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Speaker 2: a joy and you people go to me, why do
Speaker 2: you celebrate people that get it wrong? And I had
Speaker 2: a blistering argument once with some people about this. You
Speaker 2: learn just as much from people who get it wrong
Speaker 2: as you do from people to get it right. But
Speaker 2: it's always a joy to have somebody in who absolutely
Speaker 2: nailed this. And he has an informative note this morning
Speaker 2: from the Bank of Montreal Female Capital Markets. With the
Speaker 2: victory lap of the last eighteen months, Ian Lingen, with
Speaker 2: a ten year yield below four percent, did you figure
Speaker 2: we would go price up? Yield? Down in this manner
Speaker 2: or do you just make the guests? And we got
Speaker 2: there for a different reason.
Speaker 3: I've been reasonably confident that something would break with the
Speaker 3: terminal rate as high as it was, for as long
Speaker 3: as it was. It's we're going to end up on
Speaker 3: four hundred and twenty one days at five point five
Speaker 3: percent as the upper bound come the eighteenth of September,
Speaker 3: and that is going to be not a record, but
Speaker 3: a very significant degree of tightening.
Speaker 2: I talked to Matt Lazatti. I didn't get to this.
Speaker 2: I'm going to get to it right now with Ian Ling.
Speaker 2: A nice move there, Paula changed the micro around Zucki's
Speaker 2: you know, a pack could work at the Olympics in
Speaker 2: Paris on it to get the mic in front of
Speaker 2: the pole vault. And I didn't get to this with Lyzetti.
Speaker 2: But the answer is, formulas like the Taylor rule are
Speaker 2: wildly distant now from where the FED is. How urgent
Speaker 2: is it that the FED catch up to what John
Speaker 2: Taylor at Stanford says, or other people frankly say they
Speaker 2: should be.
Speaker 3: I think that the FED is cognizant of this, and
Speaker 3: that's why they opened the discussion. They laid the groundwork
Speaker 3: for rate cuts in December of last year. Recall Powell's pivot.
Speaker 3: Now that didn't play out, and we all remember what
Speaker 3: happened between January and March. But by opening that discussion,
Speaker 3: the FED has allowed the market to do some of
Speaker 3: the heavy lifting for it. So that's one of the
Speaker 3: reasons that equities had been performing as well as they
Speaker 3: had and real rates, while elevated, were not at concerning
Speaker 3: levels as we have seen in prior cycles.
Speaker 4: So I'm an equity guy. I don't know what this
Speaker 4: rate market thing is all about. I go to you
Speaker 4: guys in Ira Jersey. Is fifty basis points baked in
Speaker 4: for September? Or is there still some debate about September.
Speaker 3: I think it's still a very active debate about September.
Speaker 3: I'm in the twenty five basis point camp, and the
Speaker 3: logic there is we have three more key data releases
Speaker 3: before the FED decides. We have two CPI prints and
Speaker 3: a payrolls number, and frankly, Friday's number, while it was
Speaker 3: somewhat troubling, was certainly not catastrophic. We have an unemployment
Speaker 3: rate that's still below four and a half percent. We
Speaker 3: have positive payrolls growth, and at the end of the day,
Speaker 3: the FED wanted to instill a degree of balance into
Speaker 3: the labor market, and that's precisely what they got.
Speaker 4: Monday morning, there was a little bit of panic in
Speaker 4: the market. It felt like, you know, I hadn't felt
Speaker 4: that in a while. I hadn't seen that in a while.
Speaker 4: People were actually talking about an emergency rate cut. Is
Speaker 4: that something or is that just overblown concern on a
Speaker 4: Monday morning.
Speaker 3: Well, given the price action that would that played out
Speaker 3: on Monday morning, was going on with the y in
Speaker 3: what was going on with Japanese equities and global equities
Speaker 3: more broadly, one would have been remiss not to at
Speaker 3: least have an emergency cut as a as a potential.
Speaker 3: But now we've stabilized, and as we've stabilized, the bar
Speaker 3: has increased for the FED to consider cutting rates before
Speaker 3: the eighteenth of September.
