Speaker 1: Bloomberg Audio Studios, podcasts, radio News.
Speaker 2: Good morning, I'm John Tucker.
Speaker 1: And I'm Karen Moscow. Here are the stories we're following today.
Speaker 2: We begin with last night's State of the Union. President
Speaker 2: Biden delivered a spirited in political speech ling out his
Speaker 2: pitch for a second term. With many Americans concerned about
Speaker 2: Biden's fitness, the president's oant to portray his age as
Speaker 2: an asset.
Speaker 3: You can lead America with ancient ideas, only take us back.
Speaker 3: You lead America the land of possibilities. You need a
Speaker 3: vision for the future and what can and should be done.
Speaker 2: President Biden also touting his accomplishments throughout the night, pointing
Speaker 2: to job creation. His bind part is an infrastructure bill
Speaker 2: lowering prescription drug prices.
Speaker 1: Well, John, The President also repeatedly targeted Donald Trump, without
Speaker 1: ever mentioning him by name. He framed their matchup as
Speaker 1: a choice over several galvanizing issues like abortion rights and
Speaker 1: preserving American democracy, which he says are under assault at
Speaker 1: home and abroad.
Speaker 3: My predecessor on some of you here seek to bury
Speaker 3: the truth about January sixth, I will not do that.
Speaker 3: This is a moment to speak the truth and to
Speaker 3: bury the lies. Here's the simple truth. You can't love
Speaker 3: your country only when you win.
Speaker 1: In the more than hour long speech, President Biden also
Speaker 1: addressed issues where he's faced criticism from both parties. He
Speaker 1: looked to reassure Democrats skeptical about the war in Israel,
Speaker 1: announcing that the US is building a temporary peer to
Speaker 1: get aid into Gaza, and he schoolded Republicans for failing
Speaker 1: to take up a recent bipartisan border bill.
Speaker 2: Well munch of the attention was paid to the performance
Speaker 2: at President Biden during his hour plus address. We got
Speaker 2: reaction after the State of Union from Bloomberg political contributors
Speaker 2: Genie Zeno and Rick Davis.
Speaker 4: I think it was raucous. He was interacting with members
Speaker 4: of Congress, and I think performance wise, he may have
Speaker 4: been able to do what he did last year, which
Speaker 4: was quell some of the doubts about his age and
Speaker 4: his ability. So I think from a performance perspective, I'm
Speaker 4: not sure that the White House or the campaign could
Speaker 4: have expected anything more from this president.
Speaker 5: He used this opportunity to contrast over a dozen times
Speaker 5: with his predecessor, the unnamed man in this speech, Donald Trump,
Speaker 5: and I think it was very aggressive in that case,
Speaker 5: So I would say this speech was an offensive speech.
Speaker 5: It was him taking it to Donald Trump, defending the
Speaker 5: turf he's created for himself and his presidency, and talking
Speaker 5: to voters tonight, much more so than Congress, and much
Speaker 5: more so, frankly, than the foreign policy aspects of.
Speaker 2: This Bloomberg political contributors Rick Davis and Genie Zeoso. Biden's
Speaker 2: speech laid out the makings of a re election platform,
Speaker 2: including raising taxes on the wealthy and corporations, push to
Speaker 2: pass a law and acting Roll versus Wade, and expanding
Speaker 2: background checks on gun purchases.
Speaker 1: Well John and the Republican rebuttal Alabama Senator Katie Britt
Speaker 1: called President Biden a dithering and diminished a leader and
Speaker 1: warned of a blank American future under his presidency. Britt
Speaker 1: blasted Biden's work on the border.
Speaker 6: President Biden's border policies are a disgrace. This crisis is despicable,
Speaker 6: and the truth is it is almost entirely preventable.
Speaker 1: Katie Bridd, a first term Alabama Republican, is the youngest
Speaker 1: woman in the Senate at age forty two. It's a
Speaker 1: third year in a row that Republicans have picked a
Speaker 1: woman to speak to the nation after Biden's State of
Speaker 1: the Union.
