WEBVTT - Fed Cuts Rates, Projects Fewer Reductions Next Year

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news. This is Bloomberg Business

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<v Speaker 1>Wait inside from the reporters and editors who bring you

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<v Speaker 1>The Bloomberg Business Week Podcast with Carol Messer and Tim

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<v Speaker 1>Stenebeck from Bloomberg Radio.

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<v Speaker 3>As you mentioned earlier, that Hawk is cut by the

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<v Speaker 3>Fed as expected, FED officials lowering their benchmark interest rate

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<v Speaker 3>for a third consecutive time rain to the number of

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<v Speaker 3>cuts they expect in twenty twenty five, signaling greater caution

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<v Speaker 3>over how quickly they can continue reducing borrowing costs.

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<v Speaker 4>Here's FED J J.

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<v Speaker 3>Powell earlier at today's press conference.

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<v Speaker 5>I think that the slower pace of cuts for next

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<v Speaker 5>year really reflects both the higher inflation readings we've had

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<v Speaker 5>this year and the expectation inflation will be higher. You

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<v Speaker 5>saw in the SEP that risks and and uncertainty around

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<v Speaker 5>inflation we see as higher. Nonetheless, we see ourselves as

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<v Speaker 5>still on track to continue to cut.

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<v Speaker 3>Okay, that of course is fedher J. Powell at today's

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<v Speaker 3>press conference. Let's get into the FED decision. Michael Rosen

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<v Speaker 3>is with us. He's chief investment officer at Angela's Wealth Management.

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<v Speaker 3>They've got more than forty billion in assets under advisement

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<v Speaker 3>and six point four billion in assets under management. Michael

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<v Speaker 3>joining us from sunny and warm Santa Monica, California.

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<v Speaker 6>Kind of different here.

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<v Speaker 3>It's warm here, but it's rainy. And here in our

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<v Speaker 3>Bloomberg and Director Broker's studio is Ira Jersey, Bloomberg Intelligence,

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<v Speaker 3>Chief US interest rates Strategist. I want to start with

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<v Speaker 3>you that hawkish ray cut that we were expecting safe

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<v Speaker 3>to say we got it.

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<v Speaker 7>Yeah, we cut it, but the market clearly wasn't fully

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<v Speaker 7>priced for it, because otherwise, you know, we wouldn't be

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<v Speaker 7>selling off ten bases points in ten year yields.

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<v Speaker 3>These are big moves.

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<v Speaker 7>Yeah, these are These aren't massively large in recent times,

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<v Speaker 7>but they're at the same time, if we were fully

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<v Speaker 7>priced for it, we wouldn't certainly be seeing ten basis

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<v Speaker 7>point move. Where we do see the things that we

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<v Speaker 7>were talking about this before we went on air, is

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<v Speaker 7>you look at the pricing for what the Fed's terminal

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<v Speaker 7>rate is going to be, and we're now pricing only

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<v Speaker 7>for about another thirty ish basis points thirty five basis

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<v Speaker 7>points of.

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<v Speaker 3>Interesting little bit more than one move.

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<v Speaker 7>Exactly, so not very much. So that suggests that the

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<v Speaker 7>market still thinks that in the market does overshoot sometimes, right.

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<v Speaker 7>But at the same time, you know, the market's now thinking, hey,

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<v Speaker 7>maybe the Fed is seeing what we're seeing, and that's

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<v Speaker 7>that the economy is okay, and they're going to cut

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<v Speaker 7>one more time, maybe in March, and then they'll be done.

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<v Speaker 8>So what specifically, in your view did traders here today

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<v Speaker 8>from Fed Shair J. Powell that caused them to say,

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<v Speaker 8>wait a second, we're not going to get as many

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<v Speaker 8>cuts up, you know, apart from the summary of economic projections,

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<v Speaker 8>but we're you know, the terminal rate could be just

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<v Speaker 8>shy of you know.

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<v Speaker 7>Well he said that they can move cautiously like that

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<v Speaker 7>was actually in the prepared remarks, right, So there's a difference. Right,

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<v Speaker 7>there's the prepared remarks, which are something that you know,

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<v Speaker 7>they obviously prepare beforehand, and then we see those right too, Yeah,

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<v Speaker 7>and you get it, well no, no, you get it

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<v Speaker 7>at two thirty, right, So he reads them at two thirty,

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<v Speaker 7>and then we get the.

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<v Speaker 3>Seventy eight minutes of remarks he makes before the.

