1
00:00:02,440 --> 00:00:10,160
Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Blueberg

2
00:00:10,200 --> 00:00:13,560
Speaker 1: DAYBAQ podcast, available every morning on Apple, Spotify or wherever

3
00:00:13,600 --> 00:00:16,439
Speaker 1: you listen. It's Friday, the twentieth of September in London.

4
00:00:16,480 --> 00:00:17,760
Speaker 1: I'm Caroline Hipki and.

5
00:00:17,680 --> 00:00:20,280
Speaker 2: I'm Stephen Carroll. Coming up today. The Bank of Japan

6
00:00:20,360 --> 00:00:23,960
Speaker 2: leaves interest rates unchanged, as the central bank signals it's

7
00:00:24,000 --> 00:00:25,560
Speaker 2: in no hurry to hike again.

8
00:00:26,040 --> 00:00:30,200
Speaker 1: Family firms tell Bloomberg a UK inheritance tax hike would

9
00:00:30,240 --> 00:00:34,959
Speaker 1: destroy them as consumer confidence dives on budget belt tightening.

10
00:00:35,040 --> 00:00:38,839
Speaker 2: FARS Plus Understanding Kamala Harris, we take a closer look

11
00:00:38,880 --> 00:00:42,280
Speaker 2: at what the presidential candidate might do if she wins

12
00:00:42,320 --> 00:00:43,440
Speaker 2: the race to the White House.

13
00:00:43,640 --> 00:00:45,639
Speaker 1: Let's start with a roundup of our top stories.

14
00:00:45,760 --> 00:00:49,080
Speaker 2: The Bank of Japan has left its key interest rate unchanged,

15
00:00:49,200 --> 00:00:52,320
Speaker 2: signaling it sees no need to hurry with hikes after

16
00:00:52,360 --> 00:00:56,200
Speaker 2: its July increase spooked investors. The BOJ indicated that it

17
00:00:56,280 --> 00:00:59,560
Speaker 2: remains on a path toward hiking rates, with about seventy

18
00:00:59,600 --> 00:01:03,920
Speaker 2: percent to economists surveyed by Bloomberg expecting an increase by December.

19
00:01:04,360 --> 00:01:07,160
Speaker 2: The board's two day meeting kicked off hours after the

20
00:01:07,160 --> 00:01:11,080
Speaker 2: Federal Reserve conducted a long awaited policy pivot with a

21
00:01:11,120 --> 00:01:14,240
Speaker 2: half point rate cut. In doing so, the FED joint

22
00:01:14,240 --> 00:01:17,080
Speaker 2: developed market peers, including the Bank of England and European

23
00:01:17,160 --> 00:01:21,400
Speaker 2: Central Bank, in launching an easing cycle. The development underscoring

24
00:01:21,440 --> 00:01:25,319
Speaker 2: the boj's outlier status as the only major central bank

25
00:01:25,400 --> 00:01:26,600
Speaker 2: on an upward course.

26
00:01:28,360 --> 00:01:30,920
Speaker 1: Now to the Bank of England, which says that it

27
00:01:31,040 --> 00:01:34,399
Speaker 1: won't rush to ease monetary policy. After leaving rates on

28
00:01:34,440 --> 00:01:38,120
Speaker 1: hold yesterday, Governor Andrew Bailey says that he's still concerned

29
00:01:38,160 --> 00:01:39,759
Speaker 1: about services inflation.

30
00:01:40,240 --> 00:01:42,560
Speaker 3: Our job is to make sure that inflation is sustainable

31
00:01:42,600 --> 00:01:45,080
Speaker 3: at the two percent target. There are still some pressures.

32
00:01:45,080 --> 00:01:48,680
Speaker 3: We've seen. Services inflation are still elevated, so I think

33
00:01:48,720 --> 00:01:51,880
Speaker 3: we're now on a gradual path down. That's the good news.

34
00:01:51,880 --> 00:01:53,440
Speaker 3: I think in states are going to come down. I'm

35
00:01:53,480 --> 00:01:55,840
Speaker 3: optimistic on that front, but we do need to see

36
00:01:55,840 --> 00:01:57,680
Speaker 3: some more evidence, so of course we will be looking

37
00:01:57,720 --> 00:01:58,680
Speaker 3: at this at every meeting.

38
00:02:00,080 --> 00:02:02,920
Speaker 1: Bailey's comments sent the pound two year high against the

39
00:02:03,040 --> 00:02:07,280
Speaker 1: US dollar. The Central Bank also maintained its quantitative tightening plans.

