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Speaker 2: Sure Lucas with us with SMBC Nico Securities. He writ
Speaker 2: it's a brilliant report with lots of charts. I don't
Speaker 2: want to go narrow here. I want to go more
Speaker 2: like sixty thousand feet. Are we through the pandemic? Are
Speaker 2: we through the shutdown? When we look at price change
Speaker 2: in America.
Speaker 3: I think we're still in the process of normal normalization
Speaker 3: on the prices angle, shorting.
Speaker 4: With the pandemic as well. I still think there's a
Speaker 4: debris there apps for sure.
Speaker 3: And then I think the biggest effect is really psychological,
Speaker 3: not only on the half of businesses, but also on
Speaker 3: consumers that are willing to tolerate you know, high inflation.
Speaker 5: Well, I mean, because we know that shelter has always
Speaker 5: been a big part, a big component, right, takes up
Speaker 5: more percentage I think of that CPI than any other
Speaker 5: category month over month. I guess it's I guess it's
Speaker 5: trending lower, But tell that to somebody who's actually trying
Speaker 5: to buy something or rent something right now, Right.
Speaker 3: Well, this is the classic divergence between what economists look
Speaker 3: at and what people on main street actually care about.
Speaker 3: So the truth is that shelter inflation is coming down.
Speaker 3: It's coming down pretty quickly, and it's coming down pretty
Speaker 3: quickly because home prices lead the CPI's measure of shelter
Speaker 3: costs by about sixteen months. So the question ultimately we
Speaker 3: need to answer is where a home price is going
Speaker 3: and they are weak, and we're expecting that they're going
Speaker 3: to come down.
Speaker 4: National I got everybody Troy telling me this is not
Speaker 4: a big deal report.
Speaker 2: I don't buy it, and particularly with the backdrop with
Speaker 2: Sherman Paul right now, the fact is I have people
Speaker 2: like you who are two three four rate cuts.
Speaker 4: Going yeh, wait a minute, maybe not.
Speaker 2: Are you pulling back the rate reduction scenario that you
Speaker 2: see because of a set of inflation data.
Speaker 3: We're essentially moving back our rate cut expectations. So January,
Speaker 3: they're likely not going to cut unless this CPS shifting
Speaker 3: it out correct unless the CPI report is extremely soft,
Speaker 3: which we're not expecting.
Speaker 6: So are you still looking?
Speaker 5: I saw on your note unless your note was a
Speaker 5: little bit old, just my hours because of the way
Speaker 5: things move so quickly. Are you still looking at three
Speaker 5: rate cuts?
Speaker 4: You're just throw shade on our guests.
Speaker 6: I mean, no, but things lighting see this week.
Speaker 7: Know, jeez, it's a little shady here this morning.
Speaker 4: Huh.
Speaker 3: No, No, So we are looking for three rate cuts still.
Speaker 3: We see the economy slow in, particularly in the labor market,
Speaker 3: and we also see inflation coming down and that's going
Speaker 3: to work.
Speaker 4: Are shifting to twenty seven? Like JP Morgan?
Speaker 3: No?
Speaker 4: No, you really think we're going to see it now?
Speaker 6: Three rate cuts this year?
Speaker 4: Is this way I look at? Is Myron want six
Speaker 4: rate cuts?
Speaker 2: If he gets four, he's a genius because he's so
Speaker 2: alone on this call.
Speaker 4: Are you Are you on the edge of Myron?
Speaker 3: No, we're not looking for four, We're looking for three.
Speaker 3: We think with this new Fed chair coming in, combined
Speaker 3: with the fact that the regional Fed Bank quotation is
Speaker 3: comparatively dubbish to last year's Fed Bank quotation, that that
Speaker 3: might be enough to shift the calculus in terms of three.
Speaker 2: Rate Now the ten year inflation just a yield is
Speaker 2: a wonderful trend based barometer.
Speaker 4: It's in a very tight collar, if you will.
Speaker 2: It comes in two basis points one point eighty three
Speaker 2: sixty three percent, a dampening of yields, a bid to
Speaker 2: Bill's notes and bonds. And as Lisa mentioned, green on
Speaker 2: the screen here as well.
