WEBVTT - Meta Touts Metaverse’s Potential for Job Training 0:00:01.360 --> 0:00:05.720 This is Bloomberg Business Wait inside from the reporters and 0:00:05.880 --> 0:00:09.440 editors who bring you America's most trusted business magazine, plus 0:00:09.520 --> 0:00:13.680 global business finance and tech news. The Bloomberg Business Week 0:00:13.720 --> 0:00:19.000 Podcast with Carol Messer and Tim Stenebeck from Bloomberg Radio. 0:00:21.400 --> 0:00:23.400 Let's talk about a little some fun, a little bit 0:00:23.520 --> 0:00:26.680 something new, and that is the meta verse. That's something 0:00:26.680 --> 0:00:29.800 that we associate with Meta. The company the Facebook actually 0:00:30.080 --> 0:00:33.639 changed their names Go Figure from Facebook to Meta, even 0:00:33.680 --> 0:00:36.040 though Facebook is still ninety nine point nine percent of 0:00:36.080 --> 0:00:36.839 the company's revenue. 0:00:36.840 --> 0:00:37.479 But you go Figure. 0:00:37.800 --> 0:00:40.040 A consultant got involved there at some point. I'm sure 0:00:40.159 --> 0:00:42.320 Dana Brown joins us. He's a president of the America's 0:00:42.360 --> 0:00:45.120 for HTC. He joined his life here on a Bloomberg 0:00:45.200 --> 0:00:48.080 Interactive broker studio. Dan, you guys got got a lot 0:00:48.080 --> 0:00:51.520 of experience in this a few years. Just kind of 0:00:51.560 --> 0:00:55.720 the metaverse. What does the metaverse? And I'm speaking for 0:00:55.760 --> 0:00:58.520 all metaverse shareholders here, and I own like lots of stock. 0:00:58.560 --> 0:01:01.320 Let's say I'm a big institutional shareholder. I don't know 0:01:01.360 --> 0:01:04.840 what my company's name means. What is the metaverse to you? 0:01:05.600 --> 0:01:06.360 That's super interesting? 0:01:06.440 --> 0:01:09.800 The metaverse is really this long term vision right, where 0:01:09.800 --> 0:01:13.360 we interact in a digital space together, much like we 0:01:13.400 --> 0:01:16.160 do with the Internet today. You will be able to 0:01:16.240 --> 0:01:19.319 use this in the future with products and wearables and 0:01:19.520 --> 0:01:22.440 glasses that do things like augmented reality, virtual reality. 0:01:23.040 --> 0:01:23.880 All the same time. 0:01:24.280 --> 0:01:27.360 We're in a space of the metaverse today that's very 0:01:27.560 --> 0:01:33.160 applicable to enterprise businesses, applic real world application. 0:01:33.360 --> 0:01:35.839 You're doing it already, that's right, idea, right, I mean, 0:01:36.160 --> 0:01:40.520 Mark Zuckerberg, I think if I can speculate a little, Paul, 0:01:40.600 --> 0:01:42.800 I'm gonna say they were in a period where they 0:01:42.840 --> 0:01:45.640 just didn't want to be called Facebook anymore. It kind 0:01:45.640 --> 0:01:48.040 of sucked to be Facebook at that time, so they 0:01:48.120 --> 0:01:51.120 picked a new name, any name, and that's where they landed. 0:01:51.280 --> 0:01:53.720 They're not really doing metaverse stuff yet, except for the 0:01:53.720 --> 0:01:56.800 fact that they had bought Oculus Rift and they're spending guys, 0:01:56.840 --> 0:01:59.080 and they're spending a ton of money on it. But Dan, 0:01:59.280 --> 0:02:02.040 you guys at h TC are already doing things right. 0:02:02.080 --> 0:02:07.360 You're allowing what pilots to practice fighter jets or brain 0:02:07.440 --> 0:02:10.040 surgeons to practice messing around in your head. 0:02:10.040 --> 0:02:11.559 With what headsets. 