40
00:02:07,760 --> 00:02:11,280
Speaker 1: This would give Chancellor Rachel Reeves up to an extra

41
00:02:11,440 --> 00:02:15,320
Speaker 1: four billion pounds of fiscal headroom in her upcoming budget.

42
00:02:16,200 --> 00:02:18,519
Speaker 2: Well, that budget is a major test for the Prime

43
00:02:18,560 --> 00:02:21,200
Speaker 2: Minister and the Chancellor when they presented on the thirtieth

44
00:02:21,240 --> 00:02:25,040
Speaker 2: of October. British family businesses say they fear for their

45
00:02:25,160 --> 00:02:28,160
Speaker 2: survival and some of the announcements that could be contained

46
00:02:28,160 --> 00:02:31,160
Speaker 2: in it. Generations of businesses have told Bloomberg that they

47
00:02:31,200 --> 00:02:34,560
Speaker 2: won't be able to afford a higher inheritance tax bill

48
00:02:34,680 --> 00:02:37,959
Speaker 2: if the government chooses to hike it. The business fears

49
00:02:37,960 --> 00:02:40,720
Speaker 2: about the outlook are matched by UK consumer confidence. The

50
00:02:40,760 --> 00:02:44,600
Speaker 2: gate plunged in September, following by the largest amount in

51
00:02:44,680 --> 00:02:48,200
Speaker 2: two and a half years. Before the index was published,

52
00:02:48,200 --> 00:02:51,600
Speaker 2: the Bank of England governor says based on the economic data,

53
00:02:51,840 --> 00:02:53,760
Speaker 2: he thought confidence should be going up.

54
00:02:54,520 --> 00:02:58,640
Speaker 3: Real incomes are growing, well, what we've also seen is

55
00:02:58,720 --> 00:03:01,120
Speaker 3: that there's been quite a short and saving in those

56
00:03:01,200 --> 00:03:04,040
Speaker 3: country in the last year or so. I think probably

57
00:03:04,040 --> 00:03:07,040
Speaker 3: people are wanting to really see the evidence and this

58
00:03:07,080 --> 00:03:08,520
Speaker 3: is where we come and of course have seeing the

59
00:03:08,520 --> 00:03:12,560
Speaker 3: evidence of inflation is back to target. We've beaten the

60
00:03:12,639 --> 00:03:15,920
Speaker 3: problems that we saw in these huge global shocks, so

61
00:03:16,000 --> 00:03:18,160
Speaker 3: I think that there's good news in there. I think

62
00:03:18,200 --> 00:03:21,600
Speaker 3: probably confidence is rising but I think people want to

63
00:03:21,639 --> 00:03:23,440
Speaker 3: see the evidence that this has sustained.

64
00:03:24,200 --> 00:03:27,040
Speaker 2: Bailey's comments Commas. Some fear the government is creating a

65
00:03:27,160 --> 00:03:31,800
Speaker 2: negative narrative around the country's future. Bioi's former chief economist,

66
00:03:31,880 --> 00:03:35,840
Speaker 2: Andy hal Dane called some of the government's rhetoric unnecessary,

67
00:03:36,080 --> 00:03:39,280
Speaker 2: unhelpful and a bad idea earlier this month.

68
00:03:40,320 --> 00:03:43,840
Speaker 1: Now, France's new prime minister is proposing a new government

69
00:03:43,920 --> 00:03:46,880
Speaker 1: in a bid to overcome the country's political impulse. Michelle

70
00:03:46,880 --> 00:03:50,960
Speaker 1: Barney met with President Macaw yesterday evening for his office

71
00:03:51,040 --> 00:03:54,560
Speaker 1: described as constructive talks, during which he floated a list

72
00:03:54,600 --> 00:03:59,320
Speaker 1: of ministers. French MEP and Macros supporter Stephanie Yhon caught

73
00:03:59,360 --> 00:04:01,800
Speaker 1: in it, says that the new cabinet will have to

74
00:04:01,840 --> 00:04:04,400
Speaker 1: make important decisions for the country's future.

75
00:04:04,960 --> 00:04:07,160
Speaker 4: I mean, it's a really hard task, I know for

76
00:04:07,280 --> 00:04:11,360
Speaker 4: the new prime minister, and I hope everybody will be

77
00:04:11,960 --> 00:04:16,480
Speaker 4: on board and responsible to make sure that we find

78
00:04:17,640 --> 00:04:22,880
Speaker 4: at the end of the day the right method to

79
00:04:23,120 --> 00:04:28,400
Speaker 4: enter into a more reasonable budget for France and for

80
00:04:28,480 --> 00:04:29,160
Speaker 4: Europe as well.

