April live meeting? Well,

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Speaker 1: technically yes, in the sense that the FED wants to

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Speaker 1: always have the ability to move or not move. But

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Speaker 1: I think practically now, um, you know, and and several

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Speaker 1: of them have said that recently in in some ways,

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Speaker 1: the first the early part of the year shaping up

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Speaker 1: like the first part of last year. I mean, first

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Speaker 1: Court of GDP is going to be softened, just as

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Speaker 1: they did last year. They want to wait. Awhile, let's

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Speaker 1: come back see Stanley Amer's pierpoint. Folks, We welcome you

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Speaker 1: to Bloomberg Surveillance Home of the Dead meeting. This hour

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Speaker 1: of surveillance is brought to you by Westchester Subaru is

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Speaker 1: at Westchester Subaru dot com. Here's like a bar with

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Speaker 1: the latest world in national headlines. Mike Tom, thank you

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Speaker 1: very much. Millions of people who are living in the

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Speaker 1: US illegally could ultimately be affected by a case being

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Speaker 1: argued before the Supreme Court today. It pits the Obama

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Speaker 1: administration against twenty six Republican dominated states led by Texas.

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Speaker 1: At issue are two programs now on hold to shield

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Speaker 1: roughly four million people from deportation and make them eligible

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Speaker 1: to work in the US. The earth continues to shake

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Speaker 1: an Ecuador, following the devastating seven point eight magnitude quake

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Speaker 1: that killed at least two hundred seventy two people over

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Speaker 1: the weekend. Meanwhile, rescuers continue to pick through the rubble.

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Speaker 1: After two earthquakes in Japan killed forty two people. Police

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Speaker 1: in London are looking for the person responsible for flying

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Speaker 1: a drone into a British Airways flight as it was

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Speaker 1: landing at Heathrow Airport yesterday. The plane with one hut

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Speaker 1: two passengers, landed safely, but the incident has brought attention

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Speaker 1: from aviation officials, former marine fighter pilots and aviation consultants.

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Speaker 1: Steve Ganiard common sense prevails here. Why would you fly

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Speaker 1: a metal and plastic aircraft in the flight path of

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Speaker 1: a large aircraft with hundreds of people on board that's

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Speaker 1: taking off for landing. Global News twenty four hours a day,

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

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Speaker 1: a hundred s fifty news bureaus from around the world.

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Speaker 1: Mike Labarn, Tom, thank you my full time now for

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Speaker 1: the Bloomberg NBC Sports update. Here's Troup Bush. Hey, a morning,

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Speaker 1: Mike and Tom. Nothing like the NHL Playoffs, the parody,

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Speaker 1: the excitement. It was on display at Parclay Center as

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Speaker 1: the Islanders beat the Panthers four to three in overtime

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Speaker 1: on a Thomas Hicky goal to take a two one

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Speaker 1: series lead and despite falling behind, do nothing. Islander's netminder

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Speaker 1: Thomas Grice says one word describes his team. It's resiliency.

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Speaker 1: I think they're a team has a little confidence in

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Speaker 1: each other and like, we know a whole good if

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Speaker 1: we can play and hope what we can do, and

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Speaker 1: you know, you able to give up and just battle,

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Speaker 1: talking on the game in the end. Game three will

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Speaker 1: be Wednesday night in Brooklyn. Rangers the host of Penguins

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Speaker 1: on Tuesday, with that series time at one on the Diamond.

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Speaker 1: A great day for both local starting pitchers. Massa Hero

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Speaker 1: Tanaka fans six over seven innings with no watts as

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Speaker 1: the Yankees beat Seattle four to three to avoid a

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Speaker 1: sweep at the stadium, and more importantly impressed Joe Girardi

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Speaker 1: because his arm is getting stronger. But you know, for

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Speaker 1: the starters, it's you'd like to say that you could

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Speaker 1: have them built up to where they're supposed to be

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Speaker 1: by game one, but I think you risk working them

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Speaker 1: too hard in spring training and understanding that it's a

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Speaker 1: long season. You you know, they sort of pace themselves.

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Speaker 1: But it's the best game he's pitched all season, and

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Speaker 1: he really could have thrown a shut out and it's

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Speaker 1: also the first win of the year for Tanaka. Yankees

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Speaker 1: are idle today, Mets, they'd beat Corey Clover and the

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Speaker 1: Tribe six nothing in even manager Terry Collins on a

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Speaker 1: great out and turned in by Steven Matts. We need

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Speaker 1: to get Steven going and pitch great. Today shows you

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Speaker 1: what he can do when he commands. Commands his pitches

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Speaker 1: and chain speeds like we've seen him doing the past,

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Speaker 1: and he was outstanding. Matt's also picking up his first

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Speaker 1: one of the year. He struck out nine and seven

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Speaker 1: innings the Mats. They visit Philly at seven o'clock. Noah

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Speaker 1: Sinder Guards on the bump and NBA Playoff Spurs, Calves,

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Speaker 1: Clippers Miami all winners in game one of their series.

