1
00:00:00,800 --> 00:00:04,040
Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside

2
00:00:04,040 --> 00:00:06,920
Speaker 1: my co host Matt Miller. Every business day we bring

3
00:00:06,960 --> 00:00:11,520
Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along

4
00:00:11,520 --> 00:00:15,600
Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast

5
00:00:15,600 --> 00:00:18,439
Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and

6
00:00:18,480 --> 00:00:22,560
Speaker 1: at Bloomberg dot com slash podcast. Let's bring into Ed

7
00:00:22,600 --> 00:00:25,120
Speaker 1: Price right now. He's a senior fellow and UH at

8
00:00:25,200 --> 00:00:28,440
Speaker 1: n y U and a former British trade official. Also,

9
00:00:28,880 --> 00:00:32,559
Speaker 1: UM has been an advisory posts for a lot of

10
00:00:32,680 --> 00:00:37,199
Speaker 1: very important bodies like the European Parliament. UH and Ed,

11
00:00:37,360 --> 00:00:41,040
Speaker 1: I we got to talk first about well, maybe only

12
00:00:41,159 --> 00:00:44,440
Speaker 1: about inflation, right, whether it's here or there. Um, what

13
00:00:44,479 --> 00:00:47,880
Speaker 1: do you think about the numbers that we saw today? Um?

14
00:00:47,920 --> 00:00:50,720
Speaker 1: Eight point six percent is the headline number, and it

15
00:00:50,760 --> 00:00:54,960
Speaker 1: makes me wonder can the FED really afford to still

16
00:00:55,440 --> 00:00:58,520
Speaker 1: prefer core pc E or do they have to look

17
00:00:58,600 --> 00:01:02,360
Speaker 1: at headline cp I the latter and quickly and immediately

18
00:01:02,480 --> 00:01:04,800
Speaker 1: and fast, and like, I feel like I'm repeating myself

19
00:01:04,800 --> 00:01:06,200
Speaker 1: on your show. So if I'm getting bored and kicked

20
00:01:06,200 --> 00:01:08,520
Speaker 1: me out, but like, let's do this right, let's hike,

21
00:01:08,800 --> 00:01:11,640
Speaker 1: let's hike quickly. Um, but you mentioned Europe, and I

22
00:01:11,680 --> 00:01:14,760
Speaker 1: feel like if the problem over here is a sort

23
00:01:14,800 --> 00:01:18,360
Speaker 1: of traditional inflationary spiral, that a you know, that's a

24
00:01:18,360 --> 00:01:21,080
Speaker 1: traditional way for a central bank to get past that,

25
00:01:21,080 --> 00:01:23,200
Speaker 1: which is a recession. I think they've got other problems

26
00:01:23,200 --> 00:01:25,319
Speaker 1: in Europe. As we were saying, right, yeah, so this

27
00:01:25,400 --> 00:01:29,639
Speaker 1: is like yesterday the ECB meeting. I was watching it.

28
00:01:29,800 --> 00:01:33,759
Speaker 1: Wait was it yesterday? Yeah? Yeah, okay, yesterday. It seems

29
00:01:33,760 --> 00:01:36,720
Speaker 1: like forever ago. I was watching it and thinking, Um,

30
00:01:36,920 --> 00:01:41,440
Speaker 1: Leguard has no way to stop inflation if she wants

31
00:01:41,440 --> 00:01:43,840
Speaker 1: to avoid what we're calling fragmentation. Now, by the way,

32
00:01:43,880 --> 00:01:45,679
Speaker 1: that's a new term for me. I did not know that.

33
00:01:45,720 --> 00:01:49,280
Speaker 1: But basically it means the peripheral bond spreads are blowing out.

34
00:01:49,800 --> 00:01:52,320
Speaker 1: Um or if she wants to worry about that, inflation

35
00:01:52,400 --> 00:01:54,760
Speaker 1: is going to run buck wild. Let me stay here

36
00:01:54,760 --> 00:01:59,560
Speaker 1: in America, right, So, Um, what happens either basically the

37
00:01:59,600 --> 00:02:03,000
Speaker 1: whole system has to change, right, because they can't continue

38
00:02:03,040 --> 00:02:06,120
Speaker 1: operating monetary policy for Europe as a whole and have

39
00:02:06,240 --> 00:02:10,440
Speaker 1: each individual country run its own budget and lending and borrowing. Right, So,

40
00:02:10,440 --> 00:02:13,280
Speaker 1: when you say that they're they're running monetary policy for

41
00:02:13,320 --> 00:02:15,600
Speaker 1: Europe as a whole, that's right. And what they're thinking

42
00:02:15,639 --> 00:02:19,440
Speaker 1: about is not just the nineteen member Eurozone economy, but

43
00:02:19,480 --> 00:02:22,680
Speaker 1: they're also thinking about the single currency itself. And you know,

44
00:02:22,720 --> 00:02:25,440
Speaker 1: we were saying before, before I came on ten years ago,

45
00:02:25,880 --> 00:02:28,680
Speaker 1: we were we were seriously talking about the Euro Area

46
00:02:28,880 --> 00:02:31,680
Speaker 1: breaking apart, which is when Drag said he'll do whatever

47
00:02:31,720 --> 00:02:35,160
Speaker 1: it takes, whatever it takes, baby, right, absolutely, Um, can

48
00:02:35,200 --> 00:02:37,519
Speaker 1: they do whatever it takes now? And what is whatever

49
00:02:37,560 --> 00:02:39,960
Speaker 1: it takes? What? What would it be? So if you

50
00:02:39,960 --> 00:02:42,360
Speaker 1: look at you know, CPO inflation in the euro Area

51
00:02:42,440 --> 00:02:44,440
Speaker 1: eight point one, you look at their four point nine

52
00:02:44,480 --> 00:02:48,799
Speaker 1: trillion euro balance sheet, it's sort of a bad cyclical story.

53
00:02:49,080 --> 00:02:52,200
Speaker 1: And BTP spreads getting close to three, closer and closer

54
00:02:52,240 --> 00:02:57,000
Speaker 1: to the danger zone. The danger zone exactly, which is spread.

55
00:02:57,080 --> 00:03:01,000
Speaker 1: So that's Italian borrowing right now costs for ten years

56
00:03:01,040 --> 00:03:04,440
Speaker 1: I think three hundred and fifty basis points and the

57
00:03:04,480 --> 00:03:07,680
Speaker 1: buns are at a hundred and change. So the spread

58
00:03:08,000 --> 00:03:10,080
Speaker 1: is two and a half percent, okay, which is something

59
00:03:10,080 --> 00:03:12,080
Speaker 1: that we saw. We used to call that the frayed rope.

