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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the

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Speaker 1: Bloomberg Intelligence Podcast. Catch us live weekdays at ten am

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Speaker 1: Eastern on Apple, Coarclay and Android Auto with the Bloomberg

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Speaker 1: Business App. Listen on demand wherever you get your podcasts,

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Speaker 1: or watch us live on YouTube.

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Speaker 2: Earlier across the tape that the Supreme Court is going

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Speaker 2: to let President Trump strip five hundred thousand migrants of

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Speaker 2: legal status. Let's get the latest reporting on that. Greg Store,

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Speaker 2: Bloomberg Supreme Court Reporter, Greg. What did the court ruled

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Speaker 2: here today?

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Speaker 3: So the Trump administration is trying to end a so

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Speaker 3: called parole status for people from Cuba, Haiti, Nicaragua, and Venezuela.

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Speaker 3: And what that is is a temporary status that let

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Speaker 3: people live and work here because their home countries are

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Speaker 3: in crisis. That it's designed to be for humanitarian reasons.

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Speaker 3: And the question was whether the Trump administration could do

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Speaker 3: thisguorically rather than on a case by case basis. A

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Speaker 3: lower court had blocked the Trump administration from doing this.

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Speaker 3: The Supreme Court today lifted that block. That means these

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Speaker 3: roughly five hundred thousand people. We don't know the precise number.

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Speaker 3: No longer have those protections, and many of them are

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Speaker 3: open to or subject to immediate deportation.

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Speaker 4: Who are these five hundred thousand and did they come

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Speaker 4: here legally?

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Speaker 3: They did come here legally. They are allowed into the program.

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Speaker 3: They were given this status by the Biden administration, and

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Speaker 3: they have work permits. They are allowed to be here.

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Speaker 3: But it was always understood that this was a temporary program.

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Speaker 3: It was done on humanitarian basis. You have to get

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Speaker 3: into this program, you have to get a US sponsor,

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Speaker 3: you have to get US government a approval, and you

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Speaker 3: actually have to pay for your own flight into the country.

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Speaker 3: But again it was always designed to be temporary. And

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Speaker 3: what the Trump administration says it's doing is we're just

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Speaker 3: ending that temporary status has.

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Speaker 2: The Are are these widows and orphans or they hardened

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Speaker 2: gang criminals? Do we know anything more about them?

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Speaker 3: Well, it's a big group of people, so undoubtedly there's

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Speaker 3: there's a mix. But unlike some other things, these are

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Speaker 3: not people who just slipped across the Mexican border. They

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Speaker 3: did have to get that US sponsor, The government had

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Speaker 3: to actually approve them, So there has been some vetting

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Speaker 3: of these people going in, so you know, it is

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Speaker 3: certainly not the case that well, it's unlikely that a

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Speaker 3: big category of them are going to be you know,

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Speaker 3: hardened criminals, to use your expression, but we don't know

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Speaker 3: a whole lot, and we don't even as I suggested,

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Speaker 3: know the exact number of people, because some of them

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Speaker 3: may have left. We know that there were about five

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Speaker 3: hundred and thirty two thousand people who came in initially

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Speaker 3: under these programs. We don't know how many remain in

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Speaker 3: the country under that status. Some of them may have

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Speaker 3: some other protected status and maybe aren't subject to immediate deportation,

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Speaker 3: but certainly a big chunk of them will be subject

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Speaker 3: to it.

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Speaker 2: All right, Greg, thank you so much for your reporting.

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Speaker 2: Really appreciated. Greg Store, Bloomberg Supreme Court a reporter. Appreciate that.

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

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Speaker 1: weekdays at ten am Eastern on Applecarplay and Android Auto

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Speaker 1: with the Bloomberg Business app. Listen on demand wherever you

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Speaker 1: get your podcasts, or watch us live on YouTube.

