Speaker 1: This is Bloomberg Surveillance way text of view that as
Speaker 1: the FED rises rights, that removes the US dollar liquidity
Speaker 1: from the rest of the world. Sixty percent of global
Speaker 1: j DP relies on US toll liquidity to bottom have
Speaker 1: basically seen their income stagnate over a third of a century.
Speaker 1: The Asian economies there are the fastest growing ones in
Speaker 1: the world, China's Both may be slowing down, but we're
Speaker 1: still talking about China growing at six and a half
Speaker 1: seven percent. Bloomberg Surveillance your link to the world of economics,
Speaker 1: finance and investment on Bloomberg Radio. Good morning, It is
Speaker 1: seven am on Wall Street. It is five am in
Speaker 1: Fort McMurray, Canada, where we wish the firefighters battling that
Speaker 1: huge blaze up there. The best oil higher this morning,
Speaker 1: in part on concerns of interruptions to the supply from Canada.
Speaker 1: West Texas sixty two is up two point two percent,
Speaker 1: Brent nine up one point six percent this morning, but
Speaker 1: actually pretty much everything is higher this morning. By the way,
Speaker 1: I'm Michael McGee along with Tom Keen Unsurveillance today and
Speaker 1: we're watching a global rally overnight. Asia up and now
Speaker 1: Europe the stock six hundred four points higher one point
Speaker 1: two percent, the docks in Germany up one eighty points.
Speaker 1: That's one point eight percent in London, a thirty point
Speaker 1: game for the Footsie half a percent of the day
Speaker 1: bonds little changed to higher, the curve stepens. The two
Speaker 1: year no yield is at seventy three basis points, five
Speaker 1: year one point to two, and the ten year one
Speaker 1: point seven seven. On the day, the dollars stronger. Here's
Speaker 1: the real debate point. The dollar following comments and the
Speaker 1: jobs report following comments from the Fed moving higher today
Speaker 1: ninety three point nine for the d X y index,
Speaker 1: The yen weekends to one oh oh four, the year
Speaker 1: O one thirteen eight, and the pound one four fifty one.
Speaker 1: So that's uh the question whether interest rates in the
Speaker 1: United States and whether the dollar and bond market. We
Speaker 1: have seen Fed officials the latest Bill Dudley this morning
Speaker 1: time in the New York Times saying we're still on
Speaker 1: track for June if the numbers continue the way they are,
Speaker 1: But that's not the way the bond market season. John
Speaker 1: Riding is the chief economist and founder of r t
Speaker 1: Q Economics. John, there's an old saying, don't fight the FED.
Speaker 1: And it seems that people on bond trading desks have
Speaker 1: decided they want to get into a scrap with the
Speaker 1: U S. Central Bank. Well, the problem is the FED
Speaker 1: is completely messed up its communications policy and UH. It
Speaker 1: told us it had objectives for unemployment inflation. UH, and
Speaker 1: then as we go close to those, it lowered the
Speaker 1: unemployment rate, so that the market simply doesn't believe the FED.
Speaker 1: And I think that to believe the Fed, John at
Speaker 1: YELLTT has to come out and deliver a similar message.
Speaker 1: And as I said to Tom on TV a few minutes,
Speaker 1: you say to me right now to um, what we
Speaker 1: have here is typically the central Uh. The chairman of
Speaker 1: the FET goes in May and gives a testimony, so
Speaker 1: she can be perfectly tied up to say not that
Speaker 1: we're going in June, but that we are still committed
Speaker 1: to renormalizing monetary policy, and the data points are close
Speaker 1: and if we continue in that direction, we will go.
Speaker 1: Because the FED in the past halt about cumulative improvement,
Speaker 1: and cumulative improvement as the actual progress won't quote upon exactly,
Speaker 1: not just the latest day to point cumulative improvement from
Speaker 1: a temper cent an employment rate to a five percent
Speaker 1: unemployment rate. John Writing with the rd Q Economics. We
Speaker 1: say good morning to all of your worldwide Bloomberg Radio
Speaker 1: Plus and of course across Bloomberg dot com Bloomberg Surveillance.
Speaker 1: This morning brought you by Investco. Factor based strategies can
Speaker 1: help investors focus on high quality, low volatility and more.
Speaker 1: Learn more at investco dot com Slash High Conviction Genre
Speaker 1: writing giving as great perspective this morning, John, As I
Speaker 1: mentioned earlier, your note had a certain heat on Friday.
