1 00:00:03,080 --> 00:00:06,480 Speaker 1: Global business news twenty four hours a day at Bloomberg 2 00:00:06,519 --> 00:00:09,560 Speaker 1: dot com, the radio, plus Globo Lab and on your radio. 3 00:00:09,840 --> 00:00:13,840 Speaker 1: This is a Bloomberg Business Flash from Bloomberg World Headquarters 4 00:00:13,920 --> 00:00:16,279 Speaker 1: on Catherine Colgary of Bloomberg. Taking Stock is brought to 5 00:00:16,320 --> 00:00:20,760 Speaker 1: you by the American Arbitration Association. Business disputes are inevitable. 6 00:00:21,040 --> 00:00:25,000 Speaker 1: Resolve them faster with the American Arbitration Association, the global 7 00:00:25,079 --> 00:00:29,320 Speaker 1: leader and alternative alternative dispute resolution for over eighty five years. 8 00:00:29,640 --> 00:00:32,839 Speaker 1: Learn more at a d R dot org. Economic and 9 00:00:32,880 --> 00:00:36,200 Speaker 1: earnings concerns are dragging the stock market lower today. China 10 00:00:36,280 --> 00:00:40,760 Speaker 1: and the UK reported weaker than forecast factory data, reminding 11 00:00:40,800 --> 00:00:45,040 Speaker 1: investors of the global economic slowdown, and US earnings remain mixed. 12 00:00:45,159 --> 00:00:47,680 Speaker 1: A i G shares are declining after reported a third 13 00:00:47,720 --> 00:00:51,320 Speaker 1: strate on profitable quarter. Meanwhile, Fiser shares are gaining after 14 00:00:51,400 --> 00:00:54,040 Speaker 1: it raised its outlook. We check the markets every fifteen 15 00:00:54,040 --> 00:00:56,480 Speaker 1: minutes throughout the trading day. Down Industrial leverage is down 16 00:00:56,520 --> 00:00:59,520 Speaker 1: one two points two thirds of a percent trading at 17 00:00:59,520 --> 00:01:03,000 Speaker 1: seventeen thousand, seven hundred sixty eight. SMP five funded down 18 00:01:03,040 --> 00:01:05,479 Speaker 1: sixteen points eight tenths of a percent at two thousand 19 00:01:05,560 --> 00:01:08,199 Speaker 1: fifty four. Then as Jack is down forty one point 20 00:01:08,240 --> 00:01:11,039 Speaker 1: seven eighths of a percent, trading at forty seven seventy six. 21 00:01:11,400 --> 00:01:14,200 Speaker 1: West Texas intermediate crude oil down a dollar seven of 22 00:01:14,240 --> 00:01:17,479 Speaker 1: barrel two point four percent to forty three seventy spockled 23 00:01:17,520 --> 00:01:20,800 Speaker 1: down seven dollar sixty cents an ounce. Twelve thirty ten 24 00:01:20,880 --> 00:01:23,039 Speaker 1: year Treasury up twenty thirty seconds with the yield of 25 00:01:23,040 --> 00:01:27,840 Speaker 1: one point seven nine percent. And that's the Bloomberg Business Flash. 26 00:01:28,319 --> 00:01:32,480 Speaker 1: This is taking stock the Fed in focus on Bloomberg Radio. 27 00:01:34,959 --> 00:01:37,720 Speaker 1: This is taking stock on Bloomberg Radio. I'm Kathleen Hayes 28 00:01:37,800 --> 00:01:40,760 Speaker 1: in San Francisco, door, Bloomberg News Bureau, Pim Fox, my 29 00:01:40,880 --> 00:01:44,080 Speaker 1: co host back at Bloomberg World headquarters. We are both 30 00:01:44,160 --> 00:01:47,480 Speaker 1: joined today by John Williams. He's President Federal Reserve Bank 31 00:01:47,520 --> 00:01:49,760 Speaker 1: of San Francisco. We talked him a lot about the 32 00:01:49,760 --> 00:01:52,000 Speaker 1: state of the economy. Says it looks pretty good, particularly 33 00:01:52,000 --> 00:01:54,560 Speaker 1: in the labor market, and yes, conditions may very well 34 00:01:54,560 --> 00:01:56,920 Speaker 1: be in place for a June interest rate increase. But 35 00:01:56,960 --> 00:01:59,120 Speaker 1: there's a big question hanging over the economy right now, 36 00:02:00,080 --> 00:02:03,280 Speaker 1: and that is productivity. Productivity growth seems