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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

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Speaker 1: Surveillance Podcast. Catch us live weekdays at seven am Eastern

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Speaker 2: Please start strong this morning with the perfect guest. Patrick

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Speaker 2: Armstrong is fearless at Pleurimi wealth in.

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Speaker 3: The United Kingdom.

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Speaker 2: He's very visible within the British press, but far more

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Speaker 2: has a wonderful crocesset view Patrick within the equity markets.

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Speaker 3: Is this a correction or something more?

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Speaker 4: Well, we're already in a correction if you look outside

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Speaker 4: of the United States. Since October, the MSCI World Xus

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Speaker 4: is down ten percent. Now the US has probably done

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Speaker 4: the book six percent peak to troph if you include

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Speaker 4: today's futures. So a correction won't surprise me because we're

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Speaker 4: already in it in many places in the world. The

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Speaker 4: US is very close. We've been really negative on ten

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Speaker 4: year yields for a number of months now. We think

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Speaker 4: Trump getting inaugurated next week, he's unequivocally pro both short

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Speaker 4: term and definitely inflationary. All of these policies we think

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Speaker 4: either provoke growth which is inflationary, and provoke inflation through

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Speaker 4: tariffs and protectionism. So you do have the S and

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Speaker 4: P NOTDIC record multiples, but it is near record multiples

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Speaker 4: on many measures, and it's hard to have those multiple

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Speaker 4: sustained as yields do move higher.

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Speaker 2: If you suggest higher yields, lower bond prices, note prices,

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Speaker 2: bill prices, does that mean some equities do well and

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Speaker 2: others don't or do you just run and sell?

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Speaker 4: So yeah, definitely there's intersensitive equities are going to struggle

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Speaker 4: in this. We do think the tenure yield keeps moving

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Speaker 4: higher throughout this year. Companies that have a long duration

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Speaker 4: where the market's basically discounting future cash flows that are

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Speaker 4: very far into the future. So those are the megacap

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Speaker 4: both companies that don't have massive earnings today but the

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Speaker 4: market's hoping for massive earnings. Those get discounted at a

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Speaker 4: higher rate. And the traditional interest rate sectors that are

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Speaker 4: interest rate sensitive sectors such as property companies. I think

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Speaker 4: you're going to continue to struggle utilities, dividend pairs.

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Speaker 5: Those kind of companies. As an alternative bonds, I think face.

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Speaker 6: Headwards, Patrick, what do you when you see the tenure

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Speaker 6: year old moving as it is. What is that telling you?

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Speaker 6: What would you suggest to it to a novice who

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Speaker 6: is watching this with some stupefication.

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Speaker 4: Well, it's it's not moved enough yet. We do think

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Speaker 4: we get above five percent by your end. And the

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Speaker 4: market's too complacent on inflation. If you look at the

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Speaker 4: tenure inflation swamps, you're at two point three percent today

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Speaker 4: and that's just pricing the FED for a perfect decade.

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Speaker 4: And there's so many forces protectionism, nationalism, running deficits, stoking demand.

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Speaker 4: All of those forces are inflationary. So there's going to

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Speaker 4: be periods where inflation looks in line with the FED targets,

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Speaker 4: but there's going to be intermittent spikes. So you've got

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Speaker 4: a yield curve historically which is steep one and a

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Speaker 4: half whatever the Fed funds rate one and a half

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Speaker 4: percent above that typically where the tenure yield is.

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Speaker 5: So if you've got.

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Speaker 4: The Fed cutting once maybe twice this year, and a

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Speaker 4: normal yield curve, you do get a ten year rate

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Speaker 4: about five percent.

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Speaker 5: So it's the market was too complacent on inflation.

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Speaker 4: It's starting to get less complacent, but it's still in

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Speaker 4: a phase where it's too complacent in my opinion.