60
00:03:12,120 --> 00:03:14,640
Speaker 1: If you remember that the spread between the periphery and

61
00:03:14,639 --> 00:03:17,280
Speaker 1: the center, and you're afraid. Not I'm afraid and not right,

62
00:03:17,280 --> 00:03:18,840
Speaker 1: I'll go back and dig out some of my dusty

63
00:03:18,919 --> 00:03:22,079
Speaker 1: lectures Highland do you have? But but basically, like this

64
00:03:22,120 --> 00:03:25,440
Speaker 1: is one of the key risk indicators for the basically

65
00:03:25,480 --> 00:03:28,240
Speaker 1: the existence of the Euro itself. Right, if it becomes

66
00:03:28,280 --> 00:03:32,160
Speaker 1: too expensive for your area countries on the periphery to borrow,

67
00:03:32,560 --> 00:03:34,360
Speaker 1: and those countries, by the way, often need to borrow

68
00:03:34,520 --> 00:03:37,840
Speaker 1: more than your average central European country, at some point

69
00:03:38,280 --> 00:03:40,560
Speaker 1: somebody in their finance ministry says, you know what, maybe

70
00:03:40,560 --> 00:03:43,640
Speaker 1: we should just leave this currency. Well, in fact, in

71
00:03:43,680 --> 00:03:47,200
Speaker 1: two thousand and eleven, um, the concern was that that

72
00:03:47,440 --> 00:03:52,080
Speaker 1: exactly that would happen, right, the whole up project i'll

73
00:03:52,080 --> 00:03:55,839
Speaker 1: still call it, would break up. Now I'm thinking post pandemic,

74
00:03:55,960 --> 00:03:58,560
Speaker 1: especially after we had the I think seven fifty billion

75
00:03:58,560 --> 00:04:01,840
Speaker 1: euro stimulus. Now I could go the other way. They

76
00:04:01,840 --> 00:04:05,480
Speaker 1: could become the United States of Europe if the richer

77
00:04:05,520 --> 00:04:09,560
Speaker 1: countries were willing to play along. Right, that's my central case. Now, um,

78
00:04:09,600 --> 00:04:11,440
Speaker 1: not everyone will agree with that, but I think that

79
00:04:11,440 --> 00:04:13,720
Speaker 1: that's the direction of travel. And I think there's two

80
00:04:13,760 --> 00:04:16,839
Speaker 1: things to say. One, of course, that involves some sort

81
00:04:16,920 --> 00:04:19,800
Speaker 1: of German consent on the fiscal side. But I think

82
00:04:19,800 --> 00:04:21,159
Speaker 1: the other thing is that if you look at the

83
00:04:21,200 --> 00:04:25,000
Speaker 1: logic of any currency um the size and importance of

84
00:04:25,000 --> 00:04:27,720
Speaker 1: the Euro, we're going to have to move the capital

85
00:04:27,720 --> 00:04:31,080
Speaker 1: market situation in Europe in a sort of open, an

86
00:04:31,080 --> 00:04:32,960
Speaker 1: open direction in order that they can create the sort

87
00:04:32,960 --> 00:04:35,000
Speaker 1: of depth and liquidity that you see in the US

88
00:04:35,040 --> 00:04:37,200
Speaker 1: and the UK. So that's a bit of a contradiction

89
00:04:37,240 --> 00:04:39,120
Speaker 1: because on the one hand you've got the German instinct,

90
00:04:39,160 --> 00:04:41,640
Speaker 1: which is top down economic policy, and on the other

91
00:04:41,680 --> 00:04:44,040
Speaker 1: hand you need what they would say is Anglo Saxon

92
00:04:44,120 --> 00:04:47,800
Speaker 1: market forces. What would prompt Germany to take a bigger

93
00:04:47,880 --> 00:04:50,760
Speaker 1: role to allow that to happen, to allow the United

94
00:04:50,800 --> 00:04:53,720
Speaker 1: States of Europe, Well, I think it would be some

95
00:04:53,760 --> 00:04:55,560
Speaker 1: sort of shift and mat will know more about this

96
00:04:55,600 --> 00:04:57,800
Speaker 1: having having been in Germany for so long, some sort

97
00:04:57,839 --> 00:05:01,760
Speaker 1: of shift in the German mentality as to leadership, which

98
00:05:01,800 --> 00:05:04,039
Speaker 1: is I think a word in German that you don't

99
00:05:04,040 --> 00:05:06,240
Speaker 1: always want to use. Right, you could argue they were

100
00:05:06,279 --> 00:05:10,240
Speaker 1: taking their changing their views leadership leadership. Right, you could

101
00:05:10,320 --> 00:05:12,839
Speaker 1: argue with their changing their views on the military. Here

102
00:05:12,880 --> 00:05:15,960
Speaker 1: with they're changing their views didn't. Did they spend a

103
00:05:15,960 --> 00:05:18,560
Speaker 1: lot to support the europe during the pandemic and things

104
00:05:18,560 --> 00:05:21,400
Speaker 1: like that? Yeah, there's I think they are. I think

105
00:05:21,400 --> 00:05:24,960
Speaker 1: there's like a hundred billion euro defense fund that the

106
00:05:24,960 --> 00:05:26,920
Speaker 1: Germans have now agreed to and that they're of course

107
00:05:26,920 --> 00:05:28,479
Speaker 1: going to meet the two they agree to it in

108
00:05:28,480 --> 00:05:32,000
Speaker 1: two thousand twelve. They're finally fulfilling that. They're finally fulfilling it, right,

109
00:05:32,040 --> 00:05:34,200
Speaker 1: So there's there's an external pressure that's kind of pushing

110
00:05:34,240 --> 00:05:36,400
Speaker 1: them in the right direction. But my question is what's

111
00:05:36,400 --> 00:05:38,000
Speaker 1: the stick are going to be on those tanks? Is

112
00:05:38,040 --> 00:05:40,039
Speaker 1: it going to be the German cross or is it

113
00:05:40,040 --> 00:05:42,840
Speaker 1: going to be the European Union flag? Um, it has

114
00:05:42,880 --> 00:05:46,480
Speaker 1: to be the European Unions because even you know, German

115
00:05:46,560 --> 00:05:49,479
Speaker 1: voters won't allow on the iron cross to come back.

