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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Jonathan Ferrow, along

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Speaker 2: with Lisa Bromwitz and Amrie Hordernt. Join us each day

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Speaker 2: for insight from the best in markets, economics, and geopolitics

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Speaker 2: from our global headquarters in New York City. We are

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Speaker 2: live on Bloomberg Television weekday mornings from six to nine

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Speaker 2: am Eastern. Subscribe to the podcast on Apple, Spotify or

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Speaker 2: anywhere else you listen, and as always on the Bloomberg

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Speaker 2: Terminal and the Bloomberg Business app. We'll begin this out

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Speaker 2: with stock sliding as the tech route deepens. Peter Cheer

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Speaker 2: of Academy writing is the cost of using AI rising

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Speaker 2: even faster than the benefits. The growing angst is something

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Speaker 2: companies need to aggressively address before it becomes a problem.

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Speaker 2: Pete joins us now from more Peak and Mornic. You

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Speaker 2: wrote that coming into this month, and already this month

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Speaker 2: things are shifting pretty quickly. I've got to ask the question,

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Speaker 2: if were capacively constrained, why is SpaceX, what is matter

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Speaker 2: have excess capacity?

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Speaker 3: It is strange here. We just went through three headlines,

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Speaker 3: all of which certainly could have negative connotations for this industry.

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Speaker 3: I don't think we've had a day like that, right,

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Speaker 3: there's clearly positive interpretations of all these, but I think

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Speaker 3: it does bring that question have we overbuilt? It reminds

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Speaker 3: me again we talked about this a couple of years ago,

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Speaker 3: and we haven't had a strong opinion on it. But

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Speaker 3: the fiber industry, right, fiber built out everywhere. Then we

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Speaker 3: had excess fiber for a number of years. So you know,

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Speaker 3: it's this every small little agentic AI startup, meeting and

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Speaker 3: willing to pay for compute so they can ipo. It's

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Speaker 3: hard to tell, but this feels like that some of

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Speaker 3: this kind of circular narratives starting to break apart.

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Speaker 2: So one trade, one big trade that developed more recently

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Speaker 2: over the last few months, was to get long the

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Speaker 2: campex takers and get shot some of the hyperscalers. So

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Speaker 2: the trade about to flip.

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Speaker 4: Whoo.

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Speaker 3: You know, I feel maybe everything kind of slides for

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Speaker 3: a little bit. Right, Everything's kind of been pretty highly valued.

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Speaker 3: We've been building out. It's we've had this kind of

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Speaker 3: almost two tier economy, right, the AI build out, everything

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Speaker 3: associated with the AI build out and everything else and

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Speaker 3: everything else is doing okay, build those been driving things.

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Speaker 3: Maybe people start to question that again, there's been all

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Speaker 3: sorts of debt issues. People are you know, it's come

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Speaker 3: to the markets come well, people want it. But are

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Speaker 3: we hitting that point where people say, let's see how

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Speaker 3: this actually plays out again? I think everyone right now

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Speaker 3: when I go to conferences we talk to people, no

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Speaker 3: one wants to hear about AI. Generically they want to

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Speaker 3: hear what's your use case, what have you done with it?

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Speaker 3: What have you been successful with it? They want case studies.

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Speaker 3: And it tells me I think we're all going through

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Speaker 3: this sort of process where here we're using it. Here

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Speaker 3: we're now getting our bill for our tokens? Did I

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Speaker 3: get enough value for that tokens? And that's a very

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Speaker 3: different conversation than this time last year where everything was

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Speaker 3: kind of free right, you could play around with it,

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Speaker 3: it was very cheap. I think this is kind of

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Speaker 3: where the rubber hits the road and meets the road

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Speaker 3: and are we getting enough? And do we see a

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Speaker 3: slowdown in AI spending?

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Speaker 1: Are you surprised that equity investors are pushing back more

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Speaker 1: than debt investors?

