This is Bloomberg Business Week. I'm Charle Masser and I'm Bloomberg Quick Takes Tim Stanovk. We're here every day bringing you the latest news from the world to business and finance, plus technology, politics, economics, all partnising the power of Business Week reporters and editors, not to mention our journalists and analysts in more than one twenty countries. You can download Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg dot Com.
You can also listen to our radio show at two pm Eastern Time on the Bloomberg Radio or watch us on YouTube search Bloomberg Global News. So a lot of headlines when it comes to COVID and the vaccine, as there always are, Charlie of course talking about them. So to Nancy Lions. We've got US educators backing vaccines. Australia struggling to control outbreaks after months of lockdowns in its
main cities. Japan serious cases continuing to rise. We are awaiting news from US regulators on getting a third job for people with compromised immune systems. The f d A expected to update authorizations on the inoculations from BioNTech and it's partner fightser as well as madierna that could happen as soon as today. Meantime, the top infectious disease doctor in the US, top COVID voice really out of the government, Dr Anthony Fauci, provided some clarity this morning on CBS
about who exactly should get that COVID booster. We don't feel at this particular point that, apart from the immune compromise, we don't feel we need to give boosters right now. But importantly, we are following this in real time, literally
on a weekly and monthly basis. We're following cohorts of individuals, elderly, younger individuals, people in nursing homes to determine if in fact the level of protection is starting to attenuate, and when it does get to a certain level, we will be prepared to give boosters to those people I want to bring in our gusta a great voice for us
throughout the pandemic. Dr Chris Byro is Professor of Epidemiology and Public Health and Human Rights at Johns Hopkins University, Bloomberg School of Public Health, supported by Michael R. Bloomberg to Bloomberg, Gulp and Bloomberg Philanthropies. Dr Biro, also Senior scientifical Liaison at the COVID Vaccine Prevention Network. He's with us on this Thursday on the phone in New York City. Dr Byron, Nice to have you back with us. How are you, how's everything going well? Thank you, Carol. Good
to be with you. Um, well, I don't know that many of us expected to be back here with over a hundred thousand new infections today in the US, so it's it's a challenging moment um. But you know, the good news is that the emergency use authorizations really are holding up against DELTA. They are providing robust protection against hospitalization and death. But on the downside, we're just a little over half of all Americans who are eligible fully immunized,
and that's too low. So her immunity not even close, No, not even close. And uh, you know, we're we're in a situation now where we actually have vaccine surplus. We're kind of the envy of the rest of the world. You know, where where worldwide we're at something like you know, about sixteen percent of the rest of the world has been immunized. Many many places no access to vaccines or no access to high efficacy vaccines. Uh, and we have three really great vaccines, the J and J single dose
and a visor and MODERNA. So how do you feel, you know, as we wait maybe some updates in terms of a third shot for some people when it comes to COVID, a booster shot, if you will. We're expecting to hear, you know, maybe from the FDA today. What's your thinking on that guidance in terms of that versus prioritizing the world just getting a first shot into at least everyone are as close to as many as possible. Yeah, yeah,
it's very important question. I think. The first thing to say, uh, and of course Dr Faccy spoke to this today earlier clip is that four people with immuno compromise the immune suppressed. And these include folks, for example, who have had a solid organ transplant like a kidney or liver transplant, and who have to be on immune suppression so they don't reject the organ, or people on steroids, people on cancer chemotherapy, folks who really, as it turns out, did not have
as vigorous enough responses to the two dose regiments. So for them, this is not really a booster it's really more like completing full immunization, and it does seem that those people really do need a third dose. Uh. There's about between two and three million Americans who would fit into that category. Uh. And of course we have plenty of vaccine and we do expect the FDA today to announce that their doses will be UM will be suggested
for the immune suppressed. That's different from the rest of us. The questions for people with healthy immune systems and who are eligible. So this is the twelve and older's um really is, you know, is the immunity that we have from the vaccines persisting And that's a question that's still ongoing. Remember that everybody who is in these vaccine trials is being followed for a full two years, so we're still
assessing the immunogenicity there. And what it looks like right now is our problem is not among the immunized, and it's not because vaccines are waning over time that that's not what we're seeing. What we're seeing is, of course, that too many people are not immunized at all, and
that's where the hospitalizations and deaths are happening. And the challenge that you know, children under age twelve are still not eligible the trial of both Fiser and Maderna and children are under way and not going to have those data probably for several months. So in the meantime they remain vulnerable, and we are seeing, of course an increase in hospitalizations in younger people because Americans over age sixty five have done way better. Of Americans over age sixty
