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Speaker 1: next story you can find actually right now on the
Speaker 1: Bloomberg terminal and also at Bloomberg dot com slash business
Speaker 1: Week Tim is about how women are smashing the construction
Speaker 1: industries concrete ceiling record vacancies, forcing changes in what's been
Speaker 1: an all male bashtion. We've got with us. One of
Speaker 1: the authors, Maria Paolo mis Torres, joins us now. She's
Speaker 1: US economy reporter for Bloomberg News. She's with us right
Speaker 1: now in the Bloomberg Interactive Broker Studio. Maria. I want
Speaker 1: to start just with the with the data here, we're
Speaker 1: talking fourteen point one percent and all time high in
Speaker 1: terms of the share of US construction jobs held by women.
Speaker 1: It's not, by any means parody, but this is a
Speaker 1: big deal. Yeah, it's one million women in construction, which
Speaker 1: is a higher number we have seen racing since that
Speaker 1: I was collected in the nineteen sixty four. And you know,
Speaker 1: with more as we call them baby boomers or more
Speaker 1: people who were used to being in this industry, male
Speaker 1: are retiring, and there's more bagancies in this industry, and
Speaker 1: there's labor turtages, and people are looking for jobs, more
Speaker 1: women are taking them. All right. I gotta say, I
Speaker 1: have two brothers who are contractors. I don't hear a
Speaker 1: lot about them working with a bunch of women in
Speaker 1: the industry. So how is it that it's happening. Yeah,
Speaker 1: it's still a minority, but it's growing. And that's why
Speaker 1: we like, that's what caught us from the data and
Speaker 1: when we wanted to do this story because there's a
Speaker 1: lot of women seeing that they have more opportunities, you know,
Speaker 1: growing professionally, having a higher wage if they instead of
Speaker 1: you know, go have other jobs that are stereotypical for women.
Speaker 1: They take this construction work works that you know, have
Speaker 1: no gender attached to them. It's just like in history,
Speaker 1: more men have done it and they have more opportunities there.
Speaker 1: So they've been falling in love with these construction works
Speaker 1: and been doing them more and more, inspiring other women
Speaker 1: to also do that. It's also the money is really
Speaker 1: really good. Take us through some of the numbers here,
Speaker 1: because we're talking, you know, close to a hundred thousand
Speaker 1: dollars a year for jobs that don't necessarily require a
Speaker 1: college education. Yeah, exactly. So in the media, salary for
Speaker 1: an electriction was fifty nine thousand dollars and ninety eight thousand,
Speaker 1: five hundred for a construction manager. So that's why a
Speaker 1: lot of women are being a filled to these jobs
Speaker 1: that you know, some women actually do have college degrees
Speaker 1: even though it's not required. For example, one of the
Speaker 1: people I talked with, though she has a degree in
Speaker 1: history and lot in American studies, she just couldn't find
Speaker 1: a job that you know, she was graduated in twenty
Speaker 1: with the pandemic, she couldn't find a job that was
Speaker 1: for what she wanted to do, and then she fill
Speaker 1: in of with construction because she had seen how her partner,
Speaker 1: her dad grew up doing construction. She just never felt
Speaker 1: identified there. She never saw Latina, women of color, women
Speaker 1: in general, just working in the construction fields where their
Speaker 1: family were working. And she realized that she can do
Speaker 1: it and get a better salary than what she was
Speaker 1: hoping for. So what are women in construction typically doing?
Speaker 1: Are they overseeing sites? Are they developing, doing the contracts,
Speaker 1: negotiations with clients? Are are actually picking up a hammer?
Speaker 1: Uh and doing some of the physical work because it's
Speaker 1: a very physical job. It is a very physical job
Speaker 1: and it also has very physically, very very various facets.
Speaker 1: Are we see women from any part of the construction
Speaker 1: we see and they already go with tug with women
Speaker 1: who are actual constructors speaking of the hammers, Like you said,
Speaker 1: we see contractors, we see inspectors, we see from manager
Speaker 1: positions all the way to the bottom. Um. Of course,
Speaker 1: as the higher you do go in the ladder, there's
Speaker 1: more men, and specifically more white men. But really, sorry,
Speaker 1: but that's why they're actually trying through to villain. I
Speaker 1: was having fun with the world you exactly know. And
Speaker 1: it is interesting and I do. I remember watching this
Speaker 1: Old House and this was a few years ago, because uh,
Speaker 1: there's such demand for jobs generally in the construction industry.
