Stimulus Gridlock Will Test Fed's Toolbox: State Street's Loh

in our next guest. Now we have Marvin Low. Very lucky to happen because he deals in all sorts of derivatives and trades that I'm sure are particularly exciting at a time like this. Marvin Low of State Street in Boston. So, Marvin, have you been having found the last couple of days in the market. It certainly has been a wild ride, hasn't it. Um. I'm I'm tired like everyone else, so we would like to move on to the next thing. But you know, clearly we're still in the service of

the election and you know, waiting outcomes. How do you read it, though? How do you read this market where we've had a vix all the way off, as Paul said, coast of forty but way back down now, even though there's more more uncertainty over who's actually going to be president of this country? Yeah, I mean, I mean only UM.

I had always thought that the Senate was the you know, and of course the um who occupies the White Houses is clearly important for for tone, but the Senate was, um potentially one of the most important outcomes, UM, particularly for businesses and how to approach the next four years. And from that perspective, we do have clarities. So I think that there is a lot of pricing around, UM,

around kind of the gridlock that divided Congress provides. So Marvin, again, it looks like if current transfold, we we will have a split government in terms of the Democratic White House and a Republican Senate. What what do you think the from a fiscal stimus package can get done? Should get done? What's kind of in your forecast? Yeah, should should get done, Absolutely can get done. UM. I think it's the size that ultimately it has has been um the unknown over

the last couple of weeks. Ultimately, you know, ultimately once again, UM, you know, I'm I'm are marking somewhere around a trillion dollars, certainly much less than the conversation around the Blue Wave, which was closer to three. But even more important, Um, that blue Wave discussion also included you know, infrastructure spending and potential transfer of wealth types type strategies, if you will. And and that is off the table with kind of

this divided Congress that we're looking at now. But but should happen, um, And and now we're kind of parsing when it will happen. Alright, So you think a trillion, which is pretty stunning given that we were at one point eight trillion on the Republican side before this all happened.

What brings you down to a trillion? Do you think that because Mitch McConnell seems to have work control over the santut now and there may not even be Speaker Nancy Pelosi in the next version of Congress, that that's why we'll come back down again. Yeah, you know, I mean the the um the Senate Republicans certainly were at a much lower level than even even that brilliant Um. Uh. It does depend I think who occupies the White House. Um.

You know, there's all conjecture at this point. Um, But you know, I could see I could see if um, President Trump somehow is reelected that the package might be larger because he would be able to um UH to pressure the Senate Republicans in a way that President Biden couldn't. So you know, there's still ultimately a lot in flux. But I think I think the key is that UM

it is needed and likely will happen UM. You know, particularly as we're on the eve of non you know, the next employment report, and you know we're we're we're parsing economic data which, while not terrible, certainly isn't improving that much. Margaret, are you surprised at perhaps how well risk assets, equities credit is holding up in the face of what are just the worst pandemic numbers we've seen

since the beginning of this Yes and no, UM. I mean certainly, if you asked me in the middle of March, you know where where a lot of these risk levels would be, I would not be here UM. And and you know I'm not ashamed to ultimately say that UM. The biggest determinant for risk assets has been the amount of stimulus UM, and it has been kind of the

dual approach of both fiscal and monetary UM. I think what we wind up with is UM comfort, or the need for the Fed ultimately to remain very very active in these markets, and I think and I think we're seeing some of that make its way through risk assets over the last couple of days. UM that the Fed has no choice now but to really go full out on anything that it can UM, because we're not going to get the degree of fisical that I think that they had been hoping for and that the Blue Wave

would have implied. So the trillion that you think might come out of Congress, where will it go? Will there be help for the states? Will there be any targeted stimulus for certain industries? Yeah, you know, and and and and a lot of this still UM still kind of requires UM knowledge of who's gonna sit in there, who's gonna sit in the in the White House. But certainly

unemployment benefits UM kind of a restart of that. Uh. Certainly something UM on the small business side of things, because I do think that there is agreement that we've got to help mainstreat more. UM. There's still contention around around state eight and kind of I think that's one of the more volatile aspects of the discussion. UM. So the easy parts of small business and certainly the certainly