Speaker 1: Let's frame the two avenues out of the jobs report.
Speaker 1: One is it was a molding number. We all agree
Speaker 1: on this with the molding revision. And then there's the yeah,
Speaker 1: but the underlying data was actually pretty good. Explained to
Speaker 1: us why hours worked in wages can trump? That was
Speaker 1: upon their thinking. Did you like that? That was a
Speaker 1: very Did you see how we did that? Can trump?
Speaker 1: Get it? Can trump the countables of non farm payrolls?
Speaker 1: Can we start off with the non fund payroll number?
Speaker 1: Because our number for private perils was a hundred and
Speaker 1: seventy five thousand, We got a hundred and seventy one thousand.
Speaker 1: Why because we had such a mild winter that the
Speaker 1: pick up in jobs that normally take place because people
Speaker 1: couldn't work because the weather is so bad in February
Speaker 1: and March, the seasonal sniff, they were already working, and
Speaker 1: so we had a hundred and sixty thousand three month
Speaker 1: averages around two hundred thousand. I think that the the
Speaker 1: FED four cash revision calls by economists on Friday at
Speaker 1: some major banks, we're like looking for an excuse to
Speaker 1: come to the market, and I think it ridiculously over
Speaker 1: emphasizes the latest data point. But the FED in the
Speaker 1: last statement talked about consumer fundamentals as well. So you've
Speaker 1: got an increase in hours worked because we had a
Speaker 1: longer work week of four tenths of a percent. We
Speaker 1: had a three tenths of p percent increase in wages.
Speaker 1: That's a seven tenths of p percent increases running somewhere
Speaker 1: between eight or around eight percent at an annualized rate
Speaker 1: if we were to continue that in wage income, which
Speaker 1: is the bulk of what people have to spend. So
Speaker 1: if you're a Kanzian and you're worried about demanding, you're
Speaker 1: worried about the consumer, you have this big income increase.
Speaker 1: John Wrinning with this with his work at the Bank
Speaker 1: of England, at the Federal Reserve System, of course, with
Speaker 1: Bear Stearns for years, and now at rd Q Economics. John,
Speaker 1: I'm gonna massively rip up the script here. Greg Villier
Speaker 1: has given us great perspective on our economic politics. Villiers
Speaker 1: and writing stunning political notes about Secretary Clinton and particularly
Speaker 1: Mr Trump. Here's Valier this morning on debt restructuring and
Speaker 1: Donald Trump. Quote he's playing with matches in a very
Speaker 1: arid forest. The US and much of the world is
Speaker 1: crushed by individual and government debt. So here comes someone
Speaker 1: with catnip. Let's restructure the debt. Is it even feasible
Speaker 1: within the economics and the chapters in our economic textbook
Speaker 1: on debt restructuring that you can restructure quote unquote full
Speaker 1: faith and credit debt like you'd restructure a hotel in
Speaker 1: Atlantic City. No, you can't. But what you can do
Speaker 1: is lengthen the maturity of the debt at these very
Speaker 1: low interest rates, and that has been a policy at
Speaker 1: the Tragedy Department has been doing and could, in my opinion,
Speaker 1: pursue fall more aggressively. The treasure debts not callable. It's
Speaker 1: full faith in credit. You can't tear up someone's old
Speaker 1: note and replace it with a new low interest rate.
Speaker 1: Now that that's just simply not feasible. It doesn't matter
Speaker 1: what he thinks. It's not legally feasible. But you can
Speaker 1: lengthen the maturity of the debt. Now, one of the
Speaker 1: interest things is if you look talked to an academic
Speaker 1: on the FED, good friend from Pittsburgh, Carnegie Mellon, and
Speaker 1: and he will say he will put together, um mon,
Speaker 1: good friends have put together the Central Bank and the
Speaker 1: Treasury Marvin good friend here, yes, and then you can
Speaker 1: then you can look at monetary policy in fiscal policy
Speaker 1: and combine it. And so what was the Fed doing
Speaker 1: It was short in the duration of the debt by
Speaker 1: operation twist, as the treasure was trying to lengthen the
Speaker 1: maturity of debt, and those two policies cancel each other out.