Speaker 2: I came in this morning, and this is the glory
Speaker 2: days of twenty years ago. I used to It's how
Speaker 2: I got my job. I used to construct fancy charts. Okay,
Speaker 2: I did log vix. That's its own story. It's away
Speaker 2: from me and Lingoen. But I did log inflation adjusted
Speaker 2: ten year yield the real yield. So I had a
Speaker 2: higher real yield as far back as July two point
Speaker 2: zero zero percent two point zero two. We gloriously come in.
Speaker 2: Then we have Japan, we come in even further. Where's
Speaker 2: a normal real yield right now? I think even Global
Speaker 2: Wall Street doesn't know what to do here at a
Speaker 2: one point eight zero is that elevated still?
Speaker 3: I would say that that's still elevated, and the FED
Speaker 3: would argue that's still restrictive. But the reality is, we
Speaker 3: don't need to go back to zero in terms of
Speaker 3: where we.
Speaker 2: Need to go to to get an efficacy for the
Speaker 2: overall financial system.
Speaker 3: I think that our estimates somewhere in the fifty to
Speaker 3: seventy five basis point range under one percent, under one percent,
Speaker 3: you got it, We give me.
Speaker 2: That's an American if one of their Canadian shock, that's
Speaker 2: why are you kidding me?
Speaker 3: No? I think that that's actually a reasonable level to
Speaker 3: assume for real rates over the next.
Speaker 2: So you're modeling out a six percent nominal GDP. If
Speaker 2: we get a pop down to point five zero positive
Speaker 2: ten year inflation is just yield, You're goosen You gotta
Speaker 2: be goosen out. To six percent nominal unless you get
Speaker 2: global disinflation.
Speaker 3: Right, And what's to assume that we won't find ourselves
Speaker 3: in a disinflationary environment globally? And I think that that's
Speaker 3: what we're running up against, and that's what to a
Speaker 3: large extent, the FED is trying to avoid, and that's
Speaker 3: why they're being as proactive.
Speaker 2: I mentioned this all three times a sweek. Last week's
Speaker 2: single sentence that mattered way lead black Rock. She's model
Speaker 2: in China at a three percent run rate, yep, nobody
Speaker 2: even eating Lincoln. At least some Tao's ready for that,
Speaker 2: but not even Lincoln.
Speaker 4: And when the FED starts cutting rates, let's assume it's September,
Speaker 4: how do they proceed from there? Is it every twenty
Speaker 4: five basis points every meeting, every other meeting? Do they
Speaker 4: keep it open maybe fifty points at some point?
Speaker 5: How does that work? Usually?
Speaker 3: Well, we're certainly in a typical environment. And so far
Speaker 3: as the FED is not responding to a crisis, at
Speaker 3: least not yet, all they're doing is going from restrictive
Speaker 3: to less restrictive. So they're not easing in the traditional sense,
Speaker 3: and so that will afford them the opportunity to deliver
Speaker 3: quarterly rate cuts if they deem necessary. So twenty five
Speaker 3: basis points a quarter is our base case scenario. Okay,
Speaker 3: depending on what the next couple weeks gives us in
Speaker 3: terms of data, we might actually pencil in another twenty
Speaker 3: five for November.
Speaker 4: How about the political aspect to it? I mean year that.
Speaker 4: How does the Fed?
Speaker 2: Are you talking Canada or US? He was, okay.
Speaker 3: I think that the presidential election has made it a
Speaker 3: bit more difficult for the Fed to do either a
Speaker 3: fifty or an inter meeting cut because there's the political
Speaker 3: aspect of it. But twenty five has been well telegraphed
Speaker 3: and is baked into market.
Speaker 2: I've got to make some news here. You've been the genius.
Speaker 2: I can't say enough, folks, how Lincoln's led the charge?
Speaker 2: David Roseberg? What is it about Canada? I don't know, Montreal,
Speaker 2: Wan Rosenberg up in Toronto. It's the air of the water.