Speaker 1: There's a lot of younger individuals who don't think about
Speaker 1: becoming electricians. We talked about this all the time, or
Speaker 1: you know, becoming contractors or you know, becoming builders, and
Speaker 1: they really need people. And they were actually creating a
Speaker 1: program to help cultivate young women, young men, uh in
Speaker 1: this industry. And so, uh it's kind of interesting. Is
Speaker 1: the growth expected to continue? Is so much of it
Speaker 1: though about the demand in the industry right now that
Speaker 1: women have a better opportunity, Well, I really, I really
Speaker 1: do hope that it keeps growing until it's more equitable
Speaker 1: or more equal. Um. People are definitely seeing how it's
Speaker 1: not longer stereotype that's only one gender can do this
Speaker 1: kind of job. So more there was being open for women.
Speaker 1: And I a lot of the women I spoke with,
Speaker 1: they're saying that they're finding finding more and more community
Speaker 1: and they all got inspired to do these work things
Speaker 1: to other women telling them, hey, there's an opportunity here. Um.
Speaker 1: From Facebook groups to actual networking groups in person to
Speaker 1: go grab lunch together. This was something that women just
Speaker 1: got inspired to do more and more by hearing other
Speaker 1: people doing it. What did you What did they tell
Speaker 1: you about just day to day life on the construction site.
Speaker 1: I mean I worked construction for two summers between college
Speaker 1: and um it was all male where I was. There
Speaker 1: was not a single woman on on these working on
Speaker 1: these houses. Um. What did they tell you about the environment? Yeah, definitely,
Speaker 1: the environment is not the most friendly for a woman. Uh.
Speaker 1: They all told me that they have had a couple
Speaker 1: of bad experience in the sense of either harassment either
Speaker 1: not taking them seriously because they were a woman. If
Speaker 1: they were inspectors seeing overseeing a job done by a men,
Speaker 1: they would usually second guess them and say, hey, I
Speaker 1: did the correctly, you have to like revise it again,
Speaker 1: and they say, like, no, my word is final. So
Speaker 1: they were a lot of times not respected as they
Speaker 1: would help to. But they that's also why this community
Speaker 1: is matters of women women in construction coming together so
Speaker 1: they can support each other. And they've all have told
Speaker 1: me that they have had to grown ethics skin in
Speaker 1: this job. Tell us too about minority women, how this
Speaker 1: is even an extra bump up for them. Yeah, so,
Speaker 1: um yeah, a lot of the percentages of women working
Speaker 1: are kind of mixed ethnically and racewise. The biggest minority
Speaker 1: and women constructions are letting know women. I was able
Speaker 1: to talk with a couple of them, but yeah, this
Speaker 1: is somewhere else where you see all side of the instructions,
Speaker 1: but of course also majority white women. Um, but more
Speaker 1: and more they're telling me that they're seeing more women
Speaker 1: of color in this industry. But just in general, if
Speaker 1: you look at it also on their male counterpart parts,
Speaker 1: it's also been hard to see more people people and
Speaker 1: people of color higher up in the ladder. Is this
Speaker 1: a consequence or I shouldn't even say consequence. This is
Speaker 1: the result of just the labor shortage that we're seeing.
Speaker 1: I mean, what is spurring the increased diversification when it
Speaker 1: comes to at least gender diversity within construction. Yeah, some
Speaker 1: of the guesses that experts have on the matter, because
Speaker 1: of the labor shortage and the lack of people in construction,
Speaker 1: that they're accepting more people now. But I really do
Speaker 1: hope that even if they were shortage ever, you know,
Speaker 1: sees this this opportunities keep open for more people. Yeah,
Speaker 1: I gotta say, I know I've said this a million
Speaker 1: times to forgive Bloomberg audience, but I just remember our
Speaker 1: he was our electrician or I think it was our plumber,
Speaker 1: and just when you got the bill, well the bill,
Speaker 1: and then he retiring early, and his multiple homes that
Speaker 1: he owned, and I just the money that was to
Speaker 1: be made. And you know, we're so pro college, and
Speaker 1: I am very pro college, but there are alternatives where
Speaker 1: you can make a really, really good living. Uh. And
Speaker 1: certainly this is certainly when it comes to construction playing
Speaker 1: out well for women, in particular minority women. Maria Paola
Speaker 1: Mijas Torres U s Economy reporter at Bloomberg News in
Speaker 1: our interactive Broker Studio. This story in the upcoming new
Speaker 1: issue of Bloomberg Business Week, due out later this week,
Speaker 1: but you can find it at the Bloomberg right now
Speaker 1: and also at Bloomberg dot com slash business Week. This
Speaker 1: is Bloomberg Radio. You're listening to Bloomberg Business Week with
Speaker 1: Carol Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio.
