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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside

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Speaker 1: my co host Matt Miller. Every business day we bring

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Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along

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Speaker 1: with essential market moving news. Find the Bloomberg Markets podcast

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Speaker 1: called Apple Podcasts or wherever you listen to podcasts, and

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Speaker 1: at Bloomberg dot com slash podcast. Markets are clearly being

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Speaker 1: driven by the geopolitical issues coming out of Ukraine, but

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Speaker 1: there was a lot of eco data this morning on

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Speaker 1: primarily on the labor fronts. Pretty good numbers two in

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Speaker 1: terms of nonfarm payrolls coming in better than expect that.

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Speaker 1: Let's break it all down with Sarah House, senior economist

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Speaker 1: at Wells Fargo Securities. Sarah, thanks so much for taking

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Speaker 1: the time to join uh US. What did you make

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Speaker 1: of the labor data this morning? Overall, this was a

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Speaker 1: really strong report. So obviously we had much stronger growth

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Speaker 1: in terms of parel numbers and broad based across sectors.

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Speaker 1: We also had an increase in the work week, and

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Speaker 1: so I think that points to growth here in the

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Speaker 1: first quarter certainly being stronger than what was generally expected.

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Speaker 1: And I think one thing we saw was that stood

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Speaker 1: out was that flat reading an average early earnings. And

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Speaker 1: so this coincides with some moderation we've seen in the

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Speaker 1: e C I, some of the moderation we've seen in

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Speaker 1: things like the Small Business Survey compensation Plan. So I

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Speaker 1: think in some ways that that's good for the overall

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Speaker 1: inflation outlook and therefore the overall growth outlook. Considering that

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Speaker 1: it suggests that wage growth isn't isn't running away and

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Speaker 1: taking inflation with it? Is it a good thing? I mean,

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Speaker 1: this is what I was wondering as I was looking

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Speaker 1: through the numbers. Wages kind of have to go up

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Speaker 1: pretty quickly for people to maintain pace with the with

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Speaker 1: the increased inflation and with the oil and commodity shock

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Speaker 1: more generally. Doesn't this just reduce purchasing power? Essentially? It

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Speaker 1: does in the short term, But I think in terms

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Speaker 1: of keeping the inflation environment somewhat reined in or at

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Speaker 1: least reducing the risk that it gets further out of control,

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Speaker 1: I think it's an It's an important it's an important

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Speaker 1: print in that matter, and I think it suggests in

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Speaker 1: some ways that the FED can actually be a little

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Speaker 1: less aggressive in terms of their tightening tightening plans in

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Speaker 1: light of the inflationary pressures that we're seeing on the

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Speaker 1: commodity front. All right, Saras, and what do you what

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Speaker 1: do you expect this photo reserve to do on the

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Speaker 1: back of this data set? This morning, I look at

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Speaker 1: the w I R P GO function on the terminal

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Speaker 1: and it shows the streets thinking about six rate hikes

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Speaker 1: this year? Is that kind of how you're seeing it?

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Speaker 1: So right now we're at five rate hikes for the year.

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Speaker 1: But obviously there's a lot of uncertainty and a lot

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Speaker 1: of things that could change even between now and the

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Speaker 1: March meeting. So we're still looking for the Fed to

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Speaker 1: raise twenty five basis points here at their next meeting.

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Speaker 1: I think we saw that not only from Pal this

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Speaker 1: Pal this week, but also from Evans this morning. Now,

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Speaker 1: I think that's notable considering he's traditionally been one of

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Speaker 1: the most dubblish members on the committee. But I think

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Speaker 1: when you step back and you look at where the

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Speaker 1: labor market is, the fact that the inflation side of

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Speaker 1: the mandate has been more than met that until we

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Speaker 1: see more significant still over effects to to the U

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Speaker 1: S economy, the FED is in the position where they

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Speaker 1: need to adjust policy, They need to to try and

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Speaker 1: get it more centered in light of that labor market

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Speaker 1: and inflation back drop. Sarah, this is what I was

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Speaker 1: thinking about all morning. Does it really matter? I mean, yeah,

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Speaker 1: from perhaps a visual standpoint, it matters if the FED

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Speaker 1: hikes rates, But what's it actually going to do right now,

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Speaker 1: given the disruption that you're seeing in markets, given how

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Speaker 1: low yields are, even with the prospect of inflation running

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Speaker 1: at the hottest pace. Since I think you're right that

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Speaker 1: it is more a signaling stance at this point, and

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Speaker 1: that when we look at the tightening and financial conditions,

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Speaker 1: you know, a lot of this has already been priced in,

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Speaker 1: but I think it also gives the FED some additional optimality.