Speaker 2: And Karen Sting and Washington Congress has started the process
Speaker 2: of having Bike Dance divest TikTok, Bloomberg's and Baxter has
Speaker 2: more in the story.
Speaker 7: The House Energy and Commerce Committee has unanimously passed legislation
Speaker 7: to compel the separation or face having a banned on
Speaker 7: app stores or web hosting services. Congressman Mike Gallagher is
Speaker 7: advancing the legislator says, it's not a ban, it is
Speaker 7: a sale.
Speaker 8: That's the lie that they can tell and disrupt activity
Speaker 8: on the Hill. Can imagine what they could do with
Speaker 8: the app in terms of election year misinformation, in terms
Speaker 8: of misinformation about a war. That proves the point that
Speaker 8: we can't put this app in the hands of our
Speaker 8: foremost adversary.
Speaker 2: The Chinese Communist.
Speaker 7: Party China, of course, is not happy. It even pushed
Speaker 7: out notifications urging users to contact members of Congress to protest.
Speaker 7: Ed Baxter Bloomberg.
Speaker 2: Radio right ed, thanks well.
Speaker 1: He turned to the economy now, and attention is focused
Speaker 1: on the jobs report as we close out the week.
Speaker 1: Economists are forecasting a gain of two hundred thousand jobs,
Speaker 1: and we get a preview from Bloomberg's Michael McKee.
Speaker 9: January's jobs report was a surprise to say the least
Speaker 9: three hundred and fifty three thousand jobs created, a multiple
Speaker 9: of prior months, and a reminder the labor market hasn't
Speaker 9: succumbed to higher interest rates yet. This month's consensus forecast
Speaker 9: sees somewhat weaker but still strong job creation For February,
Speaker 9: Unemployment is expected to be unchanged, still below four percent.
Speaker 9: Michael McKee, Blueberg Radio.
Speaker 2: All right, thanks Mike, and more signs that interest rates
Speaker 2: are coming around the world cuts, that is the Senate
Speaker 2: Banking Committee yesterday, the Fed chair Jay Palin said he's
Speaker 2: well aware of the risk of cutting too late.
Speaker 10: If what we expect and what we're seeing is continued
Speaker 10: strong growth, a strong labor market, and continuing progress and
Speaker 10: bringing inflation down. If that happens, if the economy evolves
Speaker 10: over that path, then we do think that the process
Speaker 10: of carefully removing the restrictive stance of policy will canon
Speaker 10: will begin over the course of this year.
Speaker 1: Meanwhile, Powell's European counterpart, Christine Laguard, offered more specific guidance
Speaker 1: indicating the European Central Bank may be in a position
Speaker 1: to lower rates in June.
Speaker 11: We clearly need more evidence, more data, and we know
Speaker 11: that this data will come in the next few months.
Speaker 11: We will know a little more in April, but we
Speaker 11: will know a lot more in June.
Speaker 1: ECB President Christine Lagard and her fellow policymakers left a
Speaker 1: deposit rate unchanged at four percent for a fourth straight meeting, and.
Speaker 2: Turning to the markets ahead of the jobs report this morning,
Speaker 2: futures are mixed after another record clothes on Wall Street
Speaker 2: and tender year treasury yields are at a one month low.
Speaker 2: Gold is up for an eighth straight day. We SMB
Speaker 2: five hundred is on pace for gains of the past
Speaker 2: seventeen out of nineteen weeks. That's a winning streak last
Speaker 2: scene in the nineteen sixties at Tracy mcmillion, head of
Speaker 2: Global Asset Allocation at Wells Fargo Investment Institute, is cautious
Speaker 2: on the markets.
Speaker 4: At ten percent pullback is not at all uncommon.
Speaker 1: We typically do see about ten percent pullback every year.