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Speaker 6: To someone who sees that and feels worried, is your counsel,

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Speaker 6: this is a return to something close to normal. Don't

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Speaker 6: be as don't be as spooked as you as you

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Speaker 6: might feel like you should be, or is it telling

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Speaker 6: you something that is potentially worrisome.

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Speaker 4: So there's potential drivers of the tenure yield and if

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Speaker 4: it's stagflation meaning weakening growth but higher prices, that.

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Speaker 5: Would be a terrible environment for equities.

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Speaker 4: If there's normal yield curves and buying that we are

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Speaker 4: getting back to an environment where there's growth. We think

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Speaker 4: the US economy is going to grow at almost two

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Speaker 4: and a half percent this year, which is above its

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Speaker 4: long term potential.

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Speaker 5: Equities can move higher in that environment because you.

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Speaker 4: Are getting earnings growth, you're getting economic growth, and the

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Speaker 4: normalization of the yield curve is something you shouldn't be

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Speaker 4: worried about. So in our base case, it's based on

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Speaker 4: a now landing scenario in the United States is a

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Speaker 4: big part of it, combined with some inflationary pressures, and

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Speaker 4: we do.

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Speaker 5: Think equities move higher for the year.

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Speaker 4: But because the yields have moved so quickly and so

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Speaker 4: sharply you're getting out of the weakness right now.

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Speaker 3: Patrick a couple more questions. How do currencies play into this?

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Speaker 2: I mean, I got a dollar fact running away, dollar stronger.

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Speaker 2: Is it like equities? You know, like the short throw

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Speaker 2: the towel in? Does the week dollar crew throw the

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Speaker 2: towel in and we get a convexity and an acceleration

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Speaker 2: in strong dollar.

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Speaker 4: It's hard to see the dollar weakening right now because

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Speaker 4: you're getting the safe haven metaphit of it. You've got

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Speaker 4: a FED that's going to cut less than the ECB.

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Speaker 4: We think the ECB cuts four or five times this year,

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Speaker 4: and we think the Fed's only cutting once. Higher economic

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Speaker 4: growth based on real deregulation out of the Trump administration,

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Speaker 4: fiscal stimulus continues. So all of those factors do lead

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Speaker 4: to dollar strength in twenty twenty five. In our opinion,

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Speaker 4: I think a big chunk of the move has happened already.

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Speaker 4: But I do think you see the dollar continue to

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Speaker 4: ground higher, and the rest of the world is going

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Speaker 4: to use their currencies to combat potential tariffs that will

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Speaker 4: be coming in. So I think wee currencies for the

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Speaker 4: rest of the world to combat potential US tariffs is

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Speaker 4: going to be part of the currency wards that have

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Speaker 4: worked this year.

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Speaker 3: Patrick, thank you thrilled day.

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Speaker 2: If you start us out on this Monday morning, mister Armstrong,

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Speaker 2: Cio Plurimi Wealth Management in London.

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Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us live

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Speaker 2: Repped around the market opening here, we're gonna get to

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Speaker 2: that in four minutes. We have Mark Zandy with us

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Speaker 2: out on Twitter. There's a lot of mediocrity led by me.

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Speaker 2: There's people worth following like de Gurra, follow David Gurra,

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Speaker 2: Jason Furman.

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Speaker 3: I think up at Harvard.

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Speaker 2: Whether they agree or disagree with him, Professor Furman's really

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Speaker 2: engaging the brain. And someone else, whether you agree or

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Speaker 2: disagree with them, is Mark Zandy. We're thrilled to join

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Speaker 2: us right now from Moodies Marketing. You're on fire out

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Speaker 2: on Twitter, and you're of course saying all I should

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Speaker 2: be on the bond market. Do you link bond market

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Speaker 2: to stock market future?

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Speaker 7: I do you know?

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Speaker 8: I think as long term interest rates push up. That

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Speaker 8: puts pressure on multiples, particularly for previously high flying or

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Speaker 8: currently high flying stocks, technology stocks that are valued based

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Speaker 8: on earnings way out into the future. So as long

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Speaker 8: term rates rise, that puts pressure on multiples and puts pressure.