Speaker 4: Troy luck with us.
Speaker 2: Who is there's like forty seven lines of David Rosenberg
Speaker 2: inflation data. You haven't had time to look at him.
Speaker 2: I'm not looking for that, but is there color here
Speaker 2: that you can give of pretty much a rote idea,
Speaker 2: except course CPI a little more damp.
Speaker 3: Yeah, A bit surprised here that it's core CPI, which
Speaker 3: misses expectations here at zero point two percent. Considering the
Speaker 3: fact that gasoline prices were down nearly five percent on
Speaker 3: a month over month basis, you would expect that it
Speaker 3: was headline that would be weak. But the fact that
Speaker 3: core is actually a bit softer is a profoundly strong signal,
Speaker 3: at least to us, that inflation is coming down, inflationary
Speaker 3: pressures are dissipating, and the Fed is going to be
Speaker 3: cutting this year.
Speaker 2: Alexisay asked a brilliant question earlier about tariff dynamics. Let's
Speaker 2: combine that with the export of Chinese deflation. Is that
Speaker 2: an untold story for twenty twenty six of a dampening
Speaker 2: price change in America because of the realities Beijing faces.
Speaker 7: One hundred percent.
Speaker 3: And it's funny because if you look at the two
Speaker 3: most tariff sensitive components of CPI, you look at household
Speaker 3: appliances and you look at apparel the year of a year,
Speaker 3: rates of change in these prices zero point five percent.
Speaker 3: We're looking for tariff inflation, really struggling to find it.
Speaker 5: I'm looking at this report right now breaking it down.
Speaker 5: Food up seven tenths of a percent in December, so
Speaker 5: we're still not getting a break there, right, Americans are
Speaker 5: still paying more for the basics, and energy increasing three
Speaker 5: tenths of a percent in December. So again we're finding
Speaker 5: that there are these areas of sticky inflation and no
Speaker 5: reason to believe they're going to come down anytime soon.
Speaker 3: Troy Well on the energy side of things, what I
Speaker 3: would add is that that's likely a reflection of electricity
Speaker 3: prices going higher on the back of higher natural gas prices. Now,
Speaker 3: it's hard to disentangle how much of this is just
Speaker 3: a simple commodity effect versus something that is more related
Speaker 3: to the AI theme. But that is something that we've
Speaker 3: been worried about for about a year now.
Speaker 2: I mean, the reality is there are these little things
Speaker 2: that people think. You mentioned electricity rates. You know, I'd
Speaker 2: go to the internet like everybody else and I'm sorry,
Speaker 2: up eight percent, up ten percent. Elisa just emailed me.
Speaker 2: We have a whole internal emails system, folks that we
Speaker 2: took from the US military, and Lisa emails me, this
Speaker 2: is Tom, what's inflation and door dash, grub up and seamless?
Speaker 2: And the answer is ginormous. I mean, how far apart
Speaker 2: of fancy people like you from the public on inflation.
Speaker 3: There is for sure a ca shaped economy, and that
Speaker 3: applies not only to spending but also in terms of
Speaker 3: rates of inflation. But this is something that we discussed
Speaker 3: really in depth in our year ahead outlook, which is
Speaker 3: that the household net worth of the top one percent
Speaker 3: is up eighteen percent since the Fed started hiking rates.
Speaker 3: For the bottom fifty percent, it's like eight percent. So
Speaker 3: you're really seeing this divergence of fortunes between we'll say
Speaker 3: the middle classes and then those at the very tippy top, Troy.
Speaker 2: Thank you so much, Troy Ludku with this senior US
Speaker 2: Economists SMBC that egosecurities stay with us. More from Bloomberg
Speaker 2: Surveillance coming up after this.
Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us live
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Speaker 2: Holding Court in the United Kingdom for ages. Leslie Venerburry
Speaker 2: just was fabulous on international relations. Like the Chicago Cubs
Speaker 2: picked up Alex Bregman from the Red Sox. Yep, the
Speaker 2: Chicago Council of Global Affairs picked up Vingerburry. That's how
Speaker 2: from Tottenham or something like, Leslie, how about Chicago.
