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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: The single best idea on an extraordinary day, it could

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Speaker 2: have been. We could have gone six seven hours today

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Speaker 2: with this historic legislation in Washington, just to give you

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Speaker 2: a little window into it. It's six point fifty nine,

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Speaker 2: or maybe six point fifty eight. Nathan Hager announced that

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Speaker 2: the gavel was hit. You heard the gavel in the

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Speaker 2: House of Representatives off this legislation. We thought it would

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Speaker 2: happen later, but it didn't. The news is the news,

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Speaker 2: and we blew up the show literally in the countdown

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Speaker 2: clock going to the red light at seven zero zero.

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Speaker 2: Thank you to Terry Haynes on quick Notice with Pangaea.

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Speaker 2: He was spectacular on parsing apart what's going on in

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Speaker 2: Washington the path to the Senate. I can't say enough

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Speaker 2: about Terry Haynes's value add A LinkedIn. He's got some

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Speaker 2: great notes out there, Haynes Ha and Hai Nest Pangea policy.

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Speaker 2: Thank you David Gura for multiple appearances today across all

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Speaker 2: that we do on the bond market. I wanted to

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Speaker 2: get somebody global holistic in and Russell Brownback is just

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Speaker 2: fabulous at Blackrock. His notes are incredibly short and brilliant

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Speaker 2: and really penetrating about the global nature of higher yields.

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Speaker 2: Here now, Russell Brownback.

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Speaker 3: We're going to look for the optimal opportunity set. We

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Speaker 3: don't think it's at the back end of the curve.

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Speaker 3: I will say, you know, there's a lot of barishness

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Speaker 3: about term needs to be more term premium. That's a

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Speaker 3: very popular trade today. Another great statistic, only eight point

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Speaker 3: seven percent of marketable treasuries are twenty years or longer.

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Speaker 3: If you think about the long aggregate index twenty years

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Speaker 3: and longer, it's less than three trillion in market capitalization.

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Speaker 3: You think about long duration assets, pension funds, insurance companies,

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Speaker 3: you know estimates of around five trillion. The technicals are

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Speaker 3: pretty profound. So you can push the long end of

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Speaker 3: the market down in a speculative way. Over the short run,

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Speaker 3: it's really hard to keep it down. And you've seen

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Speaker 3: this is the third sort of bond vigilante scare quote

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Speaker 3: unquote we've had over the past three years. The first

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Speaker 3: two didn't really play out. My guess is that this

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Speaker 3: one won't either.

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Speaker 2: Bronze it. Russell brown Back at Blackrock, I can't say

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Speaker 2: enough re listen to that is what after we get

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Speaker 2: done with Leslie on energy, re listen to what Russell

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Speaker 2: Brownback said there for Global Wall Street and even for

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Speaker 2: people that haven't read a thousand pages of Fobosi, what

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Speaker 2: he just said there is critical and I'm going to

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Speaker 2: make it clear. This goes back to Lawrence MacDonald two

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Speaker 2: three years ago about the absolute wall of money out there,

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Speaker 2: like an insurance companies. You know, big, big, big money

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Speaker 2: has to find a warm place. That's what Russell was

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Speaker 2: talking about. And there's a Templeton said years ago a

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Speaker 2: shortage of bands. There's no shortage of interest in what

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Speaker 2: Leslie Poltic Guzman says. She's with Energy Vista out of

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Speaker 2: Seance Poe and Fletcher Tofts just extraordinary. And the geopolitics

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Speaker 2: of energy here is Leslie party Guzman.

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Speaker 1: You know it was a very few like well fueled

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Speaker 1: pr campaign. We haven't heard any criticism. And if I

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Speaker 1: can use this stage, you know, for me, putting so

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Speaker 1: much wealth into the hands of Katar is not a

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Speaker 1: good idea because Katar has strong ties with Iran. Katar

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Speaker 1: has financed the Muslim Brotherhood. By the way, France came

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Speaker 1: out with a report this week from government officials pointing

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Speaker 1: out the financing of Katar to the Muslim brotherhoods in

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Speaker 1: Friends specifically, but all over Europe and other countries. Right,

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Speaker 1: Jordan had just kicked out the Muslim Brotherhood. Katar has

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Speaker 1: hosted and shelter a Dahamas Leslie Party.

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Speaker 2: Guzman there with energy vista across nation on your commune.

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Speaker 2: Thank you so much for your attention. Special thanks to

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Speaker 2: Brian Shortsleeve, Republican candidate for governor in Boston. Thank you

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Speaker 2: ninety two nine for that access this morning on YouTube.

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