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Speaker 2: If you look at the market, we had that twenty

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Speaker 2: percent so off in the SP five hundred earlier in

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Speaker 2: the year as a market was trying to figure out

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Speaker 2: what's going on with the terrort story. The Mark's kind

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Speaker 2: of retraced most of that coming back up. Son other

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Speaker 2: question is where do we go from here? So let's

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Speaker 2: check in with Brian Levick, Global Market Strategies at Invesco.

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Speaker 2: He's zooming in from somewhere in the Jersey Burbs there.

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Speaker 2: What's the message to your clients these days? We've kind

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Speaker 2: of been whips all but if you look back on

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Speaker 2: a you to day basis, it's almost like nothing happened here.

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Speaker 5: It's amazing. It's like if you woke up today, you

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Speaker 5: wouldn't have realized that any of this has been going on.

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Speaker 5: You see that not only in the equity market, but

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Speaker 5: also the bond market, inflation expectations, really yields, corporate bond

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Speaker 5: spreads are actually not all that changed since the beginning

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Speaker 5: of the year. Either. We're talking to our clients about

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Speaker 5: having optionality in our portfolios. We don't know which way

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Speaker 5: we're going to be whipsawd, but we also don't want

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Speaker 5: to be out of these markets. So diversification is sometimes,

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Speaker 5: you know, a cliche, but it does make sense to

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Speaker 5: try and diversify your portfolio bring down the valuation. If

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Speaker 5: you're just SMP five hundred, You're sitting at an elevated valuation,

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Speaker 5: So bring down the valuation of the portfolio potentially protect yourself.

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Speaker 5: But if things do become better on a policy front,

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Speaker 5: you know, other parts to the market, whether it's value

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Speaker 5: stocks Europe and MidCap should do well in more of

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Speaker 5: a recovery type feel. So you know, heads hopefully to

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Speaker 5: you win, tails hopefully you win.

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Speaker 4: Hey, Brian, can you ditch US exceptionalism for European exceptionalism.

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Speaker 5: I don't like getting rid of the word exceptionalism because

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Speaker 5: I think that it gives US investors the sense that

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Speaker 5: they shouldn't be invested in the United States. There still

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Speaker 5: are exceptional businesses, and it's still going to be an

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Speaker 5: exceptional economy over the long term. But what you want

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Speaker 5: to think though, with regards to Europe is there's a

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Speaker 5: couple of things happening. For one, European equities have been cheaper,

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Speaker 5: but generally for a good reason, so you need a

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Speaker 5: catalyst to unlock that. What you have right now, of course,

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Speaker 5: is easier policy out of the European Central Bank than

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Speaker 5: you're likely to have out of the US Federal Reserve.

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Speaker 5: Also have oncoming stimulus from some of the major European

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Speaker 5: economies and all that's leading to some weakness in the

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Speaker 5: US scholars. So yeah, I would say we do want

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Speaker 5: to diversify into non US stocks. Investors in the US

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Speaker 5: have not wanted to do that for a while. I

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Speaker 5: don't think that's trading one exceptionalism for the other. It's

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Speaker 5: more increasing our exposure to the part of the world

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Speaker 5: where I think a lot of people have become pretty

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Speaker 5: heavily underweighted too.

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Speaker 2: Red headline crossing the Bloomberg Tromoor. I want to get

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Speaker 2: to the Supreme Court. Let's Trump strip five hundred thousand

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Speaker 2: migrants of legal status, so we'll have more reporting on

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Speaker 2: that throughout the day. Brian, what are we doing in

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Speaker 2: the world of fixed income here? I considered to your

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Speaker 2: treasury and get darn near four percent, which seems like

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Speaker 2: a good living there. Do I take credit risk on

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Speaker 2: top of that?

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Speaker 5: Yeah, I would take credit risk. You know, four percent

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Speaker 5: is what people used to beg for, and now you

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Speaker 5: can get spread above that on good fundamental corporate bonds.