to have slow. 37 00:02:03,400 --> 00:02:05,840 Speaker 1: That's a big determinant of how far and how fast 38 00:02:05,880 --> 00:02:09,560 Speaker 1: the economy can grow. Also, wages, why aren't they rising 39 00:02:10,040 --> 00:02:12,560 Speaker 1: when the labor market has been so strong? So to 40 00:02:12,880 --> 00:02:15,240 Speaker 1: talk about wage growth? What's driving at and what's not? 41 00:02:15,440 --> 00:02:19,359 Speaker 1: Is Mary Daily? She is Associate director of Research at 42 00:02:19,360 --> 00:02:21,800 Speaker 1: the San Francisco FED. And so Mary's nice to welcome you, 43 00:02:21,840 --> 00:02:24,560 Speaker 1: to thank you, great to be here. So wage growth, 44 00:02:25,320 --> 00:02:28,680 Speaker 1: how how do you look at wage growth? The fact 45 00:02:28,720 --> 00:02:31,000 Speaker 1: that it has it is slowed. If you look at 46 00:02:31,000 --> 00:02:33,200 Speaker 1: average hourly earnings are only up what by two point 47 00:02:33,240 --> 00:02:36,080 Speaker 1: three year over and year with unemployment at five percent? 48 00:02:36,080 --> 00:02:39,359 Speaker 1: It's even at at four point nine? What has happened? So, 49 00:02:39,520 --> 00:02:41,600 Speaker 1: like John, I'm a big believer in the Phillips curve. 50 00:02:41,680 --> 00:02:44,280 Speaker 1: So I think, well, if unemployment should go, if unemployments 51 00:02:44,320 --> 00:02:47,000 Speaker 1: at five, wage growth we should see acceleration as the 52 00:02:47,080 --> 00:02:50,040 Speaker 1: unemployment rates fall in. What we've seen really is what 53 00:02:50,120 --> 00:02:52,120 Speaker 1: we like to think of as a math problem more 54 00:02:52,160 --> 00:02:54,200 Speaker 1: than a wage problem. And what do I mean by 55 00:02:54,200 --> 00:02:56,800 Speaker 1: a math problem? Well, the wage growth is being held 56 00:02:56,800 --> 00:03:00,000 Speaker 1: back by two forces. One force is really good news 57 00:03:00,040 --> 00:03:02,519 Speaker 1: for the labor market. The really good news is that 58 00:03:02,639 --> 00:03:05,440 Speaker 1: a strong labor market is bringing back in workers who 59 00:03:05,480 --> 00:03:08,480 Speaker 1: were sidelined by the recession. They were let go, they 60 00:03:08,480 --> 00:03:11,639 Speaker 1: were lower skilled workers. They got let go in the recession. 61 00:03:11,800 --> 00:03:14,000 Speaker 1: Now they're coming back in because the job prospects are 62 00:03:14,000 --> 00:03:16,320 Speaker 1: brighter and they're getting an opportunity. But they come in 63 00:03:16,360 --> 00:03:19,160 Speaker 1: at lower wages, and those lower wages pull down the 64 00:03:19,200 --> 00:03:22,000 Speaker 1: average wage in the United States, and so that limits 65 00:03:22,000 --> 00:03:24,799 Speaker 1: wage growth. On the other side, we have workers who 66 00:03:24,800 --> 00:03:27,359 Speaker 1: are the silver tsunami, if you will, and they're starting 67 00:03:27,360 --> 00:03:29,840 Speaker 1: to retire. Those are workers who have higher or higher wages, 68 00:03:29,919 --> 00:03:32,760 Speaker 1: higher skills on average. So we've got higher wage workers 69 00:03:32,840 --> 00:03:35,360 Speaker 1: leaving the labor force, the silver tsunami. We have lower 70 00:03:35,400 --> 00:03:38,720 Speaker 1: wage workers entering the labor force who are previously sidelined 71 00:03:38,800 --> 00:03:40,720 Speaker 1: or they're just younger and they were in school. And 72 00:03:40,760 --> 00:03:44,240 Speaker 1: these two factors are holding down wage growth. It's somewhat 73 00:03:44,240 --> 00:03:46,680 Speaker 1: giving us well and it's completely giving us a bit 74 00:03:46,720 --> 00:03:49,440 Speaker 1: of a false signal, false signal on how healthy the 75 00:03:49,520 --> 00:03:53,600 Speaker 1: labor market is. And it's not an idea that slow 76 00:03:53,600 --> 00:03:56,880 Speaker 1: wage growth means we have unmeasured slack in the economy. 