Speaker 2: Maybe it's the La bats all. Excuse me, Molson. I'm sorry,
Speaker 2: banker Montreal, but I lingen help me here. If I
Speaker 2: get a point five zero ten year real yield, where
Speaker 2: does that put nominal tenure in the Lincoln universe?
Speaker 3: Well, we will be pushing back below three percent. Now
Speaker 3: that's not going to be this year, but that is
Speaker 3: certainly on the horizon for let's call it the next
Speaker 3: twenty four months.
Speaker 2: You are modeling sub three ten year two point ninety
Speaker 2: five percent.
Speaker 3: Now by the end of two thousand and twenty six.
Speaker 3: Very doable.
Speaker 4: All right, I'm gonna refinance the mortgage. There now we're
Speaker 4: talking eat Lincoln.
Speaker 2: Thank you so much at BEMO Capital Markets. I can't
Speaker 2: say enough about it, folks. It's the most valuable fixed
Speaker 2: income note. Good morning, Ira, Jersey on the street. Go
Speaker 2: to Bemo Capital Markets to see what Lincoln's thinking about.
Speaker 2: It's a three hour conversation with the most important effects
Speaker 2: person on the planet. Audrey Child Freeman joins us now
Speaker 2: with Bloomberg Intelligence, London. I just got to digress here, Audrey,
Speaker 2: pret time is precious. Your thoughts on the success of
Speaker 2: France delivering the best Olympics ever? What's it like?
Speaker 1: It feels good. It's not finished yet, but so far
Speaker 1: Stuth and needed feedback has been amazing. And what we
Speaker 1: hear from Paris is the atmosphere is excellent, and so
Speaker 1: it's a big success after early uncertainties.
Speaker 2: Under the headlines, and folks, I can't say enough how
Speaker 2: Audrey dives deeper. Audrey, I'm looking at the Japanese ten
Speaker 2: year real yield and basically the experiment they've done for
Speaker 2: the last three, four or five years has a long
Speaker 2: way to go. Do you agree that we're only partly
Speaker 2: through the young clearing experiment?
Speaker 1: I agree with that view. I agree with the view
Speaker 1: that the unwind of the carry trade is not completed yet.
Speaker 1: I am very cautious in trying to quantify how much
Speaker 1: we've seen and how much is left. But you know,
Speaker 1: if you look at some of the indicators, such as
Speaker 1: the CFTC numbers for instance, which gives you a little
Speaker 1: bit of a flavor as to where we are, it
Speaker 1: would appear that, you know, the market is still underweight
Speaker 1: the end. So yes, the answer is we're probably not
Speaker 1: done yet. And to go back to the early point
Speaker 1: you were making about the BOJ, I also feel that, yes,
Speaker 1: the BOJ had a big part to play in that
Speaker 1: move last week and in the past few weeks. But
Speaker 1: for me, it's been very much, you know, fed driven,
Speaker 1: and I also feel that the second or the next leg,
Speaker 1: I don't know if you can call it second, but
Speaker 1: the next leg lower in yen will also be mainly
Speaker 1: fed driven.
Speaker 2: Do you have a target on it that's support? And
Speaker 2: if we get through one fifty, where does audrichild Freeman
Speaker 2: feel weak and can go?
Speaker 1: So I think at the moment it's it's very difficult
Speaker 1: to agree to give you a level right now, just
Speaker 1: you know the direction is If you get the direction right,
Speaker 1: you're a hero. But I think the level what I
Speaker 1: will wait to see is where the new ranges establish themselves.
Speaker 1: You know, we're still not sure that you know, we're
Speaker 1: not going to see, you know, another big wave of
Speaker 1: moves in the in the next few sessions. You know,
Speaker 1: we've one we've gone to one forty two inch a
Speaker 1: day on Monday, we're back at one forty seven today
Speaker 1: just on the boj rape mentioned this morning. Yesterday we
Speaker 1: were one forty five. So what I need to see
Speaker 1: first is is the new kind of range that we
Speaker 1: base ourselves from one forty five to one fifty and
Speaker 1: that's where I kind of expected to be. And if so,
Speaker 1: what do we do? And what I do is I
Speaker 1: wait for, you know, the next trigger to move lower.
