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

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Speaker 1: Bloomberg to Boston, Bloomberg twelve ons to San Francisco, Bloomberg

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Speaker 1: n to the Country Series Exam Channel one ninety and

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Speaker 1: around the globe the Bloomberg Radio plus append Bloomberg dot com.

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Speaker 1: This is homework surveillance. Good morning, I'm erin Moscow along

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Speaker 1: with Tom Keene and Michael McKee and the opening valve

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Speaker 1: brought to you by s C. I Recognized as a

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Speaker 1: fintech pioneer, SEI continues, it's a legacy of innovation by

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Speaker 1: helping asset managers to compete in a changing world. Explore

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Speaker 1: SCI's next gen ideas at se i C dot com.

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Speaker 1: Slash I m s the S and P five hundred

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Speaker 1: higher at the open of three ten percent about seven

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Speaker 1: points to twenty sixty five the Dow Jones industrial average

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Speaker 1: of four ten percent or sixty six points to seventy thousand,

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Speaker 1: seven hundred seventy five. Then ASHT accept four ten percent

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Speaker 1: or nineteen points to forty seven seventy tenure treasury down

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Speaker 1: to thirty seconds. The yield one point seven five per

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Speaker 1: cent yield on the two year point seven two percent.

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Speaker 1: Now I'm ex screwde oil up seven tenths per cent

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Speaker 1: or thirty cents to forty seventy five of barrel called

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Speaker 1: my school, down a tenth of upper center one dollar

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Speaker 1: to twelve sixty six, the euro at other five, the

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Speaker 1: yen at one o nine, Tom and Mike karen f

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Speaker 1: thanks so much, Michael McKee. They are a distant eight

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Speaker 1: miles apart the Northerners. The Northerners are playing eight hundred ball.

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Speaker 1: The Southerners are playing six ninety seven. For christ it's

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Speaker 1: May rounded up to seven hundred ball. Between then, they've

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Speaker 1: won eleven games in a row. This is a great

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Speaker 1: and beautiful thing. It's a good time to be from Chicago,

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Speaker 1: Carl it is. Indeed, it must be the fresh water

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Speaker 1: mic Yeah, because let's be honest, it's a city that

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Speaker 1: needs some lightness right now. Is the city lit up

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Speaker 1: by this joy? Oh? It is. And we're desperately hoping

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Speaker 1: that some of the success of our baseball nines will

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Speaker 1: lip over into our pension funded ratio. Hopefully the percentages

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Speaker 1: there will get a little bit closer to the pace

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Speaker 1: of winning that our baseball teams have. Maybe they bring

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Speaker 1: a tin can around to the games and walk around

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Speaker 1: collecting cash from that better strategy than those that have

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Speaker 1: been tried. Mike, round up your beer money. Uh, you're

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Speaker 1: sitting here logged into the Bloomberg next to me looking

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Speaker 1: at FED funds futures trading, which suggests that there is

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Speaker 1: virtually no chance of a rate increase this year. This

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Speaker 1: despite a host of FED officials over the past week

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Speaker 1: saying we might do it as soon as June, were

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Speaker 1: interested in raising rates. The old adage was don't fight

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Speaker 1: the Fed, but the markets are sure like saying the

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Speaker 1: Fed is the ninety pound weekling, go away, Mike. I

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Speaker 1: can't tell whether it's the weight of capital just looking

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Speaker 1: for safe haven, or just a disbelief that the FED

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Speaker 1: will follow through and what seems to be an unserve

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Speaker 1: global environment. But I think there will be a strong

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Speaker 1: case made in June by some members of the f

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Speaker 1: MC to consider raising interest rates. At that time, all

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Speaker 1: of the lights on the employment dashboard looked green to me.

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Speaker 1: I know that there was some anxiety about the modest

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Speaker 1: pace of job creation, but I didn't think it was

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Speaker 1: modest at all in this day and age with demographics.

