WEBVTT - Powell Pushes Back on March Cut; US Vows More Mideast Strikes

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<v Speaker 1>Good morning.

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<v Speaker 2>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 2>stories we're following today.

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<v Speaker 3>That is ariz in Treasury yields, Karen, and it comes

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<v Speaker 3>after more clues that a March rate cut is not

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<v Speaker 3>in the cards for the Federal Reserve. In an interview

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<v Speaker 3>on CBS is sixty Minutes with Scott Pelly, FED Chair

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<v Speaker 3>j Powell said policymakers will likely wait beyond next month

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<v Speaker 3>to cut interest rates.

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<v Speaker 4>I think it's not likely that this committee will reach

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<v Speaker 4>that level of confidence in time for the March meeting,

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<v Speaker 4>which is in seven weeks.

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<v Speaker 3>How would you characterize the consensus around this table for rapecuts?

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<v Speaker 3>Is everyone on board? Almost all?

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<v Speaker 4>Almost all of the nineteen participants who sit around this

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<v Speaker 4>table believe that it will be appropriate, in their most

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<v Speaker 4>likely case, for US to cut the federal funds right

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<v Speaker 4>this year.

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<v Speaker 3>That was FED Chair Jerome Powell. In an interview on

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<v Speaker 3>sixty Minutes from CBS, he says officials are looking for

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<v Speaker 3>more economic data to confirm that inflation is headed down

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<v Speaker 3>to two.

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<v Speaker 2>Well, Nathan, we turn now to the latest in the

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<v Speaker 2>Middle East. The White House is promising more strikes on

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<v Speaker 2>Iranian forces and proxies after three straight days of punishing attacks,

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<v Speaker 2>but National Security Advisor Jake Sullivan insists the US won't

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<v Speaker 2>be pulled into a regional conflict.

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<v Speaker 5>We cannot rule out that there will be further attacks

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<v Speaker 5>from Iranian back militias in a racket Syria or from

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<v Speaker 5>the Huthis. We have to be clear right about that.

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<v Speaker 5>The President, in being clear right about that, has told

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<v Speaker 5>his military commanders that they need to be positioned to

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<v Speaker 5>respond to further attacks as well.

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<v Speaker 2>And Jake Sullivan was a guest on ABC's this week

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<v Speaker 2>and as the US and France iron it's also pushing

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<v Speaker 2>for an extended pause in fighting between Israel and Hamas

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<v Speaker 2>to allow for more hostage releases from Gazap. Sullivan says

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<v Speaker 2>the prospects for a deal are not imminent.

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<v Speaker 5>Israel has in fact put forward a proposal, and as

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<v Speaker 5>Cutter has indicated publicly, the ball is in Hamas's court

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<v Speaker 5>at this time.

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<v Speaker 2>National Security Advisor Jake Sullivan made those comments on Face

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<v Speaker 2>the Nation from CBS.

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<v Speaker 3>Meanwhile, care and Washington senators have reached a deal to

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<v Speaker 3>provide more funds for border security and aid for Ukraine,

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<v Speaker 3>but there are still some hurdles Bloomberg's Amy Morris has

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<v Speaker 3>details from Washington.

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<v Speaker 6>Senate leaders on both sides of the aisle back the

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<v Speaker 6>more than one hundred and eighteen billion dollar compromise, with

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<v Speaker 6>the first procedural vote set for Wednesday. President Biden says

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<v Speaker 6>he strongly supports it, adding it would give him more

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<v Speaker 6>authority to shut down the border while making the asylum

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<v Speaker 6>process fair and more efficient. House Speaker Mike Johnson called

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<v Speaker 6>the three hundred and seventy page bill dead on arrival

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<v Speaker 6>in the House, which sparked reaction from Republican Senator James Langford,

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<v Speaker 6>who helped craft the deal.

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<v Speaker 7>I'm a little confused. It's worse than I expected. When

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<v Speaker 7>it builds border wall, expands deportation flights, expands ice officers,

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<v Speaker 7>border patrol officer, how it creates a faster process for deportation.