81
00:04:30,279 --> 00:04:34,320
Speaker 1: Stephanie Joan Kutten, speaking that to Bloomberg Television. According to

82
00:04:34,360 --> 00:04:37,360
Speaker 1: a statement, the final makeup of The Barnier team will

83
00:04:37,360 --> 00:04:40,000
Speaker 1: be announced on Sunday, but what's in The French media

84
00:04:40,080 --> 00:04:42,039
Speaker 1: say that the new team will largely be made up

85
00:04:42,040 --> 00:04:46,479
Speaker 1: of figures from Macron's Centrist group and Barnier is Conservative

86
00:04:46,520 --> 00:04:47,719
Speaker 1: Republicans Party.

87
00:04:49,160 --> 00:04:52,080
Speaker 2: Meanwhile, on the outlook for Germany's economists and you servey

88
00:04:52,400 --> 00:04:56,320
Speaker 2: by Bloomberg of economists say that they only expect the

89
00:04:56,360 --> 00:04:59,159
Speaker 2: country's economy to start growing again towards the end of

90
00:04:59,200 --> 00:05:01,839
Speaker 2: the year. Growth in Germany's but under the spotlight after

91
00:05:01,880 --> 00:05:05,760
Speaker 2: it fell behind European peers. Bloomberg's Tea Adebayo has the story.

92
00:05:06,200 --> 00:05:09,599
Speaker 5: A recession will be narrowly avoided in Germany, where growth

93
00:05:09,640 --> 00:05:11,840
Speaker 5: will only kick in towards the end of the year.

94
00:05:12,080 --> 00:05:15,760
Speaker 5: That's according to economists polled by Bloomberg, who now forecast

95
00:05:15,839 --> 00:05:19,200
Speaker 5: stagnation in the three months through September, compared with the

96
00:05:19,240 --> 00:05:22,920
Speaker 5: previous prediction of zero point two percent growth. The expectations

97
00:05:22,960 --> 00:05:25,480
Speaker 5: are broadly in line with the view of Bundesbang, who

98
00:05:25,560 --> 00:05:29,320
Speaker 5: said this week that German output could stagnate or decline

99
00:05:29,360 --> 00:05:33,239
Speaker 5: again in the third quarter. Despite the dim prognosis, those

100
00:05:33,279 --> 00:05:36,839
Speaker 5: surveys still expect Germany's end of year rebound to be

101
00:05:36,920 --> 00:05:40,080
Speaker 5: sustained into twenty twenty five in London to you at

102
00:05:40,120 --> 00:05:41,320
Speaker 5: a bio Bloomberg Radio.

103
00:05:42,120 --> 00:05:46,080
Speaker 1: Bloomberg understands that China's government is considering removing some of

104
00:05:46,080 --> 00:05:50,880
Speaker 1: the largest remaining restrictions on home purchases. Regulators are working

105
00:05:50,920 --> 00:05:53,599
Speaker 1: on a proposal that would allow large cities such as

106
00:05:53,640 --> 00:05:57,920
Speaker 1: Shanghai and Beijing to relax restrictions for non local buyers

107
00:05:58,240 --> 00:06:01,400
Speaker 1: and tweak rules to allow for five smaller down payments and

108
00:06:01,480 --> 00:06:05,960
Speaker 1: lower mortgage rates on second homes. Chinese policymakers face renewed

109
00:06:06,000 --> 00:06:08,760
Speaker 1: pressure to reverse a housing slump that has dragged into

110
00:06:08,800 --> 00:06:11,920
Speaker 1: its fourth year, as evidence suggests that the country is

111
00:06:11,960 --> 00:06:14,799
Speaker 1: struggling to meet its five percent growth target.

112
00:06:15,920 --> 00:06:17,520
Speaker 2: In a moment, we'll bring you more details in the

113
00:06:17,520 --> 00:06:20,359
Speaker 2: Bank of Japan decision, plus our Big Take report today

114
00:06:20,360 --> 00:06:23,920
Speaker 2: on what sort of president Kamala Harris would make if

115
00:06:23,920 --> 00:06:26,520
Speaker 2: she were to be elected in November. But first, another

116
00:06:26,560 --> 00:06:28,240
Speaker 2: story that caught her eye this morning, or I should

117
00:06:28,240 --> 00:06:30,799
Speaker 2: say caught my eye, because Carline famously does not drink coffee.