five are immunized. Know, a lot of seniors remember polio and small talks. They're from earlier periods where we didn't have this kind of vaccine hesitancy to the degree that we do now. Yeah, it's a really really good point, and you're right when we break it down to demographics, you see definitely some very different um patterns when it
comes to who's taking the vaccine who who isn't. Still with us as Dr Chris barb were, Professor of Epidemiology and Public Health and Human Rights at Johns Hopkins University, Bloomberg School of Public Health, still with us on the phone in New York City, Dr Barrow, I just want to go back to what you said when we talk about the UH those with weak immune systems, UH, the immuno compromised UH. If you will, it is a relatively
small number, correct, that's right. It's it's uh between about two and three of folks in the United States, so that that's still a fairly large number of people, but only about the most three of America. Okay, because I just do wonder if you've had people coming up to you, patients or colleagues or family members or friends saying, well, wait a minute, I have diabetes, or I have asthma,
or I'm just getting over fighting cancer. Don't I qualify Well, I think for for folks who have a provider, that's really a question. Uh, that's on a case by case basis. At this point, many of the underlying conditions like for example, diabetes UM is a good example UM do also cause immuno compromise. What we're also very concerned about is the folks who are, for one reason or another on steroids often or what we call autoimmune diseases, and that's diseases
like lupus, rheumatoid arthritis. Uh, those folks also will have compromised. People living with HIV infection who are virally suppressed and doing well on medication are often not immuno compromise. But people who are living with HIV and who are incompletely treated certainly would qualified UM and UH, And as I said, these are less really being thought of as boosters and are being thought of as a third dose that's necessary for people who just really don't respond well enough to
one or two doses. And there's an easy test right to figure out your immunity here and that can help determine whether or not you need an additional vaccine. Is that fair? That's absolutely right. So when you look at out the headlines, I mean, I think it's safe to say we'd all we're hoping that by this time we'd be well behind or in front of COVID, not behind.
It just feels like now we are again behind. UM. I don't know what's the trajectory, what's the timeline that you look at that we can maybe get to a place where we don't think so much about this this virus and it's not so troubling. Yeah. Yeah, Well, we have been in a kind of a race between the virus and its new variants and the vaccines and our immunization programs. For some I think two things have have
not gone in our favor. One is, first of all, UH, that the vaccine rollout began to slow because of hesitancy UH, and has you know, not been sufficient at Only about of all Americans eligible fully immunized, so that has to increase, and I think the the certainly the private sector mandates from companies and employers, is likely to change that. The second problem is, of course, that the virus continues to
mutate and generate these new variants and delta. While birologists were not surprised by it, we all have been really uh I think uh impressed by the infectiousness of this virus. So the original Wuhan strain had a infectivity of about two to three, meaning that for every person who was infected, they were likely to infect two or three more people. This delta variant is in the five to nine range, is much more infectious uh. And that is that is
really driving these surges. And of course you put together low immunization coverage, the change in behavior with people ceasing to social distance and not not wear masks, and the infectiousness of this virus, and that is why we are in the situation we're in. Looking ahead, we've got to
do better with immunization. There is an expectation, I think that the f PA is going to fully approve the MODERNA vaccine, sorry, the Visor vaccine first and then Moderna And that's probably gonna happen sort of in the in the three to six week range with Visor. That will be important. There are a number of people who say that they don't want to take a vaccine until it's fully approved, and that's understandable. But once that is fully approved,
I think that will change. And that will also change how many employers are willing to mandate one thing, to mandate immunization with an emergency use authorization another if you have a fully vaccine. Yeah, that certainly sounds like it would do a lot to getting a lot more people vaccinated. We're gonna talk about that a little bit later on. Dr Buyer is so great to check in with you. Dr Chris Buyer over at Johns Hopkins University, Bloomberg School
of Public Health. On the phone in New York City, you're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Hey, this popped up on our radar. As companies and CEOs are grappling with getting workers and customers back to their businesses, we're seeing leaders try more stick and less carrot, especially as we see another uptick in cases caused by the
delta variants. So let's get the particulars on this. We've got the reporter on the story, Bloomberg News Projects and Investigations reporter Drake Bennett on the phone in New York City, along with Bloomberg Business Week editor Joe Weber on the remote access in Massachusetts. It does feel like Joel the days of well, we'll give you a little bonus, we'll do this, we'll do that, just if you take the vaccine. Now it's like, just take the vaccine. Yeah, big, big shift.