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Speaker 1: The good number for our payrolls could be as low

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Speaker 1: as a hundred thousand, we're still laveraging a very nice number.

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Speaker 1: We're seeing the labor force participation rate trend up, quits

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Speaker 1: rrupt wages, wages are growing more rapidly and inflations closer

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Speaker 1: to the two percent target than I think A lot

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Speaker 1: of people thought that it would be. Certainly that would

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Speaker 1: justify a small move towards normalcy, which could be a

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Speaker 1: long way off. And the international uncertainty is emblematic, is

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Speaker 1: amplified by financial conditions, which have been mentioned by several

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Speaker 1: FED officials. During the first part of the year seemed

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Speaker 1: far more settled than they were during the early part

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Speaker 1: of the first quarter. So in that environment, I don't

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Speaker 1: know why they wouldn't consider thinking about it. Why don't

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Speaker 1: people who buy and sell bonds for a living believe

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Speaker 1: any of that? I've I've asked them. I think that

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Speaker 1: they are pointing to this nebulous concept of global disinflationary forces.

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Speaker 1: With China decelerating with the carry over to emerging markets,

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Speaker 1: they just think that there's going to be immense downward

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Speaker 1: pressure on the components of the price levels. But a

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Speaker 1: lot of the price level components Mike. That are trending

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Speaker 1: upward are things like rent and medical costs that aren't

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Speaker 1: as influenced by international conditions, and as those things continue

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Speaker 1: to advance, I think it's going to present the FED

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Speaker 1: challenging dilemma if they choose to wait that much longer.

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Speaker 1: Well do you ever go down to the trading desk

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Speaker 1: at Northern Trust and shake people and go look, look, look,

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Speaker 1: Well I don't shake them. Occasionally they shake back because

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Speaker 1: they feel as if we're completely misdiagnosing things. But I'm

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Speaker 1: just a dumm economist looking at the fundamentals and also

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Speaker 1: listening to influential FED speakers. Mr Dudley was out at

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Speaker 1: the beginning of this week essentially saying to rate hikes

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Speaker 1: this year. So they have credibility. I think I've trod

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Speaker 1: into the National Association for Business Economics meetings. You've provided

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Speaker 1: great leadership there. Do these guys Trott again in two

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Speaker 1: thousand sixteen carry the same credibility of two thousand six

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Speaker 1: I think they do. Absolutely. I think they've been very

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Speaker 1: very patient. I think the DOTS told us that there

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Speaker 1: were nine participants for for the f MC in March

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Speaker 1: that thought there would be two rate hikes this year.

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Speaker 1: I think one of those dots, which was Janet Yelling,

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Speaker 1: I think it was very unlikely that that was back

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Speaker 1: loaded this year, that they would represented September in December,

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Speaker 1: and so the June meeting I think is very much live.

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Speaker 1: M the The idea that inflation is coming back would

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Speaker 1: suggest that the Fed needs to do something. But how

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Speaker 1: much time do they have? Uh they behind the curve

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Speaker 1: at this point? The market certainly doesn't seem to think so.

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Speaker 1: I wouldn't say they're behind the curve, but especially as

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Speaker 1: energy prices normalized and then carry over into the core

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Speaker 1: measures of inflation, I think they can feel more comfortable

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Speaker 1: in their parlance as to the outlook of reaching their

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Speaker 1: two percent target. I think they're also very comfortable letting

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Speaker 1: that run a little bit over. Two persuasive papers suggest

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Speaker 1: that if they're close to zero, better to air on

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Speaker 1: the side of letting inflation carry a little bit warmer

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Speaker 1: than than acting to aggress. I want to get to

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Speaker 1: your state work, which is brilliant, but but first of all,

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Speaker 1: at Northern Trust, you manage quiet money. As a general statement,

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Speaker 1: does the quiet money have to ratchet down to single

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Speaker 1: digit and even low single digit expectations of return. Well,

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Speaker 1: that's set's certainly a paradigm shift, especially for institutional portfolios

