CDC Relaxes Mask Guidance for Vaccinated People

You can also listen to our radio show at two pm Eastern Time on Bloomberg Radio or watch us on YouTube search Bloomberg Global News. Just about an hour ago, at crossed about the CDC to say, vaccinated people can often dish, ditch, ditch, yeah, masks indoors. That is a big deal and listen. This could potentially be a game changer in terms of maybe how people think about getting the vaccine because it does potentially significantly change your world, and how do you go about it. Say that, hey,

there's a big point in getting the vaccine. I don't have to wear this mask anymore. Well, let's get right to it with a Dr Bill Moss, Professor Epidemiology at the Johns Hopkins at Bloomberg School Public Health, also executive director of the International Vaccine Access Center, joining us now on the phone from Baltimore. The Bloomberg School of Public Health is supported by Michael R. Bloomberg, founder of Bloomberg

LP and Bloomberg Philanthropies. Dr Moss, it's great to have you with us, especially on a day when we learned this striking news from the CDC. Uh, I'm I'm wondering what your reaction was when you saw it. Yes, thanks to him for thanks him for having me and uh, you know, I think this is really big news. And uh, Rochette Lonski, the director of the CDC, was talking updated guidance ently, this is it. I think this is really important. As Carol said, you can really help motivate people to

get back to it. It's not going to motivate everyone, um, and we still have a ways to go in improving access and addressing other causes of concerns for getting vaccines, but being able to shed your mask indoors is a real motivator. Hey Bill, Dr males Is, does it make you though a little apprehensive that maybe we're doing it a little early. Well, it's a tough balance. You know, I would say, you know, there are still some communities in the United States where there's a lot of virus transmission,

and so the risk maybe higher. It will be higher in those communities, But the fact that we're seeing cases come down, Uh, we still want to see them come down much further. Um as vaccination levels going up, although the pace has slowed. UM that combination really makes us safer. And I think people needed a motivating factor. They needed to see some of the real tangible benefits of getting back to So does this get us President Biden's goal by the fourth of July American adults getting a shot.

I hope. I think it will contribute him, But I think there's still more to do. We know that there are some Americans who want to get back to native and they're just having trouble doing it for for a variety of reasons. And so we need to do have

greater efforts to bring vaccines to people um. And we also need to do more to try to address the various concerns, whether it's about you know, the safety of the vaccine, or or people just underestimating the risk of COVID nineteen to themselves, to their family we still have more work to do, but I think this, this will help. So how does this play out? Because here's what Dr Rochelle Willinsky just said. The CDC is updating our guidance

for fully vaccinated people. Anyone who is fully vaccinated can participate in indoor air act or activities large or small without wearing a mask or physical distancing. If you are fully vaccinated, you can start doing the things that you would stop doing because of the pandemic. Once you're fully vaccinated two weeks after your last DOST, you can shed your masks. So does that mean we should just be going to the grocery store and taking our masks off

in the grocery store. I think this is this will still be a personal decision. I mean that they're Uh. Dr Willens is really trying to normalize the lives of people who are fully vaccinated, bring us back really to pre pandemic situation. Uh. Again for those who are fully vaccinated. But we we know the vaccines are protective at least the instant section of mild. Least, we still have to monitor for variants that may tape some of some of

the immunity conferred by the vaccine. That's still a concern. We haven't seen real solid evidence that that's happening yet. Um, but I think I think people will make of a personal decision about their risk. You know. One other, one other thing that we should talk about is, you know, this past year we've seen the lowest levels of influenza virus infection storys insitial virus infections, and that's because of the masking and and public health precautions that we've taken.

So I think we as a society can look hardest to w that we want to continue some of the particularly different influenza season or other restiry disease seasons, which are largely in the winter time. Yeah. No, it's it's interesting that you say that, and I thought about it, uh as I am, you know, walking a little bit more around the city and just thinking about this past year and thinking about how none of us really in our family got any kind of serious colds or or

or flu that that's true. Um. Having said that, you made the point that the vaccines are not a hundred percent effective, and we're figuring it out when to the immunity goes away. So I don't know whether it's in a few months we're gonna have to think about boosters. Correct, just got about forty seconds. Then we'll come back and