Speaker 1: It is one of our most read stories on the Bloomberg.
Speaker 1: It's also the Bloomberg Big Take about how the US
Speaker 1: Central banks past crises holds secrets to tackling future recessions.
Speaker 1: We can, indeed, Tim, it seems learn from our past.
Speaker 1: That story by Tom orlick In, David Wilcox, Carol, as
Speaker 1: you mentioned, it's today's big Take. Check it out from Bloomberg,
Speaker 1: the Big Take on the Bloomberg Terminal, and at Bloomberg
Speaker 1: dot com slash a big Take Tom more like his
Speaker 1: chief economist for Bloomberg Economics. He joins us on the
Speaker 1: phone from Washington, d C. Tom, Good, to have you
Speaker 1: with us this afternoon. I find it fascinating to see
Speaker 1: what's happening in the SMP five. Found it right now
Speaker 1: since we last heard from Fed Chair J Powell. Uh
Speaker 1: with you know, the most recent meeting of the Federal Reserve.
Speaker 1: Because we've seen stocks rally and you and David write
Speaker 1: that the market isn't really buying the fact that the
Speaker 1: federal funds rate is going to have to keep climbing
Speaker 1: entertain inflation. Yeah, it's a funny, Tim. There's a bunch
Speaker 1: of people in the markets who have a deep investor background.
Speaker 1: There's a bunch of people in the markets who have
Speaker 1: a policy background, including some folks on our team who
Speaker 1: joined us from time at the Federal Reserve, and they
Speaker 1: just had completely different interpretations of that July press conference
Speaker 1: from Chair Powell. The market folks heard a dovish signal,
Speaker 1: They heard what they wanted to hear. They heard the
Speaker 1: Fed was going to pause on rate hikes. The policy people,
Speaker 1: the people with the monetary policy, the Fed background, they
Speaker 1: didn't hear that at all. They a Powell who is
Speaker 1: determined to push on with rate hikes until inflation is
Speaker 1: under control. And so so far it's that first interpretation,
Speaker 1: that davish interpretation which has been pushing the S and
Speaker 1: P and other risk assets up, and our view it's
Speaker 1: actually that's the wrong interpretation, and we expect that power
Speaker 1: is going to come out at Jackson Hall and offer
Speaker 1: a correction. All right, So and so he'll say what specifically.
Speaker 1: So I think there's a bunch of different there's a
Speaker 1: range of possible outcomes for inflation and for Fed policy
Speaker 1: in the month ahead. Goodness knows, economists haven't got everything
Speaker 1: right on the big inflation call or the monetary policy
Speaker 1: call so far. So the market view, it's not insane.
Speaker 1: It's not outside the range of possible outcomes. At the
Speaker 1: same time, it's not at the center of the distribution.
Speaker 1: Is not the most likely path that the FED is
Speaker 1: going to have to follow. I think that there's going
Speaker 1: to be an acknowledgement of progress so far, but power
Speaker 1: is going to be a long way from declaring mission accomplished.
Speaker 1: He's going to signal that that Dovish pause. Putting too
Speaker 1: much money betting on that probably not a very good idea. Well,
Speaker 1: let's talk about the Fed's credibility here, Tom, because it's
Speaker 1: something that you and David write about. You both write
Speaker 1: about the fact that the Federal Reserve has lost control
Speaker 1: of inflation, and I'm wondering if the two of you,
Speaker 1: based on your reporting, I think that it has the
Speaker 1: tools necessary to bring it down because and you look,
Speaker 1: you go back to the you know, top haul era,
Speaker 1: Paul Vogler raising rates. So the FED absolutely has the
Speaker 1: tools to bring inflation under control. The question today is
Speaker 1: the same as the question back at Paul Vulcan movement,
Speaker 1: which you mentioned, what's the cost of bringing inflation under control?