Speaker 1: So yes, I would lengthen the maturity of the debt
Speaker 1: because I certainly as an investor, would not want to
Speaker 1: invest for ten years at one point. Peter Fisher Blackstone
Speaker 1: is really good at this, and of course I call
Speaker 1: him the tripod guy. He's served government, he served Wall Street,
Speaker 1: and he's got terrific academic bearing as well. He's a
Speaker 1: bit cautious about Europe. Europe, if you will, the europeanization
Speaker 1: of our death structure France, as I believe a fifty
Speaker 1: year piece. We don't do that in America because we're better.
Speaker 1: What's the price of going from a blended debt to
Speaker 1: pick a number seven years out to a blended debt
Speaker 1: of ten years or fifteen years. Well, I think at
Speaker 1: these low interest rates for the government, there's there's very
Speaker 1: little price except ten years down the road when you
Speaker 1: if you had a huge amount of debt to be
Speaker 1: refunded at that particular point in time, and we're in
Speaker 1: a very different interest rates environment, and and that's the
Speaker 1: the price will come at a future point where we
Speaker 1: won't know where, we won't know what it is. And
Speaker 1: the whole idea about issuing along the curve is not
Speaker 1: so much about minimizing interest rate costs, but is not
Speaker 1: having any great big refunding coming up. And then let's
Speaker 1: takes us back to the full faith and credit ten
Speaker 1: year yield. Do you perceive institutions that could give us
Speaker 1: a glide path to higher yields or by definition, do
Speaker 1: we have to have a jump condition when the shotgun
Speaker 1: aw comes that we're actually gonna have normal interest rates. UM.
Speaker 1: I think we could have a glide path, but markets
Speaker 1: never tend to wear it that way. But what would
Speaker 1: help is if the FED began to unwind its portfolio,
Speaker 1: at least stop reinvesting and start allowing it to shift
Speaker 1: the assets back into the private sector in a gradual manner.
Speaker 1: But the FEDS seems intent to hold onto its UH
Speaker 1: portfolio until maturity, and maybe that helps with the glide path,
Speaker 1: but it keeps the market from adjusting. John writing with
Speaker 1: this with our d Q economics, and we will continue this.
Speaker 1: There are headlines out of Lending Club. They have been
Speaker 1: in the news and it's been challenging news, to say
Speaker 1: the least. The Lending Club chairman and chief executive Officer,
Speaker 1: Renold Laplanche resigns. Hans Morris is named chairman, but very
Speaker 1: importantly Scott Sandborn will serve as acting CEO. They will
Speaker 1: not provide guidance at this time. That's probably the key headline.
Speaker 1: Things are so messed up. They got to sort out
Speaker 1: what's going on in their lending club. The violation of
Speaker 1: practices and a lack of disclosure is unacceptable. Lending Club
Speaker 1: of previous seven dollars ten cents is giving me an
Speaker 1: indication self will try to firm up that bid. An
Speaker 1: ask on lending Club as well. Again, the present chairman
Speaker 1: and CEO of Lending Club resigns. Shootures of five down,
Speaker 1: futures of forty one the yield one point seven seven percent.
Speaker 1: Check in with Michael Byer and get the latest World
Speaker 1: and Nashelle headlines. Michael Mike time, thank you very much.
Speaker 1: British Prime Minister David Cameron called on Britain's not to
Speaker 1: vote to leave the European Union next month. Cameron, in
Speaker 1: a speech at the British Museum in Central London today,
Speaker 1: says leaving the EU is genuinely a leap in the dark.
Speaker 1: Mexican government officials say the new Mexican prison holding convicted
Speaker 1: drug lord La Kina l Chapo Guzman is rated as
Speaker 1: the worst in the country's federal penitentiary system for inmate conditions. However,
Speaker 1: the former head of the International operations for the US
Speaker 1: Drug Enforcement Agency questions sending Guzman to a less secure
Speaker 1: prison that is in the territory firmly controlled by his empire.
Speaker 1: Officials in Alberta, Canada say a forecast for cooler temperatures
Speaker 1: and light rain will help them corral and enormous wildfire.
Speaker 1: Global News twenty four hours a day, powered by our journalists.
Speaker 1: I'm Michael barn Time and Mecha, thanks so much. In
Speaker 1: a currency front, yend weaker and dramatically weaker over two
Speaker 1: three days one oh eight point zero nine point of
Speaker 1: note as a dollar shows modest strength x Y with
Speaker 1: John riding Bloomberg Surveillance Bloomberg surveillance by by sector spider
Speaker 1: et s y by a single stock when you can
Speaker 1: invest in the entire sector, Visit sector spdrs dot com
Speaker 1: or call one eight six six Sector e t F.