116
00:05:49,640 --> 00:05:52,120
Speaker 1: I want to just finally ask you about America. Get

117
00:05:52,120 --> 00:05:54,160
Speaker 1: back to the u S. Here we had the University

118
00:05:54,160 --> 00:05:57,520
Speaker 1: of Michigan consumer sentiment UM gauge come in at a

119
00:05:57,600 --> 00:06:01,400
Speaker 1: record low. What the change has to happen? Here is

120
00:06:01,440 --> 00:06:04,160
Speaker 1: Biden rewriting his speech furiously right now on the U

121
00:06:04,360 --> 00:06:06,880
Speaker 1: S S Iowa. He may well be I don't know,

122
00:06:06,960 --> 00:06:10,040
Speaker 1: I wish showing you um that those reads were terrible.

123
00:06:10,080 --> 00:06:12,400
Speaker 1: I mean, that's really scary stuff. What's the opposite of

124
00:06:12,400 --> 00:06:15,960
Speaker 1: Buck Wilde. I don't know, I don't know, but it's

125
00:06:15,960 --> 00:06:19,000
Speaker 1: not good, right, No, No, it's tough. So yeah, I

126
00:06:19,040 --> 00:06:21,960
Speaker 1: mean the consumers out there are you know, that's inflations

127
00:06:22,000 --> 00:06:23,920
Speaker 1: hitting them. But you know there's some We had Jonathan

128
00:06:23,920 --> 00:06:27,800
Speaker 1: Goliban earlier from I believe he's where's it now, Chris.

129
00:06:29,000 --> 00:06:31,520
Speaker 1: He says economy is still strong, got a strong labor

130
00:06:31,560 --> 00:06:35,520
Speaker 1: market and so on. He's been a bull for twenty years,

131
00:06:35,520 --> 00:06:39,160
Speaker 1: no offense. He's in my motorcycle gang to me, Jonathan

132
00:06:39,200 --> 00:06:42,520
Speaker 1: gollub Lefkovich, Binky Chatta. We had a gang back in

133
00:06:42,520 --> 00:06:45,719
Speaker 1: the day. Alright, Ed Price, senior fellow in former trade official.

134
00:06:46,040 --> 00:06:47,880
Speaker 1: He's at n y U now, but he comes up

135
00:06:47,880 --> 00:06:54,320
Speaker 1: and sees us every once in a while. Well. Our

136
00:06:54,360 --> 00:06:57,400
Speaker 1: next guest, Matt. She got her NBA from Darden that's

137
00:06:57,440 --> 00:07:00,000
Speaker 1: the University of Virginia's business school, and I went down

138
00:07:00,000 --> 00:07:03,520
Speaker 1: there to visit there. They said, we work harder than

139
00:07:03,600 --> 00:07:07,000
Speaker 1: anybody else. It is the tough workload, but it makes

140
00:07:07,000 --> 00:07:09,320
Speaker 1: you a better person. I said, that's the last thing

141
00:07:09,320 --> 00:07:11,760
Speaker 1: I'm looking for. Exactly. You're dressed in the in the

142
00:07:11,800 --> 00:07:13,840
Speaker 1: UVA color, So I want to do instead the NBA

143
00:07:13,880 --> 00:07:15,960
Speaker 1: folks they it darted and they worked way too hard.

144
00:07:15,960 --> 00:07:19,120
Speaker 1: But Naeseta Henry joins us. She's a chief Innovation officer

145
00:07:19,160 --> 00:07:23,800
Speaker 1: for Deloitte Consulting UM Nasheta. We're parting through here like

146
00:07:23,840 --> 00:07:26,480
Speaker 1: a lot of investors are kind of this really hot

147
00:07:26,520 --> 00:07:29,440
Speaker 1: inflation uh data point that we got today, and we're

148
00:07:29,480 --> 00:07:32,720
Speaker 1: also paying attention to the Port of Los Angeles, where

149
00:07:32,760 --> 00:07:35,120
Speaker 1: the President is going today, as we think about supply

150
00:07:35,200 --> 00:07:38,520
Speaker 1: chain issues and how they contribute to inflation. I love

151
00:07:38,560 --> 00:07:41,480
Speaker 1: to get your thoughts because this is something you look at,

152
00:07:41,720 --> 00:07:43,840
Speaker 1: your thoughts on the supply chain and kind of what

153
00:07:43,920 --> 00:07:48,920
Speaker 1: you're hearing from your clients, what you're telling your clients. Absolutely,

154
00:07:48,960 --> 00:07:51,880
Speaker 1: thanks for having me today. UM. You know, supply chain,

155
00:07:52,000 --> 00:07:54,200
Speaker 1: it's an interesting thing. No one really thought about it

156
00:07:54,280 --> 00:07:57,600
Speaker 1: before the pandemic, and then as they got disrupted and

157
00:07:57,640 --> 00:07:59,880
Speaker 1: you couldn't get what you needed on the store. Shehell

158
00:08:00,000 --> 00:08:03,600
Speaker 1: of there, you had to wait months to order big equipment.

159
00:08:04,120 --> 00:08:07,640
Speaker 1: It became a reality to everyday Americans, UM and everyday

160
00:08:07,680 --> 00:08:10,440
Speaker 1: citizens around the globe. And what we're seeing more and

161
00:08:10,520 --> 00:08:15,000
Speaker 1: more is that factories really haven't modernized and taken advantage

162
00:08:15,080 --> 00:08:18,280
Speaker 1: of industry for auto technologies in a way that helps

163
00:08:18,320 --> 00:08:22,320
Speaker 1: them better predict demand, better adjust in real time to

164
00:08:22,520 --> 00:08:27,000
Speaker 1: disruptions like UM in availability of raw material or machines

165
00:08:27,040 --> 00:08:30,560
Speaker 1: going down or labor shortages UM. And we're all about

166
00:08:30,600 --> 00:08:35,560
Speaker 1: helping the manufacturing industry UM embrace at scale those technologies

167
00:08:35,600 --> 00:08:38,160
Speaker 1: that are going to enable them to create more efficient

168
00:08:38,200 --> 00:08:41,800
Speaker 1: and predictive supply chains. So so you're the chief Innovation

169
00:08:41,800 --> 00:08:45,200
Speaker 1: officer at Deloitte Consulting, but you're also working on the

170
00:08:45,280 --> 00:08:49,800
Speaker 1: smart Factory at Wichita. What is that? Absolutely? Yeah. So

171
00:08:49,880 --> 00:08:54,480
Speaker 1: as a chief Innovation officer, my role is to invest in, incubate,

172
00:08:54,960 --> 00:08:58,800
Speaker 1: and test and scale new businesses for our firm UM.