And and that's what Drake ward for the story. Um, biggest thing of all is just that it went from sort of like employers trying to incent and even more than that, even you know, society trying to encourage with lot of tickets and you know, bonuses and baseball tickets and whatever else you can throw at them, to like no more, no more, Mr nice guys. Um, we're seeing the carrot go away in favor of something more resembling
a stick. So so Drake walk us through what happened and sort of the historical precedent for some of this well, I think the uh the turning point really UH Well, besides you guys point out the brother the delta variant UM and the fact that uh, you are seeing vaccination rates you have, you're seeing them kind of level off. UM. But then you have this court decision, a federal court decision in UH lawsuit brought by some students at Indian University, and I you had instituted a vaccine man which you
know some institutions were doing. You know, some hospital systems were doing it, some universities were doing it, but a lot of them weren't UM. But the federal judge upheld UH India Universities UM mandate. And I think that really that was sort of July nine, teams ish and since then, along with the spread of delta, I think that's driven the steady drumbeat of of a lot of big employers, you know tech companies, Google, um, Facebook, you know Tyson's,
you know the big meat processor uh Amazon. In different ways, they're all they're all saying, you know, if you if you want to come back to the office, need to get vaccinated UM. And if you're not gonna get vaccinated, you know, you have to do all this testing, and like you guys said, there's really been this move away from we we want people to do this thing. You know.
There's a sign that some of the protesters outside one of the hospital headquarters were holding and that said, you know, vaccination, yeah, mandates. No the ideas like we like vaccinations, we think they're good, but who are we to like tell people what to do? And now it's just sort of like all right, isn't it.
It's it's interesting though, And I just I just got off with a doctor, just talking with the doctor, Dr Chris byro Overt Johns Hopkins and just saying it'll call maybe a long way once the FDA says it's not just emergency use but full use, uh in terms of getting more people to get vaccines. But he credited to some extent companies kind of pushing it on workers to
upping up some of the vaccine numbers. That it's going to be important for that to happen in order for us to get you know, close to something like her immunity. It's interesting, though, Drake, that vaccine mandates. It's not new, right,
We got vaccines as kids. We just did it right, right, Yeah, I know, for you know, every state in the Union has some kind of vaccination requirement for schools um and you know, back during the small pox you know, the days of the small boxe uh, a lot of states did. Mean it was interesting then as now. It was kind of like this social engineering experiment where some states had mandates, some states were vehemently anti mandate, and a lot of
other states were somewhere in between. And you know, one of the legacies of that is you can sort of see how effective these things are. The states that did have vaccine mandates of one form another had a lot lot less smallpox than the ones that that we're anti mandate. Well, we'll stick with that smallpox thing because I think when we when it was such a a problem on such a large scale, and yet you know, we weren't as
interconnected as we are now. Obviously, what what did we learn coming out of smallpox that has informed public health policy since Well, one thing that came out of that is is the Supreme Court case that is now being used to uphold vaccine mandates when they go to court um that there was a a Swedish born pastor and Cambridge, Massachusetts who he actually had been vaccinated against smallpox back in Sweden. Um and said he had a bad reaction to the shot, so he didn't want to get a
new shot in Massachusetts. He didn't want his kids have to get it, and so this case went all the way to the Supreme Court and the Sprew Court. He said, you know, yes, there are sort of issues around privacy and self control here, but they're there are bigger issues around the sort of health of the community, and this idea that it's it's you know, people aren't doing this, then there's kind of it defeats the purpose of the
whole endeavor. So that that's really been the kind of legal context where that we're the current um sort of battles have played out. Would it help if President Biden came out and just said, all right, everyone, you gotta get your vaccine, if there was some kind of federal mandate that came down, and is that even possible? I
know other countries are certainly uh taking steps towards that. Well, I mean legally, yes, that's the federal you know, the Supreme Court has said that the federal government, you know, you could do that. You know, I don't think we're gonna see it. I think there's not really the political will for that sort of a sweeping measure. And but yeah, as you pointed out, in France and Italy to varying degrees,
have basically what are national vaccine mandates, UM. And I think what you've seen so far is vaccination rates haven't gone up. But you have also seen, especially in France, UM, these these big national protests. So I think, you know, UM, in a way, you know it would I think you would probably get more vaccinations here if if there was
kind of a bigger stick. I mean, I think there's a polling seems to suggest that there are some people who are real vaccine you know, holdouts, and then there's a lot of people who are kind of squishier about it UM. And so you would probably get some portion of those people to to vaccinate if it became harder
to you know, live in society without it. I think, you know, the other the other thing to keep in mind their Carol is and we're starting to see some indications of this from from Biden is that you know, he's going to put some pressure on the FDA, especially in the coming weeks, to to get that full authorization of the federal government, which you could think of that.
