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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

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Speaker 2: All right, let's direct to Michael McKee's out there in

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Speaker 2: Jackson Hole. Hey, Michael, as we get into FED Chairman

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Speaker 2: Pal's speech tomorrow, how have expectations been changing. What do

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Speaker 2: you think is going to drive his commentary tomorrow.

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Speaker 3: Well, probably people are starting to change their expectations based

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Speaker 3: on the minutes that were released yesterday of the July

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Speaker 3: thirtieth meeting, because it emphasized the fact that almost all

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Speaker 3: of the members of the Open Market Committee, except for

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Speaker 3: Chris Waller and Mickey Bowman, were more focused on inflation

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Speaker 3: than they were on the labor market. Now, that was

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Speaker 3: before we got the bad revision to the July payroll report.

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Speaker 3: But if we get another payroll report that's similar, even

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Speaker 3: if we're not getting a lot of hiring but the

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Speaker 3: unemployment rate stays low, then the focus really does stay

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Speaker 3: on inflation. So it'll be interesting to see what Powell

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Speaker 3: emphasizes tomorrow because today, of course, we got the Walmart

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Speaker 3: news that was mixed in terms of earnings, but they

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Speaker 3: did say prices are going up because of tariffs, and

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Speaker 3: then we saw the Philadelphia Fed Index prices paid rise significantly.

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Speaker 3: So we are seeing some inflation effects out there in

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Speaker 3: the economy. And if Powell leans towards inflation, then maybe

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Speaker 3: the heavy lean in the markets towards the rate cut

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Speaker 3: in September backs off a little.

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Speaker 4: Hey, Mike, as far as what is the market betting

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Speaker 4: that Powell will say versus in reality what we will

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Speaker 4: likely cure him end up saying.

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Speaker 3: Well, right now, when you look at the WRP function

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Speaker 3: on the terminal, you see we're in the eighty percent range.

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Speaker 3: Eighty and higher. Depending on the headlines of the moment

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Speaker 3: that people think that the Fed will cut rate wants

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Speaker 3: twenty five basis points. The fifty basis points has probably

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Speaker 3: gone out the window. But as I say, there are

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Speaker 3: probably going to be some people reconsidering after what we

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Speaker 3: got yesterday in the minutes, and then of course you

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Speaker 3: read about the options trade on the fifty basis point cut.

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Speaker 3: I think if you're holding those options, you're probably sitting

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Speaker 3: there thinking now that we're probably they're probably going to

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Speaker 3: expire without hitting the mark.

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Speaker 2: Hey, micro starting, we do have some dissent on this FOMC.

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Speaker 2: Talk to us about that. Historically, should we care? When

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Speaker 2: does it become problematic? How should we think about that?

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Speaker 3: Well, there's a lot going on, it's not necessarily problematic

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Speaker 3: for a while. You'd have to have a significant turnover

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Speaker 3: at the Open Market Committee to have anybody really be concerned.

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Speaker 3: There is what we've called the Tinfoil Hack conspiracy theory,

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Speaker 3: but it's a little bit less of that than it

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Speaker 3: was that because the Board of Governors has the power

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Speaker 3: over the FED presidents, they can dismiss them at will.

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Speaker 3: That maybe Trump could take control of the entire FOMC,

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Speaker 3: But that would be very difficult to do because I

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Speaker 3: don't think Chris Waller and maybe not Mickey Bowmen would

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Speaker 3: even go.

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Speaker 5: Along with that.

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Speaker 3: So Trump just getting a majority on the board doesn't

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Speaker 3: mean a significant change in policy. Also, I think our

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Speaker 3: friends down on Wall Street would have a conniption fit

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Speaker 3: over something like that, and that might cause the President

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Speaker 3: to back off. What he may get out of it

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Speaker 3: is more people on the board who are more inclined

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Speaker 3: to lower interest rates, but once you get in there,

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Speaker 3: you are very afraid of inflation, and I think that

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Speaker 3: culture will hold for a while.

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Speaker 4: Mike, or there are other members on the board beyond

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Speaker 4: Mickey and Chris Waller that you think potentially could also

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Speaker 4: be a descent voter at that's September decision.