173
00:08:58,840 --> 00:09:01,720
Speaker 1: And one of those things in involved the Smart Factory,

174
00:09:01,800 --> 00:09:05,120
Speaker 1: which is a physical experience as well as a digital

175
00:09:05,120 --> 00:09:09,760
Speaker 1: platform UM. The physical experiences in Whichita Kansas in conjunction

176
00:09:09,880 --> 00:09:14,320
Speaker 1: with over twenty ecosystem partners that we've curated to come

177
00:09:14,320 --> 00:09:18,040
Speaker 1: together to create a one of a kind industry for

178
00:09:18,240 --> 00:09:21,520
Speaker 1: BATO Factory of the Future UM. And the exciting thing

179
00:09:21,600 --> 00:09:24,760
Speaker 1: there is it's a real working production facility. We are

180
00:09:24,800 --> 00:09:28,120
Speaker 1: making smart Rover kits um that actually we will be

181
00:09:28,400 --> 00:09:32,120
Speaker 1: providing into communities UM to impact over the next four

182
00:09:32,200 --> 00:09:35,880
Speaker 1: years eight hundred thousand UM young people to get interested

183
00:09:35,880 --> 00:09:39,240
Speaker 1: in STEM fields. So it is a dual purpose facility

184
00:09:39,240 --> 00:09:42,360
Speaker 1: where we get to demonstrate new technology of the future

185
00:09:42,400 --> 00:09:45,679
Speaker 1: for industry portat oh, we get to actually manufacture and

186
00:09:45,679 --> 00:09:48,920
Speaker 1: in real time have the same challenges our clients do.

187
00:09:49,679 --> 00:09:52,719
Speaker 1: We get to implement a platform that connects all of

188
00:09:52,760 --> 00:09:56,560
Speaker 1: the physical to the digital, and we get to impact

189
00:09:56,960 --> 00:09:59,920
Speaker 1: young people and uh, you know, hopefully help with upcoming

190
00:10:00,440 --> 00:10:04,400
Speaker 1: uh you know, labor challenges UM actually current labor challenges,

191
00:10:04,800 --> 00:10:08,720
Speaker 1: but that we're breaking through through new techniques. Hey, Nishida

192
00:10:08,880 --> 00:10:12,199
Speaker 1: is just in time inventory dead? I mean Matt Miller's

193
00:10:12,200 --> 00:10:15,480
Speaker 1: gotta wait months to get a Chevy Silverado. I'm just

194
00:10:15,520 --> 00:10:18,680
Speaker 1: not sure this pandemic didn't lay bare some of the

195
00:10:18,760 --> 00:10:23,960
Speaker 1: real real weaknesses of just in time inventory. Yeah. Absolutely, Well,

196
00:10:23,960 --> 00:10:26,920
Speaker 1: what's interesting is, you know the just in time inventory

197
00:10:27,080 --> 00:10:30,680
Speaker 1: either people plan to tightly UM, they can't predict demand

198
00:10:30,720 --> 00:10:33,120
Speaker 1: well enough. So you know, just in time means that

199
00:10:33,160 --> 00:10:37,120
Speaker 1: you've actually made plans um several months in advance in

200
00:10:37,240 --> 00:10:40,839
Speaker 1: order to make sure that inventory gets there just in time. Um.

201
00:10:40,880 --> 00:10:43,480
Speaker 1: And so it's not just just in time at the

202
00:10:43,640 --> 00:10:47,360
Speaker 1: end point, it's just in time all along the value chain. UM.

203
00:10:47,440 --> 00:10:50,120
Speaker 1: And you know sometimes actually just listening to the morning

204
00:10:50,120 --> 00:10:52,599
Speaker 1: news a few days ago, there's a lot of excess inventory.

205
00:10:52,720 --> 00:10:56,400
Speaker 1: There's excess inventory of leisure clothes, right because we couldn't

206
00:10:56,400 --> 00:10:58,920
Speaker 1: predict that people wouldn't want to wear leisure clothes after

207
00:10:58,920 --> 00:11:01,719
Speaker 1: the pandemic. I know, I want to do many right UM.

208
00:11:01,760 --> 00:11:03,880
Speaker 1: And so I think it works both ways that the

209
00:11:03,920 --> 00:11:07,200
Speaker 1: incremental approaches have actually been just add more inventory, add

210
00:11:07,200 --> 00:11:10,520
Speaker 1: more capacity. And we're saying, actually, no, just in time

211
00:11:10,559 --> 00:11:12,880
Speaker 1: can work. But you need better data, you need better

212
00:11:12,880 --> 00:11:15,880
Speaker 1: connectivity um, and you need better insights in order to

213
00:11:15,920 --> 00:11:17,520
Speaker 1: make that work. And this has been the issue for

214
00:11:17,600 --> 00:11:21,280
Speaker 1: Walmart and Target and everything is out of whack. When

215
00:11:21,320 --> 00:11:24,920
Speaker 1: do you think the supply chain comes back in order? Now,

216
00:11:25,000 --> 00:11:27,080
Speaker 1: that's a great question. I wish I could predict the future,

217
00:11:27,120 --> 00:11:30,280
Speaker 1: but I think in the next um three to six months.

218
00:11:30,320 --> 00:11:33,480
Speaker 1: You know, people have been UM working hard in order

219
00:11:33,520 --> 00:11:35,960
Speaker 1: to get the front part of the chain working right,

220
00:11:36,000 --> 00:11:39,840
Speaker 1: whether it's more raw materials, it's better core assemblies to

221
00:11:39,880 --> 00:11:42,319
Speaker 1: create the end products. But I think it's going to

222
00:11:42,440 --> 00:11:44,360
Speaker 1: take US, UM, you know, a couple of years to

223
00:11:44,440 --> 00:11:48,000
Speaker 1: really be on this transformation journey to get to a

224
00:11:48,040 --> 00:11:51,360
Speaker 1: point where disruptions like the pandemic won't cause these supply

225
00:11:51,440 --> 00:11:53,960
Speaker 1: chain issues. Right, We're gonna come out of these supply

226
00:11:54,040 --> 00:11:56,480
Speaker 1: chain issues because the world will be getting back to

227
00:11:56,640 --> 00:12:00,800
Speaker 1: semi more normal paces. Um, even if we have continued

228
00:12:00,880 --> 00:12:04,320
Speaker 1: global you know, upheavals and around geo political issues, etcetera.