Speaker 1: Back then, the cost was a deep procession millions of
Speaker 1: people unemployed. Today, Well, no one thinks the cost is
Speaker 1: going to be quite so high. But inflation is running
Speaker 1: it's six percent, more than six percent, three times the
Speaker 1: FEDS two percent target. Bringing it all the way back
Speaker 1: two percent is going to come at a cost in
Speaker 1: higher unemployment, potentially at the cost of a recession for
Speaker 1: the U. S. Economy. You know, it's interesting to you
Speaker 1: know time you write, eventually inflation will be back on target,
Speaker 1: in any immediate recession will end. There is, though, that
Speaker 1: conversation that maybe the targets are not going to be
Speaker 1: the ones of the future, that maybe those targets, especially
Speaker 1: inflationary targets, it's more like three or four percent going forward,
Speaker 1: that that will be forgive me the new norm, rather
Speaker 1: than maybe a two percent rate. So if we go back,
Speaker 1: if we wind the clock back to the biggest challenge
Speaker 1: for central banks was that they were in a world
Speaker 1: where inflation was too low, and what that meant was
Speaker 1: that when recessions hit, they didn't have enough room to
Speaker 1: cut rates, they didn't have enough room to stimulate the economy.
Speaker 1: There are a bunch of different ways of kind of
Speaker 1: soling that problem. Quantitative easing, forward guidance. They're both ways
Speaker 1: of adding a bit of extra policy space for central
Speaker 1: banks after they already take interest rates to zero. Another
Speaker 1: out of the box solution is to move to higher
Speaker 1: inflation target. Let's target three percent inflation, not two percent inflation,
Speaker 1: and then when bad times come, will have more room
Speaker 1: to cut. So that was the conversation in Who knows
Speaker 1: it could become the conversation again looking out right now
Speaker 1: though with inflation really at a painful level, the households
Speaker 1: and the Fed determined to bring inflation expectations under control.
Speaker 1: It's probably not the conversation which the Fed wants to
Speaker 1: be having. God, this is makes sense. Checks in hole
Speaker 1: meeting that more important. Um, Tom, thank you so much,
Speaker 1: Bloomberg Economic Chief Economist Tom Or Like Alo News out
Speaker 1: of China, Beijing has been working to curb the influence
Speaker 1: of tech industry leaders from Tensent to Ali Baba Group.
Speaker 1: This has to do. It's also even delisting from US exchange. Yeah,
Speaker 1: I'm really excited to speak to Kevin Carter, the founder
Speaker 1: of e m q Q. It's an emerging market's internet
Speaker 1: and e commerce e t F. Kevin, great to have
Speaker 1: you with us, How are you great? Thank you for
Speaker 1: having me, I should say you're joining us on the
Speaker 1: phone from San Francisco. Okay. So when I think of China,
Speaker 1: especially in the last few minutes months, I think of
Speaker 1: that call that JP Morgan made a few months ago
Speaker 1: calling China's Internet, China's stock market uninvestable. Uh. Then they
Speaker 1: came out and said that that was actually published in error.
Speaker 1: But I'll just ask you, what were your thoughts when
Speaker 1: you heard that. Well, you know, that day and that week,
Speaker 1: which was the middle of March, was a pretty volatile
Speaker 1: period for these companies. And the problem is the delisting threat.
Speaker 1: Of all the things, you know, the China faces and
Speaker 1: all the risks for investors, it's the most misunderstood and
Speaker 1: in my estimation it's the smallest risk, but it doesn't
Speaker 1: seem to matter because it moves the markets. And uh.
Speaker 1: And what we saw last week was that the state
Speaker 1: owned enterprises, the Chinese government is going to be less
Speaker 1: the state own enterprises. And I think this is a
Speaker 1: real positive move in solving the dispute because it's those
Speaker 1: companies that China is particularly sensitive to having the US
Speaker 1: government auditors noodle around in. Yeah, but I do wonder
Speaker 1: about Beijing Chinese officials. It seems chronically, uh getting involved
Speaker 1: in their private industry, you know what I mean, like
Speaker 1: setting rules, setting regulations, dialing back, dialing forward, helping out
Speaker 1: the economy, COVID lockdowns like it's it's really I think
Speaker 1: tricky for investors to kind of know what truly is
Speaker 1: coming when it comes to making an investment in a
Speaker 1: well known Chinese company. Well, let me first talk about
Speaker 1: the regulatory uh quote unquote crackdown. And the reality is
Speaker 1: that all over the world you have these giant tech platforms,
Speaker 1: the Fang stocks here in the US, and they've grown
Speaker 1: at incredible rates and they've taken over our lives that
Speaker 1: our stock markets and the regulators haven't really been able
Speaker 1: to keep up with them. And that's not a China situation.
