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Speaker 1: Global business news twenty four hours a day. If Bloomberg

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Speaker 1: dot com, the radio plus mobile app and on your

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Speaker 1: radio is a Bloomberg Business flash and I'm Karen Moscow.

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Speaker 1: This updates ROSSI. You buy Eisner Emperor. When entrepreneurs faced

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Speaker 1: challenges like choosing a business structure or access to capital,

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Speaker 1: they call the accountants and advisers at Oisner Amper connect

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Speaker 1: with them Oisner Emper dot com, slash Tech best Buy

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Speaker 1: reporting fourth quarter profit that beat analysts estimates, while it's

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Speaker 1: forecast for the first quarter missed and shares her down

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Speaker 1: three point three percent calls fourth quarter profit beat. Treasuries

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Speaker 1: are higher as oil falls, US Dock Index futures reversed.

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Speaker 1: The clients they're moving higher sm B EVENI futures up

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Speaker 1: four and a half points, now eveny futures up forty

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Speaker 1: two NASADAC eveny futures up ten decks. In Germany's up

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Speaker 1: one point eight percent ten Your treasury of four thirty

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Speaker 1: seconds the yield one point seven three percent. Nime ex

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Speaker 1: screwed oil down three tents per center ten cents to

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Speaker 1: thirty two oh five of barrel and comex Schold is

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Speaker 1: down half percent or six dollars ten sense to twelve

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Speaker 1: thirty three and ounce the euro at all ten thirty

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Speaker 1: nine and the yen one twelve point five one. That's

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Speaker 1: a Bloomberg business flash. Tom and Mike Karen, I think

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Speaker 1: so much, greatly appreciate a good morning Everyone features up

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Speaker 1: five as Karen mentions a better tape Steen Jacobson with

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Speaker 1: us A Saxo Bank Copenhagen, Steen a lot of pros

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Speaker 1: that we speak to. Look at Asia d X Y

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Speaker 1: which partitions are blended bundled Asia currency next including China,

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Speaker 1: but does not include the yen. How do you look

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Speaker 1: at the prism that is different Asia currencies. Well, I

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Speaker 1: think a lot of what goes on in China, even

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Speaker 1: in the worst cases, contained because they have the financial

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Speaker 1: ability to maneuver and do something. And that is also

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Speaker 1: the case for a lot of the currencies included in

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Speaker 1: the H and D s Y. But in Japan you

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Speaker 1: have a free trading martgage, you don't have the ability

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Speaker 1: anymore of the center bank of the political system to help.

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Speaker 1: So I think the yen remains the most important single

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Speaker 1: Asian currency that together with Ossie, which I think is

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Speaker 1: the proxy for all of Asia's growth and the potential

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Speaker 1: on the dollar. I think in Assie you actually have

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Speaker 1: everything you need to know about the world in terms

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Speaker 1: of economic development. Why then everybody get everybody gets so

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Speaker 1: upset about movements in the Chinese room NV because there's

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Speaker 1: a change from the standard operation procedure that we've seen

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Speaker 1: over time, which is a sort of a lazy tag

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Speaker 1: to the U. S dollar now. And I think it's

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Speaker 1: totally misunderstood. And I think, with all respect for anglew

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Speaker 1: section educated economists, they tend to look at China with

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Speaker 1: the eyes of a balance sheet. The balance sheet of

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Speaker 1: China is one pool of capital. It is a long plan.

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Speaker 1: It's not a short it's not it's not a soft landing.

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Speaker 1: It's not a heart lending. It's a long landing. And

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Speaker 1: I think in between, you know, trying to find a

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Speaker 1: hard or soft landing and not recognizing this a long landing,

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Speaker 1: you miss the point that on the currency side, where

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Speaker 1: China wants is to internationalize the REMEMBY. The internationalization of

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Speaker 1: the RMBY is a natural extension of the Asian Investment

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Speaker 1: Bank of the geopolitical strategy of closing in on a

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Speaker 1: trading zone that goes from the Eastern Seas street boarder

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Speaker 1: of China to Venetia and then all the way down

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Speaker 1: to Capo. Don't forget in tenuous time, I will wage

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Speaker 1: you a good dinner at a steakhouse in New York

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Speaker 1: that most of the piney think to the Asian markets

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Speaker 1: will come from not come from the US raised dollar liabilities,

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Speaker 1: but it would be raised from China and remainbe so

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Speaker 1: the you know, a long answer to a short question.

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Speaker 1: Remainber internationalization is the answer to your question, Well, we're

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Speaker 1: making a reservation right now, but kick it up here.

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Speaker 1: But I do want to point out the shot the

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Speaker 1: young man from Copenhagen took it Anglo Saxon houses bankers strategists.