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Speaker 3: I don't think we'll have any other descents unless you

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Speaker 3: get a Steve Myron world record confirmation from the Senate

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Speaker 3: and get him in there by September seventeenth. Pretty much

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Speaker 3: what we've heard from everybody is even the ones who

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Speaker 3: are looking to the possibility of September based on the data,

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Speaker 3: if the data suggests that there's no cut in the

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Speaker 3: offing because inflation is rising, those people aren't going to dissent.

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Speaker 3: They may withhold votes, they may vote with the group,

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Speaker 3: but anticipate that they will cut rates in the future.

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Speaker 3: But I don't think we'll get more than two descents

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Speaker 3: unless Myron is added to the cast.

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Speaker 2: Mike, what's the latest scuttle butt out there in Jackson

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Speaker 2: Hall about President Trump's campaign to ask for a Reserve

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Speaker 2: Governor Lisa Cook?

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Speaker 3: Well, there's nothing really new. Overnight. Cook put out her

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Speaker 3: statement at the end of the Day yesterday saying she

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Speaker 3: will not be bullied into resigning, and she noted that

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Speaker 3: she is gathering all the documents necessary. So unless the

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Speaker 3: President tweets something again, we're all keeping our eyes on

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Speaker 3: his truth social account. It's probably gets moved off to

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Speaker 3: the side for a while until we get some more information.

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Speaker 3: The FA director has gone after Senator Adam Schiff and

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Speaker 3: the head of the Attorney General for New York State,

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Speaker 3: Letitia James, and we haven't heard much about that lately.

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Speaker 3: The things, you know, the charges are out there. The

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Speaker 3: Justice Department is either looking into them or not. They

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Speaker 3: don't comment, and until we get something new, it probably fades.

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Speaker 2: All right, Mike, thanks so much for joining us. Appreciate

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Speaker 2: it out there. Let us know when there's a Tom

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Speaker 2: Keene citing. That would be a thing to see, a

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Speaker 2: psyche to see. Michael McKee, international economics and policy correspondent

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Speaker 2: for Bloomberg, whose.

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Speaker 6: Stay with us. More from Bloomberg Surveillance coming up after this.

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Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us live

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Speaker 1: weekday afternoons from seven to ten am Eastern Listen on Apple,

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Speaker 1: Karplay and Android Otto with the Bloombergs up or watch

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Speaker 1: us live on YouTube.

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Speaker 2: Well, let's get the latest what's happening down in Washington

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Speaker 2: at DC. And for that we always turned to Wendy Schiller.

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Speaker 2: She's a professor Brown University. Wendy, it seems like the

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Speaker 2: White House is turned its attention at least for the

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Speaker 2: timing over the last couple of days on the Federal

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Speaker 2: Reserve with some allegations against Governor Lisa cookel what do

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Speaker 2: you think is going on here?

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Speaker 7: Well, I mean, I think this is just part of

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Speaker 7: Trump's sustained attack on the Federal Reserve and trying to

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Speaker 7: sort of exert more executive and direct power over the

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Speaker 7: Federal Reserve. And in some ways for pr purposes, He's

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Speaker 7: got the advantage because I think most Americans don't know

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Speaker 7: the structure of the Federal Reserve. They don't know how

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Speaker 7: it works, they don't know why it exists, they don't

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Speaker 7: know that it was created by an Act of Congress,

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Speaker 7: and they don't understand it, and they don't understand why

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Speaker 7: it is so powerful visa the elected branches of government.

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Speaker 4: And talk to us about the motivation here, because to

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Speaker 4: your point, of resignation would create another opening for Trump

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Speaker 4: to fill the FED board as president because basically piling

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Speaker 4: on that pressure for the Central Bank to lower rates.

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Speaker 7: Yeah, and it's just curious he's targeting this member and

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Speaker 7: not any other member. And I think that's sort of

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Speaker 7: part of the Trump administration strategy.

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Speaker 8: When they go after people.

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Speaker 7: They tend to try to pick off the weakest links

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Speaker 7: in a lot of the organizations that they want to

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Speaker 7: exert more influence over. You know, he went after Powell,

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Speaker 7: but it was clear even though he tried that in

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Speaker 7: general he can't probably can't fire Powell, and that Powell

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Speaker 7: stood his ground.