0:02:11.760 --> 0:02:15.000 So we build virtual reality products, also mixed reality products, 0:02:15.040 --> 0:02:18.720 which is a wearable glasses that much just like glasses 0:02:18.919 --> 0:02:21.440 where you can actually interact with the real world objects 0:02:21.480 --> 0:02:24.480 as well as digital objects. Right. But we have been 0:02:24.480 --> 0:02:27.440 doing this for the last six plus years, and we 0:02:27.520 --> 0:02:34.560 have been working in healthcare with doctors, nurses, training, simulation, healthcare, 0:02:34.720 --> 0:02:39.600 with rehabilitation. We have made improvements in speed of training, 0:02:39.680 --> 0:02:43.720 speed of learning. We have made significant improvements in just 0:02:43.840 --> 0:02:48.000 overall performance human performance. And that's what our brand actually 0:02:48.040 --> 0:02:50.880 stands for. It actually stands for innovation, technology and humanity, 0:02:51.760 --> 0:02:54.120 and we want to bring value to a lot of 0:02:54.320 --> 0:02:56.960 real world applications for immersive solutions. 0:02:57.000 --> 0:02:59.120 So if we're going to compare what you're doing HTC 0:02:59.240 --> 0:03:01.560 to another company, I wouldn't choose Meta, No, I would 0:03:01.639 --> 0:03:04.880 choose Apple. And what I assume they're the direction. I 0:03:04.919 --> 0:03:07.280 assume they're going to go with whatever product they come 0:03:07.320 --> 0:03:10.640 out with. Whenever they do, you're looking to actually apply 0:03:10.760 --> 0:03:13.519 it to human lives and the way we can use 0:03:13.600 --> 0:03:16.840 them today, not like I can have a tail and 0:03:16.919 --> 0:03:18.560 bounce around some fantasy land. 0:03:18.639 --> 0:03:18.720 Right. 0:03:18.800 --> 0:03:19.600 Yeah, I think you know. 0:03:19.840 --> 0:03:23.639 Initially too, there's there is that fun gaming and entertainment 0:03:23.680 --> 0:03:25.239 side of it. But we have a lot of gaming 0:03:25.240 --> 0:03:28.239 and entertainment products out there vuying for our attention, I think, 0:03:28.560 --> 0:03:33.480 and also we assume our customers are using it to 0:03:33.560 --> 0:03:34.160 benefit them. 0:03:34.160 --> 0:03:35.120 They are not the product. 0:03:35.120 --> 0:03:37.200 We're talking to Dan O'Brien, he's the president of the 0:03:37.240 --> 0:03:40.600 Americas and he's talking to us about technology that his 0:03:40.680 --> 0:03:44.280 company has developed and is using. We keep thinking of 0:03:44.360 --> 0:03:47.920 the metaverse as the future, but this is where professionals 0:03:47.920 --> 0:03:51.640 are participating in it now. Dan, what do you what 0:03:51.680 --> 0:03:53.880 do you do with the actual product? Do you if 0:03:53.920 --> 0:03:56.760 you want to say, help a brain surgeon practice surgery, 0:03:57.640 --> 0:04:00.640 do you sell a box of these things to. 0:04:02.640 --> 0:04:03.920 You know, yeah, like. 0:04:06.040 --> 0:04:08.600 Or or a university, or do you have them coming 0:04:08.640 --> 0:04:10.000 and work with you? How do you do it? 0:04:10.080 --> 0:04:12.440 So we actually have multiple models, but we actually the 0:04:12.520 --> 0:04:16.680 most popular model is when another company, uh, you know, 0:04:16.760 --> 0:04:19.800 we have companies like mind VR, we have x R Health, 0:04:19.920 --> 0:04:25.799 we have multiple surgical partners. Those companies are actually integrated 0:04:25.839 --> 0:04:29.080 inside of these hospitals or integrated inside of you know, 0:04:29.080 --> 0:04:31.800 we have surgical theater. They're integrated into what they write 0:04:31.800 --> 0:04:34.640 the software for your hardware and then they will actually 0:04:34.640 --> 0:04:37.719 integrate and actually put that solution inside of the hospital. 0:04:37.720 --> 0:04:39.080 We will promote that solution. 0:04:39.480 --> 0:04:41.680 It could be a very specific SKEW, or we could 0:04:41.680 --> 0:04:44.680 actually put together a SKU that has a lot of 0:04:44.680 --> 0:04:48.320 different types of training materials on it and simulations on 0:04:48.400 --> 0:04:50.960 it that works across multiple areas of the company. 0:04:51.000 --> 0:04:52.320 And I feel like I know what a SKEW is, 0:04:52.360 --> 0:04:53.000 but I don't really. 0:04:53.279 --> 0:04:54.320 Sorry, Well, that's. 0:04:54.160 --> 0:04:56.880 Just a boxed version of the product. So when they 0:04:56.960 --> 0:04:58.839 open that product, that's what it actually is. 0:04:58.880 --> 0:05:02.280 It's in stock keeping units us in the day's retail. 