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Speaker 7: On the equity market. So yeah, I think they're very

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Speaker 7: closely linked.

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Speaker 2: Tom, Have we lost a disinflationary vector? Have we just

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Speaker 2: given up on some form of error, whether it's a

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Speaker 2: John Williams two percent or something higher. Have we given

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Speaker 2: up on that vector?

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Speaker 8: Well, it's going to get tricky here. You know, it

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Speaker 8: was tricky even before tarriffs and deportation and deficit finance

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Speaker 8: tax cuts. But you know, with the prospects of that

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Speaker 8: debt ahead, those are inflationary. I mean how inflationary obviously

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Speaker 8: depends on the policies that are ultimately implemented, and at

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Speaker 8: least there's of course a lot of uncertainty around that.

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Speaker 8: But you know, I think directionally, yeah, it's going to

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Speaker 8: be a lot more difficult to get to the FEDS

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Speaker 8: two percent target and stay there. So I don't know

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Speaker 8: we should give up on it forever, but at least

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Speaker 8: in the foreseeable future, I think it's going to be

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Speaker 8: much more difficult to I think, get back in the

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Speaker 8: bottle completely.

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Speaker 6: Mark, How are you and your colleagues finding your way

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Speaker 6: through that uncertainty? So as you say, we don't know

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Speaker 6: a whole lot of detail here about these three kind

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Speaker 6: of marquee proposals from the president elect when it comes

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Speaker 6: to the tariffs and deportations and tax policy, what he

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Speaker 6: and his colleagues intend to do at this point, How

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Speaker 6: are you beginning to forecast that? How are you thinking

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Speaker 6: about the potential the effect it's going to have on

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Speaker 6: inflation going forward?

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Speaker 7: Yeah, that's through scenarios.

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Speaker 8: You know, we have like everyone else, that kind of

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Speaker 8: a bit what we call a baseline scenario, kind of

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Speaker 8: in the middle of the distribution of possible outcomes, and

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Speaker 8: that's our best guess as to what policy is going

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Speaker 8: to be. You know, economic policy is going to be

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Speaker 8: here around the tariffs and deportation and fiscal policy, the

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Speaker 8: tax cuts, how much of that's going to be deficit

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Speaker 8: financed and all the other things that are going on

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Speaker 8: here with regard to fed independence and regulation, less regulation,

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Speaker 8: what does that mean for growth? All those But because

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Speaker 8: of the high degree of uncertainty, we run different scenarios

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Speaker 8: scenarios where the tariffs aren't quite as significant. They're not

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Speaker 8: on as many countries, across as many products, they don't

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Speaker 8: remain in place for very long. But this goes to

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Speaker 8: a very important point, and that is the uncertainty itself

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Speaker 8: is a weight on economic growth. And that's one of

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Speaker 8: the I think underappreciated downsides of things like tariffs, because

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Speaker 8: they are so complex and opaque. There's gonna be a

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Speaker 8: lot of changes here that it's moving around all over

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Speaker 8: the place. Business people are going to have a hard

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Speaker 8: time with that. They're not going to be able to

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Speaker 8: make predecisions around that, they're not going to invest, and

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Speaker 8: that's a significant weight on economic growth.

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Speaker 7: Board.

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Speaker 2: I take great, great issue with the fear about applaza

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Speaker 2: accord doctor Zandy Greg Yep with a spectacular essay in

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Speaker 2: the Wall Street Journal like put it out on Twitter

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Speaker 2: and linked in, really going after doctor Mirron, who will

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Speaker 2: be the economic advisor for mister Trump. Mister Mirran suggesting

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Speaker 2: that dollar adjustment like a plaza accord where we would

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Speaker 2: force a weaker dollar is one outlet for America. How

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Speaker 2: do you force a weaker dollar? Mark, Sandy, I don't know, Tom,

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Speaker 2: It's a setup, because I know Zandy had smoke coming

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Speaker 2: out of his ears. A wise one from Pennsylvania, please

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Speaker 2: discuss the gentleman from Cambridge.