Speaker 1: That's a global situation. And you see it here. You know,
Speaker 1: all of our Fang executives are up in front of
Speaker 1: Congress and the only difference is we have lobbyists and
Speaker 1: money involved in The Chinese I think are able to
Speaker 1: take a longer term view, and I think it's healthy
Speaker 1: what they've done, particularly with the you know, ant group
Speaker 1: ip O. So people can look at it negatively and
Speaker 1: and think, oh my gosh, the Chinese government is you know,
Speaker 1: they're not capitalist, they're gonna you know, Jack Moss missing, etcetera.
Speaker 1: But I think the reality is that they're just trying
Speaker 1: to regulate like everybody else's. Come on, you can't compare
Speaker 1: regulatory environment in China with the regulatory environment in a
Speaker 1: European market or the US market, can you. I mean,
Speaker 1: there's regulatory overset where there is a process, and then
Speaker 1: there's Jack Margoing missing. Like I'm just saying, how can
Speaker 1: you compare them? Well, China I think has advantages in
Speaker 1: regulatory matters. Remember, most of these people, a large percentage
Speaker 1: of their leaders have gone to our best colleges, particularly
Speaker 1: the financial system. Some of them have taught at our
Speaker 1: best colleges, and they're smart and they need to to
Speaker 1: regulate just as everyone else does. In in each sector
Speaker 1: is a little different. But I think the concerns that
Speaker 1: the Chinese government is going to you know, squash capitalism
Speaker 1: or greatly overblown. And the delisting threat in and of
Speaker 1: itself is the dumbest part of all the fears that
Speaker 1: people have. It's it's the smallest risk. It's a very
Speaker 1: small risk of it happened, and it's even smaller risk
Speaker 1: that anybody loses any money. De listing does not equally
Speaker 1: you lose your money. Well, what what should be the
Speaker 1: what should be the risks that investors should be concerned
Speaker 1: about that? If that's you know, in your words, the dumbest,
Speaker 1: Well the COVID. China hasn't had the COVID yet. I mean,
Speaker 1: they've got it there now and they're trying to battle it.
Speaker 1: And the COVID zero policy puts them in a very
Speaker 1: tough situation because you know they have on one hand,
Speaker 1: if they have COVID zero, there's going to be continued
Speaker 1: meaningful economic damage and consumer confidence issues, and and you're
Speaker 1: gonna have people continue rise and unrest. People don't want
Speaker 1: to be locked in their apartments for multiple month long periods.
Speaker 1: And I think that is a slow motion thing that's
Speaker 1: playing out because if they don't have zero COVID, then
Speaker 1: they're gonna lose a lot of people. And they're they've
Speaker 1: continued to stick with zero COVID, and I think it's
Speaker 1: a very right position that they're in trying to manage both.
Speaker 1: Kevin Um, we've got to run. Kevin Carter, he is
Speaker 1: founder of e m q Q, joining us on the
Speaker 1: phone from San Francisco and talking about certainly Chinese companies
Speaker 1: and some of the regulatory environment. This is Bloomberg Business
Speaker 1: Week with Carol Masser and Bloomberg Quick Takes Tim Stinovic
Speaker 1: on Bloomberg Radio. We've got with us Katarina Seminetti, Senior
Speaker 1: VP and private wealth adviser of at Morgan Stanley Private
Speaker 1: Wealth Management. She joined us on the phone from Philadelphia. Katerina,
Speaker 1: I feel like there are so many mixed messages, whether
Speaker 1: it's some of the weakening housing data, but we did
Speaker 1: have inflation data start to come down, still high on
Speaker 1: a historical basis, FETE still saying they're going to be
Speaker 1: largely you know aggressive, continue to raise rates, and then
Speaker 1: companies coming out and saying things are pretty good and
Speaker 1: we've got a tight labor market. How do you trade
Speaker 1: on this? Carol, thank you for having me on the show. Um,
Speaker 1: you said it best. You know, the data is confusing.