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<v Speaker 6>But Speaker Johnson says it just doesn't go far enough,

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<v Speaker 6>and House Majority Leader Steve Scalise says it won't even

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<v Speaker 6>come to a vote in the House in Washington. Amy

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<v Speaker 6>Morris Bloomberg Radio Right. Amy Thanks Sticking with politics. Former

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<v Speaker 6>President Donald Trump says he might impose a new tariff

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<v Speaker 6>on Chinese goods if elected, and Bloomberg Daybreak Asia anchor

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<v Speaker 6>Brian Curtis has more from Hong Kong.

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<v Speaker 8>Trump told The Washington Post he might impose his sixty

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<v Speaker 8>percent tariff on Chinese imports. He told Fox News Sunday

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<v Speaker 8>Morning Futures, it could be even more.

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<v Speaker 9>I'm not looking to hurt China.

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<v Speaker 3>I want to get along with China.

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<v Speaker 9>I think it's great.

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<v Speaker 8>But they've really taken advantage of our country, and we

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<v Speaker 8>turned it around. The comments add to a long list

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<v Speaker 8>of concerns for investors of Chinese assets. Goldman Sachs has

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<v Speaker 8>said that a Trump reelection is among the most frequently

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<v Speaker 8>asked questions. Trump also weighed in on Nippon Steele's move

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<v Speaker 8>on US Steel.

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<v Speaker 3>US Still, you know what a name that is.

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<v Speaker 8>That's the most important name.

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<v Speaker 9>Fifty years ago there was no company like US.

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<v Speaker 8>Still now that Japan is buying it, I don't think

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<v Speaker 8>i'd let that deal go through. By the way, Donald

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<v Speaker 8>Trump on Fox in Hong Kong, I'm Brian Curtis, Bloomberg Radio.

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<v Speaker 3>All right, Brian, thank you. And other news involving China.

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<v Speaker 3>Policymakers are pledging to stabilize the country's slumping equity market.

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<v Speaker 3>The China Securities Regulatory Commission says it would guide more

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<v Speaker 3>medium and long term funds into the market and crack

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<v Speaker 3>down on legal activities. Some seven trillion dollars has been

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<v Speaker 3>raised from the value of Chinese and Hong Kong equities

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<v Speaker 3>since their peaks. In your early twenty twenty one.

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<v Speaker 2>Well in company news this morning, Nathan, another setback for

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<v Speaker 2>Boeing involving its seven thirty seven Max jet. Let's get

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<v Speaker 2>the latest from Bloomberg's John Tucker.

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<v Speaker 10>John, it's yet another manufacturing slip up, Karen. Boeing has

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<v Speaker 10>found mistakes with rivet holes in the fuselage of fifty

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<v Speaker 10>undelivered seven thirty sevens. Their supplier, Spirit Aerosystems believe responsible.

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<v Speaker 10>There's been a string of manufacturing lapses at Boeing, including

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<v Speaker 10>a near catastrophic panel blowout last month. Well, the FAA

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<v Speaker 10>has stepped up scrutiny of Boeing and has capped seven

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<v Speaker 10>thirty seven production until the quality improves. My shares right

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<v Speaker 10>now down two point three percent pre market, John Tucker,

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<v Speaker 10>Bloomberg Radio.

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<v Speaker 3>And John, We're going to be watching shares of Amjen

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<v Speaker 3>as well. An experimental weight loss shot from the drug

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<v Speaker 3>maker that's taken less frequently than wildly popular treatments. For

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<v Speaker 3>Eli Lillian Novan, Noordisk appears to keep weight off even

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<v Speaker 3>after patients stop taking it. An early stage study and

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<v Speaker 3>the journal Nature Metabolism says patients who got a monthly

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<v Speaker 3>injection of Amgen's drug dubbed Manta Maritid lost up to

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<v Speaker 3>fourteen and a half percent of weight in just twelve weeks.

