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Speaker 3: One of my favorite economists of all times, Lena Shilia Tava,
Speaker 3: senior US economists at the conference sport. Elena, thanks so
Speaker 3: much for joining us here. What did you make of
Speaker 3: the Fed's move this week? Was that appropriate?
Speaker 4: Do you think?
Speaker 5: I think so.
Speaker 6: I think there's a lot of tension. Obviously, it was
Speaker 6: not an easy decision. You absolutely hear that in the
Speaker 6: press conference. A lot of tension going on between the
Speaker 6: inflation goal and the maximum employment target. But I think
Speaker 6: they did what they did was appropriate. We think that
Speaker 6: they will continue to cut rates this year. We have
Speaker 6: two more cuts in our FOCUST, and we also have
Speaker 6: to focus to cuts in the beginning of next year.
Speaker 6: I think it's a risk management decision. It was all
Speaker 6: very clear throughout Chiair Powell's speech of the press conference
Speaker 6: that it was a risk management decision. A lot of
Speaker 6: people said that there was a lot of tension between
Speaker 6: upgrading the economic projections and the rate cut. But actually,
Speaker 6: if you look at the materials to the summary of
Speaker 6: economic projections and you look deeper into the risk section,
Speaker 6: the risks to the labor market increased substantially, while the
Speaker 6: risks to the inflation mandate as a perception between the
Speaker 6: FORMC members actually declined, and that is what drove the
Speaker 6: rate cut. It's the balance of risks shifting, not necessarily
Speaker 6: their projections for the economy.
Speaker 7: But Elena Powell said himself, this is not a bad
Speaker 7: economy right now with unemployment at four point three percent,
Speaker 7: the economy is still growing at about one and a
Speaker 7: half percent. So how many rate cuts do you think
Speaker 7: we should be not will get, but should get in
Speaker 7: twenty twenty six.
Speaker 6: But we're still in a restrictive territory, he said, right
Speaker 6: at the same time, So it's not necessarily like cutting
Speaker 6: rates to boost economic growth. It's really removing that access restrictiveness.
Speaker 5: From interest rates.
Speaker 6: I think you know we're expecting four more cuts and
Speaker 6: for the FED to stop at three percent and see
Speaker 6: and assist what is happening in the beginning of next year.
Speaker 6: Why the beginning of next year, it's going to be
Speaker 6: a really pivotal moment for the economy. We think that
Speaker 6: we have not seen most of the impact from terriffs
Speaker 6: just yet. There's a lot of discussion on Bloomberg TV
Speaker 6: and Bloomberg Radio about how tariffs have not yet fully
Speaker 6: been felt throughout the economy.
Speaker 5: I totally agree with that.
Speaker 6: It's going to be the holiday season that will be
Speaker 6: a huge test for the US consumer in terms of
Speaker 6: their tolerance to higher prices. I think that's when we're
Speaker 6: going to see how consumers are doing. And in our
Speaker 6: own projections, we see a significant slowdown in the economy
Speaker 6: towards the end of the year just because of that
Speaker 6: and going into twenty twenty six. So that's when we
Speaker 6: are going to see the significant impact on tariffs, which
Speaker 6: will probably not be fully upset by fiscal policy and
Speaker 6: that a lot of people talk.
Speaker 3: About Yalan the FED seems to be I focused maybe
Speaker 3: a little bit more on the labor side of their mandate.
Speaker 3: What's your view of the labor market these days?
Speaker 6: It's healthy, you know, it's weaker, but it's still healthy.
Speaker 6: And that's why I think the next payrolls report will
Speaker 6: be really key to what the FED does at the
Speaker 6: October meetings. So and it's not going to be about payrolls,
Speaker 6: and again Powell alluded to that. He was kind of like, Okay, yeah, payrolls,
Speaker 6: we agree that, you know, that may not be the
Speaker 6: perfect indicative labor market health. It's going to be about
Speaker 6: the unemployment rate. He did say a couple of times
Speaker 6: during his press conference.
Speaker 5: That is a key measure.