Speaker 1: This is Bloomberg surveillance way tech. The view that as
Speaker 1: the FED raises rights, that removes the US dollar liquidity
Speaker 1: from the rest of the world. Sixty percent of global
Speaker 1: j DP relies on U s TOL liquidity. At the
Speaker 1: bottom have basically seen their income stagnate over a third
Speaker 1: of a century. The Asian economies there are the fastest
Speaker 1: growing ones in the world. China's Both may be slowing down,
Speaker 1: but we're still talking about China growing at six and
Speaker 1: a half seven percent Bloomberg Surveillance your link to the
Speaker 1: world of economics, finance, and investment on Bloomberg Radio. Good morning,
Speaker 1: It is seven am on Wall Street. It is five
Speaker 1: am in Fort McMurray, Canada, where we wish the firefighters
Speaker 1: battling that huge blaze up there. The best oil higher
Speaker 1: this morning, in part on concerns of interruptions to the
Speaker 1: supply from Canada. West Texas two is up two point two.
Speaker 1: Brent nine up one point six percent this morning. But
Speaker 1: actually pretty much everything is higher this morning. By the way,
Speaker 1: I'm Michael McGee along with Tom Keene Unsurveillance today and
Speaker 1: we're watching a global rally overnight. Asia up and now
Speaker 1: you're up. The stock six d four points higher one
Speaker 1: point two percent, the docks in Germany up one eight points.
Speaker 1: That's one point eight percent in London, a thirty point
Speaker 1: game for the footsie half a percent of the day.
Speaker 1: Bonds little changed to hire. The curve steepens. The two
Speaker 1: year note yield is at seventy three basis points, five
Speaker 1: year one point to two, and the ten year one
Speaker 1: point seven seven. On the day, the dollars stronger. Here's
Speaker 1: the real debate point the dollar following comments, and the
Speaker 1: job report falling comments from the Fed moving higher today
Speaker 1: nine for the d X y index, the yen weekends
Speaker 1: to one oh oh four, the year one eight, and
Speaker 1: the pound one four fifty one. So that's the question
Speaker 1: whether interest rates in the United States and whether the
Speaker 1: dollar and bond market. We have seen FED officials the latest,
Speaker 1: Bill Dudley this morning time in the New York Times
Speaker 1: saying we're still on track for June if the numbers
Speaker 1: continue the way they are. But that's not the way
Speaker 1: the bond market sees it. John Riding is the chief
Speaker 1: economist and founder of r t Q Economics. John, there's
Speaker 1: an old saying, don't fight the Fed, and it seems
Speaker 1: that people on bond trading desks have decided they want
Speaker 1: to get into a scrap with the U s. Central Bank. Well,
Speaker 1: the problem is the fattest completely messed up its communications
Speaker 1: policy and uh. It told us it had objectives for
Speaker 1: our unemployment inflation uh, and then as we got close
Speaker 1: to those, it lowered the unemployment rate. So that the
Speaker 1: market simply doesn't believe the Fed. And I think that
Speaker 1: to believe the Fed, Janet Yellen has to come out
Speaker 1: and deliver a similar message, And as I said to
Speaker 1: Tom on TV a few minutes, you say to me
Speaker 1: right now to um what we have here is typically
Speaker 1: that the central uh, the Chairman of the FED, goes
Speaker 1: in May and gives a testimony. So she can be
Speaker 1: perfectly tied up to say not that we're going in June,
Speaker 1: but that we are still committed to renormalizing monetary policy,
Speaker 1: and the data points are close, and if we continue
Speaker 1: in that direction, we will go. Because the Fed in
Speaker 1: the past talked about cumulative improvement, and cumulative improvement has
Speaker 1: actual progress. One quote, if I'm exactly not just the
Speaker 1: latest data point, CU want of improvement from a ten
Speaker 1: percent unemployment rate to a five percent unemployment rate. John
Speaker 1: writing with the rd Q Economics, we say good morning
Speaker 1: to all of your worldwide Bloomberg Radio Plus and of
Speaker 1: course across Bloomberg dot com Bloomberg Surveillance. This morning brought
Speaker 1: you by Investco. Factor based strategies can help investors focus
Speaker 1: on high quality, low volatility and more. Learn more at
Speaker 1: investco dot com slash High Conviction Generating. Giving his great
Speaker 1: perspective this morning, John, as I mentioned earlier, your note
Speaker 1: had a certain heat on Friday. Let's frame the two
Speaker 1: avenues out of the jobs report. One is it was
Speaker 1: a molding number. We all agree on this with a
Speaker 1: molding revision. And then there's the yeah, but the underlying
Speaker 1: data was actually pretty good. Explained to us why hours
Speaker 1: worked in wages can trump? That was a pun there, thanking?