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<v Speaker 3>Some people kept it off up to one hundred and

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<v Speaker 3>fifty days after stopping the drug.

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<v Speaker 2>Well Nathan and the entertainment world, the records keep coming.

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<v Speaker 2>For Taylor Swift, she won Album of the Year at

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<v Speaker 2>the Grammys for Midnights. For me, the award is the work.

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<v Speaker 2>All I want to do is keep being able to

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<v Speaker 2>do this.

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<v Speaker 6>I love it so much.

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<v Speaker 11>It makes me so happy.

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<v Speaker 2>The win from Swift on last night's CBS broadcast breaks

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<v Speaker 2>a Grammy's record for most wins in the category with four.

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<v Speaker 3>Finally, Karen, a couple of business executives have been added

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<v Speaker 3>to Harvard University's governing board, former MERC CEO Ken Fraser

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<v Speaker 3>and KKR co CEO Joseph Bayer. Joining that says Harvard

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<v Speaker 3>continues to deal with intense scrutiny and criticism from alumni, lawmakers,

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<v Speaker 3>and faculty over its handling of on campus anti semitism.

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<v Speaker 2>Nathan, thanks. It's time now for a look at some

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<v Speaker 2>of the other stories making news around the world, and

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<v Speaker 2>for that we're joined by Bloomberg's Amy Morris Amy, Good Morning, Good.

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<v Speaker 6>Morning, Karen. House Speaker Mike Johnson says a Republican backed

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<v Speaker 6>effort to impeach Homeland Security secretary of the Hondre new

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<v Speaker 6>Yorcas is completely different from the Democratic backed impeachment of

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<v Speaker 6>former President Trump.

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<v Speaker 12>We have followed the facts where they have led, not

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<v Speaker 12>for political purposes, not because we take pleasure in this.

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<v Speaker 12>It's again a heavy thing to look at the impeachment

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<v Speaker 12>of a president or a cabinet secretary.

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<v Speaker 6>Johnson tell's NBC's Meet the Press. The Republican led committees

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<v Speaker 6>have methodically gone through the impeachment process and determined new

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<v Speaker 6>Orcus broke the law. The vote on the articles of

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<v Speaker 6>impeachment was strictly a party line vote, but Johnson says

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<v Speaker 6>it's still not for political purposes. Nikki Haley was back

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<v Speaker 6>on the campaign trail in her home state of South

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<v Speaker 6>Carolina yesterday, fresh offer surprise cameo on Saturday Night Live,

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<v Speaker 6>addressing a crowd of about one thousand people on Daniel

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<v Speaker 6>Island and Charleston. Hailey continued to attack her chief rival,

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<v Speaker 6>former President Donald Trump.

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<v Speaker 2>But you got to acknowledge the fact he can't win

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<v Speaker 2>a general election. So you can vote for him all

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<v Speaker 2>day long and he can come out of this primary,

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<v Speaker 2>but he won't win a general.

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<v Speaker 6>The South Carolina Republican presidential primary will be held February

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<v Speaker 6>twenty fourth, but the Democratic primary in South Carolina was Saturday,

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<v Speaker 6>and President Biden was victorious in the first Democratic presidential

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<v Speaker 6>primary in the nation. He saw an overwhelming victory over

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<v Speaker 6>Congressman Dean Phillips and author Mary and Williamson. President Biden

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<v Speaker 6>then spent time campaigning in Las Vegas, Nevada, where he

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<v Speaker 6>talked about the naysayers who were convinced a recession is

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<v Speaker 6>around the corner.

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<v Speaker 4>How many times you hear when I first got elected

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<v Speaker 4>president my policy, We're going to bring a recession next month,

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<v Speaker 4>every month, none a merceand it anymore.

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<v Speaker 6>President Biden's stop came two days before Nevada's Democratic presidential primary.

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<v Speaker 6>California Governor Gavin Newsom is declaring a state of emergency

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<v Speaker 6>for eight counties in southern California. Newsom says high winds

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<v Speaker 6>and heavy rains have already impacted several areas of southern California.

