Bloomberg Audio Studios, Podcasts, radio news. This is the Bloomberg Surveillance Podcast. I'm Tom Keene along with Paul Sweeney. Join us each day for insight from the best in economics, finance, investment, and international relations. You can also watch the show live on YouTube. Visit the Bloomberg Podcast channel on YouTube to see the show weekday mornings from seven to ten am
Eastern from our global headquarters in New York City. Subscribe to the podcast on Apple, Spotify, or anywhere else you listen. And always I'm Bloomberg Radio, the Bloomberg Terminal, and the Bloomberg Business App. Ira Jersey with us here a Bloomberg Intelligence.
We're going to look at the inflation report. We welcome all of you across the nation, around the world on YouTube, subscribe to Bloomberg Podcasts, and with that we are here commercial free through this important, this critical inflation report, and we'll move on. Tifity Wilding and Pimco to join us here in a bit. But right now, Ira Jersey with us, let me frame out equities, bonds, currencies, commodities, futures lifting
not because of Ira Jersey, lifting because of tech. Some better feeling their futures up twenty six NASDAK up now solid eight tens of a percent. The VIX comes in a bit fifteen point four to six. You'd look for that to be better than good. Here in a bit in the yield space ten year yield three point eight five percent. We'll see where that goes. Jersey looking for lower yields forwards. So the inflation report that Chairman Powell
cares about, we'll get that to you right now. Waiting on the screen ere on the Friday before Labor Day takes a few seconds longer. Personal income comes in higher than survey spending right on survey and elevated zero point five percent PCE all on plan, but year over year core PCE disinflates a little bit off survey last month two point six percent, this month two point six percent. We looked for an elevation there, but pretty much PCE
on plan. Where spending came in from zero point three up to zero point five on survey, and personal income did a little bit better. I'm waiting for the revised numbers. We'll get them out in a moment. In the markets, the vis comes in a more bullish fifteen point twenty five futures of up to twenty six pretty much. Stage is maybe a little bit of a bid to the nastac up nine tenths of a percent right now in Ira jerseys yield space, I'm giving him time for what
the racket, ear, folks is. I got to do this data check half as good as Karen Moscow while we let Ira Jersey and David Gurra sort out the details. Two year yield three point nine zero percent, a little bit higher yield, but the yield's not really moving all that much. I look at the ten year, really old one point six nine percent. I do, okay there, David, that was great. I mean you walked.
Do we get the revision? We got the revision, there's point three.
Yeah, and again personal spending revision was a tick higher. This is this is important. We continue now with Ira Jersey of Bloomberg Intelligence. Ira, I guess it's on plan on survey, and yet there's a lift involved, isn't there. Yeah?
So I think you know, when you when you look at the headline data overall, and obviously we'll you know, have to focus in on the details. Like I mentioned, I want to see what services spending was like and and uh, services inflation. But but the economists got it right this time, I think, more or less in terms of the UH. In terms of the pace of inflation.
You know, interestingly, we haven't really slowed much, right, So July didn't see a slow down in inflation, but still two and a half percent on headline and more or less right there on on core inflation year on year. It has to give the the Reserve at least a little bit of comfort that they, you know, if they cut interest rates and they go slowly, that that inflation can continue to come down at least a little bit.
You know, the the data that that you mentioned, you know, personal spending higher month on month, although in line with expectations. You know that that's actually a decent sign.
Right.
So the the the idea that we're having a soft landing is is certainly playing out in this data for this one month. Will it persist? I don't think so. But at the same time, you have to take the incoming data and put that into your your thinking and your your entire your entire outlook going forward.
Tom, I'm gonna lob one at you if I can. I mean, you were out in Northwest Wyoming last week when the FED chairman spoke and we've said all morning, as we say all the time, this is the Fed's preferred inflation metric. How important is this reading to the Fed? I'd look ahead to next week, of course in the job support, which strikes me as being so paramount in comparison to this one. What does this one mean to policymakers?