0:05:02.640 --> 0:05:06.839 So give us your sense of the future of the 0:05:07.080 --> 0:05:09.800 VR headset. What's a look like now, what are its 0:05:09.880 --> 0:05:12.400 capabilities now, and how do you see that evolving going forward? 0:05:12.480 --> 0:05:14.120 So like even our latest x ray. 0:05:15.520 --> 0:05:17.800 Elite headset that we just launched a few months ago, 0:05:18.160 --> 0:05:21.000 this is a wearable headset that fits on the front 0:05:21.080 --> 0:05:24.360 and the back of your head, and it's still larger 0:05:24.400 --> 0:05:26.200 and a little bit bulky, but you can actually take 0:05:26.240 --> 0:05:28.560 the back off and have it in glasses only mode. 0:05:28.680 --> 0:05:32.239 It's about the same weight as an iPhone, so very comfortable. 0:05:31.839 --> 0:05:32.680 Light it needsy to use. 0:05:32.760 --> 0:05:35.080 In the future, where we are going is we're going 0:05:35.080 --> 0:05:38.599 to integrate five G technology, just like a smartphone into 0:05:38.600 --> 0:05:41.800 these wearable glasses, and you will have a connected product 0:05:41.960 --> 0:05:44.400 that is actually connected to a private network. You know, 0:05:44.400 --> 0:05:48.160 it could be Bloomberg's private network as well as you know. 0:05:48.120 --> 0:05:49.039 A public network. 0:05:49.240 --> 0:05:51.280 And I think then you will start to see what 0:05:51.320 --> 0:05:54.920 we call that hockey sticks scale in terms of consumer adoption. 0:05:55.560 --> 0:05:58.760 But right now we are very much in business professional 0:05:58.880 --> 0:06:01.560 use case similar smartphones. I was one of the original 0:06:01.560 --> 0:06:04.440 guys making smartphones, you know, well before iPhone and well 0:06:04.480 --> 0:06:07.279 before Android phones, and I worked on the original Android phone. 0:06:07.600 --> 0:06:10.479 Now like how that went in terms of adoption. 0:06:10.600 --> 0:06:14.000 We started with professional, We started with those professional use cases. 0:06:14.160 --> 0:06:18.680 We've brought value to those customers, efficiencies, cost savings, and 0:06:18.760 --> 0:06:21.400 then we actually brought it into consumer. Once we actually 0:06:21.400 --> 0:06:22.560 brought in the consumer. 0:06:22.240 --> 0:06:23.800 Where we own that timeline, do you think for it 0:06:23.920 --> 0:06:27.000 like a real consumer and will be a brand that 0:06:27.040 --> 0:06:28.240 we know well. 0:06:28.279 --> 0:06:29.839 I think Apple coming in is going to be a 0:06:29.839 --> 0:06:32.760 great addition to the market, right that is, it's endorsing 0:06:32.800 --> 0:06:35.000 to the market. But they're going to start with professional 0:06:35.000 --> 0:06:38.440 as well. They're going to start with professional creatives as well. 0:06:38.520 --> 0:06:40.200 I think, what are you going to compete with? 0:06:40.360 --> 0:06:43.840 So is HTC going to compete with Apple and whatever 0:06:43.839 --> 0:06:45.080 Oculus rift is now? 0:06:45.160 --> 0:06:45.320 Oh? 0:06:45.360 --> 0:06:47.640 Absolutely, I mean we consider all of us, you know, 0:06:47.920 --> 0:06:51.320 very worthy rivals. We're all trying to remove hurdles from 0:06:51.360 --> 0:06:54.320 the industry for that mass adoption, and we're all approaching 0:06:54.360 --> 0:06:55.880 it differently, which is great. 0:06:55.920 --> 0:06:58.200 I think I figured you're aimed at probably a different 0:06:58.960 --> 0:07:00.960 customer segment then maybe Tim Cook. 0:07:01.279 --> 0:07:03.240 Yeah, and I think you know, we're looking at customers 0:07:03.279 --> 0:07:06.240 that this is a product that we can sell, that 0:07:06.279 --> 0:07:08.000 they will bring in, that they will save money, they 0:07:08.000 --> 0:07:09.360 will save time efficiency. 0:07:09.560 --> 0:07:11.440 You know, we look at companies like Bell Helicopter. 