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<v Speaker 6>The state has already mobilized a record eighty five hundred

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<v Speaker 6>state coordinated Emergency Response assets ready to respond to potential

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<v Speaker 6>flooding and landslides. Global news twenty four hours a day

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<v Speaker 6>and whenever you want it with Bloomberg News Now. I'm

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<v Speaker 6>Amy Morris, and this is Bloomberg Karen.

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<v Speaker 2>All right, Amy, Thanks. We do bring you news throughout

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<v Speaker 2>the day right here on Bloomberg Radio. But now you

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<v Speaker 2>can get the latest news on demand whenever you want it.

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<v Speaker 2>Subscribe to Bloomberg News Now to get the latest headlines

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<v Speaker 2>right at the click of a button. Get informed on

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<v Speaker 2>on Wall Street Time Now for a look at the

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<v Speaker 2>Bloomberg Sports update, here's John stash Hour John Yarn.

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<v Speaker 9>The World Cup soccer is coming to North America in

0:08:52.320 --> 0:08:54.400
<v Speaker 9>twenty twenty six. In a lot of cities whe're lining

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<v Speaker 9>up to host the championship game. The winner East rot Theford,

0:08:57.240 --> 0:09:00.600
<v Speaker 9>New Jersey MetLife getze. Despite Dallas having a Yager Stadium,

0:09:00.600 --> 0:09:03.680
<v Speaker 9>they'll get a semi final game, so will Atlanta. Miami

0:09:03.760 --> 0:09:05.880
<v Speaker 9>will host the bronze medal game, the first game involved

0:09:05.920 --> 0:09:08.480
<v Speaker 9>in the United States. We'll be in La Las Vegas,

0:09:08.480 --> 0:09:10.920
<v Speaker 9>hosting the Super Bowl for obviously the first time. The

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<v Speaker 9>Chiefs in forty nine ers arrived last night. We'll start

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<v Speaker 9>meeting the media. The sievening Patrick Mahomes may get asked

0:09:17.320 --> 0:09:19.920
<v Speaker 9>about his father. The former Mets pitcher Pat Mahomes's got

0:09:19.920 --> 0:09:22.840
<v Speaker 9>a DWI in Tyler, Texas. He has learned it's the

0:09:22.840 --> 0:09:25.200
<v Speaker 9>third one he's received and that he served forty days

0:09:25.240 --> 0:09:28.199
<v Speaker 9>in jail. In twenty eighteen, they played the Pro Bowl.

0:09:28.240 --> 0:09:31.040
<v Speaker 9>It was Flagg football on a fifty yard field in Orlando,

0:09:31.120 --> 0:09:33.679
<v Speaker 9>and for what it's worth, the NFC won sixty four

0:09:33.840 --> 0:09:37.040
<v Speaker 9>fifty nine with Baker Mayfield the Tampa Bay QB the

0:09:37.120 --> 0:09:41.319
<v Speaker 9>MVP Eli Manning coaching the NFC to victory over King's brother.

0:09:41.640 --> 0:09:44.960
<v Speaker 9>They currently unemployed. Bill Belichick took out a full page

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<v Speaker 9>ad in Sunday's Boston Globe, expressing his gratitude to Patriots fans.

0:09:49.720 --> 0:09:52.240
<v Speaker 9>They couldn't play golf at Pebble Beach yesterday and won't

0:09:52.280 --> 0:09:54.719
<v Speaker 9>even try today, So it's the first PG events in

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<v Speaker 9>twenty sixteen. Green shortened Wyndham Clark off that sensational third

0:09:59.400 --> 0:10:02.360
<v Speaker 9>round of six, gets his first victory since he won

0:10:02.400 --> 0:10:05.840
<v Speaker 9>the US Open last year. College basketball battle for first

0:10:05.840 --> 0:10:08.440
<v Speaker 9>place in the Big Ten, second ranked Purdue one at

0:10:08.480 --> 0:10:11.959
<v Speaker 9>sixth rank Wisconsin seventy five to sixty nine. Also in

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<v Speaker 9>the Big Tan, Illinois beat Nebraska Pac twelve, Arizona knockdoff Stanford,

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<v Speaker 9>Big East, Villanova Beach Properts John Stash. That were Bloomberg.