It's sort of like an interim step before anything resembling like a federal level mandate, because UM, at least that way, you've got something that is at the full blessing of the government. Isn't just um an emergency youth authorization. Obviously he's pushing hard on that, and we'll we'll see what the FDA decides to do in the coming weeks. Yeah, exactly, that's something to the doctor Dart two. With that, Johns Hopkins said that that would be a big, big step forward,
no doubt about it. But I think about another story that's out on Business Week where you've got you know, restaurant owners having to police who's gotten the vaccine, and it's really putting a lot of individuals in tough positions at this point. Hey, great story, Drake, Thank you so much.
Drake Bennett. He is Projects and Investigations reporter at Bloomberg Business Week with us on the phone in New York City, and of course our thinks to Dell Webber, editor of Bloomberg Business We check out the double issue that is on newsstands right now on the Bloomberg terminal on always at Bloomberg dot com This is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio and as our Bloomberg opinion columnist, Tara la Chappelle,
who covers the business of entertainment, telecandom, telecommunications and deals rights. Even Disney profits are not safe from the delta variant, she joins us on the phone in New Jersey. Um Disney always an important one to watch. Uh. It's a well known company. Investors like to see what this uh one has to say about all of their moving parts. Tara, what are you watching out for? Tell us a little
bit about your column today. Well, you know, I think in the middle of this pandemic, Disney is almost a travel bill weather in some ways. So you know, there was this data point that we've all been kind of waiting to see whether something would come out as far as people canceling flight because that seems meaningful. That would mark a change from just sort of a vague general fear about the delta variants being worse than what we were facing a few months ago, versus people actually acting
on it. And yesterday we had Southwest Airlines come out and say in their profit warning to investors that people are starting to cancel flights this month and that it's
because of the delta variant. And I think that's really important because if people are hesitant about travel, Disney's biggest theme park, Disney World in Orlando, Florida, most of their guests travel from other states to get there, and so if people are starting to become hesitant, that doesn't bode well for what was looking like a pretty good recovery in that business for Disney. And you're already starting to see ANA assessments starting to come down, becoming a little
bit more pessimistic. We don't know how long it's gonna last. Maybe this is a temporary thing, and I hope it is, but right now we feel that there's something changed just the last few days. Yeah, it is. It is kind of a fast movieing um as. I feel like so much of the virus has been right, Tara, where we think we're on one course and all of a sudden
something happens. And you write in your story that as recently as May, after Disney is finally able to reopen the two California theme parks, the average analyst estimate called from more than twenty million of operating profit from parks, experiences and consumer products for the latest quarter, but Alice now expect just forty one million from that unit. That's a big move, that is, and that's that's for the quarter that already closed, So that was a little bit
before Delta really became a threat. But I think what it shows is that there's just a general uh less optimism around this business. I think analysts are listening to other earnings calls and hearing all these CEOs in different industries talk about infletion, talk about wage pressure, difficulty getting their staff sacksinated, and you have all of that happening in the backdrop of needing to spend more on COVID
mitigation measures and now suddenly Delta. So I think, you know, the last orders numbers, which we're going to hear about tonight from Disney. Also Disney's commentary tonight about this current quarter is going to be even more important, and you're
seeing those estimates come down as well. Um. I think that it just shows that the business that was kind of at the bright spot and the last NAGE report, the part you know, we finally felt like was starting to get back to almost normal now that's going to be a big concern. I bet you're gonna have a lot of questions from analysts to CEO Bob Chapick tonight
about that, right. And you just reminded us too, because the cruise right there have a cruise business of course as well, and that one of their first ships or the first ship right just that sale to the Bahamas this week, Yeah, just when I think it was on Monday, went from Florida to the Bahamas, and that was a really important moment. Cruises are a really good business for Disney.
