Markets, The Fed, And Credit Suisse (Podcast)

really got my attention. The author said, hey, we are or we're very close into recession already, but he says that's not all bad news. While growth slows, the FED will take notice and any pause and raid hikes will be a boon to risk assets. That got my attention. I said, we gotta get this guy on the air. Vince Signarella, global macro strategist for bloom blerg Bloomberg News joint us. I will note working from home, he has lost forever, his Metro North past, his you know, subway tokens,

no nothing. It's interesting to see the juxtaposition because you have so much respect for Vince and his halls. Um, we were talking about the night he sent out the story on the other hand, you feel like he's phoning it in as someone who's working from home. He's one of the few people that I believe it's one of

the few people. Yeah, I'm generally a not a fan of work from home, but there are some people that have earned it, and Vince Signarella has earned the ability to work from home, and plus he's got a great set up. Vince, talk to us about the Chicago FED National Activity Index. What did we see? Yeah, you know, it is one of the most overlooked indexes because people don't really understand it because it just kind of hovers around zero um and it's not sort of fused to

the hundred that a lot of indexes are. So where you see, you know, confidence indexes at just the or below signaling recession. People don't really know what to do with the Chicago Fed. But on a quarterly basis, it is such a great indicator of g d P and when it sustains below zero, and it's just dip below zero, so it's a little too soon to tell. We need a few readings below zero for sure, but if we get them a few months and it stays below zero

on that quarterly basis, it's basically signaling a recession. And you know, when you look at some of the numbers, you know the Atlanta is calling second quarter growth at minus one point six and such. You put it all together, um, it very much looks like we're already in a recession. And when you see the White House trying to walk it back and trying to change the definition of the recession,

makes you feel like you know you're there. And I think the final shot off for me yesterday when Janet Yellen, Secretary Yelling called for a press conference on Thursday. When we get the GDP numbers on Thursday morning, if I had to roll the dice, I'd say she's doing that because she wants to try to walk back the fact that we're going to see a second negative growth number, um and and try to talk the market out of

the fact that we're in a recession. So so we I mean, the Atlanta Fed shows the second quarter was contraction. The first quarter we know was also a contraction. Nonetheless, unemployment at three and a half percent and nominal GDP in double digits. Um, how do you how do you put those things together? Well, unemployment first of all, as a lagging indu theater so it's going to take about two or six months where it could catch up, and

I think it will. UM. I think is you know, if the Fed keeps things going UM and keeps pushing the interest rate environment. I mean, look at home sales this morning, dropped precipitously and for one of the first times we've seen home sales fall in both the South and that's where Florida and Miami has been leading, and in the Northeast, which has been residient to higher mortgage rates, and a big drop in both of those areas. And you know, that's where the average consumer feels. Well. The

average consumer isn't attached to the stock market. They're attached to their home, and when home prices start to fall, consumers feel poorer and the confidence drops and spending drops, etcetera, etcetera. So my point is, I think the Feds already done a substantial effort to try to slow inflation. They're gonna go seventy five basis points today because it's baked in and they'll lose credibility if they don't. UM. But I don't think they need to be too aggressive going forward.

I think they need to let this play out. It takes at least six months for monetary policy to work its way through the system, and they're not giving it

enough time. If they go like, you know, hell bent without waiting for it to do something and and giving the consumer and opportunity to react, all right, So then if the seventy five basis points is baked in today as the market is implying, I guess it comes down to kind of trying to read the tea leaves of the tone of the body language of FED Chairman Pal. We have Michael McKee uh from Bloomberg down there in d C today will tend the press conference. What are

you looking for from FED Chairman Pal? What message do you think he should deliver? You know, I know he's going to say that we're still pushing this because we still need to find inflation. Inflation is at very high levels. Um, we don't want to you know, we don't want to back off and lose control of this. I mean to me, it's a policy error because they're just reacting to the value when they call the transitory. What I would love to hear him say is that we're you know, we're

doing this to try to get FED funds rate. You know, close to the three to three and a half percent level, which is where we think inflation is going to come back to eventually, and that from this point forward, while we will be potentially raising rates to get to that three and a three and a half percent, we want to see how the economy reacts and what the data

show us. And if there's a sustained drop in inflation over the next three months, that's going to effect September's policy decision, not just let's just raise another seventy five basis points in hell and high water are what the economy and doesn't want inflation numbers. Do they ditch forward guidance? I don't think they will. Um. They've been relying on that so much, and realistically I wish they would. Um.

