This is Bloomberg day Break Weekend, our global look at the top stories in the coming week from our Daybreak anchors all around the world, and straight ahead on the program, Bank earnings, Wall Street's top burn start reporting this week. I'm Tom Busby in New York and I'll have that story.
I'm Stephen Caroll in London, where we're watching it closely for signs of whether or not the UK is in recession.
I'm Doug Prisoner looking at Taiwan's presidential election, one that will help shape the course of US China relations for years.
I'm Keebie Lines in Washington, where we're looking at pulling as election. You're twenty twenty four gets under well.
That's all straight ahead on Bloomberg Daybreak Weekend. The business news you need to wrap up your week, Available on Apple, Spotify, the Bloomberg Business Appen everywhere you get your podcasts.
Good day to you. I'm Tom Busby and we begin today's program with the kickoff of the latest earning season. Four of Wall Street's biggest banks report their latest quarterly results this week, wrapping up a year of some mid sized bank failures, rising interest rates, and a dearth of deal making. At least for most of the year, but we also saw the major averages sore higher, the Dow reaching an all time high in late December, and there
was no real recession. For a preview, we welcome Bloomberg Intelligence Senior Analyst Alison Williams and Bloomberg Global Finance correspondent Shanali Basik. Now, all the action starts on Friday. We hear from JP Morgan, Chase, City Group, Wells Fargo, and Bank of America, and we're going to start today with Alison. Alison, what are you expecting to see from those major lenders.
The two key things we're going to be looking at are net interest income and expenses. So in the fourth quarter, we're going to be looking for further evidence that the pressure on deposit pricing is easing a bit and those costs are easing a bit. And we think that the outlook for next year is going to factor in further moderation of that pressure. Just given the fact that the markets are pricing in an inflection point for federal reserve hikes.
As those hikes turn to easing, the pressure for banks to raise those prices on deposits. Keep in mind that that's their cost of goods sold. That pressure eases, and so that will be a positive for the biggest banks. We think that JP Morgan's net interest income is going to be resilient. We think there could be some upside
to those numbers. But the second thing that we're looking at is the cost guidance, and again JP Morgan will be a focus in particular because we get a lot of macro clues for all the banks during the quarter, but expense guidance always includes an element of investment spending. JP Morgan has one in the long term by making those investments, but if we look at the consensus forecasts, those investments are going to cause the bank to have
negative operating leverage in twenty twenty four. We'll see what we hear from management in terms of what the outlook is. Because while there is investment spending, and we do think that banks need to invest for the future, there's also pressure and cost coming from inflation. There's also going to be pressure from what we call the cost to compete, and we think the compensation costs could be a little bit sticky across the global banks.
Sonali, Yeah, there's definitely expenses, But to Allison's point, one big question is if interest rates start to cool, at what point does that not only flow into the notion of deposit pricing, but also loan demand. Does loan demand start to pick up if interest rates start to cool. Now what's interesting too is in recent months you've start to see different credit markets open up meaningfully, including leverage finance. So we're not just talking about lending for the consumer.
We're even talking about risky parts of debt markets for big corporations, buyouts, things that could start to fuel activity again. So you will see a we all need to look at the outlook from these bankers because they have come in to the prior quarters with so much caution, and
you really are seeing that caution starting to wane. Jamie Diamond, who has been warning that rates could move higher than expected for many many months, if he starts to change his tone there, it would be a massive bell weather for the rest of the industry. Whereas you already had James Gorman, who just stepped down as the CEO of
Morgan Stanley. He had definitely been very sanguine in terms of the outlook for interest rates this year, and remember he was still leading Morgan Stanley through the end of the last quarter.
Well, Shanali, you mentioned James Gorman. You had a one on one interview with him last week about his fourteen year tenure a CEO of Morgan Stanley. Now he is executive chairman. He also spoke about some proposed banking rules that would require the biggest lenders to increase to twenty percent their capital cushion. Now it's proposed, but let's hear a bite from that interview right now.
It was a proposal that I would say was extremely aggressive and set a MARKA. It will not go through in that form. If it did, I think it would have very very negative consequences for corporate lending across this country, which is not what you want. It's not going to help the economy growth.
Well, you've also spoken about the treasury market potential impacts from these regulations. We've already seen stresses of late in the treasury market. Do you have fears that those stresses will be exacerbated?
I can't tell until I see the actual rules, but all I know is what was put out is highly highly highly unlikely to be what is ultimately regulated.
Now, is he right, and what are those proposals and what would have to change.
