Markets, Job Cuts, And Vaccines (Podcast)

not so fast. We've got a strong consumer. We've got everybody's kind of got a job if they want one. The wages are going up a little bit. I don't know, but let's bring it up. Someone who does this for a living, Russell Price. He's a chief economist, used to have a real job as an equity research annels. We'll

get to that in a minute. But now I was going over to we should point out that Bloomberg Financial has picked him as the best, um well, one of the best, one of the most accurate economic forecasters in our benchmark consensus certain he's ameret Price Financial, and most importantly, he joins us live here in a Bloomberg Interactive Broker Studios. So Russell the economy. I, I know we've got a lot of headwinds out there, and I know we've got some GDP data that's just we're in a recession. But

some people are telling me not so fast. How do you think about it? You know, I think it's much more important just to look at the overall data rather than trying to label it whether it's a recession or not a recession. Either way you look at it, the economy is, it's slowed down and it's likely to slow further. So I think we'll probably be right around the break even point for a couple of quarters. We could slip into uh, portions where consumer activity and business investment spending

are actually negative. Uh, they haven't been there quite yet. Consumers have are very strong. So UM, I think it's really based on the numbers. Were not in a recession yet, but we could yet still be it. Uh. You know, to me, it's highlighted the difference in real and nominal GDP. So my whole life, we've focused on real GDP, but apparently in my dad's day, you know, they focused on nominal GDP. And I realized that, Um, you can the

distinction is elementary. It's just inflation. But you can also interpret um nominal GDP growth to mean, you know, we have an incredible amount of demand here. You know, Paul and I have been hearing all year that this inflation is all caused by the supply side and the FED can't do anything about it. And lately economists have been telling us, you know, maybe this still strong nominal growth means that there's a pretty big demand component to this inflation. Yeah.

I would agree with that. I think demand is very strong. It it goes to show, um, just how strong it is that the real consumer spending data in the GDP report has still been positive. So in other words, what that means is consumers are spending above and beyond the increase in prices that they're experiencing via inflation. So again it goes to show just how strong consumers are. And so I always spend as much as I can, Yeah, usually about more than I earned. That's my that's my

that's a strategy. Yeah, that's my rule. Personal. Well, look, you know Mary Daily at the San Francisco Fed UM the other day, I think she was in an interview with Reuters. She said, Um, I don't feel the pain of inflation anymore. This is a direct quote, by the way, Paul. She said, I see prices rising, but I have enough that I can make substitutions. I can do things. Um, you know, she saying she makes enough, but of course she gets paid for in two thousand dollars and then

has some pretty good investments as well. Are there people in this country who are really being hit hard and hurt by inflation? Oh? Sure, absolutely, the people that spend the bulk of their UH or income on daily necessities, and certainly for housing if UH for rent, and certainly for gasoline and household utilities. Household utilities is kind of a under the radar inflation component because it's been going up at a strong pace and is likely to go

up even further because natural gas prices are rising. In about thirty eight percent of the United the United States, households get UH electricity is generated via natural gas. So no matter how you heat your home coming in the winter is still going to be a higher price, and that's gonna squeeze people still. Yet, I'd say this is gonna be a huge story, mat and you're coming up with this energy. I mean, we gotta stay on topic. My My electric bill last month was fifteen hundred dollars

electric and gas. But if you were in Berlin like you were recently, it's gonna be really ugly coming up this well. And if Berliner has had air conditioners, it would already be bad. That's right, because they choose not to live well, that's right, Russell. Talk to us about the jobs market. We get a big data point tomorrow. We had jobs claims came in, uh, you know inline today, but you know, showing some some pickup in jobs claims.

How do you think about the labor market. Yeah, I think there's pockets where we are seeing some actual layoffs, but there's still relatively modest the overall pocket. I don't think we're seeing broad scale um uh cuts by any means, but we are seeing slow down in the pace of hiring. Uh. That was evidenced what the other day the other day of the jobs the Jolts report. So um, I think that we're going to slow down for the month of July when it's reported, well, I'm looking for a gain

of about two thousand. I do expect the unemployment rate to tick down to three point five percent because the household survey has been flat for a few months, and I think we'll get a little bit of a gain there, which could momentarily drop the unemployment rate, but I think it will probably rise slightly over the second half, so that can that gives the FED basically more ammunition to

raise rates. Jim Bullard yesterday said he wants to see um the rates of the FED rates at the end of this year at three seventy five to four, and we're hearing people forecasting terminal rates at five to six. They were outliers, but that group is getting bigger and bigger. Is that what you think as well? No, we think that the terminal rate will probably be around somewhere between three and a half and four, so we're a little bit more optimistic. What pause or do they go back down?