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Speaker 8: But Powell essentially only has a year left.

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Speaker 7: So I think that's this is part and parcel of

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Speaker 7: what the Trump agganization does.

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Speaker 8: And you know, Trump is.

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Speaker 7: Exercising executive power and people can like it or not

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Speaker 7: like it. But for twenty twenty five years, Congress has

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Speaker 7: allowed presidents to do this, Democrat or Republican. It's not

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Speaker 7: just Trump, it's other presidents as well. So you know,

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Speaker 7: Congress either has to step up or other branches of

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Speaker 7: government have to step up and say no, you're you're

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Speaker 7: overstepping your power.

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Speaker 8: But so far we haven't seen that.

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Speaker 2: You know, it leads me to the question I always

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Speaker 2: ask you, Wendy, and I think we kind of get

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Speaker 2: the same answer. But is there anybody in Congress that,

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Speaker 2: at any point in time cares to stand up against

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Speaker 2: President Trump for any of these types of issues? Or

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Speaker 2: is it just or we passed that well?

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Speaker 7: I mean, I think if you were, if you're a

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Speaker 7: remember of Congress and you're in a comment and you're

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Speaker 7: planning on running for reelection, if you're a Republican, you're

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Speaker 7: all in on Trump. That's just he's taking over the

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Speaker 7: Republican parties, and most presidents do try. Obama was a

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Speaker 7: little bit of an exception. We didn't do as much

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Speaker 7: in terms of taking over the messaging of the entire

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Speaker 7: Democratic Party, which is more diverse in general and harder

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Speaker 7: to sort of become more uniform.

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Speaker 8: But Trump has done that.

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Speaker 7: So you are tagged with Trump, whether you like it

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Speaker 7: or you're not, as a Republican congressman going to twenty six.

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Speaker 8: So they're not going to revolt.

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Speaker 7: But the Democrats have to figure out something other than

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Speaker 7: we're not Trump because it didn't work for them in

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Speaker 7: twenty twenty four. And we're going to see in Virginia

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Speaker 7: and in New Jersey coming up relatively soon. You know

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Speaker 7: what those meanssages do and how well they play and

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Speaker 7: if it looks good after November for the Democrats in

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Speaker 7: those states, and I expect the national Democrats will pick

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Speaker 7: up on some of that messaging.

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Speaker 4: So what's the next big thing that you're obviously keeping

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Speaker 4: a close eye on here when it's related to these

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Speaker 4: types of issues and how this plays out on a

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Speaker 4: timetable basis?

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Speaker 8: Government shutdown?

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Speaker 7: I mean, you know, I think I said on this show,

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Speaker 7: you know, the election has already started for twenty twenty six.

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Speaker 8: We know that with the redistricting efforts.

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Speaker 7: And by the way, you know mid ten year redustering

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Speaker 7: is not new and original. A lot of states did

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Speaker 7: this in the nineteenth century and always bringing up history,

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Speaker 7: so it's not unprecedented for a state to decide mid

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Speaker 7: course that they want to redistrict. So we'll see what

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Speaker 7: the courts do with that, especially the Supreme Court. But

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Speaker 7: really I'm looking at the budget shutdown about the government, right,

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Speaker 7: we got to go through this all over again. Do

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Speaker 7: we appropriate what do the Democrats want, what do the

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Speaker 7: Republicans want?

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Speaker 8: You know, what does Trump want? And then the government.

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Speaker 7: Still has to get US budget done by September thirtieth

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Speaker 7: October first the fiscal year, and we'll have to see

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Speaker 7: if they can do it keep the government running. And

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Speaker 7: if there's a shutdown fight, then that's when the Democrats

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Speaker 7: have an opportunity, as Clinton did against Gingridge, to make

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Speaker 7: their points about the way the Trump administration is operating.

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Speaker 8: So we'll have to see which side blinks on the shutdown.

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Speaker 2: Question real quickly. Ukraine Russia, what's the next steps here?

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Speaker 2: From your perspective, well, I mean, you.