You saw James Gorman and many of his peers take to Washington, DC and address lawmakers about this fact. And what they were trying to do is get the lawmakers to put pressure on regulatory officials to start to rethink the strictness of these capital rules. They were warning that it would really restrict lending across different parts of the economy. I mean, it would restrict trading activities in certain key
markets like commodities. It would increase the cost of hedging for many big players in commodity markets and farming markets.
Rural America would be impacted, they warned. Now, what's interesting here is we know from a Wall Street perspective that those increase in capital rules would be very expensive for the banks, and for him to say they're likely to be less really starts to draw a question of how much these banks can start to recalibrate their expectations on how costly it would be, maybe less costly than investors initially expected. If James Gorman is right, Alison, what's your thoughts on that?
So if you look at some of these regulations, you know two things. First of all, as you said, it does require relatively large increases in capital to be held across the largest banks, and actually Morgan, Stanley and Gold and Sachs are some of the hardest hit because two of the key you know, two of the key risk factors that the rule aims to address are market risk
and operational risk. But if you analyze the rules, and again we've heard you know, perhaps Jamie Diamond has been one of the most vocal about some of the double counting of operational risk inherent in this proposal. If we look across some of the other regulations, such as the Stress capital Buffer, which already penalizes banks for this type of risk, and so there is sort of an element
of double counting. Also, if we look at the rules versus some of the other jurisdictions, it does seem that there is a fair amount of gold plating, meaning that the rules do look a little bit tougher in the way that they've been implemented in the US versus jurisdictions such as the UK and Europe.
Well, until we get to that, I want to just dial back on what we can look look forward to this week and which of those big banks Shanali, I'm going to ask you, we have JP Morgan Chase, City Group, Wells Fargo, Bank of America. Which ones do you think are going to have the results that Wall Street is looking for?
Now? You have to remember that a lot of these banks really either sold off or had very weak performance last year, except for JP Morgan, which rose more than the pack and actually hit a new record high early this year in its stock price. But you'd think about Goldman for example, and Goldman's analyst that covers the banking sector has recently said that JP Morgan and Wells Fargo could see more higher could even higher net interest income like we've been talking about. It's two of their big
picks we know. Wells Fargo's Mike Mayo has also pointed out that City Group has a lot of growth potential. There's a lot of divergence here, but what we've seen in the trends is that the bigger get bigger. What's going to get interesting after the biggest banks report is the regional banks, and the week after also is the
big investment banks. You were talking about the weak deal volumes, right stinct thing here is in the third the fourth quarter of last year, you saw deal volumes jump by one hundred and sixty billion dollars just from the third to the fourth quarter after.
Being stagnant all year pretty.
Much, it's been the worst year in a decade for deals. And so what happens is the bankers get paid when those deals close, not upon announcement typically, So those deals
that are announced lead to fees tomorrow. And so those banks Morgan Stanley, Goldman, Sachs and JP Morgan, which can start to also see those deal fees start to impact their bottom line, they could become very interesting this year if their predictions come true and they finally see deals pick up like they've been expecting for so long.
Alison, the final word.
I would say that on Friday, well, we'll see JP Morgan and Bank of America continuing to execute despite some challenges in the environment. Wells Fargo and City Group are more longer term stories where they're restructuring, and I think investors are going to want to hear from, you know, City Groups sort of where they are are in the
path of that restructuring somewhere. Wells Fargo, what is going to be the outlook for costs, Are we getting closer any kind of news related to some of their regulatory challenges. We'll also be looking for any big legal costs, because we do tend to get those kitchen thinks for some of the banks in the quarter. But again it is all about the expectations and what is in the stock. JP Morgan is likely to generate the highest return we expect, but that's no secret.
Well, a lot to look forward to our thanks to Bloomberg Intelligence Senior Analyst Alison Williams and Bloomberg Global Finance Correspondent Shanali Bossic, and coming up on Bloomberg day Break weekend, we take you to London and a look ahead to a busy week on the economic calendar. I'm Tom Busby and bloom This is Bloomberg day Break Weekend, our global look ahead at the top stories for investors in the
coming week. I'm Tom Busby in New York. Hey's economic trajectory back in focus in the coming days as a batch of data will help tell us whether Britain could avoid a recession. A recent survey of company executives highlighted their pessimism about the outlook, despite encouraging science from some quarters. Now for more, let's go to London and bring in Bloomberg Daybreak. Europanker Stephen Carroll.