I think a pause. I think the pause will be a period of time. I don't think they'll next year. I do not expect them to start to cut once again. But I think over the second half of the year we will start to see inflation data. More broadly, we're already seeing any commodities and and UH lumber prices, things like that we're always seeing and a pair all of

things like that. We're already seeing those declines, but we need to see it more broadly in the CPI and PCE numbers, and I think by the end of the year we are going to be seeing that with a couple of months under our belt. All right, Russell, great,

great stuff, Thanks very much for coming in. Russell Price, chief economists for Mayor Price Financial based in Troy, Michigan, which is a very nice burb of Detroit, and russells just giving us some I think a little bit of an upbeat outlook for those Detroit lions coming out, So go figure that right now, let's get back to the markets here. The SNP off just slightly off about two tents of one percent. I want to bring in Shawn Snyder,

he's head of investment strategy at City US Wealth Management. Sean, I mean, boy, we had the SNP off, you know, a little more than and it's nader. We had the um nastack off a little bit more than thirty. But boy, they've bounced back pretty well. I guess the question that we ask a lot is simply, I'm sure you're hearing from your clients, is is this bounce back for real or is this just the head fake? What do you think? First off, good morning, Thank you for having me. I

very much appreciate it. Listen, I think there's a solid reason why the markets are up since mid June. You have better than expected earnings. You have increasing confidence that inflation is maybe finally peaked. Um. I know we've been a little bit like the Boy who Cried Wolf with peak inflation, but it looks like it might actually be here this time. You have a noticeable decline in treasury yields.

You know, tech stocks were reacting to rising treasury yields and now they're reacting to them on the way down as well. Uh, And then you have the potential for less coggressive FED. So I do think that makes sense for markets to move higher. Now. The real question to me is, you know is the bottom in? And to me, that really depends upon whether we have a recession or not. And I think this idea that we've already seen the

worst maybe wrong if you ask yourself. You know, recessions tend to last about eleven months on average, unemployment rate tends to rise by about two points six percent when you have a recession. Our stocks appropriately priced right now

for that type of environment. I would argue maybe not, but it's gonna take some time for this to play out, and we have to see what the FED does and monetary policy operates with the lag, so we have to see what happens economic DATAE and I think this is just gonna be one of those times where we have to be really patient as investors. What do you think QT means? I mean, when do we start it in earnest? And how much that tightened up financial conditions because they've

just gotten looser over the past few weeks. Well, that's right, so with the stock market actually going up, that loosens financial conditions, and financial conditions are about as loose as they were back in March. So in some regards, that actually makes the Fed's job a bit more difficult, and would actually argue for them to continue to tighten, even though they may wish to kind of pivot at some point. So that does make things difficult. Uh, you know, really

is a question about three. You know, we head into twenty three, inflation is on a downtrend, the economy is holding up. You know, I think the FED can maybe dial back a little bit hope that things are you know, on track for that soft landing. But you know, it's really gonna be difficult if core inflation doesn't start to calm down, if shelter prices stay elevated, we continue to see wage growth, and I think the Fed may feel that it has to continue to raise rates into three.

And I think it's gonna be really interesting story in because these dual mandates will become dueling mandates. Where what does the FED do at that point if unemployment is rising while inflation is staying hot, you know, hotter than hope for which one takes precedence, and that could add the market flatility, But we'll have to wait and see. Sean, we're about eighty percent of the way through earning season in terms of the SMP five hundred here, a little

bit better than expected. I think, what are your takeaways? It is better than expected. I think we were expecting about five and a half percent EPs growth year on year. It's tracking above that full percentage point, probably six and

a half seven percent, So that's certainly good. My takeaway from earnings and economic data that we're seeing this week under the market rallied on an uptick in i s M Services Index, is that to me, it's telling us that we're not in a recession yet, it doesn't confirm to me that one will ultimately be avoided. So I still think I'm being a big cautious here. But so far, I think the economy is holding up. Okay, we're continuing

to see job growth. I think we'll see that again tomorrow, and I think that's positive news and kind of gives the Fed the green lights to you know, tighten a bit more. But you know, getting towards the end of two, I think it might be a bit more difficult. Sorry, we've heard that a lot of people UM are holding cash. Is that the case for you and your clients as well? Some of our clients maybe holding cash. But as a you know firm, our Global Investment Committee is fully invested.