Speaker 6: For the FED to see what is happening in the
Speaker 6: labor marcket if the unemployment rate rises, and we will
Speaker 6: be very much looking at the details below, you know,
Speaker 6: the unemployment rate itself, what drove it up, and things
Speaker 6: like that. But if that rises, I think the FIT
Speaker 6: will continue to remove that restrictiveness from interest rates.
Speaker 7: Elena, you were talking about the consumer and consumer spending
Speaker 7: a moment ago. You know, despite some consumer confidence reports
Speaker 7: that show confidence as lagging, we're still spending right And
Speaker 7: today there was even a report from the National Retail
Speaker 7: Federation saying they expect records spending on Halloween this year.
Speaker 7: So when are we going to start to see the
Speaker 7: consumer pulled back in some sort of a meaningful way,
Speaker 7: because let's admit, they've really been the pillar of this economy,
Speaker 7: despite the tariffs, despite geopolitical uncertainty. They're hanging in there.
Speaker 6: Well, you asking a question, and as a consumer, I
Speaker 6: can absolutely understand it. Like me myself shopping for school
Speaker 6: supplies earlier this year, it was like, you know, little
Speaker 6: note pads and things that went in price so much.
Speaker 5: I was shocked.
Speaker 6: Obviously I'm not happy about it, but I was still
Speaker 6: buying it. So this is like a question about that
Speaker 6: consumer tolerance level that I think we will be testing
Speaker 6: towards the end of the year when we get into
Speaker 6: that important holiday shopping season. I think, you know, to
Speaker 6: a degree, we're already cutting on services spending to buy
Speaker 6: those essential goods. And that's why I will be looking
Speaker 6: at the Personal Income and Spending report towards the end
Speaker 6: of the months on September twenty six to see what
Speaker 6: the split is between the services side and.
Speaker 5: The goods side.
Speaker 6: I think that we have already, like the data shows
Speaker 6: that we have already diminished I was spending on, you know,
Speaker 6: particularly discretionary services.
Speaker 5: Let's see that trend continues. All right, Elena, thank you
Speaker 5: so much. We appreciate that.
Speaker 3: One of my all time favorite economists, Elaine issue li Teva,
Speaker 3: senior US economists at the conference board here.
Speaker 5: Stay with us. More from Bloomberg Surveillance coming up after this.
Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us Live
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Speaker 3: Let's see what's happening in this market here again, a
Speaker 3: little bit lifted market. We had a nice trading day yesterday,
Speaker 3: a little bit delayed response to the Fed cut.
Speaker 6: Here.
Speaker 5: Let's talk to somebody who actually is a professional in
Speaker 5: this stuff. That's Sarah Hunt.
Speaker 3: She's a partner in chief market strategist at Alpine Saxon Woods.
Speaker 3: We just kind of pretend here, but Sarah's the pro here. Sarah,
Speaker 3: what did you hear from your Federal Reserve this week
Speaker 3: and did it alter the way you're thinking about allocated
Speaker 3: capital here?
Speaker 8: Well, I think that they did the best job that
Speaker 8: they could in a circumstance that's challenging for a lot
Speaker 8: of reasons. Because you've got the labor market doing one thing,
Speaker 8: You've got potential inflation coming back on the other side.
Speaker 8: You've got a lot of different things going on at
Speaker 8: are we too restrictive.
Speaker 7: Are we not?
Speaker 8: Is a lack of restriction actually going to be helpful
Speaker 8: for businesses and whether or not that goes anywhere. I
Speaker 8: think that there's no actual next step. The expectation is
Speaker 8: they're going to continue cutting, but you've got some data
Speaker 8: in between now and then, So I think I think
Speaker 8: they did the best they could in a situation that's
Speaker 8: quite tough, and it's only going to be tougher as
Speaker 8: the meetings go from here.
Speaker 7: You know, I think getting lost in the sauce guys
Speaker 7: is that there is a government shutdown looming. If that
Speaker 7: were to happen at the end of the month, how
Speaker 7: does that play into I mean, it's really on the
Speaker 7: back burner right now, but if it were to happen,
Speaker 7: how does that inform your decisions on the market.