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Speaker 5: You can get that in a tax equivalent basis on

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Speaker 5: fundamentally sound municipal bonds. So look, I mean you you again,

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Speaker 5: you you don't want to put all your risk into

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Speaker 5: one place, So diversified mix can help. But I think

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Speaker 5: just sitting in money markets, you're missing the opportunity to

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Speaker 5: augment the yield, and you know there's there's the old

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Speaker 5: pick up in other parts of these markets.

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Speaker 4: What does that tell you, how yield at this point

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Speaker 4: about the recession.

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Speaker 6: Risk, it tells you it's not likely in the cars,

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Speaker 6: I mean how US high yeald bonds have been one

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Speaker 6: of the best performing asset classes in the United States

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Speaker 6: this year.

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Speaker 5: You know, when we saw volatility spiking the way we

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Speaker 5: did following Liberation Day, we did see a modest pick

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Speaker 5: up in high heal bond spreads, but still well below

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Speaker 5: the long term average. That was comforting to us. I

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Speaker 5: still few the high heal bond market as the canary

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Speaker 5: and the coal mine for the cycle. So if volatility

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Speaker 5: is picking up and credit spreads can't even get to average,

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Speaker 5: that's a buying opportunity in our perspective, And it's our

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Speaker 5: view that it's a market that is telling us that

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Speaker 5: a recession is not in the offing, at least in

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Speaker 5: the immediate term.

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Speaker 2: Hey, Brian, we've seen risk assets most notably US equities

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Speaker 2: kind of snap back here from some of the initial

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Speaker 2: shock selling earlier in the year. We have not seen

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Speaker 2: that in the US dollar to The dollar remains at

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Speaker 2: its you know, kind of recent lows here. What is

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Speaker 2: that telling you?

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Speaker 5: Yeah, what it's telling us is that there's still some

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Speaker 5: concerns around US policy and there's still some greater excitement

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Speaker 5: around being in currencies outside of outside of the United States.

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Speaker 5: So while the US has essentially gotten back to flat,

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Speaker 5: you've seen substantially higher returns in other parts in the market,

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Speaker 5: particularly particularly Germany of other European countries, as well as

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Speaker 5: some emerging markets. So what it tells me is back

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Speaker 5: to that diversification story. It's not a collapse in the dollar,

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Speaker 5: but it's a rebalancing a way to some extent or

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Speaker 5: diversifying away from.

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Speaker 7: Remember, the US dollar was at very elevated levels and

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Speaker 7: that was based on US growth being stronger than the

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Speaker 7: rest of the world, and you know that starts to

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Speaker 7: narrow as we have concerns about ongoing trade policy.

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Speaker 2: Brian, thanks so much for joining us, really appreciate it.

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Speaker 2: On a summer Friday, Brian love It, global macro strategist

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Speaker 2: at Invesco.

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Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live

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Speaker 1: weekdays at ten am Eastern on Applecarclay and Android Auto

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Speaker 1: with the Bloomberg Business App. Listen on demand wherever you

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Speaker 1: get your podcasts, or watch us live on YouTube.

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Speaker 2: Right now, let's go down to Dallas, Texas. Michael McKee

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Speaker 2: is in our Texas bureau down there, and I can

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Speaker 2: tell you he does all the economic stuff for Bloomberg.

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Speaker 2: We know Michael McKee. Yesterday he was smack in the

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Speaker 2: oil patch. We're talking like Midland, Odessa, Texas oil gas.

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Speaker 2: The setting of my new favorite TV showed Landman and

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Speaker 2: I don't know what he was doing now, Usually that's.

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Speaker 4: Out the terror's job as a roused about.

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Speaker 2: Roused Michael Mickey arroussabout on an oil rig. Mike, thanks

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Speaker 2: so much for joining us here. We had some economic

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Speaker 2: data today. It seems like inflation, Mike, is still pretty

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Speaker 2: much being contained here. What did you take away from

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Speaker 2: some of the PCEE data we saw this morning.

