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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

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Speaker 1: Surveillance Podcast. Catch us live weekdays at seven am Eastern

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Speaker 1: Listen on demand wherever you get your podcasts, or watch

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Speaker 1: us live on YouTube.

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Speaker 2: Seth Carpenter joins us right now, global head of macro

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Speaker 2: research at Margaret Stanley as well. I think I mentioned

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Speaker 2: once this morning, Seth that there's a FED meeting. I

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Speaker 2: think Ellen Beson, Zetner and others would say, you know,

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Speaker 2: at Morgan Stanley they're going to pause or this or that,

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Speaker 2: but what's the Morgan Stanley nuance forward when you research

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Speaker 2: our Central Bank?

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Speaker 3: Yeah, I mean, I think, to be quite fair to

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Speaker 3: the set, they're in an extraordinarily difficult situation. If you

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Speaker 3: look at the aggregate spending numbers are coming in pretty solid,

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Speaker 3: and then you look at the employment numbers and the

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Speaker 3: non farm barrels numbers are coming in really really soft,

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Speaker 3: and that combination is pretty a historic and so they

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Speaker 3: have cut rates several times over the past call it

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Speaker 3: six months or so. They're trying to figure out how

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Speaker 3: close are they the neutral. They're trying to figure out,

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Speaker 3: is the soft labor market the signal or is it

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Speaker 3: the noise? Is the strong spending the signal or is

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Speaker 3: it the noise? And judging from the commentary across the committee,

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Speaker 3: there is not a single view. When I worked at

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Speaker 3: the Feed, as you know, Tom, I was there for

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Speaker 3: fifteen years, one of my bosses would say the SEC

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Speaker 3: are nineteen people that don't agree on the color of

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Speaker 3: an orange, and right now they've got every right to

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Speaker 3: have a disagreement in terms of the outlooks of the

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Speaker 3: economy given the noise, and so I think that's where

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Speaker 3: they are. I think they will be pausing this week.

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Speaker 3: I think sure Powell will have a very difficult messaging

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Speaker 3: job to do at the press conference, both because it's

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Speaker 3: a tricky macroeconomic situation and because every single journalist is

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Speaker 3: going to be asking him about, you know, the political

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Speaker 3: side of things, which I suspect you will want to

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Speaker 3: stay far away from.

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Speaker 4: So this is like when you roll at Princeton.

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Speaker 2: I mean, did you see the pony put in there

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Speaker 2: about the color orange? And some people would allude that

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Speaker 2: to the President of the United States. I mean, you

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Speaker 2: can't get through a meeting at Morgan Stanley without a

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Speaker 2: Seth carp illusion upon Seth.

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Speaker 5: You know, we think about twenty twenty five and the

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Speaker 5: US equity markets performed very very well, but with a

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Speaker 5: lot of the performance in the rest of the world

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Speaker 5: was superior to that of the US. Here, what's that

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Speaker 5: US non US outlook for twenty twenty six in your mind?

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Speaker 3: Yeah, no, I think that's that's right. You know, at

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Speaker 3: Morgan Stanley Bradley, we're still pretty bullish on the outlook

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Speaker 3: in the US, but also globally, we think US equity's

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Speaker 3: probably unperformed. And my colleague Mike Wilson, who's our chief

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Speaker 3: equity strategist, is really constructive and he's pointed out that

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Speaker 3: in times where we don't have a recession, where interest

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Speaker 3: rates are looking like they're going to come down a

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Speaker 3: little bit, you don't usually have too much in the

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Speaker 3: way of multiple compression. And so even though a lot

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Speaker 3: of people have commented on how stretched multiples are, the

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Speaker 3: macro backdrop, if everything goes according to plan, seems like

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Speaker 3: it's favorable. Moreover, part of what's looking stretched to the

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Speaker 3: index overall is the top end, the hyperscalers especially, and

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Speaker 3: so if we have a broadening of growth in the economy,

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Speaker 3: then maybe the rest of the equity market gets to

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Speaker 3: catch up a little bit. So in that regard, we're

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Speaker 3: pretty pretty constructive. Now again, I said, if everything goes

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Speaker 3: according to plan, the assumption was that all of the

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Speaker 3: uncertainty about tariffs were in the background, all of the

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Speaker 3: uncertainty about geopolitical risk, we're going to start to fade.