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Speaker 7: Yeah, I don't get that one, especially if you be independence.

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Speaker 8: I mean, I suppose you could capture the Fed and

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Speaker 8: get them to do whatever you want, and.

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Speaker 7: You know, maybe that pushes down the value of the dollar.

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Speaker 7: I don't know. I mean, you know, if you.

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Speaker 8: Have broad based tariffs buckle in, it means a higher

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Speaker 8: value the dollar. I mean, I can't imagine the Chinese

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Speaker 8: not using their currency as a way to exact right,

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Speaker 8: I mean, so in the US, you know, given where

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Speaker 8: the US economy is, I just don't say it.

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Speaker 7: So, I don't know. I'm perplexed by that.

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Speaker 8: Well, you know, there's a lot of policy proposals out

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Speaker 8: there there, you know we're hearing about that I'm perplexed about.

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Speaker 7: But that's that's at the top of the list. Don't

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Speaker 7: get it.

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Speaker 3: Mark, We got to leave you there. We got to

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Speaker 3: get you back soon.

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Speaker 4: Here.

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Speaker 2: On tariff analysis, Sandy on fire out on Twitter a

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Speaker 2: huge value add whether you agree with doctor Sandy or not.

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Speaker 2: Of course, with Moody's analytics.

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Speaker 1: This is the Bloomberg Surveillance podcast. Listen live each weekday

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Speaker 1: starting at seven am Eastern on Applecarplay and Android Auto

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Speaker 1: with the Bloomberg Business app. You can also listen live

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Speaker 1: on Amazon Alexa from our flagship New York station. Just

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Speaker 1: say Alexa, play Bloomberg eleven thirty and.

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Speaker 2: We migrate over with really a continuation of the discussion

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Speaker 2: where Gina Mayer joins US Global Head of Markets KPMG.

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Speaker 2: Is Well, Regina, how does KPMG on a first stab

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Speaker 2: assess the California fires.

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Speaker 9: Well, I think everyone's still just trying to come to

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Speaker 9: grips with what it will all mean. And I think

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Speaker 9: right now a lot of folks are simply focused on

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Speaker 9: the human tragedy that we're watching unfold in front of

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Speaker 9: our eyes. You know, obviously, we have folks that look

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Speaker 9: at what's the potential damages, what what might this mean

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Speaker 9: for the insurance agency agencies or the insurance market itself,

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Speaker 9: And of course I pay attention to what does this

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Speaker 9: mean about the future of utilities and electrical provisions and

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Speaker 9: infrastructure from my seat at the table.

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Speaker 2: So what do you see about utilities besides you know,

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Speaker 2: the litigation and the snarkiness and all that that's the

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Speaker 2: modern age. Maybe it happened in the San Francisco earthquake,

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Speaker 2: I don't know. But what do the new utilities look

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Speaker 2: like after this shock?

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Speaker 9: Well, I think I think the utility systems will continue

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Speaker 9: to look in large part the same. I think what

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Speaker 9: I've been paying attention to is obviously the investor reaction.

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Speaker 9: If you look at some of the stock performance of

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Speaker 9: the local utility, just to give you one example, they've

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Speaker 9: already lost four point three billion dollars in market cap,

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Speaker 9: and that's probably greater than what the potential liability would

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Speaker 9: be even if they were to be found liable, which

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Speaker 9: no one understands where the source of these fires have

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Speaker 9: come from yet, So I'm not implying at all that

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Speaker 9: there's any culpability, but the investor responses is quite out

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Speaker 9: of whack. So I do think that we need to

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Speaker 9: look at what other options we have, you know, can

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Speaker 9: we transition more to small scale nuclear reactors. I do

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Speaker 9: like the move toward maintaining our base load nuclear infrastructure,

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Speaker 9: making sure that we have more options to provide electricity.