You know. I remember being at a at a money market here talk with fed's Bullard and he said, I don't know why you guys keep calling higher interest rates, and I sort of raised my hand and went, it's in your bloody dot plot if you would if you don't point it out in your dot plot, and that that's the forward guide. It's the market to reacting on. So I'd love to see the forward guidance go away and and markets trade the way they once did is based on their their own thoughts of where they think

things things are going, and it would be helpful. I feel like it would be helpful. Also, then you could use the market as an input right in terms of reaction to economics. Otherwise the markets are just reacting to what they expect from the Fed. Vincinerello, global macro strategist for Bloomberg News joining us read his stuff I highly

recommended on the Bloomberg terminal. He's making a case that yeah, maybe we're in a recession, but that just means the FED can be a little cautious and that's good for risk assets. Well, my good friends like Credit Suisse, they're replacing their CEO Thomas Gotstein. Got Stein, thank you very much. Who was the reason I'm going to ask you from work? So he's resigning after a two year tenure mark by scandal, turmoil and huge losses Shownalie Bassett, I get that right. Yes,

that's not where my expertise lies. All morning long, I've heard people say, Gottstein, you're not the first, and you won't be the scot Stein. If it's an e I in German it's always I and also Stein means stone, so it's never Steen unless the person came to America through l Well, anyways, he's on his way out. He's on his way out. Who's coming in a corner? Did

I say that correctly? Yes? Okay, pretty much. He is going to be taking over his chief executive officer of Remember, this is a bank that has lost about of its stock market value this year. This is a tiny bank these days. It's fifteen billion dollars in market a TENCNY little zombie. Teen little zombie. It's got it's it's also

got results out. The worst trading performance this century is how Donald Griffin of Bloomberg puts it, which is, you know, it sounds dramatic, and it is because again their macro had been going on. But other European banks are able to hold up some results, but they're also zombies. By the way, can we just rewind for a second. You care, Paul, You care about Credit Sweets because you used to work

for the correct CB. You listen, guys, Credit Sweez is still one of the biggest wealth managers in the world, and so to kind of chip away at this firm is a really interesting thing. You have Morgan Stanley interesting and during wealth management of City Group trying to get bigger, and wealth management you have, and both of those firms have huge investment banks already. Well did you think about

Credit sweee is just a few years ago? Like my account has been with Credit Swiss ever since I worked there. They got out of the US wealth management business just when Morgan Stanley and everybody else was ramping looked around, like why would you get out of a business that has low capital allocation steady returns only Credit Swiss wood Well, not not because they wanted to. They had regulatory issues here in the United States which really pushed them out

of the United States. And so if you look at what's happened over the last couple of decades here for Credit Swiss is a series of regulatory issues, um and mishaps with major clients, most recently Archagos and Green Cell. Remember it was just before the pandemic that they were ramping up their trading business. They were hiring from major rivals across Wall Street, both and trading and investment banking.

Sale and I don't know the Swiss politics about you might know of UBS and Credit Swiss ever getting together because yeah, that's for no other reason, just to get bigger. Well, then you leave Switzerland with one major bank, right right, So it's a complicated question. I think the Swiss government is always liked the two. They wanted to protect the two, which is why they have such strict capital requirements out

of Switzerland, some of the toughest in the world. And you look at it now and the question about Credit Sweets getting bought to save it is a real question. The question is whether the UBS merger makes sense or whether a different company like a Deutsche Bank or a Morgan Stanley, which is not all that likely from all of my reporting over the years, but it's something that is pan European making more sense for from the Credit Sweez People talk about it a lot, but I think

you're right, not gonna happen. The Swiss government does not want that to happen. They want to keep them. They want to keep two banks. Look, you don't want to be reliant on one, as the German UH natural gas situation illustrates. You don't want to be relying on one supplier um And also cross border European bank mergers just not gonna happen right now. That could happen eventually, but probably not another nation picking up credit st banks do

turn around. Look at Deutsche Bank for example, they shrunk to grow and now they're at a place where they're performing better and trading and investment banking they're taking on less risk. That is what Credit wants to do. Listen, it's such an interesting thing because this business model change has been talked about for as long as I've been

