00:00:02 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg Surveillance Podcast. Catch us live weekdays at seven am Eastern on Apple CarPlay or Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts, or watch us live on YouTube. 00:00:27 Speaker 2: What a wonderful way to start the week. Joe Davis joins from Vanguard. Right now. I can't say enough about the clarity of is note. Joe. The thing that I notice in your note is we migrate I mean rounded of five percent and being inflammatory four point six percent unemployment rate. Is that still a fully employed America? 00:00:49 Speaker 3: Well, I think it's close to it. Tom, and again, what a wonderful way to start the week. On the show again, the labor the unemploymentary. You know, typically comments will say it's a live an indicator. I couldn't think of a more important one right now, just because of these cross currents. Right we have a labor supply in the United States that for some time was going to be muted or low number of people entering the workforce. At the same time, we've had the demand come down the past two years for a number of reasons. I'd say it's roughly in balance. There are pockets of softness clearly versus the heady days of COVID three, four or five years ago, but it is not as week as some say that I would that is to us. 00:01:32 Speaker 2: Are we still under the guise of stimulus? I mean, there was this stimulus that many people ascribe a third COVID stimulus, is a Biden stimulus, and then other stimuli from there on. Are we still goosing the economy? 00:01:48 Speaker 3: I'd say that's a tough argument to push too hard, Tom, I mean, I see where you're trying to go. But at the same time, we've had oil prices they've come down now, but we've had you know, some of that volatility and the costs of living as in you know, for many consumers more than offset some of the fiscal which we were going to see benefits of in twenty twenty six. So and then of course you have the monetary policy, which you know, our theme for some times, they're not as restrictive as they think, and you just have to push to you just have to look to the to the inflation rate. So we're in this territory where the Federal Reserve, you know, we've been highly vindicated that they were not going to see this significant easy. 00:02:26 Speaker 4: It's the wrong benchmark. 00:02:27 Speaker 3: So I think policy loosely speaking, is roughly neutral where we're at fiscal monetary combined. 00:02:35 Speaker 5: Joe, we've got WTI crude oil now below sixty nine dollars per barrel. Does that mean we don't have any inflation problems out there? 00:02:42 Speaker 4: Well, yeah, I would hope with a lag. 00:02:46 Speaker 3: I mean, we've been expecting inflation to come down a little bit less so than the average. 00:02:50 Speaker 4: Economists, but we've it's still. 00:02:51 Speaker 3: Been above our forecast admittedly, So I say that with reservation. But I tell you we look into twenty twenty seven, despite the head wins that we have from a demographic some of the tensions globally, we are pushing into three percent GDP growth next year for the United States. 00:03:11 Speaker 4: That that's materially above expectations. 00:03:13 Speaker 3: It primarily comes down to AI investment thrusts, which is approaching levels we have rarely seen outside of some pretty transformative technologies emerge. 00:03:24 Speaker 5: So, Joe, I mean, one of the concerns I think a lot of folks have about just thinking about inflation going forward is if we're in this kind of reshoring on shoring friends, shoring America first type of you know, manufacturing. Does that suggest that just prices in general should be higher than they were over the last thirty forty fifty sixty years. 00:03:47 Speaker 3: Well, if we froze the pace of globalization, which I think is a fair baseline, which means we don't increase our exports and imports as a percentage of our economy as we did over the past twenty thirty years with the as A China and the WTO and so forth, and we just hold steady, and that's we'll push up inflation by our calculations. 00:04:07 Speaker 4: And we have a deep data. 00:04:08 Speaker 3: Set roughly point two percent a year, maybe point three if you push it so that would be inflation. Maybe not two percent, but perhaps even closer two and a half percent. That is not not that you just say that's zero, but it's not pushes this into a high inflation world. 00:04:23 Speaker 4: The arithmetic right, just you cannot get there. 00:04:27 Speaker 2: Without getting in troubled compliance. On Monday. We usually say this question for Wednesday, Joe, but I'm going to throw it out at you today as an economist, and you look at it. Chapter twenty three a manqu or. Chapter twenty three accru and you know introduct the economics is an economist. What does it mean when you see the wall of money coming into your Vanguard. 