Speaker 1: And I kind of feel that that next trigger may
Speaker 1: come from the US but it won't be as extreme
Speaker 1: as what we've seen in the past few sessions and weeks. Do.
Speaker 4: I think a lot of folks are trying to get
Speaker 4: a handle on, you know, we get the yen from
Speaker 4: one sixty to one forty, now we're back at you know,
Speaker 4: kind of one forty seven. What's moving the Is it
Speaker 4: the Bank of Japan? Is it the market? I mean,
Speaker 4: is this normal? What's kind of moving this market so dramatically?
Speaker 1: So it's certainly not normal. I just feel that it
Speaker 1: was very much a combination of factors together. So we
Speaker 1: talked about the weakness in the US employment report on
Speaker 1: last Friday, and I should say softness. You know, it
Speaker 1: wasn't dramatically weak. It was just softer than what would
Speaker 1: become used to for the US employment reports. As well
Speaker 1: as you know, the bog coming up more hawkish and
Speaker 1: expected last week. And this was happening at a time
Speaker 1: when positioning was had become extreme earlier in the in
Speaker 1: the summer, certainly when we were trading around sixty two.
Speaker 1: And the final point I would add, you know, the
Speaker 1: kind of icing on the take last week was It's
Speaker 1: still difficult to sets what trader was, but certainly the
Speaker 1: risk of market sentiment that we had via other asset classes,
Speaker 1: the equity market downside, that exacerbated the on wide on
Speaker 1: some of the crosses and EMFX and em instance. That's
Speaker 1: another reason.
Speaker 2: Quickly, I got only one minute. How do you use
Speaker 2: real yield analysis right now? How do you use inflation
Speaker 2: adjusted yields in your study?
Speaker 1: Well, what we think is that the US and the FED,
Speaker 1: this inflation story should allow the FED to cut interest rates.
Speaker 1: And remember that the narrative on the FED has moved
Speaker 1: so much in the course of the year. And that's
Speaker 1: you know, from talking rate hike a few months ago
Speaker 1: to no hike at all, to maybe a precautionary red cut. Sorry,
Speaker 1: and now we're talking about a series of rate cuts
Speaker 1: for this year. We're talking about one hundred bits rate cuts.
Speaker 1: So this is how in the context of this inflation
Speaker 1: in the US, and that's probably enough to take your
Speaker 1: dollar narrative lower.
Speaker 2: This has been helpful, Audrey Child Freeman, thank you so much.
Speaker 2: Publishing at Bloomberg Intelligence can't say enough about their value
Speaker 2: add on the Bloomberg terminal. We pride ourselves on a
Speaker 2: different set of guests. Brian Weezer from day one has
Speaker 2: been different. We're thrilled that he could join us this morning.
Speaker 2: Just lots going on there with Madison and while Brian
Speaker 2: out broken, Brian Weezer is Disney.
Speaker 6: I don't think it's broken. I think that they, like
Speaker 6: a lot of media companies, have been struggling to figure
Speaker 6: out what to do and how to organize themselves for
Speaker 6: the future. I think that they had strategic clarity in October.
Speaker 6: They're about the twenty eighteen when they launched Disney Plus.
Speaker 6: I think they lost a lot of strategic clarity certainly
Speaker 6: going into the return of Bob Iger and in the
Speaker 6: subsequent periods they're still trying to figure a lot of
Speaker 6: things out. You know, they really had the right strategy
Speaker 6: trying to focus on global for lack of better word,
Speaker 6: domination in the streaming work, going head ahead with Netflix
Speaker 6: and Amazon on the streaming video often that's.
Speaker 2: The heart of the matter.
Speaker 5: Yeah, I think so.
Speaker 2: I mean, the bottom line is they're going up against giants.
Speaker 7: They are.
Speaker 4: They're going up against giants, but they're a giant themselves. Brian.
Speaker 4: They did actually show some profitability in the streaming business
Speaker 4: here today. What do you and Arresta Wall Street think
Speaker 4: about the future of that business From a profitability perspective.