118
00:06:31,279 --> 00:06:35,080
Speaker 2: As a result, not very interested in a story about coffee. However,

119
00:06:35,560 --> 00:06:38,600
Speaker 2: I will wow you figures in the National Coffee Association

120
00:06:38,640 --> 00:06:41,280
Speaker 2: in the US, so that coffee drinking outside of homes

121
00:06:41,279 --> 00:06:44,240
Speaker 2: has returned to pre pandemic levels the first time. It's

122
00:06:44,279 --> 00:06:46,479
Speaker 2: back up at that level we saw in January twenty twenty.

123
00:06:46,560 --> 00:06:49,040
Speaker 2: So that means more than a third of coffee drinkers

124
00:06:49,040 --> 00:06:53,640
Speaker 2: who drink regularly did so outside of their homes. This

125
00:06:53,839 --> 00:06:57,119
Speaker 2: is something that is in focus even as the price

126
00:06:57,160 --> 00:06:58,520
Speaker 2: of a couple of coffee is going to get more

127
00:06:58,560 --> 00:07:02,120
Speaker 2: expensive at future for Arabica beans head a thirteen year

128
00:07:02,279 --> 00:07:04,960
Speaker 2: high this week. And that's actually mean that's the subject

129
00:07:05,000 --> 00:07:07,800
Speaker 2: to the latest Next Africa podcast looking at the effects

130
00:07:07,800 --> 00:07:10,120
Speaker 2: as having on farmers and Uganda in particular, And you

131
00:07:10,120 --> 00:07:12,120
Speaker 2: can download that now if you want to hear the conversation.

132
00:07:12,440 --> 00:07:15,320
Speaker 2: Mumbai Get our Self Commodities reporter joins Jennifer's Abasaga to

133
00:07:15,320 --> 00:07:18,640
Speaker 2: discuss how that story is playing out amongst coffee growers.

134
00:07:18,720 --> 00:07:20,520
Speaker 1: Okay, the one thing I do want to ask you,

135
00:07:20,560 --> 00:07:23,360
Speaker 1: I'm going to give you the politicians question. How much

136
00:07:23,440 --> 00:07:24,720
Speaker 1: is a cup of coffee in the UK?

137
00:07:24,960 --> 00:07:25,160
Speaker 5: Now?

138
00:07:25,280 --> 00:07:26,560
Speaker 1: As I don't drink one, do you.

139
00:07:26,640 --> 00:07:28,320
Speaker 2: Know, I'm turns of where you go? Really, I mean

140
00:07:28,360 --> 00:07:32,080
Speaker 2: somewhere between three and five pounds potentially, Thank you, I

141
00:07:32,080 --> 00:07:34,120
Speaker 2: mean there are cheap rol charges available, but.

142
00:07:34,320 --> 00:07:38,680
Speaker 1: Yeah, good stuff and nice piece on the coffee industry.

143
00:07:38,720 --> 00:07:41,400
Speaker 1: Then on the Bloomberg terminal. Right, let's focus on the

144
00:07:41,400 --> 00:07:44,480
Speaker 1: Bank of Japan, which has held interest rates steady today

145
00:07:44,520 --> 00:07:46,880
Speaker 1: and signaled that it sees no need to hurry with

146
00:07:47,000 --> 00:07:50,200
Speaker 1: interest rate hikes. That's after a week of central bank

147
00:07:50,280 --> 00:07:53,120
Speaker 1: decisions that has seen the Bank of England hold and

148
00:07:53,160 --> 00:07:56,560
Speaker 1: the FED cut by fifty basis points. Garfield Reynolds, who

149
00:07:56,600 --> 00:07:58,760
Speaker 1: leads our Markets Live team in Asia, joins us now

150
00:07:58,760 --> 00:08:01,640
Speaker 1: for more Garfield good Moore, no change them from the

151
00:08:01,640 --> 00:08:04,160
Speaker 1: Bank of Japan. What will you be listening out for

152
00:08:04,280 --> 00:08:05,520
Speaker 1: in the press conference?