00:04:50 Speaker 3: Well, I think it shows the the entrepreneurship and the conviction of longer term returns on capital for savers and investors. I think there's probably not a better indication a positive long term sentiment for the average citizen than deploying their hard earned savings right through hard work and they're putting it into foregoing consumption today for higher return in their own future. And so we continue to see that higher term conviction. Of course, the positive markets help. 00:05:23 Speaker 4: In that sentiment, but I think that sometime is lost in time. 00:05:27 Speaker 3: You're getting right at it and that's a powerful force the United States. It says that our economic assessment is not outlandish by any means. 00:05:36 Speaker 2: Thank you, Meck, Thank you. Joe Davis with Vangar greatly appreciated this morning. This is the way we roll on surveillance. We moved from the good economics, so did Joe Davis at Vanguard. Stay with us. More from Bloomberg Surveillance coming up after this. 00:05:58 Speaker 1: You're listening to the Bloomberg Survey podcast. Catch us Live weekday afternoons from seven to ten am Eastern Listen on Applecarplay and Android Otto with the Bloomberg Business app, or watch us Live on YouTube. 00:06:10 Speaker 2: Right over to JP Morgan and Kelsey Burrow as well. I thought Joe was very eloquent there about just the enthusiasm in America do invest Is there still an enthusiasm off the JP Morgan bond desk. Are people on the bid buying bills, notes and bonds? 00:06:28 Speaker 6: Yeah? 00:06:28 Speaker 7: I would say, particularly when you look at investment grade and high yield, we've seen a very strong demand and that's a function of both high all in attractive yields and also the fundamentals. The fundamentals just look very good for these companies. They've had to prepare for a number of different shocks over the last few years, whether it be tariffs, whether it be the energy shock, and essentially they've passed all these tests with flying colors. And at the same time, there is a really amazing build out of AI and everything that goes around AI. 00:07:07 Speaker 6: There's no appetite there right, No, there's not. 00:07:10 Speaker 2: Can you Paul set up a ladder maturity hyperscalers? Actly? 00:07:14 Speaker 5: What do you guys think about just all this new issuance coming out of the tech sector. 00:07:21 Speaker 1: Yep. 00:07:21 Speaker 5: I mean, I'm assuming you got the phone calls like everybody else to buy all these things, and how do you think about that? 00:07:27 Speaker 6: Yeah, so it's interesting. 00:07:29 Speaker 7: A few years ago, if you would have asked me about the tech sector as a bond investor, I would have said, well, it's interesting, but it's really a small part of our market. You know, it's not really something that is going to drive spreads or the narrative. And obviously that has changed a lot, and the tech sector of the investment grade market has moved from you know, ten percent moving to fourteen fifteen percent, and that's being led by the issuance of the hyper scalers, which from a balance sheet perspective are are very high quality relative to the average of the investment grade universe. I would say, we're we're finding the most opportunity is looking beyond the average index level for investment grade at five percent and looking where what I would call kind of the extended sectors of investment grade where you can actually pick up an additional one hundred basis. 00:08:23 Speaker 6: Points of yield. 00:08:24 Speaker 7: These are things that are backed by investment grade issuers oftentimes investment grade rated, but for a number of different structural reasons, trade with a significant yield, pickup and trade more like high quality, high. 00:08:39 Speaker 6: Yield, you know. 00:08:41 Speaker 7: Yeah, so some of those examples, and these are linked to the AI buildout, so things like energy and utility hybrids, so lower down in the capital structure. 00:08:51 Speaker 6: Also, you know, the banks are are picking up their lending. 00:08:55 Speaker 7: They want to get involved with this too, so we do like bank capital, so bank paper that's lower in the capital structure. Also, when you look at some of these data center deals, and we do think you have to be kind of very careful with the data center issuance because these are a little bit different than your traditional deals in terms of they're more like project financing and each deal has. 00:09:21 Speaker 6: Its own individual. 00:09:25 Speaker 7: Details associated with it that you need to be careful about. But those are other opportunities as well. And then if you look at the long end of the curve in terms of the hyperscalers, you know you are seeing fairly steep credit curves there, which we do think is warranted given all of the longer term risks. But these are again areas where you can pick up significant yield relative to the index and be very involved with the AI and secular growth themes that we're seeing in the market right now. 00:09:57 Speaker 5: About opportunities outside the US where it's development markets for merging markets, how do you guys think about that? 00:10:02 Speaker 6: Yeah, so there are a lot of opportunities. 