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Speaker 8: Know, you have to say to yourself.

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Speaker 7: Trump gave Putin more time to do more damage in Ukraine,

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Speaker 7: which puts more pressure on Zelenski to give some territory

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Speaker 7: up for peace.

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Speaker 8: And that's what Trump did. I don't think it's indefinite.

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Speaker 7: I don't think Trump will just sit by and wait

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Speaker 7: indefinitely for Putin to do, you know, destroy the country.

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Speaker 7: But certainly he gave Putin the opportunity to go in

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Speaker 7: and keep pounding, and that will continue to exert pressure

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Speaker 7: on Zelenski if he wants to save Ukrainian lives, And

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Speaker 7: you know, is there an opening for a compromise. I

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Speaker 7: think the President is still committed to that he wants

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Speaker 7: to be the guy who ends this war.

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Speaker 2: All right, Wendy, thank you so much. We appreciate that.

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Speaker 2: Wendy Shoulder for us are at Brown University. Stay with us.

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Speaker 6: More from Bloomberg Surveillance coming up after this.

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Speaker 1: You're listening to the Bloomberg Surveillance Podcast. Catch us live

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Speaker 1: weekday afternoons from seven to ten am Eastern Listen on

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Speaker 1: Applecarplay and Android Auto with the Bloomberg Business app, or

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Speaker 1: watch us live on YouTube.

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Speaker 2: Let's check out with the next guest we always love

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Speaker 2: to speak with to get sense of kind of where

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Speaker 2: these markets going, where valuation may be, how we should

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Speaker 2: be thinking about both equities and fixed income market. And

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Speaker 2: that's Karen Murphy. She's a CIO at Kestra Investment Management. Caro,

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Speaker 2: we've had just a phenomenally crazy ride so far here

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Speaker 2: to date in equities with that twenty percent sell off

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Speaker 2: in April. Then, boy, that was quick on the way down,

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Speaker 2: but it was even quicker on the way back up here.

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Speaker 2: What are you telling your clients here as they think

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Speaker 2: about equity markets going forward?

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Speaker 5: First of all, I.

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Speaker 9: Would agree with you that it's been a wild ride

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Speaker 9: in the markets this year and We've described Q two

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Speaker 9: as the Rip van Winkle quarter, where if you looked

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Speaker 9: at your portfolio in the beginning of the quarter and

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Speaker 9: then went to sleep and woke up at the end

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Speaker 9: of the quarter and looked at your values, you would

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Speaker 9: have been like great.

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Speaker 5: Great, and pat yourself on the back.

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Speaker 9: But we all know that it didn't feel like that

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Speaker 9: as we went through it, and interestingly, like after this

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Speaker 9: massive rally, we have many of the same risks that

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Speaker 9: we started the year with, namely, you suggested a very

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Speaker 9: high valuations really concentrated markets. But what we've seen, especially

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Speaker 9: coming out of second quarter earnings, is that many of

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Speaker 9: those companies continue to deliver and that's really been able

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Speaker 9: to fuel this momentum. Now it sort of makes us

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Speaker 9: a bit more cautious going forward because of the very,

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Speaker 9: very high expectations in these names, But for now, signs

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Speaker 9: are looking pretty good.

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Speaker 5: Pretty good.

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Speaker 4: Yeah, those guidance momentum scores from Bluebird Intelligence for the

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Speaker 4: current third quarter for companies that are putting out quarterly guidance,

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Speaker 4: it's a basically the heist in a year and second

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Speaker 4: highest in a couple of years. There, So that look

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Speaker 4: a little better than it was coming into this year.

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Speaker 4: I'm kind of wondering your thoughts on when it comes

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Speaker 4: to a lot of people arguing about the run we've

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Speaker 4: seen since April and the mag seven. I mean, you

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Speaker 4: have stocks like Apple, which is still down close to

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Speaker 4: ten percent this year, it's obviously little bit more than

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Speaker 4: thirty percent since those April lows, but you have certain

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Speaker 4: big names that you weren't necessarily part.

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Speaker 5: Of all of the rally this year.