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<v Speaker 7>And it's basically the statement that you get at two

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<v Speaker 7>o'clock expanded. It gives you more detail of what's in,

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<v Speaker 7>what they were talking about, what they were thinking, and

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<v Speaker 7>the like. So that's important because that's like the whole

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<v Speaker 7>committee's view. Then when you start to get into the

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<v Speaker 7>Q and A, that's much more J Powell, Right, And

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<v Speaker 7>sometimes he's talking about for the committee, and sometimes he's

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<v Speaker 7>talking maybe a little bit more.

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<v Speaker 3>Sometimes he's talking about some people.

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<v Speaker 8>Yeah, well, exactly.

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<v Speaker 2>Correct.

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<v Speaker 7>And we did have a descent today, right, So we

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<v Speaker 7>did have a hawkish descent. I mean, remember this was

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<v Speaker 7>the first time for anyway, I wouldn't worry about Yeah,

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<v Speaker 7>but yeah, I were here to keep us in line.

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<v Speaker 4>Not exactly.

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<v Speaker 7>I think that that person took the sword basically for

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<v Speaker 7>probably two or three other people who also didn't want

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<v Speaker 7>to cut today, right, because a lot of times what

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<v Speaker 7>happens at the FED, and if you talk to former

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<v Speaker 7>FED you know, FED governors and and FED presidents, they'll

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<v Speaker 7>tell you, like, you know, one person to sent thing

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<v Speaker 7>probably means it's really two to four you know, and

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<v Speaker 7>or you know don't like it, but they kind of

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<v Speaker 7>go along with it anyway, just so it doesn't seem like,

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<v Speaker 7>you know, the whole committees out of way.

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<v Speaker 3>Michael Rosen, come on in on this.

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<v Speaker 4>Forgive us.

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<v Speaker 3>We're just kind of digging down with Ira here. But

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<v Speaker 3>is this a market with the selling that we're seeing,

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<v Speaker 3>Do you, I don't know, rethink the outlook here in

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<v Speaker 3>terms of equity positions or do you say, hey, some

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<v Speaker 3>of those names that we're getting a little expensive valuations high,

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<v Speaker 3>it's actually a buying opportunity. What you're thinking on this?

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<v Speaker 4>Well, Carol, good to be with you. I actually think

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<v Speaker 4>Ira has the right point. I think the market was

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<v Speaker 4>priced to be more bullish perhaps than than actually it

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<v Speaker 4>turned out to be, and we knew we would have

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<v Speaker 4>a hawkish cut in race. But again, I think the

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<v Speaker 4>market maybe was just a little bit too euphoric coming

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<v Speaker 4>into this, and that's why maybe we're seeing the selloff,

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<v Speaker 4>and you're seeing it in the areas that are much

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<v Speaker 4>more interest rate sensitive, like real estate and consumer discretionary

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<v Speaker 4>for example.

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<v Speaker 3>So do you buy on this? Are you saying that

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<v Speaker 3>these are opportunities? Do you say, well, wait a minute,

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<v Speaker 3>this is a bit of a reset and so maybe

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<v Speaker 3>a different environment for equities going forward.

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<v Speaker 4>Yeah, I really don't think it's a reset. I think

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<v Speaker 4>that I think actually the bond market's been been behind

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<v Speaker 4>the curve, not the not the equity market. The uh.

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<v Speaker 4>The the economy is strong, wages are up, incomes are up,

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<v Speaker 4>profits are at record levels, and profits are really what

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<v Speaker 4>drive equity markets over over time. So as long as

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<v Speaker 4>profits are holding in and they are with a strong economy,

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<v Speaker 4>we just saw, you know, an ease that that happened today.

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<v Speaker 4>Every indication suggests to me that profits will remain remain

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<v Speaker 4>on an upward trajectory, and that is still bullish for equities.

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<v Speaker 4>I think I would focus on areas that are generating

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<v Speaker 4>the profits, and those have been Those are the big

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<v Speaker 4>tech companies, the big platform companies that generate tremendous amounts

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<v Speaker 4>of cash and profits, and those have been the leaders,

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<v Speaker 4>and I think those will continue to be the leaders

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<v Speaker 4>as long as the profits remain strong. Areas that are

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<v Speaker 4>more interest rates sensitive are going to be disappointed. With

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<v Speaker 4>the economy strong, with inflation that has come down but

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<v Speaker 4>not nearly enough, and in fact it's probably on the rise.

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<v Speaker 4>At this point, interest rates are going to have to

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<v Speaker 4>move higher. So anything interest rate sensitive is going to

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<v Speaker 4>be facing a headwind.