We're defensively positioned. So we're in areas like dividend growers, healthcare, consumer staples. UM. We also like natural resource stocks. We think that's kind of an inflation hedge. And then you know, certain pockets of fixed income US municipals, intermediate duration, investment grade credits, and we're basically looking for pockets of opportunity rather than sitting in cash. And you know, the problem

was sitting in cash is in an inflationary environment. It's inflations running at nine point one percent, and you're in cash. That means you're losing nine point one percent at least if you're in equities, you know, you get some sort of dividend yield or fixed income, you get some sort of dividend um. So I think there's better alternatives, and it really really do think bonds are back. We think we saw the peak and yields probably earlier this year.

So we think fixed income, you know, presents an opportunity here that's at least better than sitting in cash. All right, Sean, good stuff. Really appreciate getting a few minutes of your time. Shawn Snyder, he's head of an investment strategy at this little bank in New York City called City, the US wealth management side of that business here. So bonds are back, so says Mr Snyder. H And they're fully invested there at City. Vince Singarella, he's global macro strategist for Bloomberg News.

Traded currencies back in a day, traded bonds back in the day. Um Now he is firmly ensconced in his work from home office set up which he has set up like no one else. He doesn't eat anybody because he's just done it all. And we love it when he checks in because he has some very interesting calls on these markets. Vince, I know you've been the way I phrased the people's Vince signal has got a very positive kind of view on risk ascid and boy for

the last couple of months, you've been so spot on there. Uh, and I think it was kind of predicated upon the FET's not going to raise as much as people think. Do you still feel that way? Yeah, I feel very strongly that way. I mean I've still you know, as I've as you guys probably remember back from I've been fed watchers since my college days. I traded through Voker. I met Paul Woker. This is not Voker's inflation that

we're fighting. UM, it's um, you know, the consumers getting tapped out revolving credits at up their team percent this year, uh wages up five inflations of nine percent. It's not keeping chasing their tail a little bit there. They made a huge era um with their transient call. Uh. They're

trying to correct that save some credibility. And I'm I'm afraid they're just gonna make another another policy mistake because the consumer is just gonna the consumer is gonna taper going into the third and fourth quarter, so demand is going to drop to meet supply. We're not going to get this runaway inflation that said seems to think that's going to continue. It's already starting to roll over, dude.

And when that happens. When that happens, I think equities, especially in the nastack and the tech sector are gonna rock. And the short end of the Treasury card was going to be brilliant because when those expectations dropped, those bonds

are gonna sore. They're they're up to levels where they see inflation at three d percent rates at three percent, you need to get on a conference call with the bond market man because, um, the result on POSAR, because you know, it seems like that narrative of the Fed, you know, going to three and a half or four and then cutting in like even the first half of

three has been flipped on its head over the last week. Now, all of a sudden, everybody is talking about five percent for a terminal rate, even six and those who are more conservative, um, still think that the FED is at least gonna pause for the year and not cut. Well,

I'm not so sure they're going to cut necessarily. Um, you know, let's let's say, say if they raise rights to three to three and a half percent and you have inflation coming down, inflation is not going to come down at three to three and a half percent by year end. So they're perfectly, you know, in a situation to stay where they are and pause. But I mean,

let's let's you know, look at the yel curve. The ten uere yield is not pricing in five FED interest rates or or maintaining inflation with thirty eight basis points inverted from the twos. The twos are pricing in three to twent and a half percent, said with being just over three percent, but the rest of the curves inverted for a reason that the bond market doesn't believe this, this trend for past this year is going to continue very much. So what I haven't heard recently is stagflation.

That was kind of a thing that I had to go back into my little TechBook and check it out. And we haven't been talking about that much recently. Had why not, Well, you know, the reason again. And when I say this is in poker's inflation, I sat in those gas lines with the odd and even license plate. What are you driving? Back to n Vince oh Man, It was a nineteen seventy one bulick was saber that got eleven miles to was I was enough a lot um.