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Speaker 3: I think that question remains to be answered, judging from

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Speaker 3: the news cycle over the past couple of weeks, in.

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Speaker 2: The time we got less seth we got to go

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Speaker 2: to some breaking news here given the storm and all.

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Speaker 2: But doctor Carpenter, your thoughts on what's percolating over the weekend.

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Speaker 2: It's less about the Japanese yen and it's more about

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Speaker 2: gold at fifty one hundred, the phrase dollar debasement DXY

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Speaker 2: and the Bloomberg Dollar Index coming down.

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Speaker 4: Is it a new week dollar trend? And what does

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Speaker 4: that signal for the nation?

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Speaker 3: Yeah, So we have been actually here at Morgan Stanley

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Speaker 3: pretty much consistently calling for the dollar to weekend over

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Speaker 3: time coming into twenty twenty five. So we'd go back

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Speaker 3: a year ago, we were the outliers saying the dollar

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Speaker 3: was going to sell off. Everybody else was looking for

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Speaker 3: a dollar rally with the prospect of tariff and that

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Speaker 3: sort of thing, and so, you know, we were right.

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Speaker 3: First half of the year, we got about ten percent

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Speaker 3: or so depreciation in the dollar broadly, we were looking

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Speaker 3: for a little bit more. It didn't come down quite

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Speaker 3: as much as we thought. The US economy held up

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Speaker 3: just a little bit more. The Feds sort of pushed

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Speaker 3: off just a little bit more. We do think there's

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Speaker 3: some fundamental reasons though, why you should see a little

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Speaker 3: bit more in the way of a dollar weakening. I

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Speaker 3: think the yen cross is just one specific, you know,

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Speaker 3: special example, and the sharp moves that we saw at

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Speaker 3: the end of last week were notable. But for all,

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Speaker 3: we do think there's room for continued correction.

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Speaker 2: Let's go Neurder Good, Damian Sasa or with this later.

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Speaker 2: But I do think Seth, this is important to mention

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Speaker 2: because I take great umbrage about it. I really disagreed

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Speaker 2: with the allusions to the Plaza Accord this weekend.

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Speaker 4: I just don't see the out of.

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Speaker 2: Whack in twenty twenty six that we saw forty years

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Speaker 2: ago in the Plaza Accord of the Louver Accord.

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Speaker 4: Am I right on that.

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Speaker 3: Yeah, I guess I'm sympathetic to your view. We think

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Speaker 3: there's some very fundamental market driven reasons for you to

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Speaker 3: get a bit more depreciation in the dollar, sort of

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Speaker 3: a persistent, consistent, coordinated move because there's a fundamental disconnect

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Speaker 3: in the world sort of trading order. I think that's

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Speaker 3: a little bit more open to interpretation.

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Speaker 5: So one of the things we're dealing with over the

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Speaker 5: weekend and certainly here in early trading is the US

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Speaker 5: dollar the yen here. What's your thought here as we

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Speaker 5: think about currencies here in this January morning.

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Speaker 3: Yeah, I mean, so we have thought, especially for the

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Speaker 3: dollar yen cross, we have thought that on fundamentals, there

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Speaker 3: was room for the end to strengthen against the dollar.

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Speaker 3: The sharp moves that we saw again at the end

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Speaker 3: of last week were you know, a bit very very

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Speaker 3: striking obviously, and they made headlines. Everyone paid attention to it.

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Speaker 3: I think directionally, it makes sense to us exactly how

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Speaker 3: we get from point A to point B. That's going

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Speaker 3: to be the tricky part. I think the Bank of

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Speaker 3: Japan right when they're looking at things, they've been more

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Speaker 3: comfortable perhaps with gradual moves in the end. So they

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Speaker 3: haven't been raising industrates aggressively.

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Speaker 4: To revalue the end.

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Speaker 3: In that regard, remember after twenty five years of essentially

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Speaker 3: stagnant's nominal GP growth that they're building in this cycle

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Speaker 3: of reflation, and so softer yen at the margin can

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Speaker 3: help them a little bit. But once it goes too far,

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Speaker 3: especially if we're to move quickly, then it starts to

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Speaker 3: have domestic repercussions in terms of important food and energy.