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Speaker 1: like pension. Get asked a lot. What would be the

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Speaker 1: consequences of a prolonged negat is a huge negative interest

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Speaker 1: rate environment, Tom. The two aspects that come up most

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Speaker 1: frequently are pension regimes in the public and the private sectors,

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Speaker 1: but also life insurers who have these long tailed liabilities

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Speaker 1: and asset returns that are not meeting some of the

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Speaker 1: now slamming into six and seven years of this. Okay,

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Speaker 1: the problem with Carl tannabomb folks is on a Saturday

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Speaker 1: or Sunday, you're waiting through forty two reports. He writes,

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Speaker 1: so coachly and brilliantly, you go damn you say, you

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Speaker 1: say that we're damn a lot with Carl tannem bomb

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Speaker 1: bad fortune, bad management, bad politics. You wrote a classic

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Speaker 1: tannem bomb on the sorry state of our states. You

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Speaker 1: can do that from Illinois. You mean you're the you're

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Speaker 1: the one talking model. Is everybody else gonna catch up

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Speaker 1: with your Illinois? Let's hope not. We're certainly ground zero

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Speaker 1: for some of the pension problems in time. The point

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Speaker 1: I tried to make in the piece is that this

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Speaker 1: isn't just a financial spectator sport. The states in our

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Speaker 1: country are at the center of investing in economic infrastructure,

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Speaker 1: physical and human capital. If their finances are not in order,

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Speaker 1: we're gonna fall behind on making those investments. That may

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Speaker 1: be one of the things that's contributing to the low

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Speaker 1: rate of productivity growth in the country. CBO did a

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Speaker 1: great study and it clearly showed public employees get a

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Speaker 1: real nice ride versus private enterprise. I think that's a

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Speaker 1: good summary of what they did five or six years ago.

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Speaker 1: Do you factor local government employees into our dearth of productivity? Well, there,

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Speaker 1: that's certainly one of the things that we have to

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Speaker 1: be careful about. But it's more general than that. If

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Speaker 1: you do not have smooth roadways, if you don't have

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Speaker 1: a coach and air traffic system, if you're not renewing

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Speaker 1: broadband and electrical grids, and those sorts of things, and

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Speaker 1: also reinforcing human capital in this knowledge economy because at

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Speaker 1: the primary and secondary level, local governments are providing almost

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Speaker 1: all of the funding, and they also provide a lot

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Speaker 1: of support to state colleges and community colleges. Absent that

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Speaker 1: We're not going to have a workforce that is prepared

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Speaker 1: to compete in the next couple of decades. Let's come

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Speaker 1: back with Carl Tetemoum. He's a chief economist at Northern

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Speaker 1: Trust in the first place city of Chicago, uh, first

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Speaker 1: place in the American League, first place in the nationally.

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Speaker 1: When is the last time that happened? Oh? You you,

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Speaker 1: but you know he mentions infrastructure, and you wonder about

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Speaker 1: their airport. I'm looking here for the latest Midway airport

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Speaker 1: number eleven on the frustration index. And then we do better.

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Speaker 1: Oh hair um, you know, I'm I'm can here quickly

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Speaker 1: to see how they do. Given when JFK is right

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Speaker 1: of top number four in Chicago, can't can't be worsen

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Speaker 1: New York. Jfkno here very closely linked. And then there's Washington, Dullas.

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Speaker 1: Good morning, nine to one. M We hope you're not

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Speaker 1: going to Dullas. This hour of surveillance is brought to

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Speaker 1: you by Volvo Cars, White Planes. Visit Volvo Cars, White

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Speaker 1: Planes dot Com. Here's Michael bar with news headlines. Mike Time,

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Speaker 1: Thank you very much. President Obama will make a groundbreaking

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Speaker 1: visit to Japan later this month, President Obama will travel

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Speaker 1: to the site where the US dropped in atomic bomb

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Speaker 1: erosion of the japan. The President will honor the victims

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Speaker 1: of the bombing that killed a hundred forty thousand Japanese

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Speaker 1: on August six, nineteen. The White House has ruled out

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Speaker 1: the possibility that President Obama will apologize for the bombing.

