Speaker 1: Bloomberg Audio Studios, podcasts, radio news, single best.
Speaker 2: Idea maybe in ompteen months. This was the hardest day
Speaker 2: to pick two moments to speak of. It was absolutely
Speaker 2: an extraordinary show on economics, finance, investment, on international relations.
Speaker 2: Thank you Mick Mulroy of the Lobo Institute with his
Speaker 2: public service to the Marines and to the CIA for
Speaker 2: his perspective on all of our geopolitics and our military
Speaker 2: people at risk every day worldwide. He was just absolutely phenomenal.
Speaker 2: And the list goes on. And I thought Jordan Rochester
Speaker 2: representing Missoo the Great Japanese Bank, was just spellbinding on
Speaker 2: how things have changed. Finally there's a legitimate inflation and
Speaker 2: animal spirit than Japan. That's a stunning comment. Literally going
Speaker 2: back thirty years, Michael Data joined us with Ross Capital Management.
Speaker 2: We talked to Michael Data just simply about the path forward.
Speaker 3: Over any extended period of time, corporations will adjust. I
Speaker 3: think they can be flexible. But the question is what
Speaker 3: does that mean for the business cycle in risk markets?
Speaker 3: Because if the adjustment is that we see a pickup
Speaker 3: in layoffs, which seemed to be happening, you know, you
Speaker 3: could end up with some economic dislocations here in that
Speaker 3: transition that are associated with a fairly significant equity market correction.
Speaker 3: Now to Paul's question, the consumers held in there? Why
Speaker 3: a lot of the consumer spending is driven by high
Speaker 3: income households that have been riding high on this huge
Speaker 3: stock market rally which is now flickering and flagging in
Speaker 3: a labor market that has come in and blown expectations,
Speaker 3: you know, off the wall in terms of being you
Speaker 3: know wrong and you know, sustainably robust payroll growth and
Speaker 3: that could also be under threat. Now, so yes, the
Speaker 3: corporations will adjust, but the question is what does that
Speaker 3: mean for risk markets in the business cycle.
Speaker 2: In the interim, Michael Dirda of Capital Francis Donald was
Speaker 2: with us as well, really back to back with the
Speaker 2: Bank of Montreal and Ian Lingott and then to Francis
Speaker 2: Donald with the Royal Bank of Canada RBC Capital Markets.
Speaker 2: Late in the conversation Francis Donald of Montreal and of
Speaker 2: her Canada on tariffs and the way Canada helps us
Speaker 2: each and every day.
Speaker 4: Canada provides sixty percent of oil imports to the United States,
Speaker 4: ninety percent of electricity imports, ninety nine percent of natural
Speaker 4: gas eighty five percent of potash, ninety percent of canola,
Speaker 4: thirty four percent of your meat, and let's not forget
Speaker 4: critical minerals, which is nineteen percent of US imports. Twenty
Speaker 4: seven percent of your uranium imports come from Canada. Canada
Speaker 4: helps to heat the United States, it helps to feed
Speaker 4: the United States, and this is not twenty eighteen anymore.
Speaker 4: The US is struggling under an electrical grid and has
Speaker 4: substantial energy needs that Canada can help to rectify. So
Speaker 4: I think the focus should be on how much can
Speaker 4: Canada support US exceptionalism going forward and what is the
Speaker 4: upside of actual increased collaboration between the two countries. That's
Speaker 4: the story that I think will resonate because President Trump
Speaker 4: has huge ambition for what the US economy can be common.
Speaker 4: There is a lot of upside for the US as well.
Speaker 4: Canada upside equals US upside. We spent a lot of
Speaker 4: time thinking that Canada benefits from the United States. The
Speaker 4: reverse is also true, and we got to push that narrative,
Speaker 4: not just for Canadians but for Americans as well.
Speaker 2: Bottle it Francis Donald, RBC Capital Markets. We're on YouTube,
Speaker 2: Go out to YouTube podcasts, This is single best idea.
Speaker 4: I knew then that people were in the danger