00:10:04 Speaker 7: You know, I have a background in US rates and I look at the global rates market what is priced into different central banks, and I do think that there's a lot of opportunities, particularly in markets where rate hikes may be somewhat overpriced, particularly outside the US. We've seen this amazing retracement in oil. I mean, the speed in which oil has come down from the highs and normalized back to pre war levels has been incredible. And at the same time, the thing that caused central banks to be hawkish has unwound. But some of that hawkish pricing is still in the markets. And so where there are areas in the emerging markets, for example, like Mexico, which is closer to US, in India further away, where those central bank hikes may not actually they may not follow through with those hikes in theirs to Mexico. 00:11:01 Speaker 2: Do you have an intern from Pace University doing a FIFA adjusted matrix, like you know, are you are you selling or buying Mexico? 00:11:10 Speaker 7: Yeah, no, we do really like the local market in Mexico. Uh so Mexico em And you know, I think that's a great idea for a project. 00:11:19 Speaker 6: We have a number of interns here at our desk at Brazil. 00:11:24 Speaker 7: Come on, these are areas where you have very high real yields, and there. 00:11:29 Speaker 2: Are areas where the head coach has a very short shelf life exactly. But it's but again, this goes back to inflation adjusted yields. Yes, is what it's about. So do the take take Mexico. Do the mathematics there, what's their nominal yield less inflation? How many basis points? How many percentage points do you pick up? Just do it your head? 00:11:51 Speaker 6: Yeah, well, I mean one day morning. Yeah. 00:11:55 Speaker 7: So, I mean right now you're looking at a yield in Mexico of nine percent on the ten year and that's obviously without inflation. And we like to look at the forward expectations for inflation rather than the spot inflation. 00:12:11 Speaker 6: Yeah, I mean it makes sense. 00:12:13 Speaker 7: Right, We've been just through this big inflation shock with energy and so you know, the real yields look compressed when you look at the high spot inflation rate. But when you look at the forward path for inflation, that's going to start to come down. 00:12:28 Speaker 6: And you're seeing high real yields. 00:12:30 Speaker 7: Really across the board, not just in emerging markets, but also in the US. 00:12:35 Speaker 6: We're at the higher end of the range for real yields right now. 00:12:39 Speaker 4: In the US. 00:12:39 Speaker 5: How much credit risk do you think investors should be taken here? Because they can get a four spot ten on the two year treasury, which is a nice return, nice coupon for a lot of folks, how much credit risk above them beyond that? 00:12:51 Speaker 1: Yeah? 00:12:51 Speaker 7: I think that's a really good point just about the yields and the treasury market relative to history. And the reason why that matter is if you think about it right a few years ago, if you were to see a fifty basis point increase in the tenure treasure yield, that would essentially wipe out all of your income for the year. Right now, actually, if you look at the returns for the US treasury market, you know, the ten year yield is up about forty five basis points on the year, but total returns and treasuries is slightly positive. 00:13:23 Speaker 6: And that is you know the. 00:13:24 Speaker 7: Power of the starting yield and the income. Now on top of that, our outlook for the economy is pretty good right now, and so with the fundamentals in the credit market, I think there is a lot of space to look beyond treasuries and to look at corporate credit, but also securitize credit is an area where we have a lot of focus. 00:13:44 Speaker 2: Kelsey Barrow think is someone the JP Morgan what we'd love to do an economic view of bond youth. Thank you, Kelsey Barrow of Vanguard and JP Markets. Well, stay with us. More from Bloomberg Surveillance coming up after this. 00:14:05 Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us live weekday afternoons from seven to ten am Eastern. Listen on Applecarplay and Android Otto with the Bloomberg Business app, or watch us live on YouTube. 