Speaker 1: This is Bloomberg Business Week. I'm Carol Masser and I'm
Speaker 1: Jason Kelly. We're here every day bringing you the latest
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Speaker 1: Week on iTunes, SoundCloud, or Bloomberg dot Com. You can
Speaker 1: also listen to our radio show weekdays at two pm
Speaker 1: Eastern only on Bloomberg Radio. So US hiring was unexpectedly
Speaker 1: resilient in the month of October. Priirements saw sharp upward revisions,
Speaker 1: validating the FED signal of a pause from interest rate
Speaker 1: cuts and really indicating consumers will extend the record long
Speaker 1: expansion despite week business investment and despite trade tensions of
Speaker 1: the little lightning of that load as well. Chris lu Is,
Speaker 1: former Deputy Secretary of Labor under the Obama administration, now
Speaker 1: senior fellow at the University of Virginia Miller Center, on
Speaker 1: the phone from Charlottesville, Virginia. Chris, so great to have
Speaker 1: you back here on Bloomberg It's been an interesting week,
Speaker 1: chock full of news on so many different fronts. You know,
Speaker 1: the thing came out and I think initially I was like,
Speaker 1: you know, where's the Fed getting all their optimism from.
Speaker 1: But you know, you look at these jobs report, there
Speaker 1: are reasons to be optimistic. Yeah. Let me, I'll take
Speaker 1: a slightly contro of you on this. I mean, this
Speaker 1: was a very solid report, and I think in part
Speaker 1: because the initial expectations had been so low. Um, not
Speaker 1: only just based on other signs that the economy might
Speaker 1: be slowing, but obviously the GM strike. UM. I think
Speaker 1: this one. If we had simply said, hey, this is
Speaker 1: going to come in at a hundred and twenty eight
Speaker 1: thousand in the abstract, we would say, you know, this
Speaker 1: is kind of a so so report. And so again
Speaker 1: we always say don't look at one month. This was
Speaker 1: a solid report given where I think we thought it
Speaker 1: was going to be. But I think when you look
Speaker 1: at some of the other signals in the economy, the
Speaker 1: economy is still slowing. It just may not be slowing
Speaker 1: as much as we all thought it was. All right,
Speaker 1: so synthesize that for us. Chris said, what else should
Speaker 1: we be looking at? To essentially sort of compliment or
Speaker 1: give us a more holistic picture that of what's it there. Well,
Speaker 1: we saw today's manufacturing in deck that showed for the
Speaker 1: third straight month, uh, the manufacturing session UH sectors in recession.
Speaker 1: We obviously have the third quarter GDP numbers that came
Speaker 1: out this week, again not as bad as expected, but
Speaker 1: still at one point nine a slowing from where it
Speaker 1: has been. Uh. And even in these numbers, UM, we're
Speaker 1: seeing us slowing from eighteen to UM. And so again
Speaker 1: there's a bunch of other you know, farm bankruptcies are
Speaker 1: up with you know, there's a bunch of indications that
Speaker 1: show we're kind of flowing, but we're probably not moving
Speaker 1: into recession. And I think the other sort of interesting
Speaker 1: and probably concerning thing for me as well, is that
Speaker 1: wage growth still is not what we thought it would be.
Speaker 1: In for all the people talking about full employment. Uh,
Speaker 1: you know, we're still only seeing three point uh year
Speaker 1: over year wage growth, which is really not what you
Speaker 1: would expect to see at this point in an economic expansion.
Speaker 1: But to be fair, I think this economic expansion, Chris,
Speaker 1: is unlike any we've seen before. Just it's already you know,
Speaker 1: the longest on record in terms of duration. Isn't it
Speaker 1: still surprising to see the kind of strength that we
Speaker 1: are seeing in the labor market, you know where we
Speaker 1: are considering where we are in this cycle. Yeah, no,
Speaker 1: you're absolutely right. I mean this has gone on, I think,
Speaker 1: far longer than anyone thought it would go. And you know,
Speaker 1: when I think the SAIDs move this week probably gives
Speaker 1: a little bit of more oxygen to this recovery. But
Speaker 1: it does feel like we are, you know, I don't
Speaker 1: know for three months to the end of this recovery,
Speaker 1: six months a year, but it does sort of feel
Speaker 1: like it is slowing down. Um, although just as I said,
Speaker 1: not as dramatically as I think we all thought it was.
Speaker 1: All right, So Chris, help us understand one one thing
Speaker 1: that I think caught our attention, because you know, we're bloomberg.
