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Speaker 2: So the Boeing seven eighty seven Dreamliner that was operated
Speaker 2: by Air India crash shortly after taking off in India,
Speaker 2: killing all. But it's killing all two hundred and forty
Speaker 2: two people on board joining us now is said Phillip Bloomberg,
Speaker 2: Deputy team leader for Global Aviation. I said he was
Speaker 2: in London, but he's not. He's in Paris. I should
Speaker 2: have known from the Eiffel Tower that's behind him. For
Speaker 2: those of you on radio, this is all right before
Speaker 2: the Paris air show, right, what are you hearing on
Speaker 2: the ground.
Speaker 3: Thanks Alix. So at the moment, we don't really have
Speaker 3: details on what rety went wrong with the aircraft and
Speaker 3: what caused the crash. I mean it reached an altitude
Speaker 3: of six hundred and twenty five feet and then it
Speaker 3: sort of just plummeted the ground in a massive fireball.
Speaker 3: And we know that over two hundred over two hundred
Speaker 3: people have been pulled out dead. There has been some
Speaker 3: mention of survivors, we don't really know how many. The
Speaker 3: police said that survivors have been taken to hospital. We're
Speaker 3: not quite sure whether those survivors are from the aircraft
Speaker 3: or whether they're from the residential building. So the plane
Speaker 3: crashed into a residential building. It was a medical college
Speaker 3: hostel and that's where students and doctors were eating lunch
Speaker 3: when the plane crashed. So it was a massive tragedy
Speaker 3: the bot for air India, for India, and obviously it's
Speaker 3: raised lots of questions on Boeing and we're still waiting
Speaker 3: to see what those answers actually are to those questions
Speaker 3: as to what caused it and where do we go
Speaker 3: from here.
Speaker 4: So typically who leads these investigation series at the host
Speaker 4: country is that the airline? Is it? How does that work?
Speaker 3: Yes, so the investigation will be led by investigators from India.
Speaker 3: So typically when a plane crashes, the country where the
Speaker 3: plane crash leads the investigation into what went wrong. The
Speaker 3: other countries that sort of we have FA input, we
Speaker 3: have NTSP input, we have input from the manufacturer. In
Speaker 3: this case Boeing in also from GE because they made
Speaker 3: the engine, So there will be input from others. And
Speaker 3: we've also seen the UK Air Investigation Investigation Accident Investigation
Speaker 3: Board talking that they would be sending some investigators to
Speaker 3: India tomorrow, so there will be it will be a
Speaker 3: multinational effort in terms of trying to find out what
Speaker 3: went wrong and then they will sort of determine where
Speaker 3: the problem came up from and what really caused this crash.
Speaker 2: We are seeing Boeing shares down obviously looking at GE
Speaker 2: because they were using GE engines. Are those market reactions investors'
Speaker 2: reactions legitimate considering how much unknown there are, how hard
Speaker 2: it is to fly planes and the variables like birds.
Speaker 3: It's difficult to actually put a sort of input this
Speaker 3: onto Boeing or GE because I mean, this aircraft has
Speaker 3: been in service for over eleven years, almost twelve years,
Speaker 3: so it's not a brand new aircraft that's just come
Speaker 3: off fresh off the line from Boeing. So I mean
Speaker 3: it is sort of far fetched to sort of pin
Speaker 3: the blame on Boeing without sort of ascertaining the causes
Speaker 3: of what happened and what went wrong. I mean, obviously
Speaker 3: the investigation will determine what went wrong and who is
Speaker 3: it fauld and if there was pilot error, if there
Speaker 3: was any technical issue, if there was something wrong with
Speaker 3: the plane or with the engines. But it's all still
Speaker 3: too early to determine the cause of it, and so
Speaker 3: it does seem to be an initial reaction, and we
Speaker 3: will get more clarity on what really went wrong in
Speaker 3: the days and months ahead as we sort of as
Speaker 3: investigators sort of port through the flight data recorders, the
Speaker 3: cockpit voice recorders and sort of pieced together, minute by minute,
Speaker 3: second by second, what really went wrong.