Tom, it's twenty twenty four and we're still asking questions about whether or not the UK will fall into recession, when it might happen, and how bad it could be. We'll get an update on the monthly GDP numbers in the coming days. It'll give us some more clues, along with other indicators we're watching too. There have been some positive signals, the latest Composite PMI survey showing an uptake and activity to a reading a fifty two point one
in December. Thinking more long term, a recent forecast from the Center for Economics and Business Research predicted the UK's growth trajectory over the next decade or so will help it retain its position as the world's sixth largest economy. There's gloom in other quarters, though. The Institute of Directors Economic Confidence survey fell into too close to its lowest point in the year. So are we hurtling towards a
recession or is growth getting back on track? To discuss, we've got our UK Economy reporter Tom Reese, and for a look at how the consumer is faring, our UK retail reporter Katie Lindsell. Tom, I'd like to start with you were due to receive some economic date in the coming days, including figures on UK manufacturing and the monthly GDP figures. I mentioned what might they tell.
Us, So while it's quite hard to read signals from one month's data, November's GDP figures could be a bit more significant than the usually just because it may show that the UK was on track for technical recession in
the second half of last year. We had some revised data from just before Christmas that show GDP contracted zero point one percent in the third quarter, and then that was followed by a zero point three percent falling GDP in October, so that that leaves some catching up to do in November December if we're going to avoid a technical recession I two straight quarters of fall output. I think the main thing to take away from the second half of last year it was a real diverging picture
between the sectors. You know, we have services that have been relatively resilient despite you know the extreme pressure on consumers from the cost of living crisis and you know, higher mortgage paints to everything, but the manufacturing sector is struggling.
We've seen that in the survey data, seen lower demand from overseas and domestically, factories are feeling, you know, the pain from higher interest rates and they're starting to cut employment and so it's it's it's quite it's quite a complicated picture, but it's all it all looks quite stagnant from from from the second half of you.
Yeah, and as you say, it's it's that question of where we are in that last quarter GDPs and we get the monthly figures just giving us a piece of that picture and whether or not that we will have for those two quarters of negative growth. Katie. I wanted to bring you in here because one of the figures we're going to be getting is one of the retail
sales measures and the British Retail Consortium. This is going to for a period which is very important for retailers, towards the end of the year, that pre Christmas shopping period. What are you expecting?
Absolutely, you're right, I mean that Christmas period is so important, so crucial for many retailers. If we look at the figures that we saw in November from the British Retail Consortium, they were actually quite weak. They did show growth, but much weaker growth compared to a year earlier. So what we have to be hoping is that many consumers pushed their Christmas spend into December rather than relying on that earlier November shopping period. But I think it's really yet
to be seen. From what we hear so far, online has had a better performance the Christmas just gone compared to twenty twenty two. Many shoppers were put off by career delays and postal strikes in that earlier Christmas season, which meant they visited more stores to be sure they could get hold of items. I think online will have had a much better time in Christmas twenty three, but really it's still it's still to be seen how this goes.
From what we've seen from retailers, it's a mixed bag, you know, some performing better than the Christmas before, others having a bit of a difficult time, So it's still to be seen how it will go.
Yeah, Katie, I'm always very interested to see when we get the split from grocers on this, because I mean grocers are very competitive. Marcus in the UK and seeing the discounters coming out and talking about having their best Christmas as ever, is that something that we've heard from many retailers In what we've heard so far from them about their pre Christmas period.
Yeah.
Absolutely. So as you say, we've had Aldi and Liddle come out very quickly in the new year saying they had record Christmas sales, and Cantar, which actually tracks sales figures across supermarkets, so that there was a record thirteen point seven billion pounds spent in the run up to Christmas. I think it's fair to say that most supermarkets did well. We're going to be getting both Sainsbury and Tesco reporting next week and I think both those have probably done
pretty well over that Christmas season. I mean, food inflation has come down a bit, it's still at nearly seven percent, so I think that that the higher prices do have a role to play in these big, chunky sales figures we're seeing. But at the same time, hopefully shoppers are feeling more encouraged to spend all food than they did, say a year ago. So yeah, supermarkets have been a very very comfortable part of retail these past few weeks.
Tom and we think to looking back at the data we have already and thinking about where the trajectory we're going in.
Yet, it feels like we've.
Been hearing about warnings of a recession in the UK for I mean at least a year now at this day, Let's be honest, are we overdue a recession here?