Speaker 1: We look at the numbers and we see this tweet
Speaker 1: from the President earlier, um, you know, celebrating as as
Speaker 1: many gave him credit for, uh, you know, a really
Speaker 1: solid number. But he put a number out via Twitter.
Speaker 1: I believe it was three three thousand, with adjustments and whatnot.
Speaker 1: Can you help me understand what what he may be
Speaker 1: talking about there. Yeah. Look, I mean you don't do this.
Speaker 1: I mean, you know, the jobs numbers are what the
Speaker 1: jobs numbers are. You know, we can all say, look,
Speaker 1: a hundred twenty thousand was good, especially given you know,
Speaker 1: the forty to sixty thousand GM workers that were on strike.
Speaker 1: But then to somehow then start to lump together you know,
Speaker 1: the previous months revisions, which again we're good, Uh, and
Speaker 1: then sort of speculate what the GM effect was. And
Speaker 1: then they also did this kind of UM addition for
Speaker 1: census workers. Uh, they somehow come up with three hundred
Speaker 1: and three thousand. I mean, the numbers are what they are.
Speaker 1: I mean, you don't say, well, but for the Great Recession,
Speaker 1: Barack Obama would have created x million jobs. I mean,
Speaker 1: you know, we we look at these numbers in the
Speaker 1: broader context, and I think the President of all people,
Speaker 1: who sits atop these statistical agencies UM should not be
Speaker 1: gaming around with these numbers, are trying to put a
Speaker 1: different spin on them. You know. As the Deputy Secretary
Speaker 1: of Labor, i UM was in charge or oversaw the
Speaker 1: Bureau of Labor Statistics. This is one of the premier
Speaker 1: statistical agencies in the world. Uh. They just do such
Speaker 1: fantastic workman, we should just let the numbers speak for themselves. Well,
Speaker 1: And Chris, and this is I'm certainly not making an
Speaker 1: excuse for endorsing it, but this is a very important
Speaker 1: political number as we get closer and closer to November. Right, Yeah, no, absolutely,
Speaker 1: I mean, looks for all the president's political problems, Um,
Speaker 1: the economist states strong on his watch, um, and he
Speaker 1: will obviously be trying to that that will be really
Speaker 1: the cornerstone of his reelection strategy. So it's certainly in
Speaker 1: common upon him to put the best positive spin on it.
Speaker 1: But you could simply say, look, we created a hundred
Speaker 1: twenty thousand jobs and given everything else that that's a
Speaker 1: really positive number. But then to put out their three
Speaker 1: hundred and three thousand, I think it's just horribly misleading,
Speaker 1: and I think it sort of does a disservice to
Speaker 1: the UM, not only just to you know, the career
Speaker 1: employees at the Bureau of Labor Statistics, but I just
Speaker 1: think it's horribly misleading. All right, Well, we're gonna leave
Speaker 1: it there. We always appreciate your context. Chris Lew Senior
Speaker 1: Fellow at the University of Virginia Miller Center and the
Speaker 1: former Deputy Secretary of Labor under President Obama. He joined
Speaker 1: us on the phone from Charlottesville. I've checking in with
Speaker 1: Chris Well. Earlier today at Bloomberg headquarters, Jason I caught
Speaker 1: up at the CEO of the world's largest payments network.
Speaker 1: We're talking about Visa. They are huge, three point three
Speaker 1: billion Visa cards and use. We got some details on
Speaker 1: the business. This was for another edition of Business Week Talks.
Speaker 1: Al Kelly is Visa's chairman and CEO. We began by asking,
Speaker 1: with his vast network advantage point, what is the state
Speaker 1: of the consumer and the economy? Actually, you know, despite
Speaker 1: all of this thought that there was a recession coming,
Speaker 1: we don't see it. You know. In fact, our fourth
Speaker 1: quarter numbers, which for US were September thirty numbers, were
Speaker 1: better than the third quarter. In the US it was
Speaker 1: up eight percent, the internationals up twelve percent excluding China, uh,
Speaker 1: Europe was up percent when you exclude the UK, which
Speaker 1: has done a little bit of self inflicted wound to this.
Speaker 1: What's wrong with everyone that we're talking so much about recession.
Speaker 1: I think it must just be the cycle. You know,
Speaker 1: it's been a long time that we've had this upswing,
Speaker 1: and I think that people just look at the history
Speaker 1: and say it's it's got to go down at some point.