talk some more. Yes, Uh, we still don't know yet, Uh the duration of the protection exactly as you said, but we are going to start having to think about boosters, either because of waning immunity or because of the emergence and widespread transmission of variant. So yesterday we got some more on twelve to fifteen year olds that a group of medical experts saying children in that age group can safely take the COVED nineteen vaccine made by Fiser and

by in Tech. How important is it, though, Bill, to getting kids vaccinated, to us getting to her immunity, or at least closer to it, or more her immunity than less. Yes, but it's certainly Carol gets us closer to her immunity. There are approximate seventeen million children in that age group in the United States, and you're exactly right. Food and Drug Administration issued an emergency Youth authorization and then we

got the CDC approval and pushman to go Sason. Why it's important for children to be vaccinated first, it's to protect the child. We we know children have our lower risk of severe disease, but sillions of children have been effective the United States, thousands hospitalized, even hundreds died, and some children are at risk for an inflammatory or syndrome

even if they've had very mild covide. The second reason is just to help our children get back to normal lots, summer camp, get to school, um and then lastly, really protect our families and friends and communities, because really anyone susceptible to infection as a potential transmitter of infection. Dr Moss, what's a realistic way for us to think about how even younger age groups can get access to the vaccine?

Is it pretty typical that if something is safe for twelve to fifteen year olds, it can be safe for eight to eleven year olds and safe for two to seven year old Is that a realistic way to think about it. That's that's the reasonable assumption to him. But it still needs to be studied, and so the vaccine manufacturers fies them with Derna, Dunson, and Johnson are all studying the safety and efficacy of these vacts in the younger and younger children. This is a typical way that

vaccines are studied. You start in uh in adults, and you kind of work your way down in in groups of children. So we're seeing studies in children five to eleven years of age and then uh, you know, younger ages two years to uh to four years of age and even under two six months two years of age. So, UM, what we have to what has to be looked at you very carefully though, is we get to younger children.

Is the dosing, and so all the vaccine manufacturers look to see whether a smaller dose of the vaccine will will also be safe and effective. Vaccinating the world is proving to be a lot more difficult, and maybe not as a surprise. Um, why is it important, Bill that the US turn its attention to vaccinating the world and what does the US need to be doing? Yes, girl, I think this is the most important question facing the United States right now. Uh. It's understandable that we're focused

on our own population. We had a terrible pandemic uh in the United States, but I think we're reaching a point we really need to focus on the world. You know. The bottom line, it's simple, We're not safe here in the United States until this pandemic is controlled, and it's a global pandemic. The more the virus is transmitted UH, particularly at the levels like we're seeing in countries like India or Brazil, the more chances it has to mutate.

And this is the time for the United States to step up really be a leader in the global fight against the pandemic. And that includes you know, donating excess vaccine doses UM, allowing you know, materials to go to other countries to manufacture vaccines, supporting the Kovacs facility, which is the the UH the basically the mechanism to get vaccines to low and middle income countries. I'm I'm wondering about variants and vaccines because the narrative has has been

for for months now. One way to think about the us is responsibility in getting vaccine or control around the world is to think about it from a selfish perspective and make sure that variance and variants that can't penetrate vaccines don't come here. Is there any evidence that that

could or will happen. Well, what we've seen so far, Tim is you know, basically the studies are supporting the fact that our currents of vaccines authorized for u C United States are effective against the kind of current panel of of their there is some reduced UH protection um or or you know, they require higher levels of our protective bodies for some of the variants, for example, the variant that was first identified in South Africa, the B

one three five one variant. But in general, all the all the current vaccines are UH effective, particularly against the here disease, against these variants. So we don't have to panic yet, we need to be very diligent in the situation. Alright, We're gonna leave it on that note. Thank you so

much for your time. Really appreciated. Dr Bill Moss, Professor of Epidemiology at Johns Hopkins Bloomberg School of Public Health, Executive director of the International Vaccine Access Center, and of course the Bloomberg School of Public Health supporting my Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies. Are you gonna wear your mask now? I'm kind of comfortable with it.

I will say that when I was walking the streets and I had a bag of potato chips, I was kind of munching on it, kind of had the mask back outside. It's a different story. But my daughter, who they teach like put the mask back on Okay, it's like rough, okay not this is Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Well, the Bloomberg Big Take also happens to be the cover story of this week's magazine. The cover image is pretty incredible.