It has felt like we've been on the brink of recession basically since that post lockdown Surgeon GDP wharf and the cost of living crisis began. But I mean, this economy has shown incredible ability to muddle through, to be stagnant but resilient against some pretty massive headwinds and double digit inflation and the Surgeon interest rates you said that
date we got just before Christmas. It did show that we may have suffered a technical recession, but I mean, the difference between the technical recession and very slight growth at the moment is pretty tiny. But it also showed, and I think this is crucial for the outlook, it showed that inflation came down a lot more than the Bank of England was expecting, down to below four percent.
And I think for the outlook that is the key really because that not only affects you know, you know, real wages for consumers, but also what we might see on interest rates.
Yeah, and of course the fact that we had the run of fourteenth strake hights in the Bank of England still feeling acrourse the effects of that feeding into the market, partly due to the way that the mortgage market structured. Here, not everyone has actually had the interest rate increase, although we're getting closer to that position now. What should we be thinking about when it comes to where the Bank
of England goes from here? Of course, speculation abound about central banks around the world and when they're going to cut interest rates. What sort of scenario is the Bank of England facing when we look into twenty twenty four.
Stressing because after that inflation print just before Christmas that showed inflation coming down much faster than we expecting. Obviously, markets took that as the green light for early interest rate cuts and they're are currently they're pricing in the first cut from May and then a further four or five after that over the by the end of the year.
But the Bank of England, you know, it had its latest policy meeting just after that those inflation figures and it was it was still holding this high for longer message. It's still trying to tell markets that you know, don't expect us to pivot to cuts anytime soon, which was quite in quite sharp contrast with what we're hearing from
the Fed around that time as well. So although you know the Bank of England's trying to you know, ward off markets and tell them to you know that they're going to hold path for quite quite some time, that markets are running away with it now, and that they are expecting cuts to come sometime in the first half of this year.
Yeah, I'm just looking at the market pricing for that as well. Market's currently pricing in a first rate cut from the Bank of England in around May of this year, and around one hundred and just over one hundred and thirty five basis points of cuts by the end of twenty twenty four as well. So it's certainly a very interesting year for the Bank of England. Okay, Katie Linsel, our UK Retail reporter and our UK Economy reporter, Tom Reese, thank you so much for joining us and giving us
your analysis on that subject. We will of course have coverage of those GDP and other economic indicators on the program in the coming days. I'm Stephen Carroll in London. You can catch us every weekday morning here for Bloomberg Daybreak. You're at beginning at six am in London and one am on Wall Street, Tom.
Our thanks to Bloomberg Daybreak. You're a banker, Stephen Carroll, And coming up on Bloomberg day Break weekend, we head to Asia and preview a key presidential election in Taiwan. I'm Tom Busby, and this is Bloomberg. I'm Tom Busby in New York with your global look ahead at the top stories for investors in the coming week. Taiwan's presidential election is set for January thirteenth, and the results will help shape the course of US China relations for years
to come. Bloomberg Daybreak Asia anchor Doug Krisner looks ahead Tom.
The election is a competitive three way race, and the ruling Democratic Progressive Party is seeking to maintain Taiwan's de facto political independence. Now to help us set up the contest, we have Bloomberg Samson. Elyssy is our Taipei bureau chief. Samson, thank you for being with us. As I mentioned, it's a three way race. Can you quickly kind of help sketch out who the candidates are, what their perspective parties stand for, particularly in relation to the government in Beijing.
Well, first of all, you have the current Vice President Laichinda. So he is the candidate for the as you said, the Democratic Progressive Party the DPP. So this is a party that holds as one of its foundational tenets that Taiwan is a sovereign, independent nation. The only problem is is that it's not widely recognized by the rest of the world. So they are pushing for a permanent separate
status for Taiwan, separate from China. Obviously, So right now he's the current vice president and he is looking to succeed his current boss president signing one then running against him.
You have the largest opposition party in Taiwan, the gormin dang or the KMT, and this is a party that holds that Taiwan is actually a part of a China of slightly more vaguely defined China, not necessarily the People's Republic of China, but a some kind of China, and that Taiwan's eventual future lies with China and in some form of unification with the mainland. And their candidate is former policeman, Taiwan's former top policeman Ho Yoi, who is
running against Lie. And then this year, which makes this election slightly unique, as you have a third competitive candidate, and this is a Kerwanza from the new relatively young at Taiwan's People's Party. So Kerr is something of a
left field candidate, a very non traditional politician. So he was a surgeon in one of Taiwan's top hospitals for a long time until one day he decided that he couldn't stand the state of politics in Taiwan and ran for mayor of Taipei as an independent and surprisingly won
around ten years ago. He was then a mayor for eight years, and then after he stepped down, he set up his own party and since then he's been teasing that he could run for president, and this year he actually did it, and so he has proved to be quite popular with voters who were are tired of the duopoly of Taiwan politics, the traditional either the the DPP or the KMT, and now a KA has given this effective vote as something of an option.