Speaker 8: I have to say that generally speaking, a lot of
Speaker 8: that political conflagration doesn't always come through in markets because
Speaker 8: they assume that it's going to get solved, and historically
Speaker 8: speaking it has been. We're also on the year thirty
Speaker 8: of continuing resolutions, right If you and I did that,
Speaker 8: our budgets would be completely a disaster. So the idea
Speaker 8: that all of a sudden, this one is the worst
Speaker 8: one that we've had. Is we'll see how that plays out.
Speaker 8: It certainly could add to volatility at a time when
Speaker 8: people are expecting volatility, and so far in September we
Speaker 8: haven't really gotten very much of it. So it could
Speaker 8: certainly add to uncertainty, which would potentially be an issue
Speaker 8: for investors.
Speaker 9: At record highs.
Speaker 3: Red headline crossing the Bloomberg terminal. President she President Trump
Speaker 3: holding a phone call. That's according to the CCTV.
Speaker 5: We'll have more reporting on that.
Speaker 4: Sarah.
Speaker 5: Talk to us about just kind of how do you
Speaker 5: think about.
Speaker 3: US versus rest of the world in terms of opportunities,
Speaker 3: because we saw earlier in this year a lot of
Speaker 3: folks kind of leave the US maybe kind of back
Speaker 3: away from that American exceptionalism a little bit like I
Speaker 3: got to own everything, the dollar, I got own the
Speaker 3: US equities, US bonds, kind of back away from that.
Speaker 5: How do you guys think about it that now we tend.
Speaker 8: To be fairly US centric, and I think the tricky
Speaker 8: thing about backing away from it, there are periods of
Speaker 8: time at which different markets will do better than the
Speaker 8: US for any number of reasons. I mean, I think
Speaker 8: China with stimulants. The Chinese market's actually done quite well
Speaker 8: this year, But I think that the problem becomes if
Speaker 8: the US has a problem, the rest of the world
Speaker 8: tends to have a.
Speaker 9: Problem as well.
Speaker 8: Most of the large technology juggernauts are in the United States.
Speaker 8: Most of that cast generation is coming from there, so
Speaker 8: it's difficult to walk away from the US. It's more
Speaker 8: of an and than an ore as far as we're concerned.
Speaker 8: There are places where you can find pockets of timing
Speaker 8: where you can make more money, but the US markets
Speaker 8: really tend to be a place for investors to sort
Speaker 8: of stay and hold those stocks.
Speaker 7: Are you surprised by the strength you're seeing in China
Speaker 7: right now, in the low inflation you're seeing in China,
Speaker 7: given all that's coming at them right especially from the US, I.
Speaker 8: Think it's a surprise. I mean, this year has been
Speaker 8: such a challenge to try to parse out where things
Speaker 8: are going because you've had this moving, tear up situation.
Speaker 7: You've had a lot of that that makes it.
Speaker 8: Very difficult for people to figure out exactly where things
Speaker 8: are going to go. So I think you look into
Speaker 8: twenty twenty six and it's as confusing. What's going to
Speaker 8: happen next year. But China has certainly been trying to
Speaker 8: do work on their own economy and that's been a
Speaker 8: sort of a perennial. But this year does seem to
Speaker 8: have been a little better for them.
Speaker 3: Sarah, what do you talk to your clients about is
Speaker 3: when they say, well, I'm concerned about this concentration risk
Speaker 3: in this market. I mean, it seems like all the
Speaker 3: performance is driven by a handful of names. But yeah,
Speaker 3: I know most of the earnings are coming from a
Speaker 3: handful of names, and but that, boy, we just haven't
Speaker 3: seen it like this for such a long time. Tom
Speaker 3: King would go back to the nifty to fifty back
Speaker 3: in the day.
Speaker 7: It is.