Speaker 4: All right, so thank you so much for joining us.
Speaker 4: Really appreciate your reporting, said our Philip, deputy team leader
Speaker 4: for Global Aviation Bloomberg News. He is based in London,
Speaker 4: but who's reporting from our Paris bureau today.
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Speaker 4: All right, let's talk inflation. Yesterday, Remember we had the
Speaker 4: CPI data came out and it came in a little
Speaker 4: less than expected, so we called that benign inflation, I
Speaker 4: think was the term we used. As John's just mentioned,
Speaker 4: we got the PPI out today, John characterized it as muted.
Speaker 4: I'll go with that PPI final demand month the month
Speaker 4: zero point one percent, consensus was zero point two percent.
Speaker 4: And then if you annualize all this stuff and say
Speaker 4: PPI X food, energy and trade year over year came
Speaker 4: in a two point seven percent. Consensus was three percent.
Speaker 4: So that's a pretty big beat, I would say. Jeffrey
Speaker 4: Cleveland joins economists at Peyton and Regal out there in
Speaker 4: l A. Jeffrey, what did you make of yesterday's CPI,
Speaker 4: today's PPI what you call on inflation these days?
Speaker 5: Well, Paul, not only was it benign for May, that's
Speaker 5: four months in a row, So four months in a row,
Speaker 5: after you know, a January hot start to the year,
Speaker 5: CPI has been soft. I know the inflationistas listening are
Speaker 5: going to say that, you know, just wait, just wait
Speaker 5: another month and the tariff toll will will hit, and
Speaker 5: that is possible. But I would point out that in
Speaker 5: the day that we saw yesterday, it wasn't just that
Speaker 5: goods prices were soft. Also services prices were soft, So
Speaker 5: you know, housing free which are we all clear, but
Speaker 5: also non housing services. I wouldn't say the all clear, Alex,
Speaker 5: but I mean it's uh, we're getting there. We're getting
Speaker 5: close to say it all clear. I think another another
Speaker 5: couple of months, I'll declare the the all clear. I
Speaker 5: think also with this morning's PPI, you throw that in
Speaker 5: the mix. You can imagine a soft reading for core
Speaker 5: PCEE when it comes out at the end of this month,
Speaker 5: which is what the FED is more focused on, and
Speaker 5: I think very good news for the central Bank and
Speaker 5: for the bond market. So soft inflation.
Speaker 4: Readings, So, Jeff, is it we're not necessarily seeing any
Speaker 4: inflation in the numbers yet? Maybe we will in the future.
Speaker 4: Is that a reflection of companies just kind of eating
Speaker 4: the cost increases that they are experiencing, maybe taking in
Speaker 4: the margin as opposed to passing them along to consumers.
Speaker 5: That's a possibility, Paul, It's possible. We just haven't seen
Speaker 5: the pass through yet. People are shifting their behaviors, people
Speaker 5: are making up for it in other ways and not
Speaker 5: passing it through into prices. I think all of those
Speaker 5: are in the mix. I think one thing we've been
Speaker 5: telling clients is that. Keep in mind, imported goods in
Speaker 5: terms of the PCE index are six seven eight percent
Speaker 5: of the index, so you could see potential price increases
Speaker 5: on those goods, but you have to keep in mind
Speaker 5: most of what you spend your money on, PAUL are
Speaker 5: things like services, and those we still see scope for
Speaker 5: services to continue to cool off, and certainly we saw
Speaker 5: that in May, so that could outweigh some of the
Speaker 5: tariff price increase. That's a good news. So I think
Speaker 5: by the end of the year, so if you can
Speaker 5: look out six months or so, I think inflation will
Speaker 5: continue to moderate. Okay, So if.
Speaker 2: We are in this disinflationary environment right now, well, actually,
Speaker 2: would you categorize us as disinflation?