The reason why we had that and and hopefully the Inflation Reduction Act won't repeat this is the the White House and Nixon administration in post price controls, and they thought that they could put a cap on prices and therefore a cap inflation. But what they did it wasn't across the board. So for instance, you had a cap on beef prices to keep you know, meat prices down for the consumer, but they didn't cap the grain prices for the ranchers, so they could no longer raise cattle

out of profit, so they stopped. And what happened, prices went through the roof because of the supply demand issue. So unless the administration makes the same foolish mistake as they did in the seventies, this isn't that that kind of inflation. The demand will slow and it will come back to balance. We're already starting, by the way, that's

an interesting point, Vince. You know, so many people at the UM well for the last you know, six months, have been saying this is all about the supply side, and the FED can't do anything about it, and then they heard UM. I believe Paul and Tom were talking to Michael Darta a couple of days ago and he said, look, nominal growth is really high and to meet that signals that demand is a huge part of the problem. Do you think that's the case. Yeah, but I think it's

gonna slow. I mean, we saw mortgage rates today, you drop about five percent from the first time in April. UM. You know, the housing markets beginning to slow, and that's where I think that You know, what people miss is the consumer's real wealth is in their homes these days, most of them aren't invested in the stock market. So if prices start to come down or or we're starting to see in the real estate market here in the Northeast,

what we're seeing as sales decline. So we're not really seeing prices come down yet, but we're starting to see a decline in sales. Naturally, what will follow is a decline in prices, and in the US, consumers see that and they see that their wages aren't keeping up with inflation. I mean, no one's getting a nine percent raids this year to stay with stay to keep up with that that pace, and it's likely going to be pretty high

next year as well. So at some point when you see revolving credit up on in a year, that's a consumer that's really tapped out. And I just don't see that as lasting for a very very long time. Vince. You know here at Bloomberg Radio and TV we make a big day out of jobs Day and tomorrow's Job's Day. What are you looking for when the granddaddy of all economic statistics? Exactly, that's how you guys play it. I'm in, I'm all in, what are you what are you looking for? Vince?

We'll see this is the thing, and I have I disagree once again with the majority opinion on this. The jobs numbers are will definitely begin to slow, and that's because they're a lagging indicator. And when I keep seeing the FED talk about a strong job market, I want to go back and like throw my economic textbooks at somebody, because we are going to see jobs slow, but it's gonna lag the rest of the economy. Inevitable. We're starting to see the job cut are left it right from

some of the major corporations. It was an announcement again this morning of another major corporation cutting jobs. It is gonna slow, and my fear is that the fet is walking into some kind of like a bear trap where you're gonna raise risk alow but jobs slow and being a legging indicator, it's already gonna be too late. You gonna roll over right, all right, Vince, good stuff. As always. We got the bullish call on stocks and risk assets. He's been consistently making a call for the last a

couple of months there um and he's been right. So he's sticking with He's you know, no no waiver in that voice. You know. Some of the news that's coming across the tape over the last few days just kind of makes me chuck a little bit coming out of Wallster because it just seems like it was just weeks lash months ago that we were seeing stories about how Wall Street couldn't hire people fast enough and they couldn't pay their incoming analysts and associates enough and raising uh,

you know, salaries every other week. It's se were like you were asking every banker that came on the show, like did you go into your manager's office and demand double double bonus? You know? And now we've got stories like the exact opposit. We we're talking about cutting jobs, plunging bonus pools. Um. I got to get to the bottom of this. We can do that with Hannah Levitt, financial reporter for Bloomberg New She joins us live, Yes

Live on Bloomberg Interactive Broker Studio. We appreciate that, Hannah. What's going on Wall Street? I mean, I know it's a yo yo ball, pay pay a lot, pay terrible, pay a lot. Where are we now? And what are the banks telling you? Hey, yeah, thank you for having me. Um. So it looks like bonuses, especially for the investment bankers,

are set to be way down this year. And as you mentioned, last year was this you know, crazy on sort of deals and war for talent and they couldn't you know, pay people enough and get enough people to you know, work there and do their deals. And now the tides have clearly turned. Um. There's been a massive slote and I think something like forty some percent drop in investment paying king revenue at the big five banks. And you know with that, the bonuses will not be

what they were last year. Yeah, I'm looking at M A GO right now, and I see that. You know, we're already in August UM, but it's only two point three trillion dollars worth of total M and A and a lot of that one point one trillion is pending, So who knows if it's going to actually happen. UM.