Speaker 2: Well Tracy mcmillion, head of Global Aset Allocation at Wells
Speaker 2: Fargo Investment Institute, is looking to move money into small
Speaker 2: cap stocks and emerging markets during any pullback.
Speaker 1: Well stocks sit at a record john it appears investors
Speaker 1: are beginning to pull money out of big tech. Bank
Speaker 1: of America says about four point four billion dollars was
Speaker 1: pulled from tank funds this week. That's the largest weekly
Speaker 1: outflow on record, and strategist Michael Hartnetz says equity markets
Speaker 1: are showing abnormal gains in abnormal times.
Speaker 2: Our shares of General Electric Karen trading at their highest
Speaker 2: levels in more than six years. The stock gain more
Speaker 2: than four percent yesterday after the company's aerospace division set
Speaker 2: plans to return more of its profit to shareholders, and
Speaker 2: that includes restoration of a significant dividend. We spoke yesterday
Speaker 2: with CEO Larry Kulp.
Speaker 12: Both here in the US and around the world. Our
Speaker 12: business supports the warfighter, both in both configurations, and we
Speaker 12: know that there are advanced technologies that governments want to
Speaker 12: deploy or be ready to deploy over time, and that's
Speaker 12: where we're investing from an R and D perspective.
Speaker 2: That's GE CEO Larry Culp. He says operating earnings a
Speaker 2: GE Aerospace at forecast reached ten billion dollars by twenty
Speaker 2: twenty eight, and.
Speaker 1: It's time now for a look at some of the
Speaker 1: other stories making news in New York and around the world,
Speaker 1: and for that were joined by Bloomberg's Michael bar Good Morning, Michael.
Speaker 13: Good Morning, Karen. New York Republican George Santos announced last
Speaker 13: night that he would make another run for a New
Speaker 13: York House seat after being expelled by his colleagues in December.
Speaker 13: The indicted former congressman, who attended Thursday State of the
Speaker 13: Union address, plans to run against Nick Lolota for New
Speaker 13: York's first district. He had previously represented the third district.
Speaker 13: Santos posted the news during President Joe Biden's address. For
Speaker 13: the second day, about seven hundred and fifty members of
Speaker 13: the National Guard were dispersed into several of New York
Speaker 13: City's busy subway stations. Some of the stations include Manhattan's
Speaker 13: Grand Central, that have been plagued by reports of gun
Speaker 13: violence and other crimes. MTA had General Lee insist the
Speaker 13: Guard will not replace the presidents of uniformed NYPD officers
Speaker 13: inside the subway.
Speaker 14: I love uniformed officers of all kinds in my stations.
Speaker 14: Why because fifth when surveyed, fifty five percent of MTA
Speaker 14: customers say the one thing that they want that makes
Speaker 14: them feel safer in the subway is to see a
Speaker 14: uniformed officer.
Speaker 13: MTA Chief General Leber says that the guard will likely
Speaker 13: move day to day to different stations as they're needed.
Speaker 13: An Army soldier at Fort Campbell, Kentucky, has been charged
Speaker 13: with selling military secrets to China. The Justice Department says
Speaker 13: Sergeant Corbin Schultz, who worked as an intelligence analyst, sold
Speaker 13: the information for a total of forty two thousand dollars.
Speaker 13: US attorney Henry Lavendez and Nashville says Schultz was indicted
Speaker 13: on six counts.
Speaker 15: This included documents and information related to advanced fighter aircraft,
Speaker 15: advanced military helicopters, intercontinental ballistic missiles, high mobility artillery rocket systems,
Speaker 15: defensive missile systems in Chinese military tactics.
Speaker 13: Schulz is accused of selling information about the high Mars
Speaker 13: long range rocket system, which the US has given Ukraine
Speaker 13: to fight off the Russian invasion. After applying to join
Speaker 13: nearly two years ago, Sweden officially became the thirty second
Speaker 13: member of the NATO Military Alliance yesterday. It marks an
Speaker 13: end to the country's decades of post World War II neutrality.