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Speaker 3: Not really. I think these companies have such large market

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Speaker 3: caps such potential that credits so well protected, and again

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Speaker 3: credit's looking for you know, we've been so dull in credit.

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Speaker 5: It's I used to talk about this all the.

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Speaker 3: Time, right, you know, these CDX indicies, the Bloomberg, you know,

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Speaker 3: corporate oas spread, it barely moves anymore. So I think

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Speaker 3: anything that gives excess potential returns is you know, taking in.

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Speaker 3: People want that. And I do think what we're seeing

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Speaker 3: is people across the globefer US corporate credit to US

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Speaker 3: government debts. So I think US government debts become very

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Speaker 3: generic corporate credit with the extra spreads. That's interesting, and

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Speaker 3: it's the only place to get that is US for tech.

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Speaker 1: Just to be contrarian, if I'm hearing you talk, I

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Speaker 1: would say, well, that means that the thesis is still intact.

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Speaker 1: It's just sort of a question around volatility in a

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Speaker 1: summer after a lot of gains and pulling back just

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Speaker 1: a little bit as people get nervous, which is a

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Speaker 1: positive thing, frankly, and it should make you actually more excited.

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Speaker 1: Why doesn't it make you more excited to think that

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Speaker 1: there is some discernment. These are three separate stories, all

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Speaker 1: talking about pressuring prices lower as demand continues to increase

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Speaker 1: by pretty much all accounts.

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Speaker 3: Well, I think everyone's been very nervous about the valuation side,

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Speaker 3: and I think you know, the cost me shows this again.

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Speaker 3: There's so many structured products out there linked to these

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Speaker 3: names that when you know, buying togets buying, and unfortunately

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Speaker 3: selling begets selling.

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Speaker 1: Right.

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Speaker 3: We have so many leverage each the triple socks, leverye

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Speaker 3: GTF right, when those go up, they put extra pressure

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Speaker 3: and no one wants to talk about that. Everyone, No,

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Speaker 3: it's my decision.

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Speaker 1: To buy these.

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Speaker 3: There's a lot of pressure coming from zero data expiration options,

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Speaker 3: all these leverage gtfs, and unfortunately it works in reverse.

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Speaker 5: Right the last two days.

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Speaker 3: We haven't seen yet today how it'll play out, but

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Speaker 3: we seem about ridiculously well on the month end close.

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Speaker 3: Then yesterday seem a particularly week on nothing. So I

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Speaker 3: feel like the market structure is very weak. There's not

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Speaker 3: the depth of liquidity people need. And if you really

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Speaker 3: start seeing hedge funds or faster money say hey, this

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Speaker 3: trade's over, I think there's more selling pressure because that

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Speaker 3: liquidy is not true and it hits these other products.

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Speaker 4: But in the short term, is this a buying opportunity.

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Speaker 3: I want to wait a little bit. I want to

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Speaker 3: see where this plays out again. These valuations have gone

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Speaker 3: phenomenally high, and maybe you want to start looking at

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Speaker 3: who are some of the companies that you know have

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Speaker 3: maybe been blamed for spending too much and might pull

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Speaker 3: back and maybe you see that stock price come back

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Speaker 3: right agin. You know, we used to talk about the

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Speaker 3: debt diet where companies kind of get restricted and they

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Speaker 3: did something to take care of their debt. We're not

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Speaker 3: seeing that yet, but maybe you start seeing a different narrative.

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Speaker 3: Right this is the first time kind of wake up

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Speaker 3: in the morning like we need to spend and the

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Speaker 3: only problem we could have is not building enough compute.

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Speaker 3: That doesn't necessarily sound like that's today's problem.

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Speaker 2: At least I mentioned it. The big signal, the instructive

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Speaker 2: signal coming from the market. Mets rallied had a really

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Speaker 2: nice day, and you wanted the c suite over at

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Speaker 2: say Microsoft pays attention and says, you know what, I'll

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Speaker 2: have some of that. The issue is and you alluded

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Speaker 2: to it. It's not just the market story. We've got

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Speaker 2: an economic story as well. The market story increasingly becoming

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Speaker 2: one trait and the economy increasingly firing on one engine.