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Speaker 3: So I think the dollar yen is a very special

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Speaker 3: case of the dollar situation.

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Speaker 4: More broadly, doctor Carpenter, thank you so much.

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Speaker 2: Seth Carpenter, Glove ahead of Macro Research, and Morgan Stanley.

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Speaker 4: Stay with us.

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Speaker 2: More from Bloomberg Surveillance coming up after this.

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Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us live

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Speaker 1: weekday afternoons from seven to ten am Eastern Listen on

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Speaker 2: One of the best best photos in the history of

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Speaker 2: the Republican Party is younger Bush George Bush, where a

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Speaker 2: kid who couldn't shave. I don't think Patrick behind me

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Speaker 2: when he first was photographed with Bush could shave twice

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Speaker 2: a week. He has gone out to a sterling career,

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Speaker 2: twenty years of public service and he's still holding at

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Speaker 2: forty nine years old. Joining us this morning the former

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Speaker 2: Chair House Financial Services and all of his duties to

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Speaker 2: the Grand Old Party.

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Speaker 4: Patrick mckenry Carson, Good morning.

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Speaker 6: You have no better introduction.

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Speaker 4: Thank you, well, it's good to have you with us.

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Speaker 2: How fractured is the GOP this morning, given the events

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Speaker 2: of Minneapolis.

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Speaker 7: Quite Look, this is a Trump's stance on immigration was

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Speaker 7: his greatest political strength, and given what has happened in

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Speaker 7: Minneapolis in the last two weeks, it's become a weakness.

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Speaker 7: And so there's great concern about the specifics, the loss

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Speaker 7: of life in Minneapolis, the care and training that those

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Speaker 7: ice officers have for the population, and the overall tactic here.

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Speaker 6: But let's step back.

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Speaker 7: The concerning Congress is the implementation of the laws. Congress

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Speaker 7: needs to step in and actually change the immigration laws.

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Speaker 7: I think that's what the Trump administration is trying to

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Speaker 7: draw out, and that's what we've seen in this shifting

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Speaker 7: debate over the last two weeks.

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Speaker 4: In fact, I have the.

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Speaker 2: Clearest memory of a real effort to change our immigration laws.

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Speaker 2: Were Senator Kennedy and others. The Republicans went down in flames.

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Speaker 2: I'm going to say a long fifteen to twenty years ago. Now,

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Speaker 2: does the Senate block a rational immigration strategy because so

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Speaker 2: many people, including in the Carolinas, say we've got the

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Speaker 2: power in the Senate, we're not changing.

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Speaker 7: In fact, yes, because both sides think that they have

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Speaker 7: a poltical advantage on immigration, and therefore you haven't seen

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Speaker 7: a compromise.

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Speaker 6: It's a serious problem.

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Speaker 7: The Congress over twenty years has attempted immigration reform three

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Speaker 7: times in a major way. The last time was during

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Speaker 7: the first Trump administration, and we had a bill, two

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Speaker 7: bills in fact, that almost made it out of the

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Speaker 7: House by very very narrow margins lost on the House floor,

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Speaker 7: but that was the last go of it. In fact,

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Speaker 7: we have a mess of an immigration policy, and the

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Speaker 7: substance of our immigration policy is unpopular with the people.

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Speaker 7: Enforcement is very popular with the people if broadly done

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Speaker 7: and focus on the criminal element, the most egregious criminal

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Speaker 7: element in our society. When you're picking up random people

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Speaker 7: and having rough ups with protesters, it becomes far less

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Speaker 7: popular and far more questioned by the average voter.

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Speaker 5: You know, I think what's surprised some people is a

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Speaker 5: lot of people don't care. I just I don't see

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Speaker 5: the uproar coming out of Minneapolis. Here. Some people trying

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Speaker 5: to equate it to Kent State. I don't sense that

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Speaker 5: out there. Is there in the halls of Congress. Is

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Speaker 5: there sense that this is a significant issue.

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Speaker 7: The questioning of Congress is around the training of ice

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Speaker 7: officers and the tactic of going into specific localities for

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Speaker 7: major enforcement action.