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Speaker 1: So not much with the basis point increase, but I'll

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Speaker 1: sequel a little bit more. And again it goes back

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Speaker 1: to that signaling, especially at a time when inflation expectations

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Speaker 1: have have moved significantly higher. So even at the long end,

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Speaker 1: they're up towards the top end of the range we've

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Speaker 1: seen over the past decade or so, and I think

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Speaker 1: the SAD wants to make sure that they do not

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Speaker 1: break out further from that and that's going to be

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Speaker 1: very difficult in light of this commodity back drop, given

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Speaker 1: that energy prices and food prices are are some of

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Speaker 1: the most influential factors in consumers inflation expectations. So, Sarah,

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Speaker 1: the unemployment rate, the headline number, three point eight percent,

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Speaker 1: is that the new full employment for this economy. So

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Speaker 1: I think when you, I think it is consistent with

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Speaker 1: a full employment. So it's below where the FED estimates

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Speaker 1: that is, and I think when we step back and

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Speaker 1: we look at the overall wage picture, so yes, we

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Speaker 1: saw some softness today, but obviously the trend has been

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Speaker 1: very strong, and so that's all consistent with the labor

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Speaker 1: market that's at full employment. But it's not just the

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Speaker 1: unemployment rate that we see that we see it in

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Speaker 1: things like measures against an unemployed persons versus job openings,

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Speaker 1: the overall employment popularlyation ratio among prime mage workers, and

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Speaker 1: even even under employment. Although we did see the U

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Speaker 1: six pick up today, Sarah, before we let you go

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Speaker 1: just real quick, how much did you ratch it back

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Speaker 1: your expectations for growth after seeing the events of the

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Speaker 1: past two weeks. So we haven't published a new forecast,

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Speaker 1: but I think when you look at the sensitivity to

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Speaker 1: growth around some of the increase in in commodity prices,

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Speaker 1: and we are looking at potentially somewhere around half a percent.

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Speaker 1: If you saw energy and UH and food prices increase

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Speaker 1: about thirty five percent. So oil prices are are past

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Speaker 1: that point, but food prices haven't gotten quite there. But

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Speaker 1: I think importantly with the starting point for the U.

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Speaker 1: S economy, there is some room to give on growth

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Speaker 1: where before it slips below trend, let alone a recession inflation,

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Speaker 1: we don't have that room to give. All right, Sarah,

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Speaker 1: thank you so much for joining us on this job today.

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Speaker 1: Sarah House, senior economist at Wells Fargo Securities. Here another

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Speaker 1: week day to the tape. Here at least, I think

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Speaker 1: again the geopolitical issues are really what's driving a lot

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Speaker 1: of this market. Yeah, you know, this should have been

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Speaker 1: payrolls Friday, and the President Biden just put out a

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Speaker 1: statement on the job's report talking about how people are

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Speaker 1: getting back to work. But right now pandemic might be ending,

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Speaker 1: but the focus is elsewhere. Yeah, I guess it takes

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Speaker 1: a good old fashioned European work to get the pandemic

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Speaker 1: off the front pages. I mean, we just have I

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Speaker 1: could do without. I gotta say, yeah, I know, it's

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Speaker 1: it's a pick your poison, I guess in these things.

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Speaker 1: All right, let's talk a little echo stuff here and

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Speaker 1: you go Eco go on. The Bloomberg terminal brings up

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Speaker 1: all the salient economic data coming out of the U. S. Government. Again.

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Speaker 1: The data point today was change in nonfarm payrolls came

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Speaker 1: in it plus six seven six seventy eight thousand versus

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Speaker 1: a consensus of four hundred twenty three thousand, So a good,

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Speaker 1: good beat there. We had a revised upward revised to

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Speaker 1: the prior month there, so all good on the labor front.

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Speaker 1: Let's break it down with Russell Price, chief economists with

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Speaker 1: AMERP as a financial Russell looked like a really solid number.

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Speaker 1: What's your view of the US labor market these days? Yeah, Paul,

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Speaker 1: you know, I think it really is very solid backdrop

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Speaker 1: for the job market right now. I think that's even

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Speaker 1: and not just in today's report, but in the reports

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Speaker 1: that we've seen over the last few months, and as

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Speaker 1: far as other um side reports that we've seen, as

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Speaker 1: far as the job openings and labor turnover survey. What

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Speaker 1: we're the reports that we're hearing from individual companies as

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Speaker 1: far as is the strength of them finding it difficult

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Speaker 1: to find workers. Um, so it's a very strong market.