0:07:11.640 --> 0:07:14.080 It normally takes them five to seven years to prototype 0:07:14.120 --> 0:07:16.240 and new helicopter they did it in six months and 0:07:16.280 --> 0:07:18.840 so saved over one hundred million dollars. You know, we're 0:07:18.920 --> 0:07:23.280 using it with architecture and construction firms. We're looking at 0:07:23.280 --> 0:07:26.360 those different ways that we can actually bring massive value now. 0:07:26.880 --> 0:07:30.040 And then we look at okay, great, let's integrate this 0:07:30.480 --> 0:07:33.840 scaling technology like five G technology into these headsets. And 0:07:33.920 --> 0:07:35.600 quite honestly, we're one of the only companies in the 0:07:35.600 --> 0:07:36.760 world that can actually do that. 0:07:37.400 --> 0:07:37.800 Awesome. 0:07:38.000 --> 0:07:40.440 Yeah, great stuff, all right, we appreciate it. Dan O'Brien 0:07:40.800 --> 0:07:43.240 coming into our live into our Bloombergame Actor Broker Studio. 0:07:43.320 --> 0:07:46.040 Dan O'Brien, he's a president of the Americas for HTC 0:07:46.320 --> 0:07:48.600 talking about meta and the metaverse. 0:07:48.640 --> 0:07:53.040 More importantly, you're listening to the Bloomberg Business Week podcast. 0:07:53.280 --> 0:07:57.240 Catch us Live weekday afternoons from three to six Eastern Listen. 0:07:57.000 --> 0:08:01.160 On Bloomberg dot com, the iHeartRadio app and Bloomberg Business app, 0:08:01.480 --> 0:08:04.040 or wants us Live on YouTube. 0:08:05.280 --> 0:08:06.720 Wait, you can't be a good time to be a 0:08:06.720 --> 0:08:09.160 central banker these days. You're raising rates everywhere. I don't 0:08:09.160 --> 0:08:10.880 care if you're at the FED or the Bank of 0:08:11.000 --> 0:08:13.120 England or the ECB. Nobody wants to talk to you. 0:08:13.200 --> 0:08:16.119 Nobody's somebody the dinner parties. You know you're not getting 0:08:16.120 --> 0:08:18.720 the Christmas cards because you're raising range and you're making 0:08:19.000 --> 0:08:21.480 life tough for people. But nowhere it seems to some 0:08:21.520 --> 0:08:24.560 more difficult to be a central banker than in Brazil. 0:08:24.600 --> 0:08:27.520 So let's bring in the reporter on this story. Maria 0:08:27.640 --> 0:08:30.960 and Luisa Caputum, a brazil economics reporter for Bloomberg News. 0:08:31.000 --> 0:08:34.520 She joins us on zoom from our sal Paolo bureau. 0:08:34.559 --> 0:08:36.559 And this is a big take story. And Matt and 0:08:36.640 --> 0:08:38.720 I love the big take stories on the Bloomberg terminal 0:08:38.720 --> 0:08:42.240 because they're so well researched and written so Maria, tell 0:08:42.320 --> 0:08:45.360 us what's going on in Brazil. The president and the 0:08:45.360 --> 0:08:47.000 head of the central bank there, they're not on the 0:08:47.000 --> 0:08:47.839 same page, are they. 0:08:49.200 --> 0:08:52.120 Yeah, Well, I'm coming from you, right from Brasilia, actually, 0:08:52.200 --> 0:08:55.239 which is the war, the central banking space, the political 0:08:55.280 --> 0:08:56.920 capital over Brazil. 0:08:57.440 --> 0:08:58.600 So here in. 0:08:58.559 --> 0:09:02.760 Brazil, interest rates are basically a six year high, close 0:09:02.800 --> 0:09:06.680 to fourteen percent, and they have been steady since September. 0:09:07.280 --> 0:09:09.160 We have to remember that Brasil was one of the 0:09:09.240 --> 0:09:12.480 first central banks to hike rates in the midst of 0:09:12.480 --> 0:09:15.560 the pandemic, and it's slowly working out because we are 0:09:15.640 --> 0:09:20.760 seeing that inflation is ceasing from a twelve percent peak 0:09:20.880 --> 0:09:24.199 last year to around four percent, but it's still very 0:09:24.240 --> 0:09:26.880 much above a central bank's target. And you know, the 0:09:27.000 --> 0:09:30.400 team led by Roberto Camposneto, who is the central bank 0:09:30.480 --> 0:09:33.600 chief here, has given at this point no