Speaker 8: That is also a very big challenge, and the problem
Speaker 8: is that it's almost the momentum has been driving a
Speaker 8: lot of that, but it's also the cash flow and
Speaker 8: the earnings that have been driving that. It is hard
Speaker 8: to see where you can look at ancillary areas, and
Speaker 8: we've talked about this before in the space of infrastructure
Speaker 8: build out for AI, but there's also that spending is
Speaker 8: enormous right now.
Speaker 7: That spending doesn't look.
Speaker 8: Like it's slowing down, when it does look like it's
Speaker 8: going to slow down. I think you're going to see
Speaker 8: a lot of wobbles. And every time we think that
Speaker 8: there might be a pullback in AI spending, that part
Speaker 8: of the market has wobbled. But it's difficult because that
Speaker 8: is where the performance is, and that is where the
Speaker 8: concentration in the S and P is too. So if
Speaker 8: you're going up against the market quote unquote with as
Speaker 8: the S and P five hundred, that concentration in top
Speaker 8: names is enormous in that index, and that is historically.
Speaker 7: Unusual headwinds in this market. I mean, besides maybe valuations
Speaker 7: being a little frothy in some areas. What's your biggest
Speaker 7: what's the biggest headwind to the market.
Speaker 8: I think the biggest headwind to me is any kind
Speaker 8: of risk to earnings growth, because the valuations in and
Speaker 8: of themselves are usually not the problem. The problem is
Speaker 8: when something changes and if that delta in that change
Speaker 8: in earnings direction goes the other way, it's either negative
Speaker 8: or it starts to slow down. That's going to be
Speaker 8: a problem because of where valuations are. But the valuations
Speaker 8: in and of themselves are not as much of the issue.
Speaker 7: What would be the impetus to make those earnings go down.
Speaker 5: So this is the.
Speaker 8: Problem of where do we end up with the tariffs
Speaker 8: and what happens with margins, because margins are a big problem.
Speaker 8: If you are worried that input prices is going up,
Speaker 8: are going up, then you have a problem with the
Speaker 8: labor market because that's usually how people solve margin part.
Speaker 5: Right.
Speaker 3: I mean, the second quarter earnings were I'm gonna really good,
Speaker 3: I mean, much better than people would expect it. But
Speaker 3: I keep waiting for the tariffs to really bite earnings
Speaker 3: or we just haven't seen it.
Speaker 8: Really, It's that shoe that people are either waiting to
Speaker 8: drop or assuming is not going to drop because it
Speaker 8: hasn't dropped thus far. And I think that's where the
Speaker 8: problem is. And with the moving rules and timing, you know,
Speaker 8: you can just keep pushing things forward and then people
Speaker 8: keep bringing forward their activity because I'd rather buy it
Speaker 8: now than pay an extra twenty percent on it. At
Speaker 8: some point that script either flips or it doesn't work
Speaker 8: quite as well. And we haven't gotten there, which is
Speaker 8: why earnings were so great and people were surprised, and
Speaker 8: those upside surprises were I think the expectation is that
Speaker 8: earnings are going to be higher in twenty twenty six.
Speaker 8: If that expectation changes, I think that's where you start
Speaker 8: to see the cracks in the firmament.
Speaker 7: I think it all comes down to the consumer.
Speaker 1: Right.
Speaker 7: We were all buying up cars early in the year
Speaker 7: to get ahead of the towers. I mean, once the
Speaker 7: consumer starts to pull back, if the job market cracks
Speaker 7: in a larger way, right, that's when the dominoes will
Speaker 7: start to fall.
Speaker 8: That's part of the problem, and that's part of what
Speaker 8: everybody's been waiting for. And there is a striation between
Speaker 8: upper end consumer and lowering consumer, and the lowering consumer
Speaker 8: has been hurting for quite some time. The upper and
Speaker 8: consumer continues to spend.
Speaker 5: Sarah Hunt, thank you so much.
Speaker 3: Appreciate it as always, Sarah Hunt, she was on television earlier.