77 00:03:56,880 --> 00:03:59,960 Speaker 1: It's really that slow wage growth is these compositional chance 78 00:04:00,000 --> 00:04:02,360 Speaker 1: ages that are often h or I think of him 79 00:04:02,400 --> 00:04:05,920 Speaker 1: as a good sign for the economy, Maria, You don't 80 00:04:05,960 --> 00:04:09,800 Speaker 1: worry though that, um, there has been a hollowing out 81 00:04:10,560 --> 00:04:12,560 Speaker 1: of the middle part of the labor market. You could 82 00:04:12,560 --> 00:04:15,480 Speaker 1: say it started twenty years ago when manufacturing companies started 83 00:04:15,560 --> 00:04:19,159 Speaker 1: hiving off their their payroll functions and their accounting functions 84 00:04:19,240 --> 00:04:23,039 Speaker 1: services jobs. Then you add in technology. So in the 85 00:04:23,080 --> 00:04:25,800 Speaker 1: old end days, when my mom was a secretary many 86 00:04:25,880 --> 00:04:28,920 Speaker 1: years ago, you know, you answered the phone, you type 87 00:04:29,000 --> 00:04:32,280 Speaker 1: letters that there's a for for decades now, all kinds 88 00:04:32,279 --> 00:04:35,400 Speaker 1: of jobs that have been eliminated by some big, big forces. 89 00:04:35,520 --> 00:04:38,280 Speaker 1: Are you concerned that that's going to continue to keep 90 00:04:38,320 --> 00:04:40,920 Speaker 1: wage growth low because you've you've eliminated some of the 91 00:04:41,000 --> 00:04:43,280 Speaker 1: higher paying jobs that would have pushed them higher. So 92 00:04:43,320 --> 00:04:45,240 Speaker 1: one of the things that's really important to think about 93 00:04:45,320 --> 00:04:48,159 Speaker 1: is this job polarization you just referenced, which is the 94 00:04:48,200 --> 00:04:52,640 Speaker 1: hollowing out of middle class class jobs. Those are levels 95 00:04:52,640 --> 00:04:54,840 Speaker 1: of wages, and when you think about wage growth, we 96 00:04:54,880 --> 00:04:57,600 Speaker 1: find that wages grow at all levels of the distribution 97 00:04:57,680 --> 00:04:59,719 Speaker 1: of wages. So if you're a low wage worker, you 98 00:04:59,760 --> 00:05:02,520 Speaker 1: still have three four percent wage growth when the economy 99 00:05:02,560 --> 00:05:04,479 Speaker 1: is doing well, and so we wouldn't think this would 100 00:05:04,520 --> 00:05:07,360 Speaker 1: slow wage growth, but this following out that you refer to. 101 00:05:07,720 --> 00:05:09,560 Speaker 1: If you've been an economists as long as I have, 102 00:05:09,880 --> 00:05:12,040 Speaker 1: you've been thinking about this issue a while. And what 103 00:05:12,080 --> 00:05:15,000 Speaker 1: we've seen is that while we worry about it, each 104 00:05:15,040 --> 00:05:18,880 Speaker 1: and every time that manufacturing gets replaced, steal industry gets replaced. 105 00:05:19,279 --> 00:05:22,480 Speaker 1: Now we're worrying about other types of manufacturing being replaced. 106 00:05:23,040 --> 00:05:25,600 Speaker 1: We see new jobs forming, and the new jobs that 107 00:05:25,720 --> 00:05:28,760 Speaker 1: form are also high skilled jobs. Oftentimes, it's not the 108 00:05:28,800 --> 00:05:31,880 Speaker 1: case that we're just eliminating all high skill jobs replacing 109 00:05:31,880 --> 00:05:34,200 Speaker 1: it with low skilled jobs. We have a rapid growth 110 00:05:34,240 --> 00:05:36,560 Speaker 1: in high skilled jobs, and it's one of the things 111 00:05:36,600 --> 00:05:38,640 Speaker 1: that we have to think about as a nation. It 112 00:05:38,640 --> 00:05:42,040 Speaker 1: means continued investment in human