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<v Speaker 11>Sports from coast to coast, from New York to San Francisco,

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<v Speaker 11>Boston to Washington, DC, nationwide on SYRIASXAM, the Bloomberg Business Appen,

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<v Speaker 11>Bloomberg dot com.

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<v Speaker 3>This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. That

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<v Speaker 3>first cut from the FED might have to wait till

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<v Speaker 3>after March. That's what we heard from FED shaw Jerome Powell,

0:10:42.160 --> 0:10:44.920
<v Speaker 3>reiterating a message we heard from the January meeting in

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<v Speaker 3>his first interview with CBS's Sixty Minutes since twenty twenty one,

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<v Speaker 3>when inflation was just starting to surge, but with price

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<v Speaker 3>pressures now on the decline for nearly a year, J

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<v Speaker 3>Powell was asked, why not cut now?

0:10:58.559 --> 0:11:01.600
<v Speaker 4>We want to see more evidence that inflation is moving

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<v Speaker 4>sustainably down to two percent. We have some confidence in that,

0:11:05.160 --> 0:11:08.240
<v Speaker 4>our confidence is rising. We just want some more confidence

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<v Speaker 4>before we take that very important step step of beginning

0:11:11.160 --> 0:11:12.680
<v Speaker 4>to cut interest rates.

0:11:12.760 --> 0:11:15.520
<v Speaker 3>And again that was FED share Jpowen interview airing last

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<v Speaker 3>night on CBS's sixty Minutes for More. We're joined by

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<v Speaker 3>Lori Calvacina, the head of US equity strategy at RBC

0:11:22.800 --> 0:11:26.200
<v Speaker 3>Capital Markets. Thisays a message that we've heard before from

0:11:26.280 --> 0:11:31.040
<v Speaker 3>this chairman and from policymakers across the FED. Lorie, is

0:11:31.080 --> 0:11:34.760
<v Speaker 3>there a read through to stocks from what we're getting

0:11:34.880 --> 0:11:36.000
<v Speaker 3>from this Federal Reserve?

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<v Speaker 13>So I think that you know, in terms of the

0:11:39.320 --> 0:11:42.720
<v Speaker 13>pushback on the March expectations. Over at RBC, we've been

0:11:42.720 --> 0:11:45.320
<v Speaker 13>a little bit confused why those March expectations were there

0:11:45.360 --> 0:11:48.240
<v Speaker 13>to begin with. Our team's call has always been for

0:11:48.320 --> 0:11:51.679
<v Speaker 13>a June start of the cutting cycle. I do think though,

0:11:51.760 --> 0:11:53.520
<v Speaker 13>you have to pay attention to what was priced into

0:11:53.600 --> 0:11:55.720
<v Speaker 13>the market, and we are sitting at a point where

0:11:55.720 --> 0:11:57.880
<v Speaker 13>there was a lot of excitement about rate cuts in

0:11:57.920 --> 0:12:00.559
<v Speaker 13>twenty twenty four that was baked into the stock market

0:12:00.559 --> 0:12:03.520
<v Speaker 13>in that monster fourth quarter rally. We've seen we've got

0:12:03.559 --> 0:12:06.880
<v Speaker 13>sentiment indicators that are sitting around a sort of dangerous

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<v Speaker 13>levels right now or worry some levels at least in

0:12:09.559 --> 0:12:12.600
<v Speaker 13>the short term. And so it wouldn't you know, surprise

0:12:12.679 --> 0:12:14.080
<v Speaker 13>me if this does have a little bit of a

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<v Speaker 13>negative impact in the short term, but I would say

0:12:16.000 --> 0:12:19.360
<v Speaker 13>overall doesn't really do anything to derail our constructive view

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<v Speaker 13>on the year.