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Speaker 6: The Congress and I think Republicans broadly.

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Speaker 7: In fact, Democrats would like the focus to be on

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Speaker 7: the criminal gang element and the border.

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Speaker 6: Those things are very, very popular.

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Speaker 7: But these desktops with average, everyday citizens, that's the stuff

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Speaker 7: that gets questioned across society.

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Speaker 2: Patrick McKendry with us with his public service to the

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Speaker 2: Grand Old Party. He's a contributor to Bloombergers. Thrilled he

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Speaker 2: could give us perspective here given the uproar, I got

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Speaker 2: eight ways to go here. I'm going to always call

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Speaker 2: you a congressman. I got eight ways to go congressman

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Speaker 2: in no time. So let me talk about this. You know,

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Speaker 2: very publicly you've taken funds of different re election bids

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Speaker 2: from the national Rifle Association.

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Speaker 4: We have a bedrock.

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Speaker 2: Idea in this country of the right to bear arms.

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Speaker 2: We have someone dead up in Minneapolis, with or without Again,

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Speaker 2: I don't want to get into the debate, folks, but

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Speaker 2: tell me how we juxtapose our colonial mythology with the

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Speaker 2: idea of what we see in Minneapolis. What is the

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Speaker 2: next step beyond in this emotion of a Second Amendment.

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Speaker 7: Oh, well, this is where the left has come out

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Speaker 7: in defense of Second Amendment rights because the activist here

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Speaker 7: was a liberal and had open carry and many Minnesota

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Speaker 7: has an open carry law, and so you know, then

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Speaker 7: we have some on the rights saying well, because he

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Speaker 7: had a weapon, that was justification for the for the

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Speaker 7: actions of the ice officers. So both sides have flipped

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Speaker 7: on when it comes to Second Amendment rights in this

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Speaker 7: exact circumstance, and it tells you help polarizing Donald Trump

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Speaker 7: is to the body politic. I don't mean polarizing. I

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Speaker 7: mean he is the most influence over every political discussion

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Speaker 7: right now. And if Trump's on one side, then the

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Speaker 7: Democratic Party must be on the other side. The left

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Speaker 7: must hold strong even if he agrees with him on

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Speaker 7: certain issues. It's quite an atmosphere we have right now.

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Speaker 5: Congressman, we saw many Minnesota CEOs they're seeking de escalation

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Speaker 5: after the border police shooting. Is there a role here,

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Speaker 5: a meaningful role for corporate America to play a role

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Speaker 5: in some of these debates.

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Speaker 7: Well over the last ten years when they've done this,

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Speaker 7: it's been a huge mistake for them. Then you stay

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Speaker 7: out of politics. What you saw with these Minneapolis and

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Speaker 7: Minnesota CEOs as they said we need to de escalate,

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Speaker 7: They're not getting into the substance of it. They're just saying,

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Speaker 7: we want calm in our city and we want peace

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Speaker 7: in our city. That is a message not just to

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Speaker 7: the President or to ICE or the Border Patrol, but

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Speaker 7: to the mayor and the governor. The cooler heads need

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Speaker 7: to prevail here. The governor stands to say, well, actually,

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Speaker 7: we just need Ice out of our state is an

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Speaker 7: absurd one within forced federal immigration laws. But both sides

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Speaker 7: should be actually able to come to the table and

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Speaker 7: have a rule of law approach here that cools the

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Speaker 7: populace and restores order.

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Speaker 2: Patrick Mahinry, thank you so much for joining Bloomberg Surveillance,

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Speaker 2: and this morning you're forty nine and holding the youngest

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Speaker 2: member of Congress just a few.

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Speaker 4: Few years ago. Stay with us.

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Speaker 2: More from Bloomberg Surveillance coming up after this.

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Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us Live

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Speaker 1: weekday afternoons from seven to ten am Eastern Listen on

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Speaker 1: Apple Karplay and Android Otto with the Bloomberg Business app,

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Speaker 1: or watch US live on YouTube.

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Speaker 2: Bilski finally with a series the Chief Executive Officer and

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Speaker 2: CIO Humillis investment strategies. Brian earnings just seem to be

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Speaker 2: obscured and I don't buy it for a minute. Does

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Speaker 2: double digit earnings mean by the bid ear in the market.