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<v Speaker 3>All right, So unfortunately got about a minute left here,

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<v Speaker 3>So saving thirty forty seconds for you, Iris, So what's

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<v Speaker 3>kind of I don't know, like, how do you think

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<v Speaker 3>about do we all just pack up and just wait

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<v Speaker 3>until twenty twenty five? Or what's your next focal point here?

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<v Speaker 2>Well?

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<v Speaker 7>I think you know four and a half percent for

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<v Speaker 7>four point four to nine if you want to get

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<v Speaker 7>really wonky, is a very important technical level for ten

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<v Speaker 7>year treasure yield. So we break that, the next big

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<v Speaker 7>level is four point seven percent, right, So if we

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<v Speaker 7>break right where we are now, you could wind up

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<v Speaker 7>seeing a pretty large kind of follow on move stops

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<v Speaker 7>getting hit, and you can wind up seeing some more

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<v Speaker 7>volatility in the rate market in a.

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<v Speaker 3>Hurry, Michael saved actually fifteen seconds for you. So now

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<v Speaker 3>do we start thinking about the next earnings? And I

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<v Speaker 3>was just going to pull up JP Morgan. Dare I

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<v Speaker 3>say January fifteenth earnings the next focal point just really quickly?

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<v Speaker 2>Yeah?

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<v Speaker 4>Absolutely, that'll once we get into the latter half of January,

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<v Speaker 4>we'll start seeing the earnings come out and that will

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<v Speaker 4>be the bellweather. I think you must move high from

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<v Speaker 4>here though.

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<v Speaker 3>All right, Michael Rosen, thank you so much, and of

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<v Speaker 3>course our own Ira, Jersey, guys, thank you so much.

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<v Speaker 3>All Right, everybody, as you know, we are all in

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<v Speaker 3>on the Fed today. Bank stock sensitive to monetary policy moves,

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<v Speaker 3>really getting hit in a big way. I'm looking at

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<v Speaker 3>the KBW Bank index falling down to its biggest one

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<v Speaker 3>day drop in four months. I'm just checking. Is that

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<v Speaker 3>the closed down?

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<v Speaker 8>Yeah, that's the close four point three percent of.

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<v Speaker 3>Yeah, because it looks like there it's continuing to drop

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<v Speaker 3>I think in the aftermarket.

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<v Speaker 8>Just yeah, that's not surprising given what we heard from

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<v Speaker 8>Trump just now and also concerns maybe that the sell

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<v Speaker 8>off continues into tomorrow's session.

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<v Speaker 3>It's a really good point, right, I mean just kind

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<v Speaker 3>of layering more and more stuff. We should put out

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<v Speaker 3>shares of the publicly held New Jersey based Connect One

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<v Speaker 3>Bank Corp. Which is the parent company of Connect One Bank.

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<v Speaker 3>It too, not surprisingly like a lot of other names,

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<v Speaker 3>a lot of banking names getting hit. Let me just

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<v Speaker 3>pull up the closed down seven percent in today's session.

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<v Speaker 3>We should point out that the bank has nine point

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<v Speaker 3>eighty nine billion in assets, count small businesses and construction

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<v Speaker 3>companies among its customers. It's why we always love to

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<v Speaker 3>check in with Frank Sorrentino. He's chairman and CEO of

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<v Speaker 3>Connect One Bank or and he joins us from Englewood Cliffs,

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<v Speaker 3>New Jersey. The company has about a nine hundred and

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<v Speaker 3>eleven million dollar market cap. Company Frank, good to see you.

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<v Speaker 3>What stands out for you today in today's FED decision?

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<v Speaker 3>Your stock, like most bank stocks, getting hammered the whole

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<v Speaker 3>market really across the board. Is there something ominous coming?

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<v Speaker 2>So great to be back with you, Carolynton.

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<v Speaker 6>I find it always fascinating that good news brings negative markets. Right,

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<v Speaker 6>So a stronger economy and a place where people are

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<v Speaker 6>doing well and strong employment and you know all the

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<v Speaker 6>other things that define a more robust economy and the

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<v Speaker 6>market sells off. So certainly, I don't think there was

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<v Speaker 6>any surprise that today's bed action interest rates being lowered

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<v Speaker 6>by twenty five basis points some rhetoric around future cuts

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<v Speaker 6>not being as much as the market wanted, and I

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<v Speaker 6>think that's what really drove.

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<v Speaker 2>A lot of the sell off today.