Speaker 4: Oh?
Speaker 5: Yeah, I mean we peaked in twenty twenty two at
Speaker 5: a very high level on core inflation. It's been coming down.
Speaker 5: It's been coming down slower than we would have hoped,
Speaker 5: but it is disinflating. So I think we're definitely in
Speaker 5: a disinflationary environment right now.
Speaker 2: Yes, So if it's disinflationary, is that enough for the
Speaker 2: FED to cut in July September predemptively?
Speaker 5: I think you have to step back here. You put
Speaker 5: yourselves in the shoes of the FED. You're at four
Speaker 5: fifty on the funds rate. I would categorize that alex
Speaker 5: as restrictive. So they have a restrictive policy setting. But
Speaker 5: we know, we just talked about it. Inflation is cooling.
Speaker 5: Disinflation and the other thing that you brought up earlier
Speaker 5: on a segment which was wonderful, We are seeing a
Speaker 5: slow down in the lake. So with that backdrop, I
Speaker 5: think the next move from the Fed is a cut.
Speaker 5: Question is what are they comfortable doing that. I don't
Speaker 5: think it's likely next week, but I think the market
Speaker 5: should start pricing in July, should start entertaining July. But
Speaker 5: we think but by September guys will have some evidence
Speaker 5: enough where they could possibly cut.
Speaker 4: If that's the scenario, and inflation, you know, is not
Speaker 4: necessarily a concern here or a big concern, what does
Speaker 4: that do to your GDP? Look for the remainder of
Speaker 4: this year, we.
Speaker 5: Cut our GDP Paul after the tariff turmoil really broke
Speaker 5: out starting February second. That Sunday afternoon, my team got
Speaker 5: together and we cut our GDP. So we went down
Speaker 5: to one percent for twenty twenty five Q four to
Speaker 5: Q four we brought that actually up a little bit
Speaker 5: in recent weeks, so we're around one point five percent
Speaker 5: for the year. That's not a recession, Paul. I would
Speaker 5: characterize that as subpar economic growth, so subtrend, but that
Speaker 5: doesn't really change here with that with this disinflation story,
Speaker 5: I think that that will be the case. We'll have
Speaker 5: subpart growth, We'll avoid a recession, but we'll have disinflation.
Speaker 5: That's good for bonds. I think you're especially the long
Speaker 5: end of the treasury market is really been pushed up
Speaker 5: by fears of the fiscal fears of inflation from tariffs,
Speaker 5: and if all of that sort of fades, man bonds
Speaker 5: look good. We have a good set up here for
Speaker 5: the bond market over the second half of the year.
Speaker 5: In my view, really deficits included in that. Yeah, I
Speaker 5: mean the deficits, Alex. This is the most widely known
Speaker 5: story on Earth, you know, talking to global clients for years,
Speaker 5: they've been looking at the US budget deficit. It's huge.
Speaker 5: I'm not denying that six or seven percent of GDP.
Speaker 5: I don't think that's going to change next year with
Speaker 5: the big beautiful budget bill, but I think that's priced in.
Speaker 5: We see that in I think the slope of the
Speaker 5: curve in turn premium that's been built into tens and
Speaker 5: thirty year treasuries. So that's no, that's a known known.
Speaker 5: I think as we move on beyond that, you know,
Speaker 5: people are going to realize the real story here is, Okay,
Speaker 5: what happens with growth and what happens with inflation that
Speaker 5: will drive markets.
Speaker 4: Hey, Jeffrey, I know you're in LA. You're an LA guy.
Speaker 4: Give us a sense of what's happening out there.
Speaker 5: Well, you know, I'm twenty five miles from downtown LA today,
Speaker 5: as you can see here in the home office. Part
Speaker 5: of that is because paid and regal offices are, you know,
Speaker 5: in the heart of it, downtown Los Angeles, which enjoyed
Speaker 5: such a great resurgence pre COVID. It was really a renaissance,
Speaker 5: if you will. Yeah, people living and working down there.