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Speaker 1: At your NBC Bloomberg Sports Update, Mike and Tom rob Bushka,

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Speaker 1: thank you so much. Appreciate that this is wonderful news.

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Speaker 1: Mike and I uh see the bodies move around Wall Street,

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Speaker 1: Caleum Henderson, Michael McKee will join Ian Bremer's Eurasier group.

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Speaker 1: That is inspired choice. He is for years with Bank

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Speaker 1: of America and it was standard charter. He will run

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Speaker 1: all of their global markets research platform from Washington. That's

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Speaker 1: very cool, Caleb Henderson to erase your group. This is

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Speaker 1: Bloomberg's surveillance. We're cutting it out to the opening bill

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Speaker 1: Drive one at your local jew dealer Today, Global business

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Speaker 1: Learn more at a dr dot org. Oil falling after

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Speaker 1: output talks Sunday between the world's biggest producers ended without

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Speaker 1: any agreement on limiting supplies, a diplomatic failure that threatens

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Speaker 1: to renew the route in prices, Nimex crude oils down

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Speaker 1: three point six per center at dollar forty five to

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Speaker 1: thirty eight ninety barrel U s dock indise future is

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Speaker 1: also lower, A U S and p even A futures

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Speaker 1: down seven points, dowie Many futures down forty seven and

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Speaker 1: nazdak eveny futures down thirteen. The decks in Germany's down

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Speaker 1: to tenths percent. Ten year treasury down three thirty seconds,

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Speaker 1: the yield one point seven six percent. Comes Gold up

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Speaker 1: six tenths percent or six dollars eighty cents at twelve

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Speaker 1: forty one forty announced the Euro at all our thirteen twelve,

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Speaker 1: the yen one oh eight point six eight. Morgan Stanley

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Speaker 1: reporting first quarter profit that bead Wall Street estimates as

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Speaker 1: the firm cut costs and revenue from trading stocks and

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Speaker 1: bonds declined and less than some analysts predicted. Pitch shares

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Speaker 1: up two and a half percent. 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 a Monday on Wall Street. The following is from

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Speaker 1: Bloomberg View. Opinions and commentary from Bloomberg columnists. I'm Frank Barry,

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Speaker 1: an editor with Bloomberg View. Last week, Bernie Sanders brought

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Speaker 1: his political revolution to Greenwich Village, which has deep ties

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Speaker 1: to radicalism. The revolutions have a way of fading. Ken

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Speaker 1: Sanders's last to under that question. The next time he's

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Speaker 1: in the village, he may want to visit the Cedar

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Speaker 1: Tavern where beat poets and abstract painters drank. It's now

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Speaker 1: a European wax center that maybe one European institution Bernie

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Speaker 1: could do without. Sanders could head over to thirty six

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Speaker 1: Grove Street and a Goldman's last residence before she was

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Speaker 1: deported to the Soviet Union in nineteen nineteen, but the

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Speaker 1: owners were asking forty thousand dollars a month and rent

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Speaker 1: in two thousand and twelve, not exactly working class. He

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Speaker 1: might want to see the Youth International Party headquarters or

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Speaker 1: yippies developed anarchist plots, but it closed in two thousand

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Speaker 1: fourteen after a mortgage foreclosure. Maybe Sanders is best bet

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Speaker 1: as the KGB bar. I asked the bartender there if

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Speaker 1: anyone would be coming over from the rally. I don't know,

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Speaker 1: maybe probably, he said. In the village, as in campaigns,

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Speaker 1: revolutions are hard to ignite, harder to win, and hardest

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Speaker 1: of all to sustain. I'm Frank Barry, editor with Bloomberg View.

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Speaker 1: For more Bloomberg opinion and commentary, please go to Bloomberg

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Speaker 1: View dot com or Bloomberg go on the Bloomberg terminal.

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Speaker 1: This has been Bloomberg View. Bloomberg View commentaries can be

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Speaker 1: heard hourly weekdays on Bloomberg Radio. Steve Stanley is whether

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Speaker 1: he is the chief Economist, and Amherst, Pierre Pont and Tom.