0:12:20.000 --> 0:12:23.240
<v Speaker 3>You pushed yourself back a bit by saying that sentiments

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<v Speaker 3>at dangerous levels. What's Scott you concerned about? Where sentiment

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<v Speaker 3>is right now?

0:12:28.040 --> 0:12:29.840
<v Speaker 13>So the one you know where I would maybe apply

0:12:29.920 --> 0:12:32.320
<v Speaker 13>the more sort of dangerous term would be looking at

0:12:32.320 --> 0:12:35.199
<v Speaker 13>the weekly CFTC data, which frankly, if you look at

0:12:35.240 --> 0:12:38.280
<v Speaker 13>Byside positioning in US equity futures and you combine all

0:12:38.280 --> 0:12:42.120
<v Speaker 13>the contracts together, we're actually sitting above levels that we

0:12:42.160 --> 0:12:45.199
<v Speaker 13>saw back in early twenty eighteen and twenty twenty, as

0:12:45.200 --> 0:12:47.360
<v Speaker 13>well as you know, well above the highest frankly of

0:12:47.360 --> 0:12:50.240
<v Speaker 13>twenty twenty one. In twenty twenty two. So you see

0:12:50.559 --> 0:12:53.200
<v Speaker 13>major indications of frost there when you look at the

0:12:53.240 --> 0:12:55.960
<v Speaker 13>AAII survey, which is an indicator I like a little

0:12:56.000 --> 0:12:57.960
<v Speaker 13>bit better. We have more history on that, we can

0:12:58.000 --> 0:13:01.400
<v Speaker 13>do more back testing. That one's hovering around one standard

0:13:01.480 --> 0:13:04.640
<v Speaker 13>deviation above the long term average in terms of net bullishness,

0:13:04.960 --> 0:13:08.079
<v Speaker 13>got their early December, was sitting there early January. It's

0:13:08.160 --> 0:13:10.680
<v Speaker 13>pulled back just a little bit, so it's right below

0:13:10.720 --> 0:13:13.560
<v Speaker 13>that one standard deviation mark right now. That one is

0:13:13.600 --> 0:13:15.680
<v Speaker 13>telling you to be looking out for a short term

0:13:15.679 --> 0:13:17.640
<v Speaker 13>pullback in the equity market, but more like a six

0:13:17.720 --> 0:13:19.480
<v Speaker 13>and a half percent gain on the year, so not

0:13:19.640 --> 0:13:22.960
<v Speaker 13>quite as worrisome as that institutional data set from CSPC.

0:13:23.280 --> 0:13:26.960
<v Speaker 3>How big a pullback could we see though, given what

0:13:27.000 --> 0:13:29.320
<v Speaker 3>you're seeing in those indicators, so.

0:13:29.400 --> 0:13:30.920
<v Speaker 13>You now we haven't put a number on it. I

0:13:30.960 --> 0:13:33.920
<v Speaker 13>would say that anytime you start thinking about pullbacks in

0:13:33.960 --> 0:13:36.640
<v Speaker 13>the US equity market, you know, kind of a garden variety,

0:13:36.760 --> 0:13:39.720
<v Speaker 13>something that's typical and nothing to get too concerned about,

0:13:39.920 --> 0:13:42.520
<v Speaker 13>would be anywhere from say five percent to ten percent,

0:13:42.559 --> 0:13:44.520
<v Speaker 13>and that's you know, really kind of looking at an outlier.

0:13:44.760 --> 0:13:47.120
<v Speaker 13>If you get anything beyond ten percent, you're really kind

0:13:47.120 --> 0:13:49.640
<v Speaker 13>of getting into growth scare territory, and we actually think

0:13:49.679 --> 0:13:51.719
<v Speaker 13>the economy is still on pretty solid flitting, So I

0:13:51.720 --> 0:13:53.720
<v Speaker 13>wouldn't be looking for anything nefarious like that.