capital and college is going 113 00:05:42,040 --> 00:05:45,160 Speaker 1: to be important to fill those high skilled jobs. Mary 114 00:05:45,240 --> 00:05:49,000 Speaker 1: Daily talking about jobs, just want to point out I 115 00:05:49,000 --> 00:05:50,720 Speaker 1: believe that you dropped out of high school at the 116 00:05:50,760 --> 00:05:54,680 Speaker 1: age of fifteen and delivered donuts in order to support yourself. Correct, 117 00:05:55,520 --> 00:05:58,839 Speaker 1: that is true, okay. I also noted that there is 118 00:05:58,880 --> 00:06:02,359 Speaker 1: a Federal Reserved and Study, a survey that monitors the 119 00:06:02,400 --> 00:06:05,960 Speaker 1: financial and economic status of American consumers. They've been doing 120 00:06:05,960 --> 00:06:10,559 Speaker 1: this since and that you ask this question about whether 121 00:06:10,600 --> 00:06:12,840 Speaker 1: people would be able to come up with four dollars 122 00:06:13,560 --> 00:06:18,159 Speaker 1: for some kind of unplanned financial emergency. The answers were 123 00:06:18,160 --> 00:06:20,880 Speaker 1: not great, and I'm wondering if you could speak to 124 00:06:20,920 --> 00:06:23,760 Speaker 1: the issue of the people who are dealing with being 125 00:06:23,760 --> 00:06:27,360 Speaker 1: put out of work because of productivity gains from automation 126 00:06:28,080 --> 00:06:30,920 Speaker 1: and also from the increased use of robots. They don't 127 00:06:30,920 --> 00:06:34,800 Speaker 1: pay taxes that they also don't cost a company retirement 128 00:06:34,800 --> 00:06:38,640 Speaker 1: benefits as well. What's the future, Well, the future and 129 00:06:38,920 --> 00:06:41,360 Speaker 1: my colleague John Fertile is going to talk about productivity 130 00:06:41,360 --> 00:06:44,599 Speaker 1: in its future, But the future is that automation is 131 00:06:44,640 --> 00:06:47,960 Speaker 1: going to continue. There's just it's an unstoppable force. And 132 00:06:48,000 --> 00:06:51,160 Speaker 1: we've seen this for hundreds of years. That we replace 133 00:06:51,800 --> 00:06:54,880 Speaker 1: individuals with new technologies that do things that we used 134 00:06:54,920 --> 00:06:58,200 Speaker 1: to have to do farming, grading steel. Now we're using 135 00:06:58,279 --> 00:07:00,600 Speaker 1: robots to build cars. Those are just things that are 136 00:07:00,600 --> 00:07:04,480 Speaker 1: going to happen. The The important thing is for individuals 137 00:07:04,480 --> 00:07:06,800 Speaker 1: to respond to that and for the our economy to 138 00:07:06,839 --> 00:07:09,320 Speaker 1: respond to that by ensuring that people have the skills 139 00:07:09,320 --> 00:07:11,200 Speaker 1: to take on the next job. So we're seeing the 140 00:07:11,240 --> 00:07:14,960 Speaker 1: shift in our economy towards more thinking and you see 141 00:07:15,040 --> 00:07:17,160 Speaker 1: how you return on what we call softer skills, people 142 00:07:17,200 --> 00:07:20,560 Speaker 1: working in teams, people being able to organize new processes. 143 00:07:20,920 --> 00:07:23,880 Speaker 1: So if you link it back to how should people respond, 144 00:07:23,920 --> 00:07:26,720 Speaker 1: will invest in themselves to do to get the skills 145 00:07:26,840 --> 00:07:29,239 Speaker 1: necessary to do these new jobs. But if you're thinking 146 00:07:29,240 --> 00:07:31,840 Speaker 1: more about the I think you referenced earlier, a lot 147 00:07:31,920 --> 00:07:34,040 Speaker 1: of people have trouble coming up with four hundred dollars. 