on the beat. This is nine years that you know, UBS has made this change capital light trading desks for the most part, only having investment banking to serve the wealth clients. And that's what Credit Swiss now wants to do. Now can they pull it off as they're losing so much talent? That's the question, all right, what do we know about this? Ulric Kerner Kerner our Bloomberg's Marion Halfdemeyer calls him a fixer, so he has he has a

reputation for being technical, decisive, remember credits. We's just presented a plan to investors under Thomas Scott Stegn. We were talking about it um about the way they would move forward. So can he create a more precise laser sharp playbook? Here and her reporting is interesting. I mean, he's just

a formal former US UBS. Guy Kerner, who is currently Credit Swiss as asset management has spent twenty years at the largest Swiss firms, UBS and Credit Swiss, and the musical chairs between UBS and Credit Swiss is consistently interesting, right, interesting, So all right, it's more change at Credit Swiss. I guess that's yeah. And God's tigned, by the way, just came in at the beginning of the pandemic right February. He wasn't responsible for our ark goes, he wasn't responsible

for green sill. But it's like every quarter there's a profit warning. He just can't turn it around. Why didn't he just do a kitchen sink thing and get it all out of the way. I think that's the hope now, yeah, for sure. Alright, Just you know, you think about Swiss banking, you want to think stability, and you don't necessarily get that. I like, I like to think secrecy too, but they don't do that anymore. You'd like to think that, like the Born Identity, that that kind of stuff is a great,

great scene and I mean obviously an awesome movie. I also like that you think about art I think about you know, secret money stashes and all that kind of good stuff, and you know international intrigue. It is fed Day, but that's a big day here at that Bloomberg. It's like Draft Day for ESPN. True if Draft Day were once a month. Yeah, exactly. So we're all in, and we're all in. That means we get Danielle di Martino

booth here in our Bloomberg Interactive Broker studio. Danielle CEO and chief strategists at Quill Intelligence also spent some time at the Federal Reserve and some don't town down in Texas or something big, the big book. I love the title, will still love the title of your book, fed up exactly. That kind of gets you there, all right. Lots of ECO data on their terminal E c O go for

you kids out there with the Bloomberg terminal. One of the things that just jumped out of as Danielle pointed out as he was coming into the studio, pending home sales month on month minus eight point six percent. Census was minus one percent. Housing had been such an economic stalwart, daniel What about the year over year depending home minus ninth YEP minus twenty Louise census were did you sell your house? You bought you. I've bought my house that

literally the top of the market. The only thing that makes me feel okay is that I've got a decent mortgage rate and you're gonna be there for twenty years. You did notice in the retail inventories data that auto and auto parts drove the train there at three the car is coming, I hope. So from from your mouth to Mary Mary Barry, Mary Barry yesterday warned about economic conditions weakening. I just wanted the one chip they need for my Silverado. Put it in the truck and then

ship it to me. That's all I want. So what does the housing data? What does the eco data? Danielle kind of tell you. So, look housing, since we're actually talking about the two sectors that lead economies consistently, in and out of expansions and contractions, housing and autos always take the lead. Those are just the rules of ECO one oh one. Because housing has tentacles, right, It affects consumption, If it affects what you put in houses, it affects

your sentiment. If you start hearing people who have been all excited my house price is going up this much, blah blah blah. Now they're like my house price way up. My my property taxes are through the roof, and sales are cratering, so you're not as happy anymore. You're not going to buy as much stuff. So it has ripple effects throughout the rest of the economy. And I think that that's what we need to be paying attention to.

Outside of the spike down that we saw during during COVID, this is the lowest data that we've seen since after the financial crisis, after the housing bubble burst. By the way, my my property taxes, I could put my kid through Harvard. Yes,

with my property taxes. It's insane. But you're going to see property tax foreclosures for older Americans on fixed incomes own their homes right terrifying and and I I know so many people now have been trying to sell their houses but they can't because nobody can get our wants to get a mortgage for six percent at these prices, and financing is falling through, and new home sales you're hearing about cancelations with every single home home. Speaking of cancelations,

I really want to get to forward guidance. The Fed decides today, and yes it's every month, but it's really more excitingly lead than it had been for a while. Um, not only do we expect seventy five basis points, maybe even a hundred, but they could ditch forward guidance. Is that a possibility? It's like taken away the pacifier. Yeah,

it really is. I mean and and as I was saying before we went on the air, to me, this indicates a lower strike price on the FED poot and it means to me that that markets are going to be much more reactionary because they're going to assume that the FED is going to be much more reactionary to the data rather than like one ludes. So because that forward guidance implies, it implies a calmness no matter what happens.