Speaker 1: But you know, the consumer has stayed extremely strong around
Speaker 1: the world. The only place we see any weaknesses in
Speaker 1: the UK, and as I said, that's kind of related
Speaker 1: to the whole Brexit situation. But other than that, the
Speaker 1: world looks pretty darn good. And so let's talk about
Speaker 1: consumers and go a level down because you have more
Speaker 1: insights probably than almost anyone into where they're spending, how
Speaker 1: they're spending, what they're buying, what are they buying, where,
Speaker 1: where is where's their money going? Is it experiential like
Speaker 1: everybody keeps saying, well, and in our world, there's a
Speaker 1: couple of things that are really driving the increases in
Speaker 1: the number of transactions were seeing. One is obviously e commerce.
Speaker 1: You know, people are jumping on their phones and jumping
Speaker 1: on their iPads and jumping on their computers and and
Speaker 1: buying in big ways. We're seeing every month those numbers.
Speaker 1: The growth in eCOM is anywhere between two and three
Speaker 1: times the growth in the face to face world every
Speaker 1: every single month. Uh, we're also seeing people continuing to travel. UH,
Speaker 1: there was a real downturn and travel back in December
Speaker 1: and January. If you remember, that's during the height of
Speaker 1: the U. S. China trade talks. It was during the
Speaker 1: height of the Brexit conversations, and then we had the
Speaker 1: forty day US government shutdown and almost immediately consumers started
Speaker 1: to just stay at home and not travel. But we've
Speaker 1: seen that pick up, especially in the last six months,
Speaker 1: and that's always a good sign that when people are
Speaker 1: willing to leave their home country and go to another country,
Speaker 1: that's a that's a very very good thing. The other
Speaker 1: thing that we're seeing is an increased amount of smaller
Speaker 1: ticket items being used using digital payments, and a lot
Speaker 1: of that I think is driven by mass transit. We
Speaker 1: are really excited about mass transit. Just in the last
Speaker 1: uh ninety days, we've seen open systems in Edinboro and Salpallo. UH.
Speaker 1: We started in July, I guess June here in the
Speaker 1: m t A in New York where we're only at
Speaker 1: eighteen stations from Grand Central Station to Atlantic Avenue in Brooklyn,
Speaker 1: but by the end of October of the MTA hopes
Speaker 1: to be in all four and twenty four subway stops
Speaker 1: are people using it to and go? Absolutely, it's tap
Speaker 1: and go. It's so convenient, it's better experience for the merchant,
Speaker 1: it's better experience for the consumer. We we had a
Speaker 1: million transactions in the first seven weeks and we had
Speaker 1: no and that's at eighteen stations. Uh, it's truly amazing,
Speaker 1: absolutely continuing to grow. Tap to pay has grown hugely
Speaker 1: around the world, with the exception of the United States.
Speaker 1: Interestingly enough, Well, I was going to ask you about
Speaker 1: that because we've done a lot of work in the
Speaker 1: magazine about the adoption of those sorts of systems, especially
Speaker 1: in Asia, especially mobile payments, all of these things. What
Speaker 1: is it about the United States, which is usually pretty
Speaker 1: innovative in many ways and early adopting in terms of technologies.
Speaker 1: Why is the US lagging? The US is lagging because
Speaker 1: it first it goes back you have to go act
Speaker 1: about six or seven years at least, where the US
Speaker 1: was much slower to adapt chip in the card, and
Speaker 1: they it took so long to adopt chip at that
Speaker 1: point in time, people around the rest of the world
Speaker 1: we're moving past actually just dipping the card to actually tapping.
Speaker 1: And the reality is that the other countries have moved
Speaker 1: hugely ahead of US. You have countries like Poland and
Speaker 1: Hungry that are over tap to pay in the face
Speaker 1: to face world. In the US, we have a very
Speaker 1: interesting situation. The vast majority of the businesses are set
Speaker 1: and plumbed to be able to facilitate tap to pay.
Speaker 1: It's replacing the hundreds and hundreds of millions of cards,
Speaker 1: and the banks rightly so want to do it on
Speaker 1: their normal cycle. So by the end of this year,
Speaker 1: we'll have over a hundred million cards in the United
Speaker 1: States that will be tapped to pay uh Enable, and
Speaker 1: by the end of next year will be over three
Speaker 1: hundred million. So this will take a little time. Right now,
Speaker 1: tap to pay in the United States is about two
Speaker 1: percent penetration. I think we'll get to five or six
Speaker 1: next year, and then based on our experience around the world,
Speaker 1: it will really take off. And that is Al Kelly,
Speaker 1: he's the CEO chairman of Visa, speaking with us earlier
Speaker 1: today at Bloomberg headquarters. And this is part of a
Speaker 1: series that we've been doing for a little less than
Speaker 1: a year now. It's been a lot of fun. It's
Speaker 1: called b W Talks, So you'll get the full extent
Speaker 1: of that conversation in a few weeks in Business Week magazine.