153
00:08:06,960 --> 00:08:10,600
Speaker 6: Well, the press conference is very interestingly set up. We've

154
00:08:10,640 --> 00:08:14,760
Speaker 6: seen the yen gain somewhat after the announcement, even though

155
00:08:14,760 --> 00:08:18,680
Speaker 6: the announcement was very much as expected, no change, But

156
00:08:18,760 --> 00:08:23,119
Speaker 6: there were hints that there could be some more hawkishness,

157
00:08:23,560 --> 00:08:27,800
Speaker 6: or at least some justification for hawkishness, because the boj

158
00:08:28,080 --> 00:08:32,719
Speaker 6: sounded more optimistic about the economy. It raised its assessment

159
00:08:33,080 --> 00:08:38,600
Speaker 6: for consumer spending, it sees inflation expectations moving higher in

160
00:08:38,640 --> 00:08:41,120
Speaker 6: the medium term. All of that is the sort of

161
00:08:41,120 --> 00:08:44,960
Speaker 6: thing that would set them up to consider rate hikes

162
00:08:45,000 --> 00:08:49,280
Speaker 6: going forward. However, the other side of matters is that

163
00:08:49,760 --> 00:08:53,720
Speaker 6: there was no outlining of forward guidance in the statement,

164
00:08:54,000 --> 00:08:57,920
Speaker 6: unlike last time round, and what there was was some

165
00:08:58,679 --> 00:09:03,520
Speaker 6: comments about the need to monitor what the impact of

166
00:09:03,640 --> 00:09:07,240
Speaker 6: financial market is going to be on the economy and

167
00:09:07,360 --> 00:09:12,800
Speaker 6: acknowledgment of the increased impact on prices of what goes

168
00:09:12,920 --> 00:09:16,960
Speaker 6: on with currencies. So all of that sounds as though

169
00:09:17,800 --> 00:09:21,480
Speaker 6: Ueida and his board got the message from last time

170
00:09:21,520 --> 00:09:25,640
Speaker 6: around that if they are too hawkish too fast, they

171
00:09:25,679 --> 00:09:28,360
Speaker 6: could set off some very strong gains for the end

172
00:09:29,000 --> 00:09:31,760
Speaker 6: and they don't want to see that. Now. That's not

173
00:09:31,880 --> 00:09:35,920
Speaker 6: so much because they worry about the repeat of your

174
00:09:35,960 --> 00:09:41,559
Speaker 6: equity selloffs even in Japan. It's more because they look

175
00:09:41,600 --> 00:09:43,680
Speaker 6: at that and go, well, that's going to stop us

176
00:09:44,360 --> 00:09:51,040
Speaker 6: being able to get policy normalized in appropriate fashion. It's

177
00:09:51,080 --> 00:09:55,280
Speaker 6: a policy your block. It stops them doing that going forward.

178
00:09:55,320 --> 00:09:58,480
Speaker 6: So with that being the case, it's quite possible that

179
00:09:58,559 --> 00:10:02,640
Speaker 6: those traders who've bid up the yen after the statement

180
00:10:03,120 --> 00:10:08,120
Speaker 6: are jumping at the shadows of the last meeting because

181
00:10:08,760 --> 00:10:14,360
Speaker 6: it's looking like Uwaida is not about to repeat the

182
00:10:14,400 --> 00:10:17,640
Speaker 6: disruptive hawkishness that he displayed last time round.

183
00:10:18,120 --> 00:10:19,800
Speaker 2: Okay, so that's interesting to watch in the Bank of

184
00:10:19,880 --> 00:10:22,319
Speaker 2: Japan meeting, of course, this is that they're among the

185
00:10:22,400 --> 00:10:24,880
Speaker 2: last of that rush of central bank decisions we've had

186
00:10:24,920 --> 00:10:28,120
Speaker 2: this week. And reflecting on the move that we had

187
00:10:28,160 --> 00:10:30,440
Speaker 2: from the FED, which as I suppose, the most surprising

188
00:10:30,480 --> 00:10:33,320
Speaker 2: among them, where are we now on considering where the

189
00:10:33,320 --> 00:10:34,319
Speaker 2: fad goes from here?

190
00:10:36,200 --> 00:10:40,960
Speaker 6: Well, I mean, the shakeout has ultimately been what it

191
00:10:41,040 --> 00:10:45,240
Speaker 6: seemed like was was what was most the most likely outcome,

192
00:10:45,679 --> 00:10:50,559
Speaker 6: which was that at least initially, it's good for stocks

193
00:10:50,600 --> 00:10:53,840
Speaker 6: and bad for bonds. Good for stocks because the FED

194
00:10:54,360 --> 00:10:57,560
Speaker 6: is looking past there are still some lingering concerns about inflation.