Speaker 6: Well, I think most of Wall Street is really focused
Speaker 6: on profitability to your point now where I sit, which
Speaker 6: is well Madison wall We we think that they really
Speaker 6: need to focus on focusing on ongoing scale, which might
Speaker 6: mean profitability is a later thing, because if you want
Speaker 6: to build up to compete better globally with Netflix and Amazon,
Speaker 6: I think profits is something you've got to focus on
Speaker 6: later on. They've got parks fund profits. I think if
Speaker 6: you want to build a streamin is you have to
Speaker 6: continue to invest in content, programming and distribution.
Speaker 4: So, Brian, they thought it's actually a pretty good quarter
Speaker 4: from the box office the studio. Have they gotten their
Speaker 4: mojo back there with all the Disney studio product?
Speaker 6: Yeah, it definitely seems like I haven't focused on the
Speaker 6: studio results right now. I mean, obviously everyone's aware of
Speaker 6: just how well I think it set out Deadpool done.
Speaker 6: But I think that one could say, yeah, it feels
Speaker 6: like they maybe they never really lost it. It was
Speaker 6: just a couple of bad movies, Brian.
Speaker 2: The music businesses having an existential crisis over what copyrights
Speaker 2: are worth. Is it the same with the catalogs of
Speaker 2: the studios is Pinocchio or Dumbo or you know something
Speaker 2: new Mandalorian. Are those copyrights maybe just simply not worth
Speaker 2: the goodwill or bad will on the balance sheet?
Speaker 1: Yeah, you know.
Speaker 6: Well, here's the thing. When it comes to streaming services,
Speaker 6: you come for the new original content and you stay
Speaker 6: for the library. Disney has this massive and amazing skill
Speaker 6: library and no one else will likely ever have anything
Speaker 6: like that, but not for a very long time. So
Speaker 6: they need both, right as long as they continue to
Speaker 6: have more and better programming, and Hulu I think has
Speaker 6: been crushing it from that front. Disney plus arguably needs
Speaker 6: a lot more. Then there's something for people to come
Speaker 6: for initially and then stick around for. So I think
Speaker 6: you do need both, and Disney there'll be better positions
Speaker 6: they invest again more in programming and content for originals
Speaker 6: to support what they already have in this great library.
Speaker 2: We can we have a moment of silence for Brian
Speaker 2: Weezer quickly here Paul asked him a question on this.
Speaker 2: Brian Weezer nailed NBC in the Olympics. Yeah, nailed it
Speaker 2: five years ago exactly.
Speaker 4: So hey, Brian, just to go down that path, I mean,
Speaker 4: I'm having fun with the Olympics. What does it mean
Speaker 4: for comcasts and NBC Universal? Is this gonna be a
Speaker 4: win for them?
Speaker 6: Well, I mean, here's the thing. It's probably they're better
Speaker 6: off having it than not, I guess is a better
Speaker 6: way to put it. It's a really expensive proposition obviously
Speaker 6: to run the Olympics, and I'm sure they'll say, you know,
Speaker 6: they'll make a profit on the Olympics and that's good
Speaker 6: for them. But you could also argue, well, couldn't they
Speaker 6: also invest in other programming and be just as well
Speaker 6: off profit wise. Probably, So, I don't think we want
Speaker 6: to overstate it as somehow you know, uniquely positive as
Speaker 6: a way to build a business. It's definitely a way
Speaker 6: to build a business. But I don't think we want
Speaker 6: to overstate it either.
Speaker 2: Brian on short notes, thank you so much for the
Speaker 2: huge announcment from Disney spiking up early and by public acclaim,
Speaker 2: I mean your daily look at the front pages of
Speaker 2: Lisa Minna Tello our Lisa way too long?
Speaker 5: What do you have you missed it? Okay, have you
Speaker 5: been to the movies lately?