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Speaker 2: If they start pulling back on spending, do we have

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Speaker 2: a macro risk starting to build hit I think so.

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Speaker 3: I think that would certainly hurt the economy. It would

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Speaker 3: hurt the growth that we have and the flip side

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Speaker 3: of this, And I'll talk maybe a little bit about

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Speaker 3: the open EIE story where you're talking about One of

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Speaker 3: the risks that we've said is that the AI industry

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Speaker 3: has not done a really good job. I think in

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Speaker 3: community outreach right, they haven't gone a good job convincing

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Speaker 3: people A it's important for national security. B it's good

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Speaker 3: for your community if we build a data center AI

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Speaker 3: near you. I think they have to get back on track.

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Speaker 3: And some of this is open AI and you start looking.

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Speaker 3: I think it was Utah, one of the people who

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Speaker 3: lost recent election blame that their support for the data

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Speaker 3: center cost them that. So I think this is becoming

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Speaker 3: a political issue and I could see things where you

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Speaker 3: start seeing politicians run on.

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Speaker 5: Or we're going to tax the AI.

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Speaker 3: We're going to tax this. I don't know how they

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Speaker 3: would do it, but it doesn't really matter. I think

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Speaker 3: that momentum is building and far faster than I would

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Speaker 3: have expected. I would have expected that to be a

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Speaker 3: twenty twenty eight issue. It feels like some politicians are

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Speaker 3: going to be savvy and catch this mood. And I

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Speaker 3: think the AI industry has to get out in front

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Speaker 3: of it better than they've done. It's really got to

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Speaker 3: be like the energy industry other things, community outreach, explaining

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Speaker 3: their story.

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Speaker 4: Better stay with us.

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Speaker 2: More Bloomberg surveillance coming up after this Premister of JP

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Speaker 2: Morgan writing, it will be important to look under the

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Speaker 2: hood and which sanctory is striving jobs to see if

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Speaker 2: the pace of job creation is broadening and or becoming

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Speaker 2: a source of inflation. Prayer joins is now for more Preyer,

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Speaker 2: Good morning, Larning. What did the early endicated is suggest So, I.

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Speaker 5: Would say it's it's still not really the labor.

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Speaker 6: Market doesn't seem to be a source of inflation here.

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Speaker 6: You know, we're looking at wage wage numbers, they're not

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Speaker 6: really picking up. The unemployment rate hasn't been falling. We're

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Speaker 6: in this low higher low fire economy. There's a massive

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Speaker 6: AI trade, you know, there's this sort of case shaped consumer,

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Speaker 6: so you know, but we've had a very resilient economy

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Speaker 6: and we've had. We've had lots of shocks, you know,

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Speaker 6: between the oil shock, between tariffs, between five hundred basements

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Speaker 6: of rate hikes, and the economy has been resilient. So

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Speaker 6: I think the big question you were just talking about

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Speaker 6: the shifting narrative. I think there's also a shifting narrative

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Speaker 6: in the macro you know world. There is the labor

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Speaker 6: market reaccelerating. You know, we've had three months of solid growth.

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Speaker 6: We at the point where the labor markets about to

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Speaker 6: take off. The growth is broadening out. If it's broadening out,

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Speaker 6: then we should be talking about a higher neutral rate.

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Speaker 5: We should be.

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Speaker 6: Talking about federate hikes. We're not convinced we're there. I mean,

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Speaker 6: we're expecting some slo but you have to look on

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Speaker 6: the herd. I would push back. I think the labor

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Speaker 6: market's extremely important.

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Speaker 5: I know, if you just.

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Speaker 6: Watch chair wash, you might say it's all about inflation,

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Speaker 6: it's about trend inflation. He's actually actually opening the door here.

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Speaker 5: For we may need to look at more data.

