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This is the Bloomberg Surveillance Podcast. I'm Jonathan Ferrow, along with Lisa Bromwitz and Amrie Hordernt. Join us each day for insight from the best in markets, economics, and geopolitics from our global headquarters in New York City. We are live on Bloomberg Television weekday mornings from six to nine am Eastern. Subscribe to the podcast on Apple, Spotify or anywhere else you listen, and as always on the Bloomberg Terminal and the Bloomberg Business app. Fed officials explaining their
views after a very divided October interest rate decision. Joining us now to discuss is Torston Slock of Apollo Towston, Good mornity, Sir, Monday morning, super divided Federal Reserve. Based on the communication we've had so far from the committee following that decision, this line here from Governor Mayron to us just yesterday that we're a fair way away from neutral. I think we could get there a bit faster. How close are we to neutral?
Well?
The key quote here, of course, is were doing manactery pols here according to some framework with ours star or some forecast or are we're doing monetary posts according to data dependency, because it's very clear that a lot of the arguments that are being laid out for more cuts, of course, is really dependent more on the forecast, or its dependent on some framework about what do you think our star is? So the discussion about our star, which we now had for many years, of course, is very
clear there's a lot of uncertainty. So with that backdrop, yes, some estimates are low, so you could argue that those are the ones should be focusing on. But it's very clear that the divide really here among AFMC members of the last few days has been around should we focus the policy decisions today on our star and some forecast that we may have, or should we focus it on the incoming data.
Well, let's talk about the incoming data. How can we forecast? Then, I think if we don't really know where we are at the moment.
Well, we do have.
CPI of course before the last DAYFMC meeting, but what we also have is a number of indicators for the label market also still showing the things are actually still okay. If you look, for example, at the macro Edge job announcement, cuts data that's still okay. The challenge the grant and Christmas job cuts data is actually also still okay. If you look at ADP job creation, it's also okay. If you look at revidio laps also job creation also okay. If you also look at paychecks, there's also link up.
There's also indep job openings. Taken together, all these indicators are not showing a label market when the bottom is falling out. So that's why the conclusion from JPA last week was very clear. Inflation is still around three, the label market is still okay. So with that backdrop, what is the argument for cutting rates? At least when you look at it from a data dependent perspective.
The argument is that you are passively tightening, as we heard from Stephen Myron yesterday, because of the demographics and because of the fact that inflation is coming down and with a labor market that's okay but relatively fragile in certain corners, why not give them a little bit of support if you are above neutral to get back closer to neutral.
What do you make of that argument, Because there's also a broader discussion around it is not only about the fit funds rate, it's about financial conditions. More broadly, and if you look at my Bloomberg measure of financial conditions, it still shows me that financ traditions are very easy. So in that sense, companies, especially in the AI space, they're not barring as a function of the FED funds rate.
They're barring as a function of equity prices. And given where equity prices a off for the Magnificent seven, that's very importantly coming at very significant tail went still to the economy and still even to hiring, simply because we now have that equity financing is getting huge help from the fact that equity prices are still as elevated as.
The time moment.
You've done a great job of talking about the key shaped market, and this is sort of the conundrum for the Fed. They've got this blunt tool of cutting rates, and there is this question of does that help the lower income consumers and companies that are catering to them more than it really risks creating a bubble in the AI names and those areas where financial conditions are very loose.
How do you weigh in on that that's exactly right?
And that's why what becomes exactly critical, Lisa, is to think about what is the weight in aggregate consumption from the bottom twenty percent of the population, which is roughly around eight percent of toward consumption, whereas the top twenty percent accounts for forty percent of total consumption according to
the Consumer Expandsire Survey. So because of that, it still is the case that when stock priceer up, home prizer up, and when interst rates are high, the cash flow for those who own debt, who own private credit is still strong. So for those households at the other anything come distribution, things are still looking good. And that's a very important
reason why the consumer still continues to do well. And critically, it's not only a case shaped economy for the consumer, it's actually also a case shaped economy for the corporate sector. If you look at EPs expectations since the beginning of the year Magnificent seven, the expectation is that earnings will grow further, but the S and P four ninety three earning expectations have actually come down. Likewise, the same thing for profit margins for the Magnificent seven is going up.
For the SNP four ninety three profit markets expectations have been coming down. So we're seeing more signs of the case shaped economy, not only the division in terms of the consumer side, but also on the corporate side, where it's more and more the AI story that continues to drive everything.
Do you see limits to that trend?
Well, the key issue, of course is to what extent on the AI story. Of course, the AI companies that the Magnificent seven can continue to deliver the earnings that
are priced in at the moment. If therefore, whatever reason, is any slowdown in earnings growth in AI, it will certainly begin to create some wabbles, not only in the data center build out and also of course the challenges of the associated the energy side, but it will also begin to have some wealth effix, especially if we do get the correction that we've had some conversations about in the last several here twenty four hours.