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<v Speaker 6>And so there was a lot of enthusiasm and optimism,

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<v Speaker 6>certainly in the banking system about much lower interest rates. Well,

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<v Speaker 6>that's not really going to happen. On the flip side,

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<v Speaker 6>I think we're going to start to see potentially a

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<v Speaker 6>steepening yield curve for banks, and so ultimately I think

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<v Speaker 6>it will be a good thing.

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<v Speaker 8>So one reason we like to talk to you, and

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<v Speaker 8>I know Carol's got some questions about bank net interest

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<v Speaker 8>margin and stuff, but I want to go right to

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<v Speaker 8>your clients because one reason we love talking to you.

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<v Speaker 8>And if people were paying attention to you, gosh, anytime

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<v Speaker 8>in the last two years when you've been on our program,

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<v Speaker 8>then they wouldn't be surprised at how good the economy

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<v Speaker 8>has been over the last couple of years, because you

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<v Speaker 8>repeatedly were beating that drum, saying the companies that are

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<v Speaker 8>lending with us. The companies that are our customers, the

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<v Speaker 8>small businesses, the construction companies, they are doing well right now.

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<v Speaker 8>How are they doing compared to over the last two years?

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<v Speaker 7>For you?

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<v Speaker 6>Look, I think I've said this before. You know what

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<v Speaker 6>we are seeing today. We are still in quite a

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<v Speaker 6>robust economy. The vast majority of our clients are reporting

0:11:05.440 --> 0:11:09.800
<v Speaker 6>good news. Is there some normalization going on within the

0:11:09.800 --> 0:11:13.880
<v Speaker 6>economy today? You know from all the post COVID, the

0:11:13.920 --> 0:11:17.640
<v Speaker 6>monetary policy, the expansion of the Fed balance sheet, liquidity

0:11:17.679 --> 0:11:21.240
<v Speaker 6>in the system. Sure, is that all beginning to normalize

0:11:21.240 --> 0:11:25.559
<v Speaker 6>and we're getting to a more consistent with historical norms

0:11:25.640 --> 0:11:29.080
<v Speaker 6>relative to interest rates and growth rates and everything else.

0:11:29.160 --> 0:11:30.120
<v Speaker 2>Yes, that's happening.

0:11:30.679 --> 0:11:34.079
<v Speaker 6>Is anyone really saying that the economy is weak today?

0:11:34.320 --> 0:11:37.360
<v Speaker 6>I don't see it. People are still our clients are

0:11:37.400 --> 0:11:38.439
<v Speaker 6>still saying it.

0:11:38.440 --> 0:11:40.520
<v Speaker 2>Is difficult to hire staff today.

0:11:40.800 --> 0:11:44.520
<v Speaker 6>People are demanding more money, Supplies cost more. There is

0:11:44.559 --> 0:11:48.960
<v Speaker 6>a little bit of inflation still within the economy, but

0:11:49.120 --> 0:11:50.760
<v Speaker 6>certain things are beginning to level off.

0:11:51.000 --> 0:11:52.839
<v Speaker 2>Rents are beginning to level off a bit.

0:11:53.600 --> 0:11:57.920
<v Speaker 6>Potentially, housing prices are reaching a point where they're becoming

0:11:57.960 --> 0:12:00.880
<v Speaker 6>I don't want to say unaffordable, but they're certainly get

0:12:00.920 --> 0:12:05.520
<v Speaker 6>reaching that that the edge of people's affordability spectrum. Interest

0:12:05.600 --> 0:12:08.080
<v Speaker 6>rates are playing a role there. There's been a lot

0:12:08.120 --> 0:12:11.960
<v Speaker 6>of of of of desire to see interest rates come

0:12:12.000 --> 0:12:14.160
<v Speaker 6>down a bit. I don't think it's going to happen.

0:12:14.320 --> 0:12:17.880
<v Speaker 6>I think we are in a very strong cycle and

0:12:17.920 --> 0:12:20.600
<v Speaker 6>I think it's going to continue certainly. If you if

0:12:20.600 --> 0:12:22.880
<v Speaker 6>you think about everything that we're talking about doing in

0:12:22.960 --> 0:12:26.200
<v Speaker 6>this next uh uh uh you know, next administration.

0:12:26.040 --> 0:12:28.520
<v Speaker 2>These things all have some inflationary components.

0:12:28.520 --> 0:12:32.120
<v Speaker 6>So we are going to see a strong economy first.

0:12:32.160 --> 0:12:34.439
<v Speaker 6>So in my opinion, as far as I can say.