229
00:12:04,840 --> 00:12:06,640
Speaker 1: But we have to be able to adjust to future

230
00:12:06,640 --> 00:12:09,400
Speaker 1: disruptions for which we know there will be all right, Sheeta,

231
00:12:09,440 --> 00:12:11,800
Speaker 1: good stuff. Thanks so much for joining us. Really appreciate

232
00:12:11,840 --> 00:12:15,400
Speaker 1: getting your insights there. No, Sheeta Henry, chief Innovation Officer

233
00:12:15,440 --> 00:12:22,000
Speaker 1: at de Lloyd Consulting, so much for the quiet Friday

234
00:12:22,080 --> 00:12:24,560
Speaker 1: here at the beginning of summer of the CPI data

235
00:12:24,640 --> 00:12:27,520
Speaker 1: kind of you know, really coming in hotter than expected

236
00:12:27,559 --> 00:12:30,160
Speaker 1: all the core. Maybe you could argue the core has peaked.

237
00:12:30,160 --> 00:12:33,680
Speaker 1: We'll talk about that. The University of Michigan sentiment stuff

238
00:12:33,720 --> 00:12:36,280
Speaker 1: that got my attention came in much weaker than expected.

239
00:12:36,360 --> 00:12:38,800
Speaker 1: So some really negative data that we're seeing reflected in

240
00:12:38,840 --> 00:12:40,560
Speaker 1: the market. Of course, what do I do? I blame

241
00:12:40,600 --> 00:12:44,559
Speaker 1: the economists and along chief US economists for Bloomberg's economics

242
00:12:44,600 --> 00:12:48,120
Speaker 1: joints is and it's all your fault, no question about it.

243
00:12:48,400 --> 00:12:51,680
Speaker 1: What do you take away from you know, the inflation

244
00:12:51,760 --> 00:12:54,320
Speaker 1: data today, the University of Michigan data today. What are

245
00:12:54,320 --> 00:12:59,839
Speaker 1: your takeaways? Yeah, So with inflation data, the upsides of

246
00:13:00,040 --> 00:13:04,000
Speaker 1: prices UH so large that I think, uh it pushes

247
00:13:04,120 --> 00:13:07,480
Speaker 1: the peak further out UM. And we could still see

248
00:13:08,640 --> 00:13:14,320
Speaker 1: inflation pushing up, possibly breaching nine percent in September. So

249
00:13:14,520 --> 00:13:17,800
Speaker 1: that quhes any notion that the said will be pausing

250
00:13:17,880 --> 00:13:21,680
Speaker 1: in September. As anything, there's probably put the seventy five

251
00:13:21,720 --> 00:13:24,120
Speaker 1: bits back on the table. But for later this year,

252
00:13:24,200 --> 00:13:27,960
Speaker 1: we um and we expect now in our baseline that

253
00:13:28,280 --> 00:13:31,040
Speaker 1: uh fifty bits would be in the September meeting as

254
00:13:31,080 --> 00:13:35,280
Speaker 1: well as in the November meeting and the consumer sentiment report.

255
00:13:35,679 --> 00:13:39,800
Speaker 1: You know, America just really hates inflation um. But that

256
00:13:39,920 --> 00:13:44,480
Speaker 1: does not always translate into spending actions UM. And you

257
00:13:44,480 --> 00:13:53,600
Speaker 1: know over sea from nine nationality in the inflationary sentiments

258
00:13:53,840 --> 00:13:56,880
Speaker 1: and that people just feel like something is taken away

259
00:13:56,920 --> 00:14:01,200
Speaker 1: from them if inflation rising, even though even if nominal

260
00:14:01,240 --> 00:14:04,680
Speaker 1: wage were to uh, you know, rises on par with inflatiently,

261
00:14:05,320 --> 00:14:08,559
Speaker 1: it's true because I feel that way too. Yep, absolutely,

262
00:14:08,760 --> 00:14:11,680
Speaker 1: uh and uh. We were talking about the possibility of

263
00:14:11,679 --> 00:14:15,640
Speaker 1: the FED raising at a quicker pace or maybe um

264
00:14:15,640 --> 00:14:19,840
Speaker 1: in bigger clips seventy five basis points. Somebody suggested that

265
00:14:19,840 --> 00:14:22,520
Speaker 1: that Paul was talking about earlier. So I was thinking,

266
00:14:22,760 --> 00:14:26,760
Speaker 1: what's the most the FED has ever raised rates by?

267
00:14:26,880 --> 00:14:29,400
Speaker 1: And I looked back, um, in the data. I only

268
00:14:29,440 --> 00:14:32,200
Speaker 1: got back to when I saw that Vulcar in February

269
00:14:32,240 --> 00:14:37,680
Speaker 1: of that year raised five percent at one meeting. Yeah, um,

270
00:14:37,760 --> 00:14:43,120
Speaker 1: what do you expect from our Federal Reserve? Well, you know, um,

271
00:14:43,360 --> 00:14:46,760
Speaker 1: Larry Summers put out a paper earlier this week showing

272
00:14:46,880 --> 00:14:50,280
Speaker 1: that if you adjust to the pychnology of CPI, in fact,

273
00:14:50,360 --> 00:14:53,480
Speaker 1: the amount of disinflation the FED has to do today

274
00:14:53,600 --> 00:14:56,400
Speaker 1: is the same as what the Vulcar has to do.

275
00:14:56,880 --> 00:14:59,440
Speaker 1: But our own team number David Wilcox looked at that

276
00:14:59,600 --> 00:15:04,400
Speaker 1: and UM argue that the said actually follows PCE deflators

277
00:15:04,480 --> 00:15:07,600
Speaker 1: rather than c p I, and that in that you

278
00:15:07,600 --> 00:15:11,480
Speaker 1: know that measure, the PPE A deflator would show that

279
00:15:12,000 --> 00:15:16,320
Speaker 1: inflation problem is half as today is half as smart

280
00:15:16,480 --> 00:15:19,520
Speaker 1: as back in the looker days, which means that the

281
00:15:19,560 --> 00:15:22,680
Speaker 1: said probably has to do less than the vocer compared

282
00:15:22,720 --> 00:15:25,600
Speaker 1: to the vocal years. And on top of that, inflation

283
00:15:25,680 --> 00:15:30,200
Speaker 1: expectations measures show that the expectations have not an anchored yet.