Speaker 13: Attorney General Merrick Garland addressed the growing threat of anti
Speaker 13: Semitism in the US and brought in a speech to
Speaker 13: the Anti Defamation League. Garland grew up facing the anti
Speaker 13: semitism other American Jewish families faced. He says his Justice
Speaker 13: Department has seen those threats triple in just the last year.
Speaker 5: They do not capture the fear of Jewish Americans that
Speaker 5: any sign of our identity could make us the target
Speaker 5: of an attack.
Speaker 13: Global news twenty four hours a day and whenever you
Speaker 13: want it with Bloomberg News Now. Michael Barr, this is
Speaker 13: Bloomberg Karent.
Speaker 1: Sorry, Michael, thank you. What we do bring you news
Speaker 1: throughout the day right here on Bloomberg Radio. But now,
Speaker 1: as Michael said, you can get the latest news on demand,
Speaker 1: and that means whenever you want it. Just subscribe to
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Speaker 1: your schedule. You can listen and subscribe to Bloomberg News
Speaker 1: Now on the Bloomberg Business app, Bloomberg dot Com plus apples, Spotify,
Speaker 1: and anywhere else you get your podcasts. It is time
Speaker 1: now for the Bloomberg Sports Update. And here's John stash Houer.
Speaker 16: John carrying a big injury in the NBA, where the
Speaker 16: Minnesota Timberwolves have been a big surprise leading the Western Conference,
Speaker 16: but now they're all star Karl Anthony Towns has a
Speaker 16: torn meniscus headed for surgery. We'll certainly miss the rest
Speaker 16: of the regular season. Could be back in the late
Speaker 16: playoff rounds without them. T Wolves went to Indiana. Their
Speaker 16: other all star, Anthony Edwards, poured in forty four points
Speaker 16: and he saved the game at the end.
Speaker 2: So reap out of the Pacers.
Speaker 9: They don't call the time out.
Speaker 2: Haliburton the head of head Smith with it triples.
Speaker 16: If chick watch, Oh my goodness, what a rejection from
Speaker 16: by Anthony Edwards to save the game.
Speaker 9: What thirteen?
Speaker 2: What eleven Wolves? When Walls win?
Speaker 16: He fan with the call. Bad loss for the Nets
Speaker 16: one eighteen one twelve in Detroit, where the Pistons had
Speaker 16: one since January. Pistons had two players, Jordan Ivy and
Speaker 16: Kate Cunningham combined for sixty six points and Denver and
Speaker 16: Nikolioakis triple doubly scored thirty two. The Nuggets beat the
Speaker 16: Celtics won fifteen one o nine. So that's two losses
Speaker 16: for Boston since an eleven game win streak.
Speaker 2: First two game.
Speaker 16: Losing street for the Celtics since November. Warriors lost at
Speaker 16: home to Chicago, won twenty five, won twenty two to
Speaker 16: two Bowls. DeMar DeRozan and Nicolo Vutevich both scored thirty three.
Speaker 16: Steph Curry shod only five of eighteen and late in
Speaker 16: the game Curry limped off with an injured ankle. At
Speaker 16: the Garden tonight, Nickson the Magic at the season ending.
Speaker 16: Now those two would meet in the first round of
Speaker 16: the playoffs. Orlando has beaten the Knicks in each of
Speaker 16: the first three meetings. On the ice in Newark, Devil's
Speaker 16: got a hat trick from Timo Meyer beat Saint Louis
Speaker 16: four to one. The Islanders, with seven different goal scorers,
Speaker 16: won seven to two at San Jose. The Bruins by
Speaker 16: Toronto four to one. College Jibs Rutgers lost at Wisconsin.
Speaker 16: Shane Lowry leads the Palmer Golf at Bay Hill by
Speaker 16: a shot after an opening.