0:12:34.320 --> 0:12:36.200
<v Speaker 3>So, Frank, then why did the FED cut rates? Which

0:12:36.240 --> 0:12:37.520
<v Speaker 3>is the kind of the question I think our Mike

0:12:37.600 --> 0:12:39.880
<v Speaker 3>McKee ask, I feel like this is the five year

0:12:39.920 --> 0:12:42.840
<v Speaker 3>old to j pout, Why so? Why so? Why why

0:12:42.880 --> 0:12:46.000
<v Speaker 3>cut rates? If the economy is robust, Like you say.

0:12:46.920 --> 0:12:50.160
<v Speaker 6>Look, I think the data that the FED is looking

0:12:50.440 --> 0:12:54.600
<v Speaker 6>was looking at. They're looking in longer term, you know,

0:12:54.760 --> 0:12:57.719
<v Speaker 6>segments of time, and they have a what they want

0:12:57.800 --> 0:13:00.960
<v Speaker 6>to get to, which is a neutral rate, and I

0:13:00.960 --> 0:13:03.760
<v Speaker 6>think this is part of their program to get there.

0:13:03.920 --> 0:13:05.600
<v Speaker 6>I don't serve on the FED, so I don't know

0:13:05.679 --> 0:13:08.240
<v Speaker 6>for sure. I don't know exactly what data they're looking at,

0:13:09.040 --> 0:13:12.240
<v Speaker 6>but clearly they're seeing signs that they can get to

0:13:12.320 --> 0:13:14.800
<v Speaker 6>a certain point in the interest rate curve on the

0:13:14.840 --> 0:13:18.280
<v Speaker 6>short end that meets with the program that they believe

0:13:18.400 --> 0:13:23.000
<v Speaker 6>brings us full employment, low inflation, and and and gets

0:13:23.040 --> 0:13:26.000
<v Speaker 6>the economy to continue to move on. You have to

0:13:26.080 --> 0:13:29.200
<v Speaker 6>say they've done a pretty good job up until now.

0:13:29.840 --> 0:13:32.160
<v Speaker 6>I don't know that anybody should have been surprised by

0:13:32.160 --> 0:13:37.400
<v Speaker 6>today's action, but I understand the point, like why lower rates,

0:13:37.720 --> 0:13:40.640
<v Speaker 6>But I don't think it's a month by month, you know, decision.

0:13:40.800 --> 0:13:44.000
<v Speaker 6>I think these are decisions that they make with a

0:13:44.360 --> 0:13:46.040
<v Speaker 6>bigger period of time in mind.

0:13:46.320 --> 0:13:49.079
<v Speaker 8>Well, people clearly surprised given the equity market reaction, in

0:13:49.120 --> 0:13:51.200
<v Speaker 8>the bond market reaction. Hey, one thing we wanted you

0:13:51.240 --> 0:13:53.760
<v Speaker 8>to weigh in on is the political environment, which we

0:13:53.840 --> 0:13:56.760
<v Speaker 8>know that CEOs don't love to do, but this is

0:13:56.800 --> 0:13:59.439
<v Speaker 8>the world we live in. We just learned that President

0:13:59.600 --> 0:14:01.800
<v Speaker 8>Donald Try that he as opposed to the proposed short

0:14:01.880 --> 0:14:04.960
<v Speaker 8>term government funding bill that has just been floated by Congress.

0:14:04.960 --> 0:14:09.600
<v Speaker 8>This according to Fox News, who cited a conversation with Trump,

0:14:10.120 --> 0:14:13.000
<v Speaker 8>What does that mean to you? And what does the

0:14:14.240 --> 0:14:17.120
<v Speaker 8>you know, another four years of Donald Trump mean to you,

0:14:17.200 --> 0:14:19.680
<v Speaker 8>given what we learned about him twenty seventeen to twenty

0:14:19.720 --> 0:14:21.240
<v Speaker 8>twenty one, how are you preparing for it?

0:14:22.520 --> 0:14:22.640
<v Speaker 2>Well?

0:14:22.680 --> 0:14:25.080
<v Speaker 6>Look, I again, I think where I try to look

0:14:25.080 --> 0:14:27.080
<v Speaker 6>at the economy. I try to look at our clients.