148 00:07:34,080 --> 00:07:37,559 Speaker 1: That's a level of economic insecurity that is present, whether 149 00:07:37,640 --> 00:07:40,920 Speaker 1: we have automation or not. It's really a reflection of 150 00:07:41,080 --> 00:07:43,720 Speaker 1: the fact that many individuals at the lower end of 151 00:07:43,760 --> 00:07:47,800 Speaker 1: the wage distribution, they're they're they're in a risky position 152 00:07:48,000 --> 00:07:51,000 Speaker 1: of their one job loss away from being an unable 153 00:07:51,040 --> 00:07:52,560 Speaker 1: to pay a bill or to meet some sort of 154 00:07:52,600 --> 00:07:55,240 Speaker 1: an expense that they've got planned. So for those individuals, 155 00:07:55,520 --> 00:07:58,360 Speaker 1: increasing their skill level, getting getting them into jobs that 156 00:07:58,440 --> 00:08:01,440 Speaker 1: have more security, or if I any way to broad 157 00:08:01,480 --> 00:08:04,720 Speaker 1: their opportunity set is really important thing. So you know, uh, 158 00:08:04,960 --> 00:08:08,360 Speaker 1: John Williams, you are an economist who, like so many economists, 159 00:08:08,360 --> 00:08:11,880 Speaker 1: has this fun, creative side, and one of the things 160 00:08:11,920 --> 00:08:14,160 Speaker 1: about you that black people don't know and until very 161 00:08:14,960 --> 00:08:17,840 Speaker 1: interesting a profile recently was cured by the Wall Street Journal. 162 00:08:17,880 --> 00:08:21,440 Speaker 1: I must say, uh, your your love for punk music 163 00:08:21,520 --> 00:08:24,040 Speaker 1: and how you weave it into things. So I want 164 00:08:24,040 --> 00:08:26,040 Speaker 1: to give you a kind of a at a left 165 00:08:26,080 --> 00:08:27,880 Speaker 1: field question. If you had to take one of your 166 00:08:27,880 --> 00:08:31,360 Speaker 1: favorite songs and use it to depict this question, this 167 00:08:31,360 --> 00:08:35,679 Speaker 1: this tension, right, productivity, labor market, what's going on? Can 168 00:08:35,720 --> 00:08:37,360 Speaker 1: you think? Does anything come quickly to mind of what 169 00:08:37,400 --> 00:08:40,200 Speaker 1: it would be. I'm trying to think of a good 170 00:08:40,400 --> 00:08:43,079 Speaker 1: clash song that has to do with the productivity. It's 171 00:08:43,120 --> 00:08:45,960 Speaker 1: so nothing really uh comes to mind. I think that 172 00:08:46,040 --> 00:08:49,920 Speaker 1: that really what uh Mary's point that was absolutely right. 173 00:08:49,920 --> 00:08:52,640 Speaker 1: The issues we're talking about, our long term structural issues 174 00:08:52,679 --> 00:08:56,880 Speaker 1: around shifts and technology productivity, uh, and what's key for 175 00:08:57,000 --> 00:09:00,200 Speaker 1: our nation's success is really about investing our people. And 176 00:09:00,200 --> 00:09:02,360 Speaker 1: that's not just college. I mean, Mary've mentioned college because 177 00:09:02,360 --> 00:09:05,120 Speaker 1: that's hugely important, but we also know from studies that 178 00:09:05,240 --> 00:09:07,960 Speaker 1: what happens before you even go to kindergarten has huge 179 00:09:08,000 --> 00:09:11,720 Speaker 1: effects in your lifetime earnings, uh and your health and 180 00:09:11,760 --> 00:09:14,000 Speaker 1: all these other things. So, you know, I think for 181 00:09:14,160 --> 00:09:15,959 Speaker 1: as a country, if we want to tackle a lot 182 00:09:15,960 --> 00:09:17,920 Speaker 1: of these issues that were brought up in the last question, 183 00:09:18,120 --> 00:09:21,680 Speaker 1: we really need to, uh, you know, really invest in 184 00:09:21,720 --> 00:09:24,599 Speaker 1: our people from you know, basically from birth all the 185 00:09:24,640 --> 00:09:27,560 Speaker 1: way through college and then and even further. But I 186 00:09:27,600 --> 00:09:30,000 Speaker 1: will I will contemplate how to bring it, either Elvis 187 00:09:30,120 --> 00:09:33,199 Speaker 1: or Elvis Costeller or the Clash into into this issue. 