And this is what we plan to do, and we're gonna stick to our word, or we're gonna follow leg guard down the rabbit hole and get rid of it. Daniel. Earlier in the show we had it. We had a trader type on and he was kind of making the trading call that you know, recession, if we're not in it, we're darned close to it. And that's going to give reason for the FED to be more cautious going forward. That's a positive for risk assets. That was his trading call.

That's the FED put. Okay, how does that's the assumption that the FED put is intact? And we get any sense of that today from so I need to pay attention. I still think off course, so but I have to pay atten well basically, But it's not popular. But I think Powell is determined to push through in September. Yeah, because going against this is his desire not to be and Arthur Burns repeat exactly, he would rather be a Paul Volker exactly. That was always his idol. He loved,

loves Paul Volker. Who doesn't don't didn't We all love Paul Volker? But the giant to the extent that he can without breaking credit, and you have not seen this massive gapping out in how yield spreads to indicate distresses like systemic watch out to the extent he doesn't break credit. I think he keeps going. I think Powell keep I think he goes on September twenty one. So what do you think a terminal rate? We're talking about four? I heard we've been Tryinhart was saying he thinks five percent

or more. An unemployment at six percent, now that's an outlier. Pending home sales down, you're over your I don't think so. Okay, not happening. It'll break the economy. Two and a half broke the economy before the crisis. So what do you think? Three? And I think we may get to a three handle. But again, we've got two trillion dollars more in corporate debt than we had last time he attempted this. While cute, nobody's talking about quantitative tightening, it's still going on, it

still ramping up. It's oh my gosh. The conspiracy theorists on my Twitter feed are making me nuts. Look, there are two dates in which treasuries mature, fifteen of the month and the last day of the month. So if if there's kind of some some kind of noise in between some week, it's because treasuries didn't mature. Get over it. What's your Twitter handle? By the way, at DeMartino booth,

Now you're gonna send more crazy social media. I look at I'm looking at euro dollar futures um and to see what the market thinks the Fed is going to do. And I've been pointed this direction by Kevin Muir. The macro tourists love his stuff. Um, he sees a peek or euro dollar future show as a peek at around three e D and then they come right back down in twenty three and twenty four. Is that what we're going to see? It depends on who Powell is. That's the FED put, right, that is the Fed put, and

markets are anticipating that already. That's what we're seeing in the stock market right now. They're anticipating that rates are coming down in twenty three and quickly. And you think maybe not so much. Just look, there's a midterm election in front of us, there really is, and there's no fiscal relief coming. And Powell really does want to prove his his medal. He wants to take back his reputation.

He wants to undo the transitory sin. But does he want to make sure that the Democrats don't get too slaughtered in the mid terms? I mean, last check, he's a Republican, so yeah, so, and he's like the only one on the whole board, and he wants to prove he's got the veto the ultimate detail power. He wants to exert his his his his control over his board, and I think he is Wow, alright, good stuff. I mean we get Danielle DiMartino booth In Studio brings the

A game every time. Well, and it's an incredibly dramatic time, right, I'm like, oh my gosh, every bit of data, very exciting economic geeks, interest rate geeks, we got them here. Daniel D. Martino, Booths CEO and chief strategist at quill In Intelligence, joining us life here in our Bloomberg Interactive Broker studio. The FED released two pm Wall Street Time press conference two thirty Wall Street Time. Of course, Bloomberg's complete coverage starting at one thirty pm Wall Street Time.

We cover it because it's important. So it's kind of mid June. We've had interest rates pullback really substantially when I got the tenure down at two point seven six percent. We've had the S and P five you know, rally abound eight percent during that time, and so you know, kind of dumb money like me, I'm saying, do I buy this thing? Is it a dead cat bounce? What

do I do here? And I know other people are out there like me asking those questions, and hopefully Katerina Simonetti, who's a senior vice president and private wealth adviser for Morgan Stanley, has some some answers there. So, Katarina, how are you when you talk to your clients, how are you kind of framing this year today, which has been brutal but a little bit of a bounce here over

the last month or so. Well, thank you for having me on the show, And you're right, we're looking for any type of source for optimism that we can find. As much as we want to believe that this is the start of the market recovery, most likely this is just a bear market rally because what we need to see is we need to see significant earnings revisions, lower inflation, and the actual pivot and sad strategy before we can

get excited about this rally. And we don't think that we're quite there yet, so for now, we're staying defensive. We prefer defensive sectors like healthcare, like utilities, like consumer states, than reads to the growth sectors, as difficult as it might be, because we all know that investors love their growth stocks. We have this love affair with the growth sector. It's exciting sector. It's something that we all love to own.