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Speaker 9: And then, of course the other thing was water pressure,

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Speaker 9: because water pressure is a lot of times driven by

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Speaker 9: electricity and even the local Water and Electrical group is

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Speaker 9: LA was saying that they did not proactively shut off

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Speaker 9: electricity for the reasons of keeping water pressure on. So

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Speaker 9: I don't think we have any sense yet of exactly

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Speaker 9: what is transpiring, and I do think there will be

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Speaker 9: some lessons learned, like there have been for multiple fires

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Speaker 9: that have happened in California, and it will continue to

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Speaker 9: affect the landscape of utilities across the country.

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Speaker 6: Well, let's go down that path that you just kind

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Speaker 6: of let us down, and that is the future of

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Speaker 6: nuclear energy in this country, and it's something that's had

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Speaker 6: a lot of currency lately. I think in the context

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Speaker 6: of the surge and growth we've seen in AI and

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Speaker 6: the demand that that's placed on the power gridges to

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Speaker 6: power the data centers they're being built to sustain it.

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Speaker 6: Do you sense that there is a change in appetite

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Speaker 6: or appreciation for the role that nuclear power could play

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Speaker 6: here in the US.

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Speaker 9: It's definitely experiencing a renaissance, which I find quite encouraging

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Speaker 9: because personally, a decade or so ago, I was quite

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Speaker 9: distressed that we were prematurely shutting down nuclear assets, and

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Speaker 9: now I see us getting tax credits and incentives for

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Speaker 9: keeping these assets more in play. You've seen some of

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Speaker 9: the recent announcements with some of the large tech players

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Speaker 9: partnering with utility providers to restart nuclear facilities. This is

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Speaker 9: strong baseload infrastructure that's already connected to the transmission grid,

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Speaker 9: and you wouldn't have to provide necessarily new infrastructure. Building

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Speaker 9: new ones though prohibitively expensive, as we've seen from some

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Speaker 9: of the new reactors that are coming that are coming online.

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Speaker 9: But I do think that there's more of an appetite,

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Speaker 9: and it's driven by the tech companies that know that

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Speaker 9: they need this. A recent survey that KPMG did, we

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Speaker 9: found that fifty five percent of our tech buyers were

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Speaker 9: willing to pay fifty percent or more for electricity to

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Speaker 9: ensure that it's reliable and sustainable.

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Speaker 6: I've been thinking a lot about this time in the

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Speaker 6: context of Jimmy Carter, who marinating on what he did

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Speaker 6: in the Navy when he was working in the nuclear subprogram,

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Speaker 6: and it was something that kind of frustrated him throughout

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Speaker 6: his life, was this kind of popular opinion turning against

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Speaker 6: the nuclear industry when he was someone who actually thought

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Speaker 6: that it was quite safe and executed in such in

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Speaker 6: such a safe way.

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Speaker 5: Regina.

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Speaker 6: We were talking earlier just about oil and where it's headed.

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Speaker 6: We were talking with Havier Blush just about sort of

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Speaker 6: the rhetoric that we're hearing from the President elect about

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Speaker 6: this drive to produce more oil here in the US

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Speaker 6: and how that will affect the global oil market. From

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Speaker 6: your advantage and with your experience in the world of energy,

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Speaker 6: how do you see that playing out here over the

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Speaker 6: next year eighteen months, that the pressure that presumably this

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Speaker 6: new president will will put in place to increase production

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Speaker 6: here in the US. As we're seeing prices where.