Speaker 1: So much going on in the world of economics, So
Speaker 1: let's break it down. Alex Harris, Bond, reporter for Bloomberg
Speaker 1: and Elena shall Letcha, a senior US economists for Bloomberg Economics.
Speaker 1: They're both here in our Bloomberg Interactive broker's studio. You're
Speaker 1: pointing because I know it's important. I know your guns.
Speaker 1: I know I know, But Yelena, I want to I
Speaker 1: want to ask you when Richard Clara says what he
Speaker 1: said today, he's the vice chairman of the FED, what's
Speaker 1: the significance of him of he speaking versus one of
Speaker 1: the other speakers. I think all of them, including the
Speaker 1: Vice chair have just been ret rating the same exact
Speaker 1: message that we heard from Cheer Powell and UH. I
Speaker 1: guess that's the idea, right, So you hear from the
Speaker 1: chairman and then all of them come back and talk
Speaker 1: about it, just to really get the message across. If
Speaker 1: you didn't hear, that's what we are going to say.
Speaker 1: So we heard the same from UH, you know, from
Speaker 1: other board members, from Randy Quarrels. We so we heard
Speaker 1: that from UH President coupland I think, and it's really
Speaker 1: where they believe the current stance of policy is. But
Speaker 1: let's see what happens comes the December meeting. Where we
Speaker 1: are in terms of economic growth, consumer spending and things
Speaker 1: like that. All right, so Alex, come on in. What
Speaker 1: did you see in the bond market today? You were
Speaker 1: not literally but figuratively yawning at some of what we heard.
Speaker 1: You were doing the opposite of finger guns. Yeah. And
Speaker 1: I think the the data and the headlines coming out
Speaker 1: on trade sort of it's the epitome and echoes why
Speaker 1: I think the FED is on hold right now, because
Speaker 1: it feels like after looking at everything, after looking at jobs,
Speaker 1: after looking at I s M, and looking at the
Speaker 1: myriad FED speakers, that it was like and and the
Speaker 1: trade headlines, it was like riding a bike, and it's
Speaker 1: like the scene where it's like it looks like you're
Speaker 1: riding a bike really fast and moving and then they
Speaker 1: pull it back and you're in fact going nowhere. That's
Speaker 1: what it kind of felt like today because you know,
Speaker 1: you still have one rate hike Priceton for or excuse me,
Speaker 1: one rate cut Priceton for. And it was sort of
Speaker 1: vacillating between the end of the first half of the
Speaker 1: year and the second half of the year. So now
Speaker 1: I think we're back to somewhere in the second half
Speaker 1: of the year. Um so nothing really changed. You just
Speaker 1: kind of saw all these like, um, you know, they
Speaker 1: were they were sort of working against each other. You
Speaker 1: know that jobs looked okay, but I s M did not.
Speaker 1: And then you had, oh, they've agreed to something in
Speaker 1: principle in terms of the US and China on trade aid,
Speaker 1: but really, like what are the details, and and the
Speaker 1: market kind of went, yeah, great, but we don't have
Speaker 1: any details, and we really don't know what those brings,
Speaker 1: and so we're just kind of running in place, essentially.
Speaker 1: But the equity markets rallied, and the equity markets rally,
Speaker 1: but I think, you know, everyone wants a reason for
Speaker 1: the equity markets to rally, But I honestly think the
Speaker 1: bond markets are a little bit tired here and they're
Speaker 1: going to need a little bit more information to make
Speaker 1: a move one way or another. I think we're just
Speaker 1: kind of stuck here for a bit until we get
Speaker 1: some confirmation that you know, there there are more downside
Speaker 1: risks in place, or you know, we're getting really some
Speaker 1: sort of resolution. Why are you making that face because
Speaker 1: you're sort of a Debbie downer here. But the bond
Speaker 1: market tends to, I think, move ahead of the equity
Speaker 1: markets here, and I think the bond market tends to
Speaker 1: read things a little bit differently than the equity markets
Speaker 1: as well. And look, every you know, equity markets are
Speaker 1: still making record of highs, and I think you do
Speaker 1: have some people who are getting nervous. Isn't see continuing
Speaker 1: to go up and there's no correct and insight. Okay,
Speaker 1: let's just step back and look at some facts. Okay,
Speaker 1: So obviously everybody was talking today about how great the
Speaker 1: job's report was, and yes, it was better than expected number.