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Speaker 1: But from one thing that's a very apparent parent from

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Speaker 1: today's report is that we're finally starting to see a

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Speaker 1: little bit of improvement in the pace of people returning

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Speaker 1: to the job market. The labor force participation rate over

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Speaker 1: the last two months grew by four tenths of a percent.

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Speaker 1: I don't know. That doesn't sound like much, but it's

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Speaker 1: equal to the game that we saw uh in all

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Speaker 1: of two thousand and twenty one. So as COVID eases,

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Speaker 1: I think that we should continue to see more people

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Speaker 1: be willing to rejoin willing we're able to rejoin the

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Speaker 1: job market. That's good because it puts more people to work,

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Speaker 1: and it also should take some pressure off of wage

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Speaker 1: gains as well. So there's this idea right now, and

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Speaker 1: you're seeing this in currency. Is certainly with the dollar

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Speaker 1: strength and the era weakness, that the US will be

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Speaker 1: able to avoid stagflation even in the face of this

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Speaker 1: commodity shock, but Europe will not. Do you think that

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Speaker 1: that is consistent with what you're seeing? Yes, I do

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Speaker 1: think so. I we believe right now that when you

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Speaker 1: look at stagflation that is weak or stagnant pace of

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Speaker 1: economic expansion, well during periods of very high inflation. We

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Speaker 1: do think that at current crew oil prices, and it's

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Speaker 1: really a story about energy prices, particularly when you're talking

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Speaker 1: about the difference between the United States and Western Europe. Um,

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Speaker 1: it's the impact of those higher prices for energy here

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Speaker 1: in the United States with crude oil prices as was

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Speaker 1: just mentioned, the crude oil and about one, we think

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Speaker 1: that anywhere between a hundred and a hundred twenty should

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Speaker 1: have a negative impact on our real GDP by about

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Speaker 1: half to one full percentage point. So our estimate for

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Speaker 1: this year coming into the year was for real GDP

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Speaker 1: to go by three and a half percent UM. So

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Speaker 1: uh So, then current West Texas intermediate price is a

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Speaker 1: drag on that number, but there's still plenty of underlying

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Speaker 1: room for growth. In our view. It's more negatively impactful

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Speaker 1: for Europe because they import much more than we do.

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Speaker 1: And uh those imports not only do they pay a

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Speaker 1: higher price, but it's a greater risk because they import

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Speaker 1: so much from Russia. All Right, So, Russell, how do

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Speaker 1: you think the data that we've seen over the past

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Speaker 1: several days, including today's jobs data and the geopolitical risk

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Speaker 1: that we're all witnessing in Ukraine. How do you think

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Speaker 1: that impacts what our federal Reserve is going to do

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Speaker 1: for the remainder of the year. Yeah. I think they

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Speaker 1: still have to be concerned about the negative influence of

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Speaker 1: energy prices and the which is the ex uh, the

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Speaker 1: extrapolation from the problems and in Europe and uh, the

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Speaker 1: war in Ukraine. I think that's still has to be

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Speaker 1: a very significant component of their calculations. So I agree that, Well,

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Speaker 1: we already know from the Fed Shair citing the other

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Speaker 1: day that he's going to support a twenty five basis

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Speaker 1: point hike here in their meeting next week. UM. So uh,

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Speaker 1: we expect twenty five basis points, and we expect for

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Speaker 1: the full year probably four or five basis point hikes, uh,

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Speaker 1: including the one we see possibly you know in the so. Um,

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Speaker 1: the Fed, they do are able to look at the

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Speaker 1: job market and lean into that as a position of strength.

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Speaker 1: In other words, one of the things that they would

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Speaker 1: be most they don't want to do is slow the

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Speaker 1: economy to where it slows the job market to where

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Speaker 1: we're seeing net job losses, but we're in such a

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Speaker 1: position of strength that gives them some leeway to hike

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Speaker 1: um as as they feel needed to constrain inflation. Uh

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Speaker 1: So it is still the wild card with energy prices,

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Speaker 1: and that is at the moment at least very highly

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Speaker 1: dependent on the situation in Ukraine, which is m remains

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Speaker 1: uncertain and unknowable. All right, Russell, thank you so much.