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Speaker 9: They are, well, I think that the industry is producing

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Speaker 9: as great an amount as they possibly can, and you

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Speaker 9: see that continuing to inch up. We've continued to have

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Speaker 9: record amounts of US production vers it's thirteen point two,

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Speaker 9: then a thirteen point three, then a thirteen point four

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Speaker 9: million barrels per day. So I do think the industry

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Speaker 9: is producing more because the price environment is positive. What

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Speaker 9: could happen with the new administration that would be positive

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Speaker 9: from the industry perspective is more leasing opportunities in the

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Speaker 9: Gulf of Mexico, and what the industry is asked for

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Speaker 9: is improvements in the permitting process that end the end

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Speaker 9: permitting process when you even look at popeline writing way,

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Speaker 9: it's not just drilling is a bone of contention, and

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Speaker 9: I think there's a lot of optimism that the current

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Speaker 9: the new administration, we'll be able to help with that

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Speaker 9: when you think about other things like drilling in the Arctic.

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Speaker 9: If you'll notice the Department of Interior got zero bids

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Speaker 9: for the latest round of potential and war drilling opportunities,

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Speaker 9: and all of the leases that were taken in twenty

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Speaker 9: twenty one have all fallen into forfeiture. So I don't

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Speaker 9: think it's going to be expansive into new areas. But

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Speaker 9: if you ease the opportunity to drill in the places

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Speaker 9: where the industry is very comfortable, and you create more

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Speaker 9: opportunity than the golf which is quite prolific, I think

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Speaker 9: those could have some longer term impacts. It's not a

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Speaker 9: twelve to eighteen month story though.

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Speaker 2: Brilliant, Regina Mayor, I thank you so much. Affiliated with

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Speaker 2: Rice University, Houston, Global Head of Clients at Markets KPMG

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Speaker 2: is Well.

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Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday

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Speaker 1: starting at seven am Eastern on Apple Corplay and Android Auto.

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Speaker 5: With the Bloomberg Business app.

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Speaker 1: You can also watch us live every weekday on YouTube

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Speaker 1: and always on the Bloomberg terminal.

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Speaker 2: The Daily look at the front pages, the Lisa Matteo

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Speaker 2: moment Lisa.

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Speaker 3: A busy week it.

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Speaker 10: Is, and a busy news flow too. We're still talking

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Speaker 10: about the Los Angeles fires. This just coming in from

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Speaker 10: the Daily Mail that the mega mansion that was featured

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Speaker 10: in the hit show Succession that is gone. It's been

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Speaker 10: reduced to rubble. It's the most expensive home in the

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Speaker 10: Pacific Palisades. If you remember, if you're a fan of

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Speaker 10: the show, it appeared in season four Succession twenty twenty three.

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Speaker 10: It was the home of the Roy siblings. You saw

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Speaker 10: the patios views, like those extensive views of the area

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Speaker 10: that was a backdrop for a lot of areas. It

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Speaker 10: was Coursey fire pit, fire pit exactly exactly, so everything

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Speaker 10: out of there. But they're saying that it has collapsed.

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Speaker 10: It was a four story building. It was owned by

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Speaker 10: Luminar Technology chief Austin Russell. He actually bought it in

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Speaker 10: twenty twenty one for eighty three million dollars. It was

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Speaker 10: valued around one hundred and twenty five million before the fires,

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Speaker 10: and he actually wasn't even living there. He was it

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Speaker 10: was being rented out when the fires, before the fire

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Speaker 10: started for about four hundred and fifty thousand dollars a month.

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Speaker 10: But that now is gone. It's been reduced to rubble till.

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Speaker 6: We were talking about this before the show, just the

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Speaker 6: way in which people, yes, in Los Angeles, but outside

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Speaker 6: of Los Angeles, trying to piece together if these properties

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Speaker 6: still exist, to a lot of kind of forensic work,

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Speaker 6: just trying to figure that out.

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Speaker 3: Yeah, we're all touched by it.

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Speaker 2: And you know, I thought this the security overlayer hed

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Speaker 2: Yesterday's great, but the real story is the fires aren't over.