Speaker 1: The impact from GM strike was not as big, but
Speaker 1: you know, you have to look at some details and
Speaker 1: it's not that rosy if you just look at the
Speaker 1: headline numbers. So first of all, income growth is decelerating.
Speaker 1: So we have seen deceleration to the levels we've probably
Speaker 1: lost so back in thousands seventeen, and it's been happening
Speaker 1: since since the end of last year. So, uh, really,
Speaker 1: what you are going to get if this trends continues,
Speaker 1: you will get deceleration and consumer spending, which is the
Speaker 1: only engine running now behind economic growth. Why is that, Yelena.
Speaker 1: If people still have jobs and they feel comfortable and
Speaker 1: confident about, you know, keeping those jobs, even though they're
Speaker 1: not getting higher wages, why does that mean we're going
Speaker 1: to see a slowdown in consumer space. That's the fact
Speaker 1: that we all have enough stuff. But that's got another story.
Speaker 1: This makes them vulnerable to exogenous shocks. So something happens,
Speaker 1: consumer confidence goes down, and they don't have enough of
Speaker 1: this extra cash in hand. What are they going to
Speaker 1: What kind of shock considering the amount of shocks that
Speaker 1: I feel like the consumer has lived with over the
Speaker 1: past year or so, what kind of shock would would
Speaker 1: make that Well, if I knew that, I would make
Speaker 1: a lot of money. But I mean, I don't think that,
Speaker 1: you know what I mean, you know, I feel like
Speaker 1: there's a resiliency out there when it comes to both
Speaker 1: the markets, the financial markets, and the consumer. I'm not
Speaker 1: saying the consumer is cracking. That's the word that Reach
Speaker 1: Clara they use. But you know, if if they have
Speaker 1: less of accursion, you know, if they have less of
Speaker 1: a little bit of this cash cursion, at some point
Speaker 1: and they feel like they to save because the confidence
Speaker 1: is not that great in economic cult Look, that will
Speaker 1: impact economic grows to a disproportionate degree at the time
Speaker 1: when they remain the only engine behind economic grows. All right,
Speaker 1: we're gonna leave it there with both of you. We
Speaker 1: appreciate it as always, Elena shall let you have us
Speaker 1: in US economists for Bloomberg Economics to Alex Harris Bond,
Speaker 1: reporter for Bloomberg Newsroom Journal. Yeah, but you let me drive. No, no, no, no,
Speaker 1: drive home an night, please out of the right drivel
Speaker 1: let me I want to drive, Just drive, baby, the
Speaker 1: questions trying This is the drive to the globe. Fumm, thanks,
Speaker 1: We'll try us Dawn Radio. It is time for the
Speaker 1: drive to the close. Wrapping up this trading, we packed
Speaker 1: full of news. Uh and we did see the equity
Speaker 1: markets rally on that jobs report today. Let's get into
Speaker 1: this with Melda Morgen. She is Deputy Global head of
Speaker 1: Equities of at Columbia thread Needle Investment. She joins us
Speaker 1: on the phone from Boston. The enthusiasm, Melda, that we're
Speaker 1: seeing in the equity markets today, does it make sense
Speaker 1: to you? Um? Yes, because we know that US economy
Speaker 1: is pretty much driven by consumer and if the consumer
Speaker 1: balance sheet is healthy, it's good for the economy. We
Speaker 1: know that we had the challenges in the manufacturing part
Speaker 1: of the economy, but even that is coming to a
Speaker 1: trough in our opinion, which gives another like for the
Speaker 1: for the market to be excited. And so when you
Speaker 1: look at a day like today, Melda, how much of
Speaker 1: it do you feel like it is driven by jobs
Speaker 1: and the jobs report? And how much of it is
Speaker 1: driven by the enthusiasm maybe that the trade all the
Speaker 1: sort of trade drama, maybe at least coming to something
Speaker 1: resembling a conclusion. I think both of them are the
Speaker 1: factors today, again for different reasons. The job report is
Speaker 1: the confirmation as the US economy staying strong uh in
Speaker 1: that part of the of the g d P. And
Speaker 1: then the trade is important from here of course, to
Speaker 1: get the manufacturing sectors and the global growth accelerating. So
Speaker 1: uh and and it looks like both sides are trying
Speaker 1: to to make this work and showing the willingness to
Speaker 1: to be at the table and make the first phase
Speaker 1: one deal. Hey, Meldon, I want to ask you, you
Speaker 1: know we caught up Jason myself caught up with the
Speaker 1: CEO of Visa and we asked him, you know, they've
Speaker 1: got a great vantage point in terms of what's going
Speaker 1: on with the consumer. They're seeing transactions where people are
Speaker 1: spending money, whether trends are growing. He doesn't see any
Speaker 1: signs of a recession. And what's interesting a loyal viewer
Speaker 1: a Bloomberg Radio, you know, reached out message means that,
Speaker 1: you know, if the consumer is so strong, you know,
Speaker 1: why do we see folks, you know, so many like
Speaker 1: retirees and minimum wage jobs trying to pay their bills.