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Speaker 1: We really appreciate getting your thoughts and perspective there, Russell Price,

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Speaker 1: chief economists at Amera Price Financial. The jobstd again better

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Speaker 1: than expected numbers, and we want to break it down

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Speaker 1: a little bit. We can do that with Tom Gimbell,

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Speaker 1: founder and CEO of the Lassal Network. Toms, some pretty

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Speaker 1: solid numbers on the labor front. Looks like folks are

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Speaker 1: getting back into the workforce. What's your takeaway? Pretty solid?

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Speaker 1: I'd say they're outstanding. Yep, these things see things bouncing back.

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Speaker 1: And you know, I'm I'm a realist and I'm an optimist,

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Speaker 1: and I look at this and it says, uh, corporations

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Speaker 1: are very bullish on where things are. They continue to

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Speaker 1: hire people were coming into the spring, the summer. The

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Speaker 1: masks are off companies continue to grow, and I'm very

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Speaker 1: optimistic and we'll see what happens when the basis points increase.

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Speaker 1: But I think things are continuing to grow and we're

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Speaker 1: gonna have a great summer of hiring as well. Tom

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Speaker 1: talked to us about kind of the wages we had.

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Speaker 1: You know, the street was looking for zero point five percent,

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Speaker 1: gained an average hourly earnings on a month a month

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Speaker 1: basis came in at zero point zero. And how do

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Speaker 1: you think about wages here because we've certainly seen, you know,

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Speaker 1: the Walmarts of the world, the McDonald's of the world,

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Speaker 1: ramping up their entry level per hour wages. How do

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Speaker 1: you think about wage inflation? Yeah, I think the fact

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Speaker 1: that it was zero is actually a good thing. It

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Speaker 1: means that people aren't moving and the wages aren't increasing

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Speaker 1: just because people are throwing money. It means that we're

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Speaker 1: getting a little bit of a more stable job market

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Speaker 1: and economy, that we're not ribing people for certain things,

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Speaker 1: that people are re entering the workforce, that COVID settling down,

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Speaker 1: and that companies are hiring due to growth and not

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Speaker 1: ribing people, and that we're seeing a really really strong

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Speaker 1: labor market that's based on both it's almost an equal

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Speaker 1: of h of supply and demand kind of you know,

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Speaker 1: when when you have a short supply, wages are going

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Speaker 1: to increase to get people. When you have an almost

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Speaker 1: an equal supply and demand and you don't have wage increase,

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Speaker 1: it actually shows that you've got a market that's working.

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Speaker 1: So I'm very optimistic about where this thing's at right now. Tom.

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Speaker 1: When you talk to your client companies that you work with,

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Speaker 1: what are they doing to UH that might be different, unique, new,

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Speaker 1: different from pre pandemic levels in terms of trying to

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Speaker 1: attract workers. The number one thing that we're emphasizing with

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Speaker 1: our clients and we're seeing them do is learning and development.

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Speaker 1: You've got to invest more money to make your people

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Speaker 1: better and that creates continuity, It creates a sense of collegiality,

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Speaker 1: and it also lets them know that you're invested in

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Speaker 1: their career, in their future and they feel a bigger

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Speaker 1: connection to the company. And so when you have that,

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Speaker 1: they're gonna be more A more stable company is a

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Speaker 1: better attraction of talent, and when you have more turnover,

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Speaker 1: you're always backfilling in addition to growth. People can sense

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Speaker 1: that and they don't want to join those companies. So

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Speaker 1: we're every company is gonna try to do recruiting bonuses

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Speaker 1: and retention bonuses. They're gonna try to do more happy

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Speaker 1: hours and fun things to get people in the office,

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Speaker 1: or they'll go the other way and let people work

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Speaker 1: from home just to try to stay. But it's really

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Speaker 1: the learning and development and investing in people that sends

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Speaker 1: a culture that people want to join. Tom, I'm back

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Speaker 1: in your office every day, but I'm the aberration. And

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Speaker 1: how do you think this shakes out. I think we'll

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Speaker 1: end up seeing for the most part, uh no, less

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Speaker 1: than three days a week, and really four days a week.

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Speaker 1: I think Friday is going to be remote Friday like

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Speaker 1: it was casual Friday, and it's gonna be You'll have

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Speaker 1: a few places, maybe law firms or banks or something

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Speaker 1: that are in the office on Friday, but most companies

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Speaker 1: will be uh not in mandatory in the office remote Fridays,

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Speaker 1: and the majority of companies will be three to four

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Speaker 1: days a week. It sounds pretty good to me, I

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Speaker 1: guess um, but I come in every day, so we'll

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Speaker 1: see how it plays out. Tom. Thanks there, I'm right

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Speaker 1: there with the right exactly. Someone know, someone didn't give

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Speaker 1: me a choice, as I recall, but here I am anyway.