They had actually, just before the pandemic invested in i think two new ships and those are supposed to set sail in the next couple of years, so they're really
putting a lot of money into that business. There's a lot of belief that Disney, especially will come out of the recovery really wrong with cruises because they're seen as just a safer They take specy very seriously, they're they're very all about the quality at Disney, and so there's this perception that that their cruises would see some of the best cruises to go on in the post COVID world.
But again, you know, we're being held back again by Delta, and it's just really unfortunate, right exactly, having toward one of their ships. It was a new ship I remember, I can't remember the name of it, but it was here in New York a few years ago. I mean, it's it's pretty stunning what they put on their ship and how they make it great for families but also provide opportunities for kids to do one thing in parents to do another. So they really do think about that
in a big way. So all right, if parks are not the bright spot this time around, and we're starting right, we're a little worried about streaming as well, what might be the bright spot? You know, it's funny, I think it's going to be the cable, which of course it's not. You know, investors are never going to see that as a bright spot. No one wants to hear about media networks,
but those are incredibly profitable for Disney. Disney has the highest price channel to this day and a basic cable package and that is ESPN charging almost nine dollars a month per subscriber. So everyone that still has cable, you are subsidizing ESPN. I mean, you're really lighting disneyse pockets and and that business is going to be a cash cow for them for a while and they need that as they transition to streaming. But again, investors do not
want to hear about that business. They want to hear that Disney is adding loads and loads of subscribers to Disney Plus. They want to hear that Disney Plus is going to beat Netflix. And I just don't think that today's earnings report is going to uh be sort of in in that in that realm. I think it's going to be a little bit more like, well, we added subscribers, but its growth float a little bit because of reopenings, YadA YadA, Yeah exactly. I'm just gonna take a look.
What is what are Disney shares doing right now? They're they're like down about one percent this year, so investors really need, I guess something big, right to move the needle. Just got about thirty seconds here, Yeah, you know, to put that in context. So they're still outperforming Netflix. Netflix is down even more this year, so there's a lot of consternation around the streaming war. Still, I think that
Disney is in a good spot overall. Their stock prices quite rich at this level there now in in the Netflix sort of categories. So their pe multiple. So you know, there's a lot of faith around Disney, and we'll see what happens. I haven't looked at it in a while. One thousand, three hundred seventy nine almost one thousand, three hundred eighty is their current pe. You're not kidding, uh in the Netflix realm mol O journal now, but you let me drive? Oh no, no, no home please excut me.
I want to drive. Drives the questions dry then Bloomberg Radio. All right, just about ten and a half minutes left in today's trading session, getting ready to wrap up that Thursday trade. Charlie of course, breaking down those numbers. SMP hovering near highs of the day, up about almost twelve points for another record now though going the other direction by that amount, and the NASDAC bucking the downward trend
that we've seen over the last couple of days. But it is up about forty nine points, hovering near its best levels. So let's get to it. To drive to the close with Mace McCain, president, managing director and chief investment officer at Frost Investment Advisors, with us on the phone from Colorado, the firm, by the way, has one of excuse me, has five point one billion dollars in assets under management. MACE. Good to have you here. It
feels like things are slowing down a little bit. Is that because earnings are over, we're waiting for what we might get next from the FED? What is it? How do you see it? Yes, we are in a waiting period for the FED. But I think the FED direction is pretty well set going in the year end um So they've set a direction to start tightening up through reducing their purchases somewhere around your ind So that's such, and that will be a waiting period for that. Okay.
Our investors ready to see the FED start to back off on some of those measures. Yes, I think they are. I think they've done a good job of preparing us, told us what conditions are going at to be in place, and and that've done a lot of of preparing us and getting us ready. And I think that the investment side is ready for them to slow their purchases. Okay, So having said that, we continue to see I think we're up to what is it, forty six records on
the S and P five hundred. We've got the doubt a little bit lower today, so maybe not another record for the Doubt today. We continue to see stocks in many ways churn higher today, very tight trading range. Uh. Does that momentum continue? Would you like to see a little bit of a correction. I think we are susceptible correction.