UM bring unemployment benefits kind of back into discussion. So Marvin, as a global macro strategist, where do you see I guess the best opportunities. Here's you as you look at twelve months are you are you geographically diversified to the extent you'd like to be or do you find yourself a little bit more concentrated in the US? Yeah? You know what, I still find myself concentrating in the US. You know, I think US companies UM have an advantage

over many of the other companies around the world. So really this kind of tech discussion that you know, we've all participated into the last six months still makes sense. UM yields themselves. You know, I think that without stimulus and kind of with UM, the potential of inflation UM increasing as part of UM kind of the reflation trade going away keeps yields kind of at these levels. The FED ultimately UM needing to be aggressive, will you know,

help those yields remain at these levels. So, you know, taking that threat and kind of UM figure out which asset classes are most attractive to you and that environment is kind of what we do. So certainly the tech discussion still makes makes sense to reach for yield still

makes sense. UM. I think emerging markets become more interesting if there's a little bit more stability, But it does wind up being, you know, what parts of the world in which countries are most interested in UM, and then reach for yield really does uh go into go into various parts of the spread market, so kind of looking for those spread products, which makes sense in this in this new if you will, divide a government is what

we're doing now. Why though our equities rallying as well as all sorts of safe haven assets from bonds, treasuries obviously to gold. You know, I I think I think UM kind of them. The spectr that yields might rise UM to an uncomfortable level is off the table right now, so you're kind of seeing that long duration trade uh play its way into it. UM. I do think that investors had been somewhat neutral kind of going into the elections with with the risk associated with it and UM.

You know, there's still a lot of repair that needs to be done in the economy. But kind of a divided government is you know, with an active FED UM is good for financial assets UM. You know, uh, you know, as as kind of a base case, if you will, we're speaking with Marvin Low, Global macro strategists at State Street. Marvin, you mentioned you touched on just emerging markets. It's it seems like, I know a lot of people are tempted to go out on the risk curve and take a

look at emerging markets. But boy, with this pandemic backdrop and with some of the economic uncertainty that's like it to continue from it, it just feels like it just

isn't a time. How do you guys think about it? Yeah, I mean, I mean generally, um, but most certainly there's you know, and we're all making implications, um, and assumptions as to what the new government is going to try to do without really knowing you know, firmly what the new government is going to look like even you know, even if even if we're correct, and who sits in the White House and how kind of how Congress is divided, um, you know, where we're making guesses on what those policies

look like. So in terms of reflation and in terms of um potentially um you know, uh, some benefits associated with commodities and therefore commodity countries where we're we're making guesses. So so gingerly, I do think that there is a lot of liquidity in the market. Um, So funding for for what the emerging markets might need to do to kind of get their economies back in place seems to be available, and that does provide some comfort, um, so

you know, parcel through it. There are there are ways within the fixing come market to take out the FX exposure. So you know, certainly have liked hard currency and bonds as part of the discussion. UM in Asia right now is certainly interesting, given that the virus seems to be in better control and you know, um the data coming out of Asia is a bit more solid. So you know that ultimately is the process that I think all

investors in emerging markets need to go through. So obviously fed Ter J. Powell will try to stay away from anything political or partisan. Later on today when he speaks, nevertheless, he'll get some questions about what he might be able to do if there is no stimulus or delated stimulus or a small stimulus. What can he say to calm

markets or not pull the middle tailsmen? Yeah, I mean certainly, certainly, um, you know, continuing to say that the fet is there, um, they will use all tools available, UM that they believe they still have more tools UM that they can deploy. Uh. You know, I think that I'm looking for kind of twisting in their asset purchases, particularly with UM UH, with the U. S. Treasury still issuing more long a data paper.

And you know, we had seen some of the steepening of the curve, you know, prior to again the election results, because I think that there's been so much coupon issuance in the market. So UM, you know, I I think that stage one but you know, his toolbox is UM depleted relative to where we were a year, year and a half ago. UM, and the Fed's going to continue to be pushed UM towards obtaining its new long term goals around inflation and around kind of helping the jobs market.

So uh, you know, for the time being, UM, there's still que wei that they could do. There's still some twisting. UM yields remained fairly controlled. Uh, and you know, they'd like to see what the economy looks like as we go into next year, with the virus still UM, you know, front and center in terms of their concerns. Hey, Marvin, just looking on my Bloomberg screen. Here I see gold up forty two maybe forty three dollars announced. That's two

point to five percent five dollars announced for gold. What do you think is going on in the gold market? How do you guys? Uh have yourself position? V goal? Um? Yeah, so so, UM, you know, I think that's part of the dollar story at this point. Um, there's been uh, a re acceleration of kind of this dollar debasement type story, given that you know, the FED is probably going to buy more bonds um. And and you know, kind of relative to what other economy, other countries are able to do.