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Speaker 8: Well, basically, you're right, Paul, we're seeing inflation come down.

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Speaker 8: We're just a tenth of a percent over the fed's target.

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Speaker 8: On the pce headline, he came in at two point

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Speaker 8: one percent this month, So the FED is very close

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Speaker 8: to being able to say soft landing, except of course,

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Speaker 8: for the tariffs and everything else that's going on with

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Speaker 8: the Trump administration. And that's the hard part is consumer

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Speaker 8: spending held up wasn't great, but it was okay in

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Speaker 8: April after a lot of people pulled forward purchases into

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Speaker 8: March in February, So where do we go from here?

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Speaker 8: That's where the FED is stuck because minute by minute

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Speaker 8: we get new court decisions that make the tariffs on,

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Speaker 8: make tariffs off, et cetera. So they can't really do anything.

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Speaker 8: So we're still sort of still in this groundhog day

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Speaker 8: of waiting to see what happens next.

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Speaker 4: All right, so the Fed's dealing with uncertainty too. There's

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Speaker 4: a meeting coming up what the eighteenth, and this time around,

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Speaker 4: we're going to get the little dot things. What are

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Speaker 4: we going to learn?

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Speaker 8: Nothing. When you talk to Fed officials, and this was

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Speaker 8: of course, before this last week of back and forth

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Speaker 8: court decisions, most of them would say, you know, take

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Speaker 8: take these numbers with a grain of salt. We just

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Speaker 8: have to basically act as if the current conditions are

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Speaker 8: going to last, and we have no reason to think

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Speaker 8: that they are going to, but we don't have anything

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Speaker 8: to base a.

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Speaker 5: New forecast on.

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Speaker 8: So I think when you get the decision, the dot

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Speaker 8: plot and the new summary of economic projections, that they

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Speaker 8: will have a shelf life of an hour or so

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Speaker 8: and then we'll be back to, well what happens next, Mike.

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Speaker 2: We also got the University of Michigan data out for

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Speaker 2: the month of May, and we showed an improvement from

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Speaker 2: kind of the shocking decline we saw last month, but

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Speaker 2: inflation expectations, while they've come down, are still pretty darn high. Here,

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Speaker 2: what would you learn from the MISS data?

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Speaker 8: We didn't learn a whole lot except that people weren't

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Speaker 8: feeling as bad about the economy in April as they were,

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Speaker 8: or in May, rather as they were in April. We

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Speaker 8: saw a rise in consumer expectations, but it's still below

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Speaker 8: fifty and it didn't match at all the rise in

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Speaker 8: expectations in the Conference Board survey earlier this week. So

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Speaker 8: we leave to somewhat in limbo on what people think

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Speaker 8: about the economy going forward. As you mentioned, the inflation

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Speaker 8: numbers come down a little bit, but they're still very elevated.

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Speaker 8: And right now, Conference Board and Michigan match in what

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Speaker 8: people think is going to happen over the next year. Now,

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Speaker 8: the drop in the inflation expectations maybe because gasoline prices

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Speaker 8: have come down a little bit and food prices have

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Speaker 8: stopped rising as much. But at this point, people still

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Speaker 8: think that the President's policies are going to be inflationary,

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Speaker 8: and that's the consensus of most economists. So it's not

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Speaker 8: telling us anything new. It's telling us that not much

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Speaker 8: has changed.

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Speaker 4: Way back when Arthur Burns was called in to meet

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Speaker 4: with Richard Nixon, we know the outcome of that. Yesterday,

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Speaker 4: was it that Donald Trump met with j Powell. What's

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Speaker 4: going to be the outcome of this meeting?

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Speaker 8: If anything, nothing, I don't think Jay Pole reiterated the

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Speaker 8: FED doesn't know what they're going to be doing. And

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Speaker 8: here's where we see the economy at the moment. The

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Speaker 8: President tells us that he told Jay Powell to cut

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Speaker 8: interest rates, but the Fed isn't going to do what

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Speaker 8: the President asks just because he's asking if economic conditions

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Speaker 8: don't warrant it. What it may be is that if

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Speaker 8: things do turn out better than expected, then Donald Trump

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Speaker 8: can come out and say well, I told you so.

