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

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Speaker 2: Single best idea, which is visit Houston.

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Speaker 3: Just got back from a wonderful moment with the Houston

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Speaker 3: CFA Society, their celebration their seventieth anniversary of Financial analysis,

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Speaker 3: and of course all the bustling energy and medical businesses

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Speaker 3: of Houston. A much much more extraordinary flying out of Iah,

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Speaker 3: the Houston Airport, the Bush Airport, just you see the

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Speaker 3: warehouse and distribution juggernaut that we in the East never see.

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Speaker 3: Absolutely extraordinary. And that goes to what I'm really focused

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Speaker 3: on now and in the coming weeks, which is the

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Speaker 3: supply supply line study of our trade dynamics. Mister Besson

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Speaker 3: and mister Kreer had a press conference today talk and

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Speaker 3: alluding to that with China a bit, but I think

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Speaker 3: going forward, supply line dynamics will be something really to

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Speaker 3: talk about. Really interesting day on the show. Christopher Whalen

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Speaker 3: joined us from whalan Global, and he's out with his

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Speaker 3: second edition of his book, Inflated. It's a musty of

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Speaker 3: sprawling history of the American financial system. Here's Chris Whalen

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Speaker 3: on the moment at hand.

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Speaker 1: It's almost like we're back to December twenty eighteen when

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Speaker 1: Jerome Powell almost ran the ship aground. You recall they

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Speaker 1: pivoted very quickly in January nineteen and started easing. That's

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Speaker 1: when they went to this ample reserve policy that they've

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Speaker 1: had since then. And I think that what we're worried

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Speaker 1: about is that the model that the FED uses to

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Speaker 1: judge whether liquidity is adequate or not is based on GDP,

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Speaker 1: which has nothing to do with anything. Liquidity is highly compartmentalized,

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Speaker 1: does not flow one way and another, so you really

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Speaker 1: don't know until there's not enough. Chris, I think that's

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Speaker 1: where we are today.

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Speaker 3: Chris Whalen, we're gonna get him in the studio and

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Speaker 3: celebration of his new book, Inflated as well. Stephen off

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Speaker 3: with us today with Federated hermy as we talked to

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Speaker 3: him about this market. All the bank results coming in

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Speaker 3: so good. Allison Williams, thank you so much for careful

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Speaker 3: analysis from Bloomberg Intelligence here of Federated on our bull market.

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Speaker 4: It's just set up tom right now in a very

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Speaker 4: attractive way these stocks. And we'd even lean into the

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Speaker 4: regional regional banks because they have not fully participated yet

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Speaker 4: and there's catch up trade there. But you know, you've

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Speaker 4: got like a perfect world here. You know, the yeal

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Speaker 4: curve is steepening. That's always good, particularly for the regional banks.

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Speaker 4: The economy is reaccelerating. You got Scott Bessetting Company focused

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Speaker 4: like laser beams on lowering the mortgage rate, which is

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Speaker 4: artificially high relative to the tenure. They're going to do that.

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Speaker 4: The housing sector takes off. That really helps the regional banks.

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Speaker 4: So you've got loan growth improving. You've got all this

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Speaker 4: inbound investment happening that requires financing.

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Speaker 2: That's more loan.

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Speaker 4: Growth, and the big banks, of course, as we're seeing,

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Speaker 4: have m and a animal spirits picking up IPOs.

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Speaker 1: It's just like.

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Speaker 4: Everything at once against a backdrop where these stocks are.

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Speaker 4: You know, you can make the case are cheaply valued.

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Speaker 4: They're certainly cheaply valued versus the market, and even on

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Speaker 4: a relative historical basis, that cheapness is still pretty reasonable.

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Speaker 2: So it's a kind of perfect storm. Steve author Federated,

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Speaker 2: I would point out that with his analysis, you don't

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Speaker 2: get to participate unless you're in the market before the event.

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Speaker 2: There's not enough discussion of that.

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Speaker 3: Outh Chivarone and the team at Federated and said, you've

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Speaker 3: got to play, you've got to be invested for moments

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Speaker 3: like this. Got much more Coming up again tomorrow, the

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Speaker 3: conversation with Governor Waller. That'll be in the nine o'clock

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Speaker 3: hour Eastern time. On podcasts, We're on an Apple, on Spotify,

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Speaker 3: on YouTube podcasts. It's single best idea