Christmas Bowie Chadam Financial said she's looking at service sector inflation in Europe, France with disinflation, Spain with disinflation. IIRA here three minutes in do you have a service sector statistic yet? Because I think that's what they're waiting for in Jackson a Hole.
I'm waiting for the some of the details to come out on the terminal and it's you know, the inflating inflation number bisector is not out yet. But when I look at things like the personal income data at zero point three percent and disposable income still up zero point three percent, you know that that's actually a pretty good sign.
I agree.
Fact that you have disposable income continuing to rise at a reasonable pace means that spending might continue to be robust, at least for the near term.
IRA, Thank you so much, she's got to go dive into the data. Ira Jersey will publish for Bloomberg Intelligence here within the r He's also out with new forecasts three point six six percent, sort of a blended fan distribution of the ten year at yield and that yield right now, excuse me, pretty much unchanged three point eighty
six at percent and the economics of the moment. Tifity Wilding joins from the Pacific Investment Management Company PIMCO, where she is a Managing Director Economist North America at Tiffany. I know you have to wait and dive into the data, or the media frenzy here at eight thirty four is unfair to you. But the feeling I get here is trend based disinflation. Am I off the mark?
Yeah? I mean you know what I would just say, taking a step back when you look at a wide range of data, it is it is getting back to, you know, some semblance of pre pandemic. You know, you look at headline inflation levels, there were some stickier pieces of underlying inflation. But now that labor market adjustment looks like it's happening more fully, you know, those pieces of
stickier inflation will will be trending back to target. And so when you kind of look around the economy, things look, you know, like they're getting back to some semblance of normal after the unique set of shocks that we had post pandemic. And I think the thing that's you know, not as normal that really stands out, obviously is the
policy rate. You know, and obviously Federal Reserve officials understand that Powe was very clear at Jackson Hole that they are going to start that journey back to normal or at least kind of what they think could be normal. And you know, and the pace of that is really going to depend on on the data from here, and you know, if we see economic weakness, then then they'll go faster.
Tiffany, I really appreciate that. I'm kind of situating it in this in this moment of the way that we had Brian Levitt doing it at Katie Kaminsky earlier in the show. This this notion that there has been this kind of post pandemic readjustment that might not be as notable or as noticeable as the kind of initial adjustment
that we had. Where are we in this cycle, as you see it, when you look at what we're getting in terms of inflation data, pulling back more broadly to look at labor data as well, give us a sense of where this economy is as you see it.
Yeah, well, I mean I think I think the labor market data has has been you know, sort of confusing, if you will, the usual sign in the labor market of an underlying economy that's not doing well. I The unemployment rate rising, I think is a bit of you have to, you know, kind of dig into the drivers of that indicator, because if you just looked at the labor market and you looked at nothing else, you would
be incredibly worried about a recession. But if you look at a broader range of indicators of the economy, it looks like it's doing okay. Right, It's a soft landing if anything. You know, the activity data, the growth data, the GDP data have been coming in better than expected. So I think you have to, you know, kind of take a step back and you know, just again understand that there's been a unique set of shocks since the pandemic.
It's made indicators, usual economic indicators, more difficult to read. And I think the unemployment rate right now is one of those things.
I mean, difficult to read. I'm sorry at a three percent real GDP ending June thirty, I got a five and a half percent amateurs look at nominal GDP led by Newport Beach, California. I mean, Tiffany, we've been wrong, wrong, wrong, on the resilience and spirit of America. When you sit with cynics like Jerome Schneider and the other animals at pimcoh are you trying to tell them it's not as bad out there as your thing?
His words, not yours?
Yeah, I mean, I think the you know, I guess the point that I would just really emphasize is that, you know, when you look at the labor market, the things that have driven the unemployment rate higher this time is more about labor supply. Obviously, over the last few years, we've gotten a surge of immigration, and that has resulted in a higher unemployment rate. Because you just have more people in the labor force, you're not actually seeing layoffs now.