Um My producer Paul Brennan talking about it earlier, I mean, it was just it's amazing. You gotta check it out. It's also the most read story on the Bloomberg Today. And Tim, it's about the former immigrant kid who is now worth billions, the so called pie piper of the recent link check Craze. We're talking about Chamath Polyopatia. Yeah, if you're on Twitter and you you know, follow Chamath much.

He doesn't need any introduction. As we talked about earlier, he's kind of like a one named person at this point. Joe Weber's editor of Bloomberg Business Week. He joins us live here, and Zeke Fox is finance reporter for Bloomberg News, joins us on the phone, but he is right here at our New York City bureau. Joel, this is just a fantastic read and and and my big takeaway is that even though Chamath's UH spacks have really struggled this year,

Chamath is going to be totally fine. Yeah. I mean that's sort of been the real kind of the kernel of the story that UM uh that Zeke I think hit on UM. You know, banks for a lot of people, UM came out of nowhere and have become just a theme of the past year one for just years of our lives, and acts were one of the things that UM at least became watching. And Chamath obviously and a huge proponent of them. He says he wants to do

as many as UM. And you know, I think that there's a thing that I'm going to ask you about here, which is looked like spacts can be really lucrative for the sponsors, but Zeke, how do they how does it look like they end up working up for for the rest of us. So I looked into one spect that Tremas promoted this year called Clover, and when he was taking it public, he was pitching it sort of to the everyday investor as I can't miss I'm gonna ten

ext your money kind of thing. And since then if you bought it on the day that he pitched it. Since then it's dropped by about a quarter. Of course, you have to wait and see how it works out in the long run. But the real thing that with SPACs is that as a sponsor, Tamas gets of the spack as a kind of fee called the promote um. So he's out there saying, I've kind of discovered the

secret to being rich. I'm gonna let the little guy into these private deals that have gotten me with where I am um and my interests are aligned with yours. But meanwhile, really he's making his money off these fees, and the stock would really have to crash very low before he would be in the red. Well, Zeke, what did you find out about Clover Health when you were

doing this recording? So the pitch for Clover Health is that it was a tech company that was going to revolutionize healthcare, and if you weren't listening that closely, you might not even really pick up that it was really a health insurance company. And of course you can find this all out from its securities filings if you're the kind of person who reads those. But really, it's a Medicare advantage plan that almost exclusively operates in New Jersey.

Not really a very big company, and from talking to former employees, one that's had a lot of trouble hitting its growth targets in the past expanding the way it wanted to. Now, of course, they have this pitch now that they've invented uh tech tool that's sort of the culmination of you know, a decade of their existence that's really going to bring together all their machine learning technology to analyze patient data and recommend treatments, and that this

is what's really going to make the company take off. Um. But I hope that the investors that are buying it understand that, you know, this is a pretty risky new business rather than something that is you know, guaranteed to go up and you say, decade in business still losing money. So that if it was being taken public, you know, and it was going on a road show, you would

certainly see zeke it become under a lot of scrutiny. Yeah, that's sort of the appeal of SPACs for a lot of companies is when you go public, the underwriters are worried about getting sued if they make projections that are wrong. So you're almost forced to dwell on your recent results. So if you're a company with like Clover that's losing huge amounts of money every year, but you're on the

verge of a turnaround. You say, Um, when you do a SPAC, you can talk more about your great future prospects and you can hopefully investors won't dwell on your recent losses. And there's been just like a huge wave of these unprofitable UH companies with big dreams going public through spacts this year, and for a while, it just seems like all of them went up. I mean almost people were talking about it like it was almost a new asset class. You could just invest in spacts and

get great returns well. And then um, gravity kind of came in and and things have changed a little bit. Um and hence the spacticost flat cover. Um zeke though, I wanted to ask because despite what what we'll publish in the magazine, and um, despite maybe that data, it doesn't seem like it might stop Jams, right, And even as you were working on this story, he announced that there was another one coming with a certain gym chain.

So how do you how do you make sense of of of where Jamas could go with his vision of SPACs. So he has turned himself into kind of a brand name like Goldman Sachs. And if you're a company that wants to go public, maybe you hire a bank to do an I p O. And now people are aware that there's another option that you could merge with one of Polhopatia's SPACs. And my big question is whether the

brand name can survive one or two bad deals. Um, if it was it was built on just sort of this to the moon idea, Um, is he gonna lose his appeal if he has a mixed track record like anyone who's bringing companies public is likely to have. In the long run, you can't all be winners. But you're right, he's just the other day Bloomberg News broke that he is planning to bring the Jim Chain Equinox public um.