00:14:18 Speaker 2: When Andrewslim had joined Morgan Stanley a few years ago, it was three thousand, Yeah, I'm sure something like that. December thirty first, nineteen ninety one. Joining us now with the tertius wisest note on the street, Andrew slimon joyed the supplied equity advisors at Morgan Stanley Investment. Andrew, you know, I love your note and what I really love about it is the shock that we haven't really priced in this earnings and revenue boom that surprises me. Didn't we do that ninety days ago? Well? 00:14:54 Speaker 8: Yeah, I mean, Tom, Look, earnings estaments are going up faster than the market is. And you know, my belief is that you know, obviously people ask all the time, whereas the market going to end the year? 00:15:07 Speaker 2: I'm sure they ask you that. 00:15:09 Speaker 8: And when we get to the end of this year, all that's going to matter is what is that twenty twenty seven earnings number? Because we're not going to care about twenty twenty six. And the reality is that earnings number started this year at three hundred and fifty seven dollars. It's at four hundred dollars today. Now that's twenty twenty seven earnings, So it's up. It's up, you know, whopping thirty three dollars and it's only June. And if you look at the quarterly beats by the SMP, they're accelerating. The first quarter was a bigger beat than every other quarter, you know, over the last year and a half. The ism is going up, So it seems to me we might still be too low on that four hundred dollars. And if it's A it's four hundred and twenty dollars, you put twenty multiple on it. That's eighty four hundred on the SMP. So yeah, there's bumps along the way, there'll be question marks. But as long as the E is going up faster than the P, that means the pe is an inflating. I think that's a much healthier market than a market that's just going being revalued higher on a you know, on a pe basis. 00:16:22 Speaker 5: Andrew, I'm sure at cocktail parties, people corner you and they say, hey, what's the AI story at there? How do I play AI? What is your view now that we're three to four years into this whole phenomenon, I. 00:16:33 Speaker 8: Get caught when I got corner cocktail parties, I hear the same thing, Paul, which is it's in a bubble. 00:16:39 Speaker 2: AI is in a bubble. 00:16:40 Speaker 8: And again I go back to, well, if I look at the memory names, right, what's a bubble if you think about a bubble, But bubble is excessive expectations of growth and excessive valuation. 00:16:52 Speaker 2: Well, what I hear is I. 00:16:54 Speaker 8: Keep hearing these companies say numbers are too low. Bring your numbers up, and then I look at valuation, and the evaluations are not that extreme because the market knows that this is potentially cyclically high earnings. So the market isn't getting over at SKI and overpaying for their earnings. So I think, I think the uh, you know, the reality is this is going to go longer than people think. One of the great comments that I heard Paul, which I think is really important to consider, is invest into scarcity. 00:17:25 Speaker 2: Invest into scarcity. 00:17:26 Speaker 8: What does that mean, Well, there's a scarcity of memory, there's a scarcity of computing power out there. You want to invest in areas where there is more demand than supply, and I think those are two areas where there's more demand than supply currently. 00:17:44 Speaker 2: Paul would be rude if I just steal that from Andrew. 00:17:47 Speaker 5: Take it. 00:17:47 Speaker 4: I think. 00:17:49 Speaker 2: You know, if you get a parchment from University Penchulva, you go right to chapter one, the exact Laura Summer's father was teaching there. You go right to chip one on scarcity. 00:18:01 Speaker 6: I love that, so, Andrew. 00:18:03 Speaker 5: We've heard a couple of times now from this new FED chairman here mister Warsh, first at his meeting, then secondarily over there in Portugal. What are you taking away from our new fed chair. 00:18:13 Speaker 8: What I take away from my little whirldpoll is that multiples aren't going up. And the reason I say that is that what I hear is no more quantitative easy, no more flooding the market. You know, we're not going to buy as much. We're not going to expand the balanceet. We're going to contract the balancing and that means less liquidity. Less liquidity equals no more pee expansion, potentially pee contraction. So that's you know, that's why when I said twenty times, all the market's trading a little higher than twenty times, So I think I just don't see a market that can move higher on evaluation. The other thing I think is I think it's bullesh for the dollar, and that's one of the reason why the gold has sold off, is it's it's. 00:19:00 Speaker 2: A dollar bull move. Those are the. 00:19:03 Speaker 8: Two messages that I heard. It's not the Feds raising rates, but they changing them, the changing the nature and what they're doing. 00:19:11 Speaker 2: It's the fancy people been wrong, Andrew, is it? You know? I get the fear missing out in retail steps in with great faith, but from where you sit with decades of experience. Are the fancy people participating or are they been too cute in and out of the market. 