Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: The single best idea on an extraordinary day, it could
Speaker 2: have been. We could have gone six seven hours today
Speaker 2: with this historic legislation in Washington, just to give you
Speaker 2: a little window into it. It's six point fifty nine,
Speaker 2: or maybe six point fifty eight. Nathan Hager announced that
Speaker 2: the gavel was hit. You heard the gavel in the
Speaker 2: House of Representatives off this legislation. We thought it would
Speaker 2: happen later, but it didn't. The news is the news,
Speaker 2: and we blew up the show literally in the countdown
Speaker 2: clock going to the red light at seven zero zero.
Speaker 2: Thank you to Terry Haynes on quick Notice with Pangaea.
Speaker 2: He was spectacular on parsing apart what's going on in
Speaker 2: Washington the path to the Senate. I can't say enough
Speaker 2: about Terry Haynes's value add A LinkedIn. He's got some
Speaker 2: great notes out there, Haynes Ha and Hai Nest Pangea policy.
Speaker 2: Thank you David Gura for multiple appearances today across all
Speaker 2: that we do on the bond market. I wanted to
Speaker 2: get somebody global holistic in and Russell Brownback is just
Speaker 2: fabulous at Blackrock. His notes are incredibly short and brilliant
Speaker 2: and really penetrating about the global nature of higher yields.
Speaker 2: Here now, Russell Brownback.
Speaker 3: We're going to look for the optimal opportunity set. We
Speaker 3: don't think it's at the back end of the curve.
Speaker 3: I will say, you know, there's a lot of barishness
Speaker 3: about term needs to be more term premium. That's a
Speaker 3: very popular trade today. Another great statistic, only eight point
Speaker 3: seven percent of marketable treasuries are twenty years or longer.
Speaker 3: If you think about the long aggregate index twenty years
Speaker 3: and longer, it's less than three trillion in market capitalization.
Speaker 3: You think about long duration assets, pension funds, insurance companies,
Speaker 3: you know estimates of around five trillion. The technicals are
Speaker 3: pretty profound. So you can push the long end of
Speaker 3: the market down in a speculative way. Over the short run,
Speaker 3: it's really hard to keep it down. And you've seen
Speaker 3: this is the third sort of bond vigilante scare quote
Speaker 3: unquote we've had over the past three years. The first
Speaker 3: two didn't really play out. My guess is that this
Speaker 3: one won't either.
Speaker 2: Bronze it. Russell brown Back at Blackrock, I can't say
Speaker 2: enough re listen to that is what after we get
Speaker 2: done with Leslie on energy, re listen to what Russell
Speaker 2: Brownback said there for Global Wall Street and even for
Speaker 2: people that haven't read a thousand pages of Fobosi, what
Speaker 2: he just said there is critical and I'm going to
Speaker 2: make it clear. This goes back to Lawrence MacDonald two
Speaker 2: three years ago about the absolute wall of money out there,
Speaker 2: like an insurance companies. You know, big, big, big money
Speaker 2: has to find a warm place. That's what Russell was
Speaker 2: talking about. And there's a Templeton said years ago a
Speaker 2: shortage of bands. There's no shortage of interest in what
Speaker 2: Leslie Poltic Guzman says. She's with Energy Vista out of
Speaker 2: Seance Poe and Fletcher Tofts just extraordinary. And the geopolitics
Speaker 2: of energy here is Leslie party Guzman.
Speaker 1: You know it was a very few like well fueled
Speaker 1: pr campaign. We haven't heard any criticism. And if I
Speaker 1: can use this stage, you know, for me, putting so
Speaker 1: much wealth into the hands of Katar is not a
Speaker 1: good idea because Katar has strong ties with Iran. Katar
Speaker 1: has financed the Muslim Brotherhood. By the way, France came
Speaker 1: out with a report this week from government officials pointing
Speaker 1: out the financing of Katar to the Muslim brotherhoods in
Speaker 1: Friends specifically, but all over Europe and other countries. Right,
Speaker 1: Jordan had just kicked out the Muslim Brotherhood. Katar has
Speaker 1: hosted and shelter a Dahamas Leslie Party.
Speaker 2: Guzman there with energy vista across nation on your commune.
Speaker 2: Thank you so much for your attention. Special thanks to
Speaker 2: Brian Shortsleeve, Republican candidate for governor in Boston. Thank you
Speaker 2: ninety two nine for that access this morning on YouTube.
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