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Speaker 8: I told Paul so, and they didn't listen to me.

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Speaker 8: But if things turn out as economists expect, then Paul

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Speaker 8: has the better response.

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Speaker 2: All right, Mike, thanks so much for joining us. Michael McKee,

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Speaker 2: International Economics and Policy corresponding for Bloomberg News from our

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Speaker 2: Dallas bureau. He's got to get back to New York.

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Speaker 2: Fly back to New York on a summer Friday.

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Speaker 4: We could go wrong.

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Speaker 2: I mean, you know, for I don't know where he's going,

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Speaker 2: but I just I've always voided Friday traveling in general,

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Speaker 2: particularly in the summer. That's just kind of been my

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Speaker 2: strategy all along. Sometimes it works, sometimes it doesn't.

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Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live

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Speaker 1: weekdays at ten am Eastern on Apple Corplay and Android

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Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever

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Speaker 1: you get your podcasts, or watch us live on YouTube.

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Speaker 2: We get the latest on what's happening down in Washington, DC.

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Speaker 2: When I say the latest, people we're doing it on

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Speaker 2: any hour by hour baby basis. I think it's not

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Speaker 2: day to day. But somebody who actually has a this

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Speaker 2: is what they do. They kind of tell us what's

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Speaker 2: going on in watching in DC, and they're so valuable

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Speaker 2: to us in our audience. Henrietta trez is the absolute

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Speaker 2: best managing partner and director of economic policy for Veda Partners. Here,

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Speaker 2: let's just start with tariff's Henrietta, the courts are kind

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Speaker 2: of going all over the place. What's the understanding in

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Speaker 2: Washington with the need administration of kind of where they

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Speaker 2: are these days?

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Speaker 9: Well, I appreciate having me on.

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Speaker 10: The administration is preparing for all avenues, and fortunately for them,

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Speaker 10: they have so many available pathways to perpetuate the president's

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Speaker 10: trade wars and to keep the tariffs on. And I

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Speaker 10: think that's why the market is not responding with the

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Speaker 10: bulliants today or even yesterday that the AIBA tariffs have

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Speaker 10: been taken off. The reality is we need to pivot

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Speaker 10: to Section three oh one, which of course was the

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Speaker 10: entire rationale and the authority used to wage the trade war.

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Speaker 9: With China in the first Trump term.

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Speaker 10: We need to get very seriously in the weeds on

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Speaker 10: sectoral tariffs which are coming across sectors, semiconductors, pharmaceuticals, copper, trucking,

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Speaker 10: air cargo free, you know, the whole shebang. And then

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Speaker 10: we really need to start thinking about stacking those tariffs,

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Speaker 10: what that.

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Speaker 9: Might mean for individual sectors.

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Speaker 10: And then, of course some components of the tax bill

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Speaker 10: that also include effectively tariff strategy and authority for the

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Speaker 10: Treasury Secretary. Something that's really captured the street's attention in

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Speaker 10: the last couple of days is section eight ninety nine,

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Speaker 10: which creates an authority for the Treasury Secretary too effectively

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Speaker 10: tax entities from foreign nations, including individuals that have unfair

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Speaker 10: trade practices or unfair tax practices on everything from the

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Speaker 10: digital services trade and beyond. So there's a lot still

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Speaker 10: to do, and you know, the trade wars are going

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Speaker 10: to be a hallmark of President Trump's second term, just

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Speaker 10: like they were in his first.

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Speaker 4: Okay, did you just tell me that uncertainty is far

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Speaker 4: from concluded.

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Speaker 9: I think it's ramping up.