00:19:29 Speaker 4: Thank Paul. 00:19:29 Speaker 8: The most important thing is to boil it down the simplicity. A stock price is the present value of future expectations. What has been going on for the last year and a half is companies have come out and said the praise guidance, raised guides. That means future expectations are going up. That is why the stock market is going higher because the stock companies overall, not all of us, are doing better than expected. So to the extent that people have been too consumed with you know, the war AI disruption, private credit on. These are all the pushbacks the deficit. I keep saying, yeah, okay, those are things to worry about, but don't lose sight of the fact that earnings visions are going up. 00:20:20 Speaker 2: That means the future values better. Chicago question, Andrew, come on, are the White Sox for real? Loyal boy? 00:20:27 Speaker 8: That's the toughest questions you've asked me all day. It's you know, it's baffling. Are they really that good? Or is the division really that bad? 00:20:35 Speaker 2: You know? 00:20:35 Speaker 8: So we'll we'll, we'll have to see. But it's an exciting time to be a Chicago great. 00:20:40 Speaker 2: One hundred and twenty one losses last year all you need to know, folks, that's a lot of losses in there. Turn it around with a little bit of a saintly blessing from Rome as well. Andrew Slimon, thank you so much with Morgan Stanley's Chicago There. Stay with us. More from Bloomberg Surveillance coming up after this. 00:21:07 Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us Live weekday afternoons from seven to ten am Eastern Listen on Applecarplay and Android Auto with the Bloomberg Business app, or watch us Live on YouTube. 00:21:19 Speaker 2: There is a treat today, I'm Bloomberg. I've I'm going back with Tim O'Brien, who runs all of Bloomberg Opinion for US. Max Hastings, forever associated with a telegraph and writing for Bloomberg Opinion, truly one of the age's definitive historians, has a stop traffic as a essay out today. I was picked up by NDTV in India, among others. Here's the headline. US military dominance is under serious threat that from the venerable Max Hastings, we are honored that becker Wasser could join US today Defense lead for all of Bloomberg economics. What an essay. And it really comes down to, all of a sudden, it's a drone world. How behind is America in drone warfare? Like what we saw with Russia and Ukraine overnight? 00:22:15 Speaker 9: The United States is massively behind. And part of that is because the US military is not learning the right lessons from Ukraine's war against Russia and its drone war. The US has been slow to adopt drones into its arsenal and hasn't been focused on trying to procure or produce them at the sheer number that you would need. So say, for instance, if you were able to try and have some type of offensive operation, you would need hundreds, if not thousands, for a single operation. And the US isn't ramping up production of those drones at the level that they would need to to have stockpiles that are sufficient to carry out some of the operational concepts that the US military has trained to do. 00:23:01 Speaker 2: Paul Sweeney Hastings, quoting rigid Kipling of eighteen eighty arithmetic on the front frontier, a scrimmage in some border station, a canter down some dark defile. Two thousand pounds of education drops to a ten rupe jasiele, the squadron's boast, the Kramer's pride shot like a rabbit in a ride. Nothing's changed since eighteen eighty. 00:23:28 Speaker 5: So, Becca, what is the US military saying response to kind of their drone strategy policy, because it seems like Ukraine, just for want is kind of writing the. 00:23:38 Speaker 9: Rule book here, Yeah, and the US is trying, right, There's a lot of experimentation. There's exercises where you see you know, army units in particular, trying to operate some of these drones in new ways and trying to frankly, jail break some of their existing drones or AI systems to make them play together and do the things that they want. But this is where some of the long standing efforts to kind of have these either rigid procurement processes have slowed down the integration of drones into the military or the ways in which frankly, the US military just hasn't fielded enough drones, enough of those cheap, low cost drones that are triatable in nature where you don't necessarily mind if they end up destroyed on the battlefield. Because that is their intent. The US hasn't had to fight like that, and so it's a wholesale shift in operational concepts in training and not just in equipment. 00:24:35 Speaker 2: YEP. 00:24:36 Speaker 5: Also, this week beca big, big week for NATO. President Trump heads over to Turkey for the NATO Summit. What kind of expectations are there for this meeting. 