284
00:15:30,720 --> 00:15:34,440
Speaker 1: So that also is another argument for what that does

285
00:15:34,480 --> 00:15:36,680
Speaker 1: not need to do as much as Paul Boker that

286
00:15:36,960 --> 00:15:42,360
Speaker 1: is and in reality and there's real tangible limits to

287
00:15:42,400 --> 00:15:44,520
Speaker 1: what this feeder reserve can do visa the inflation because

288
00:15:44,520 --> 00:15:47,440
Speaker 1: so much of the headline stuff was you know, energy

289
00:15:47,600 --> 00:15:50,360
Speaker 1: and what I hear there's just not enough refining capacity

290
00:15:50,360 --> 00:15:53,640
Speaker 1: out there in the world given the demand uh food, Um,

291
00:15:53,680 --> 00:15:55,360
Speaker 1: there's not what you can do about the supply chain

292
00:15:55,400 --> 00:15:57,520
Speaker 1: and maybe the war Ukraine. So there's some things that

293
00:15:57,560 --> 00:16:00,800
Speaker 1: are out of the FEDS kind of you know, kind

294
00:16:00,800 --> 00:16:04,360
Speaker 1: of Bailey Wick here. So, um, what kind of message

295
00:16:04,840 --> 00:16:07,480
Speaker 1: when we hear from Chairman Power when he answers questions

296
00:16:07,520 --> 00:16:08,960
Speaker 1: next week? What do you think we're going to hear

297
00:16:09,000 --> 00:16:12,160
Speaker 1: from this FED? I think that Chairman Pow would would

298
00:16:12,280 --> 00:16:16,120
Speaker 1: reiterate the lesson that they had learned last year from

299
00:16:16,240 --> 00:16:19,920
Speaker 1: that mistake from not not raising rates early enough, which

300
00:16:19,960 --> 00:16:23,440
Speaker 1: is that the FETs job is to affect price stability

301
00:16:23,520 --> 00:16:26,760
Speaker 1: through demand channels, and they should just take all the

302
00:16:26,840 --> 00:16:30,600
Speaker 1: fiscal policy and supply shocks as given, and what they

303
00:16:30,640 --> 00:16:33,560
Speaker 1: could do is to keep their eyes on the wall

304
00:16:33,600 --> 00:16:38,880
Speaker 1: of price stability and reduced demand in order to change uh,

305
00:16:38,920 --> 00:16:41,960
Speaker 1: you know, lower places. So you said, yeah, the Fed

306
00:16:42,040 --> 00:16:45,800
Speaker 1: cannot do anything about gas prices or food prices, but

307
00:16:46,280 --> 00:16:51,480
Speaker 1: they can do something about inflation expectations. And even if

308
00:16:51,520 --> 00:16:55,000
Speaker 1: that means that unfortunately they have to lower demand in

309
00:16:55,160 --> 00:16:58,600
Speaker 1: order to cool the prices, they will have to do that. Well,

310
00:16:58,600 --> 00:17:02,200
Speaker 1: the government definitely can do something about gas prices. My

311
00:17:02,280 --> 00:17:05,280
Speaker 1: boss was just in the studio um telling us that

312
00:17:05,320 --> 00:17:09,920
Speaker 1: he drove through Massachusetts to get to Connecticut before he

313
00:17:10,000 --> 00:17:14,000
Speaker 1: filled up because they've cut the tax There any chance

314
00:17:14,080 --> 00:17:19,800
Speaker 1: that this administration or state governments are gonna start doing

315
00:17:19,840 --> 00:17:24,560
Speaker 1: that on mass cutting taxes. Yeah, you know, that's actually

316
00:17:24,640 --> 00:17:28,280
Speaker 1: really good point. So part of the stimulus um um

317
00:17:28,520 --> 00:17:32,240
Speaker 1: went into state government government budgets, and it looks like

318
00:17:32,320 --> 00:17:35,200
Speaker 1: that a lot of them have not used them up yet.

319
00:17:35,280 --> 00:17:38,760
Speaker 1: That's why state budgets are are actually looking very good

320
00:17:38,920 --> 00:17:42,840
Speaker 1: this year. Also partly because property taxes has has has

321
00:17:42,840 --> 00:17:45,720
Speaker 1: been generating a lot more revenues given given the hot

322
00:17:45,720 --> 00:17:49,480
Speaker 1: housing lots. From your mouth to God's ears and along,

323
00:17:49,920 --> 00:17:52,600
Speaker 1: is there any chance that I'm going to get back

324
00:17:52,720 --> 00:17:58,320
Speaker 1: the state and local tax deduction stolen from me back

325
00:17:58,359 --> 00:18:01,720
Speaker 1: in what was it, two thousand seventeen. I mean, I

326
00:18:01,800 --> 00:18:06,160
Speaker 1: don't know how much longer I can live with these taxes. Well,

327
00:18:06,560 --> 00:18:09,600
Speaker 1: you have student debts, Maybe you have students that would

328
00:18:09,600 --> 00:18:12,600
Speaker 1: give you back some money. Sadly, I mean, I'm glad

329
00:18:12,640 --> 00:18:15,520
Speaker 1: I don't have student debt. Um thanks to my mom,

330
00:18:15,560 --> 00:18:19,040
Speaker 1: who is a professor at a Great Lakes College Association,

331
00:18:19,119 --> 00:18:22,000
Speaker 1: I was granted free tuition at another Great Lakes College

332
00:18:22,000 --> 00:18:25,040
Speaker 1: Association school. Um, so I'm lucky in that sense. But

333
00:18:25,119 --> 00:18:28,000
Speaker 1: there's no my student debt if I had, it wouldn't

334
00:18:28,040 --> 00:18:32,760
Speaker 1: be as high as my annual property taxes in Scarsdale.

335
00:18:32,840 --> 00:18:37,680
Speaker 1: It's insane. Well, I'm sure you your your income would

336
00:18:37,720 --> 00:18:42,880
Speaker 1: be enough to to support your spending on other areas,

337
00:18:43,119 --> 00:18:46,200
Speaker 1: all right. And so we've got this inflation print here.