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Speaker 6: We may need to look at that trend number, and

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Speaker 6: that's where the labor market comes in. So watch under

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Speaker 6: the hood, is the still really.

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Speaker 5: AI and sort of these secular things.

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Speaker 6: We're all getting older, so you know, if it's all healthcare,

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Speaker 6: I wouldn't say that that's a source of inflation. Do

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Speaker 6: we see broad based, you know, job growth. I think

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Speaker 6: then we would say hikes should be really.

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Speaker 5: On the data.

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Speaker 2: Did you think it close to that?

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Speaker 6: I don't see that. I still see hiring trends remaining low.

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Speaker 6: You know, we look at all sorts of whether you

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Speaker 6: look at consumers, So if I'm in the market looking

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Speaker 6: for a job, those numbers a week, so centiment numbers

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Speaker 6: a week.

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Speaker 5: If I look at companies, what are you doing with

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Speaker 5: all the money you're raising.

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Speaker 6: Capex, I still don't hear hiring, So I don't think

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Speaker 6: we're there. I mean, let's see, the numbers are noisy,

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Speaker 6: so you can always get that world Cup effect in

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Speaker 6: a high number.

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Speaker 5: But if it's all.

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Speaker 6: Leisure, hospitality, if it's healthcare, I'm not convinced that we're

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Speaker 6: at the point where the labor market's about to take off.

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Speaker 6: But I think that's the key question, especially as we

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Speaker 6: sort of contemplate rate hikes in a no forward guidance

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Speaker 6: or no framework guidance world.

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Speaker 1: You know what's interesting is in the ADP report, it

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Speaker 1: wasn't coming as much from leisure in hospitality. I don't

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Speaker 1: know we can read into it from that. How much

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Speaker 1: will it matter to you if suddenly we see people

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Speaker 1: being hired to build out data centers, to do construction work,

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Speaker 1: to do some of the highly technical mechanics. I mean,

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Speaker 1: how much do those jobs give you a sense of

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Speaker 1: positivity or not? Is that a broadening out or is

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Speaker 1: that the same trade?

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Speaker 6: If you just show me it's construction and it's really

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Speaker 6: non residential.

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Speaker 5: Constructions, that's data center.

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Speaker 6: I don't know if I would be convinced that this

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Speaker 6: is broadening out, it would be good.

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Speaker 5: Every job is good.

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Speaker 6: But is that a source of inflation that the FED

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Speaker 6: might want to clamp down or you know, in this

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Speaker 6: focus on price stability we need to push back again.

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Speaker 6: I guess that's what we'll be watching. And do you

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Speaker 6: see that showing up and spending? Look at personal conssumption

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Speaker 6: this year. I mean, despite the resilience, personal consumption is

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Speaker 6: actually slowing. So I'd like to see the broadening out

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Speaker 6: of the job gains as well as personal consumption picking up,

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Speaker 6: not just the upper part of the KY, but some

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Speaker 6: broadening out as oil prices decline, do we see that

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Speaker 6: tailwind for the consumer, and then you know, that might

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Speaker 6: make us more positive thing that the FED may have

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Speaker 6: to raise rates. And then I think the market's going

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Speaker 6: to struggle it because how much are we talking about

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Speaker 6: raising rates?

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Speaker 5: You know, because without.

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Speaker 6: Forward guidance, is it just a mid cycle adjustment? Is

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Speaker 6: it risk management hikes or is this a hiking cycle.

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Speaker 6: I think the market narrative will shift. I'm not even

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Speaker 6: sure risk assets will love that.

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Speaker 5: I mean the rates market.

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Speaker 6: Will price in some risk premium or rate hikes, but

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Speaker 6: I think you will need to see that consumption along

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Speaker 6: with the broadening out of job gains to get there.

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Speaker 1: Is there anything I'm going to ask you the question

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Speaker 1: that we were talking about with Mark TNONI, is there

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Speaker 1: anything you could see in this labor market report that

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Speaker 1: could put to lie and play?

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Speaker 5: Oh, wages?