0:13:54.240 --> 0:13:57.360
<v Speaker 3>What are you hearing from companies as they report earnings

0:13:57.360 --> 0:14:01.120
<v Speaker 3>about their outlook for the economy. We've seen so many

0:14:01.200 --> 0:14:03.720
<v Speaker 3>strong indicators of how this economy has been able to

0:14:03.720 --> 0:14:07.080
<v Speaker 3>perform up to now what's the outlook that you're hearing?

0:14:07.760 --> 0:14:09.599
<v Speaker 13>So I would say, you know, we read through a

0:14:09.640 --> 0:14:11.520
<v Speaker 13>lot of transcripts and the thing we've written the last

0:14:11.520 --> 0:14:13.400
<v Speaker 13>couple of weeks in our weekly is just that the

0:14:13.720 --> 0:14:16.760
<v Speaker 13>commentary on the outlook and the macro backdrop is just

0:14:17.040 --> 0:14:19.200
<v Speaker 13>very varied at this point in time. So on the

0:14:19.200 --> 0:14:21.480
<v Speaker 13>one hand, you have a lot of companies who are

0:14:21.480 --> 0:14:25.000
<v Speaker 13>talking about stabilization, who are talking about resilience, about consumers

0:14:25.000 --> 0:14:28.520
<v Speaker 13>moving things around and being judicious, but not really showing

0:14:28.520 --> 0:14:31.840
<v Speaker 13>any you know, significant signs of weakness. On the other hand,

0:14:31.880 --> 0:14:34.520
<v Speaker 13>you do have some companies and we actually had one

0:14:34.560 --> 0:14:37.920
<v Speaker 13>company last week use the word dismal, you know, but

0:14:38.000 --> 0:14:41.360
<v Speaker 13>really highlighting the uncertainty of the geopolitical risks, of the

0:14:41.400 --> 0:14:44.760
<v Speaker 13>longer lead times in terms of getting deal sealed. So

0:14:44.840 --> 0:14:47.640
<v Speaker 13>it really is is varied, to be honest, and you

0:14:47.640 --> 0:14:49.040
<v Speaker 13>even see that within industries.

0:14:49.360 --> 0:14:51.520
<v Speaker 3>All right, So in our last minute, Laurie, we're getting

0:14:51.560 --> 0:14:54.320
<v Speaker 3>into the heart of earning season here, another very busy

0:14:54.320 --> 0:14:58.000
<v Speaker 3>week when it comes to reporting season. What's your expectation

0:14:58.160 --> 0:14:59.600
<v Speaker 3>based on what we've heard so far?

0:15:00.560 --> 0:15:03.040
<v Speaker 13>So I think that we're getting more sector color. We're

0:15:03.040 --> 0:15:04.720
<v Speaker 13>going to have a better sense of the sector of

0:15:04.720 --> 0:15:07.960
<v Speaker 13>winners and losers in another week or so. But really,

0:15:08.000 --> 0:15:11.800
<v Speaker 13>the reactions to the earning speeds in aggregate haven't been

0:15:11.960 --> 0:15:15.600
<v Speaker 13>you know, that's that significant. To be honest, We're seeing

0:15:15.600 --> 0:15:18.280
<v Speaker 13>more muted reactions than what we typically see. So I

0:15:18.280 --> 0:15:21.680
<v Speaker 13>think investors are looking for color on cost margins and

0:15:21.720 --> 0:15:23.240
<v Speaker 13>that sort of thing. But I think, to be honest,

0:15:23.280 --> 0:15:25.080
<v Speaker 13>this is just a reporting season we've got to work

0:15:25.120 --> 0:15:27.280
<v Speaker 13>through where we adjust numbers down a little bit, get

0:15:27.320 --> 0:15:29.960
<v Speaker 13>some slightly more realistic expectations in, and then we can

0:15:30.000 --> 0:15:30.240
<v Speaker 13>move on.

0:15:31.520 --> 0:15:31.720
<v Speaker 2>Wow.

0:15:32.440 --> 0:15:35.360
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