indication that 0:09:33.679 --> 0:09:37.960 they plan to cut rates or haven't even discussed that. 0:09:38.960 --> 0:09:42.240 And they're getting a political heat from back because President 0:09:42.240 --> 0:09:45.520 and Lewis in as La Silva, who took over in January, 0:09:46.160 --> 0:09:48.440 is not liking that scenario like at all. 0:09:48.720 --> 0:09:52.680 Well, you have also a very colorful person in office, 0:09:52.720 --> 0:09:54.720 as you tend to do in Brazil, but this guy 0:09:54.800 --> 0:09:57.400 just got out of the big house, right. Lula spent 0:09:57.520 --> 0:09:59.920 some time in prison for corruption and then was reelect 0:10:00.080 --> 0:10:04.880 as president, which is an amazing story by itself. Now 0:10:04.920 --> 0:10:10.199 he is really attacking Neto, the head of the central bank. 0:10:11.720 --> 0:10:14.480 Is there any way that Neto just says, Okay, you 0:10:14.559 --> 0:10:17.680 rather have inflation, I'll just cut rates again. I mean, 0:10:18.360 --> 0:10:20.960 Lula would be in a horrible position if that happened 0:10:20.960 --> 0:10:21.440 as well. 0:10:21.280 --> 0:10:21.720 Wouldn't he. 0:10:23.320 --> 0:10:27.520 Well, we have to remember that Lula is present now 0:10:27.559 --> 0:10:30.680 for the third time, but it's the first time that 0:10:30.800 --> 0:10:32.040 he's dealing with an. 0:10:31.960 --> 0:10:33.199 Autonomous central bank. 0:10:33.559 --> 0:10:35.640 To the law of the grants autonomy to the central 0:10:35.679 --> 0:10:38.280 bank here in Brazil is relatively new. It was a 0:10:38.320 --> 0:10:40.840 brilliant twenty twenty one. So this is the first time 0:10:40.880 --> 0:10:44.520 that Lula comes into office with that, with that percent 0:10:44.720 --> 0:10:45.000 of the. 0:10:44.960 --> 0:10:47.199 Central bank that he didn't himself choose. 0:10:48.880 --> 0:10:52.280 And the thing is that also Lula during his campaign, 0:10:52.559 --> 0:10:57.640 he made a big point of promising to deliver prosperity. 0:10:57.040 --> 0:10:59.760 Economic prosperity specifically. 0:10:59.400 --> 0:11:02.120 And now we're seeing that most channelists are betting that 0:11:02.280 --> 0:11:05.760 growth is going to be much lower than last year, 0:11:05.840 --> 0:11:08.920 is going to be around one percent, and that is 0:11:09.080 --> 0:11:14.200 you know, going straight into not what he promised, not 0:11:14.280 --> 0:11:16.560 what Lula promise, which was you know where we were 0:11:16.600 --> 0:11:21.679 all going to have beer and beef, you know, barely easy. 0:11:22.800 --> 0:11:25.040 And I think the main thing that Lula is seeing 0:11:25.080 --> 0:11:28.439 right now is that his obstacle is interest rates. Interest 0:11:28.520 --> 0:11:31.920 rates at a really high level. But on the other side, 0:11:32.040 --> 0:11:35.240 Tempus Mental has been arguing that there's reasons for them 0:11:35.360 --> 0:11:37.920 to hold the rate steady, and it's resources that in 0:11:37.960 --> 0:11:40.600 some cases I think are similar to our countries, especially 0:11:40.640 --> 0:11:44.480 in advanced economies, because core measures, when you strip out 0:11:44.720 --> 0:11:47.520 energy prices and some food items. 0:11:47.240 --> 0:11:48.840 They are running pretty high. 0:11:49.240 --> 0:11:53.520 And most analysts still believe that consumer price increases are 0:11:53.520 --> 0:11:57.080 going to accelerate beyond the Central Banks goal even like 0:11:57.200 --> 0:12:00.360 all through twenty twenty five. So they are not seeing 0:12:00.800 --> 0:12:04.400 at this point a space to deliver an. 0:12:04.280 --> 0:12:07.160 Easying cycle that is sustainable and that is credible. 