Speaker 7: Arsenal Tom Arsenal always?
Speaker 4: How's that winter?
Speaker 8: Well?
Speaker 2: I know that we were smoking cigars at that fancy
Speaker 2: hotel in Mcgravia.
Speaker 4: You know, Leslie's going Arsenal. I'm going Tottenham. How about
Speaker 4: those Chicago winters, Leslie Vingerburry, you.
Speaker 9: Know miles So far two pretty frigid weekends I happened
Speaker 9: to be in London and one in New York and
Speaker 9: the other. But Chicago's fabulous. I mean, talk about a
Speaker 9: beautiful It looks great when it's on the ground. Tom,
Speaker 9: the snow is absolutely stunning surrounding Lake Michigan and Millennium Park.
Speaker 9: I mean, there's there's nothing like it. It's it's really
Speaker 9: something you should come.
Speaker 2: My basic take on our international relations is it's all
Speaker 2: wonderful until something breaks. How close in our multi front
Speaker 2: Trump foreign policy, are we just something breaking?
Speaker 9: I mean, it's it definitely feels like it's on the edge.
Speaker 9: The return early in the new year, I think was
Speaker 9: was boy talk about taking off with speed the you know,
Speaker 9: the capture of Madura and quickly pivoting to making claims
Speaker 9: on Greenland, and then you know, Iran of its own
Speaker 9: accord people on the streets, and Trump contemplating what his
Speaker 9: options are. It really is extraordinary. And that's even setting
Speaker 9: aside the domestic story. You know, I think that you know,
Speaker 9: it's inter national relations hasn't always been easy. It's been
Speaker 9: very difficult the last one year. There's so many questions
Speaker 9: about the United States, But I think nobody could have
Speaker 9: predicted that this was going to become so much about
Speaker 9: pre eminence in the Western hemisphere about pushing territorial borders,
Speaker 9: whether it's through threats or actual use of force taking
Speaker 9: leaders out. You know, we thought this would be a
Speaker 9: president who might be neo isolationists, who might be you know,
Speaker 9: inclined towards restraint. That is just not what we're seeing
Speaker 9: right now, with the major exception of you know, China,
Speaker 9: US policy towards China and Russia exactly where we thought,
Speaker 9: you know, it might be much tougher at least when
Speaker 9: it comes to China.
Speaker 7: And again, that's not what we've seen.
Speaker 6: And Leslie to throw into the mix.
Speaker 5: Now we're ratcheting things up against Iran, right with the
Speaker 5: president now saying he wants to impose twenty five percent
Speaker 5: tariffs on any country doing business with Iran. What are
Speaker 5: the the implications there as that country now sees its
Speaker 5: biggest anti govern a protests and years and killing of
Speaker 5: many civilians.
Speaker 9: Yeah, well, I mean the Iran story is an extraordinary one,
Speaker 9: devastating for the presumably thousands of people who are at
Speaker 9: risk or have been targeted by the regime. And I
Speaker 9: you know, I think President Trump is weighing his options.
Speaker 9: You're right, those twenty five percent, you know, he's cracking
Speaker 9: down on secondary violation of sanctions basically, and that hits
Speaker 9: of course, China and others that he's been you know,
Speaker 9: lighter touch with. But relative to the other options that
Speaker 9: the US could be considering, that is, you know, perhaps
Speaker 9: a first step. The real question is whether there will
Speaker 9: be any use of military force, obviously a much harder,
Speaker 9: more risky lift. I'm skeptical at the moment, but Trump
Speaker 9: today is meeting to consider his options. It could be
Speaker 9: that we just continue to see cracking.
Speaker 7: Down on you know, these these.
Speaker 9: Sanctions, as you've mentioned, is as sort of the and
Speaker 9: wait and see what happens internally.
Speaker 2: Good morning Chicago, Good morning across America, Leslie, Vinjamuri with
Speaker 2: US year we continue, whether Lesslie, your hallmark is to
Speaker 2: always bring in academics. You bring in from Minnesota professor
Speaker 2: Fasal Tanisha Fassal, and just say she has written the
Speaker 2: absolute best on autocratic states. How autocratic is the United
Speaker 2: States of America?