338
00:18:46,520 --> 00:18:49,560
Speaker 1: I'm wondering about the labor side of the equation. Are

339
00:18:49,600 --> 00:18:52,760
Speaker 1: we going to see you or are we seeing wage

340
00:18:52,800 --> 00:18:56,040
Speaker 1: inflation here? If so, is this spiral thing? Is that

341
00:18:56,240 --> 00:19:00,240
Speaker 1: a risk? Well, um, you know a lot of cost

342
00:19:00,320 --> 00:19:06,040
Speaker 1: of index measures linked to nominal wage growth is index

343
00:19:06,119 --> 00:19:09,480
Speaker 1: to c P I. So if the c p I is,

344
00:19:09,960 --> 00:19:13,680
Speaker 1: you know, going out and continuing on upward trajectory, the

345
00:19:13,920 --> 00:19:16,720
Speaker 1: kind of alarming bills that we should be looking at

346
00:19:16,760 --> 00:19:19,920
Speaker 1: for For wage price FIRO is if you see wages

347
00:19:19,960 --> 00:19:25,000
Speaker 1: being index two more and more, you know we wage

348
00:19:25,400 --> 00:19:29,320
Speaker 1: wage contracts are index to c p i UM and

349
00:19:29,520 --> 00:19:32,000
Speaker 1: uh yeah, I think, I think if if, if, if

350
00:19:32,040 --> 00:19:35,800
Speaker 1: gas prices continue to be at this, at this this trajectory,

351
00:19:35,840 --> 00:19:39,240
Speaker 1: even reaching one seventy per barrel or two hundred later

352
00:19:39,320 --> 00:19:42,960
Speaker 1: this year, we would have a risk of expectations on

353
00:19:43,080 --> 00:19:47,280
Speaker 1: anchoring generating a wage price fire. All right, good stuff.

354
00:19:47,280 --> 00:19:52,320
Speaker 1: Anna Wong, chief US economists from Bloomberg Economics, PhD from

355
00:19:52,359 --> 00:19:54,399
Speaker 1: the University of Chicago, love Clinis out every time it is.

356
00:19:54,400 --> 00:19:57,119
Speaker 1: It's really cool because those people are wicked smat and

357
00:19:57,160 --> 00:19:58,800
Speaker 1: they're very good with the numbers. And b A and

358
00:19:58,840 --> 00:20:05,320
Speaker 1: Economics from Berkeley joining Sun our studios are a Wall

359
00:20:05,320 --> 00:20:08,800
Speaker 1: Street reporters Shownalie Bassettionalie, I know you sat down with

360
00:20:08,880 --> 00:20:11,760
Speaker 1: Goldman's sex CEO David Salomon recently. What did you two

361
00:20:12,040 --> 00:20:14,360
Speaker 1: two kids talk about. Well, what's interesting is actually it's

362
00:20:14,359 --> 00:20:16,520
Speaker 1: not just him. It was a Jane Fraser of City

363
00:20:16,520 --> 00:20:20,879
Speaker 1: Group and David Siegel of two Sigma and Naz Dack CEO. Yeah, well,

364
00:20:20,880 --> 00:20:23,359
Speaker 1: it's so fascinating. They they did an exercise with me

365
00:20:23,440 --> 00:20:26,800
Speaker 1: for the thirtieth anniversary of Markets magazine to look forward

366
00:20:27,200 --> 00:20:30,800
Speaker 1: Markets Magazine exactly to look forward the next thirty years.

367
00:20:30,880 --> 00:20:32,639
Speaker 1: And what they really thought of is, Okay, what is

368
00:20:32,680 --> 00:20:35,159
Speaker 1: in the early stages of innovation like the Internet was

369
00:20:35,200 --> 00:20:41,000
Speaker 1: in the early nineties. Crypto, well, none of only keep only.

370
00:20:41,160 --> 00:20:44,760
Speaker 1: David Siegel of two Sigma mentioned crypto by name. The

371
00:20:44,840 --> 00:20:48,240
Speaker 1: rest had talked about digital assets a lot. Jane Fraser,

372
00:20:48,480 --> 00:20:50,920
Speaker 1: the CEO of City Digital Assets. When you talk about

373
00:20:50,960 --> 00:20:53,440
Speaker 1: digital assets, you're basically talking about crypto right there, talking

374
00:20:53,440 --> 00:20:58,360
Speaker 1: about blockchain based assets. Blockchain based assets. Tokenization is what

375
00:20:58,480 --> 00:21:01,240
Speaker 1: Jane Fraser talked about. She said this that we are

376
00:21:01,320 --> 00:21:05,720
Speaker 1: moving towards a boundless virtual economy in which markets do

377
00:21:05,800 --> 00:21:09,040
Speaker 1: not open or clothes and so one thing is certain,

378
00:21:09,080 --> 00:21:11,639
Speaker 1: she said, will be virtual and it will be boundless.

379
00:21:11,960 --> 00:21:16,240
Speaker 1: So actually, Adina Freeman of NASDAK said technology will exist

380
00:21:16,440 --> 00:21:20,520
Speaker 1: for every asset on the planet to be digitized. And

381
00:21:20,760 --> 00:21:23,239
Speaker 1: David Solomon, he actually talked more about energies. We can

382
00:21:23,280 --> 00:21:25,320
Speaker 1: talk about that in a second, but as it pertains

383
00:21:25,359 --> 00:21:27,480
Speaker 1: to blockchain. The one thing you did say is that

384
00:21:27,560 --> 00:21:30,560
Speaker 1: while the technology is good for many things, it really

385
00:21:30,600 --> 00:21:33,240
Speaker 1: needs to be more scalable, and scalability is one of

386
00:21:33,280 --> 00:21:36,800
Speaker 1: the big challenges moving forward to see if blockchain will

387
00:21:36,840 --> 00:21:39,560
Speaker 1: really be one of the main technologies of the next

388
00:21:39,800 --> 00:21:41,680
Speaker 1: I just want to quickly ask about how we get

389
00:21:41,720 --> 00:21:43,720
Speaker 1: hold of this. I mean, obviously, I know, being in

390
00:21:43,760 --> 00:21:46,240
Speaker 1: this building, I can just grab a Bloomberg Markets magazine.

391
00:21:46,520 --> 00:21:49,480
Speaker 1: But I also suspect there's an online component, because I

392
00:21:49,520 --> 00:21:53,240
Speaker 1: know you have um audio at the very least of

393
00:21:53,560 --> 00:21:55,480
Speaker 1: these interget I just read it on Bloomberg dot com

394
00:21:55,560 --> 00:21:57,520
Speaker 1: or on the terminal. You know it's on. It's on

395
00:21:57,560 --> 00:22:00,399
Speaker 1: the Bloomberg dot com. We get Marx magazine there. I

396
00:22:00,440 --> 00:22:02,480
Speaker 1: never go on the website because obviously at the terminal

397
00:22:02,520 --> 00:22:04,520
Speaker 1: in front of me, Yeah, these stories are online. It's

398
00:22:04,560 --> 00:22:06,879
Speaker 1: it's being very well read and shared right now. We

399
00:22:07,000 --> 00:22:10,400
Speaker 1: also spoke to let me mention the energy thing, guys,

400
00:22:10,880 --> 00:22:12,480
Speaker 1: because we did have three out of the six c

401
00:22:12,600 --> 00:22:15,680
Speaker 1: o as we speak to talk about the climate transition. Again.