0:12:08.080 --> 0:12:10.719 So Maria and your story, I really like the part 0:12:10.760 --> 0:12:16.120 about this meat packer. Minerva sa. It's tough to get 0:12:16.120 --> 0:12:19.320 some financing in Brazil. I mean, these higher rates are 0:12:19.320 --> 0:12:22.079 really impacticing, really impacting businesses. And so you've got a 0:12:22.120 --> 0:12:24.640 story about this meat packing company. Tell us about that. 0:12:25.880 --> 0:12:29.040 Yeah, And not only the meat packer will also talk 0:12:29.120 --> 0:12:35.240 to a businessman who have a like toystore business there, 0:12:35.360 --> 0:12:38.000 like for with four hundred employees, and it was getting 0:12:38.040 --> 0:12:39.079 hired for him as well. 0:12:39.160 --> 0:12:40.880 Like he actually told us that it. 0:12:40.920 --> 0:12:43.280 Was easier for her for him in the society, was 0:12:43.360 --> 0:12:46.160 cheaper for him to get a personal loan than a 0:12:46.200 --> 0:12:50.320 business loan for his company. And the thing is that 0:12:50.400 --> 0:12:53.480 in this political vialle that we're seeing between Lula and 0:12:53.520 --> 0:12:56.040 the Central Bank chief, the people that are caught in 0:12:56.080 --> 0:13:01.160 the middle are households. We're seeing from even like central 0:13:01.200 --> 0:13:05.199 bank stops itself, levels of household dead that. 0:13:05.200 --> 0:13:06.720 Are nearing record highs. 0:13:07.600 --> 0:13:11.240 Interest rates rise in this country where I know you're 0:13:11.640 --> 0:13:13.679 not gonna be leieve me, but this is the truth. 0:13:14.280 --> 0:13:17.880 Like interest rates on credit cards are like four hundred percent, 0:13:19.559 --> 0:13:24.719 so yeah, really really high. So we are seeing that 0:13:24.800 --> 0:13:27.920 businesses are taking out all of these out of this. 0:13:28.280 --> 0:13:31.920 But at the same time, that's how manage our policy works, right, 0:13:31.960 --> 0:13:35.640 it tries to slow down to the economy mainly through 0:13:35.679 --> 0:13:40.680 the credit channel. So we're seeing the impacts of that. 0:13:41.640 --> 0:13:45.319 Wow, don't put anything on your credit card right exactly, 0:13:45.679 --> 0:13:46.920 or if you do pay it off. 0:13:46.800 --> 0:13:50.160 On I pay my credit bills sometimes, so I'm fine. 0:13:50.240 --> 0:13:50.960 Yeah. 0:13:51.320 --> 0:13:55.400 Yeah, that the toy maker story was great, well bad 0:13:55.520 --> 0:14:00.360 in that the toymaker got stiffed by Marissa Loja. What 0:14:00.480 --> 0:14:02.800 is that like a department store? Right, and so a 0:14:02.800 --> 0:14:05.160 lot of these people he had to take a personal loan. 0:14:05.160 --> 0:14:11.160 The meat packers supplying its suppliers with cash right now 0:14:11.200 --> 0:14:12.880 giving them loans. 0:14:13.000 --> 0:14:14.439 How long is this going to last? 0:14:14.520 --> 0:14:17.760 How long does compost Nettos say he's going to have 0:14:17.800 --> 0:14:20.920 to keep rates high before he brings inflation down, which. 0:14:20.760 --> 0:14:23.320 We should point out isn't that high? Right? 0:14:23.400 --> 0:14:27.120 It was twelve percent, which is unbearably high. It's now 0:14:27.240 --> 0:14:30.640 like four percent, which is getting closer and closer to normal. 0:14:32.120 --> 0:14:35.920 Yeah, but their goal is three percent, and the infision 0:14:35.960 --> 0:14:40.440 expectations are still pointing that infission is going to pick 0:14:40.560 --> 0:14:44.200 up to around six percent by the end of this year. 0:14:44.960 --> 0:14:48.160 They're going to run above the targets through twenty twenty five. 0:14:48.640 --> 0:14:52.360 So at this point we don't have from thees Central 0:14:52.440 --> 0:14:55.480 Bank communication any clear signal. 0:14:55.280 --> 0:14:57.000 That they have discussed rycots. 0:14:57.400 --> 0:15:01.720 What we have is from in ester some markets expectations. 0:15:02.800 --> 0:15:05.560 You know, most people are batting that the first rayga 0:15:05.720 --> 0:15:09.800 is going to come in August September something like that. 0:15:10.560 --> 0:15:15.000 The governmental design of La Sila is working to create 0:15:15.080 --> 0:15:19.280 that space as well for the central bank two lower rates. 