But for now, our recommendation to our clients, to the investors is to stay defensive and to get through the end of this year, which most likely is going to bring significant further volatility. As we know, continue with the team yearnings. Yeah, we've we've really seen the rotation into value, although recently UM in terms of E t F flows

growth has picked back up again. Um, what what is it gonna take, Katarina, because Vince Ignarella here at Bloomberg has pointed out a lot of UM leading indicators show that we could be in or at least headed for very soon a recession and at that point he thinks the FED has to at least stop, but maybe even turn around, and that's good risk assets. Well, absolutely, it seems that the equity market is looking ahead to the said pivot. The question is at what point isn't going

to come? And what we're dealing with right now is major fears of recession at least, you know, most of the the individual investors are convinced that we're going to get in in recession of some kind, whether it's going to be deep or shallow recession. You know, we are in the environment over the historically unprecedented inflation levels that we have not seen, you know, for many, many years, and this is definitely, you know, a contributing factor to

the said decision to continue raising rates. We're dealing the bowl over labor markets, ongoing to a political risk. There are a lot of things that are hitting this market all at the same time. And this is not to say that there's no end in sight. You know, we just are having difficult time getting excited about the growth at this point, you know, with this type of inflation ary pressures and need to general read additional extra income

were investors to compensate for high inflation. So, Katarina, you know, a lot of retail investors and investors just in general have kind of been you know, kind of weaned on this sixty forty uh portfolio. But boy, this year that got you nowhere because you've got you know, bond returns double digit declines and returns and performance that we've never seen in some of the corporate bond and even the

treasury sectors in the bond market. Are you getting a sense that you just kind of kind of throw up your hands and start buying them here? The sixty portfolio has been a stable for many years, and we think that it's going to continue being a stable We just have to revise our expectations for what we can actually earn and portfolio like this UM. And when it comes to bonds, yes, I think that that we have to be very particular in in what kind of bond sectors

we're looking at. We have to you know, it's kind of gravitate to first quality. But there are a tremendous amount of buying opportunities in the bond markets right now as bonds you know, are looking to recover a set of stocks, uh and uh, you know, we can't give up on them. And you know, I think that that it was a bit of a wake up pole and a shock to a lot of retail investors seeing their

bonds port folios decline as much as they did. But we're encouraging them to stay with their uh sixty foot models, if bests where they're at, but take a really hard and close look at the quality of bonds that they own within these portfolios because it's going to make all

the difference in the world. So so you're you're just looking at UM, investment grade and government securities because a lot of people have reached out for higher yield bonds recently, well their investment grade, their government securities, but also you

know they're preferred. There's ideals. We just need to make sure that the allocation of these the fixed income access classes, but then the folios that are appropriate because you know, we want to a lot of investors are not realizing that they're taking on some extra risks by incorporating some

of the the lower quality bonds in the portfolio. And this is the time because everything is down, the the bond market has been hit, you know, just so significantly more than we have seen in many many years, you know, so they are buying opportunities where we can pick up some of the higher quality fixed income and improve the overall quality of the portfolio by doing so. Um And when it comes to yield, of course, you know, the

high yields and preferred make a significant difference. But we can also look at the non six income access classes and bond alternatives like reads for example. You know, we we um incorporate the the higher yielding equities in the portfolios in order to to kind of just just balance of the risks that we're seeing in six income. All right,

good stuff, there as all Is. Katerina Simonettie Katarina is a senior vice president private wealth adviser with our good friends over at Morgan Stanley Teva Pharmaceuticals t e v A. The stock is up big today. The company struck a deal with US state and local governments to pay more than four billion dollars to settle thousands of lawsuits. So stock reacting positively to that. Uh. Fortunately today we have car Sholtz with us, the CEO of Teva Pharmaceuticals Core.