Speaker 5: So the events that we've seen in the last week
Speaker 5: or so really unfortunate, causing a lot of uncertainty here
Speaker 5: on the West Coast. I think as far as it
Speaker 5: pertains to the economic data, I mean, the big thing
Speaker 5: we're watching here, Paul, is the labor force. You saw
Speaker 5: that actually in the May jobs report, labor force participation
Speaker 5: went down. We like to look at the labor force flows,
Speaker 5: so every month you can look at the number of
Speaker 5: people that are going from being employed, for example, to
Speaker 5: out of the labor force, and in May that number
Speaker 5: was the biggest increase that we've seen outside of COVID
Speaker 5: in the last twenty twenty five years. It could be retirements,
Speaker 5: it could be people leaving the labor force for reasons other,
Speaker 5: you know, than work related, maybe family related reasons. But
Speaker 5: it could also be related to the immigration issues. So
Speaker 5: I think we need to keep we need to keep
Speaker 5: an eye on that because the labor force participation is
Speaker 5: the key part of economic growth.
Speaker 4: Jeffrey, thank you so much for joining us. Really appreciate
Speaker 4: getting your time. Jeffrey Cleveland, Chief economists Payden and Regal
Speaker 4: joining us via zoom from Los Angeles, where he is
Speaker 4: a based.
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Speaker 4: All right, I'm looking at some Bloomberg reporting here, and
Speaker 4: Donald Trump says he's intended to send letters to trading
Speaker 4: partners in the next one to two weeks setting unilateral
Speaker 4: tariff rates ahead of a July ninth deadline to reimpose
Speaker 4: higher duties on dozens of economies. So sending out letters.
Speaker 4: I'm not sure what that means, but I guess do
Speaker 4: I watch mine? Dear sir, maam exactly to whom it
Speaker 4: may concern, we're raising your things. Nathan Dean, he knows
Speaker 4: the stuff because we pay him to know this stuff.
Speaker 4: Nathan Dean, Bloomberg Intelligence senior policy analysts. Nathan, just give
Speaker 4: us your latest kind of over you of where we
Speaker 4: are on these tariffs here in little I guess context.
Speaker 6: Yeah, what I would say is, there's really two phrases
Speaker 6: we're saying at the moment. The first is uncertainty. And look,
Speaker 6: if you're in the markets, this isn't a new word,
Speaker 6: you know. The uncertainty is the year for is the
Speaker 6: word for twenty twenty five. But I would also use
Speaker 6: the phrase status quo because even though President Trump said
Speaker 6: yesterday that he's going to send those letters out, and
Speaker 6: for what it's worth, that's a much easier way than
Speaker 6: going to the Rose Garden and holding up a little
Speaker 6: card that.
Speaker 4: Says caclates, you know.
Speaker 6: I think what we're going to see is we saw
Speaker 6: some reporting from Bloomberg News just last night that President
Speaker 6: Trump was also talking about extending this. So I think
Speaker 6: the current idea here is is that you're going to
Speaker 6: have a situation where you have President Trump going out
Speaker 6: there and making threats or making statements that raises headline risk.
Speaker 6: But subsequently you're also going to have this idea that
Speaker 6: we're just going to try and keep the status quo
Speaker 6: because we don't want to rock the markets. And so
Speaker 6: I think you are going to see some examples. I
Speaker 6: think President Trump may pick on a couple of countries
Speaker 6: or the European Union in particular, to try and raise
Speaker 6: a renewed threat or a headline risk in order to
Speaker 6: just spur negotiations. But I think for the next three
Speaker 6: to six months, the markets are going to face this
Speaker 6: on this status quo of a ten percent baseline plus
Speaker 6: an extension or plus an exemption, or plus a certain
Speaker 6: additional threshold like we saw with the China agreement and
Speaker 6: that should probably stick through the third quarter.
Speaker 2: Are these agreements, Emily, we're just looking at China in
Speaker 2: the UK, are they actually different or are they just
Speaker 2: kind of circling back to where we were before all
Speaker 2: of this trauma unfolded here.
Speaker 6: Well, so the China one is mostly status quote from
Speaker 6: where we were before, But the UK agreement was different
Speaker 6: because the United Kingdom didn't have a trade deficit with
Speaker 6: the United States like other certain countries do. So the
Speaker 6: base case scenario that you should be looking at is
Speaker 6: a ten percent minimum tariff on every country.
Speaker 5: I mean, look, you know.
Speaker 6: We heard Treasury Secretary Scott Besson say if they don't
Speaker 6: have any trade, you know, tariff's on us, we're not
Speaker 6: going to have tariffs on them. But this idea of
Speaker 6: a ten percent baseline is something that's usually sticking around at.
Speaker 5: The White House.
Speaker 6: But then you're also going to see exemptions for example, automobiles, technology.
Speaker 6: Anybody that can get into the White House is going
Speaker 6: to be pushing for President Trump to offer exemptions. And
Speaker 6: we just go back to this idea that if you
Speaker 6: are going to see sectors that impact consumer prices, so
Speaker 6: think of things like Apple, MacBooks or Amazon or you know, Walmart,
Speaker 6: Like Treasury Secretary Scott Bessont was just getting pushed about
Speaker 6: in the Senate Finance Committee, and you are going to
Speaker 6: see exemptions, but then there are going to be additional
Speaker 6: you know, tariffs for other countries. But we should say
Speaker 6: that a lot of this depends on negotiations. Bloomberg News
Speaker 6: reported just twenty minutes ago that Prime Minister Mark Karney
Speaker 6: said the US Canada's going well. They reported last night
Speaker 6: that negotiations with India weren't going so well, so that
Speaker 6: idea for examples to be made before July ninth could
Speaker 6: come about.
Speaker 4: Okay, I guess we'll just we just keep in touch
Speaker 4: with some skepticism. But it feels like we're going to
Speaker 4: get to a spot kind of where we did last time,
Speaker 4: which is, at the end of the day, it's a
Speaker 4: lot about nothing, you know, and I think the markets,
Speaker 4: certainly the equity markets might be pricing that in with
Speaker 4: the rebound here all right, Nathan, for the adults in
Speaker 4: the room here, what's the next thing from DC we
Speaker 4: should be focusing on here?
Speaker 6: So the number one question we've been getting from our
Speaker 6: clients just this morning is when is the Senate Finance
Speaker 6: Committee going to release its legislation or its text President
Speaker 6: Trump's One Big, Beautiful Bill. So if you are an
Speaker 6: equity investor in your you know, exposed to the solar
Speaker 6: industry or the winds industry, this is very important to
Speaker 6: you because Senator Crape out just last night was saying
Speaker 6: that things like certain text credits should be phased out earlier,
Speaker 6: and we think he was hitting at solar and wind
Speaker 6: and others would be extended, which was nuclear and geothermal.
Speaker 6: Now obviously we're still waiting for that text. Now. I
Speaker 6: think that text is going to come after market clothes
Speaker 6: on Friday. I think it's going to come Saturday or Sunday.
Speaker 6: But keep your eyes out because there is this potential
Speaker 6: for some what I you know, I used to say
Speaker 6: marijuana stocks have hot sauce. Now I say the solar
Speaker 6: stocks they have hot sauce. So these things move around,
Speaker 6: So definitely keep your eyes out for that. That's probably
Speaker 6: the next major catalyst you're going to see coming from Washington, is.
Speaker 2: That like a hot sauce reference is a good thing
Speaker 2: or a bad thing or just spicy, just stuff spicy.
Speaker 6: I stole it from our friends over in the ETF space.
Speaker 2: Okay, no, fair enough, because a solar sector is just
Speaker 2: really in a mess based on when the tax credits
Speaker 2: land when it comes out of the Senate.
Speaker 5: Do you think the timeline still works?
Speaker 1: I do.
Speaker 6: I think, you know, obviously the Senators want to have
Speaker 6: all this legislation out in the public arena before Juneteenth.
Speaker 6: Next week they're going away for a couple of days,
Speaker 6: and I think the Senate can eventually get there. They
Speaker 6: seem to be a little bit more i'd say on board.
Speaker 6: There's still major questions about the deficit, getting the ram
Speaker 6: Pauls on the dead ceiling, and you know the other
Speaker 6: senators Ron Johnson's if you will, on board. But I
Speaker 6: think they can get there by the fourth of July,
Speaker 6: or maybe even after the fourth of July. We still
Speaker 6: are thinking at eighty percent chance this gets done before
Speaker 6: the August recess, all right.
Speaker 4: I mean those recesses are actually a good incentive to
Speaker 4: get stuff like deadlines. Yes, so it's good, all right.
Speaker 4: Nathan appreciate it as always, Nathan Dean, he is our
Speaker 4: go to person in DC to explain all the craziness
Speaker 4: down there in terms of the policies. Nathan Dean senior
Speaker 4: policy analysts Bloomberg Intelligence. He's down on our DC bureau.
Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live
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Speaker 2: Happy Thursday, everybody. Alex still here alongside Paul Sweeney. This
Speaker 2: is Bloomberg Intelligence Radio. We are broadcasting to live from
Speaker 2: Interactive Broker Studio right here in Midtown Manhattan. So June
Speaker 2: is Pride Month. So over the next couple weeks we're
Speaker 2: going to highlight segments on topics related to equality. And
Speaker 2: today we're speaking with Laura Maudy, a CEO and co
Speaker 2: founder of Bobby Now. Bobby is the only mom founded
Speaker 2: and lead pediatric nutrition company in the US and the
Speaker 2: third largest fully integrated infant formula manufacturer in the country. Laura,
Speaker 2: we remember speaking to you over the pandemic when there
Speaker 2: were shortages of things like infant formula. What is first
Speaker 2: and foremost on your radar right now, like the biggest
Speaker 2: struggle that you have right now?
Speaker 7: Lovely to chat with you guys again.
Speaker 8: Hello, I am the biggest struggle I think right now
Speaker 8: is you know, you'll remember the infant formula shortage in
Speaker 8: twenty twenty two. There has been a very concentrated effort
Speaker 8: to make sure that we diversify and break up the
Speaker 8: concentrated market, and the only way to do that is
Speaker 8: to invest in more domestic manufacturing. I think the last
Speaker 8: time I spoke to you guys, I mentioned that we
Speaker 8: have co created a bill that really allows and incentivizes
Speaker 8: more domestic manufacturing for infant formula, and right now that
Speaker 8: is the number one focus.
Speaker 4: The Infant Formula Made in America Act of twenty twenty five.
Speaker 4: Talk to us about that.
Speaker 8: So again, like I said, this is on the back
Speaker 8: of the shortage, and what we recognized was nothing will
Speaker 8: change if nothing changes when it comes to the footprint
Speaker 8: of infant formula manufacturing. So this bill incentivizes new players
Speaker 8: to up level and to break ground and build infant
Speaker 8: formula manufacturing here in the US.
Speaker 2: Is it How expensive is it?
Speaker 7: It's very expensive.
Speaker 8: It's very expensive, but maybe nothing like other other investments
Speaker 8: that are being made right now in manufacturing. It takes
Speaker 8: around three years and it could be anywhere from you know,
Speaker 8: sixty to one hundred and fifty million dollars to get
Speaker 8: a basic footprint in place, and sometimes even more, and
Speaker 8: given how long it takes to be able to get
Speaker 8: more manufacturing up and running, this is why we can't
Speaker 8: wait for another crisis.
Speaker 7: The investments have to happen now. And what this.
Speaker 8: Bill is is and it's finally gotten bipartisan support. I
Speaker 8: don't actually believe there's anything more bipartisan than investing in
Speaker 8: how our next generation is fed and building the resiliency
Speaker 8: of this market. I am just hoping that this bill
Speaker 8: gets introduced as something that gets passed sooner rather than later.
Speaker 4: Just remind us, Lara, where do Americas Where do we
Speaker 4: source most of our infant formula these days?
Speaker 8: Yeah, look, most of it, most of it is sourced domestically.
Speaker 7: But what we did do is that we allowed.
Speaker 8: Some international formulas, some foreign formulas come into the country.
Speaker 7: On the back of the shortage.
Speaker 8: We essentially have imported our way out of a crisis,
Speaker 8: and that is still happening. So over the last few years,
Speaker 8: we've gone from less than one percent of infant formula
Speaker 8: being made and sourced in the US to now over
Speaker 8: ten percent of American babies are relying on formula coming
Speaker 8: in from overseas, And the big push that I'm trying
Speaker 8: to have is high quality formula should be able to
Speaker 8: be sourced and made here at America for American babies.
Speaker 2: Yes, but because it's expensive to say, build the plans here, etc.
Speaker 2: Can we get that at a price point where like
Speaker 2: you can stand business and make money, but also it
Speaker 2: can be available to all different types of families.
Speaker 8: The push I would have on that is it takes
Speaker 8: more than the private sector to be able to make
Speaker 8: that happen. And we're talking about infant formula. This is
Speaker 8: where we need something like this bill to be put
Speaker 8: in place to help bring down the costs. Because what
Speaker 8: they are is it's a production tax credit, which means
Speaker 8: that for every can, for every production run we make,
Speaker 8: there's tax credits given back so that we can bring
Speaker 8: those costs down. And it's really important that we make
Speaker 8: those investments today. Otherwise what we're doing is we're waiving
Speaker 8: the white flag as a country and saying America is
Speaker 8: unable to do it, so we're going to allow other
Speaker 8: countries to feed our babies. Fast forward in seven ten years,
Speaker 8: we could be in a much bigger crisis if we're
Speaker 8: relying on other countries to feed our babies.
Speaker 4: Lar, just give us the latest updates for your company, Bobby.
Speaker 8: Well, we've been pushing a lot of innovation. I think
Speaker 8: the one thing we can't lose sight of is that
Speaker 8: the quality of infant formula deserves its utmost attention on
Speaker 8: an ongoing basis. So we recently launched the first USDA
Speaker 8: organic whole milk infant formula made at our facility in Ohio,
Speaker 8: and we're going to keep watching the way science evolves,
Speaker 8: and when the scientists say that there's new updates that
Speaker 8: need to happen, we're going to be making those changes
Speaker 8: to our product. And my entire focus as a mother
Speaker 8: is to keep innovating and up leveling the nutritional requirements
Speaker 8: of formula for American babies.
Speaker 2: Do you a want of competition right now?
Speaker 7: There is competition. There is competition, and it's healthy competition.
Speaker 8: Because we need we need choice, and this is probably
Speaker 8: one of the only products in the market that doesn't
Speaker 8: have enough options. It doesn't have enough choice, and I
Speaker 8: believe I speak for many parents that when you walk
Speaker 8: down the formula aisle of a retailer today's it can
Speaker 8: often be an empty sad and lonely aisle.
Speaker 7: But you're feeding your babies and it shouldn't be so.
Speaker 8: I believe and I hope that with something like the
Speaker 8: Domestic Manufacturing Bill, it actually introduces more competition. We need
Speaker 8: to see more Bobbies on shelf, and that competition will
Speaker 8: force all of us to up level standards we need.
Speaker 2: All Right, Laura, thanks lot, really appreciate it.
Speaker 5: Good luck.
Speaker 2: Laura Moudy, CEO and co founder of Bobby Infant, formula
Speaker 2: maker here in the United States.
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