I certainly we could start to see more material layoffs across the economy, but you know, I would just say, overall, you know, the things still appear relatively strong, and usually when you have labor supply gains you know that's actually good for the economy. More people are consuming, where people are working. It's not usually the time and where you're going into recession.
Tiffany Wedding, thank you so much, greatly appreciate it. This morning here our team is just done a wonderful job. I can't really can't say enough about the intelligence of the conversation throughout all of this week, as we had Katherin Kaminsky in earlier with Elpha simplex, wicked, quantitative Massachusetts Institute of Technology think Andrew Lowe. She knows where epsilon is. Someone with the same prodigious chops is Cam Dawson new edge that joins us right now, I think also with
a much more almost barrens like focus on. Hey, here's the confidence to be in the market. Thrilled to have you here. Thank you for coming out on Friday, I mean before Labor Day. I mean Tucker's working Monday.
You'd like to come in to wear my white last chest?
Who are we were today?
Well, it is this artorial hook slide of white into the Labor day holiday.
Very good, good girl, serving lobster roles in the telecligt right, Yes, our Kim Dawson, How do I have confidence to be in the market. You're wonderful at this frame. The belief construct to own equities now.
The belief construct is that the twelve month forward EPs estimate continues to move higher in this market. And if we look at over the last five years, that has been the north star guiding light of what you do with equities exactly, which is that as long as that is lifting, then all of this volatility and oscillation that we see in the short term should be something that we can look through. Now, if that starts to level off, meaning the growth rate and earnings starts to slow, that's
when you get a choppier, sideways market. We do think that that's a risk for twenty twenty five, but not something that necessarily says run for the hills, get out of your equities, take big capital gains.
My theory on this is corporations adapt I think we're seeing in spades, whether it's a resurrection, a Dell computer, you know, name whatever you want. I mean, you know, Intel with this huge news today from Bloomberg News that they may do some form of grossery structuring as well. Day to day and new as are you seeing corporations adapt. I am.
They say that necessity is the mother of invention, and that is exactly what we think that we are seeing given the fact that look at the backdrop of pricing power. If we go back to twenty and twenty one, you had massive pricing power that allowed companies to raise prices and that drove margin expansion. That's gone. Companies are no longer able to push price to customers, which means that they have to get margin expansion out of invention, out
of innovation, out of applying new technologies. Now, the challenge we see in twenty five to get it back to earnings is that you already have a big amount of margin expansion priced in. So it just means that companies have to deliver on those high expectations in order to get to the fourteen percent growth that is projected.
One of the things I've learned on the show is it's good to crib a question that Tom has asked reword it's lately and put it to another guest, so I'll do that. We had Katie Kaminsky on. He asked about if you can extrapolate any kind.
Of bad about it. I used to do that with Ken would ask a question, and I would just reframe. Ken's questions made me look brilliant.
Rephrasing it, reframing when you look at Nvidia, is there any kind of trend that you can apply to that or that you see? It's it's something of such focus. What more can we make of that?
If anything?
Well, I think Katie was so intelligent in talking about the parabolic move that you have seen in the stock, which makes it really hard to sustain. The thing with parabolic moves is that they can last longer than expected. But as Walter Deemer says, when they go up in a straight line, they typically go down in a straight line. So it's something that is hard from a trend basis.
You don't remember two thousand, No wait, no one in the studio, no one in the controllero remembers two thousand. That's why we're playing classic rock today. Don't play Journey today. Guy spit out his coffee yesterday when I played Journey. Cam. Journey's a band from California. Cam. I'm looking here in Wallydemer, of course, is a legend on this. But the answer is Trees to the Sky nineteen ninety nine, two thousand without profit. This time around, I got free cash flow.
That's a distinction you do.