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Speaker 1: Tom Gimbell, founder and CEO of LaSalle Network, talking to

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Speaker 1: us about this blowout jobs number we had today again

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Speaker 1: came in well above expectations. We had an upward revision

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Speaker 1: to last month's jobs data as well, so again, folks

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Speaker 1: are kind of getting back into this labor economy. You know,

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Speaker 1: when I saw Jeffrey Cleveland on our list of guest today,

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Speaker 1: I said, there's something odd about this dude. I just

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Speaker 1: can't remember what it is. But it's even more than odd,

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Speaker 1: it's troubling. Jeffy Cleveland, Director in chief Economist Payton and Regal.

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Speaker 1: What's odd is he's an avid swimmer, but that doesn't

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Speaker 1: really capture He swam across the English Channel in two

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Speaker 1: thousand and eight, across the Catalta Channel in two thousand nine,

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Speaker 1: and around Manhattan. This triple crown of open water swimming

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Speaker 1: has only been completed by forty people. So what's wrong

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Speaker 1: with this guy? Anyway? Jeff you're a good economists. I

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Speaker 1: guess that's what all we talked to you. I mean,

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Speaker 1: perfectly good boat would do just fine here, um, but

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Speaker 1: congratulations on being amazing swimmer. Would you take out of

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Speaker 1: the jobs day. But data today it seemed pretty darn

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Speaker 1: good to me. Well, it was, yeah, solid reports, best

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Speaker 1: report in rough yeah eight months. In terms of the

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Speaker 1: headline non farm payroll number, we seem to be in

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Speaker 1: this this range of monthly paywroll growth of around five

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Speaker 1: d thousand or so. That's that's really strong. I think,

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Speaker 1: you know, I really you always like to look at

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Speaker 1: the employment to population ratio for five to fifty four

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Speaker 1: year olds. I think that's your core working age population

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Speaker 1: and that's probably your best you know filters. You can

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Speaker 1: filter out a lot of the noise, you know, aging workforce,

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Speaker 1: all these kind of things, and that that jumped again

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Speaker 1: seventy nine point five. We're still shy of where we

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Speaker 1: were pre COVID, but we've improved on that measure mightily

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Speaker 1: in the last twelve months. Um So, no sign, I

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Speaker 1: would say, no sign of stagnation here. We're seeing very

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Speaker 1: strong growth in the in the first quarter. If you

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Speaker 1: look at jobs as yours, your key indicator three headline unemployment,

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Speaker 1: is that the new full employment for this economy. No,

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Speaker 1: I think we can go lower. We think we'll get

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Speaker 1: to three three by the end of the year. That's

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Speaker 1: our forecast. We did see labor force participation tick up

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Speaker 1: UM a little bit this month, and we think there's

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Speaker 1: there's more room. There's there's some folks that are sidelined.

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Speaker 1: You know that it's not retirement, it's they were a

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Speaker 1: sidelined because of the virus, because of childcare responsibilities, etcetera.

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Speaker 1: And they will we think, come back in as the

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Speaker 1: year progresses. That's not unusual in you know, the last

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Speaker 1: three cycles. You saw that as the unemployment rate got

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Speaker 1: lower and lower, people were enticed to re enter, come

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Speaker 1: back off the sidelines. And so we think that will happen.

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Speaker 1: But three point eight is not the the end point here.

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Speaker 1: We'll get we'll get we'll get lower on the unemployment

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Speaker 1: rate later this year. How do you think the FED

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Speaker 1: looks at, you know, a job print like we saw today, Well,

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Speaker 1: I think, you know, there's some concern people are talking

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Speaker 1: about GDP growth in Q one being flat or even negative.