Speaker 3: Nass already do it at all Multimedia. We'll get to
Speaker 3: get on a podcast or whatever the kids are doing
Speaker 3: these days. Sarah Hunt, partner and chief market strategists at
Speaker 3: out Pine Sex. What's giving us her thoughts on these markets?
Speaker 5: Stay with us. More from Bloomberg Surveillance coming up after this.
Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us Live
Speaker 1: weekday afternoons from seven to ten am Eastern. Listen on
Speaker 1: Applecarplay and Android Auto with the Bloomberg Business app, or
Speaker 1: watch us live on.
Speaker 3: YouTube Asamnaji, President CEO of Marcus and Milkjob joins us
Speaker 3: here in our studio in New York City. As some
Speaker 3: talk those, we've got commercial real estate business here today.
Speaker 5: How are things out there?
Speaker 4: Good morning, Great to be with you again. We have
Speaker 4: come a long way since the shock of a five
Speaker 4: hundred basis point interest rate factor completely destroyed any notion
Speaker 4: of underwriting or how you value commercial real estate in
Speaker 4: twenty twenty three. Twenty four was a little bit of
Speaker 4: a regrounding all those values, and twenty five is now
Speaker 4: moving forward into a new cycle, and the Fed's move
Speaker 4: yesterday continued that process. For this industry. Prices have adjusted,
Speaker 4: which is a really important reason why capital is coming
Speaker 4: back into commercial real estate on a replacement cost and
Speaker 4: alternative asset bases. Today's commercial real estate is far more
Speaker 4: compelling as an investment than it was even a year ago,
Speaker 4: especially with the head the FED now becoming much more dubbish.
Speaker 4: We're also seeing a big pullback in new construction starts,
Speaker 4: especially for multi family housing, which had record production, and
Speaker 4: that draw up in new supply will give the market
Speaker 4: some time to recover.
Speaker 7: Let's talk office vacancy rates, right, because there was all
Speaker 7: that doom talk, nobody's ever going to go back to
Speaker 7: the office. People are going back to the office, mainly
Speaker 7: because a lot of companies are saying if you don't,
Speaker 7: you know, you can hit the road. Where are office
Speaker 7: vacancy rates now, because I know across much of the
Speaker 7: country they were at record high as recently.
Speaker 4: Great question about a property type that has really suffered
Speaker 4: from the post pandemic ripple effect that is now finally
Speaker 4: starting to recover. You're right. Overall vacancies that are around
Speaker 4: seventeen seventeen and a half percent nationwide, down from north
Speaker 4: of twenty percent just a couple of years ago. In
Speaker 4: New York City, those vacancies are accelerating on their way down. Now.
Speaker 4: We're seeing a full percentage point drop in vacancies over
Speaker 4: last year, record absorption in Q four and Q three
Speaker 4: of last year, leading to a really strong twenty five
Speaker 4: for the market. What's interesting is that the daily attendance
Speaker 4: of office workers is now at eighty percent of pre
Speaker 4: pandemic levels. Lisa mattail from seventy percent last year and
Speaker 4: fifty seven percent the year before. I call that resilience,
Speaker 4: Yes it is, but there's been a lot of pain
Speaker 4: in the process. A lot of properties have defaulted on
Speaker 4: their loans, and the bifurcation of older obsolete buildings versus
Speaker 4: class A newer, more modern buildings is huge. Vacancies in
Speaker 4: the class A newer product is you know, eleven twelve
Speaker 4: percent or so, and by comparison, you're looking at twenty five,
Speaker 4: thirty thirty five percent vacancies in older, more obsolete properties,
Speaker 4: especially in urban markets. So it's a tale of two cities.
Speaker 4: And the reaction from the market to commercial real estate
Speaker 4: being the next shoe that falls because of office defaults
Speaker 4: was way over exaggerated. I've been on this program saying
Speaker 4: that for a couple of years now, and that's proof
Speaker 4: to be right. We're working our way through it.
Speaker 5: How about the.
Speaker 3: Financing side of the commercial real estate business? Are the
Speaker 3: banks playing? Are they where if I want to go
Speaker 3: develop something or redevelop something and I want to put
Speaker 3: some capital into commercial real estate, where am I going
Speaker 3: to go?