Speaker 1: We're talking about you know, homeless and cities trying to
Speaker 1: give people you know, um, you know, some support and
Speaker 1: and and um assistance. I mean, it doesn't feel like
Speaker 1: everyone is doing so well. And increasingly automation and AI uh,
Speaker 1: you know are really kind of up ending the workforce.
Speaker 1: And maybe we haven't you know, filled or or educated
Speaker 1: the public in the jobs that really are in demand.
Speaker 1: So how do you reconcile it? How do you see it? Um?
Speaker 1: Definitely not everybody's doing great, and there's a lot of concentration,
Speaker 1: I would say where the problems are in big cities
Speaker 1: with the homeless and other problems that you mentioned. Uh,
Speaker 1: the economy itself and where the investment is being made
Speaker 1: and how the economy is growing from here is different
Speaker 1: again in the sense of manufacturing still an important part
Speaker 1: of it, but not the primary driver of the economy.
Speaker 1: And within that group, there's definitely, I agree with you,
Speaker 1: there's a gap in education, the skill set what today
Speaker 1: is manufacturing environment required versus what we have with um
Speaker 1: some of the of the workforce. So that gap, as
Speaker 1: long as it's not filled, is going to be a problem,
Speaker 1: and that part of the of the population will definitely
Speaker 1: feel more pressure from here. But on the other hand,
Speaker 1: we have the technology sector, we have service sector, health care.
Speaker 1: All those areas are really um growing and and then
Speaker 1: growing in a in a pace that helps the other
Speaker 1: part of the population really earning more wages and spending more.
Speaker 1: And so talk to us about the US versus the
Speaker 1: rest of the world, Melda, because it feels like we
Speaker 1: continue to try and figure out whether this is a
Speaker 1: global situation. The rest of the world doesn't feel maybe
Speaker 1: as good as the US does at this point. And
Speaker 1: so how does that inform your choices as an investor?
Speaker 1: If you take the developed markets and look at x US,
Speaker 1: specifically Europe and Japan. Uh, there's definitely more dependence on
Speaker 1: the manufacturing factor and the health of the global economy,
Speaker 1: and we know that it slowed significantly in and those
Speaker 1: parts of the developed market struggled, and then the emerging market.
Speaker 1: Of course, the global liquidity is a big factor for
Speaker 1: that part of the market, which is also improving with
Speaker 1: what FED is doing and our other central banks stimulus
Speaker 1: to do to the liquidity in the global markets. So
Speaker 1: for US going into twenty UM, those those inflection points
Speaker 1: is going to help overall the global market, but we
Speaker 1: definitely experience a lot of pain in in the in
Speaker 1: the rest of the of the world x US. So
Speaker 1: what's your advice to investors at this point then? UM? Again,
Speaker 1: for US, UM, everything starts and ends with the with
Speaker 1: the companies and the environment they are really operating in.
Speaker 1: Given that we see and a better environment going into
Speaker 1: we want our clients to be invested in equities. UM.
Speaker 1: It would be really in our opinion, UM depend on
Speaker 1: the company UM selection, stock selection, but generally we really
Speaker 1: don't want them to shy away from equities at this point.
Speaker 1: All right, We're gonna leave it. They're great to have
Speaker 1: you with us Meldamergen, Deputy Global head of Equities at
Speaker 1: Columbia threat Needle Investments, joining us on the phone from Boston.
Speaker 1: Thanks for listening to Bloomberg Business Week. You can subscribe
Speaker 1: to the podcast on iTunes, SoundCloud, or Bloomberg dot com.
Speaker 1: You can also listen to our radio show every weekday
Speaker 1: at two pm Eastern only on Bloomberg Radio. H