We've done a long way without a correction. But as you pointed out that we just got through the earning season, and the earning season was so strong it's it's hard to have corrections when the Feds accommodative and and earnings are surprising across the board through almost all industries. Okay, so how would you play the market at this point? I think that we're going to see the you know, we're gonna get see to consue to see strong interest
in equities. Uh. They we're seeing bonds trade off today. We do not look at bonds as an attractive asset class over the next year. That they remained vulnerable. So I think that the equities are going to still continue to attract capital. So we're still bullish on the equity market. Okay,
bullish on the equity market. The equiting market is big, as you know, So when you break it down, whether it's sectors, uh industries, particular names we love as specific as you can be, So tell us where you would commit new money at this point. Sure, we continue to like long term thieves. We're looking for thieves that have will endure through trading activity in the short term. So the things we continue to like our cloud computing, artificial intelligence,
big data. We think we're early in the shift of many of those trends. We could see them continue for the next several years, and we want to be overweight in those areas. On a signical basis. We're still a bullish on housing, you know, the FED remaeds accommodative, and we think that the US is underinvested in housing since two thousand and eight, so we have a long catch up period there. A long longer period is millennials continue their household formation and and we think that will be
a strong area. Where don't you want to be right now? Oh? Um, Well, we don't want to be bonds or treasuries is one area, and China is another. Re really want to be investing in China heavily at this point. We think there's still a lot of problems to come in our relationship with China. Well, it's interesting that you say that because here we had another day. I was looking at some of the movers in today's session. By de was one of them. UH down in today's session, and that had to do with
UH putting out a conservative outlook. But again the crackdown that we're seeing by Chinese officials on the internet industry, but that's continuing to expand, and we just saw China overnight releasing a five year plan calling for greater business regulation and so now they're stepping up scrutiny of the insurance technology platforms. It feels like a moving target. So is your thinking about this is just to stay away until things kind of work their way out. Yes, we
tend to be long term investors. We're not going to hop into a trade and so short term activity and well on changes in government activity there's not going to interest us. We're more interesting in the fact that we did the relationship UH between United States and China is headed in a more negative direction, and so we're less excited about investments there. You seem pretty calm about the environment,
So what's the risks out there? What is what are the issues that people maybe investors or clients say Okay, this is what we are concerned about, and what's your response to them. Well, we are going to have to go through the third quarter earnings. And you remember the third quarter of a kick in the economic activity, quite a big one. Retail sales in the third quarter we're up seventy here every year GDP was up thirty nine.
So the easy comparisons we've had quarterly quartered quarter to quarter, and economic activity and growth are going to slow in the third quarter. So, uh, the positive news is not going to be quite sur positive. We still still think it's gonna be positive, but the rate of growth is going to be slowing. So we're gonna have to work
through that. And that's a really good point. I mean, we are we all have some kind of high hopes for the third and fourth quarters of getting back to more quote unquote normal when it comes to economic growth and the FED easing back so that we really get a truer picture of what's going on in terms of economic growth. Having said that, you know, we had some headlines about faceboat, Facebook rolling back when it's bringing its workers back a T and T, you know, mandating um
vaccines and talking about that. Uh, companies are really trying to figure out ways to get workers back to the office. Could though uh covid H the delta variant or another variant certainly change the whole scenario about things kind of getting back to normal. I think that the momentum back
to normal is probably irreversible. I don't think people are going to embrace another shutdown, and I think the people actually are going to make the determine how much they're going to be shut down and what they're going to participate in. I think, um, I'm out West today, I'm not in Colorado, and and you can feel about here that there's there's a limit to how much lockdown they're going to take and how much they're going to reverse
the trends? All right? Really interesting? What's the big surprise that you think though? Could that maybe hold for us in the rest of the year. I think the PPI number that came out last year, being last week being so hot, was was a very important number six point two percent yearly year. So I think we're going to continue to see the CPI grown hot for this year, so we're going to continue to deal with inflation headlines.
That's going to be what we're going to have to deal with right and having some today and of course EPI yesterday and so so at leasteem moderate a little bit hotter today in the read on producer price indexes, but a lot of signs that much of his transitory. But you're right, we'll have to see what those longer term trends are. Hey, Mace, Thank you so much. Mace McCain. He is chief investment officer at Frost Investment Advisors. If I put one billion in assets under management. Joining us
on the phone from Colorado. 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 search Bloomberg Global News