402
00:22:15,800 --> 00:22:18,919
Speaker 1: David Seagal, one of the greatest quantitative thinkers in the

403
00:22:18,920 --> 00:22:22,960
Speaker 1: finance industry, really said that it was decarbonization technology that

404
00:22:23,000 --> 00:22:27,720
Speaker 1: he was most excited about, and David Solomon with the barrel,

405
00:22:27,840 --> 00:22:32,639
Speaker 1: I mean, I don't know, but decarbonization like um, getting

406
00:22:32,720 --> 00:22:35,400
Speaker 1: carbon out of the atmosphere, like that kind of technology

407
00:22:35,440 --> 00:22:39,920
Speaker 1: the atmosphere out of corporate functions. I mean, David Solomon

408
00:22:40,040 --> 00:22:42,440
Speaker 1: and David Siegel had talked about the need for more

409
00:22:42,800 --> 00:22:46,280
Speaker 1: government intervention, really public private partnerships and really the government

410
00:22:46,280 --> 00:22:48,119
Speaker 1: incentivizing a lot more of this. And so you just

411
00:22:48,119 --> 00:22:50,359
Speaker 1: mean in general kind of clean energy you're not talking

412
00:22:50,400 --> 00:22:54,480
Speaker 1: about like actually technology that removes carbon from the air,

413
00:22:54,520 --> 00:22:56,840
Speaker 1: well that too, because I think that's really cool. Yes,

414
00:22:57,040 --> 00:22:59,520
Speaker 1: And and by the way, you know again David Segal,

415
00:22:59,640 --> 00:23:04,280
Speaker 1: great quantitative technology thinker, also talked not just about energy,

416
00:23:04,400 --> 00:23:08,200
Speaker 1: but technology that can change medicine. He had some really

417
00:23:08,359 --> 00:23:12,119
Speaker 1: strong language, imagine the transformation to our civilization if we

418
00:23:12,160 --> 00:23:14,480
Speaker 1: could develop treatments for some of the diseases that have

419
00:23:14,600 --> 00:23:17,159
Speaker 1: plagued humanity forever. All right, I'm gonna switch yours just

420
00:23:17,200 --> 00:23:18,919
Speaker 1: a little bit, because but it's right in your wheelhouse.

421
00:23:19,480 --> 00:23:22,240
Speaker 1: This week, I think I saw my first headline about

422
00:23:22,280 --> 00:23:25,320
Speaker 1: Wall Street cutting head count because business is so bad,

423
00:23:25,640 --> 00:23:28,640
Speaker 1: And it was just six months ago. Literally six months

424
00:23:28,680 --> 00:23:31,520
Speaker 1: ago when you couldn't hire enough, didn't I tell you

425
00:23:31,800 --> 00:23:34,760
Speaker 1: you could people They were raising to pay for these

426
00:23:34,760 --> 00:23:38,440
Speaker 1: guys every couple of months. But I mean, markets are tough,

427
00:23:38,560 --> 00:23:40,440
Speaker 1: and the first quarter and second quarter P and L

428
00:23:40,520 --> 00:23:42,800
Speaker 1: is not going to look good for these companies. However,

429
00:23:42,840 --> 00:23:46,000
Speaker 1: people are hiring in technology because they need to keep

430
00:23:46,080 --> 00:23:48,720
Speaker 1: up with the pace of innovation and thousands of people

431
00:23:48,720 --> 00:23:51,520
Speaker 1: at City Group, for example, And when I actually that's

432
00:23:51,520 --> 00:23:54,199
Speaker 1: good because there's a bunch of people who thought they

433
00:23:54,200 --> 00:23:57,600
Speaker 1: were going to go work at coin Base and had

434
00:23:57,600 --> 00:24:02,440
Speaker 1: their offers rescinded, So where can they go? City? Yeah? Seriously,

435
00:24:02,880 --> 00:24:05,639
Speaker 1: But yeah, things are getting tougher out there, that is

436
00:24:05,680 --> 00:24:07,600
Speaker 1: for sure. That's gonna be something to follow as we

437
00:24:07,640 --> 00:24:10,200
Speaker 1: come up with the second quarter numbers. What they're thinking about,

438
00:24:10,200 --> 00:24:14,480
Speaker 1: what pay and headcount because literally six months ago there

439
00:24:14,560 --> 00:24:16,720
Speaker 1: was no ceiling on either of those things. Now it's

440
00:24:16,760 --> 00:24:19,720
Speaker 1: just so just amazing how quickly it turns. And having

441
00:24:19,760 --> 00:24:22,240
Speaker 1: lived on the street for many years, I've experienced the

442
00:24:22,280 --> 00:24:26,760
Speaker 1: interns that started this week, by the way, everywhere on

443
00:24:26,800 --> 00:24:30,320
Speaker 1: wall everywhere, Wall Street, Okay, okay, with college kids, good

444
00:24:30,400 --> 00:24:33,040
Speaker 1: good stuff, good stuff. It's a good uh cycle. There

445
00:24:33,040 --> 00:24:37,600
Speaker 1: Shanellie Basket, Wall Street porter for Bloomberg News. Thanks for

446
00:24:37,600 --> 00:24:41,119
Speaker 1: listening to the Bloomberg Markets podcast. You can subscribe and

447
00:24:41,160 --> 00:24:45,240
Speaker 1: listen to interviews with Apple Podcasts or whatever podcast platform

448
00:24:45,280 --> 00:24:48,600
Speaker 1: you prefer. I'm Matt Miller. I'm on Twitter at Matt

449
00:24:48,640 --> 00:24:52,159
Speaker 1: Miller three. Put on ball Sweeney. I'm on Twitter at

450
00:24:52,160 --> 00:24:55,040
Speaker 1: pt Sweeney before the podcast. You can always catch us

451
00:24:55,080 --> 00:24:56,720
Speaker 1: worldwide at Bloomberg Radio