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Speaker 4: I think this is thank you so much for having us.

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Speaker 8: I think the market is going to be having a

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Speaker 8: hard time transitioning from this really momentum multiple driven upside

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Speaker 8: that we've for all intentsive purposes seen since the fourth

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Speaker 8: quarter of twenty twenty two, when the current bull cycle started.

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Speaker 8: Our work shows historically that earnings driven markets are still positive,

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Speaker 8: but they're not as positive as multiple driven markets. I

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Speaker 8: think that's why this week is such a huge week,

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Speaker 8: because we see some of the biggest tech companies come

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Speaker 8: out with earnings number one, number two We've had tremendous

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Speaker 8: performance and outperformance the last week or two weeks from

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Speaker 8: the small MidCap area, which we've been talking about for

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Speaker 8: a couple of years. We were pretty early, but at

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Speaker 8: the end of the day, we think of broadening out

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Speaker 8: of the market to more small midcaps is actually quite

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Speaker 8: positive for the longer term breath and positive nature of

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Speaker 8: the overall secular bull market that we continue to call for.

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Speaker 2: Paul, that's a Nasdaq up eighteen percent one year, SMP

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Speaker 2: up thirteen percent one year, down up eleven percent one year.

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Speaker 4: I believe that's double digit performance.

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Speaker 5: Double digit performance. Brian Thomas has calling out some solid

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Speaker 5: returns for US equities. But and you think about twenty

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Speaker 5: twenty five, and even to start here at twenty twenty six,

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Speaker 5: rest of world, other markets have done a lot better

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Speaker 5: outside the US. How do you think about the US

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Speaker 5: versus rest of world?

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Speaker 4: It's a great question, Paul.

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Speaker 8: You know, twenty twenty five was a snapback year, principally

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Speaker 8: because I think a lot of political side of things

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Speaker 8: in the fear trade leaving the United States. Then you

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Speaker 8: also have the currency weakening, and then you've had the

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Speaker 8: currency strengthening in other areas. And we do think that

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Speaker 8: the value proposition, certainly of Europe and some merging markets

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Speaker 8: was an attractive play. And then you talk about our.

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Speaker 4: Brethren in Canada with yall.

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Speaker 8: Canada had its greatest net out performance on a local

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Speaker 8: currency basis since nineteen ninety relative to the US, mostly

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Speaker 8: because of gold. But even though gold gets a lot

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Speaker 8: of headlines, the banks in Canada really rocked it in

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Speaker 8: twenty twenty five, especially considering the reserves that they had

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Speaker 8: been quite frankly building over the last several years. So

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Speaker 8: I think the Canada trade is going to be tougher

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Speaker 8: this year. I think in terms of the other markets,

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Speaker 8: I think it's going to be tougher. I think we're

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Speaker 8: going to have a little bit more balanced across all markets,

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Speaker 8: especially given the fact that now we need to see

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Speaker 8: fundamental growth going forward for emerging markets, that going forward

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Speaker 8: for Europe, and it's not just going to be all

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Speaker 8: about the materials and the energy side.

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Speaker 4: And look, Brian, at the makeup here.

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Speaker 2: I want you to talk to people in their four

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Speaker 2: oh one k you know, like me, it's stumbled into

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Speaker 2: decent returns over.

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Speaker 4: The last number of years.

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Speaker 2: Should they reallocate, should they rebalance or is it just static.

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Speaker 4: Keep it the way it is.

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Speaker 8: Patients forward, Patients forward has always been our line. We're

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Speaker 8: not the we're not the smartest person on this call

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Speaker 8: right now, by the way, or on this on this broadcast.

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Speaker 4: And I know Michael just entered the room. Yeah, well

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Speaker 4: then there you go.

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Speaker 8: But at the end of the day, we have a

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Speaker 8: report coming out today on our website under our new

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Speaker 8: moniker called Belski Briefs, and we talk about the importance

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Speaker 8: of remaining longer term invested. If you missed the best

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Speaker 8: days in the market, then you try to trade the

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Speaker 8: market out. Since nineteen ninety, the average and your return

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Speaker 8: is eight point six percent. But when you missed the

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Speaker 8: best days of the market, which typically, oh, by the way,

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Speaker 8: follow the worst days in the market, your annual compound

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Speaker 8: ary growth rate in terms of your portfolio is me

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Speaker 8: four point five percent. So just it sounds mundane, but

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Speaker 8: be invested.