Thanks so much for taking the time here. I love for you to kind of put into context. Uh, this um I guess agreement, this deal with US state and local governments, gives us a sense of what it entails. Yeah, so it's a thing that's been long in the works,

she could say. So, we've been negotiating for a long time, and the deal basically in jails that we'll be paying over a thirteen year period money to the states and subdivisions, money that they can use to help people suffering from substance abuse, and will also be contributing product which is in this case generic version of knock and spray, which you can use to save people if they have an overdose situation, So those two elements will be contributing, and

it's something we've negotiated for a long time and we're happy, happy to see this resolution and move forward from here. Well, why is the opioid pandemic um solely affecting the United States? I was living in Germany for the past five years and we didn't hear about any opioid overdoses or addictions there. Yeah,

so that's a good question. I think that the main reason is that in most European countries, including Germany for instance, you have a national driven healthcare system which encompasses all doctors in the system and all patients, all the whole population, and there's a very easy, strict way to control any

script it's written, any script that's received by anybody. So if you're a person who needs opioids because you have pain, either because you have had an operation, or you're maybe terminally cancer or whatever situation, then it's very easy for society to keep check on which patient gets which prescription

from which doctor. And that basically means that the whole control system for many years, last twenty thirty years, in most European countries have been very strict and easy to implement, whereas in the United States, where we have private healthcare and where it's much more dispersed and where there's less central control in terms of databases and so on on, in the prescription, it has been more of a challenge

to control. Take. On top of that that, the access to illegal drugs in the US is much much higher

than it is in most European countries. The access to illegal fence ail meth and fedomin and fedoman on in the US is of course very very problematic because so easy to get access to either food the internet, you know, just buying it online, or food invitation that comes in from China, Mexico, Colombians on coor what do you think about, uh, you know, after we've been through this pandemic, I'm gonna say we've been through it because now you know, seventy

eight year old man can get COVID and uh, you know, barely feel it for five days and he's back in the oval office with no problems. How do you see it from from your vantage point? So my company, Tea, we are, you know, a really company, and we were there together with the Israeli government with the very first

wave of vaccinations very early on. So Chever actually organized orchestrated the whole distribution and setting up the vaccination programs go with these really government, and that worked very well, and I think it's who as President Biden said that vaccination and booster shots are very important, especially for the elderly part of the population. I say the plus fifty years of age myself, I've been vaccinated and I've had

three boosters. I've been you could say I've been vaccinated with the fighter bion take vaccine four times, and I think it makes sense, and I do believe that it doesn't keep you away from getting COVID again. You can see ready to get it again, but it does reduce dramatically the symptoms you get. And we have to remember that this is a cold virus. This is like getting a cold in a way. It's just a severe cold, and you keep getting a cold a normal code. You

can get that every second year. You get it one year because it mutates. So I think the same thing will happen here. But we will gradually build up natural immunity by getting it, and we can boost that then with getting vaccination shots. And we just got to be careful to take care of the vulnerable population. How important is pax slovid core And I think, if I'm not mistaken, you will also make um a generic version of pax sloved Is that correct? We will, of course make that

as soon as we allowed to. I don't think we allowed to do it in the US right now because it's patented, but we have sort of the teamed up with the originator and said that we would like to manufacture it for those parts of the world where it's being made available despite the patents, so speak the cord. Now that the opioid issue from a litigation perspective is largely behind the company, what do you think investors are

focusing on or what should they be focusing on? And as they take a look at your company, I think they should focus more on the fundamentals, which are that we are the leading generic company in the world with a fantastic portfolio, and we're building a very strong pipeline and very strong business and bissimilars and biosimilars whill keep

on growing significant over the next ten years. And then we have a long and strong tradition in neuroscience and in munology where we have had you know, one of the best products in MS in the world, one of the first good products for Parkinson's disease, and we're doing research in executive those areas. We have projects now on project that potentially can be very addictive Parkinson's disease, and all the projects where we use the immune system to

five cancer. So I would say that combination is quite unique. And because we have this combination of doing bio pharmaceuticals and biosin US, then we know how to do it, but we also know how to sell them in this marketplace. All right, course, Schultz, thank you so much for joining us. Really, I appreciate you taking the time. It's Core Schultz, CEO of Teva Pharmaceuticals stock today on the resolution of their litigation for the opioid crisis. Thanks for listening to the

Bloomberg Markets podcast. You can see 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, pt on Fall Sweeney I'm on Twitter at pt Sweeney. Before the podcast, you can always catch us worldwide at Bloomberg Radio.