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Speaker 1: There are very few occasions, um, when people make as

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Speaker 1: dramatic a change in their forecast as Steve in the

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Speaker 1: last week under the headline if you can't beat them,

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Speaker 1: join them. You have decided that the Fed is going

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Speaker 1: to be as cautious and as slow moving as a

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Speaker 1: lot of people had suggested. But you didn't believe. Yeah, well,

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Speaker 1: you know, I'm pretty stubborn. I suppose sometimes. But even

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Speaker 1: even I could read the tea leaves after janet yelling

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Speaker 1: speech about them? What was it about a month ago? Now? UM,

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Speaker 1: I think you know my I guess where I depart

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Speaker 1: from the consensus most dramatically is I do think inflation

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Speaker 1: is going to accelerate quite a bit faster and sooner

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Speaker 1: than people think. I think we'll be at our above

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Speaker 1: two UM year over year inflation by the end of

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Speaker 1: the year, both headline and core, and I thought that

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Speaker 1: would get the FED moving. But um, obviously, even as

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Speaker 1: we've had a little bit of upward movement and inflation

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Speaker 1: earlier this year, clearly hasn't gotten FED motivated just yet.

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Speaker 1: Why do you think we're going to get that kind

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Speaker 1: of inflation? The latest CPI was a little calmer than

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Speaker 1: the prior to Yeah, I thought the March um core

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Speaker 1: CPI number was really was kind of a giveback from

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Speaker 1: January and February. I mean those back to back point threes. Um,

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Speaker 1: there was a little bit more than, you know, than

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Speaker 1: than what you could justify in terms of the underlying

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Speaker 1: trend and those and I think you look at the

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Speaker 1: three months together is probably the best way to look

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Speaker 1: at that. But I think going forward, I would say

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Speaker 1: that we're, um, you know, we're starting to see an

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Speaker 1: acceleration in a lot of the broad service categories, and

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Speaker 1: I think that makes sense with the labor market getting tight. Um. Obviously,

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Speaker 1: energy prices have have been more stable of late, and

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Speaker 1: I think the drag on that on the headline numbers

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Speaker 1: from energy or is gonna wane as a year progresses

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Speaker 1: and I also think the drag which is fed through

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Speaker 1: into the core as well from the appreciating dollars likely

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Speaker 1: uh to diminish going forward. The most intense period of

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Speaker 1: dollar appreciation was in the second half of two thousand

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Speaker 1: and fourteen, so that's likely fading by now. Well, is

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Speaker 1: someone who had to wait to your tone a year

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Speaker 1: and a half two years ago? Is the real tone now?

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Speaker 1: Just range bound and central banks under huge pressure to

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Speaker 1: do something where the headline is they won't basically do nothing. Well,

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Speaker 1: I think that you're right that there's just a tremendous

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Speaker 1: amount of pressure on these guys to do something. I mean,

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Speaker 1: the the world has still not fully come to grips

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Speaker 1: with the concept that that we've discussed a lot, which

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Speaker 1: is that the underlying pace of potential growth has slowed

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Speaker 1: a lot. So, you know, one and a half maybe

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Speaker 1: is as good as we can realistically expect to do

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Speaker 1: here in the US in terms of real GDP, But

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Speaker 1: it still doesn't feel good and it's not something that

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Speaker 1: people are willing to, uh, you know, to to have

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Speaker 1: really go along with. And I think that's why you're

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Speaker 1: seeing a lot of the um the dissatisfaction that you're

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Speaker 1: seeing on the political front this year. UM. And and

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Speaker 1: so there is pressure on the FET to do something

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Speaker 1: even though there's really not a lot the FT can do. UM.

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Speaker 1: You know, to extent that we're already pretty close to

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Speaker 1: full employment. UM. You know, if the FIT continues to

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Speaker 1: push and push, then then we are going to end

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Speaker 1: up getting inflation. Do you subscribe to Would you make

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Speaker 1: the argument that the global economy of the US economy

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Speaker 1: would be better off its interest rates were higher. Um.

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Speaker 1: I don't know if i'd say that. I mean, I

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Speaker 1: think you could make a case for that. Um. And

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Speaker 1: I think a lot of people view it as kind

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Speaker 1: of a zero sum game in the sense that when

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Speaker 1: rates are low, savers are hurt. And and you know,

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Speaker 1: some people look at it from the side of borrowers

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Speaker 1: and other people look at it from the side of savers.

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Speaker 1: I mean, I think all lt equal UM, lower interest

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Speaker 1: rates are more stimulative than higher interest rates. So I'm

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Speaker 1: not sure that raising rates would actually help the economy.

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Speaker 1: I do think in this case, if the FED were

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Speaker 1: to move forward a little bit and start to get

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Speaker 1: into a normalization process, you would get some benefit in

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Speaker 1: the sense that people could then look and say, oh, well,

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Speaker 1: I guess things must be getting better. UM. But I

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Speaker 1: don't think the FETs to just raise rates for the

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Speaker 1: sake of of raising them. They certainly want to make

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Speaker 1: sure that, um, that the steps that they take are

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Speaker 1: are well justified. I mean, if we look at sort

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Speaker 1: of the churns through this y the year, I think

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Speaker 1: what is fascinating is the idea of getting real data

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Speaker 1: in and then FED action. I'm not hearing from you

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Speaker 1: that we'll get enough of an umph to get FED action.