But you always have to be aware of when stocks are running ahead of what the earnings estimates have been being revised higher themselves. So if you look at a name like Nvidia in prior reports, each time that they would report, the forward guidance would go up by thirty cents or forty cents. This time is about five cents. Is that the end of the world. No, But it does mean that we should probably lower expectations for the pace of returns simply because the pace of earnings revisions
higher are starting to slow. The issue would be if the stock keeps going up even as earnings slow down and the revision's higher, that's when you get the trees growing to the sky. The issues with valuations being part.
Too stretched at this point in the earning season. Are we talking too much or focusing too much on tech? What else is sort of drawing your attention or what is tech to strategy?
If I apologize, it's such a Brooklyn question, curious only people.
Let's go lade, let's go old school what sector?
But see I speak that language, So I think that the interesting thing about this earning season is the reaction of the stocks, and the backdrop is that we've seen some of this weakness and tech start to build. Tech treated below its fifty day moving average yesterday. It's been deteriorating on a relative basis. What's been winning the four
ninety three the equal weight index. So if we look at earning sestiments going into twenty twenty five, what you can see is the mag seven is expected to decelerate a lot, but the overall market is expected to accelerate, which effectively says the four ninety three is about to have to carry all of that weight in the earnings growth.
In conservative three year short term money, what we call retirement plans, are I more index or more active? Right now?
I think you have to be both. It's not a black or white. It's a sliding scale. In indices that are highly concentrated, it does not pay you to pay for active management. In indices that have a great deal of dispersion, you can pay for active.
NASA industries give me an example.
So the difference between the growth sector and things like small cap and international in value, we think that there's a lot more opportunity to outperform and get alpha in those industries small cap international value where you have a lot more dispersion between winners and losers.
When you're great at this will internationally get a jumpstart off legitimate week dollar.
It has been in a relative down trend for the past fifty years. The week dollar is an absolute necessity for international to be able to outperform. The only time you've had big international bull markets is in big dollar bear markets. The only problem is that it has to translate to earnings. The most fascinating stat is that if you look from two thousand and seven to today, US earnings and the S and P five hundred are up one hundred and fifty percent. International EFA Index they're flat.
The Emerging Market Index they're still down versus two thousand and seven. It's an earning story, not evaluation story.
Questioned, let me go back to today's data. We go to today's data, to what you heard at Jackson Hole. This is a FED that has been for these last few years so united. There has been such unanimity. Do you sense that the remarks that we heard from FED chair Jerom Powell are widely shared? What are you listening for in the commentary that we're going to get before this meeting on the sixteenth and seventies.
Did you see what she wrote? Did you see your research? Phiao. John Farrell introduced me to Love Island and the British Love Island is different. Love Island. No pharaoh taught me in ninety day five fiance or something farah all this garbage from London. Pharaoh introduced me to. And so cam doesn't have Love Island, She's got doug Island, Dove Island. Yeah, and that j.
Powell may be the only bombshell on Dove Island. It's really interesting. The one word missing from that Jackson Hole speech was patience. And that's the one word you've heard from every other FED voting member, which just means that Powell is thinking I could do fifty other voting members are saying no, slow and steady twenty five basis points more evidence, we can take our time.
Kim Dawson, thank you so much. Now as here justin sink is going? Why am I here? Futures up twenty six off of the news PCE ebbed a little way, still up seventeen. Nasdak was up eight tenths of a percent. Now up seven tenths of a percent. He is our White House correspondent, and it is things have changed. Justin sink joins us right now. Justin what has changed? It's sixteen hundred Pennsylvania Avenue.
Well, I think there's a lot of changes, both, you know, at the White House itself and in the race overall. So you know, at the White House it's a completely different posture from just five weeks ago when Joe Biden dropped out. There's been significant staff turnover as people exit to either find outside opportunities or go join sort of super packs and affiliates. The President himself has been on
vacation now, this is his second straight week. I don't know if he's seen any whale so unfortunately, but he is just kind of scaled back as cadence overall, and I think it's it's mostly because they're trying to stay out of the way of Kamala Harris. And as you know, Bloomberg Swing State pole that came out today showed it's working.