So you know, I do. I do think gold and kind of that dollar debatement story go hand in hand. Um. And you know that that that is a popular trade that um uh that even if we don't get as much stimulus, the FED can kind of offset that based on how it approaches them as it purchases. So, Marvin, if there was one piece of advice that you would give to a client who calls you up today and said, oh my gosh, you know then I'm terrified. I'm terrified

of what's going to happen. What would you tell them? Now? I say, holistically, UM, you know, realize that the central banks are still a large part of this discussion, and you know, from a stimulus side of things, Washington will get something done. Um. You know, it's the size that we're arguing with, but you know, the economy needs it, and um, I think that they're going to, um uh, you know, get something that's going to provide relief to you know a lot of people who who need it

right now. Marvin Low, thank you so much. We appreciate it. Marvin Low, Global macro strategists at State Street appreciate his perspective on a cross assets where we asked him about just about everything from gold equities to credit two commodities. Uh. But it just seems Vanni here that this is a market rallying here, it's looking for risk, it's comfortable taking risk, and the status quo I think for this market, Uh,

it seems to be pretty bullish here, right. And I think there was money on the sidelines, particularly for a distress investments, you know, junk bonds and so on, and that's probably rolling in a little bit more as we head throughout the months into the winter, and you know, unsurprisingly as COVID cases start to absolutely go crazy again. I mean We're over hundred thousand a day now in the US, and you know, you have to wonder what

that will do to economies around the country. Obviously, we're getting you know, labor market data and so on showing that the labor market was slowly improving, but that's going to turn around as well. Pole if if coronavirus keeps popping its head up, well, we're still counting votes, as we all know, but it appears that we may be headed towards a government structure where the Democrats control the

House and potentially the White House Wall. The Republicans retained control of the Senate, and business leaders are trying to figure out what it means for their business, and one of the big areas is taxation. Kate Barton, Global Fast, chair of tax at accounting firm e Y, joins us

to give us some color here. So, Kate, given what we know now about how the government may be structured in terms of Republicans and Democrats, what are you telling your clients today about how they should be thinking about their tax situation. Well, thank you, I think we're I'm definitely telling our clients to practice patients and uh, that's the key and we're all wondering what happened to the polls here, But um, you know, patience is the key.

But you know, I think that if it does in fact go um red, you know, blue red, blue, if you will, um, you know, it's a different perspective companies before that or before you know, the last two days we're modeling out a blue waves to be ready for that. UM. I think that if it is in fact blue red blue, it will be less changed but still could be significant. Right,

We're we're looking at every scenario. Yeah, and in fact it's it's it's even blue red less blue, right, you know, blue red, a little more red than than it was in Congress. So talk to us about Biden's tax fan because he very much has one. Would he be able

to get anything through well? I think that, um, Biden has had a record of really going bipartisan and trying to work both sides of the aisle, So you know, the his efforts on collaboration, I wouldn't underestimate he does have a headline rate going up from twenty one to twenty eight percent. He's also contemplating a corporate minimum tax, which has a lot of our clients concerned. But you know what happens um in terms of campaign rhetoric and what actually happens. I'm sure there'll be a lot of

distance between those. So you know, the other aspect is, you know, the indirect taxes that could come president or nominee. Biden has basically said that he would want carbon taxes or UM. You know, really take a closer look at that area. So it could be uh that indirect taxes take on more of the front page news story. And I think what we've heard from Canada Biden and generally from the Democratic Party is perhaps a reallocation of the tax burden UM, so that perhaps wealthy people pay more,

corporations pay more. Is there any appetite for meaningful tax reform here? If in fact we do have somewhat of a split government, you know, you really have to wonder whether it will be their first priority. Most leading economists say that governments have to be super careful about doing that tast dance between stimulus versus revenue raising. Clearly, we have a lot of deficits. They're going to have to be paid at some point, but the timing of that could have a huge impact on the US economy and