Speaker 1: We had really positive labor market data and that sort
Speaker 1: of confidents and investors seems to believe that FED will
Speaker 1: not slow down and rate will now you know, start
Speaker 1: slowing down and ring types as a metal of facts.
Speaker 1: You know, there's some possibility that they will even start
Speaker 1: cutting into the next year, you know. But all of
Speaker 1: this is despite of the fact that we're having still
Speaker 1: having high inflation, which of course effects consumer confidence that
Speaker 1: has been shaken by the fact that you know, we
Speaker 1: have an team inflation at this level. Yet you know,
Speaker 1: historically we are dealing with weeking economic data, declining earnings
Speaker 1: of just overall geopolitical risks and not to mention that.
Speaker 1: The question is is all of this going to bring
Speaker 1: us into, you know, a an environment of an ext
Speaker 1: recession and how major this recession is going to be?
Speaker 1: So the question is what should investors do right right?
Speaker 1: Because I just want to jump in kotterine at what
Speaker 1: should investors do? Because it seems like the market is
Speaker 1: not the equity market is not taken into account the
Speaker 1: environment that you described us. Now we're up close from
Speaker 1: those June laws in the s've adored Tim. I think
Speaker 1: that the important message here is that even though we
Speaker 1: are on the path to recovery, this past might like
Speaker 1: through additional volatility. So what investors can do right now
Speaker 1: is we encourage them to realize losses stay defenses in
Speaker 1: defensive sectors exceptors like financial, energy, healthcare, consumer staples, we're
Speaker 1: looking for additional yield generation for the stocks with um
Speaker 1: with strong cash flows that will generate income that is
Speaker 1: much needed here. The other side is that the that
Speaker 1: absolutely we're talking about dividend paying stocks uh and the
Speaker 1: focus on the defense respectors. Not to mention that the
Speaker 1: bond market is also showing a sign of improvement. While
Speaker 1: we're not quite confident that this is the end of
Speaker 1: the bear market, as a matter of fact, our view
Speaker 1: is that this rally is more of a bear market
Speaker 1: rally and the volatility is going to continue. Bond market
Speaker 1: is showing the science of improvement and it can act
Speaker 1: like corporate bonds can act like a safe pathing for
Speaker 1: investors in the time of you know, volatility UM because
Speaker 1: the really real question here is are we going to
Speaker 1: get a recession or not once that starts rate typs,
Speaker 1: And that's a major question out there. When will we
Speaker 1: know if the bear market rally is no longer a
Speaker 1: bear market rally and it's just a rally. So here
Speaker 1: is what it would take for the improvement in the
Speaker 1: market and the improvement in the economy to truly be sustainable.
Speaker 1: It will take positive earnings, it will take curbed inflation,
Speaker 1: it will take rebound consumer confidence, and when all of
Speaker 1: this comes together, then we can confidently said to say
Speaker 1: that we're back in the boom market territory and we
Speaker 1: are going together. We're probably going to get their sooner
Speaker 1: rather than later. But we still have a lot of
Speaker 1: hurdles to overcome before. You know, the the economic data
Speaker 1: is positive enough that we can say that all of
Speaker 1: the titan volatility it is behind us. But for now
Speaker 1: we have to stay defenses. And that's what we've been
Speaker 1: telling our clients, Katarine. Is that also because you expect,
Speaker 1: as economists are predicting that we're going to have a
Speaker 1: second deeper recession late next year, and just got about
Speaker 1: five seconds, The question is are we going to get
Speaker 1: a recession? And quite frankly, in our review, are the
Speaker 1: best case scenario? Its recession that we will get is
Speaker 1: not going to be as wide as we expected to be.
Speaker 1: So we might get a recession if it's not, you know,
Speaker 1: to prolonged, that's good news that needs to be you know,
Speaker 1: quickly recoverings on the horizon. All right, So you don't
Speaker 1: think we're in a recession right now? Quick answer? Yes?
Speaker 1: Or now not yet? Okay? All right? I appreciate that
Speaker 1: being so great. Katerina Semonetti, Senior VP and Private wealth
Speaker 1: Advisor at Morgan Stanley Private Wealth Management, shutting us on
Speaker 1: the phone from Philadelphia. Thanks for listening to Bloomberg Business Week.
Speaker 1: Download the podcast on iTunes, SoundCloud, or Bloomberg dot com,
Speaker 1: and you can also listen to our radio show at
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Speaker 1: YouTube search Bloomberg Global News