You know, it was a sort of undeniably great poll for Kamala Harris shows her sustaining and building on that momentum that she got from taking over the ticket from Biden and now has either a tire or lead in all the major swing states. So at the White House, I think a lot of what they're trying to do is just bolster her where they can, but otherwise stan out.
Of the way.
Justin you mentioned that, Cadence, and I wanted to ask you about President Biden's ambitions and watching that conversation last night between the vice president and her running mate and Dana Bash of CNN, there was a lot of due deference too in mentioning of the current president. What are his aspirations going for? Is once he gets back from this vacation, gets back from California, comes to the East
coast again, what does he hope to accomplish? How clearly articulated is that mission or that vision by the White House?
Yeah, I think there's a couple elements to it. One is sort of legacy protection. I think the president is going to go out and make the case for why his first term was success, even though it's something that voters don't necessarily agree with. And there's two reasons for that. One is obviously self interested, with the other is because it helps Kamala Harris and you heard her in that interview last night.
Sort of.
She didn't back away from the economy. She didn't back away from the way that he's conducted foreign policy, and foreign policy is probably the second major focus for the president right now. The sort of hostage sees fire deal in the Middle East is the last big legacy item sitting there, and I think that's going to be a big focus for him, especially as he might ramp up some farewell foreign travel in the last few weeks.
Right, justin Sink with us right now. David Wasserman to be with us here later on in the hour, wrapped her on some good equity coverage futures at sixteen, I'm asking a question to both you. I want two answers. Justin Sink David Gura. Are you supposed to campaign on policy?
David Gurra, Yes, although there is this kind of moved to the middle as we talked about a little bit of relier.
Campaign on policy, it was the whole crime thing, you know, That's what he knew we'd get votes.
This is such a strange campaig in so many ways. Obviously paramount in the sense that it's moving very quickly here and it's a very short, compressed campaign and so we've seen the Harris campaign putting out more policy positions, I want to say, policy papers, but more definition. There there has to be a nod to policy. And herein lies the trickiness of this campaign. The Democratic campaign is differentiating itself, at least somewhat from the incumbent president.
So justin sink, you're a Chicago buried in American politics and government, you're studying this in the old days. Did they talk policy in a campaign? I would suggest they didn't.
And I think that as much as you know, Bloomberg readers and listeners want to hear about Vice President Harris's policy, that's not what that campaign is really interesting forward. And they just keep hammering the idea of joy and of change, and it's you know, it's not different from hope and change that we had with Barack Obama. There's policy under underpinning that they've made a push on housing, they've made a push on helping the middle class address some costs.
But genuinely, what they're trying to present the American people is this idea that hey, we are turning the page on a decade and a half era of Donald Trump and Joe Biden, that you've frankly grown tired of Justin.
When I look at that polling that you mentioned a moment ago, Yes, the headline numbers are astonishing how well the Vice president has carried that momentum forward. But I looked deeper at some of these issues, and I think the thing that surprised me the most, and I imagine delights the Harris campaign, is what they hope would come
to pass. That is, Vice President Harris could campaign on the economy and voters would, if not forget, seemingly forgive the fact that she has been part of this administration in the White House. You look at sort of how they feel about inflation, how they feel about the economy. They're giving her, maybe not a pass, but more of one than they were giving President Biden when he was running for reelection.
For sure.
I mean on the question of housing, which is obviously a key issue on a big struggle for Biden. They give Harris a four point advantage over Trump. There's a seven point advantage on who helps the middle class mark, And it really suggests that that people are willing to sort of put it all aside and say Harris we see as a totally different candidate even if she's continuing to champion a lot of his policies.
Okay, I'm going to ask the question everybody wants to know. I don't care what your politics are, John, how many polls released in the last twenty four hours.
Like eight, I think about six hundred poles.
Poles in August.
That's within the marches.
They're holed out. I mean, I'm sorry, great polls, love what Iowa does, love what Bloomberg does. They're all great. Do you actually study the polls or are they just noise to a pro like justin.