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Speaker 6: If we see a pickup in wages and I would

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Speaker 6: like to see that along with you know, no sort

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Speaker 6: of seasonal impact or this is just driven by one sector,

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Speaker 6: then I think July, you know the market's going to

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Speaker 6: price in this risk premium now that I think we

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Speaker 6: all have to get used to higher risk premiums, you know.

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Speaker 5: Chairwah stays of the market is a pure way to

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Speaker 5: see it.

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Speaker 6: But if you're not sure of the reaction function, you're

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Speaker 6: not sure what is that trigger point for the Fed

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Speaker 6: to actually raise rates, then at that point you're going

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Speaker 6: to price in that you know, some decent chance of

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Speaker 6: a July hike, So wages hours worked broadening out, and

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Speaker 6: then of course we have CPI in two weeks, so

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Speaker 6: we'll be watching that. If you see core services starting

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Speaker 6: to pick up and it's not just software, but it's

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Speaker 6: actually broader, you know, every service that we spend, then

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Speaker 6: that will be a sign that maybe the inflation pressures

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Speaker 6: are not just oil, because we know headline inflation is

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Speaker 6: going to be negative, I mean most likely month over month.

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Speaker 5: But if it's broadening.

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Speaker 6: Out, I think then the Fed will sort of tell

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Speaker 6: us that they're getting a little impatient with being abuff

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Speaker 6: target for this long.

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Speaker 5: I think the market then brings July in play.

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Speaker 4: Does this metastory actually help them, because Kevin wash almost

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Speaker 4: yesterday admitted that AI is inflationary in the short term.

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Speaker 5: I'm glad you bring that up.

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Speaker 6: I mean, I think Kevin WASH's he said it a

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Speaker 6: little bit in the press conference, and he brought it

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Speaker 6: up again yesterday. I think the FED it's easy for

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Speaker 6: us to see the demand side of AI. It's showing

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Speaker 6: up in data centers, showing up in software prices. The

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Speaker 6: supply side is unknown, you know. I go back to

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Speaker 6: the nineties. It took a long time to show up

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Speaker 6: in the productivity data. Jair Walsh is bringing that up.

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Speaker 6: He brought it up again yesterday. So I don't know

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Speaker 6: if it's the metal story or a broader but if

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Speaker 6: there's a sense that you know, the pricing power aspect

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Speaker 6: is there, but you're seeing the pickup in productivity, you

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Speaker 6: don't need to kill growth.

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Speaker 5: Then you don't have that cruel.

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Speaker 6: Choice to make productivity is picking up.

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Speaker 5: This is something we were debating.

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Speaker 6: We just had a quarterly you know, meeting for fixed

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Speaker 6: income last week and we were debating the expansion is

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Speaker 6: there we feel good about the expansion.

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Speaker 5: Is it productivity leading or is it? Is it inflationary?

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Speaker 6: And that has him locations across asset class. I think

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Speaker 6: we're more in the productivity can but we have to see.

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Speaker 5: That in the data.

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Speaker 6: And I think wages, hours, all of these consumption would

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Speaker 6: be one source of that.

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Speaker 2: Oh, let's go there. If we get a meta shift

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Speaker 2: is that ambullish development for bonds.

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Speaker 6: And I think bonds actually look good. I don't want

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Speaker 6: to talk my book.

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Speaker 5: But you have the income.

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Speaker 6: Look at the income you're getting in fixed income, and

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Speaker 6: I will highlight how much I mean, income's back.

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Speaker 5: Really, yields are positive. You've had thirty percent.

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Speaker 6: Higher investment grate corporate supply this year, and spreads have

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Speaker 6: been remarkably stable. So people are voting with flows. They're

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Speaker 6: looking at all in yields of six percent, and you know,

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Speaker 6: you look under the hood, there's a lot of dispersion

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Speaker 6: high yield investment grade. We can get high quality investment

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Speaker 6: grade paper close to six percent. So I think fixed

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Speaker 6: income I would generally say that there's a case to

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Speaker 6: be made. I think if this is just a I mean,

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Speaker 6: I would argue, look at the economy.