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Speaker 2: That's you know, on this Monday. The story is Rob

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Speaker 2: Carolyn's on total watch through at least Wednesday, if not

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Speaker 2: of a Thursday of next year.

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Speaker 10: And also a Lucas shadow. He has a great insight

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Speaker 10: in his screen time Newslayer about the effect of Hollywood

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Speaker 10: Yes on the fire sea that yes, all right, we'll

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Speaker 10: take you from California. We're moving over to Colorado. It's

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Speaker 10: a different kind of look. If you've been to Aspen lately,

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Speaker 10: used to have like the North faced puffers and jeans.

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Speaker 10: Well a spin is going a little more country chic

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Speaker 10: cowboy hats, but like with diamonds in them. So I

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Speaker 10: think we need a road track.

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Speaker 3: Street.

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Speaker 10: I really think we do. We have to go to

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Speaker 10: Gucci Prada because they're all like starting to go in

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Speaker 10: the area. Now, this is the Wall Street journalist saying,

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Speaker 10: like Max Maarra opened the store where you can get

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Speaker 10: a four thousand dollars you know, fuzzy teddy coat. Max Maara, sorry.

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Speaker 7: To check it out.

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Speaker 10: You have no idea, but it's changing. You know, the

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Speaker 10: snowbodies are wearing like Prada puffers and.

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Speaker 3: What if they fall down?

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Speaker 2: Okay, they got a if you fall down, is it

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Speaker 2: you fall down with any more grace?

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Speaker 10: Guess it's not.

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Speaker 6: But you look good. Do you spend some time Centennial State? Tom,

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Speaker 6: you go to Aspen? When you were there, I mean

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Speaker 6: when you were.

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Speaker 3: I went through it. Yeah.

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Speaker 2: The one I really did was steamboat to the West,

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Speaker 2: but that was ancient history. And you know they're having

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Speaker 2: a rough time of it between ski patrol on strike

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Speaker 2: at parts.

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Speaker 5: That's right, that's right.

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Speaker 6: Just the sheer to me, there's the demand for champagne,

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Speaker 6: I guess and Aspen.

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Speaker 3: Yeah, it's you know.

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Speaker 2: It's it's a lot of.

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Speaker 10: A lot of celebrities going there were I carrying Jenn Filoba's,

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Speaker 10: Jeff Bezos, okay, Tommy, baby boomers and users of weight

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Speaker 10: loss drugs giving this boost to injectable esthetic treatments. This

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Speaker 10: was in the Financial Times. It's because quick explanation, people

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Speaker 10: losing weight. Right, your face begins to sag and they

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Speaker 10: call it o zembic face.

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Speaker 9: Huh.

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Speaker 10: So now they are needing these injectibles to help give

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Speaker 10: a little plump, give it.

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Speaker 6: That neuromodulators, Tom, with that little plump.

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Speaker 9: That you need.

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Speaker 10: And they say baby boomers are starting over sixty plus

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Speaker 10: and it's not just women, it's men too, to let

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Speaker 10: you know, but they're seeing this significant uptick in the

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Speaker 10: use of it. So these are injectables. They make you

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Speaker 10: reduce wrinkles, but also give your skin that little plumpness

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Speaker 10: to kind of help it out after.

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Speaker 6: You lose weight.

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Speaker 10: Now you're doing you gotta go check it out.

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Speaker 2: Tom, Lisa Mateo, thank you so much.

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Speaker 3: After Proudy and guccin askemen you go.

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Speaker 1: This is the Bloomberg Surveillance podcast, available on Apple, Spotify,

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Speaker 1: and anywhere else you get your podcasts. Listen live each weekday,

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Speaker 1: seven to ten am Easter and on Bloomberg dot Com,

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Speaker 1: the iHeartRadio app, tune In, and the Bloomberg Business app.

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Speaker 1: You can also watch us live every weekday on YouTube

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Speaker 1: and always on the Bloomberg Terminal