Speaker 9: Look, the United States of America is not autocratic. We
Speaker 9: have a leader with autocratic tendency, who likes to play
Speaker 9: fast and loose with the rule of law, who doesn't
Speaker 9: really feel like you should be constrained by Congress, the courts, norms.
Speaker 7: Standard ways of doing things, convention.
Speaker 9: And this is the year of the people, tom this
Speaker 9: is the year when Americans are you making choices about
Speaker 9: whether they're going to kind of stand up and hold
Speaker 9: the line.
Speaker 7: And we've just seen a bunch of past.
Speaker 9: Leaders of the FED decide that they are going to
Speaker 9: stand up and and you know, we saw a couple
Speaker 9: of senators, Republican senators flip over to the other side
Speaker 9: and and vote for you know, the president to be
Speaker 9: required to report to Congress if he wishes to do
Speaker 9: more in Venezuela. So we're seeing a few hints this
Speaker 9: year early days that we didn't see last year. And
Speaker 9: we have you know, it's a long ways out, Silvi,
Speaker 9: we have the midterms coming, so there are you know,
Speaker 9: there are some signs that there's going to be a
Speaker 9: little bit more pushback.
Speaker 7: We don't live in an autocracy.
Speaker 9: We live in a you know, very dysfunctional democracy, but
Speaker 9: still a very robust democracy with a leader who you know,
Speaker 9: by all accounts, wants to make some changes. Some of
Speaker 9: his instincts are very good, but he doesn't want to
Speaker 9: do it through the processes that you know, we've come
Speaker 9: to think are not not necessarily efficient, but that are important.
Speaker 5: Right and Trump certainly is unbound and undeterred by precedent.
Speaker 5: So what happens with little old Greenland in twenty twenty six?
Speaker 9: Leslie, You know, I'm I'm kind of concerned on this
Speaker 9: one that.
Speaker 7: I mean a couple of things.
Speaker 9: Obviously, Europeans are right rightfully up in arms. They are
Speaker 9: really talking to each other. They're completely unsettled by the
Speaker 9: President's willingness to threaten the use of force to argue
Speaker 9: that he can get it just you know, with money
Speaker 9: and language. It sort of doesn't matter whether he actually
Speaker 9: uses force in one sense, which is he's already completely unsettled.
Speaker 9: The most important norm that has guided the system, at
Speaker 9: least since nineteen forty five Article to Chapter four of
Speaker 9: the UN Charter. You know, you don't use force to
Speaker 9: unsettle territorial boundaries. It's a sovereignty norm. But here's the rub.
Speaker 9: If you look at the data, most Greenlanders would prefer
Speaker 9: to be independent than to be ruled by Denmark. And
Speaker 9: this is I think where the administration is going to
Speaker 9: play its hand.
Speaker 7: It's going to push that division internally.
Speaker 9: It's going to you know, we've already seen there have
Speaker 9: been trips by the administration meeting with those leaders of
Speaker 9: the independence movement.
Speaker 7: I think that's going to continue.
Speaker 9: And you can see a scenario where Greenland is given
Speaker 9: the opportunity, the voice its preferences and it wishes to
Speaker 9: have an independence. And as we know, Greenland can't really
Speaker 9: survive as an independent country. It's fifty seven thousand people.
Speaker 9: It isn't a part of the world where it needs
Speaker 9: more security. So I think this one is definitely a
Speaker 9: live option and want something to watch, and it's going
Speaker 9: to really rupture relations between the US and Europe.
Speaker 4: Less I got twenty seconds. Clubs are White Sox.
Speaker 2: You move into Chicago, I mean you're five miles south
Speaker 2: of wrigley Field. You got the rock Star location on
Speaker 2: Randolph Street. Do you make the easy slide to Wrigley
Speaker 2: Field or do you vote for those lowly support those
Speaker 2: lowly Chicago white Sox.
Speaker 7: You know, Tom always follow the Pope. That's all we follow.
Speaker 7: So the Pope and my daughter and and there you
Speaker 7: have the app. But I don't choose. I can't choose.