188 00:09:33,400 --> 00:09:35,360 Speaker 1: By the way, I will tell you that this punk 189 00:09:36,520 --> 00:09:38,800 Speaker 1: a description is said that the Wall Street Journal that 190 00:09:38,920 --> 00:09:40,920 Speaker 1: has gotten me a lot of emails, So this is 191 00:09:40,920 --> 00:09:42,839 Speaker 1: not really the Clash and the el of Us were 192 00:09:42,840 --> 00:09:45,560 Speaker 1: not punk. So this is now a whole sidebar of 193 00:09:45,640 --> 00:09:49,760 Speaker 1: research about what exactly was the new wave punk and 194 00:09:49,840 --> 00:09:51,640 Speaker 1: things like that. So that's something that you should be 195 00:09:51,640 --> 00:09:54,480 Speaker 1: looking forward to hearing more about. John Wiz, maybe you 196 00:09:54,520 --> 00:09:56,320 Speaker 1: could just fun and I hate to sound like a 197 00:09:56,360 --> 00:09:58,680 Speaker 1: broken record, but why don't you just raise interest rates 198 00:09:58,679 --> 00:10:01,480 Speaker 1: to a point where people will incentivized in order to 199 00:10:01,559 --> 00:10:04,040 Speaker 1: save money. I mean, you keep talking about this from 200 00:10:04,040 --> 00:10:06,199 Speaker 1: a thirty thousand foot level, but I mean, if people 201 00:10:06,240 --> 00:10:09,199 Speaker 1: can't come up with four dollars to meet an unplanned expense, 202 00:10:10,040 --> 00:10:12,319 Speaker 1: what is the incentive to say that they're getting nothing 203 00:10:12,360 --> 00:10:14,560 Speaker 1: in the bank and then you tell them, okay, go 204 00:10:14,640 --> 00:10:17,959 Speaker 1: buy risky your assets and then they lose their money. Well, 205 00:10:17,960 --> 00:10:19,720 Speaker 1: I don't want them buy in risk your assets. So 206 00:10:19,800 --> 00:10:22,360 Speaker 1: that let me make that absolutely clear. I think you 207 00:10:22,360 --> 00:10:24,160 Speaker 1: know that this is the trade off we face with 208 00:10:24,200 --> 00:10:27,840 Speaker 1: monetary policy. Uh. And I'm not making excuses, but you 209 00:10:27,840 --> 00:10:29,400 Speaker 1: know we have a blunt instrument. Do we want interest 210 00:10:29,480 --> 00:10:31,719 Speaker 1: rates to be higher or lower? With raised interest rates, 211 00:10:31,760 --> 00:10:35,199 Speaker 1: that's probably gonna slow growth create you have fewer jobs created, 212 00:10:35,240 --> 00:10:37,520 Speaker 1: more people who are living uh kind of in the 213 00:10:37,600 --> 00:10:41,240 Speaker 1: situation that Mary described about being at risk. A stronger 214 00:10:41,240 --> 00:10:44,400 Speaker 1: economy Uh, well will help those people who get jobs 215 00:10:44,480 --> 00:10:48,199 Speaker 1: or have more stability uh in the their economic lives. 216 00:10:48,280 --> 00:10:50,720 Speaker 1: But you're absolutely right. These are big social issues that 217 00:10:50,760 --> 00:10:53,280 Speaker 1: we need to think by one think Monterrey policy, either 218 00:10:53,360 --> 00:10:56,000 Speaker 1: raising or lowing interest rates is going to fundamentally change 219 00:10:56,200 --> 00:10:59,000 Speaker 1: some of these issues. Well, thank you so much to 220 00:10:59,120 --> 00:11:02,319 Speaker 1: Mary Delor's daily associate director of Research at the Federal 221 00:11:02,320 --> 00:11:04,120 Speaker 1: Reserve Bank of San Francisco and the President of San 222 00:11:04,120 --> 00:11:07,400 Speaker 1: Francisco Fed himself, John Williams, spending a very generous hour 223 00:11:07,440 --> 00:11:09,520 Speaker 1: of his time with us today on Bloomberg Radio on 224 00:11:09,640 --> 00:11:12,160 Speaker 1: Kathleen Hayes Long Pim Foxes is taking stock and yes 225 00:11:12,160 --> 00:11:13,240 Speaker 1: this is Bloomberg Radio.