195
00:10:58,120 --> 00:11:01,160
Speaker 6: It's not totally clear the labor market is in deep trouble,

196
00:11:01,520 --> 00:11:05,560
Speaker 6: but the FED is focusing far more on making sure

197
00:11:05,720 --> 00:11:10,040
Speaker 6: that the labor market stays healthy, far more now on

198
00:11:10,120 --> 00:11:15,560
Speaker 6: trying to support growth. It's assuming that inflation is not

199
00:11:15,679 --> 00:11:19,720
Speaker 6: a major concern going forward, so it's very strongly focused

200
00:11:19,760 --> 00:11:25,320
Speaker 6: on that growth angle, and in particular on creating a

201
00:11:25,440 --> 00:11:28,280
Speaker 6: soft landing. Now. If it does manage to get to

202
00:11:28,320 --> 00:11:31,160
Speaker 6: a soft landing, that's bad for bonds because bonds have

203
00:11:31,200 --> 00:11:35,360
Speaker 6: been pricing as though a recession was almost certain to

204
00:11:35,400 --> 00:11:38,440
Speaker 6: come without a recession if we get that soft landing.

205
00:11:38,480 --> 00:11:42,360
Speaker 6: That's basically what a soft landing means is no serious recession.

206
00:11:42,760 --> 00:11:46,479
Speaker 6: So if we don't get a serious recession, then yields

207
00:11:46,800 --> 00:11:49,080
Speaker 6: at the front end of the curve look a little

208
00:11:49,080 --> 00:11:51,560
Speaker 6: bit lower than they really should be, and those at

209
00:11:51,559 --> 00:11:54,760
Speaker 6: the back end of the curve look considerably lower than

210
00:11:54,800 --> 00:11:58,000
Speaker 6: they should be. So the bond market faces a much

211
00:11:58,040 --> 00:12:03,880
Speaker 6: tougher time going forward market unless the fit, it turns out,

212
00:12:04,000 --> 00:12:07,480
Speaker 6: has been too late and is going to end up

213
00:12:07,520 --> 00:12:10,400
Speaker 6: being too slow in lowering rates, in which case we

214
00:12:10,440 --> 00:12:13,440
Speaker 6: get a recession, and then those bets on much much

215
00:12:13,480 --> 00:12:17,600
Speaker 6: lower interest rates will count to fruition absolutely.

216
00:12:17,600 --> 00:12:21,440
Speaker 1: I mean, for now, the Asians dot rally continues, continues.

217
00:12:21,440 --> 00:12:23,560
Speaker 1: In fact, the global act she's vale that we've seen

218
00:12:24,040 --> 00:12:26,360
Speaker 1: this week. Garfield, thank you so much for being with

219
00:12:26,440 --> 00:12:28,679
Speaker 1: us this morning. GOFFERD Reynold, who leads our market's live

220
00:12:28,720 --> 00:12:29,760
Speaker 1: team in Asia.

221
00:12:30,240 --> 00:12:34,120
Speaker 2: Now, what would Kamala Harris winning the US presidential election November?

222
00:12:34,160 --> 00:12:37,040
Speaker 2: I mean, for Wall Street and for Americans. That's the

223
00:12:37,080 --> 00:12:40,319
Speaker 2: subject of today's Bloomberg Big Take report, which looks at

224
00:12:40,360 --> 00:12:42,560
Speaker 2: what the vice president might do in office if she

225
00:12:42,640 --> 00:12:46,280
Speaker 2: defeats Donald Trump. Our AMNIS director Rosla Matts and joins

226
00:12:46,320 --> 00:12:49,120
Speaker 2: us now for more this morning, Raz Good morning. This

227
00:12:49,320 --> 00:12:51,680
Speaker 2: is a deep dive into Harris's background in history to

228
00:12:51,720 --> 00:12:55,120
Speaker 2: sketch out what sort of president she might be. What

229
00:12:55,280 --> 00:12:58,120
Speaker 2: stands out first of all from her earlier professional years

230
00:12:58,160 --> 00:13:00,199
Speaker 2: it could be key to her policy choices.

231
00:13:00,480 --> 00:13:02,120
Speaker 7: Well, in a way, what stood out to me goes

232
00:13:02,160 --> 00:13:05,480
Speaker 7: back even further than that to when she was a

233
00:13:05,520 --> 00:13:08,040
Speaker 7: young girl with her mother. There's a very strong vein

234
00:13:08,080 --> 00:13:12,240
Speaker 7: of her mother through her life, her formative years, teaching

235
00:13:12,280 --> 00:13:16,400
Speaker 7: her about social justice, but also to use logic very much.