0:14:27.120 --> 0:14:28.800
<v Speaker 6>I try to look at how these things are going

0:14:28.880 --> 0:14:32.520
<v Speaker 6>to impact them. And the only thing that concerns me

0:14:32.720 --> 0:14:36.120
<v Speaker 6>about things like we heard today is creating a level

0:14:36.120 --> 0:14:39.800
<v Speaker 6>of uncertainty. And you know, the one thing that business

0:14:39.840 --> 0:14:42.600
<v Speaker 6>and the economy really wants is certainty. They want to

0:14:42.680 --> 0:14:45.680
<v Speaker 6>understand where things are headed. How can they make plans,

0:14:45.720 --> 0:14:47.960
<v Speaker 6>and how can they run go about running their lives,

0:14:48.040 --> 0:14:51.880
<v Speaker 6>running their businesses. And whenever there's any level of uncertainty,

0:14:52.040 --> 0:14:54.400
<v Speaker 6>and you know, talking about the federal budget and whether

0:14:54.400 --> 0:14:56.200
<v Speaker 6>we're going to fund it or not, and whether people

0:14:56.200 --> 0:14:58.880
<v Speaker 6>are going to get paid you know, government employees, that

0:14:58.920 --> 0:15:01.800
<v Speaker 6>creates uncertainty and that's generally just not good.

0:15:01.920 --> 0:15:03.960
<v Speaker 3>Hey just got about a minute left. So how frustrating

0:15:04.000 --> 0:15:06.520
<v Speaker 3>is that for you? You've got to make decisions. I mean,

0:15:06.640 --> 0:15:10.480
<v Speaker 3>you guys expanded your reach. Last time we talked with

0:15:10.520 --> 0:15:13.400
<v Speaker 3>you in September, we talked about that. So you're growing,

0:15:13.440 --> 0:15:15.920
<v Speaker 3>but I mean, how hesitant are you to do things

0:15:15.960 --> 0:15:17.960
<v Speaker 3>because you're not quite sure the policy that's going to

0:15:18.040 --> 0:15:20.920
<v Speaker 3>come from this White House? And got about thirty forty seconds.

0:15:21.520 --> 0:15:25.160
<v Speaker 6>You know what, whether it's this administration or any other administration,

0:15:25.720 --> 0:15:27.960
<v Speaker 6>I look at you know, what's going on on the ground,

0:15:28.000 --> 0:15:30.640
<v Speaker 6>and I am very bullish about what I see, certainly

0:15:30.640 --> 0:15:34.040
<v Speaker 6>in our market area, certainly around what we're doing here

0:15:34.080 --> 0:15:37.200
<v Speaker 6>as a nation. We are the greatest nation on the planet.

0:15:37.320 --> 0:15:39.200
<v Speaker 6>We live in one of the greatest parts of the nation.

0:15:39.520 --> 0:15:42.960
<v Speaker 6>I'm very bullish about our economy. And so I make

0:15:43.040 --> 0:15:45.920
<v Speaker 6>those decisions, and you know, we all here connect one

0:15:46.000 --> 0:15:48.680
<v Speaker 6>make those decisions based on what our clients are telling

0:15:48.760 --> 0:15:51.320
<v Speaker 6>us and what their needs are. And so we feel

0:15:51.320 --> 0:15:53.920
<v Speaker 6>pretty good about where things where things have been, as

0:15:54.000 --> 0:15:55.600
<v Speaker 6>you said, I've been saying the same thing for the

0:15:55.680 --> 0:15:58.640
<v Speaker 6>last couple of years, and where things are going?

0:15:58.720 --> 0:16:00.880
<v Speaker 3>Are you as a robust and your outlook as you

0:16:00.920 --> 0:16:03.520
<v Speaker 3>were three months ago part of the election, and again

0:16:03.600 --> 0:16:05.000
<v Speaker 3>just got it about ten seconds.

0:16:05.480 --> 0:16:07.920
<v Speaker 6>I think things that I think there will be we

0:16:08.000 --> 0:16:10.080
<v Speaker 6>will see some winners and losers as.

0:16:09.960 --> 0:16:10.880
<v Speaker 2>We move forward.

0:16:11.000 --> 0:16:14.359
<v Speaker 6>Okay, and it may be slightly less robust, but robust.

0:16:13.960 --> 0:16:16.160
<v Speaker 3>Them, the less, all right good stuff, as always Frank Sorrentino,

0:16:16.240 --> 0:16:19.160
<v Speaker 3>Chairman CEO connect One Bank or This.

0:16:18.880 --> 0:16:23.160
<v Speaker 1>Is the Bloomberg Business Week podcast of a little on Apple, Spotify,

0:16:23.280 --> 0:16:27.000
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0:16:27.040 --> 0:16:30.640
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