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Speaker 1: The owners of the Colorado Theater, where twelve people died

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Speaker 1: in the shooting round Page, will be in court today.

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Speaker 1: Twenty eight victims and their families are suing. They say

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Speaker 1: cinemarks should have had silent alarms and armed guards at

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Speaker 1: the packed midnight premiere of a Batman film where James

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Speaker 1: Holmes launched his attack. At least one person is dead

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Speaker 1: after German police say a knife fielding man stabbed commuter

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Speaker 1: is at a train station in a Munich suburb. Police

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Speaker 1: say the attack was probably politically motivated. There were some

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Speaker 1: good news for residents in the Canadian town of Fort

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Speaker 1: McMurray and Alberta, plans being made to allow the evacuees

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Speaker 1: to return. Alberta premiere Rachel Notley says about two hundred

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Speaker 1: homes and buildings were destroyed, but firefighters managed to save

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Speaker 1: two others. Global News twenty four hours a day, powered

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Speaker 1: by our two hundred journalists more than a hundred fifty

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Speaker 1: news burals from around the world. Nifel bar Michael, thanks

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Speaker 1: so much, Bloomberg Night sixty the Bay Area good news.

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Speaker 1: San Francisco is not one of our worst airports. We

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Speaker 1: mentioned Midway, we mentioned JFK, We mentioned O hair Guests,

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Speaker 1: which is the number one frustration index airport LaGuardia. I'm shocked.

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Speaker 1: Bloomberg Survalences brought to you you by Ancient Block an ancient

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Speaker 1: named the best accounting firm in North America for the

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Speaker 1: sixth year in a row. Hedge Week dot Com, Global

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Speaker 1: Business News twenty four hours a day at Bloomberg dot com,

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Speaker 1: the Radio plus mobile app and on your radio. This

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Speaker 1: is a Broomberg business flash. And I'm Karen Moscow. The

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Speaker 1: varish sentiment that hit traders in the past two weeks

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Speaker 1: easing amid a balance in commodities, with US stocks joining

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Speaker 1: in equity market games from Japan to Europe, and we'd

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Speaker 1: check the markets every fifteen minutes throughout the trading day

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Speaker 1: on Bloomberg and the S and P five is higher

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Speaker 1: up thirteen points or seven tenths per cent to twenty

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Speaker 1: seventy two down Jones Industrial average up eight tens per

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Speaker 1: cent or one hundred forty eight points to seventeen thousand

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Speaker 1: and eight, hadred fifty four the na's deck of three

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Speaker 1: tens per cent or fifteen points to forty seven sixty

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Speaker 1: five ten Your treasury down to thirty seconds, the yield

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Speaker 1: one point seven five percent. The yield on the two

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Speaker 1: year point seven two percent nine x screwed oil up

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Speaker 1: one point eight percent or seventy six cents to forty four.

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Speaker 1: Twenty of barrel comes gold is down to ten percent

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Speaker 1: or three dollars to twelve sixty three seventy announced the

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Speaker 1: euro at O N one oh nine point oh four.

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Speaker 1: Comcast paid four hundred ninety million dollars this year to

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Speaker 1: unwind obligations under life insurance policies tied to late founder

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Speaker 1: Ralph Roberts and his wife, Suzanne, a remnant of an

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Speaker 1: era when generous executive perks received less investor scrutiny. Gap

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Speaker 1: shares down eleven percent this morning after the apparel chain

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Speaker 1: posted disappointing results, assigned the company's much vaunted springtime comeback

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Speaker 1: The maker of the anti anti wrinkle injection Botox so

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Speaker 1: That plans to buy back as much as ten billion

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Speaker 1: dollars in stock after completing the forty billion dollars sale