Speaker 5: Am I going to go to my local bank? Where
Speaker 5: am I going.
Speaker 4: Normally, the private investor sub ten fifty million dollars price
Speaker 4: point heavily relies on banks and credit unions, especially regional
Speaker 4: and local banks. In twenty twenty three, after the Silicon
Speaker 4: Valley banking crisis and first half of twenty four, banks
Speaker 4: were not lending. Underwriting was very tight. That has changed
Speaker 4: significantly this year, so the banks are much more active.
Speaker 4: The normal rotation of loans being paid off maturing is
Speaker 4: finally starting to recover. That opens room on their balance
Speaker 4: sheets for new loans, and that's another reason we're bullish
Speaker 4: for twenty twenty six in terms of more transactions and refinancing.
Speaker 7: You mentioned a moment ago about how these older buildings
Speaker 7: are having a hard time finding attention in the market.
Speaker 7: A number of cities are turning those buildings into those
Speaker 7: commercial buildings into residential buildings. We're seeing that in Cleveland,
Speaker 7: We're seeing that in Boston. Is that a trend that
Speaker 7: you think is sustainable.
Speaker 4: It's a one off trend because the cost of those
Speaker 4: conversions and the practicality of most of the footprints that
Speaker 4: were designed for office use into a true residential use
Speaker 4: is very limited. But there are some successful examples. What
Speaker 4: we're seeing broadly, is the reuse of old retail. For example,
Speaker 4: shopping malls that are obsolete are a lot easier to
Speaker 4: either demolish or convert to something else than urban, especially
Speaker 4: urban office buildings.
Speaker 3: Where are you guys seeing the best value out there today?
Speaker 3: Where are you guys seeing, well, maybe some of the
Speaker 3: smart money going, if you will, the.
Speaker 4: Multi family rentals. You know, apartment buildings were so much
Speaker 4: priced to perfection before or the FED interest rate hikes
Speaker 4: that were affected pretty severely. So was industrial warehouses. Those
Speaker 4: were the two most let's say, price to perfection property
Speaker 4: types that were affected dramatically by the interest rate factor.
Speaker 4: It's now two and a half years after that shock,
Speaker 4: prices have adjusted and because of the replacement cost comparison
Speaker 4: being so much higher than the existing valuation of existing assets,
Speaker 4: those two property types are still getting a lot of attention.
Speaker 4: And believe it or not, retail is the comeback kit. Really,
Speaker 4: fifteen years of e commerce revolutionizing how consumers basically buy
Speaker 4: things made brick and mortar retail go through a massive
Speaker 4: repositioning and today's retail has less footprint, more of a
Speaker 4: customer focus and experiential retail focus, and it's doing very well.
Speaker 4: I would say it's the most desired property type of
Speaker 4: all the property types that our company.
Speaker 7: Well, you know, it's interesting in my neighborhood, and I'm
Speaker 7: Midtown East. For years I walked past empty storefronts, and
Speaker 7: it just seems like all at once somebody got in
Speaker 7: a room and said, let's start buying because things are
Speaker 7: starting to pop up all around. Is that just you know,
Speaker 7: my enclave on the Midtown East.
Speaker 4: It's not even urban retail right here in New York
Speaker 4: is starting to do much better. It took several years
Speaker 4: before that demand started to come back, but it's fascinating
Speaker 4: to see a property type that was left for dead
Speaker 4: because of e commerce now be the darling of the industry.
Speaker 3: Here in Calabasas, California, right in La King's Fishouse, I'm
Speaker 3: a big fan. Talk just about the LA market. What's
Speaker 3: happening there at Russia Walle State in La.