Speaker 2: Around sixty six.
Speaker 16: Russell Wilson, now a free agent, quarterback expected to meet
Speaker 16: with the Pittsburgh's dealer johns.
Speaker 17: Dash I.
Speaker 2: We're Bloomberg Sports.
Speaker 16: John.
Speaker 2: All right, John, thanks very much. President Biden sought to
Speaker 2: breathe new life in his re election rematch against Donald Trump,
Speaker 2: delivering a spirited and sharply political State of the Union
Speaker 2: speech last night. Let's bring in our first guest to discuss.
Speaker 2: Laura Davison is Bloomberg News Politics reporter. Laura. Thanks for
Speaker 2: being with us this morning, appreciate it. How is the
Speaker 2: speech being received this morning?
Speaker 17: So first, really, Biden did the first role of the
Speaker 17: State Union, which is do no harm, do not make
Speaker 17: a major verbal gaff, do not know show signs of
Speaker 17: his age. That was something that has been you know,
Speaker 17: much talked about in this and something that voters are
Speaker 17: very worried about. And who was able to clear that hurdle.
Speaker 17: What Biden did here was really sort of kick off
Speaker 17: his twenty twenty four campaign. Earlier in the week, Trump
Speaker 17: had the spotlight, you know, after Nikki Hayley dropped out,
Speaker 17: after he did very well on Super Tuesday, and this
Speaker 17: was Biden's turn to make his case on the the
Speaker 17: types of policies he would pursue. If he were president,
Speaker 17: you know, things like higher taxes, things like pursuing more
Speaker 17: ways to cut cost for you know, middle class Americans.
Speaker 2: And this was clearly aimed not at the Congress, but
Speaker 2: more at the voting public.
Speaker 6: Was it not?
Speaker 2: Yes, this really?
Speaker 1: You know?
Speaker 17: You know, at times you saw Biden speak directly to
Speaker 17: you know, the the lawmakers in the room with specific points.
Speaker 17: He called on Republicans to get together with Democrats and
Speaker 17: pass this emigration deal that had in stalled in the
Speaker 17: chamber earlier this year. However, you know, really the message
Speaker 17: here was to to you know, to voters, to say, look,
Speaker 17: here's the contrast that I will have with my opponent.
Speaker 17: You know, one of the things that that the Democrats
Speaker 17: and the Biden campaign have been very concerned about is
Speaker 17: just how strongly Trump is performing in the polls and
Speaker 17: swing states. So they're trying to craft this message to say, hey,
Speaker 17: remember you know what you know, Trump's reign was like,
Speaker 17: we want to you know, paint a different picture of
Speaker 17: what the next four years under Biden could look like.
Speaker 2: Did he appear resilient? I mean, of course, there are
Speaker 2: questions about the eighty one year old president's age and
Speaker 2: concerns about that. Did he seemed to allay any of
Speaker 2: those concerns with the performance last night? It was what
Speaker 2: over an hour speech, over an hour.
Speaker 17: Speech, and he also, you know, at several times opted
Speaker 17: to go off script. You know, at one point, you know,
Speaker 17: he was being heckled by Marjorie Taylor Green and he
Speaker 17: actually you know, addressed her directly addressed the issue she
Speaker 17: wanted it, and really was able to sort of prove
Speaker 17: that that vibrancy this is, you know, been an issue
Speaker 17: that that that Biden has been you know, trying to
Speaker 17: figure out how to you know, sort of tackle the
Speaker 17: age issue head on, make jokes about it or you know,
Speaker 17: in the case, which he did very effectively last year,
Speaker 17: is sort of you know, getting to these back and
Speaker 17: forth you know, shouting matches at points with Republicans, and
Speaker 17: you know, he's really able to command that stage and
Speaker 17: and and sort of get the last word.