236
00:13:16,440 --> 00:13:20,160
Speaker 7: Her mother was about logic, data and information and so

237
00:13:20,320 --> 00:13:23,440
Speaker 7: how to use that to form an argument, a reasoned case.

238
00:13:23,559 --> 00:13:25,760
Speaker 7: And in the end, of course, Kamala Harris became a

239
00:13:25,840 --> 00:13:29,760
Speaker 7: lawyer where that was also important to her, and you

240
00:13:29,760 --> 00:13:33,439
Speaker 7: can see that in her time as when she was

241
00:13:33,520 --> 00:13:37,200
Speaker 7: district attorney, because she was both tough on the one hand,

242
00:13:37,280 --> 00:13:41,000
Speaker 7: very much trying to increase conviction rates for major crimes

243
00:13:41,040 --> 00:13:45,160
Speaker 7: coming down on for colleges that were profiteering of students,

244
00:13:45,200 --> 00:13:49,120
Speaker 7: coming for the housing sector, for companies that were profiteering

245
00:13:49,200 --> 00:13:53,040
Speaker 7: off people, but also pragmatic in that she was trying

246
00:13:53,080 --> 00:13:57,560
Speaker 7: to boost rehabilitations for nonviolent offenders. So you can see

247
00:13:57,600 --> 00:14:01,520
Speaker 7: that kind of streak of tough but pragmatic and always

248
00:14:01,600 --> 00:14:05,240
Speaker 7: using logic to build an argument, not just relying on emotion.

249
00:14:05,520 --> 00:14:08,600
Speaker 7: And that's very much been a vain through her childhood

250
00:14:08,640 --> 00:14:11,599
Speaker 7: and through her professional career as a prosecutor, and you

251
00:14:11,640 --> 00:14:13,400
Speaker 7: can see it in the way that she's running her

252
00:14:13,440 --> 00:14:14,840
Speaker 7: campaign now for president.

253
00:14:15,559 --> 00:14:19,280
Speaker 1: That's an interesting point. Her mother was a biomedical scientist.

254
00:14:20,320 --> 00:14:22,800
Speaker 1: In terms of the contrast though, as you say, I

255
00:14:22,840 --> 00:14:24,600
Speaker 1: mean you've sort of mentioned some of them there, but

256
00:14:24,640 --> 00:14:28,760
Speaker 1: in terms of the economic thinking, tax breaks for small business,

257
00:14:28,800 --> 00:14:32,600
Speaker 1: but then potentially tougher on competition issues. How should we

258
00:14:32,640 --> 00:14:36,720
Speaker 1: think about Harris's potential stewardship of the US economy.

259
00:14:37,200 --> 00:14:40,080
Speaker 7: What's interesting because everyone's trying to work out how she'd

260
00:14:40,160 --> 00:14:44,000
Speaker 7: be different or the same as Joe Biden. But as

261
00:14:44,000 --> 00:14:46,680
Speaker 7: you say, she's a study in contrast when it comes

262
00:14:47,000 --> 00:14:49,960
Speaker 7: to economic policy, and she's been deliberately a little bit

263
00:14:50,000 --> 00:14:52,960
Speaker 7: obtuse about some of it, and that's probably while she's

264
00:14:53,000 --> 00:14:55,640
Speaker 7: out on the campaign trail, but we know that you

265
00:14:55,640 --> 00:14:59,680
Speaker 7: know she probably will be more pro regulation of big companies.

266
00:14:59,720 --> 00:15:02,440
Speaker 7: She could come on the anti trust side and that

267
00:15:02,480 --> 00:15:04,600
Speaker 7: could find her on the back food even with some

268
00:15:04,640 --> 00:15:07,960
Speaker 7: of her own Democrats, and certainly big business is looking

269
00:15:07,960 --> 00:15:10,200
Speaker 7: at her thinking is she going to be very tough

270
00:15:10,200 --> 00:15:13,800
Speaker 7: on us in terms of regulation and the anti trust aspect.