But well, he hasn't raised any new blank check companies for a while, so that's something to keep an eye on if he's uh raises more gets closer to his goal of six. Like he said, it's kind of like, you know, SPACs, are they a venture capital pool where you're playing around? You know what you mean? Like that maybe a lot of them will ultimately play out, But do investors kind of totally get that versus if you go through the I P O traditional route, you're vetted

a lot differently. One point like how many people get hurt along the way, and what does that do for future interest in the same things? Right, Yeah, exactly. It's a great read and it is a great cover. We've been talking about in the news room. Joel. Well, it started with me saying, SPACs go splat, and then I think we proceeded to look at as many possible versions of the same idea as possible until we got it right. So the one you settled on is awesome. It's really

really wonderful, all right. Joe Weber, of course, editor of Bloomberg Business Week. That is the cover story. It's also the Bloomberg Big Take. Seek Fox wrote it Finance reporter at Bloomberg News. This is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes, Tim Stinovic on Bloomberg Radio. Hey in the magazine this week and the new issue, as we mentioned, it is online on the Bloomberg and

on newstands. It includes Business Week Economics editor Peter Koy writing about how to make sense of the surprising inflation signals. And I gotta say, Tim, this is kind of just what the doctor ordered after this week's inflation data and market reaction. Yesterday, markets were freaked out. Today, maybe not someone not so much. Yeah. I think those numbers that we got about employment continuing employment claims actually throwing some

throwing some water on that idea. Let's get right into it with Peter Koy, economics editor at Bloomberg business Week. He joins us on the phone from New Jersey. So, Peter, what's real what's transitory? Yeah, this is a debate, and we tried to go right down the middle on this one and give both sides and will let people judge for themselves. But it's the Fed, of course, is on the transitory side of the argument. And uh, Steve Matthews, my Bloomberg colleague, is a good story about that today.

In six reasons that the Fed is um still fairly calm, I would say the number one reason the Fed is calm is that it looks at expectations of inflation, which have been anchored for up until really just about now. The Fed was worried that people would expect too low inflation. That's why it's constantly laboring to get inflation higher. Now that it's finally succeeding, instead of being patted on the back, it's getting criticized for letting inflation get out of control.

So you can imagine be a little frustrating j polo these days. Well wait, so because we're expecting more and you know, help me out here, I expect you, Peter Coy, to set it straight and make some sense out of it. So right, I mean some things are transitory. You and I have talked a million times about folks were bouncing back from the economy being shut down a year ago, and so right, like some of this is normal, when does it become abnormal? Help us make sense of the

data points that we're seeing there? There are some there's some inflation that's caused by just pent up demand pouring onto the market. So uh Richard Clara To, the Vice chair of the Fed, made the point yesterday this is one data point to April uh CPI number, and that you you're gonna expect volatility in the important data series at times like this, when the economy is recovering from a major, major dislocation. And just because the price goes up in one month doesn't mean it's going to keep

going up. After that, it could either stabilize as this new higher level, or it could go back down, which means it's subtracting from the CPI in future months. And I guess um, I tend to lean against the new conventional wisdom, which seems to me that inflation is really totally fearsome and scary as heck uh, lean more in the direction of saying, come on, calm down a little bit, this is not such a dissaster. And I see that's the way the markets are reacting today, right, Hey, folks,

I've seen a few cycles before. Um No, But Peter, what's interesting is though here you have a day McDonald's boosting average US wages to over thirteen an hour. They're hiring ten thousand workers to Potle also raised its average hourly waged to fifteen dollars an hour. Amazon hiring and

they're also paying more workers wage. Inflation is something we watch very closely, and we've had folks on air our own I think Carl Rickadonna, maybe Mike McKee saying that unless something has changed structurally in the ability of workers to demand higher wager wages, you know, longer term you know, that's when we start to run into trouble. So like if wages notch upward by say two dollars an hour, and then that becomes the new normal, that's my definition transitory.