Recently, we had a President chi with his New Year address, and one of the things he reiterated was that China will be surely unified, maybe a reference to the aim here of eventually bringing Taiwan back under the control of the mainland if forced by necessary, and I'm based on what you just said, I'm imagining that the KMT candidate would be Beijing's preferred choice.
Is that fair?
Yes? Absolutely so. They do share this one overarching goal that eventually Taiwan should be formally unified as part of China. What they do disagree on is what that China should be. So obviously, from Sijinping's perspective, it's the People's Republic of China,
the China that we all know now. But for the KMT in Taiwan, really important part of their history was there fighting the Tiny Civil War against the Communist Party, and so theoretically they many people in the party still view the Chinese Communist Party as an enemy, and if you meet them, you know, privately, they'll quite happily tell you that, you know, the Communists in Beijing are still
their mortal enemy. But at least they do have one thing in common is that they feel Taiwan would be better off eventually being part of China.
I think the US probably is going to be watching this race very closely. I think that's fair to say. At the end of last year, near the end, I think it was in November that presidents Biden and she were at the APEX summit in San Francisco, and it was then that she told Biden that the issue of Taiwan was the most important and dangerous issue for the
US and China and their relationship. How do you think, and I'm not asking you to speculate, but based on what you know of US Taiwan relations, how might the US kind of be watching this contest? And not that it would put its finger on the scale in any way, but is there something that the US would kind of communicate to Beijing to make sure that there is no interference or let's say, a reduction in the degree of influence Beijing may like to have over these elections.
Well, there's no doubt that the US is watching this election very very closely. Taiwan has become this pivotal point in the geopolitical standoff between the United States and China, and as Hujinping said there, as you mentioned, you know, it is one of the most important issues in relations between Washington and Beijing. And so one of the things the US has repeatedly reiterated so that number one, they
have no preferred winner of the Taiwanese election. They've been very clear that, you know, they respect the choice of Taiwanese voters, and they have also urged other parties. I think we can further largely talking to Beijing here. The other parties should stay out of the race. They should not meddle in this election. Beijing, for its part, it has made it absolutely clear that they would prefer the KMT candidate to win this election. To be honest, there's a bit of a you know, who would the US
prefer to win? You hear different voices out of the United States on this. On the one hand, if the DPP stays in power, the US can be fairly sure they have a reliable, steady partner who is on board with the United States and their more broader regional goals when it comes to standing up against China, and also they have a more willing recipient for US arms sales.
But on the other hand, if the KMT were to win, some in the US do point out that this could take a little bit of the temperature out of the cross rate relations in this part of the world and therefore make US China relations a little bit easier.
Yeah, I understand the notion of supporting democracies from the US side. But I'm understanding also that there is a little bit of a national security concern if you consider the fact that Taiwan is basically the leader in semiconductor production. I'm thinking in particular of Taiwan semi. If that were not the case, would the US stance be slightly different? Do you think?
I think it's a question of degrees. I think there's no doubt that the United States, as you said, supports a fellow democracy, and it's a very bad look for the United States if they're seen throwing a democracy to the wolves in Asia, so to speak. And also, you know, there is the Taiwan Relations Act in the United States. You know, the US has committed itself to providing for Taiwan's own self defense, and so there is a legal
basis for the US to continuing to support Taiwan. So I don't think that would be something the US could easily abandon. Plus, within the United States, I mean, you look at Congress, there's an enormous amount of support on both sides of the Aisle for Taiwan. There So, even if the executive were to decide that supporting Taiwan is no longer in America's best interests. I think they'd find a lot of pushback from Congress on anything that would disadvantage Taiwan.
It was January first, nineteen seventy nine. I believe that Washington officially cut diplomatic ties with Taipei in favor of recognizing Beijing. How well do you think the US has been doing it? It kind of balancing the situation.
It's underappreciated exactly how successful the Taiwan's Relations Act and strategic ambiguity has worked over the past forty plus years forty five years now at maintaining the peace in this part of the world.
Samson's so good of you to stop by and help us set up the Taiwan presidential election that will happen on January thirteenth. Samson Ellis is Bloomberg's Taipei bureau chief. I'm Doug Krisner, and you can join Brian Curtis and myself weekdays here for Bloomberg day Break Asia beginning at seven am in Hong Kong six pm on Wall Street tom.