Sinc Well, I think, to me, the biggest question is, you know, are we in a honeymoon or not?
Right?
A lot of the poles are saying the same thing right now. But Kamala Harris is coming off of a convention that was really great. And while these poles are good, they're not runaway.
And so.
You got to really put a grain of salt in all of this, which is where within the margin of earon you know, nearly all of these things and this rais is going to go down to a razor's edge. So while it's you know, you'd rather be harrassed than Trump right now, I don't think anybody is kind of saying that this thing's over justin thank.
You so much, justin sink at the White House, and I should say it our news bureau in Washington. Victoria Fernandez knows this. She's with Crossmark Global Investments and she's joining us in the studio because it's cooler in New York than absolutely tea. Thank you so much for joining today. Is the battle one on inflation? And if you have disinflation, does that mean earnings are worth more?
Well, I don't know if I would say the battle is one on inflation. I think we're heading that way. I know, you know, Powell has come out and said, look where we think we're done there, and they're moving on looking at the labor market. But there's a lot of underlying elements and inflation that I think can still hold us up towards this three percent level. I don't think it's going to go away as quickly as the
Feds anticipating. So when we look at the idea of one hundred basis points cut from now through the end of the year, I think that's a little optimistic. I think we may see fewer than that because there are other elements in.
The Bob Doll Victoria Fernandez world. My money question is simple, what are your clients doing? Not the talk of strategy, but what is the xuberance there? Have we reached a bull market silly season?
You know, it's interesting earlier people were talking about the sixty to forty portfolio, and I will tell you that is what we have seen coming in from our clients. More than anything. They want that balance strategy. They're not exactly sure what's going to happen with all of the uncertainties that we have, whether it's here domestically, whether it's geopolitics, whether it's inflation. The concerns about the consumer having that diversification in their portfolio is what they want with a
little bit of extra kick on something. So maybe that's a covered call strategy, Maybe that's a little bit of a long short component. They want to be invested in the market, which we agree with, but they want to be a little bit cautious. So they've been listening to what we've been telling them.
Triage those risks for us. They come to you worried about all those many things, what's happening overseas, inflation, the election, what have you how do you rate all of that? What do you see of those risks as being the one that you know is something that should strike fear in investors right.
Now, It's going to take turns, right There's going to be different elements that kind of rear its head at different point in time. Obviously as we get closer to the election, that's going to cause more volatility in this market. The thing we have to look at there is, you know, you have to have to have a lot of these things passed. We have to have a government that changes dramatically. I'm not sure a lot of it will come to fruition. So what we're looking at is more when it comes
to the consumer component. We think that's key to this market, the labor market and the consumer. We got the spending and income numbers today again, we have spending almost double in a percentage basis. What income is. That does not bode well as credit card delinquencies go higher, as savings rates go down, as wages stagnate, as job losses increase. So to us, that's what we're most worried about.
Victoria Fernandez driving the market higher, up eight tens of a percent of the Dow, up one hundred and thirty two points. It's like the ascendants of the Houston Astros.
There's just nothing better right now at.
The time of year it gets under eighty degrees in Houston and the astrostar.
Technecy the that start flying, the.
Bet start flying. My good friend Jim Kramer and I agree that the fact is on stocks, if you're lucky, thirty percent of stocks at any given time are doing well. Within financial wealth management, are you focused on owning the thirty percent and not owning the seventy How do you how do you try to find excellence in alpha in the winners that are there.
So it really comes from that fundamental analysis that we do. We're not looking so much at trends as looking really at what do the cash flows look like on these companies. You know Bob and how he likes to dig down underneath, right, We want to look at persistence of earnings, predictability of earnings. These are the companies we like. So do we aim towards certain sectors? Sure, right now we're looking at healthcare. We've been investing in financials. These things have done well
for us. But within those sectors, even within staples, you want to look at those companies that have that stability that can continue to generate good returns during volatility. So that's where we focus looking at those underlying factors.