Speaker 1: Did you like that? That was a very Did you
Speaker 1: see how we did that? Can trump get it? Can
Speaker 1: trump the accountables of non farm payrolls. Can we start
Speaker 1: for the non fund payroll number? Because our number for
Speaker 1: private paerallels was a hundred and seventy five thousand, we
Speaker 1: got a hundred and seventy one thousand. Why because we
Speaker 1: had such a mild winter that the pickup in jobs
Speaker 1: that normally take place because people couldn't work because the
Speaker 1: weather is so bad in February and March the season,
Speaker 1: they were already working, and so we had a hundred
Speaker 1: and sixty thousand three month averages around two hundred thousand.
Speaker 1: I think that the the FED forecast revision calls by
Speaker 1: economists on Friday at some major banks were like looking
Speaker 1: for an excuse to come to the market, and I
Speaker 1: think it ridiculously over emphasizes the latest data point. But
Speaker 1: the threat in the last statement talks about consumer fundamentals
Speaker 1: as well. So you've got an increase in hours worked
Speaker 1: because we had a longer work weed of four tenths
Speaker 1: of per percent, we had a three tenths of per
Speaker 1: percent increase in wages. That's the seven tenths of per
Speaker 1: percent increases running somewhere between eight or around eight percent
Speaker 1: at an annualized rate if we were to continue that
Speaker 1: in wage income, which is the bulk of what people
Speaker 1: have to spend. So if you're a Kanzian and you're
Speaker 1: worried about demand and you're worried about the consumer, you
Speaker 1: have this big income incre John writing with this with
Speaker 1: his work at the Bank of England, at the Federal
Speaker 1: Reserve System, of course with Bear Stearns for years, and
Speaker 1: now at our DQ economics, John, I'm gonna massively rip
Speaker 1: up the script here. Greg Valier has given us great
Speaker 1: perspective on our economic politics. Valier has been writing stunning
Speaker 1: political notes about Secretary Clinton and particularly Mr Trump. Here's
Speaker 1: Valier this morning on debt restructuring and Donald Trump quote.
Speaker 1: He's playing with matches in a very arid forest. The
Speaker 1: US and much of the world is crushed by individual
Speaker 1: and government debt. So here comes someone with catnip. Let's
Speaker 1: restructure the debt? Is it even feasible? Within the economics
Speaker 1: and the chapters in our economic textbook on debt restructuring
Speaker 1: that you can restructure quote unquote full faith and credit
Speaker 1: debt like you'd restructure a hotel in Atlantic City. No,
Speaker 1: you are. But what you can do is lengthen the
Speaker 1: maturity of the debt at these very low interest rates.
Speaker 1: And that has been a policy that the Treasury Department
Speaker 1: has been doing and could, in my opinion, pursue far
Speaker 1: more aggressively. The treasure debts not callable. It's full faith
Speaker 1: in credit. You can't tear up someone's old note and
Speaker 1: replace it with a new low interest rate. Now that
Speaker 1: that's just simply not feasible. It doesn't matter what he thinks.
Speaker 1: It's not legally feasible. But you can lengthen the maturity
Speaker 1: of the debt. Now, one of the interesting things is
Speaker 1: if you look talk to an academic on the FED
Speaker 1: good Friend from Pittsburgh Carnegie Mellon and and he will
Speaker 1: say he'll put together um more good friends have put
Speaker 1: together the Central Bank and the Treasury about Marvin good Friend, Yes,
Speaker 1: and then you can then you can look at monetary
Speaker 1: policy in fiscal policy and combine it. And so what
Speaker 1: was the Fed doing It was shortening the duration the
Speaker 1: debt by operation twist, as the treasure was trying to
Speaker 1: lengthen the maturity debt, and those two policies cancel each
Speaker 1: other out. So yes, I would lengthen the maturity of
Speaker 1: the debt because I certainly as an investor, would not
Speaker 1: want to invest for ten years at one point. Peter
Speaker 1: Fisher Blackstone is is really good at this, and of
Speaker 1: course I call him the tripod guy. He's served government,
Speaker 1: he served Wall Street, and he's got terrific academic bearing
Speaker 1: as well. He's a bit cautious about Europe. Europe, if
Speaker 1: you will, the europeanization of our debt structure France, as
Speaker 1: I believe a fifty year piece. We don't do that
Speaker 1: in America because we're better. What's the price of going
Speaker 1: from a blended debt to pick a number seven years
Speaker 1: out to a blended debt of ten years or fifteen years. Well,
Speaker 1: I think at these low interest rates for the government,
Speaker 1: there's there's very little price except ten years down the
Speaker 1: road when you if you had a huge amount of
Speaker 1: debt to be refunded at that particular point in time.