Our thanks to Bloomberg day Break Asia anchor Doug Krisner, and coming up here on Bloomberg day Break Weekend, we look ahead to the presidential election right here in the US with Gallup editor in chief Mohammed Unics. Next, I'm Tom Busby, and this is Bloomberg. This is Bloomberg day Break weekend, our global look ahead at the top stories for investors in the coming week. I'm Tom Busby in
New York. New polling from Gallup shows President Joe Biden finishing twenty twenty three with a job approval rating of just thirty nine percent. That's the lowest of recent presidents at the same point in their presidency. Gallup Editor in chief Mohammed Unis tells Bloomberg's Kaylee Lines and our Bloomberg ninety nine one news from in Washington about trends to follow heading into the twenty twenty four presidential election.
I'm not sure that President Biden is feeling particularly happy as he comes into this new year, knowing he ended last year twenty twenty three, according to Gallups figures, with an approval rating of just thirty nine percent. Can you give us some context around that number? It's quite low.
The real context is compared to every other president in modern history who has sought reelection, he's far behind where they were traditionally speaking what we've seen in our numbers is that a president going into a reelection campaign at that fifty point mark is a really critical number to be at. And obviously President Biden is far behind that, but he's also significantly behind where Barack Obama was and where Donald Trump was, which is pretty important to note.
I think during the Trump campaign there was so much focus on how low and steady the number stayed, and President Biden right now is behind where President Trump was.
Well, and you talk about the number staying low and being pretty steady, isn't that the case with Biden? I mean, he's been in and around that kind of forty percent figure or below for some time now, and it doesn't seem like that that needle has moved to any real degree at all.
It hasn't.
He started off like most presidents do in a honeymoon phase. He has that fifty seven percent approval, which is pretty high in our era. Another thing Kaylee, to always keep in mind with these numbers specifically, is we are in what it truly is a hyperpartisan era. So since President Obama, the difference between people's views on the president and how closely it's tied to their party ID is stronger than ever. So presidents have had flatter sort of frequencies on their
approval ratings. But I think what's concerning about President Biden's situation is that even compared to Obama and Trump, who also face that reality, he's significantly behind. Right now.
Okay, well, let's talk about the options. I mentioned that we're seeing in pretty consistently in polls that the majority of voters would prefer it not to be a Biden Trump rematched like twenty twenty all over again. And yet that's likely what they're going to get unless there is a viable alternative. What are you say seeing a round support for a third party candidate, whoever that is?
Well, I can tell you who we see in terms of favorables. Of all the folks that are out there right now, President Biden and Trump are basically tied at forty one percent of a favorable rating. And this is do you have a favorable or unfavorable view of the following person? Desantus Haley in specific Sarty are at their thirty so really low thirty percent favorable rating. It's important to note that this tends to happen with new names.
People don't know who they are. Kennedy, on the other hand, is already breaking the fifty point mark, but that's probably because of that name recognition factor that he has in his favor. So looking at the favorable ratings, which is really a really good proxy, I think at this point of the contest to see who's graining traction with the public, really none of them are. Nobody's really shot through the roof and impressed or wowed. Of course, January fifteenth is
just down the street. A lot can change, particularly when those first results start coming out from the caucuses, But right now, nobody's dominating.
All right, we only have about a minute left, Muhammad, But we've discussed we've covered a lot of ground here in what twenty twenty four may bring, how people are feeling. What is one other trend or something that you'll be focusing on in twenty twenty four.
I think for us it'll be the election. It'll be what people are really tuning into for making that decision to cast their vote. One thing we really know right now is most Americans are still totally checked out. They're not focused on political news as unlike you and I night and day. I know it hurts my feelings too, but as it gets closer to November, that number is going to rise, and we're going to start asking people what do you bring into mind when you cast that vote.
It's a good point. I feel like we've been living and breathing this for a year now, but really it's still early days. Mohammed Unis joining us. Gallups editor in chief. Thank you so much as always for being here. It's going to be a doozy of the year, guys.
Thank you, Kaylee. That was Bloomberg sound On co host Kaylee Lines reporting from our Bloomberg ninety nine one newsroom in Washington, and you can hear sound on weekdays one to three pm on Bloomberg Radio. And that does it for this edition of Bloomberg day Break Weekend. Join us again Monday morning, five am Wall Street Time for the latest on markets overseas and the news you need to start your day. I'm Tom Busby. Stay with us. Top stories and global business headlines are coming up right now.