271
00:15:14,080 --> 00:15:17,359
Speaker 7: But equally, she's really cast her campaign in economic policies

272
00:15:17,600 --> 00:15:19,680
Speaker 7: a little bit different from Joe Biden, more around small

273
00:15:19,720 --> 00:15:24,480
Speaker 7: business and helping first homeowners, small businesses, people get on

274
00:15:24,560 --> 00:15:27,800
Speaker 7: the ladder economically, and that's really about her bid to

275
00:15:27,880 --> 00:15:31,200
Speaker 7: appeal to the middle class in America as part of

276
00:15:31,200 --> 00:15:33,880
Speaker 7: this election, and she sees that again, I think about

277
00:15:33,880 --> 00:15:37,320
Speaker 7: that issue of fairness. You want to help everybody have

278
00:15:37,400 --> 00:15:40,720
Speaker 7: a chance to succeed in society, but also you want

279
00:15:40,760 --> 00:15:41,960
Speaker 7: to watch the top end of town.

280
00:15:43,280 --> 00:15:46,320
Speaker 2: Now, part of what's so intriguing about this piece of

281
00:15:46,360 --> 00:15:49,880
Speaker 2: reporting is that we've heard relatively little from Kamala Harris

282
00:15:49,880 --> 00:15:52,920
Speaker 2: since she became the nominee. She's done quite few interviews.

283
00:15:53,600 --> 00:15:56,120
Speaker 2: Is that a strategy? You know, what do we sort

284
00:15:56,120 --> 00:15:58,280
Speaker 2: of think about that strategy? And I know, is that's

285
00:15:58,280 --> 00:15:59,920
Speaker 2: something that might change as we get closer to the election.

286
00:16:00,800 --> 00:16:02,400
Speaker 7: Well, it has allowed her to be a bit of

287
00:16:02,400 --> 00:16:04,720
Speaker 7: a chameleon on the campaign. I mean, she's been out

288
00:16:04,720 --> 00:16:07,520
Speaker 7: campaigning pretty much every day, but she's mostly been going

289
00:16:07,560 --> 00:16:10,760
Speaker 7: and talking to people versus talking to the media. She

290
00:16:11,120 --> 00:16:12,840
Speaker 7: does a lot of stops where she goes and talks

291
00:16:12,880 --> 00:16:16,640
Speaker 7: to people on the road, giving very few interviews because

292
00:16:17,080 --> 00:16:19,160
Speaker 7: you know, if you tie yourself into an interview, you

293
00:16:19,200 --> 00:16:22,560
Speaker 7: tie yourself into a policy position, and that can be dangerous.

294
00:16:22,600 --> 00:16:24,400
Speaker 7: On the campaign trail, she does seem to want to

295
00:16:24,920 --> 00:16:27,600
Speaker 7: give herself a lot of room if she were to

296
00:16:27,640 --> 00:16:30,320
Speaker 7: become president, to craft policy and not be bound into

297
00:16:30,320 --> 00:16:33,440
Speaker 7: promises she's made in a rush on the campaign trail,

298
00:16:33,880 --> 00:16:35,880
Speaker 7: So it seems to be a deliberate strategy, as our

299
00:16:35,920 --> 00:16:39,440
Speaker 7: story notes, in a way's campaigning like she's the front runner.

300
00:16:41,120 --> 00:16:43,720
Speaker 2: This is Bloomberg Daybreak Europe. You're a morning brief on

301
00:16:43,760 --> 00:16:46,960
Speaker 2: the stories making news from London to Wall Street and beyond.

302
00:16:47,240 --> 00:16:50,440
Speaker 1: Look for us on your podcast feed every morning on Apple,

303
00:16:50,560 --> 00:16:53,240
Speaker 1: Spotify and anywhere else you get your podcasts.

304
00:16:53,280 --> 00:16:56,320
Speaker 2: You can also listen live each morning on London Dab Radio,

305
00:16:56,360 --> 00:16:59,560
Speaker 2: the Bloomberg Business app, and Bloomberg dot Com.

306
00:17:00,160 --> 00:17:02,920
Speaker 1: Our flagship New York station is also available on your

307
00:17:02,960 --> 00:17:07,679
Speaker 1: Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.

308
00:17:07,920 --> 00:17:09,679
Speaker 1: I'm Caroline Hepka, and I'm Stephen.

309
00:17:09,680 --> 00:17:12,240
Speaker 2: Carol. Join us again tomorrow morning for all the news

310
00:17:12,280 --> 00:17:14,880
Speaker 2: you need to start your day, right here on Bloomberg

311
00:17:14,960 --> 00:17:18,800
Speaker 2: Daybreak Europe