Speaker 2: Go into a little more detail about the issues that
Speaker 2: were brought up and the issues that are likely to
Speaker 2: be first and foremost among voters as we approach the
Speaker 2: November elanctionin how did he address those issues?
Speaker 17: So he really opened up his remarks talking specifically about
Speaker 17: some of the threats to democracy that that Trump posed
Speaker 17: in his words. You know, so things like you know,
Speaker 17: standing with NATO allies, you know specifically, you know, looking
Speaker 17: making sure that Ukraine has continued support so that Putin
Speaker 17: is not able to sort of advance and take more
Speaker 17: control over Ukraine. He also this was really a domestic
Speaker 17: policy speech at its core, so he ticked through his accomplishments,
Speaker 17: you know, citing things like more money for chips, infrastructure,
Speaker 17: the Inflation Reduction Act would had a lot of investments
Speaker 17: and renewed technology, and then kind of made this pivot to,
Speaker 17: you know, here are the things that we do next,
Speaker 17: you know, paid for by higher taxes on corporations and
Speaker 17: the wealthy. He you know, really renewed his commitment to
Speaker 17: things like tax breaks for middle classes, you know, so uh,
Speaker 17: you know, the child tax credit. He talked about a
Speaker 17: new tax credit for first time home buyers. You know,
Speaker 17: also looking at other ways to reduce things like drug prices,
Speaker 17: grocery prices, and you know, go after corporate inflation in
Speaker 17: various ways.
Speaker 2: Laura always a pleasure appreciated. Lori Davidson, Bloomberg News Politics
Speaker 2: reporter recapping last night the State of the Union, addressed
Speaker 2: by President Biden, and our other top story this morning
Speaker 2: was stocks they hit an old time high the run
Speaker 2: up to the jobs report out this morning, and for
Speaker 2: more than that. We are now joined by Lori Calvacina,
Speaker 2: head of US Anquity Strategy at RBC Capital Markets. Ri
Speaker 2: Or it's always a pleasure talking to you, another record,
Speaker 2: So what next for stocks?
Speaker 12: Well, thanks for.
Speaker 18: Having me as always, and look, I think the stock
Speaker 18: market has been very interesting over the last couple of
Speaker 18: weeks because as I've been out on the road talking
Speaker 18: to investors, I've heard a lot of worrying and a
Speaker 18: lot of angst that the US economy is so hot
Speaker 18: the FED can't possibly cut rates. I think Chairman Towel
Speaker 18: through a bit of cold water on that earlier this week.
Speaker 18: But I do think even before that, the market was
Speaker 18: really queuing and climbing off of this idea that the
Speaker 18: economy is much much hotter than people anticipated. And so
Speaker 18: it seems like good news is good news for now.
Speaker 2: Well, Pal said, the FED is what were his words,
Speaker 2: not far from the level of confidence needed to ease policy.
Speaker 2: I also have to wonder, Lorie, the extent to which
Speaker 2: FED policy is even in the driver's seat for equities.
Speaker 2: Maybe it's just something like momentum or earnings.
Speaker 18: I think that's fair, you know. I think as we
Speaker 18: went through this last reporting season, it felt to me
Speaker 18: to the audits like companies we're trying to talk down
Speaker 18: expectations a little bit. There were no absolutely, in my mind,
Speaker 18: no eminent signs of any kind of cracks in the economy.
Speaker 18: Obviously some companies are having issues here and there, but
Speaker 18: generally looks like a pretty solid economy underneath the surface.
Speaker 18: Lots and lots of complaints about costs, which if may
Speaker 18: have been driving some of the you know, I wouldn't
Speaker 18: even call it cautious commentary. It just it felt like
Speaker 18: people were trying to keep expectations in check. But I
Speaker 18: do think that we're editing, you know, kind of.