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Speaker 1: of its generic business do Tava Pharmaceutical Industries. And as

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Speaker 1: a Bloomberg business flash coming Karen, thanks so much. A

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Speaker 1: Bloomberg surveillance this morning, brought to by Interactive Brokers. They

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Speaker 1: offer direct market access to stocks, two options futures for

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Speaker 1: X bonds and e t f s in over market

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Speaker 1: centers in twenty four countries from a single account. Visit

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Speaker 1: ib k R dot com slash trade worldwide. Michael, you

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Speaker 1: note Brian Blackstone over at the journal looking at a

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Speaker 1: different tone from Mr Amadi. You b s, I mean credit,

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Speaker 1: sweez is fighting for its life. I happen to enjoy

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Speaker 1: listening to Sergio or Matti if you don't know him,

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Speaker 1: particularly our US audience. Um, he does not speak off

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Speaker 1: Q cards. He's a bit like Mr Diamond. It's free

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Speaker 1: flowing and Mr Amadi uh, maybe saying uh negative interest

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Speaker 1: rates an extraordinary measure used in extraordinary times. He and

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Speaker 1: axel Weber go on to say uh, there's some challenging

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Speaker 1: challenges there. Yeah, they don't like negative interest rates at all.

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Speaker 1: Carl Tanemo is here from Northern Trust. He worked at

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Speaker 1: the Federal Reserve Bank of Chicago. It's safe to say

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Speaker 1: members of the US Central Bank don't like negative interest

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Speaker 1: rates either. No, my mother doesn't like negative interest rates either,

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Speaker 1: which I think is a core problem in Europe. They've

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Speaker 1: had negative interest rates in some countries are quite a while,

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Speaker 1: but banks have been reluctant to pass those along to

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Speaker 1: their retail customers or fear of what they might do.

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Speaker 1: As a result, negative interest rates I think have been

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Speaker 1: counterproductive because they've crimp bank margins, They've slowed the pace

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Speaker 1: of lending growth there and and actually worked counter purposefully

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Speaker 1: to what the e c B is trying to do.

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Speaker 1: I think there's been good work that suggests that we

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Speaker 1: won't have hoarding of cash unless interrust rates get very negative.

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Speaker 1: But there's not a good work that I've seen that

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Speaker 1: suggests that it's going to be a great dividend for

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Speaker 1: the economy. It says to me that central banks are

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Speaker 1: probably reaching the bottom of their barrel of stimulus tricks.

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Speaker 1: QWI has probably reached the edge of its effectiveness, and

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Speaker 1: when we're talking about helicopter drops, which frankly Mike and

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Speaker 1: Tom I see his fiscal policy as opposed to monetary policy.

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Speaker 1: It really is time for the fiscal side, I think,

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Speaker 1: to take the handoff if we're to get economic growth

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Speaker 1: up to a higher level the UH. There is an

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Speaker 1: argument that where you raise interest rates, first of all,

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Speaker 1: you help the savers. Second of all, you give companies

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Speaker 1: a return on their investments, and you create an environment

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Speaker 1: where people feel better about prospects for things. Are you

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Speaker 1: in the camp that says that the FEDS policy is

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Speaker 1: hurting the economy? Now, I wouldn't go that far. I

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Speaker 1: know their analysts that suggests that it is. But I've

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Speaker 1: been classically trained, which is that if you want to

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Speaker 1: get taken activity up, you make credit cheaper, not more expensive.

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Speaker 1: And I think if we can get to a point

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Speaker 1: where we can raise rates in orderly fashion, I think

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Speaker 1: it will have that dividend of expressing confidence from the

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Speaker 1: central You have the courage to say you've been classically

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Speaker 1: trained in economics, That can mean a lot. Mr Krugman

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Speaker 1: of Princeton would spectfully suggests we have to go back

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Speaker 1: to Hicks nine nine and within a classical mode. His

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Speaker 1: critics would say, the rules have changed. It's so much

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Speaker 1: more open, much more global economy. What people A lot

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Speaker 1: of people don't know. Chicago's living globalization has been doing

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Speaker 1: it for two hundred I would suggest for two hundred years.