Why the big slowdown this year? You know, I think it's actually really interesting if you look at it um and you look at how trading has been good, and it's the it's two sides of the same coin, right, because there's been all this you know, persistent inflation, recession, fears, Russia's invasion of Ukraine, all these things that have led to a lot of you know, market moves, market turmoil, uncertainty, and people don't want to do deals in that kind

of uncertainty, and so it gets you know, really unpaused. But then on the flip side of that, you see the trading results have been up, and that will be like kind of a lone bright spot bonus wise, as

if now they're looking to be up a bit. So, by the way, I just wanted to just for clarity on what we saw it last year more than five trillion dollars in deals in the full year, and even in UM you know, the first COVID year of we saw three and a half trillion, So we really need well, we're not gonna eclipse last year and we're probably not going to even match, which is insane because that's when everybody had to work from home. Yeah, well, I mean I think the work I mean tell us you know

where are where is Wall Street? On the work from home? Because we had so many different messages coming out of the big names, the big CEOs on Wall Street was got to go back in the office ubs say no, and you know, say no, you can in city saying

no will be flexible kind of how's it evolved? You know, it's interesting because if if we had been having this same conversation a year ago, UM, I could have spent you know, five ten minutes walking through how each of the different firms was approaching it slightly differently and you know, something more flexible than others. Really, it is not UM something that I hear about from sources anymore. It's like there, you know, they're in the office, some are you know,

five days, some are three day. But the point is like it's it is what it is. At this point where it's kind of a non people will be grumbling about it a little bit. Paul grumbles about it every day, that's funny, and David Tellman probably does too, but that doesn't change the fact that his bankers want flexibility. Yeah, but I don't know. I mean, I think something that will be interesting to watch is do the bankers and the people demanding flexibility still hold the chips when we're

in recession than their job cuts and good thing that? Um, yeah, that's gonna be interesting to see when you know, if and when this economy does go into a recession, the balance of power not just on Wall Street, but just across the economy, which had been decidedly in employees favor, um, which is not the norm, I don't think, um, certainly not in the last years. Right. And now if you go into recession, is that going to switch back and

employers can be like okay, kids back in the office. Well, I think it's very different for for bankers than it is for factory workers on the floor, right, because there still isn't enough stuff so we need them. We still need flight attendance. We still need you know, all of those the service people as well. At bankers, it seems like uh there, um, you know, not as necessary anymore. Absolutely.

I mean we were hearing about these crazy like multimillion dollar packages and stuff just I mean months ago that was the state of affairs and like you know, everyone poaching everyone from everywhere, um, getting all these competing offers. And now it's first year salaries are going up to one ten, one twenty exactly like in the span of weeks or months. But now I mean clearly, you know, even during earnings, which is a couple of weeks ago,

banks we're talking about focusing on costs. When when you're focusing on costs, that does not mean that well, back in the day, focusing on costs meant the town car that was the first thing to go. The town car home from work was the first thing to go. Are they still as well, Street still losing talent to private equity. It seems like those first year analysts come in and they barely are there and they're already being interviewing for some of these p jobs. Our crypto Yes, well, that's

that's absolutely still the dynamic. I think crypto. Um, maybe less so today first as a year ago or even a couple of months ago. UM, But yeah, interesting, interesting, Yeah, you know, so it's interesting. We'll see how that plays out. But you know, headcount, that's one of the expenses. Uh's certainly the one that they can manage aggressively, both on the upside and the downside. So we'll see how that

plays out. UM. On Wall Street. Hannah Levitt, financial reporter for Berloomberg News, joining us with that reporting again, big big changes on Wall Street, the profits engine. There a lot of it from the banking side, the new issue and side, both and equity and fixed to come. As we've seen from the results from the big banks, uh, you know, trailing where they were last year and even in as well. And so what do you do you take a look at the cost line, what's going on

out in the world. Let's bring our next guest, May May, who uh CEO and co founder of Vaccinity. Vacinity is a publicly trade company trades under the symbol v a x X on the NASTAX. So you punch that into your Bloomberg Professional service. May May, thanks so much for joining us here. I love for you've got if you just kind of give us a quick overview of what you're doing at Vaccinity right now. Yeah, great, great to

be here, Paul. Um. So, yeah, Vaccinity is obviously a vaccine development company, and our missions really to bring the efficiency of vaccines to chronic diseases. Um. And we decided to use our technology to go after COVID as well, particularly a next generation COVID booster. Um, just to show the breath and depth of the technology. But um, you know, we want to bring convenience, impactful, transformative medicines to the world. Well, and it looks like you've been very successful in doing that,