Speaker 19: This period in twenty two twenty three that was similar
Speaker 19: to twenty ten, twenty eleven, or two oh three, kind
Speaker 19: of these periods of messy post crisis normalization that we
Speaker 19: tend to experience after major shocks to the world order,
Speaker 19: to the global economy, you know, things like the tech bubble,
Speaker 19: the GFC, COVID, these are all major major mile markers
Speaker 19: for the economy and the stock market, and.
Speaker 18: It takes time for the investment community to get back
Speaker 18: on its feet after that happens. It takes time for
Speaker 18: the economy as well. And I think we're sort of
Speaker 18: coming out of you know, kind of the fog speak
Speaker 18: and investors are really able to recognize the underlying strength.
Speaker 18: And I think there's still you know, just a lot
Speaker 18: of healing that's going on psychologically that's powering this economy.
Speaker 2: We have the equal weight version of the S and
Speaker 2: P five hundred that set record for the first time
Speaker 2: in a couple of years. Does that put to bed
Speaker 2: concerns about a market bredth?
Speaker 18: I think I wouldn't say entirely. You know, it's funny
Speaker 18: in the market breadth conversation, it was the Mag seven,
Speaker 18: you know, we joke it down to the terrific three.
Speaker 18: Some people have started play was only one stock now,
Speaker 18: But there's been this Darwinistic attack on that Mag seven bucket.
Speaker 18: And if your earnings growth isn't holding up, they kick
Speaker 18: you out.
Speaker 17: Of the bucket.
Speaker 18: And so what we've seen is that investors are sniffing
Speaker 18: out the idea that the earnings growth advantage of these
Speaker 18: major stocks that have dominated the market is shrinking relative
Speaker 18: to the rest of the market, and I think that
Speaker 18: gap is going to continue to strength shrink as economic
Speaker 18: expectations improve. Generally, I think that should boose cyclical companies,
Speaker 18: value companies, small cap companies, and their earnings prosite, which
Speaker 18: will encourage investors to rotate into other things. And I've
Speaker 18: been telling you know, I have someone I speak with
Speaker 18: it's just convinced that the market has to go down
Speaker 18: if we see a rotation out of these biggest names.
Speaker 18: And I say, just remember, if you take a little
Speaker 18: bit of market cap out of those biggest names and
Speaker 18: put them into the rest of the market, just proportionally,
Speaker 18: it's very, very different. What's a drop in the bucket,
Speaker 18: for one, is a bit of a flood in the
Speaker 18: rest of the market, especially if you look at things
Speaker 18: like small caps, and so I do think the market
Speaker 18: has the ability to weather that rotation and you know,
Speaker 18: and not really suffer any extreme damage because of it.
Speaker 2: Hey, what's the house view this morning? The consensus as
Speaker 2: far as Bloomberg, the economists surveyed by Bloomberg is a
Speaker 2: two hundred thousand on the Payrolls report. What are you
Speaker 2: guys looking for?
Speaker 18: So our economists are looking for something a bit higher
Speaker 18: than that, and they are also paying attention to the
Speaker 18: unemployment rate, and so I think, you know, they're not
Speaker 18: overly worried about this in terms of our FED call
Speaker 18: and our specific number, and we're looking for two sixty.
Speaker 18: And you know, I think that our team has been very,
Speaker 18: very fortunate to work with them for the past year
Speaker 18: because they've been telling me to look for June cuts.
Speaker 18: We were never in the March camp, and we've also
Speaker 18: never really been in, you know, sort of this camp
Speaker 18: that was looking for any kind of nasty downturn early
Speaker 18: this year. We've generally been into soft landing camp for
Speaker 18: quite some time. Even though our team worked, everyone else
Speaker 18: has had to adjust their numbers up a little bit.
Speaker 18: So we never thought we were going to see this
Speaker 18: massive damage to the labor market that was going to
Speaker 18: cause the panic the FED to induce these panic cuts.
Speaker 18: So you know, we're looking for good news to be
Speaker 18: good news again.
Speaker 2: Today, you're listening to Bloomberg Daybreak Today, your morning brief
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