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Speaker 1: Can we do classical economics today or do we just

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Speaker 1: have to go onto a new orthodoxy. That's a great question, Tom.

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Speaker 1: I think when central banks first started laying out their

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Speaker 1: objectives there were much more national in scope. Today, the

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Speaker 1: determinants of US unemployment and inflation are very global, and

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Speaker 1: the federal reserves reach, or any central banks reach, rarely

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Speaker 1: goes that much further than their own borders. So a

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Speaker 1: question could be asked, can they really reached their objectives

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Speaker 1: effectively in this global market environment? I think if they

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Speaker 1: are to do so, they need a great deal of

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Speaker 1: coordination with other central bankers. Perhaps that came out a

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Speaker 1: little bit amongst strategury officials at the Teach Onely meeting

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Speaker 1: in Shanghai earlier this year. But getting that coordination to

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Speaker 1: everybody's benefit is very difficult to do. Within the mix

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Speaker 1: is an economist and folks to visit the Northern Trust Building.

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Speaker 1: It's in the most gorgeous old part of Chicago and

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Speaker 1: the architecture and all that you're surrounded by equity and

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Speaker 1: bond people. They look at you like why are you here?

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Speaker 1: And when you talk to your portfolio managers, they're living

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Speaker 1: a single digit world. Do they have the fear or

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Speaker 1: the relative fear that we see from the punditry right

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Speaker 1: now about the equity markets. I've never seen so many

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Speaker 1: inflammatory notes linking Tannembob's world with the Northern Trust portfolio

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Speaker 1: managers world, which is it's all going to come to

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Speaker 1: end because monetary policy can't get it done. How do

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Speaker 1: you deal with that in the hallways of Northern Trust. Well, well,

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Speaker 1: I take a lot of abuse on those halls. I

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Speaker 1: must say that they just had our five year capital

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Speaker 1: markets assumption meeting where we lay out our expectation for

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Speaker 1: asset returns tom and actually the mood was quite a

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Speaker 1: bit more sanguine. I think this feeling is still that

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Speaker 1: economic growth globe belief is going to surprise people a

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Speaker 1: little bit. And when you add the benefit of modest

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Speaker 1: inflation and decent turnings, equities and large cap equities are

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Speaker 1: not someplace that you should feel uncomfortable investing. Did you

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Speaker 1: hold that me to get Wrigley Field or cellular field?

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Speaker 1: We cut it right down the middle, as we have

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Speaker 1: to very cute. Just for the record, you're you're older,

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Speaker 1: you don't call it cellular one field. Now it's still

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Speaker 1: it's like I can't I can't get in a cabin

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Speaker 1: Washington and asked to go to Reagan Airport. It's National Airport.

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Speaker 1: I mean it's always now I am, I'm old, but

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Speaker 1: I'm not old enough to ask to go to idle Wild,

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Speaker 1: you know, when I want to fly overseas from New York.

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Speaker 1: But still, uh, you say, we we should be able

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Speaker 1: to invest at this point, But would you do your

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Speaker 1: people suggest that you want to have anything to do

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Speaker 1: with bonds at this point? We um both because you know,

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Speaker 1: if the Fed is raising rates, you would tend to

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Speaker 1: lose money, but also because nobody seems to have any

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Speaker 1: idea what's going on in the bond market world right now.

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Speaker 1: Well that's fair. Of course, we work with our clients

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Speaker 1: on their specific goals, and in many cases of bond investment,

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Speaker 1: with its predictable cashles, is exactly what they need. In addition,

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Speaker 1: I think a lot of us tend to think of

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Speaker 1: the bond market as the treasury market, not much else.