Speaker 4: Well, we're finally recovering from the devastation of the fires,
Speaker 4: and there's a lot of pressure on jobs because of
Speaker 4: tariffs and the port activity, but the market is holding
Speaker 4: up surprisingly well against those two headwinds. In that California
Speaker 4: as a state in southern California and particularly was sort
Speaker 4: of viewed as the diamond and the rough in the
Speaker 4: last six months in that there's been so much controversy,
Speaker 4: both political and non political, that a lot of investors
Speaker 4: shied away from investing in properties there. We're seeing a
Speaker 4: reversal of that because the yields are now on a
Speaker 4: comparative basis to other markets, pretty attractive. And you know,
Speaker 4: let's face it, Southern California in particular is very dense,
Speaker 4: and you have the diverse economic base of trade, entertainment, education,
Speaker 4: and all the reasons. People are still attracted to Southern California.
Speaker 4: And the out migration of California is way over overstated.
Speaker 4: It's not nearly as bad as people feel about it.
Speaker 7: We had the CEO of the Port of La here yesterday.
Speaker 7: I talk you know, some Bloomberg intelligence, and you know,
Speaker 7: they're dealing with all the day to day changes in
Speaker 7: tariffs and the import taxes and what have you. But
Speaker 7: it seems like business is humming along.
Speaker 4: It is. That's what we're seeing on the ground as well.
Speaker 4: A new capital is looking at buying assets yep, throughout California.
Speaker 3: I'm thank you so much appreciated coming in as always
Speaker 3: to Sam Naji. He's a presidency of Marcus and Millichap.
Speaker 3: It's a publicly traded company. MMI is the ticker giving
Speaker 3: us the lowdown.
Speaker 5: On commercial real estate.
Speaker 4: We appreciate that.
Speaker 5: Stay with us. More from Bloomberg Surveillance coming up after this.
Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us live
Speaker 1: weekday afternoons from seven to ten am Eastern Listen on
Speaker 1: Applecarplay and Android Auto with the Bloomberg Business app, or
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Speaker 3: It is that timeless day again, the highlight of the
Speaker 3: seven o'clock our newspapers with Lis Ptelisa, what do you
Speaker 3: have for us today?
Speaker 9: Okay, this is from the New York Times. It's kind
Speaker 9: of a man versus woman's story when it comes to
Speaker 9: your health. So it talks about these different studies. Right,
Speaker 9: how forty percent of adults in the US have obesity.
Speaker 9: Men have similar races. Yes, I know that's figure there.
Speaker 9: Men have similar rates of obesity as women. Right, But
Speaker 9: here's the way the story is structured is that men
Speaker 9: are less likely to seek medical care. And this is
Speaker 9: the issue that's starting to happen. I mean, fewer them
Speaker 9: get the bariatric surgery. Fewer them are on anti obesity drugs,
Speaker 9: and when they are on them, they get off faster
Speaker 9: than women do. They're saying, maybe it could be a
Speaker 9: reason because women are more concerned about how they look.
Speaker 5: That might be it.
Speaker 9: But they're talking about the consequences, and the article really
Speaker 9: gets into it. You know how it tends to be
Speaker 9: more deadly for men than women, obesity does, so it
Speaker 9: goes into all this and I'm just this is like
Speaker 9: the fight in my house letting my husband to go
Speaker 9: to the doctor.
Speaker 7: Like you men, I don't know about you, but like
Speaker 7: I'll stop for directions. Well now we don't have to
Speaker 7: because we have Google maps in the same things. But no,
Speaker 7: I'll actually say to somebody, I need help. Where am
Speaker 7: I going?
Speaker 5: Yes?
Speaker 2: Where?
Speaker 7: The guy not so much. So I think that that's
Speaker 7: sort of the same dynamic.
Speaker 5: You know what.
Speaker 6: I think.
Speaker 9: I think that I think you're onto it.
Speaker 5: So you want the men to do GLP one or
Speaker 5: you just want to go to the dost, go to
Speaker 5: the doctor, get checked out. I got to do that.
Speaker 5: He doesn't do the once a year thing. No, no, no,
Speaker 5: I have a talk. I have a talk.
Speaker 4: Thank you?
Speaker 5: All right? What else we got here.