That's a reset to a kind of maybe more appropriate level. Maybe workers were getting underpaid UM unless it gets to the point where it's going up and up and up, and that in the companies are raising prices to compensate for it, and then workers demand higher wages comes to have a higher prices. That's that's a wage price spiral, which is scary and and that is something to watch out for for sure, but we're not seeing evidence of it yet. And that's why the set is like for now,

we're still on hold. So what's the important data point for for us to keep an eye on? No, I would keep paying attention to UM wages. My story includes the Employment cost intext, which is a better measure of inflation and wage wages than you get in the average hour learnings figure in it comes with the jobs report last friday. Uh so yeah, watch that and and that's high not not denying it. UM. I would pay more attention to that than I would just say, um, what

we're seeing in commodities. You know, gasolene is gonna bounce around. It does. It always has the same with iron, copper, lumber, cotton. These are things that are inherently volatile, and the closer you get to the consumer, the less volatile prices tend to be. So that's why the CPI is more important to look at than, say, for example, today's PPR, which is also on the high side good stuff being producer

Price Index of courts. Yeah right, I'm still scratching my head a little bit because I feel like it's it's the conversation Peter. We have we haven't like about twenty seconds, but we have it every day, and I know, and I guess we have to have not just one month, but more months, right exactly. Let's let's wait, Let's watch a few more months and see what happens, and then we can make more of a decision. Peter Cole, I thank you so much, economics editor at Bloomberg Business Week.

I want the data now, though, Patience, patience, my son, this is Bloomberg the journal now. But you let me drive. Oh no, no, no no, job home, honey, please, I'll do velt. I want to drive, just drive the question trying. This is the drive to the globe. Commun Thanks, we'll drying us to dawn on Bloomberg Radio. All right, just about ten and a half minutes left in today's trading session.

We've got a few earnings coming your way. Disney will be breaking them down with our Beyond the Bell team in just a moment when they come out after the closing bell. In the meantime, we're pretty much at our best levels of the session when it comes to the SMP and DOWD. We just heard Doug breaking down those numbers. Nastack still having a tougher time, but it too has bounced back more than one percentage point exactly, much different than we were a little bit earlier today. So let's

get into it with Mira pound it Uh. She's Global Market Strategies at JPMorgan Asset Management, joining us on the phone in New York City. Mere good to have you here with Tim and myself. So, how do you distinguish today's trade where we got a hot inflation numbers producer prices versus yesterday's trade where we got a hot inflation number which was consumer prices. Well, thanks for having me, and I think that Ultimately, investors are nervous that higher

inflation means higher rates. Well, look at the Seed is willing to stay the course on rates, and higher inflation that's coupled with higher growth doesn't need to be a bad thing. And I think that markets are waking up to that today. In fact, it can be a sign of of healing and recovery. And I think, so, why didn't we see that way yesterday? Why didn't we feel

that way? Our Peter Coy making the distinction that when it's closer to the consumer, higher prices maybe than mean higher wages, which means higher prices, which means higher wages, and you get into basically a wage price spiral. Well, I think that while we are seeing some legitimate wage pressure, overall, the FED still looks like it wants to remain on target. And I think that the gut reaction yesterday was this

is going to go off into an environment. We're going to see higher rates right away that's going to hurt things like the text sector, and that's going to become a bigger market headwind to today. Realizing, look, some of this is really just friction from the fact that the economy is reopening. You know, last year we turned the economy off with the life which you can't turn it

back on without a bit of an adjustment period. We're seeing that in supply chains UM and I think that a lot of that is going to work itself out throughout the course of the year. But to Carrol's point, it is today the difference between yesterday and today, those initial jobless claims that seem to be showing a strengthening labor market falling this morning to a pandemic low. Absolutely. I think that plays into it where a lot of investors were rattled by the job's report last week coming

in weaker than expected. Are people going to come off the sidelines without a bit of wage pressure. But when we look at the body of the different UM jobs indicators, we have jobless claims as one of them, we're seeing that there still is some strength in the labor market overall. So we can't take one report and extrapolate too much off of that, especially when there's so much real time change going on. Yeah, exactly, Like, let's remember where we were roughly a year ago, right, we have to kind

of put it into perspective. We fell off a cliff, I know, I say this a million times, but we fell off a cliff and now we have, you know, found our way back. Is part of a two mira that the FED has to be and they've said this, I think time and time again that they are willing to risk having a little bit of inflation going a little bit hot to make sure that we don't fall back when it comes to economic growth, because building or getting ourselves out of the hole is tougher than getting

in the hole in the first place. That's right. You know, the FED has said we are willing to on average get to two percent inflation, but we're willing to overshoot that a little bit because remember that inflation was incredibly subdued over the last decade UM. You know, from a labor market perspective, not everybody in the labor market weekally felt that healing UM, so perhaps the end stages of

the recovery. So I think that the FED really wants to make sure that there's a proper healing from this pandemic before they make too many moves in terms of rate.