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Speaker 5: It's a lot of it is AI driven. So if

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Speaker 5: some air is coming out.

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Speaker 6: Of that building, maybe people are going to say, Okay,

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Speaker 6: I'd like to see broadening out.

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Speaker 5: If I'm not convinced, maybe Barnes.

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Speaker 6: Risk adjusted yields, you're giving me six percent, that looks attractive.

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Speaker 5: So short a long answer to your question, yes, but.

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Speaker 6: I would say it's attractive even here, and that's why

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Speaker 6: we're seeing the influenced.

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Speaker 2: Stay with us. More Bloomberg surveillance coming up after this.

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Speaker 2: So we got the job's number just miments ago, who

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Speaker 2: came at fifty seven k. The estimate our survey was

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Speaker 2: one thirteen the previous number. Revised down. The unemployment rate

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Speaker 2: for a bunch of reasons. We'll spend some time on

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Speaker 2: that dropped back from four point three percent to four

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Speaker 2: point two with this runner table. Stephanie Ratha Wolf Research, Stephanie,

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Speaker 2: good morning.

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Speaker 5: Good morning.

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Speaker 2: What would you put waste on this morning looking at

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Speaker 2: this report?

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Speaker 7: Yeah, and I think the main message from the report

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Speaker 7: is perils had been overstated to some extent in the

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Speaker 7: recent prints. We're sitting in a labor market that's largely

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Speaker 7: in balance.

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Speaker 4: The unemployment rate.

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Speaker 7: Yes, it took down, but realistically, you know, the household

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Speaker 7: and the establishment surveys have been telling you slightly different signals.

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Speaker 5: It kind of makes sense.

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Speaker 7: It tells you the labor market is fine. There's no

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Speaker 7: real concern, certainly no urgency for the Fed to be hiking,

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Speaker 7: and that buys them time. The longer that they have

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Speaker 7: to buy time. By that point, inflation will be slowing

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Speaker 7: down a bit and that will probably allow them to

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Speaker 7: stay on hold.

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Speaker 2: If the chairman used the word to describe this particular

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Speaker 2: jobs market, he said it was steady. Would you call

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Speaker 2: it steady the lamb of market?

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Speaker 4: I think that's exactly.

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Speaker 7: Right, And I mean there's been a lot of volatility

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Speaker 7: in the actual data itself. It seemed odd the extent

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Speaker 7: of which payrolls had been running significantly above anyone's estimates

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Speaker 7: of breaking even for many months, and you weren't really

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Speaker 7: seeing wages pick up. You weren't seeing it confirmed. That

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Speaker 7: extent of the tightness confirmed in other surveys. So it

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Speaker 7: kind of suggests that payrolls had been overstated to some extent.

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Speaker 7: If you look at the birth death adjustment for this month,

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Speaker 7: that was a little bit lower than it was last

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Speaker 7: year at this time, So perhaps that is just adding

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Speaker 7: to some of the volatility.

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Speaker 5: It made it a little bit lower than would otherwise

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Speaker 5: be the case.

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Speaker 1: I remember speaking with San Francisco Fed President Mary Daily

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Speaker 1: about a year ago, and she said that typically at

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Speaker 1: turning points to the economy, you can get this churn,

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Speaker 1: this lack of clarity in the labor market.

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Speaker 5: It feels like that churn has.

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Speaker 1: Continued for a really long time, even though usually it

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Speaker 1: does tend to tip one way or another.

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Speaker 5: Are we looking at it wrong?

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Speaker 1: Is there something else that's happening here, some evolution, some

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Speaker 1: sort of shift in terms of the emphasis going forward

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Speaker 1: that we can glean from these successive labor market reports.