certainly bringing them to the NASDAC. I see that you've overseeing the successful spinoff of five companies. Um. Are they all in the same kind of biotech biomedical um? Arena. Uh, they're all in the biopharmaceutical space. So the predecessors have been actually in Asia. So we spun off an animal health company, vaccine company that vaccinates almost a court of the world's livestock swine. Um A got to be careful to swine, right, we can't say pigs anymore ever since

the problem in China. Right, Yes, yes, um, that that's that's right. So UM yeah, So so it's all been in the same same area, but mostly in Asia and then UM the most recent one was Vaccinity and that was, you know, a combination of two predecessor companies, one focus under a logical diseases and the other one focused on COVID. So what so what is may made the UM What

is a variant inclusive COVID booster? You know? So when we were at the White House, UM, Dr Founci basically said, we need something that is UM more universal like right, so next generation we're looking at broader coverage UM and that's kind of where ours comes in, and more durable, so you don't want to be going out getting boosters every three months. UM. And we take what we call multitope approach, and that means not just looking at the

spike protein. We cover other epitopes on the virus UM so that you have broader both be anti cell coverage and hopefully that means that it's UM, you know, more protective against amicron and future emerging variants, whatever they may be. Where are we in the timing here? Because I I for one, was just and I think a lot of most people were just so so impressed by the ability of the healthcare community to come up with these vaccines so quickly, uh and have them be so effective. Um.

Just extraordinary effort there over the last several years. Where are we in terms of getting to that next generation COVID treatment or you know pill kind of thing. You know, it's it's funny, So I echo you it's been unprecedented. UM. Next generation is in some ways trickier because you've got to figure out where do you want to improve? Right, there are so many areas to improve. UM. I think we're pretty close, and there are a number of other efforts.

We ourselves are in a phase three pivotal trial of our compound called UB six twelve uh and on track to deliver a top line read out later this year. UM. And if successful, you know, this study could support conditional approval of our vaccine in a whole bunch of jurisdictions. So I think lots of progress have been made. And I think ever since the first vaccine has got on the market, people have been working on next generation ones.

And again we're focused on being able to address future variants, being durable, being able to be distributed to you know, all over the world, because at the end of the day, there's a global problem. And also something that that is interesting to me particularly is safety and tolerability. Right, I want to develop the vaccine that I give my loved ones, um, one that doesn't necessarily make you feel sick, one that you know, you give your kids. So there's a bunch

of stuff that that everyone's working on. But we're looking at the next wave pretty soon, how are and surely it will come and thank thank We're thankful to people like you who are are helping us combat it UM covid though not nearly as ugly a disease as Alzheimer's or Parkinson's. And you're also working on UM drugs or therapies to fight that. Where are you That's what really

gets me going. I love it UM. So we have shown in a number of clinical trials and humans that are vaccine works to do what we wanted to in Alzheimer's, Parkinson's, were actually about to Actually we're starting a phase one in migraine patients and UM. We're also developing a vaccine against heart attack and stroke, so something that can lower cholesterol on folks. So the Alzheimer's program is you know, entering its large scale trial, so we call it a

phase to be UM. We've already shown that it can, you know, get your body to develop antibodies against these toxic amyloid alligamers. We've shown that it can kind of it neutralized the target UM and that in our you know, last phase to a study that we can slow the progression of decline. And now we've got to show it on scale, so that study, once launch, will take UM uh you know, eighteen months or so to complete UM.

So that's exciting stuff. That would be incredibly exciting, uh, you know, because if you've watched someone suffer from either disease, it's just so horrendous and so many people do and right now there's nothing, really nothing that can be done. So I think everyone is, uh, everyone is with you and hoping that you guys make some real progress there.

Maybe yeah, thank you. It is devastating and U. And the one that we we UM recently announced just non human primate data is against a target called PCSK nine for hypoclesterma folks with high cholesterol. You know, cardiovascular diseases are still the number one killer around the world, and if you can lower cholesterol. You can make a magnificently large impact. All right, may Mate, thank you so much

for joining us. May Mee, who CEO and co founder of the company Vaccinity, a biotech company doing some important work there. Thanks for listening to the Bloomberg Markets podcast. You can subscribe and listen to interviews with Apple Podcasts or whatever podcast platform you prefer. I'm Matt Miller. I'm on Twitter at Matt Miller three. On bal Sweeney, I'm on Twitter at pt Sweeney before the podcast. You can always catch us worldwide at Bloomberg Radio