Speaker 7: This is the problem. See that's the problem. Okay, a
Speaker 7: lot of people not going to the movies. So theaters
Speaker 7: are offering different perks, they're trying different things. There have
Speaker 7: been some summer hits, you know, Deadpool, Wolverine, I'll probably
Speaker 7: see it this weekend, Inside Out two, Despicable Me for
Speaker 7: those were big things this summer. But ticket sales still
Speaker 7: lagging behind last year. I mean, the summer is the
Speaker 7: big part for theaters. It's forty percent of their domestic
Speaker 7: ticket sales. Fewer wider releases. A lot of people watching
Speaker 7: from home too, They're going to streaming. They're more comfortable
Speaker 7: at home. So what theaters are doing, they're offering perks
Speaker 7: like special popcorn buckets is one.
Speaker 5: Thing in theater playgrounds. You'll like this one.
Speaker 7: Cocktail bars inside the theaters, Okay, order ahead concessions.
Speaker 5: I know my family loves this.
Speaker 7: You do it online on your app and then you
Speaker 7: get there, you don't have to wait in the line
Speaker 7: and the popcorns just waiting for you. So those are
Speaker 7: some of the things they're doing that. A lot of
Speaker 7: them like the IMAX.
Speaker 5: Better I know for that, yeah you know, but you
Speaker 5: pay for that.
Speaker 7: But you pay extra for yeah, So they're kind of
Speaker 7: banking on that too.
Speaker 5: So a lot of changes going on.
Speaker 2: And afterthought is glued to the computer watching movies. She
Speaker 2: watched Chicago the other night. I'm trying to get her
Speaker 2: to watch Lost in translation. It's not the same theme laptop.
Speaker 2: Our kids are being cheated. It is the way I'd
Speaker 2: look at it.
Speaker 7: Yeah, there is used to even watching it on their phone.
Speaker 4: But I'm watching. I mean my parents. My parents will
Speaker 4: tell me they would go to the movies theaters two
Speaker 4: or three times a week.
Speaker 2: Oha, that was it.
Speaker 4: And then you and they had all the movie shorts
Speaker 4: and all this. So that experience is different from what
Speaker 4: we grew up with, which I still think was a
Speaker 4: good theater experience. Now to today, the case you say technology.
Speaker 2: My father aged Lawrence of Arabia, was two dollars seventy
Speaker 2: five cents. It's they got old. Next, what do you go?
Speaker 7: Taylor Swift fans, they're celebrating Kamala Harris's running mate, Tim Waltz.
Speaker 5: Okay, there's some reason.
Speaker 7: And Swift he is a swifty Okay, they're calling him
Speaker 7: the Swifty VP.
Speaker 5: A couple of things he's done.
Speaker 7: Remember back in November twenty two, right rafter that Ticketmaster
Speaker 7: disaster with the Swift tickets. So he posted a picture
Speaker 7: of his cat on X and said that you know,
Speaker 7: it was online all day and now it's not getting.
Speaker 5: Taylor Swift tickets. Then he went further.
Speaker 7: He signed this so called Taylor Swift Bill that was
Speaker 7: in Minnesota into law. I kind of guarantees that protection
Speaker 7: for people buying tickets online. And then he proclaimed two
Speaker 7: Taylor Swift Days in Minnesota of June because the tour
Speaker 7: came to Minneapolis.
Speaker 6: So wow.
Speaker 7: He complained that he claimed those days and a lot
Speaker 7: of Swift fans are jumping on. They're making friendship bracelets
Speaker 7: with his name on it. So it was attracting that younger.
Speaker 4: It's friendship brace But I do know it is a thing.
Speaker 4: It is a big thing, right, So maybe he's getting
Speaker 4: the Swifty vote. That's got to help.
Speaker 5: On the margin that younger.
Speaker 2: Sure they're looking for that because they don't need friendship.
Speaker 2: Maybe it's because no friends.
Speaker 7: That could be I'll make you one next Olympics fever, right,
Speaker 7: that's all we're talking about.
Speaker 5: Olympics. Olympics.
Speaker 2: I love the vault lesson.
Speaker 5: That just amazes me. That sport in itself.
Speaker 7: Did you know they have breakdancing too, By the way,
Speaker 7: that's another story. But the problem is that, you know,
Speaker 7: it fades out after three years. You know, you have
Speaker 7: this whole hype and then it fades out. So Netflix
Speaker 7: wants to change that. They're partnering with the International Olympic Committee.