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Speaker 4: But what we think is you.

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Speaker 8: Want to broaden out what you're owning Tom in your

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Speaker 8: four oh one k Let's call it more value, more

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Speaker 8: small MidCap, more dividend growth, not at the expense of

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Speaker 8: selling the meg seven. And we still think you need

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Speaker 8: to have some exposure in tech, and we're equal weight

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Speaker 8: tech in our work. But at the end of the day,

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Speaker 8: you want to be invested US stocks. Now is not

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Speaker 8: the time to run away based on fear or rhetoric,

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Speaker 8: and especially with respect what's going on in terms of politics.

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Speaker 5: Ran, how about the bond market here? The two year

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Speaker 5: treasure yielding three spots sixty here, that's a nice living

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Speaker 5: there for a lot of folks. But should we be

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Speaker 5: taking some credit risk above and beyond that?

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Speaker 8: You know, we think the bonds still remain an important

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Speaker 8: part of anyone's longer term portfolio. I think the bond

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Speaker 8: market has really been kind of a forgotten asset. We're

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Speaker 8: thinking and talking more about private equity. I like the

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Speaker 8: bond market here, especially around this his own and we've

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Speaker 8: been talking now for the last two or three years

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Speaker 8: that this three p fifty to four fifty range, it's

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Speaker 8: a wide range, but that is returning to more normalcy

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Speaker 8: that we've seen in markets for the last thirty years.

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Speaker 8: And I think that's where we're going and within that range, Paul,

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Speaker 8: I really think that's an area where we should own bonds.

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Speaker 2: Brian Belski with this with Humillison, of course, You've got

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Speaker 2: a Segui here into the reality as.

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Speaker 4: Well, Brian. I mean, there's no one we speak to.

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Speaker 2: It was more attuned to the ability of Sam Darnold

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Speaker 2: to come over his shoulder and pop that puppy down

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Speaker 2: forty yards. I mean, you go back to when the

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Speaker 2: Vikings lost him to Seattle. You go back to Seattle

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Speaker 2: winning twenty six to zero against the Vikings this year.

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Speaker 4: Brian Belski on Donald and the Patriots.

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Speaker 8: Oh my gosh, well, I'm going through the rosters here

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Speaker 8: of the ex Vikings in the Super Bowl, which is

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Speaker 8: kind of you know, like so you think about Stefan

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Speaker 8: Diggs and the Patriots and Sam Darnold, who obviously in

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Speaker 8: Minnesota Sports Radio, which we'll be listening to on the

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Speaker 8: on these interweb things www Dot thing. It's gonna be

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Speaker 8: crazy in Minnesota sports radio today because you know, we're

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Speaker 8: a bunch of massacrests in Minnesota sports. So I'm sure

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Speaker 8: that people are going to be mad that Seattle is

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Speaker 8: in Super Bowl. I think it's amazing on what Sam

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Speaker 8: Darnold's been able to do, and they played a great

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Speaker 8: game yesterday.

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Speaker 2: They did they moved down the field like nobody Brian Belski,

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Speaker 2: thank you so much, and I must really editorialized, folks.

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Speaker 2: He has said that great study, classic Good Morning, Capitol Guardian.

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Speaker 4: Trust in Los Angeles.

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Speaker 2: If you miss the ten top days in the market,

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Speaker 2: you don't get a trophy at the end of the day.

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Speaker 4: Brian Belski, thank you so much. With you Millist, stay

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Speaker 4: with us.

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Speaker 2: More from Bloomberg Surveillance coming up after this.

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Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch US Live

402
00:21:44,480 --> 00:21:47,639
Speaker 1: weekday afternoons from seven to ten am Eastern Listen on

403
00:21:47,720 --> 00:21:51,399
Speaker 1: Applecarplay and Android Otto with the Bloomberg Business app, or

404
00:21:51,560 --> 00:21:53,000
Speaker 1: watch US Live on YouTube.