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Speaker 1: And you know my advice is, you know, I prefer

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Speaker 1: job growth to GDP growth in real time in terms

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Speaker 1: of getting a getting a sense of the economy. So

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Speaker 1: I would I would overweight the jobs data versus the

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Speaker 1: GDP data. So That's that's one. And as I said this,

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Speaker 1: this is telling you the economy is still growing very strongly,

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Speaker 1: very swiftly in the first quarter. So that's the first

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Speaker 1: thing there. There's some concern in some quarters, some some

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Speaker 1: folks I talked to in the bond market, bond traders, friends, colleagues,

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Speaker 1: they'll say, you know, they're they're they're concerned about a

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Speaker 1: wage price spiral, but you're you're not really seeing that

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Speaker 1: here in this in this job support obviously flattish month

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Speaker 1: to month average genially earnings, average genially earnings up five

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Speaker 1: percent year on year. If you factor in inflation, you

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Speaker 1: get negative real wage growth there. So you're not seeing

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Speaker 1: some worrisome signs of a waste price price. So the

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Speaker 1: Fed probably okay with that. I mean, it argues I

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Speaker 1: guess for the twenty five basis point versus the fifty

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Speaker 1: basis point doing something more dramatic. So that's that's probably

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Speaker 1: your key takeaway. I just don't want people to make

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Speaker 1: too much out of one month. Uh, you know, in

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Speaker 1: terms of the wage data, I think there could be

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Speaker 1: some noise in their compositional effects um in terms of

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Speaker 1: the hirings done during the month. So I think job

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Speaker 1: or wage growth will continue to pick up as as

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Speaker 1: the year goes. How do you factor in here? So

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Speaker 1: we have a strong labor market, healing and improving labor market,

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Speaker 1: but we've still got energy prices going through the roof. Here,

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Speaker 1: I got w T I crewed up another three and

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Speaker 1: a half percent to a hundred and eleven dollars a

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Speaker 1: barrel I've got. Now I've got a worse. I've got

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Speaker 1: the geopolitical issues out there. I've got supply chain issues

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Speaker 1: staring commodity prices. How do you factor that into your

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Speaker 1: GDP Outlook? Well, what we've done is we've shaved GDP

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Speaker 1: growth for the year due in large parts of the

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Speaker 1: factors that you're describing. So we started the year thinking

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Speaker 1: the U. S economy would grow about four percent. We've

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Speaker 1: now shaved that down to three tents p percent, so

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Speaker 1: we're at three point seven. We've raised our inflation, so

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Speaker 1: we do think inflation will fall over the course of

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Speaker 1: the year. So core PC, for example, we have a

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Speaker 1: getting to three three by the end of the year.

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Speaker 1: Previously we thought it was gonna fall maybe to three

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Speaker 1: years been below. So we've we've shaved GDP, we've raised inflation,

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Speaker 1: and that puts the central bank in a tough spot. Right,

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Speaker 1: you still have decent growth, you don't have a recession,

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Speaker 1: but you you have the risk that inflation will come

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Speaker 1: in higher than forecast, and so they should be hiking.

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Speaker 1: Uh you know how quickly they hike, You know they're

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Speaker 1: you know, onentary policy is very accommodtive right now. I

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Speaker 1: think we're at nine trillion on the Fed balance sheet,

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Speaker 1: We're still at zero and we've got inflation, So I

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Speaker 1: think they need to get going with that. But I mean,

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Speaker 1: I guess the concern I have here is the financial markets.

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Speaker 1: The signals we're getting from financial markets are not giving

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Speaker 1: a green light to tightening policies. So what do I

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Speaker 1: mean two stends, two stands curve flattening Now we're under

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Speaker 1: thirty BIPs. That's usually a precursor to slower growth. When

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Speaker 1: the two s tends curve inverts, you mean, you know

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Speaker 1: you have a recession on the horizon. There's some flags there,

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Speaker 1: of course, but that's worrisome. The crude oil situation that

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Speaker 1: you mentioned, like sharp rises and crude oil tend to

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Speaker 1: proceed recessions, So I'm I'm concerned about that. And then

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Speaker 1: I'm watching you know. Our chart of the week this

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Speaker 1: week was the Bloomberg financial conditions in debt and when

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Speaker 1: financial conditions do tighten, that gives central bankers reason to pause.

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Speaker 1: So um, good stuff. Lots of things to worry about

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Speaker 1: to put into that equation. Certainly, Jeff Cleveland, director and

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Speaker 1: chief of Connerss, have paid in rewal joining us. Thanks

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Speaker 1: for listening to the Bloomberg Markets podcast. You can subscribe

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Speaker 1: and listen to interviews with Apple Podcasts or whatever podcast

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Speaker 1: platform you prefer. I'm Matt Miller. I'm on Twitter at

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Speaker 1: Matt Miller V three and on Fall Sweeney I'm on

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Speaker 1: Twitter at pt Sweeney. Before the podcast, you can always

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Speaker 1: catch us worldwide at Bloomberg Radio