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Speaker 4: I mean, how could people argue about anything being bubbly

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Speaker 4: when some of these big tech naus weren't necessarily all

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Speaker 4: a part of that.

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Speaker 5: Yeah, And I think you're right.

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Speaker 9: The market has distinguished, right, So in some ways we've

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Speaker 9: seen what we would call an everything rally coming off

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Speaker 9: the bottom, and that you've had really wide range of

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Speaker 9: types of stocks that have been rallying. But as you suggested,

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Speaker 9: some of the big winners of the last couple of

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Speaker 9: years haven't participated in the same way.

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Speaker 5: So I think in.

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Speaker 9: General what you're seeing is the market is reward like

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Speaker 9: going back taking risk off tarifs aren't going to be

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Speaker 9: as punitive as we thought. That kind of raises everything.

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Speaker 9: But then the clear winners are those who are able

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Speaker 9: to demonstrate a benefit from AI and that's you start

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Speaker 9: to see some differentiation.

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Speaker 2: Is it valuation concerned for you here?

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Speaker 9: Yeah, absolutely, but it has been for a long time

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Speaker 9: and it doesn't mean that the market's going to turn down.

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Speaker 5: So what it is is we're constantly looking.

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Speaker 9: For is there some sign that there's going to be

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Speaker 9: a chink in the armor of this like forward earnings picture,

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Speaker 9: and so far the momentum is pretty much up as

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Speaker 9: those like all that cap X mending that's being put

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Speaker 9: to work now. As that starts to come do in

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Speaker 9: the next year or so, I think that's when you

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Speaker 9: start to have the market take a much harder look

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Speaker 9: and saying, are we actually getting returns on all this

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Speaker 9: cap X? But for now, there's so much money going

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Speaker 9: into this, we need to give it time to actually

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Speaker 9: show those returns. So I think the market can actually

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Speaker 9: handle these high valuations for some time.

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Speaker 2: We are speaking with Kara Murphy, CIO Kestra Investment Management

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Speaker 2: KRA as a recovering equity analyst. Earnings matter to me,

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Speaker 2: and I think Corporate America is doing a great job,

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Speaker 2: better than expected. Talk to us about kind of what

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Speaker 2: your takeaway was for second quarter earnings that we just

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Speaker 2: finished up and kind of maybe the outlook.

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Speaker 9: Yeah, I am also a recovering equity analyst, so I

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Speaker 9: know exactly what you're talking about. And they think when

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Speaker 9: we look at the earnings reports that are coming out

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Speaker 9: of the second quarter, they're quite different than what we're

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Speaker 9: hearing on like Main Street, right, So particular, as we

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Speaker 9: look at the largest companies, we had I think earnings

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Speaker 9: expectations bottom for the second quarter around five percent.

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Speaker 5: They came in around twelve percent, so more than.

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Speaker 9: Double kind of where they had bottomed at the worst

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Speaker 9: of the tariff fares. And these companies are also doing

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Speaker 9: it on better revenues, better margins, So we're seeing really

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Speaker 9: really good reports out of these. But then that stands

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Speaker 9: and start contrast to some things like we're hearing about,

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Speaker 9: you know, more cautious consumer spending, more worries about a

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Speaker 9: title labor market, and of course a housing market that

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Speaker 9: remains quite frozen, partly because of affordability.

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Speaker 5: So it's very much a sort of like tale of

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Speaker 5: two cities.

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Speaker 9: But if you're a large company today, chances are your

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Speaker 9: earnings picture looks pretty good.

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Speaker 4: So, Kara, what companies are you telling investors from a

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Speaker 4: stockbas is to buy or sell at this point.

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Speaker 5: So we've been calling twenty twenty five the Year.

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Speaker 9: Of the diversified portfolio, which is not terribly sexy. But

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Speaker 9: what we've seen is that for the first time in

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Speaker 9: quite a while, even with the mag seven doing really

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Speaker 9: well and having this great rally, owning things outside of

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Speaker 9: those that area has actually.

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Speaker 5: Been beneficial to your portfolio.

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Speaker 9: So, for instance, like non US stocks, it's been years

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Speaker 9: that the S and P five hundred has sort of

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Speaker 9: trounced non US stocks. Now so far this year we're

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Speaker 9: seeing much much better goes outside the US.