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Speaker 1: Did you see that he took a shot from Copenhagen,

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Speaker 1: you add the bank It was like a Baltic shot,

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Speaker 1: you know. Put Are you confident? So you're confident that

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Speaker 1: the Chinese are going to be able to manage the

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Speaker 1: transition to a the un being a reserve currency. Yes,

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Speaker 1: and that I'm very confident enough. But but my my

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Speaker 1: confidence doesn't go to the fact that I think it's

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Speaker 1: a good model or a great model, or in different model.

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Speaker 1: What I'm trying to say is that when you don't

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Speaker 1: understand an economy, and clearly a lot of people, including

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Speaker 1: myself do not get the Chinese economy, but you cannot

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Speaker 1: do it from a a premise of trying to figure

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Speaker 1: out the assets and liability. Don't forget that the whole

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Speaker 1: exercise by the government in China is to penalize the

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Speaker 1: private saving which is roughly anywhere between forty and fifty

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Speaker 1: percent of GDP. I mean, this private saving rate in

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Speaker 1: the U s is five percent of GDP. Which of

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Speaker 1: these two countries do you think has the great ability

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Speaker 1: to do mistakes over the next twenty years? Thank you,

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Speaker 1: Thank you so much. Steve Jacobson greatly appreciate it. With

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Speaker 1: Saxelbank put out a bunch of SoC show you'll look

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Speaker 1: for this out under our digital products all Mike Mr

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Speaker 1: Bullard speaking over at saying they say that's the French version,

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Speaker 1: saying they say, I love this quote. Fed not on

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Speaker 1: freight train path. You have to be the St. Louis

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Speaker 1: Bank to say fed knot on a freight train path

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Speaker 1: those trains passing through the midway. Basically, he's trying to

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Speaker 1: reassure the markets that it's not automatic, that you're going

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Speaker 1: to see a rate increase every other meeting. Um, he

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Speaker 1: has switched sides. He was one of the more anxious

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Speaker 1: to raise rates last year. Now he's concerned to give

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Speaker 1: speech last night upon which this is all based. UM

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Speaker 1: expanding on his view that inflation expectations have fallen too

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Speaker 1: far and that will make it harder to get inflation up,

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Speaker 1: and that means FED should not be raising rates and

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Speaker 1: the forward guide stein Swank out in the Midwest as

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Speaker 1: well in Chicago. Um, as St. Louis is wet of Chicago.

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Speaker 1: Is that I think I can barely say. It's a

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Speaker 1: very good question. My only knowledge is is the baseball

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Speaker 1: team wins. The others don't. North and South here. But

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Speaker 1: but this headline is important and goes to what ms

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Speaker 1: Swank dtr Swank said yesterday, which is want to get

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Speaker 1: away from predicting number of rap rises, which is what

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Speaker 1: what is forward guidance? Michael, how do you def Okay,

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Speaker 1: that's what That's what I was hoping to have it.

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Speaker 1: I mean, they wanted, they want to have it, but

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Speaker 1: they haven't figured out what they want. They wanted both ways,

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Speaker 1: but they haven't figured out how to do it yet. Yeah,

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Speaker 1: I'll go with that, and that's with respect. Is it

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Speaker 1: work in progress? Shameless plug five am Tomorrow Morning Surveillance

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Speaker 1: on Bloomberg Television. Mike, I maybe we can drag you

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Speaker 1: out for this if we can figure out the schedule.

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Speaker 1: Robert Hormace and Richard Berner talking about a move back

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Speaker 1: to pre crisis when they were on the Watch at

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Speaker 1: Golden Sax and Morgan Stanley. It took Rachel Worsban, our

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Speaker 1: executive producer, had to jump through like eighteen hoops to

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Speaker 1: get the Burner entourage to agree with the Hormett's entourage. Yes,

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Speaker 1: but really looking forward to that. We'll try to get

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Speaker 1: you out there. I mean, it's really it's a very

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Speaker 1: emotional thing for us folks, with what we've been through

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Speaker 1: over the last eight million years at Burner and Hormetts together. St.

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Speaker 1: Louis is west of Chicago. I'm looking at it, man,

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Speaker 1: just so you know, I saw it. I was in St.

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Speaker 1: Louis as a kid when the Raging Debate was with

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Speaker 1: the arch meet at the Top. I was literally we

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Speaker 1: were to some eclipse or something and that was the

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Speaker 1: they Arch did meet at the top. For those of

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Speaker 1: you that are on a need to know basis, futures

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Speaker 1: A five Bloomberg Surveillance. Bloomberg Surveillance is brought to you

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Speaker 1: by c i T, from transportation to healthcare to manufacturing.

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