I'm wondering about wage pressures. It's something that people we talked you over and over again, tell us to keep an eye on and I thought of it this morning when I saw the news from McDonald's that they're raising wages for the employees and company owned stores Mira and and also Amazon saying they're gonna hire seventy five people in those wages will be higher than they've been in the past. Is that a sign of wage of of wage inflation? Sure, I do think we are going to

see a little bit of wage inflation. I mean, what we saw on the jobs report too, is that actually some of this is a bit more sticky than perhaps people originally thought. You know, we've been talking a lot about various compositional effects, but really when you strip those out and control for that kind of pre pandemic, we

are seeing a bit of an acceleration in wages. But similar to inflation, you have to compare it to the fact that wage inflation has been very subdued over the last ten years, so we are recovering in that sense as well. What do you make when stocks and bonds are going up together? We don't necessarily necessarily see that correlation, but you know, yields we kind of settled down, We actually moved down today. I think when we see stocks

and bonds moving together. It is this sign of recovery and that the stock market is feeling a lot of optimism about accelerating growth, really robust profits, and equally that's being reflected in yields as inflation and growth gets stronger. I think it's kind of an early cycle indicator that things are moving in the right direction. All right, so let's let's put all of these macro ideas to work. You've got to do it over there at JPMorgan Asset Management.

So clients come in, big institutional clients come in, Uh, you know, high net well worth individuals, Like, what do you say, where is it that we want to be allocating new money at this point? I think from an investment standpoint, from an inflationary picture, when we're seeing higher inflation and higher growth coupled together, we are still leaning into some of the more cyclical or more value you

oriented areas of the stock market. We've seen a robust recovery and particularly some of those cyclical areas, and there's more to go. From an earning standpoint, we're really focusing on quality companies with good earning um. If the dollar continues to weaken, international stocks, particularly because people haven't quite priced in their recovery yet is UM I think has

a lot of room to run. And then some of those classic inflation hedges areas like commodities, real assets, you know, res infrastructure can also provide a lot of value to clients and also kind of help them sleep at night if they are worried about inflation pressures the infrastructure play. How are you kind of strategizing around that when it

comes to political action or policy action. So what we're thinking of in terms of how the policy implications are likely to take place, is that we're going to see a lot of negotiations over the next month and probably throughout the summer. If any part of the infrastructure bill is going to pass through budget reconciliation, which just requires that simple majority so effectively only Democrats to support UM,

that can happen any time before release September thirty. So I think we're gonna have a long lead time in which there could be some bipartisan agreement, or there could be you know, portions pass through reconciliation. Either way, it stands to reason that a lot of these initiatives m are likely to to play out and pass ultimately in

one form or the other. Are you. Are you recommending that clients keep cash on the sidelines right now, like there's going to be some sort of further dip at least inequities where things will be less expensive if they want to get in. Look, I think that yesterday, today, the last couple of days when we had seen a correction,

represents a good time to get in. I wouldn't recommend being in cash right now, just because of all the momentum we're seeing um within the economy, and the fact that even if we do see a bit of a dip or a bit of volatility, the fundamental backdrop is still so strong that I don't think it's worth trying to time in and out of the market and get the timing right. It's better to just get in sooner um and reach the benefits, even if there is a

bit of choppiness just quickly twenty seconds. Where don't you want to be in this market environment right now? Just quickly? I think we want to pay attention within fixed income to some of those longer duration bonds as we do see yields rising, so we really want to head towards the shorter end of the curve and shorten up in duration.

That's really one of the areas where UM investors are going to want to be a little bit careful, all right, really appreciate your thoughts, the macro ideas and then putting it to work. Mirapond It. She's Global Markets stadgist Over JP Morgan Asset Management. Thanks for listening to Bloomberg Business Week. Download the podcast on iTunes, SoundCloud, or Bloomberg dot com, and you can also listen to our radio show at two pm Eastern on Bloomberg Radio or watch us on YouTube.

Sarah to Bloomberg Global News