Speaker 1: We're in a very different interest rate environment and and
Speaker 1: that's the problem. But the price will come at a
Speaker 1: future point where we won't know where, we won't know
Speaker 1: what it is. And the whole idea about issuing along
Speaker 1: the curve is not so much about minimizing interest rate costs,
Speaker 1: but is not having any great, big refunding coming up.
Speaker 1: And then let's take this back to the full faith
Speaker 1: and credit tenure yield. Do you perceive institutions that could
Speaker 1: give us a glide path to higher yields or by definition,
Speaker 1: do we have to have a jump condition when the
Speaker 1: shot gun aw comes that we're actually gonna have normal
Speaker 1: interest rates. Um, I think we could have a glide path,
Speaker 1: but markets never tend to work that way. But what
Speaker 1: would help is if the FED began to unwind its portfolio,
Speaker 1: but at least stop reinvesting and start allowing it to
Speaker 1: shift the assets back into the private sector in a
Speaker 1: gradual manner. But the FEDS seems intent to hold onto
Speaker 1: its at portfolio until maturity. And maybe that helps with
Speaker 1: the bly path, but it keeps they market from adjusting.
Speaker 1: John Riding with us with our d Q economics and
Speaker 1: we will continue this. There are headlines out of Lending Club.
Speaker 1: They have been in the news and it's been challenging
Speaker 1: news to say the least. The Lending Club chairman and
Speaker 1: Chief executive Officer Renold Laplanche resigns. Hans Morris is named chairman,
Speaker 1: but very importantly Scott Sandborn will serve as acting CEO.
Speaker 1: They will not provide guidance at this time. That's probably
Speaker 1: the key headline. Things are so messed up. They got
Speaker 1: to sort out what's going on in their lending club.
Speaker 1: The violation of practices and a lack of disclosure is unacceptable.
Speaker 1: Lending Club a previous seven dollars ten cents is giving
Speaker 1: me an indication self. We'll try to firm up that
Speaker 1: bid an ask on Lending Club as well. Again, the
Speaker 1: present chairman and CEO of Lending Club resigns. Futures of
Speaker 1: five down, futures of forty one, the yield one point
Speaker 1: seven seven. To check in with Michael Barr and get
Speaker 1: the latest world and national headlines. Michael, Mike time, thank
Speaker 1: you very much. British Prime Minister David Cameron called on
Speaker 1: Britain's not to vote to leave the European Union next month. Cameron,
Speaker 1: in a speech at the British Museum in Central London today,
Speaker 1: says leaving the EU is genuinely a leap in the dark.
Speaker 1: Mexican government officials say the new Mexican prison holding convicted
Speaker 1: drug lord Lakina L Chapo Guzman is rated as the
Speaker 1: worst in the country's federal penitentiary system for inmate conditions. However,
Speaker 1: the former head of the international operations for the US
Speaker 1: Drug Enforcement Agency questions sending Guzman to a less secure
Speaker 1: prison that is in the territory firmly controlled by his empire.
Speaker 1: Officials in Alberta, Canada say a forecast for cooler temperatures
Speaker 1: and light will help them corral and enormous wildfire. Global
Speaker 1: News twenty four hours a day, powered by our journalists.
Speaker 1: I'm Michael Barr and Meca thinks so much. On the
Speaker 1: currency front, yend weaker and dramatically weaker over two three days,
Speaker 1: one oh eight point zero nine point of note as
Speaker 1: a dollar shows modest strength on d x Y with
Speaker 1: John riding Bloomberg Surveillance. Bloomberg Surveillance brought you by Sector
Speaker 1: Spider et s y by a single stock when you
Speaker 1: can invest in the entire sector of visit sector spdrs
Speaker 1: dot com or call one eight six six sector e
Speaker 1: t S