the recovery from the virus. So I think that is something that you know, has to be carefully thought through. For sure. I think we're gonna see governments around the world, including the US, um try to tax big business and ultra high network individuals. Uh. Candidate Biden basically had a proposition that he wanted to tax individuals over that make

over four hundred thousand dollars a year. And so you know, we'll have to see if that actually goes forward in a blue red blue, and and what would be the timing you know is going to be the first order of business. There was also the idea that he would do something about tax headquarters that are overseas. What are you telling clients to do in terms of where they

might be headquartered? Listening, companies are all every country around the world is looking at where supply chains are and our goods, especially health and consumer products like um asprin and and that type of drugs are they made close enough to the consumer. So you know, both candidates, if you will, President Trump and and candidate Biden, both of them have made in America aspect to their attack plans and and more more focused on things should be made

closer to the consumer. So what form that takes some we're all watching. I mean, at the end of the day, our clients need to make goods and services and places that make sense for around. Yeah, but I'm not talking about supply chain or where things are made. I mean if you take Apple for example, things made in China, but it's it's it's paying its tax, you know, in a very complicated way and goes through Ireland in various places. That that's what I mean. Well, companies that are have

a digital footprint, I mean are around the world. The o e c D. Everybody is looking at that and trying to come up with a multilateral approach to tax if every country does their own thing. I mean, companies are looking at double triple tax station which could be really a killer in this type of an environment. And so um, you know that is a big issue in one where you know the U. S. Treasury and its relationship with the o e c D is an important one, Kate.

One of the tax issues that's near and dear to the hearts of our listeners in the tri state area of New York is a state and local tax. What if anything is Canada. Biden said about that well, Karida Biden had a proposal all that he would allow state and local taxes to be deducted, although they would be phased out um if you will, as you earned more money closer to that one hundred dollars I reference. But you know he would put back in the state and

local deduction, so that wasn't important. So well again we're watching that. Well that's critical, all right, Well, thank you for that. That's some fascinating thoughts. Um, you know something to too over Kate part and Global Vice share of tax That e, why discussing what the tax landscape might look like. Although there's still a lot of uncertainty out there, so a little bit of a delayed reaction, I think you could say from kind of a stocks as you

might expect or seeing them rally today. Of course, they took a bit of hit, so to speaking, yesterday, even though some valid measures legalizing the use of recreational marijuana did pass yesterday. Let's bring in Ken Shane, senior analysts for Global Food, Beverages Tobacco at Bloomberg Intelligence, to tell us what gives so, Ken, why the delayed reaction? Yeah?

Hi money, Um, well, I think a lot of investors may be awaiting the outcome for the presidential election and the state of the Senate, you know, two big important components to trying to UM you know, estimate the future sales potential so it can So what happened, Yes, I just are on election date. We had five additional states including uh here in New Jersey legalized UM recreational me marijuana is at the bottom line, Yeah, right, Paul, that's

exactly right. UM. You know, the big takeaway from yesterday was the overwhelming nature of the voter approval of all five state US marijuana about initiatives is a big plus for the industry on a number fronts. First, it further validates this industry as a legitimate place in society. You know, talk about a nineteen billion dollar industry. Now it's no longer some nason upcoming group. It's now you know, almost at the level of bottled water sales. I mean, it's

out there yet. You know, yesterday's four states that are proved New Jersey, Arizona, Montana, and South Dakota for recreational authorization UH for marijuana markets now allows them to push ahead with increasing number dispensaries, locations, licensing activity, can pick up and make contribute over a billion dollars in sales by the year three to an industry, like I said, is um around nine or so. Yeah, and for context,

let's give some of the companies. We're talking about Aurora Cannabis, we're talking about until Ray, We're talking about Afria, some of them up double digits today. The thing is, though it doesn't the cannabis industry want federal change so that we're not talking about state by state change here. We're talking about, you know, an entire country, at which point then you could really scale up operations, invite private equity

in and so on. Yeah, that's right. Some of the big movers today or the Canadian companies something that you mentioned there, and they're really going to be driven mostly by access to the US. Right now, they really don't have access because they're you know, stock listings, don't you know, from the stock exchanges. They don't allow them to compete directly in this federally illegal business. So they really need to have federal you know, federal approval and access to