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Speaker 5: And how much is of a week dollar, right?

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Speaker 4: I was going to say, Also, when you have indexes

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Speaker 4: like the S and P five hundred coming off of

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Speaker 4: two back to back years of twenty percent gains, I mean,

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Speaker 4: even though it's up you know, eight nine percent this year,

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Speaker 4: is it just kind of just a smaller cooling off

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Speaker 4: period before potentially more gains from here?

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Speaker 5: I mean, I think that would be very healthy, right.

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Speaker 9: We can't put up twenty five percent gains every year,

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Speaker 9: And even given that, as you suggested, like the returns

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Speaker 9: that we've had in the S and P five hundred

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Speaker 9: this year are.

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Speaker 5: Still pretty good.

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Speaker 9: But I think what happens is that when you have

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Speaker 9: a single asset class like the S and P five

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Speaker 9: hundred doing so well year after year, a lot of

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Speaker 9: investors then sort of forget that they need to have

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Speaker 9: exposure elsewhere. And so often when we talk with investors

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Speaker 9: is like, remember these sort of like long term approaches

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Speaker 9: to investing where you want to be able to have

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Speaker 9: exposure some of these areas outside the world.

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Speaker 2: Fixed income, what's the play here, stick when the belly

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Speaker 2: of the treasury curve or takes some.

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Speaker 5: Credit risk, a little bit of both.

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Speaker 9: So when we look at, for instance, like high yield,

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Speaker 9: if you go pretty far out on the credit curve,

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Speaker 9: I think there we would have like a little bit

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Speaker 9: of concern only because you're not being paid to take

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Speaker 9: that much risk. Right, credit spreads are really really tight.

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Speaker 9: When we look at corporate credit, that's where we have

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Speaker 9: some really nice absolute yields. Yes, like you know, spreads

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Speaker 9: are tight, but it still feels very comfortable, and we

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Speaker 9: don't see a lot of stress within corporates. So I think,

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Speaker 9: you know, we're willing to take some credit risk. And

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Speaker 9: then as you suggested, like staying within the belly of

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Speaker 9: the curve, so and sort of stay out of some

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Speaker 9: of the volatility at the very long end of the curve,

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Speaker 9: and then you can find some really good absolute yields

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Speaker 9: there as well.

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Speaker 2: Cara, thanks so much for joining us. We always appreciate

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Speaker 2: getting a few minutes of your time. Caraen Murphy. She's

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Speaker 2: the CIO of Kestra Investment Management, a lot of experience

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Speaker 2: in the investment game. We always appreciate talking to Carolyn.

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Speaker 2: Stay with us.

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Speaker 6: More from Bloomberg Surveillance coming up after this.

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Speaker 1: This is the Bloomberg Surveillance podcast. Listen live each weekday

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Speaker 1: starting at seven am Eastern on Apple, Cocklay and Android

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Speaker 1: Auto with the Bloomberg Business app. You can also watch

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Speaker 1: us live every weekday on YouTube and always on the

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Speaker 1: Bloomberg Terminal newspapers.

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Speaker 2: But Lisa the best, Lisa, what do you have for

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Speaker 2: us today?

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Speaker 5: Okay?

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Speaker 10: This is actually a look into the struggles that older

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Speaker 10: Americans are having because their savings accounts are starting to deplete.

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Speaker 10: So they're like, how are are going to make money

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Speaker 10: when I'm win my eighties? Okay, So Business Insider they

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Speaker 10: spoke with one couple who are in the eighties.

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Speaker 2: They say they only have.

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Speaker 10: About twenty thousand dollars left in their savings. They only

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Speaker 10: get about two thousand dollars a month in Social Security.

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Speaker 10: It's not enough to cover expenses. They have a roof

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Speaker 10: repair that they need. So they've both been looking for work.