00:24:47 Speaker 9: I think the stakes are quite high from the perspective of Europe, and that's because you know, with all eyes on the NATO summit, they're trying to hope that they can stave off some of the worst from happening. The European countries are hoping that an increase in defense spend, continued commitment to buy American equipment, continued efforts to try and fill some of the capability gaps that have been left reduced to US commitments to NATO, that that will keep President Trump at bay and keep him from doing further cuts to US forces in Europe, try and keep him from continuing to have designs after Greenland, and also try and cajole him into greater support for Ukraine, which after some devastating attacks last night, it's very clear that they are pretty much out of air defense. 00:25:36 Speaker 2: I mean, you're the pro and is Becca. Paul and I are just sitting here taking in the news coll eight in it, I'm seeing under Poland Poland says the United States of America to resume troops rotation in the country. Is this just some bluff to get through the next two years of Trump? I mean, I get all the body language in that one. Paul, thanks for bringing up NATO. I get the body language. But does it mean anything? Is time ticks on and they try to go back to the relationship we've always had. 00:26:07 Speaker 9: I think Poland's a really unique case because essentially there was a US troop rotation that was supposed to go to. 00:26:15 Speaker 6: Poland that was halted. 00:26:16 Speaker 9: After it was halted, which was a Pentagon decision, President Trump actually walked that back and said that further cuts in Europe are actually going to probably see more forces shifted to Poland, which has ramped up its defense spending massively and has bought millions upon millions worth of US military equipment. So in many respects, Poland is in Trump's of you a quote unquote model ally where they are continuing to spend and put money back into the US economy, and for that they are essentially being rewarded for those efforts. So I'm not surprised to see that, yes, you know, some of these shifts are happening, and that Poland is very much back on the agenda. But I think that's very unique to Poland and won't be the experience of other countries like Spain and those who essentially restricted US access to military bases to prosecute the Iran War. 00:27:15 Speaker 5: President Trump is going to meet with mister Zelenski in Turkey. Do we expect anything meaningful to come out of there? It just feels like we're in this just long term quagmire. 00:27:27 Speaker 9: In Ukraine, I think that's exactly right, Paul. I think we're going to see a continued holding pattern there. I expect President Zelenski is going to ask for more Patriot missiles in part to protect Kiev and other key areas with the Ukraine that have been on a heavy bombardment from Russian drones and missiles. But I also think that kiv is going to double down on their willingness to hold talks with Russia, noting the fact that it was President Putin who actually rejected the last uh, you know, extension of an invitation for toalking. 00:27:58 Speaker 2: I gotta get this. This is just to try to keep up with Becca Wasser or Paul and I go down in flames every time drone development. California, Californian Mississippi, Missouri, California, Virginia, California, and Georgia, Ohio, California. Then the Stennis Space Center, the Creech Air Force Base in Fort Moore formerly Fort Benning, Becca Wasser, are we building drones like we used to build destroyers in World War Two? Just spread it out across America? 00:28:32 Speaker 9: Not quite yet, but that's what we hope to do. So essentially, they're trying to spread out all of this across America to make sure that it impacts local economies but also takes advantage of local workforces. One of the things that we've seen, for example, in you know, shipbuildings, since you mentioned it, Tom, is that it is heavily concentrated in just a few areas Newport News, Virginia, up in you know, up in Groton, Connecticut. 00:28:59 Speaker 6: And that means that those. 00:29:00 Speaker 9: Workforces are heavily taxed and there's not enough workers to go around, and they can't recruit more so by spreading out drone factories which don't need to be on the coast. I'm going to have a little bit more flexibility. They're hoping to tap into more work first. They're hoping to try and help American jobs and economies, and they're trying to do what they can to build a distribute throughout the country. 00:29:21 Speaker 2: Are you publishing today, Becca? Can you give me a heads up on you know, my required reading? Publishing today? 00:29:28 Speaker 9: Well, your required reading is going to be my NATO Summit preview, which is about Trump talks and tomahawks. 00:29:34 Speaker 5: They're also poetic, you. 00:29:38 Speaker 2: Know, folks. Where else are you going to have quoted Rudyard Keppling and the fame poet Becca Wasser. It's too much, Becca, Thank you so much. 00:29:47 Speaker 1: This is the Bloomberg Surveillance podcast, available on Apple, Spotify, and anywhere else you get your podcasts. Listen live each weekday seven to ten am Easter and on Bloomberg dot Com, the iHeartRadio app, tune In, and the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal