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Speaker 2: All eyes on fetched J. Powell, as he said to
Speaker 2: speak Friday from Jackson Hole, the focus turning from when
Speaker 2: to how big and how many rate cuts the Fed
Speaker 2: actually delivers. Cassiberrow of JP Morgan assea management rights in
Speaker 2: the following simple policy rules would suggest the Fed could
Speaker 2: have already started easing by now. This was true even
Speaker 2: before the last jobs report, but further confirmed by the
Speaker 2: most recent CPI report risk reward favors owning some duration
Speaker 2: in portfolios. As we approach the star of the Fed's
Speaker 2: easing cycle, Cassie joined us now for more. A Cassi
Speaker 2: language is really important you say easing, some people might
Speaker 2: say removing restriction. Are you talking about a shift towards
Speaker 2: accommodation of the feder reserve?
Speaker 3: Well, I think you are rightfully so picking up on
Speaker 3: a little bit of a differentiation. So when I say easing,
Speaker 3: I think the FED in their mind, views that as
Speaker 3: reducing policy restrictiveness. But I think when I look at
Speaker 3: the environment more holistically, putting aside the conflicting noise that
Speaker 3: we're hearing in terms of the labor market and the consumer,
Speaker 3: is it really weak or is it really strong? I
Speaker 3: think the inflation backdrop alone at this point probably justifies
Speaker 3: at least one hundred basis points of rate cuts. Not immediately,
Speaker 3: but I think a policy rate closer to three and
Speaker 3: a half to four percent is probably where we should
Speaker 3: be trending, just based on the inflation data alone. And
Speaker 3: that's because inflation is coming down. It's more broad based,
Speaker 3: just concentrated in two categories at this point, shelter.
Speaker 4: And auto insurance.
Speaker 2: Let's get into that a little bit more, sort of
Speaker 2: set the stage for the economic bankdrop, and then we'll
Speaker 2: get into the market call the breadth of the decline
Speaker 2: in inflation. How encouraging has that been for you? Where
Speaker 2: is shelter? Is that still a sticking point?
Speaker 4: It has been very encouraging.
Speaker 3: I mean so if you think about the inflation or
Speaker 3: disinflation that we saw last year, it was primarily a
Speaker 3: goods story and that was the low hanging fruit. What
Speaker 3: we've seen more recently is that the inflation or disinflation
Speaker 3: has broadened out and it's now included the services category,
Speaker 3: now the shelter category. I know there's a lot of
Speaker 3: hemming and hawing over is it coming down?
Speaker 4: Is it coming down fast enough? But you know, I
Speaker 4: look at it. I look at the year over your rate.
Speaker 3: It's down three hundred or three hundred basis points three
Speaker 3: percent over the last year.
Speaker 4: It's coming down, and I.
Speaker 3: Think it will probably continue to normalize over time. Two
Speaker 3: levels more consistent with pre COVID, which is where the
Speaker 3: majority of the CPI basket is already trading.
Speaker 5: You've been talking to about this for many months. Basically
Speaker 5: the rest of the markets come on board with you,
Speaker 5: and it seems like this is now consensus and the
Speaker 5: market is pricing this an already and some would argue
Speaker 5: has already moved for the Federal Reserve, which hasn't moved,
Speaker 5: and yet effective rates have essentially dropped that much. How
Speaker 5: disruptive would it be if FED chair Jpewell doesn't lean
Speaker 5: into the rate cuts that are being priced into the.
Speaker 4: Market in his speech on Friday.
Speaker 3: Yeah, that's a really good question, because you know, I
Speaker 3: look at the moves and yields this year, right, and
Speaker 3: they've all been driven by data.
Speaker 4: Not one has been driven by FED speak.
Speaker 3: It's you know, it's the data that's driving the market's
Speaker 3: reassessment of how many rate cuts need.
Speaker 4: To be done this year.
Speaker 3: And earlier in the year, when there was concern about
Speaker 3: reacceleration risk and there were a couple hot inflation prints,
Speaker 3: the market priced out rate cuts.
Speaker 4: They didn't need FED speak to do that.
Speaker 3: So I guess where I'm circling back to is when
Speaker 3: I think about Jackson Hole and what share Palel's responsibility is.
Speaker 3: You know, I think what we're going to hear from
Speaker 3: him is that he is comfortable with the inflation backdrop.
Speaker 3: This is an environment where the FED can start removing
Speaker 3: policy restrictiveness.
Speaker 4: But I don't think he is going to.
Speaker 3: Be particularly explicit about how many rate cuts that will
Speaker 3: be or how far they need to go. I think
Speaker 3: that they're going to kind of continue to let the
Speaker 3: market do that work for.
Speaker 5: Them, So, in other words, he's not going to lean
Speaker 5: into it one way or another, Which raises this question
Speaker 5: about the theme of the actual conference, which is reassessing
Speaker 5: the effectiveness and transmission of monetary policy. How effective and
Speaker 5: how much control do they have over the transmission of
Speaker 5: this monetary policy If all of the moves this year
Speaker 5: have not been driven by their rhetoric, have been driven
Speaker 5: by data.
Speaker 3: Right, well, I mean, I think that's because we've moved
Speaker 3: out of an era of true reliance on forward guidance.
Speaker 3: If you think about what forward guidance was and why
Speaker 3: it was created, it was created for an environment of
Speaker 3: the zero lower bound, right It was when we cut
Speaker 3: to zero and we still needed to be even more accommodative,
Speaker 3: and we had no tools left, and we've tried quantitative
Speaker 3: using one, two three, What else can we do?
Speaker 4: Well, we can try to just jobble in the markets.
Speaker 3: And continue to promise them low rates for longer. The
Speaker 3: environment we're in right now is not really an environment
Speaker 3: of extraordinary policy where the forward guidance that we need
Speaker 3: is that type of forward guidance, And so I think
Speaker 3: that the environment that we're in is one rightfully sell
Speaker 3: where you know, the forward guidance is not what's most relevant.
Speaker 3: What's most relevant is where we are in the business cycle.
Speaker 3: And to be frank, you know, we're all learning that together,
Speaker 3: including the Federal Reserve members as they watch the data.
Speaker 6: Kelsey, when you were talking about the data and the
Speaker 6: market moving data dependent, that's because the FED told them
Speaker 6: they were so data dependent. So it comes from the
Speaker 6: FED basically saying we're so data dependent, the market should
Speaker 6: be data dependent. Does j Pell need to almost take
Speaker 6: a step back on that when he talks and said
Speaker 6: this week at Jackson Hall before the potential cut or
Speaker 6: keeping policy in line us back on the market, you
Speaker 6: shouldn't be so data dependent.
Speaker 4: So I do think there's probably an opportunity.
Speaker 3: For him to use words such as gradual to describe
Speaker 3: the easing cycle. So he is likely aware that commentators
Speaker 3: in the media and financial market participants have been talking
Speaker 3: about the need for intra meeting cuts after the July
Speaker 3: jobs report, the need for potentially fifty basis point rate cuts.
Speaker 3: I think the data he's seeing on a mosaic basis
Speaker 3: is probably not suggesting a need to be that quick
Speaker 3: to move. And so while I think he wants to
Speaker 3: communicate that they have the capacity to be quick if necessary.
Speaker 4: The current environment is one where.
Speaker 3: They can adjust slowly and recognize that in the event
Speaker 3: that something goes wrong, we're in a great position to
Speaker 3: respond because we're not near the zero lour a bound.
Speaker 3: We have five hundred basis points of policy space. And
Speaker 3: that's also you know, I think what the bond market
Speaker 3: is picking up and while while yields are coming down,
Speaker 3: spreads are also stacking very well.
Speaker 2: Continued, I just want to say this upfront present company excluded.
Speaker 2: The last year has been dominated on this program by
Speaker 2: a bunch of people trying to sell some bond funds
Speaker 2: and to get out of cash. And I hear it
Speaker 2: again now, sort of scaring people out of cash, to
Speaker 2: say the rate cuts are coming, extend duration, get out
Speaker 2: of money market funds. Why is now the right time
Speaker 2: to do that? Because I've seen headfake after head fake
Speaker 2: over the last twelve months, when people have given up,
Speaker 2: say five point five percent, and rushed out to buy
Speaker 2: duration when they maybe didn't need to. Why is now
Speaker 2: the right time? Why is now different?
Speaker 3: Well, I mean I was just looking at the numbers myself,
Speaker 3: and you know, I said, you know, normally the conventional
Speaker 3: wisdom is once the FED is start is done hiking,
Speaker 3: which was back in July last year, it's time to
Speaker 3: start extending duration. If you were to have moved just
Speaker 3: a little bit of that cash into one to five
Speaker 3: year high high quality corporate credit, so one to five
Speaker 3: year investment great credit, you would beat two hundred basis
Speaker 3: points ahead of cash at this point thirteen months later.
Speaker 3: So I think it proves the and is actually already there.
Speaker 3: And that's before the fat has even started cutting.
Speaker 2: Cassy Barrow of JP Morgan Accent Management defending the sales
Speaker 2: pitch of the last eighteen months. So here's the latest
Speaker 2: the US dollar extending losses as traders away. Comments from
Speaker 2: fenchair J Powe from Jackson Hole on Friday, Expectations for
Speaker 2: a September FED rate cut happen to push the Bloomberg
Speaker 2: Dollar Index to its lowest level since March of this year.
Speaker 2: Steve England are a standard chartered right in the following.
Speaker 2: We now expect three twenty five basis point cuts from
Speaker 2: the FMC for the rest of twenty four. We also
Speaker 2: expect steeper rate cuts in the first half of twenty five,
Speaker 2: totaling seventy five basis points in Q one and fifty
Speaker 2: basis points in Q two. Steve joined us. Now for more. Steve,
Speaker 2: welcome to the program, and let's start right there with
Speaker 2: your calls for three cuts this year and one hundred
Speaker 2: and twenty five basis points in the first half of
Speaker 2: twenty twenty five. Can you help pass and our audience
Speaker 2: understand whether that's an adjustment based on falling inflation or
Speaker 2: whether that's a shift to accommodation to confront weak growth.
Speaker 7: More the first if we really see weak growth, you know,
Speaker 7: which is not our baseline.
Speaker 8: But you know, fifties learned the picture.
Speaker 7: The fifty story is very you know, a typical recession
Speaker 7: fall off, a cliff story.
Speaker 8: We don't expect that, so we have twenty five.
Speaker 7: So I think as we get into twenty twenty five,
Speaker 7: with the unemployment rate drifting up and inflation getting closer
Speaker 7: to target, all the considerations of you know, how tight
Speaker 7: should real interest rates be matter, So that's why we
Speaker 7: think that they'll be able to cut more aggressively and
Speaker 7: bring the FED funds closer to neutral in the first half.
Speaker 7: I think the Fed would prefer not to do it
Speaker 7: in twenty twenty four because they want to be sure
Speaker 7: we're still on track for you know, getting target inflation,
Speaker 7: and they want to be sure if they do a fifty,
Speaker 7: that the economy is in dire straits. But by twenty
Speaker 7: twenty five they will be more confident that they can
Speaker 7: do in isolated fifty.
Speaker 8: We don't think it's going to be too many of them.
Speaker 2: See if there are two very different conversations, though, there
Speaker 2: is a key distinction, and you've drawn it, the conversation
Speaker 2: about removing restrictiveness and a conversation about shifting towards accommodation.
Speaker 2: What does the dollar look like? How does it trade
Speaker 2: in one back drop versus the other?
Speaker 8: Yes, the dollar is kind of interesting. You know. We
Speaker 8: thought that the dollar because.
Speaker 7: We're we're at saying twenty five basis points, the market
Speaker 7: was somewhere between twenty five and fifty and q four,
Speaker 7: So as the market pulled back from those rate kind
Speaker 7: of expectations, we thought the dollar would strengthen.
Speaker 8: What we've seen so far is.
Speaker 7: That the asset markets and the currency markets are paying
Speaker 7: attention to the abrilliance that you're seeing in equities, and
Speaker 7: you know, that's kind of been driving the dollar weaker,
Speaker 7: even though the interest rates move. Interest rate moves have
Speaker 7: been more in favor of the dollar than against it.
Speaker 7: We have to see if that persists. There's still a
Speaker 7: long way to go before we entirely get rid of
Speaker 7: the you know, one hundred basis points, you know, get
Speaker 7: back to seventy five that we expect. So we as
Speaker 7: a baseline, we still think the dollar could much stronger.
Speaker 8: But twenty twenty five we think will be a week.
Speaker 7: Dollar year, because that will be you know, all systems
Speaker 7: go to basically get back to neutral.
Speaker 8: The Fed will converge with everybody else in rates terms.
Speaker 5: Does it bother you Steve's that the bond market disagrees
Speaker 5: with itself. That essentially, you have FED fund's futures talking
Speaker 5: about your view of things, two hundred basis points of
Speaker 5: rate cuts by the end of next year, but then
Speaker 5: you've got a two year trading at four percent. I mean,
Speaker 5: you start talking about the dollar before you even get there.
Speaker 5: The market can't agree with itself.
Speaker 7: Well, I never asked the market to be entirely consistent
Speaker 7: because there are different segments in the market.
Speaker 8: But you know, the two years is.
Speaker 7: Kind of you know, pricing in that FED fund saved
Speaker 7: by the end of twenty twenty five, beginning of twenty
Speaker 7: twenty six will be around three percent.
Speaker 8: We're now at five and change.
Speaker 7: So the two years sort of averaging you know, where
Speaker 7: we are going to be versus where we are now.
Speaker 8: You know. But I would say this, and I think
Speaker 8: this is really important.
Speaker 7: If it does turn out that we're in a typical recession,
Speaker 7: that you know, all the saw rules charts that on
Speaker 7: unemployment that everybody was pulling out, that this economy follows
Speaker 7: the contours of a typical recession, the market is way
Speaker 7: off base because FED will take real rates to zero,
Speaker 7: may be negative, so that would mean like a two
Speaker 7: percent FED funds rate or even below. I think right
Speaker 7: now the market is pricing in a very comfortable sluggishness
Speaker 7: in the US economy that you know, mostly twenty five
Speaker 7: basis point cuts can deal with.
Speaker 8: If it turns out that's not the case, you know.
Speaker 7: We're mispriced, and we could go back to the early
Speaker 7: August world where you know, equities are mispriced because the
Speaker 7: economy is a lot weaker, and fixed income is mispriced
Speaker 7: because the cuts are going to have to be a
Speaker 7: lot deeper than you know, what's.
Speaker 8: Priced in now.
Speaker 5: This is a question going forward, and John was alluding
Speaker 5: to it, the idea of dollar weakness or dollar strength
Speaker 5: depending on what kind of rate cuts there are. I'm
Speaker 5: wondering how much some of the dislocations, or some of
Speaker 5: the overweights on the dollar versus the yen or things
Speaker 5: like that, how much those carry trades are really flushed
Speaker 5: out of the system last week, giving more of a
Speaker 5: clean slate that will lead to more controlled moves, the
Speaker 5: same kind of violence that we saw.
Speaker 8: You know, from the indications, we have certainly.
Speaker 7: What you call fast money hedge funds, you know, high
Speaker 7: frequency traders. They got out of their long dollar positions
Speaker 7: very very quickly, so the market is pretty clean. There
Speaker 7: could be a few segments of the market where they're
Speaker 7: catching up, but I think that the you know, positioning
Speaker 7: is much much lower than it was two weeks ago
Speaker 7: or even a week ago, and it's certainly not in
Speaker 7: terms of dollar longs, those have kind of disappeared.
Speaker 2: Steve, just quickly, are you satisfied on the morning bight
Speaker 2: this morning that we have broken the correlation between the
Speaker 2: Japanese yen and what happens with risk given the equities
Speaker 2: holding up okay this morning, even with a much stronger
Speaker 2: Japanese yen.
Speaker 7: I'll say this, I never thought that the end trade
Speaker 7: was driving global risk.
Speaker 8: It did drive Asian FX.
Speaker 7: I mean that's why you know all Asian currencies are strong,
Speaker 7: and it did drive the unlined. But I think that
Speaker 7: the big equity market moves that we saw and the
Speaker 7: big fixed income moves that we saw were driven by
Speaker 7: recession fears.
Speaker 8: And those could come back.
Speaker 7: It's not our baseline, but those could come back if
Speaker 7: it turns out that the unemployment rate keeps throwing up
Speaker 7: by two tens of a percent of the months, and
Speaker 7: so we're not out of the woods yet.
Speaker 2: We'll be playing this game again on September six. Looking
Speaker 2: forward to it, Steve, Thank you, sir, Steve England have
Speaker 2: standard shouted Secretary of State Anthony Blinkett arriving at Tel
Speaker 2: Aviv as Israel and Hamas truce talk stall yet again.
Speaker 2: Senior Advisor to the President for Energy and Investment Amas Hogstein,
Speaker 2: playing a key role in these intensions in the Mid
Speaker 2: East for the Band and administration. He joins us now
Speaker 2: as great to see you. Widely regarded as one of
Speaker 2: the President's most trusted security advisors. You were in Beirut,
Speaker 2: I believe in the last week as well. Can you
Speaker 2: set the States Rusk just help explain to us where
Speaker 2: talks aren't currently both between Lebanon and Israel, and what's
Speaker 2: happening currently in the Gaza strip as well.
Speaker 9: Well.
Speaker 1: First, good to be here. Thank you for having me. Yeah,
Speaker 1: I was in Beirut last week. We had obviously rising
Speaker 1: tensions and escalation of different reprisals and different threats across
Speaker 1: the region. The President had ordered large parts of military
Speaker 1: US military to the region, and of course diplomacy to
Speaker 1: commence as well to be able to reduce tensions. The
Speaker 1: most important thing that President's focused on now that we
Speaker 1: want to achieve is a ceasefire agreement that brings the
Speaker 1: hostages home finally to their families, brings relief to civilians
Speaker 1: in Gaza, and sets the stage to end this war.
Speaker 1: That's the most important thing. So the talks in Doha
Speaker 1: last week, talks continue right now. As you said, Secretary
Speaker 1: blink In is in the region in Israel today and
Speaker 1: I take issue with stall. I think that the press
Speaker 1: wants to have some you know, there's movement every single day,
Speaker 1: But these are very serious discussions that will continue over
Speaker 1: the next several days.
Speaker 2: We'll educate us where has there been movement.
Speaker 9: Well, I can't, obviously for obvious reasons, can't.
Speaker 1: Go into the details of where the of the details
Speaker 1: of the talks. But they are progressing things. That's why
Speaker 1: Secretary blink In is there and the work will continue.
Speaker 1: This never happens overnight, but I'm confident that will continue
Speaker 1: to push as hard as we all can. And when
Speaker 1: it comes to Lebanon, look, we had a ratching up
Speaker 1: of escalation. We're trying to bring some of that down.
Speaker 1: I was there really to talk to folks about how
Speaker 1: do we think about the day after and and talk
Speaker 1: about bringing some normal sense of normalcy for Lebanon. Look,
Speaker 1: Lebanon is at at at a war that I think
Speaker 1: it's people don't want that they didn't that neither side
Speaker 1: really started. Hasbela decided to join the conflict on October eighth.
Speaker 9: And we've been in a tit for tat ever since.
Speaker 1: So it's really important that is a critical piece not
Speaker 1: to allow to escalate, as it has ramifications for the
Speaker 1: rest of the region.
Speaker 6: Well, almost you spent a lot of time with Lebanon
Speaker 6: Speaker of the Parliament, who's very close to Hesbelah, What
Speaker 6: did he tell you about Hesbela's intentions when it comes
Speaker 6: to Israel.
Speaker 1: Well, A, as you know, Hisabella and Israel have gone
Speaker 1: on rounds of conflict over the last several decades on
Speaker 1: every several years.
Speaker 9: We've had relative quiet.
Speaker 1: Since the two thousand and six conflict ended and through
Speaker 1: the Security Council Resolution seventeen oh one, it has never
Speaker 1: really been implemented by either side. So we need to
Speaker 1: get to another point. I think the Speaker as well
Speaker 1: as most Lebanese people, they just want this to end.
Speaker 1: They don't understand why they're at war.
Speaker 6: Well, what tools does the US actually have to pressure Lebanon.
Speaker 1: Well, again, we can talk about what does the what
Speaker 1: does it look like to end not only this round,
Speaker 1: but to put things in place that will create stability
Speaker 1: for the long term and bring economic growth and stability
Speaker 1: and prosperity in Lebanon. It's one of the most used
Speaker 1: to be one of the most successful countries.
Speaker 9: Today. They went into the.
Speaker 1: Total blackout the other day because they lost the last
Speaker 1: fuel in their power plants. I mean, this is a
Speaker 1: country that should be prosperous. So that's the kind of
Speaker 1: things that the United States and our allies can do,
Speaker 1: and I think the people of Lebanon want that we
Speaker 1: have to get past this. One of the things that
Speaker 1: will make it a lot easier to do that, of course,
Speaker 1: is the ceasefire in Gaza.
Speaker 6: Okay, so let's talk about the ceasefire in Gaza. The
Speaker 6: President said potentially this could be a way to halt
Speaker 6: Oran from retaliating. Iran has come out overnight and said
Speaker 6: that's not true. We're going to retaliate. Do you view
Speaker 6: these talks which Secretary Blinkn is talking about last ditch,
Speaker 6: final effort basically this week, as halting an Iranian retaliation
Speaker 6: or does the administration still expect Iran to retaliate?
Speaker 1: Well, I think the President has made clear his expectations
Speaker 1: when he gave orders for the US military to do
Speaker 1: take several actions to be able to defend both Israel
Speaker 1: and the region from a potential retaliation from Iran. We
Speaker 1: don't believe Iran retaliate period, but we want to de escalate,
Speaker 1: and that's why the US military is there. But at
Speaker 1: the same time, we are focusing on the diplomatic effort
Speaker 1: diplomatic push. And that's why Bill Burns Brett McGirk were
Speaker 1: in Cairo and Doha last week. Why Secretary Blincoln is
Speaker 1: in the region today and in meeting.