Speaker 9: Okay, so this one is from the Wall Street Journal,
Speaker 9: and this is for the cat moms and dads out
Speaker 9: there who have all the cats at home. A lot
Speaker 9: more homeowners are spending a lot of money on outdoor
Speaker 9: patios for their cats to let them roam around, keep
Speaker 9: them saved catos.
Speaker 5: Yes, it's a thing.
Speaker 9: People are spending one hundred and twenty five thousand dollars
Speaker 9: on these shatios for their cats. You have to go
Speaker 9: on the article and see some of the videos.
Speaker 5: It's it's incredible.
Speaker 7: I look at it how they span like outdoors, pretty intricate.
Speaker 9: And they just go up and down and it's like
Speaker 9: hundreds of feet and all scream this article.
Speaker 7: Hundreds of feet is a cat? You know, That's what's happening.
Speaker 5: So, I mean it's crazy. Protect them from like animals, Yeah, coyotes.
Speaker 9: Coyotes are a big thing because people are afraid to
Speaker 9: kind of let their cats wrong.
Speaker 5: I see, So now the cats.
Speaker 9: Can roam all around in these enclosed right.
Speaker 5: Folks got to look at this Wall Street drop. I'm
Speaker 5: I'm reaching through the pictures in the video here. Unbelievable
Speaker 5: more people.
Speaker 9: Actually have cats, you know, cat ownership rows by twenty
Speaker 9: three other day.
Speaker 7: People are spending more on their cats than their dogs.
Speaker 5: Why is that.
Speaker 9: Yeah, they're having cat birthday parties.
Speaker 4: They're doing it.
Speaker 5: It's the whole thing, Okay, telling.
Speaker 9: You maybe they're just easier to take care of. You
Speaker 9: don't have to go out and walk.
Speaker 7: True.
Speaker 9: True, I don't know. I'm allergic, So we move on. No,
Speaker 9: cat's definitely not okay. So a number of companies we'd heard,
Speaker 9: like retailers, talking about tariffs, higher cost of living and
Speaker 9: it's going to affect consumer spending. Well, apparently consumers are
Speaker 9: willing to spend on Halloween. Okay, they're not scared about it.
Speaker 9: National Retail Federation says Halloween spending is expected to climb
Speaker 9: to a record thirteen point one billion dollars this year,
Speaker 9: and consumers know they have to spend more per person.
Speaker 9: Spending increased to about you're going to spend about a
Speaker 9: hundred and fourteen dollars and forty five cents, that's what
Speaker 9: they're saying. It's about eleven dollars more than last year.
Speaker 9: But where they're spending is changing. They're going more to
Speaker 9: the discount readtailers. I'm spending more of their money there.
Speaker 9: The biggest category, yes, for spending for Halloween is candy,
Speaker 9: because you have to get the trigger treats right. Total
Speaker 9: expected to be about three point nine billion dollars. I
Speaker 9: don't get many tricker treaters anymore.
Speaker 7: I don't know either, so people do will spend. My
Speaker 7: takeaway from you this morning, as people are spending on
Speaker 7: their cats and Halloween, don't get in the middle of
Speaker 7: them and their Halloween. Can't.
Speaker 5: Oh my goodness, it's true.
Speaker 9: But you know where the best place to go Halloween
Speaker 9: trick or treating? According to my daughter, Yes, Summit, New
Speaker 9: Jersey is they give out the big candy bars.
Speaker 5: And think in Summit the parents are great.
Speaker 3: They'll have a big bar stuffs outside their house.
Speaker 5: I have cocktails.
Speaker 3: So it's just I remember when my kids are a
Speaker 3: little used to do all that. So that's a good time. Yeah,
Speaker 3: people love the Halloween thing. My niece is a.
Speaker 5: Crazy Halloween person. Otherwise a normal person. Full bar of chocolate,
Speaker 5: a lot of baby yes, and there's got to be
Speaker 5: a cut off. Twelve years old, thirteen years old.
Speaker 9: I don't know the teenagers.
Speaker 5: I know, yea, I know, or at least men say,
Speaker 5: oh that's it with our newspapers. Uh, some good stuff there.
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