Speaker 7: I'm independent.
Speaker 4: Oh you're very independent.
Speaker 2: I can see that Pope merch on the way, and
Speaker 2: let's say vener Mary, thank you so much. Really has
Speaker 2: been way too long in Chicago, greatly appreciate.
Speaker 4: Let's evenger Mary with us, Stay with us.
Speaker 2: More from Bloomberg Surveillance coming up after this.
Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us live
Speaker 1: weekday afternoons from seven to ten am Eastern Listen on
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Speaker 1: or watch us live on YouTube.
Speaker 2: I wanted to get some perspective on this moment for
Speaker 2: Chairman Powell for the Federal Reserve System, and as we
Speaker 2: saw with the letter last night led by Leguard and Bailey,
Speaker 2: central banker around the world, no one is better qualified
Speaker 2: than Richard Portis. He is at London Business School, but
Speaker 2: that barely describes his contribution to thinking about global and
Speaker 2: transatlantic economics, back to his time as a Rhodes scholar
Speaker 2: long ago and far away to Yale professor. Honored to
Speaker 2: have you with us this morning. I mentioned McCabe McChesney
Speaker 2: Martin in nineteen fifty one.
Speaker 4: Is this moment is seismic? Is nineteen fifty one potentially?
Speaker 8: Quite? Yes, absolutely, this is a major, major attack not
Speaker 8: just on a man of unparalleled integrity in his post,
Speaker 8: but also on the institution, on the FED itself and
Speaker 8: the independence of the FED is many people would say, oh,
Speaker 8: you know, let's not express this too much. I mean,
Speaker 8: maybe if it is two independent, we really ought to
Speaker 8: three think the mandate and so on and so forth. Yes, yes,
Speaker 8: it's worth having a reflection on all that. But this
Speaker 8: is something quite different. This is where the President of
Speaker 8: the United States, through his minions, is seeking to take
Speaker 8: control of monetary policy, and that whatever you think about
Speaker 8: what Defend has done, what might do in future, pressure
Speaker 8: that is unacceptable.
Speaker 2: The key question for me, Professor port is is, Okay,
Speaker 2: we're here and based on what we've seen the last
Speaker 2: X number of years with President Trump, he may get
Speaker 2: his way, et cetera.
Speaker 4: Is it repairable?
Speaker 2: Is your study across your exceptional career, is your study
Speaker 2: that the system and the American system can repair.
Speaker 4: Hurt and harm by one person. I think.
Speaker 8: That is That's a very very good question because it
Speaker 8: goes to the heart of what we mean by trust
Speaker 8: by reputation and how those qualities can be squandered and
Speaker 8: once reputation and trust are imperiled, are damaged.
Speaker 4: They're very, very hard to repair.
Speaker 8: So if the President were to have his way, then
Speaker 8: down the road you would see I think, a real
Speaker 8: deterioration in the in the way that monetary policy is
Speaker 8: run in the United States, and that has implications for
Speaker 8: us over here, for outside of the United States because
Speaker 8: the effects of FED policy on money markets throughout the world.
Speaker 5: Now, Professor I was looking at this unprecedented letter from
Speaker 5: from the ECB, and I just want to read a
Speaker 5: portion of it. Here says we stand in full solidarity
Speaker 5: with the Federal Reserve System and it's Chair Jerome Powell.
Speaker 5: They go on to say that Powell has served with integrity,
Speaker 5: focused on his mandate in an unwavering commitment to the
Speaker 5: public interest. I wonder if this letter at all, well,
Speaker 5: do you think it will sway President Trump to pull
Speaker 5: back a little bit or might not have the opposite
Speaker 5: effect and have him dig in his heels.
Speaker 8: He doesn't care what the foreigners think. That's clear one
Speaker 8: way or not. It doesn't matter what the topic is.
Speaker 8: He still doesn't care what the foreigners think. So certainly
Speaker 8: not on this one. But it may affect views in
Speaker 8: the United States Senate, for example, which is quite important.