Speaker 9: With prime minis. And it's in now just today.
Speaker 1: The United States put down a draft on Friday, So
Speaker 1: we're working with the parties to be able to get
Speaker 1: to an agreement.
Speaker 6: Who's that faultier in terms of the gaps? Is it
Speaker 6: Hamas or is it Benjamin Ye.
Speaker 9: I'm not going to go into faults.
Speaker 1: I think this is there's no time to waste now,
Speaker 1: and neither party has an excuse to delay. If you
Speaker 1: want it, if you want to bring some relief to
Speaker 1: the people in Gaza, if you want to bring the
Speaker 1: hostages home, this is the time.
Speaker 9: To reach an agreement.
Speaker 2: Why is this the time?
Speaker 9: I think it's been a long time this conflict has gone.
Speaker 2: Out, but we keep hearing that we have the time.
Speaker 2: Why is next? What happens if Secretary Blinking comes back
Speaker 2: without an agreement?
Speaker 1: Well, I don't think he's going there to come back
Speaker 1: with an agreement. It's just to move the process along
Speaker 1: or to get to the point of an agreement, and
Speaker 1: I think he will do everything that he can.
Speaker 9: This is the most important moment.
Speaker 1: Uh, there's talks have been intensifying, We've seen what the
Speaker 1: chances and odds are for escalation.
Speaker 9: That's not only anybody wants.
Speaker 5: I guess another way to put this is Tony Blinken
Speaker 5: said that this may be the last chance to reach
Speaker 5: some sort of seas fire agreement.
Speaker 9: What happens after that?
Speaker 1: Look, I want to focus today on being able to
Speaker 1: get there and so that we're going to put That's
Speaker 1: why the president's saying that he's going to put as
Speaker 1: much of his efforts that he can in order to
Speaker 1: get to that outcome.
Speaker 9: That's what we're focused on.
Speaker 6: How difficult is the president to put all these efforts
Speaker 6: in when he's viewed internationally as a lame duck.
Speaker 1: I think, first of all, there's one present. He is
Speaker 1: the president of the United States. The full I can
Speaker 1: tell you. I've been traveling the world. I don't think
Speaker 1: that that is the view. Everybody knows we have an
Speaker 1: election coming up. He's the president for the next six months,
Speaker 1: and this is a crisis that cannot wait six months.
Speaker 1: I think everybody knows that if you're talking about things
Speaker 1: that will happen over the next several years, and people
Speaker 1: will focus on talking to president, to the next president
Speaker 1: Kamala Harris, but I think that for now, these are
Speaker 1: not crises. When you talk about the US economy, you
Speaker 1: talk about the global economy, you talk about the crisis
Speaker 1: in the Middle East, these are not things that everybody's
Speaker 1: going to say, well, let's just take.
Speaker 9: A break and wait till January. That can't happen.
Speaker 1: So that's why we're that's why you're covering the economy
Speaker 1: the way you are. And President gets brief. The last
Speaker 1: couple of weeks have seen volatility in the markets. We
Speaker 1: don't pretend that there's that We're just going to wait
Speaker 1: ti January.
Speaker 2: How often do you speak with the president.
Speaker 1: As needed some weeks more on the last time just
Speaker 1: a few.
Speaker 2: Days ago, just a few days ago. How engaged is
Speaker 2: he in these ongoing talks?
Speaker 1: Extremely engaged We've had He has convened his team on
Speaker 1: a daily basis.
Speaker 9: He talks to folks on to get regular updates. He
Speaker 9: is very, very engaged.
Speaker 1: He's talked, he has calls with world leaders and regional
Speaker 1: leaders also weekly.
Speaker 9: In order to be able to push this forward.
Speaker 2: Your future does it end with Biden? Will continue with Harris.
Speaker 1: I serve President Biden ask me that again in six
Speaker 1: months when President Harris takes office.
Speaker 2: We have to say. If you can say when we're
Speaker 2: talking again in six months before that, NOE doubt it's
Speaker 2: going to see us. Thank you. White House Senior Energy
Speaker 2: Advisor i mus Hogstein.
Speaker 9: There.
Speaker 2: This is the Bloomberg Surveillance Podcast, bringing you the best
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