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Speaker 7: I think what we've learned is, certainly there's a lot

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Speaker 7: of volatility, a lot of surprises. Of course, this time

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Speaker 7: the surprise has been on the negative side, and the

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Speaker 7: prior months it's been on the positive side. Realistically, there's

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Speaker 7: ault somewhere in the middle where lad market seems to

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Speaker 7: be in pretty good balance. It's running probably close to

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Speaker 7: break even, whatever your estimate may be of that. Our

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Speaker 7: estimate is around seventy five thousand, So our estimate is

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Speaker 7: that you're probably just in a pretty good balance. The

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Speaker 7: economy is in a decent spot, and the inflationary pressures

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Speaker 7: don't seem to be generated from.

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Speaker 5: The labor market.

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Speaker 7: It seems to be generated else elsewhere, in which case

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Speaker 7: that should roll off. We expect about one hundred basis

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Speaker 7: points off core PC by the end of twenty twenty seven,

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Speaker 7: but it'll take a little bit of time.

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Speaker 1: The market doesn't do well with remaining on hold. Usually

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Speaker 1: people are saying, Okay, which direction are you moving in?

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Speaker 1: Which is the reason why there's a subsession of what's

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Speaker 1: the next move for the federal reserve?

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Speaker 4: Rates up or.

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Speaker 1: Rates down, partly because people want momentum. But are we

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Speaker 1: really looking at is that we are at neutral and

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Speaker 1: that essentially this rate is allowing the economy to kind

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Speaker 1: of muddle through whatever technological transformation is underway.

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Speaker 4: I think that's probably right.

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Speaker 7: And by the way, the technological transformation doesn't really depend

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Speaker 7: on the level of interest rates today, because that's going

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Speaker 7: to happen regardless of whether rates are plus or minus

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Speaker 7: twenty five basis points from here. So realistically we're in

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Speaker 7: an environment where interest rates are largely neutral. Of course,

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Speaker 7: that are parts of the economy that it feels restrictive.

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Speaker 7: Is certainly wors should talk about in terms of housing,

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Speaker 7: but generally speaking, it seems to be in a pretty

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Speaker 7: good place. Consumers are spending fairly well. It's been a decent,

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Speaker 7: call it two percent trend in spending. It's an economy

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Speaker 7: that is in pretty decent balance, and I think that

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Speaker 7: will continue through much of the summer and the rest

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Speaker 7: of the year.

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Speaker 4: What about the participate rate falling by three tens percent.

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Speaker 5: My guess is a lot of it is noise.

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Speaker 7: To some extent. The housefolds are is notoriously volatile. By

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Speaker 7: falling by three tens is a big move. Seven hundred

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Speaker 7: thousand people like we tend to get a lot of

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Speaker 7: volatility in that report. And my expectation is in the

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Speaker 7: next print you will see it rebound.

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Speaker 4: What about revisions make you nervous or no.

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Speaker 7: No, it makes me feel better because it didn't make

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Speaker 7: sense of how strong the labor market is relative to

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Speaker 7: anybody's expectation of break even, So, you know, seeing some

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Speaker 7: revisions to the prior months that seemed stronger than what

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Speaker 7: made sense I think, you know, it makes me feel

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00:18:37,520 --> 00:18:39,879
Speaker 7: better about sort of the data and the trajectory, and

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Speaker 7: it makes a little bit more sense relative to where

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Speaker 7: other indicators are.

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Speaker 2: This is the Bloomberg Sevendics podcast, bringing you the best

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00:18:47,840 --> 00:18:51,160
Speaker 2: in markets, economics, antient politics. You can watch the show

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00:18:51,200 --> 00:18:54,159
Speaker 2: live on Bloomberg TV weekday mornings from six am to

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00:18:54,280 --> 00:18:58,040
Speaker 2: nine am Eastern. Subscribe to the podcast on Apple, Spotify

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00:18:58,160 --> 00:19:01,320
Speaker 2: or anywhere else you listen ways on the Bloomberg terminal

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Speaker 2: and the Bloomberg bused this out.

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Speaker 3: Mm hmm