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Speaker 2: Joining US now we mentioned a wonderful snow removal above ground,

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Speaker 2: there is beneath the ground well on the bus as well.

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Speaker 4: JOHNA.

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Speaker 2: Lieber joined us now MTA share and CEO here in

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Speaker 2: New York City, Johnald, I remember years ago in Boston

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Speaker 2: the snow of the salt the slush drifted down and

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Speaker 2: basically shut down the large system of Kenmore Square. Are

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Speaker 2: you and your team worried about major breakdowns just because

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Speaker 2: of the harshness of this or is it just an

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Speaker 2: emergency as usual?

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Speaker 9: You know, Tom, It's an interesting point Rob was talking

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Speaker 9: about the advances in forecasting. The advantage of that is

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Speaker 9: it allows us to do a ton of preparation and

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Speaker 9: fifteen thousand MTA workers labored over the weekend and into

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Speaker 9: today to make sure we could put on service. And

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Speaker 9: we were able to maintain bus and subway and Metro

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Speaker 9: North in Long Island Rover commuter service right through the storm,

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Speaker 9: with delays, with imperfections, but we were able to operate,

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Speaker 9: which is not always the case in the past, and

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Speaker 9: that's because of preparation. And you know, our concern now

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Speaker 9: is we're operating a full Monday morning commute, which is amazing,

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Speaker 9: but you know, the obviously with a risk of thaw

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Speaker 9: and icing, that presents new problems. So we're moving on

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Speaker 9: and how we manage the impacts of the storm.

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Speaker 5: Just as you suggest, Jenernal give us the status of

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Speaker 5: the subway and the bus system as it is right

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Speaker 5: now and kind of how do you think it might

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Speaker 5: play out over the next twenty four hours.

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Speaker 9: Well, here at the bottom line is we're operating service

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Speaker 9: on all subway lines, on all bus lines. There are

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Speaker 9: some delays because partly because we have crews that live

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Speaker 9: in New Jersey and they're not able to get in

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Speaker 9: because New Jersey Transit is out of business for today.

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Speaker 4: Shave there to New Jersey a little.

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00:23:53,760 --> 00:23:53,879
Speaker 8: Now.

440
00:23:54,160 --> 00:23:55,399
Speaker 4: Listen, everybody's different.

441
00:23:55,440 --> 00:23:59,600
Speaker 9: We were able to survive this storm with I guess

442
00:23:59,640 --> 00:24:01,840
Speaker 9: I said fifteen thousand people doing a ton of work.

443
00:24:01,920 --> 00:24:05,919
Speaker 9: But the bottom line is we're running. We're running every line.

444
00:24:06,040 --> 00:24:08,600
Speaker 9: Metro North is running, you know, five hundred and fifty

445
00:24:08,640 --> 00:24:12,480
Speaker 9: trains today, Long Island Road running seven hundred and fifty trains,

446
00:24:12,720 --> 00:24:16,240
Speaker 9: both of them on kind of robust holiday schedules or

447
00:24:16,240 --> 00:24:21,600
Speaker 9: weekend schedules. Check your if you're listening MTA Commuter, check

448
00:24:21,680 --> 00:24:25,520
Speaker 9: your train time app or your MTA website MTA dot

449
00:24:25,520 --> 00:24:31,000
Speaker 9: info for specifics. But we're running service and we're ready

450
00:24:31,080 --> 00:24:34,000
Speaker 9: to We're ready to keep that going as we go forward.

451
00:24:33,720 --> 00:24:34,120
Speaker 4: In the week.

452
00:24:34,760 --> 00:24:38,959
Speaker 5: Jennal, persistent cold is in the forecast here here from

453
00:24:39,000 --> 00:24:41,639
Speaker 5: Rob Carolyn. Maybe for the week, maybe two weeks of

454
00:24:41,960 --> 00:24:45,240
Speaker 5: well below average temperatures. How does that impact your system?