Speaker 8: It may affect views in the markets in New York
Speaker 8: and the financial sector in New York, which has been
Speaker 8: very silent. I don't know whether Jamie Diamond talked about
Speaker 8: this issue in his early call today, but he should.
Speaker 8: And where are these where are these as? They're scared?
Speaker 8: They're all scared. They're scared that Trump will take revenge
Speaker 8: against them. That's where we got to.
Speaker 5: What's interesting, though, Professor Portas, is we're seeing blowback from
Speaker 5: within the Republican Party now a number of well, I
Speaker 5: think it's three in counting now a Republican senator saying
Speaker 5: we're not going to vote on a new FED share
Speaker 5: until the legal matter with Powell is settled. Might that
Speaker 5: have a little more weight than this letter you think
Speaker 5: from the ECB.
Speaker 4: Oh?
Speaker 8: Certainly, absolutely, and that that really is a cause for
Speaker 8: for concern for Trump in terms of nominating a new chair,
Speaker 8: in terms of trying to get uh, trying to get
Speaker 8: other seats on the on the board of the FED.
Speaker 8: There the resistance now is much stronger. That said, you
Speaker 8: might think if you were a member of the Federal
Speaker 8: Open Market SWINNY, you might think that you might try
Speaker 8: revenge against you two if you consist of any vote against.
Speaker 4: Richard Porters take at time for one more question.
Speaker 2: Lauren Goodwin's here and we got to get to the
Speaker 2: CPI report, you know, coming up here in twenty minutes,
Speaker 2: Professor port is as simple as I can is the
Speaker 2: Trump moment transportable, translatable to a parliamentary system and a
Speaker 2: prime minister named Farage. Can the reach of Donald Trump
Speaker 2: reach over to a different form of democracy?
Speaker 8: Well, you know, we had a central bank that was
Speaker 8: not independent at all, that took its marching orders from
Speaker 8: the UK Treasury up until the Blair government came in
Speaker 8: nineteen ninety seven, and the first thing that they did
Speaker 8: was established the independence of the Bank of England in
Speaker 8: terms of monetary policy, the very first move that the
Speaker 8: Blair government took, and that has made a remarkable change.
Speaker 8: We had an inflationary boom and at the end of
Speaker 8: the eighties, precisely because the Chancellor of the Excheck of
Speaker 8: the Finance Minister at that time wanted to have expansion
Speaker 8: and so we had a very lose monetary policy and
Speaker 8: guess what, you know, we had this inflationary boom and consequence,
Speaker 8: we're not nice.
Speaker 2: Got to leave it there. Richard porters. Thank you so much,
Speaker 2: really appreciate it. From London Business School today on the
Speaker 2: moment at hand for us and across the Atlantic as
Speaker 2: a Lexusman for a piercing letter from central bankers in
Speaker 2: the continent of Europe.
Speaker 4: Stay with us.
Speaker 2: More from Bloomberg Surveillance coming up after this.
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Speaker 1: Applecarplay and Android Auto with the Bloomberg Business app, or
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Speaker 4: It's the Newspapers with Lisa Mantao.
Speaker 10: Okay, I want to start with this one because cases
Speaker 10: of the flu are surging. In case you haven't noticed
Speaker 10: anyone here coughing in the studio, the CDC actually says
Speaker 10: there have been an estimated fifteen million cases of the flu.
Speaker 10: The numbers starting to decline, but they're still high. But
Speaker 10: there's a few things that are making things easier for
Speaker 10: some people because of COVID. People are more comfortable with
Speaker 10: taking those at home tests for the flu because to
Speaker 10: the at home test for COVID, right, so you're kind
Speaker 10: of used to doing that, and what they're saying it's
Speaker 10: leading to more timely diagnosis. And what that means is
Speaker 10: that it's easier to take anti virals like a tamiflu,
Speaker 10: and that makes people feel better sooner if you take
Speaker 10: it within those two days of getting sick, and that's
Speaker 10: the hours.
Speaker 6: So if you miss that window, it's tough.
Speaker 10: Yeah. So that's the thing, Like people are missing the window.
Speaker 10: But now since they're used to taking those at home
Speaker 10: tests are getting vice and I.