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Speaker 1: Where does it come from the jobs? Certainly not in

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Speaker 1: the near term. I think you know, obviously, as we've

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Speaker 1: discussed before first courter, GDP hasn't been great. Um. I

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Speaker 1: think you know, the labor market data has been terrific

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Speaker 1: and and that's been the case for a long time. Uh,

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Speaker 1: and I think that's likely to continue. I do think

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Speaker 1: we'll get better growth as the year progressist. But again,

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Speaker 1: I mean, I think at the end of the day,

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Speaker 1: the thing that can get the FED motivated is inflation,

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Speaker 1: and we haven't seen that yet. Until we do, UM,

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Speaker 1: you know, I think the FED is likely to be

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Speaker 1: very cautious. But if inflation moves at or above two UM,

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Speaker 1: then I think their attitude has to change a little bit. Well,

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Speaker 1: of course, the standard explanation for a recession is the

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Speaker 1: FED titans too much and then the economy slows down.

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Speaker 1: How far away uh is that these days? In I asked,

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Speaker 1: because if the FED has to move more quickly if

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Speaker 1: inflation shows up, how much room do they have? Well,

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Speaker 1: you know, I mean, I think there's still a lot

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Speaker 1: of headroom in the economy when we took a tremendous

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Speaker 1: hit during the crisis, and you know, you take housing

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Speaker 1: for example. Housing is a sector that's very cyclical and

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Speaker 1: and very often when you do move into recession, housing

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Speaker 1: can be a leader of that because housing is most

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Speaker 1: sensitive to rate. So when the Fed titans, housing sometimes

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Speaker 1: bears the brunt. Well, there's a lot of headrooms in

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Speaker 1: the housing sector because we lost so much activity during

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Speaker 1: the crisis. Um. So that's one example. I think. You know,

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Speaker 1: there really hasn't been a huge push in terms of

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Speaker 1: business investment throughout this expansion, So there's not a lot

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Speaker 1: of places where you would look and say there's over

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Speaker 1: capacity or you know, places where the economy is set

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Speaker 1: up to take a fall. Ain't the one place where

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Speaker 1: you you kind of want to worry about imbalances in

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Speaker 1: the financial markets. And that's kind of the ironic thing,

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Speaker 1: as if that is pushing, pushing, pushing for easier financial conditions.

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Speaker 1: But at some point, you know, as we saw in

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Speaker 1: the last cycle, um, when financial conditions get too easy,

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Speaker 1: it can kind of perversionally lead to uh, to the

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Speaker 1: sort of imbalances that ultimately take you down. Steven Stanley,

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Speaker 1: thank you so much with amors here, But Mike, just fascinating,

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Speaker 1: and you know, it's not a counterfacture. We're looking forward,

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Speaker 1: but the idea of we getting such a suit nothing happens.

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Speaker 1: I mean, we've been so active since August of votes seven,

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Speaker 1: the idea that the nothing there to work off, pushing

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Speaker 1: on a string as it were. And there are a

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Speaker 1: lot of people who are making the argument that we

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Speaker 1: would be better off if the FED would range rates

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Speaker 1: and and and if a lot of central banks would

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Speaker 1: stop adding to stimulus. Would you agree with me that

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Speaker 1: the housing data, which used to be a huge deal,

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Speaker 1: is a percentage GDP is so low. I mean, obviously

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Speaker 1: it's the news and we're going to cover it, but

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Speaker 1: it's not fed changing anymore. No, it's not fat changing.

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Speaker 1: It is important to the economy, as are things like

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Speaker 1: auto sales soon, but both have become so much smaller

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Speaker 1: parts of the economy that they don't influence the whole thing. Unreal.

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Speaker 1: Let's do data check on a Monday assuring the future

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Speaker 1: is flat. Well, excuse me, negative eight, I stand correct

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Speaker 1: with negative eight down futures negative fifty five? No, VICTI

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Speaker 1: hat I've got a fourteen point four three statistic on

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Speaker 1: the VIX closing on Friday the seventeen thousand nine, rounding up,

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Speaker 1: Mike the sp five three thousand, rounding up. No, I

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00:21:58,480 --> 00:22:02,439
Speaker 1: got that wrong two thousand eighty. Maybe you rounded up

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Speaker 1: to that's a bit of a reach, have a bit

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Speaker 1: of a reach. Uh tenure yield one point seven seven

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Speaker 1: percent is reversed. We're in two basis points risk on field. Now,

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Speaker 1: that's important. Yield reversal, higher yields, lower note prices, Oil

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Speaker 1: down a dollar sixty five, Brent down a dollar seventy

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Speaker 1: eight seventy, and brent for thirty six. Stay with us.

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Speaker 1: Coming up more with Bloomberg's surveillance