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Speaker 10: I mean, we had a brief reprieve when AIPO was

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Speaker 10: the law of the land, and now we're in you know,

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Speaker 10: get out your numbers two oh one, two two, three

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Speaker 10: oh one. You know, this is what you this is

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Speaker 10: what you need to pay for now is the expertise

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Speaker 10: around these various specific components.

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Speaker 2: So I guess that's there's more avenues for the administration

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Speaker 2: to pursue to pursue trade policy. But my understanding is

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Speaker 2: they are They take much longer than just saying we're

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Speaker 2: going to have ten percent across the board tariffs, which

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Speaker 2: the president can do with the stroke of a pen.

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Speaker 2: What's the timing associated with all this? It sounds complicated, Yeah,

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Speaker 2: great question.

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Speaker 10: So there are The IEPA Statute was the fastest, blondest

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Speaker 10: and easiest instrument that the president could have taken up,

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Speaker 10: and that's exactly what he did.

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Speaker 9: But we have a number of components that are.

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Speaker 10: Already in the pipeline, already in effect, and also that

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Speaker 10: can easily be effectuated. So, for example, the Balance of

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Speaker 10: Payments Authority, which is something Ambassador Lithheiser, president Trump's first

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Speaker 10: trade representative, talked about in the run up to President

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Speaker 10: Trump's win in November of twenty twenty four, which is

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Speaker 10: immediately imposed a balance at payments authority, which is an

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Speaker 10: adval arum duty of up to fifteen percent for one

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Speaker 10: hundred and fifty days on any nation where there's a

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Speaker 10: trade deficit.

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Speaker 9: That can happen very quickly.

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Speaker 10: Customs and Border protection can change tariff rates within twelve hours,

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Speaker 10: so that's something to be mindful of as sort of

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Speaker 10: an AIPA replacement. The drawback is that it's capped at

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Speaker 10: one hundred and fifty days unless Congress authorizes an extension.

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Speaker 9: It's my base case expectation.

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Speaker 10: That Congress will not authorize that extension, mostly because many

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Speaker 10: Republicans do not support the President's tariffs because of course

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Speaker 10: they are taxes on consumers, and they're seeing the blowback

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Speaker 10: in various industries like the farming sector and small businesses

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Speaker 10: in manufacturers who are struggling with the lack of imports

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Speaker 10: from China right now. But compounding that are the Section

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Speaker 10: two thirty two tariffs that are already in place, including

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Speaker 10: on automobiles and automobile bill parts. Those rates are twenty

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Speaker 10: five percent for the most part. They can be ratcheted

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Speaker 10: up overnight. The President also has a series of investigations

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Speaker 10: already in the works whose comment period have ended, and

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Speaker 10: they can release their findings and impose new tariffs pretty

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Speaker 10: much at any time. Now. That applies to the semiconductor space,

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Speaker 10: the pharmaceutical space.

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Speaker 9: Copper, and a couple of others.

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Speaker 10: And then I think the most important to be mindful

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Speaker 10: of is Section three oh one this is the authority

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Speaker 10: to tariff everything coming in from China. In Trump's first term,

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Speaker 10: we did that across List one, two, three, four A,

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Speaker 10: and we haven't done it on List for B. But

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Speaker 10: this is five hundred and fifty billion dollars worth of trade.

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Speaker 10: And there is no upper bound on the tariff rate

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Speaker 10: that can be imposed under Section three oh one that

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Speaker 10: I've ever been able to find. So we're mostly at

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Speaker 10: twenty five percent now, no reason that can't go up

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Speaker 10: to fifty or one hundred and forty five.

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Speaker 4: A reporter asked the president the taco question, and you

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Speaker 4: heard his response. I think the Trump always chickens out

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Speaker 4: on tariffs of this sort. He was angry, and he

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Speaker 4: sounded even more emboldened that What was your take.

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Speaker 10: It just reminded me of the twenty eighteen escalation. I'm

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Speaker 10: sure y'all remember it at the time. I'll never forget it.