0:15:19.360 --> 0:15:22.520 They're just discussing a bill to. 0:15:22.560 --> 0:15:27.040 Show up public finances that if it is finally approved 0:15:27.080 --> 0:15:31.520 in Congress, could also open the space for reigas. But 0:15:32.680 --> 0:15:36.960 nowhere near you know, like the last months of the year, 0:15:37.080 --> 0:15:41.440 so we're thinking second half of the year possibly. 0:15:41.280 --> 0:15:44.240 Right, So, Maria, how are these economic challenges Are they 0:15:44.240 --> 0:15:47.960 impacting the standing of President Lula at all? Is it's 0:15:48.000 --> 0:15:50.640 becoming something, yes, to get really worried about. 0:15:52.040 --> 0:15:54.440 Well, he is worried in the sense that, you know, 0:15:54.520 --> 0:15:57.920 one of his main promises in the campaign was that, 0:15:58.000 --> 0:16:01.680 you know, economic prosperity, and the fact that he won 0:16:01.840 --> 0:16:06.800 an election for a very thin margin, I think it's 0:16:06.840 --> 0:16:09.840 putting more pressure on him to the liver on some 0:16:09.880 --> 0:16:12.960 of his promises. So we are seeing, yes, like in 0:16:13.040 --> 0:16:16.480 the in the side of the government, this push, this 0:16:17.960 --> 0:16:22.240 hastiness to the liver on this economic prosperity and other 0:16:22.320 --> 0:16:24.760 promises that they did on the campaign. 0:16:26.360 --> 0:16:30.200 We are seeing as well in analysts. 0:16:29.480 --> 0:16:33.600 You know, in in on the back of better agriculture numbers, 0:16:33.880 --> 0:16:38.080 revised up the estimates for economic growth this year, but 0:16:38.280 --> 0:16:43.320 still like relatively you know, like slowly slowly that it 0:16:43.400 --> 0:16:45.560 is going that it was like last year. You know, 0:16:45.600 --> 0:16:48.440 they're revising up to iran one point five percent and 0:16:48.560 --> 0:16:50.800 last year it was close to three percent, so we're 0:16:50.840 --> 0:16:52.040 still very far away from that. 0:16:52.960 --> 0:16:54.920 All right, Maria, thanks so much for joining us. 0:16:55.240 --> 0:16:55.600 Maria. 0:16:55.680 --> 0:17:00.640 Eloiso Capuro Aloisa Kapuro there talking to us from Brazilia 0:17:01.480 --> 0:17:04.480 about what's going on in terms of you know, their 0:17:04.640 --> 0:17:09.320 president attacking their central bank leader. It's a situation you 0:17:09.320 --> 0:17:13.520 could imagine in a number of regions. I don't think 0:17:13.600 --> 0:17:15.960 president we had several years back, we had it with 0:17:16.200 --> 0:17:19.040 President Trump, President Biden. I don't think we would do 0:17:19.080 --> 0:17:23.439 it so publicly, but we have had senators do it. 0:17:23.520 --> 0:17:23.639 Right. 0:17:23.680 --> 0:17:28.320 Elizabeth Warren is pretty, is pretty Lula da Silva in 0:17:28.400 --> 0:17:30.720 the way she attacks Jerome. 0:17:30.440 --> 0:17:31.280 Powell and our fed. 0:17:31.480 --> 0:17:33.479 Yeah, it's interesting, so we'll have to see it. The're supposed 0:17:33.480 --> 0:17:35.640 to be independent. But this is the Big Take story, 0:17:35.640 --> 0:17:37.119 and you can check that out on the terminal on 0:17:37.119 --> 0:17:38.880 Bloomberg dot com slash Big Take. 0:17:39.760 --> 0:17:43.320 You're listening to the Bloomberg Business Week podcast. Catch us 0:17:43.359 --> 0:17:47.399 live weekday afternoons from three to six Easter on Bloomberg Radio, 0:17:47.560 --> 0:17:50.840 the Bloomberg Business app, and YouTube. You can also listen 0:17:50.960 --> 0:17:54.080 live on Amazon Alexa from our flagship New York station, 0:17:54.520 --> 0:17:57.560 Just Say Alexa playing Bloomberg eleven thirty. 0:18:00.760 --> 0:18:08.160 K Yes. 0:18:08.880 --> 0:18:11.040 And it's the last year to see that as well. 0:18:11.160 --> 0:18:14.640 I mean in this form right. The Grateful Dead has 0:18:14.760 --> 0:18:17.000 sort of morphed into debt in company with John Mayer 0:18:17.040 --> 0:18:21.639 on lead guitar. They've got a new drummer, uh from Primis. 