the US. But that's not the case for the US operators like cure Leaf and True Leaf and some of these so called multi state operators in the US. The state legalization alone is a big win. UM. It can further benefit them if it's stayed legal because it would mean I mean a federal legal because it could mean, um, if they have banking services, they would have more favorable tax treatment. They could perhaps you know, sell across state lines, which they can't do today. Uh. So that's really the

bottom line of that. So where are we ken with a federal type of law here if we were to have your republic at democratic presidents. Do we know the position of Mr Biden? We do qual um. You know, he's got a record this saying that he would like the first decriminalize it, um, remove you know, marijuana from the Schedule one from the Controlled Substances Act. That in itself would allows I mentioned some tax benefits um and some other benefits UM. In terms of federal legalization. I

think that's going to take some time. It would, in my opinion, it would certainly require a Democratic controlled Senate. Uh in addition to the president to um, you know, act on something like that. But you know, even without that, there are considerable benefits to having a Biden presidency again

just by just by rescheduling a schedule. One can I have a curiosity about how we get the Mari Lana to these dates if you still can transport across state lines, so for example, in New Jersey, will it have to be grown in New Jersey? And also what about the banking laws? Is it still in all cash business? Um? Well, in terms of growing in New Jersey is one of the many states. Most of the states require vertical integration and that's really to source tracing, to ensure quality control

things like that. They require, um, the sellers to also grow it on their own. Um and that won't change, we don't believe in the near term. Um. So, uh so that's that's the case with that in terms I'm sorry, what was your second question? Banking or banking? Well, there's something there's you know, the Safe Banking Act was approved

by the House. It's been kind of a hold given the elections right now, but again, as I as I mentioned it, if if there's a democratic control of the presidency and or Senate, we think that there's a good chance that that will allow some banking activity. Right because right now, Paul, it's literally you know, people need to have safe safety deposits, safety deposit boxes, in there. Yeah, I'm gonna be It's gonna be interesting to see this plays out in the great state of New Jersey or

ken and I both live. Ken Sha, senior analysts covers global food, beverage, and tobacco for Bloomberg Intelligence, giving us the latest Yiravanni on you know, five more states legalizing uh recreational marijuana, which is good news for the cannabis companies. But again Kencha was saying, federal legislation is the holy grail. We're not joined by Josh Green, Bloomberg business Week calumnist.

He has a fascinating story in the Bloomberg Business Week basically saying Trump is um is here to stay, no matter who's in the White House. Josh, thanks so much for joining us here. It is just extraorting here. You look at the absolute numbers here, record turnout for this election, uh President Trump getting north of sixty eight million votes. There's a lot of support obviously out there, even if he's not in the White House the next term. Josh,

you're suggesting that Trump is um is here to stay. Yeah, I think so. I mean, if you look at the elections also, we've seen so far um Trump has added millions and millions of voters, even as he's on track to lose the popular vote by something like seven million votes. And you know, one of the defining features of the Republican Party in the Trump era is that it's basically become a cult of Trump everything. What what binds Republican

voters is their strong approval of Trump um. You know, that was always going to make it difficult for the party to move on if Trump lost, because it wasn't clear what else would unite them. There isn't that kind of same excitement for a Tom Cotton or a Nicky Haley. Yet. There may be in four years, but there isn't right now.

But I think the other thing that we saw on Tuesday night, the broad outpouring and support for Republicans generally to help Republicans win back house seats UH and and may leave them ultimately with control of the Senate, shows that Trump is UM isn't the automatic death sentence for Republican candidates. The Democrats going into an election night presumed it to be. There wasn't a blue wave, and in

some ways there was even a red wave. The way I described it in the New UH cover story in Business week I wrote, is that it's what we see our royaling cross currents of partisanship. I think that's right. And given the fact that Trump doesn't seem likely to leave the political stage regardless, I don't think the Trump is um is going away. Whatever the outcome of the election ultimately winds up being. Josh, is this essentially Steve Bannon's vision of the future that is coming out now

and coming to pass? And obviously, you know, you wrote the book on Bannon Devil's Bargains, Deve Bannon, Donald Trump, and the Nationalist Uprising? Is that what Trump is um is? You know, it's a good question, and I'm gonna I'm gonna give a tricky answer. It isn't It isn't. You know. On the one hand, Bannon always believed that it would take a powerful, charismatic politician uh to impose his brand of populist nationalist. Trump is certainly that. But I think

there are two problems. One, Trump, once he was in office, never really followed through on that his tax reform was heavily slanted towards the wealthy and corporations. And number two, you know, while nothing has been decided yet, the signs seemed to point to Biden as likely to be the next the next US president, and so Trump, you know, losing after one term certainly would not be the Bannon vision.