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Speaker 10: The President got upset in the Oval office and he

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Speaker 10: escalated tariffs almost immediately and during.

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Speaker 9: The hot summer months.

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Speaker 10: We saw that repeatedly throughout twenty eighteen, and I think that.

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Speaker 9: We're looking at it again here.

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Speaker 10: I mean, these are very emotional, heady times for him,

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Speaker 10: and when he puts these tariffs on it, here's something

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Speaker 10: like the street doesn't take him seriously.

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Speaker 9: That's got to be pretty embarrassing. So obviously we're seeing

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Speaker 9: escalation today.

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Speaker 2: All right, that's tariff's Let's move on to another areas

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Speaker 2: of your expertise, which is Capitol Hill legislation. We've got

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Speaker 2: a House tax bill. I guess the Senate's now looking

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Speaker 2: at it. Where are we with that important piece of legislation.

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Speaker 10: We've got a cup seventy two hours before things really

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Speaker 10: kick off on the Senate side.

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Speaker 9: The House passed their bill.

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Speaker 10: As you point out, it is very comprehensive and really

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Speaker 10: thread the needle between a whole host of factions that

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Speaker 10: just don't exist on the Senate side. So, for example,

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Speaker 10: the deduction for the salt cap is very generous in

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Speaker 10: the House passed legislation, probably about two hundred billion dollars,

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Speaker 10: more generous than anything the Senators will agree to.

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Speaker 9: So that's going to have to.

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Speaker 10: Be something that they change when the Senate takes up

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Speaker 10: their bill.

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Speaker 9: I suspect it'll.

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Speaker 10: Probably be about three weeks before we see any legislation

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Speaker 10: from the Senate Finance Committee. This is the most critical

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Speaker 10: committee in the Senate. Unlike on the House side where

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Speaker 10: we have Energy and Commerce that had to cut believe

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Speaker 10: it's seven hundred and fifteen billion dollars from Medicaid and

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Speaker 10: then a separate Ways and Means committee that tackle the

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Speaker 10: four trillion dollar tax package. That's all one committee on

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Speaker 10: the Senate side. So we're going to get their package

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Speaker 10: late in the process, probably towards.

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Speaker 9: The end of June.

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Speaker 10: They're hoping that they can get legislation through their chamber

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Speaker 10: by the fourth of July, which I think is distinctly

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Speaker 10: possible and puts.

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Speaker 9: Us on a path to get that bill passed.

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Speaker 10: And signed into law by the July twenty fourth recess

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Speaker 10: in the House of the August first start of the

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Speaker 10: recess in the Senate, since.

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Speaker 4: Is breaking news and do this in twenty seconds. The

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Speaker 4: Supreme Court ruling letting the Administration strip five hundred thousand

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Speaker 4: migrants of legal status, can you speak to the importance

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Speaker 4: of migrants to the US economy real quick?

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Speaker 10: Yeah, A migration to the US economy is critical for

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Speaker 10: the housing sector. One of the sectoral tariffs I talked

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Speaker 10: about I didn't mention was the lumber tariffs. I mean,

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Speaker 10: these are critical for the housing industry, and the combination

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Speaker 10: of kicking out five hundred thousand immigrants and imposing tariffs

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Speaker 10: on lumber has got to be brutal for that whole sector.

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Speaker 9: Really would focus on that.

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Speaker 2: Henrieta Trees, thank you so much.

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Speaker 5: We appreciate it.

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Speaker 2: Henryeta Trees, Managing partner and Director of Economic Policy at

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Speaker 2: VATA Partners. Somehow she keeps all that Washington legislation, tariff

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Speaker 2: stuff tweets. Somehow she keeps it all in focus, and

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Speaker 2: she explains it to us because I can't follow it.

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Speaker 1: This is the Bloomberg Intelligence Podcast, available on Apple, Spotify,

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

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Speaker 1: weekday ten am to noon Eastern 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