Speaker 7: They're filming documentaries right.
Speaker 2: Now about the auto racing thing.
Speaker 7: It's the same people, the Box of Box Films that
Speaker 7: did the auto racing thing. Okay, so they're there, that
Speaker 7: production company and they're filming all those different sports. And
Speaker 7: what they're gonna do is they're going to take that
Speaker 7: footage and they're going to put it into different seasons.
Speaker 7: They have the Netflix documentary Sprint, so they're doing another
Speaker 7: season of that, you know, in the off season when
Speaker 7: the Olympics aren't running. They're doing another season of some
Speaker 7: Moanbiles Rising because that was a hit on Netflix. So
Speaker 7: they're figuring film again now and then we'll you know,
Speaker 7: air it later, so that will.
Speaker 5: You know, help keep the interest. But they want to
Speaker 5: track younger fans too, and.
Speaker 2: Correct me, it's in Los Angeles.
Speaker 5: Next yes, correct, yes, yeah, it'll be big.
Speaker 2: You know, it's it's dazzling. In fact, Mayor Hidago out
Speaker 2: today just screaming the politics of France has just been
Speaker 2: pushed aside by the joy of this full disclosure. A
Speaker 2: Greyfeld sighting at the rock Star seats. She knows like
Speaker 2: Sleen I think, I think she's like best buzzs of
Speaker 2: Selene Greyfeld sighting. She is in Paris. David Gerr is
Speaker 2: our intermediary here and we believe we may have a
Speaker 2: scheduled Griefeld conversation. Catherine Greifeld, surveillance Paris reporter. We're looking
Speaker 2: for that Friday.
Speaker 5: We're working on it right without the horse, without speaking
Speaker 5: of Paris. This kind of brings me into the next one.
Speaker 5: We had.
Speaker 7: Open water swimmers have done it. They have dived into
Speaker 7: the Sin River. Paris organizers they said it was safe.
Speaker 7: They had a two hour training session, they came out
Speaker 7: everything was fine. But I mean the women they kick
Speaker 7: off that ten kilometer race to starting to one day,
Speaker 7: so tomorrow the men's is Friday. The water correctly so
Speaker 7: correct correct, But they say the weather is going to
Speaker 7: be great for it, so they shouldn't have any problems
Speaker 7: with the water and the bacteria levels. But a lot
Speaker 7: of swimmers are telling the Associated Press, you know what,
Speaker 7: we're still kind of worried.
Speaker 5: I don't want to get sick.
Speaker 2: Well, I believe a Belgian swimmer was sick, but again
Speaker 2: I'm not sure if it.
Speaker 5: Was the water correct correct.
Speaker 4: Well, I mean, I mean it's going to be pretty
Speaker 4: cool that they do it, because I mean the scenery
Speaker 4: around that thing went through the capital is pretty awesome.
Speaker 2: I mean, I got the Wilburtin swimsuit. I mean, I
Speaker 2: got the fancy, over priced French swims nice and I
Speaker 2: can get. I got, I got float I got and
Speaker 2: I got float floaties France gating. You know, goem But
Speaker 2: would you, Paul.
Speaker 5: I mean they think.
Speaker 7: I mean, if they have to do, you got to
Speaker 7: test out the current, right, because there's a stronger current.
Speaker 6: It's a real current, right, I would.
Speaker 2: I would guess it's an amateur It's not like the Thames.
Speaker 2: The London current is you sit on London Bridge after
Speaker 2: the third martini and the water's going underneath.
Speaker 4: It's like whoa, yep, anyway, good stuff.
Speaker 7: But yeah, so they did it, so we see there
Speaker 7: is a backup plan in place in case they do
Speaker 7: not test it.
Speaker 2: Right.
Speaker 5: The backup plan is that it's a stadium that was
Speaker 5: the side of the rowing and the canoeing events.
Speaker 7: So that's there, you know, on the ready, just in
Speaker 7: case the levels don't work out very well.
Speaker 2: Okay, Lisa ma Tello, thank you so much our newspapers
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