455
00:24:45,640 --> 00:24:49,159
Speaker 9: Yeah, listen, you know when your ice is a is

456
00:24:49,200 --> 00:24:52,520
Speaker 9: the enemy of good service on rail, right, so you

457
00:24:52,600 --> 00:24:56,480
Speaker 9: have to have run your de icing trains constantly, make

458
00:24:56,520 --> 00:25:00,320
Speaker 9: sure that the switches don't actually freeze up We have

459
00:25:00,400 --> 00:25:04,920
Speaker 9: maintainers literally standing by our major switches, our major interlockings

460
00:25:05,280 --> 00:25:09,160
Speaker 9: to constantly de ice. But we got all the snow

461
00:25:09,240 --> 00:25:13,760
Speaker 9: by running service yesterday right through the system. We got

462
00:25:13,760 --> 00:25:17,240
Speaker 9: the snow off of the third rail. We've been maximizing

463
00:25:17,359 --> 00:25:20,720
Speaker 9: our use of diesel engines on the commuter rails which

464
00:25:20,760 --> 00:25:24,440
Speaker 9: don't depend on the third rail, and we're going to

465
00:25:24,520 --> 00:25:26,800
Speaker 9: keep at it. So those are their new challenges brought

466
00:25:26,840 --> 00:25:29,720
Speaker 9: on by icing, especially for the bus system, which is

467
00:25:29,720 --> 00:25:32,600
Speaker 9: one hundred percent chain that all the wheels are chained.

468
00:25:33,000 --> 00:25:36,240
Speaker 4: But we're going to keep managing through. Can I ask

469
00:25:36,320 --> 00:25:37,480
Speaker 4: one non storm question?

470
00:25:37,560 --> 00:25:37,760
Speaker 2: Sure?

471
00:25:38,280 --> 00:25:42,119
Speaker 4: Yeah. What is so fascinating is you've been very vocal in.

472
00:25:42,119 --> 00:25:45,280
Speaker 2: Your support of our new mayor, and you've also said

473
00:25:45,480 --> 00:25:48,800
Speaker 2: that we need a lot of study of free buses.

474
00:25:49,520 --> 00:25:52,159
Speaker 2: Give us an update on how close we are to

475
00:25:52,280 --> 00:25:54,880
Speaker 2: free bus service of the MTA.

476
00:25:55,680 --> 00:25:59,520
Speaker 9: You know, today is today's really about the muscling through

477
00:25:59,520 --> 00:26:03,439
Speaker 9: the storm, honestly, Sean. But but you know, I'll just

478
00:26:03,480 --> 00:26:06,560
Speaker 9: say this is that they the new mayor, Mam Donnie

479
00:26:06,760 --> 00:26:10,520
Speaker 9: is very pro transit, and I welcome that. I've also

480
00:26:10,560 --> 00:26:13,119
Speaker 9: made clear that, uh, you know, if we're going to

481
00:26:13,119 --> 00:26:17,600
Speaker 9: talk about something as radical and as impactful as making

482
00:26:17,640 --> 00:26:20,200
Speaker 9: a whole section of our system free.

483
00:26:20,480 --> 00:26:21,600
Speaker 4: We need to do a.

484
00:26:21,520 --> 00:26:24,520
Speaker 9: Ton of study and it's not a flip the switch

485
00:26:24,600 --> 00:26:28,040
Speaker 9: type thing. So well, I'm sure that you know the

486
00:26:28,080 --> 00:26:31,760
Speaker 9: governor who is leading uh you know, the with her

487
00:26:31,840 --> 00:26:35,200
Speaker 9: state of the State message, making a lot of investments,

488
00:26:35,240 --> 00:26:39,240
Speaker 9: but also mindful of the We've brought the MT eight

489
00:26:39,320 --> 00:26:43,160
Speaker 9: back to financial stability under Hocal's leadership, and we don't

490
00:26:43,200 --> 00:26:46,240
Speaker 9: want to mess with that. So we'll be moving methodically

491
00:26:46,320 --> 00:26:50,080
Speaker 9: under Governor Hockle on addressing this idea amid the storm.

492
00:26:50,119 --> 00:26:53,080
Speaker 2: Thank you for the conversation. For general, Lieberg is with

493
00:26:53,119 --> 00:26:56,480
Speaker 2: the MTA chair and CEO as Will.

494
00:26:56,840 --> 00:27:01,840
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495
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496
00:27:06,200 --> 00:27:09,639
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497
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