But I think I think maybe a better way to say it is, I don't see anything on the horizon that is likely to replace or displace Bannon's vision for Republicans, whether or not Trump winds up winning a second term. So, Josh, what happened to the Republican Party? Where does the conservative movement within the Republican Party? Uh, the George Wills and of the world, where did they go? Um? Canada? Maybe? I don't know, because they certainly don't appear to have

a home in US politics, you know, the Lincoln project. Right. Maybe maybe they can you know, incorporate as a as a country or established residency somewhere. But they they're they're really a drift. You know, on the one hand, they can, they can support Biden, But on the other hand, you know, their argument that that that Conservatives should repudiate the Republican Party up and down the ticket. Um, it really wasn't heated on election night when Republicans gained so much strength,

not just in Congress but in state houses too. It just really wasn't uh, this broad scale repudiation of the party that Lincoln Project types were hoping for. So, you know, I think they're they're they're partisans without a party. Right. So now, you know, you say Trump is um is here to stay. How's that got something to do with the blue collar voter for example? Or what do you mean if it is Biden in the White House, you know, where does Trump then go or his his you know antecedents. Well, well,

we'll we'll have to see. I mean, you know, we we don't have full election results yet, but it seems all but certain that there really was an outpouring of additional working class, white collar blue collars sorry, white blue collar support that came out for Trump. I mean you can see that just in his raw vote totals. I think that will be a big part of it. But part of it also was that there were a segment of you know, upscale, suburban, white collar, college educated voters

who found Trump repulsive. But we're still at heart Republicans, and we're willing to split their ticket, vote Joe Biden, uh and vote for their local member of Congress or senator as a Republican and so uh, you know, I I think there's a lot we don't know about the vote composition, but but certainly if you look below the presidential race, Uh, the evening was a big disappointment for Democrat and showed that Republicans still have strength. I think

some of the strength. Also worth mentioning is that Trump did extremely well with Hispanic and Latino voters, which was something that UH strategists and people on the ground have been warning about for months, if not for years. We saw that come to full fruition on election night in places like Florida and in the Rio Grand Valley in Texas, where report or support for Republicans was much much stronger than Democrats. About it would be hey, Josh, on the

flip side, what do the Democrats do here? They again, as you Richard, just saying, this was not a great showing for the Democrats. What do they need to do to broaden their appeal? Well, the first thing we need to do is hold off send off all these court challenges and make sure that fidinancially does become the next president. Um. But I think that's a great question. I don't think

that there's an obvious answer. I mean, on the one hand, Uh, if you look at the voters they lost, uh in congressional races, they tended to be you know, professional, somewhat conservative, college educated. Um. The ones they held onto were the ones around blue metro areas that Democrats won in eighteen. So think people in the suburbs of Denver, Minneapolis, Uh, you know, northern Virginia and northern New Jersey, those kind of place in Atlanta, I should say those kind of

places held. The places that didn't were some of the further reaches that they won in North South Carolina's first district. Um. Uh, there's a there was a district Oklahoma five right outside Oklahoma City, the suburbs there. They lost those, and they lost all of the red tinged suburban districts that were

targeting in places like Texas and New Mexico. So I think the answer is that they've got to find a message that uh it's not a radical left message that appeals to those kinds of voters while also activating the excitement of based Democratic voters. They still need to show to show up. You know, the one the one thing if you split really hard. Um, you know, there is a case though for things like the fifteen dollar minimum wage, you know that one in Florida by a large margin

even as Democrats lost. Maybe there's a possibility for a kind of a fusion left centrist policy that Democrats could run on back again in coming weeks. And everybody go read his Bloomberg Business cover story right now. That's Josh Green of Bloomberg Business Week. Thanks for listening to Bloomberg Markets podcast. You can subscribe and listen to interviews at Apple Podcasts or whatever podcast platform you prefer. I'm Bonnie Quinn. I'm on Twitter at Bonnie Quinn, and I'm Paul Sweeney.

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