0:18:21.680 --> 0:18:23.640 I believe he comes from Primus, and so they kind 0:18:23.640 --> 0:18:24.960 of picked up the pace a little bit when they 0:18:25.000 --> 0:18:27.000 played in Cornell a couple weeks ago. And I'm excited 0:18:27.000 --> 0:18:29.760 to see the shows this summer, but that's not the point. 0:18:29.760 --> 0:18:34.320 We're talking about trucks, and Paul, you were saying, you know, 0:18:34.400 --> 0:18:36.640 when you think about mid sized trucks, there's really only 0:18:36.680 --> 0:18:39.240 one name that comes to mind, but there's so much 0:18:39.400 --> 0:18:44.360 new competition, Chevy most notably, I think with the Colorado 0:18:44.560 --> 0:18:49.000 and the Canyon from GMC before. It is bringing the 0:18:49.600 --> 0:18:51.639 Ranger back. It's brought the Ranger back, but it's bringing 0:18:51.640 --> 0:18:54.560 a new Ranger. And I actually talked to the guy 0:18:54.600 --> 0:18:58.040 who runs production of the mid size pickup program at 0:18:58.040 --> 0:18:59.600 for Jim boundback last week. 0:18:59.800 --> 0:19:00.800 Let's know what he had to say. 0:19:00.880 --> 0:19:04.360 We're expecting a really strong response from our customers. As 0:19:04.359 --> 0:19:08.400 I mentioned, since the original launch of Ranger Raptor, there's 0:19:08.440 --> 0:19:11.920 been incredible customer sentiment and push to get it here 0:19:11.920 --> 0:19:14.359 to the US. So certainly right out of the gates, 0:19:14.359 --> 0:19:17.639 we expect very very strong demand and we expect that 0:19:17.720 --> 0:19:22.600 to continue based on our experience with the other Ranger products, 0:19:22.600 --> 0:19:26.119 but also the other Raptor products across the portfolio. You know, 0:19:26.480 --> 0:19:29.920 it's something like a Raptor that really speaks to what 0:19:30.080 --> 0:19:33.159 customers love. And these are the types of products and 0:19:33.200 --> 0:19:35.879 the types of derivatives that customers love and they just 0:19:35.920 --> 0:19:36.639 can't live without. 0:19:37.480 --> 0:19:41.440 All Right, So Ranger, the new Ranger is coming to America. 0:19:41.480 --> 0:19:43.840 There's going to be a Raptor version. Now, there's a 0:19:43.920 --> 0:19:47.760 Raptor version of the F one fifty of the Ranger, 0:19:48.359 --> 0:19:51.240 of the Bronco. It's like more off road capable. Rumored 0:19:51.240 --> 0:19:53.639 to be a Raptor version of the Mustang coming up. 0:19:53.640 --> 0:19:55.480 But the reason we're talking about this is because Keith 0:19:55.520 --> 0:19:58.840 Notughton wrote a story for Bloomberg BusinessWeek Toyota, Ford and 0:19:58.920 --> 0:20:01.520 GM fight for mid side truck dominance. We've got Joel 0:20:01.520 --> 0:20:04.040 Weber here in the studio, editor in chief. So Joel 0:20:04.240 --> 0:20:04.960 tell us about the. 0:20:04.920 --> 0:20:09.119 Story America loves trucks, So I hear like full Stop 0:20:09.840 --> 0:20:13.679 and the Ford F series We've written about before that 0:20:14.240 --> 0:20:18.440 the revenue that that F one fifty makes is just unbelievable, 0:20:19.320 --> 0:20:22.000 and keeps written about that. What really stuck out to 0:20:22.000 --> 0:20:25.240 me here, though, is this mid size category has almost 0:20:25.280 --> 0:20:28.320 been forgotten and Toyota has just had it on lockdown. 0:20:29.520 --> 0:20:33.719 The Taco Paul you mentioned earlier that Tacoma is probably 0:20:33.760 --> 0:20:38.879 the favorite of this category. Blows anything anybody else has 0:20:38.960 --> 0:20:43.320 out and everybody is coming for a piece of Toyota, right, Keith, that. 0:20:43.400 --> 0:20:46.520 Is absolutely right. I mean, you know F series, the 0:20:46.640 --> 0:20:49.000 F one fifty you talked about, Joel, has been the 0:20:49.040 --> 0:20:53.200 top selling full sized pickup truck for forty six years. Well, 0:20:53.320 --> 0:20:57.240