What is your takeaway from what we've seen with video this week? And again I just remark on and laugh at the way that those results were characterized, that you could call that kind of underwhelming or not what the market wanted. What's your perspective on that, and and what takeaway can we can we take from that? Just about the way that we look at the performance of companies and their projections going forward.
So we've been a little different than probably most people out on the street where we've been trimming those high growth tech names all year long, anticipating that at some point you're not going to continue to grow at four hundred percent year over year, right, so you can still have great numbers and the trend be slowing. And that's what we saw with in videos. So I was a little surprised that the market reacted the way it did. I mean, still solid numbers there, but what it tells
us is the breadth is growing. We've all been waiting for that all year to have that breadth in the market. We're seeing it in stock prices, I want to see it in earnings.
Fideli out with the number of millionaire or four oh one k. How do you do you manage a million dollar foural one k differently than one hundred and fifty thousand dollars four one k? Are they all those same?
You're not going to manage it differently. In the idea of where you want to allocate your resources based on the macro that's out there, your strategy will be the same. Can you have a little more diversification, yes. Can you maybe add a couple extra elements of something into that portfolio to juice income a little bit, Yes, you can do that. But from the one hundred thousand foot level, yeah, you're investing the same.
Houston overweight energy. It's genetic. Victoria Fernandez on energy.
Look, energy has been struggling. We know it's one of the sectors that has not been doing as well. Even though you look at balance sheets, you've got some strong balance sheets there, there's some cash there. They're waiting, right, They want to know what policy is going to look like going forward before they jump in and put a lot of capex to work. If you take tech out of the equation CAPEX is actually coming down. Some of
that has to do with the energy companies. We anticipate seeing that turn, so we think you need to have some exposure, probably go for some of those big integrated names. At this point, I get.
One more question or Michael Barr's got to get in here and do the news. Victoria Fernandez, can I do a major shout out to Texas A and M with the only real football game wow this weekend? Notre Dame Texas A and M. I mean, we're hit. Brian Lebanon from Michigan.
Who are they playing with?
You'd figure Texas A and M would be playing you know, the Teachers College of Louisiana or whatever. I don't know, Victoria, that's very cool. Yeah, see Notre Dame playing Texas A and M is like, what's a Texas spirit?
That's exactly right.
Let's go Aggie's We're gonna have to say, give me an oil price here, cross Mark. You guys live this stuff. Brent Crude West Texas Intermediate.
Yeah, I mean, look.
Stability or higher.
I think it's going to go a little bit higher, but not tremendously. We're not looking at one hundred dollars coming in. Do we go around eighty and stay there because of geopolitical reasons, we can, but I also don't think we're going to go too much. Lower demand is still there, there's still some supply concerns, so I think you'll be pretty steady around the eighty level.
It's the religion, folks. We really our team has done a great job today given this to you with our equity at coverage. You have to be in the market to participate and win. Robert Dahl, Victoria Fernandez, cross Mark live that every day. Thank you so much. You moved to New Yorker.
Is it's just like a visit, No, just visiting. Getting my daughter ready for her senior year at n YU. All right, she is journalism and politics, so you know what you can right here.
I saw you. I saw you ten minutes ago with Mike. Is that what that was?
We're going to bring her on in and you know what, her favorite show UK Love Island, And I heard a little bit of you. I want to talk to you about that.
You talked to John Ferrer about that. That's a I mean, you know, if you're at n YU and you're watching Love Island, that is a resume building. Yes, yes for Fernandez, Thank you so much. With Crossbark. This is a Bloomberg surveillance podcast, bringing you the best in economics, it's investment, and international relations. You can also watch the show live on YouTube. Visit the Bloomberg Podcast channel on YouTube to see the show weekday mornings from seven to ten am
Eastern from our global headquarters in New York City. Subscribe to the podcast on Apple, Spotify, or anywhere else you listen, and always on Bloomberg Radio, the Bloomberg Terminal, and the Bloomberg Business app.