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Speaker 1: There's still some very decent returns to corporate bond markets

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Speaker 1: um and you know, if you're looking at an inflation

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Speaker 1: adjusted return, is still not not terrible for those who

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Speaker 1: want safety over risk. Would you, by tips at this point?

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Speaker 1: Is there enough of an inflation threat out there that

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Speaker 1: you want to hedge against it? So I'm not sure.

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Speaker 1: I think the other thing that has to be taken

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Speaker 1: account of is that the treasury market is a global

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Speaker 1: asset class, and it's quite clear that global pools of

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Speaker 1: savings are still heading in this direction for the strength

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Speaker 1: of our currency, the predictability relative predictability of our politics,

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Speaker 1: and that's holding yields down and may do so, Mike

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Speaker 1: for quite a while, which goes back to the initial

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Speaker 1: part of our conversation about long yield portfolios like pensions

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Speaker 1: and life insurance companies who may be adjusting to a

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Speaker 1: much lower rate of fix income returns. And eventually we

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Speaker 1: talb about that today over in Europe. He said, you know,

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Speaker 1: we we are the world's reserve currency, and that has benefits,

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Speaker 1: but it also has uh negatives to it, and one

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Speaker 1: is that our currency may not reflect the fundamentals of

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Speaker 1: the US economy, and Mike, I think that there in

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Speaker 1: lies the risk of the FED remaining where it is

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Speaker 1: for too much longer. We're forcing capital to places it

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Speaker 1: isn't really comfortable because the fixed income returns are so low.

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Speaker 1: When you get that happening, whether it's real estate or

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Speaker 1: some equity corners, you could get some accesses that would

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Speaker 1: be unpleasant to unwine Carol. One more question if we could,

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Speaker 1: then we've got to close out the show. What does

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Speaker 1: Chicago need to do to write the ship? Has been

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Speaker 1: a huge negative stream of news out of Chicago. I

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Speaker 1: think of Peter Nique has and O. There's the Chicago

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Speaker 1: Tribune writing on the crime and the shooting, and there's

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Speaker 1: the debt and the fiscal issues as well. What does

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Speaker 1: your Chicago need to do to write the ship? Well, uh,

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Speaker 1: look for visitors to Chicago. You know, please, You're you're

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Speaker 1: not going to step off the airplane and immediately be

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Speaker 1: the subject of a capital crime. There are neighborhoods in Chicago,

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Speaker 1: some close to where I grew up that are not

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Speaker 1: that pleasant, but a lot of the city is beautiful.

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Speaker 1: We have a great labor force, great universities and companies

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Speaker 1: enjoy being their central location good transportation. I think the

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Speaker 1: challenge that people ask about is what are the tax

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Speaker 1: rates going to be? Given that it will likely take

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Speaker 1: an amendment to the state constitution to make progress on

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Speaker 1: our pension system, which at the moment is thirty eight

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Speaker 1: percent funded, and court cases have thrown out even the

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Speaker 1: most minor of adjustments that have been made, so unfortunately,

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Speaker 1: we're kind of locked in where we are. And other

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Speaker 1: than starting a rumor that interest rates are going to

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Speaker 1: be a lot higher, which I'm tempted to try, there

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Speaker 1: are no silver bullets in the fiscal picture time. Carl turonem,

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Speaker 1: I'm wonderful to see you again and your visit here

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Speaker 1: to New York. He is with Carl Tonebo with the

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Speaker 1: Northern Trust, a company Mike I had to take down

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Speaker 1: on my internet site here the ESPN Cubs and White

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Speaker 1: Sox sites. It was too too stunning. Does the Northern

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Speaker 1: Trust have season tickets at on the South Side Ballpark?

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Speaker 1: We had our bets there, Michael, we had your bet.

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Speaker 1: Very good. It has been a wonderful show. Thank little Rachel.

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Speaker 1: We're span our team Bowden. Thank you so much. Your

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Speaker 1: assistants as well as we've looked at the theory today

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Speaker 1: of economics, finance and investment. This is a Bloomberg surveillance