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Speaker 10: You know, the husband is a truck driver, he was

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Speaker 10: a truck divery. He's eighty two. He can't get hired

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Speaker 10: for the long haul jobs and no one wants to

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Speaker 10: hire him for the short haul jobs. And then his

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Speaker 10: wife is eighty five, so she's having a similar issue

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Speaker 10: trying to find work. So basically they spoke with a

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Speaker 10: whole bunch of older Americans to just say, those who

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Speaker 10: do find it, it's usually you know, part time, retail, caregiving,

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Speaker 10: nonprofit roles, and they played just above minimum wage. But

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Speaker 10: it's like this eye opener into the struggles that older

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Speaker 10: Americans are having.

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Speaker 2: Now, I mean, I know it's gonna be more and

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Speaker 2: more an issue. Yeah, that's why my personal strategies. I'm

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Speaker 2: never retiring.

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Speaker 10: You said, Walmart greater right now, Walmart crea.

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Speaker 2: I can see that exactly, such a friendly blues collared

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Speaker 2: shirt on I know, I mean, are awesome. Yeah, you

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Speaker 2: got it. I think that's going to be the story

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Speaker 2: for a lot of people going forward.

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Speaker 10: Going and going back to work. Have you guys heard

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Speaker 10: of this viral ballpark challenge? It's called nine nine nine.

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Speaker 2: Okay, I have no idea, Okay, so here we go.

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Speaker 10: It is eating nine hot dogs drinking nine beers throughout

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Speaker 10: an entire game, nine innings.

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Speaker 2: Okay, nine nine nine?

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Speaker 8: Can you do it? Okay?

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Speaker 10: This has been around actually, but social media, of course,

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Speaker 10: brought it back. Some are saying it's going to cost

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Speaker 10: about two hundred and thirty dollars if you add everything up,

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Speaker 10: you know, to complete the challenge. But it's even going

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Speaker 10: into other sports like golf. You can do nine beers,

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Speaker 10: nine club sandwiches, and nine holes.

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Speaker 5: Okay? Is that more your gym?

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Speaker 4: A little bit?

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Speaker 5: Okay?

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Speaker 10: But the Wall Street Termalmporter gave it a try. It

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Speaker 10: was a tough start, but they finished it. They actually

443
00:20:53,560 --> 00:20:55,359
Speaker 10: got a good deal. Did you know what city field

444
00:20:55,400 --> 00:20:57,440
Speaker 10: You can get hot dogs and beers for five dollars

445
00:20:57,480 --> 00:20:58,400
Speaker 10: a pop on Tuesdays?

446
00:20:58,960 --> 00:21:00,760
Speaker 5: Yes, yes, I heard about this.

447
00:21:00,920 --> 00:21:04,080
Speaker 10: I didn't know that, but apparently this is like the thing,

448
00:21:04,119 --> 00:21:05,880
Speaker 10: the nine to nine to nine challenge. So next time

449
00:21:05,920 --> 00:21:08,679
Speaker 10: you guys go to the ballpark, get ready and go

450
00:21:08,720 --> 00:21:09,760
Speaker 10: an empty stomach.

451
00:21:09,480 --> 00:21:12,439
Speaker 2: And the writer says, you know, in the aftermath, I

452
00:21:12,520 --> 00:21:14,720
Speaker 2: lost the desire to eat for the next two days.

453
00:21:14,840 --> 00:21:15,280
Speaker 8: Wow.

454
00:21:15,480 --> 00:21:19,360
Speaker 5: That that sums it up, okay, and last weight.

455
00:21:19,800 --> 00:21:22,160
Speaker 10: So back when I was younger, right, we would go

456
00:21:22,480 --> 00:21:25,000
Speaker 10: to the Limelight in the city, was right, and it

457
00:21:25,160 --> 00:21:27,440
Speaker 10: turned into a nightclub and it was a rave and

458
00:21:27,560 --> 00:21:29,240
Speaker 10: you know, you have a couple of cocktails and you

459
00:21:29,240 --> 00:21:30,840
Speaker 10: get home like the wee hours of the morning.

460
00:21:30,840 --> 00:21:31,159
Speaker 2: Okay.

461
00:21:31,440 --> 00:21:33,200
Speaker 10: But apparently that's a little bit too much for gen

462
00:21:33,240 --> 00:21:36,560
Speaker 10: z and millennials, okay, so they can't handle it. So

463
00:21:36,600 --> 00:21:38,720
Speaker 10: now business inside are saying they're joined.