Speaker 5: See more people are masking up something else we're unfortunately
Speaker 5: used to because of COVID.
Speaker 6: On the train.
Speaker 10: Yeah, definitely, I say that a lot.
Speaker 4: I got better quickly. I mean, Tucker told me, what.
Speaker 6: What miraculous thing did you take?
Speaker 2: Because I mostly got horizontal. You're sick as all get out,
Speaker 2: so you just get horizontal.
Speaker 4: Let's move on.
Speaker 7: This is depressing, but he is feeling better. There you go.
Speaker 10: There's your update. Okay, super Bowl coming up right February eighth,
Speaker 10: So it was time to talk commercials. It's all about
Speaker 10: the Super Bowler commercials. I know, I know. Okay, So
Speaker 10: sources are telling the Wall Street Journal Open AI is
Speaker 10: set to air another commercial it you know, had its
Speaker 10: debut kind of last year the Super Bowl for their
Speaker 10: paid ads, and they're saying, you're going to see a
Speaker 10: flood of AI companies during the Super Bowl too, because
Speaker 10: the competition is heating up. If you want to know
Speaker 10: how much an AD is going to cost, yes, okay,
Speaker 10: So ad buyers are telling the journal there are some
Speaker 10: advertisers paying more than eight million dollars for a thirty
Speaker 10: second spot, and they're.
Speaker 6: Saying it's the ROI on that.
Speaker 7: I don't really.
Speaker 10: I mean, it is under a lot of eyeballs, but
Speaker 10: I mean you think that's just for the spot, But
Speaker 10: then you have the millions, sometimes tens of millions to
Speaker 10: come with the idea, you know, the whole process of
Speaker 10: the work to get.
Speaker 7: The ad, you know, on top of the.
Speaker 10: Eight million, then they have to pay.
Speaker 6: So it's it's a pretty big price tag. But that's
Speaker 6: quite investment, it is.
Speaker 10: And a lot of these companies, like tech companies, Anthropic, Google, Microsoft,
Speaker 10: Open Ai, Perplexity. I mean, they've all spent like three
Speaker 10: hundred and thirty three million on TV.
Speaker 7: Ads in the US in the last year.
Speaker 10: So they're putting up the money they want to get,
Speaker 10: you know, the word out there because some people still
Speaker 10: concerned about it.
Speaker 2: And he's just published in the last hour on Apple
Speaker 2: and Google. Huge agreement. I think it's been underplayed by
Speaker 2: the media. I hope to add that for you tomorrow
Speaker 2: our book solid today.
Speaker 6: We're else to you, all right.
Speaker 10: This last one was on the terminal stuck out to
Speaker 10: me because every time I hear the word longevity, my
Speaker 10: ears like tune up.
Speaker 7: I'm always on the longevity gig.
Speaker 10: Right, Okay, So this one, Longevity Tourism, raises one point
Speaker 10: two trillion questions about loneliness. And this was interesting. The
Speaker 10: author's name on the terminal, it's Alice rob Here. Bloomberg
Speaker 10: attended a wellness retreat in Sardinia. She saw an ad
Speaker 10: on Instagram and this is known as like a blue zone.
Speaker 10: So this is a place where they have traditional lifestyles,
Speaker 10: healthy populations. So a lot of people go there because
Speaker 10: it makes them, you know, feel better olive.
Speaker 6: Oil, yes, es, yes.
Speaker 10: So she found that she made these connections in the
Speaker 10: group and that she talked to her about the importance
Speaker 10: of having connections as you get older. And that's where
Speaker 10: the loneliness kind of episode came in because a lot
Speaker 10: of people lose friendships and now she says that's the
Speaker 10: important part of it.
Speaker 5: It's a huge business. I'm not even looking at you.
Speaker 5: I hear what you're saying. But I also think you're
Speaker 5: never too old to make new friends exactly. And that's
Speaker 5: what point she's trying to make. She's saying people should.
Speaker 7: Get out, and Tom and Michael Barr's.
Speaker 10: Share you have to go on a retreat and make
Speaker 10: your friends.
Speaker 4: Thank you, I think over the newspapers.
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