464
00:21:38,480 --> 00:21:40,280
Speaker 8: This new trend. It's Macha raves.

465
00:21:40,680 --> 00:21:44,920
Speaker 10: Okay. So the go it's a sober, you know, daytime

466
00:21:45,000 --> 00:21:45,680
Speaker 10: clubbing event.

467
00:21:45,720 --> 00:21:47,800
Speaker 2: People are on a caffeine high. That's their high.

468
00:21:47,800 --> 00:21:51,600
Speaker 10: Okay, still the best music, right, smoke machines, everything, but

469
00:21:51,760 --> 00:21:53,400
Speaker 10: they get to be in bed by ten pm because

470
00:21:53,400 --> 00:21:56,440
Speaker 10: the party is from four to eight, so they get

471
00:21:56,440 --> 00:21:59,160
Speaker 10: to get up and feel refreshed, no hangover. And there

472
00:21:59,200 --> 00:22:04,760
Speaker 10: you go. Try Macha and it's just no terrible for

473
00:22:04,800 --> 00:22:07,960
Speaker 10: you are it's it's too bitter.

474
00:22:08,080 --> 00:22:10,719
Speaker 4: I have had sweeter versions of it, and it's I

475
00:22:10,880 --> 00:22:12,719
Speaker 4: like that but I'm all about I have to have

476
00:22:12,760 --> 00:22:14,480
Speaker 4: so much sugar with it. Even if I have coffee,

477
00:22:14,480 --> 00:22:16,360
Speaker 4: I wouldn't even really consider it coffee because I put

478
00:22:16,480 --> 00:22:18,880
Speaker 4: so much like the straw cream, and right, I need

479
00:22:18,920 --> 00:22:21,600
Speaker 4: to have something really sweet in there or else I'm

480
00:22:21,640 --> 00:22:22,640
Speaker 4: just I'm not into it.

481
00:22:23,080 --> 00:22:24,879
Speaker 8: Do you do? Would you go out and do the

482
00:22:24,960 --> 00:22:26,120
Speaker 8: late night raves jest?

483
00:22:26,280 --> 00:22:26,680
Speaker 5: Or would you?

484
00:22:26,960 --> 00:22:28,720
Speaker 8: Are you not the good.

485
00:22:31,000 --> 00:22:32,480
Speaker 10: I'm not the gen z Court.

486
00:22:32,920 --> 00:22:37,040
Speaker 5: I'm in that generation right before it, so we don't really.

487
00:22:37,720 --> 00:22:39,120
Speaker 2: Six floor, right we do?

488
00:22:39,280 --> 00:22:40,800
Speaker 10: And you have to do like the dirty one where

489
00:22:40,800 --> 00:22:44,000
Speaker 10: you mix the coffee with the macha and it's idea

490
00:22:44,440 --> 00:22:47,560
Speaker 10: a matcha machine, a matcha machine. It's on tap. You

491
00:22:47,640 --> 00:22:49,280
Speaker 10: just pull it back like you're poring a beer.

492
00:22:49,359 --> 00:22:51,879
Speaker 5: And I have seen upstairs on the sixth floor.

493
00:22:52,240 --> 00:22:52,639
Speaker 2: Yeah, I.

494
00:22:54,359 --> 00:22:57,720
Speaker 10: Like different recipes sometimes posted out there. It's I'm telling you, Paul,

495
00:22:57,800 --> 00:22:58,240
Speaker 10: you've got to.

496
00:22:58,240 --> 00:23:01,000
Speaker 2: Try it again, all right, I'm again give it another shot.

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00:23:01,240 --> 00:23:03,960
Speaker 2: That's the Newspapers with Lisa Matteo.

498
00:23:04,359 --> 00:23:09,199
Speaker 1: This is the Bloomberg Surveillance podcast, available on Apple, Spotify,

499
00:23:09,320 --> 00:23:13,080
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500
00:23:13,119 --> 00:23:16,960
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501
00:23:17,119 --> 00:23:20,920
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502
00:23:21,200 --> 00:23:24,320
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