Yeah, just to think throw this and the ultimate extreme. You need someone to have a job to buy the product you sounding, ultimately, don't you? And the fact that we've seen some decoupling between employment and corporate profits. I just wonder how much longer that can possess.
Well, A very important part of that is, indeed that immigration has been slowing down, So the Dallas fat is now saying that the equlibrium non found pay rolls is thirty thousand. So think about the ADP that came out last week. The monthly number was around fifty sixty thousand, So that means that suddenly we have that fifty sixty is actually not too bad when you think about that. Suddenly the Fed is telling us that the new going rate where we should be is thirty. So from that perspective,
we can have a slowdown for immigration restriction reasons. Also the one hundred thousand and the h one b that will slow down job growth and therefore still create a label market that's just having slower growth in jobs, but not so much because the economy is slowing in GDP, but simply because immigration inflows a lot weaken Touristan.
If the federed a cup by twenty five basis points, does that cause the ke shape to get wider or narrower?
So that depends on, of course, for the consumer side. If we continue to have a rally in the stock market, if we continue to have a divergence in asset prices going up further, then we will continue to see the key get even longer on each side of the leg. So in that sense, cutting rates is certainly something that normally boosts asset prices and therefore makes the wider k AT distinct possibility.
Stay with US multile impact surveillance coming up after this gues selection dang here in New York City, President Donald Trump endorsing Andrew Cuomo for the city's next man, as the former governor faces an pill battle against the front runner, Democratic Socialist Mamdanie Hendritta triese fighter putas joins usnap for more Henriette. Is something that Lasa and I've been wrestling
with throughout this morning. Is this election here in this city taking the temperature of the country, the mood of the country, or just taking the temperare of the Democratic Party, and which chargument's going to win out as we head towards the midterms.
You know, it's fascinating.
I think you said Donald Trump's name fifteen more times than either of the Democratic candidates in the race today in the lead into here, and I think that just really exemplifies where the Democratic Party is right now. They're so bifurcated and so lacking in a cohesive message that they can really only be anti Donald Trump now for Democrats. That's a good thing because Donald Trump is a massive vote turnout machine.
So for Cuomo, for Mom Donnie.
They're both going to be taking exactly what they want, spreading it out to voters, and making it all about Trump, which really speaks to the lack of comprehensive message that Democrats have struggled with since twenty sixteen.
Quite frankly, I.
Think Henryette, a lot of people think of this as sort of like a mini pre midterms moment, especially given the fact that there are races in New Jersey and in Virginia. In California, there's an initiative that people are going to be voting on about redistricting. How much are you going to take a big read through in terms of what type of mandate President Trump has, what kind
of vision gets the most voters for Democrats? How much is this taking the temperature versus idiosyncratic races With a number of very specific inputs.
The off year elections, this mid midterm is one of the best predictors of what will happen in the House of Representatives next November. It is an exceptional early indicator from New Jersey Virginia, not just two wins but what the margins are and the reason that President Trump is so animated about the midterms, if you follow his social media feeds, it's been forty straight hours of endorsements, is
because he is very likely. Republicans are very likely to lose the House just statistically type margin, and that means massive subpoena power for the House of Representatives next year if it is democratically owned. So it is incumbent upon President Trump to do what I just said he does best,
which is turn out the votes. But in favor of the Republican candidates, he really needs to hold onto the House more than anything else, and it's going to be a very serious uphill battle that you know, statistics and history show he is very likely to lose, so California, Pennsylvania Supreme Court, Virginia, New Jersey. The margins are where walks like myself will be watching just to see exactly what we should be looking for next year.
Is it going to be a.
Seven seat margin in the House of Representatives or are we talking like thirty seats.
That's what this today's election.
Can tell us how much our national concerns feeding into the local races.
Given the fact that the.
Government's shut down.
There's a lot of.
Dissatisfaction on a national level. At a local level, there is more engagement, an increasing amount of engagement from residents.
Is there a divergence.
Here or is there a pretty clear correlation.
That's a fascinating question. I think it's different for each party.
So in this cycle, the Republican Party has continued to be led.
By Donald Trump, and he's not on the ballot.
And so what Republican staff and campaign operatives I speak with will tell you is that Republican voters are tuned out. When we saw the returns on the national election last year, people would go to the polls, vote for Donald Trump,
and then leave. So the fact that Trump is not on the ballot this cycle, he's not on the ballot in the midterms, and he won't be next year either, the Republican Party is trying to figure out, how can I backfill that darth and that absence left by Donald Trump himself the plane leader of the Republican Party, and get our voters excited for JD. Vans, Formarco Rubio, for
any of these local politicians. So you see this depressed participation on the Republican side because Trump is not on the top of the ticket, and that leaves a vacuum for Democrats to turn out.
So really it depends on which party you're.
Talking about, Henrietta.
I understand the temptation whenever we cover these stories the group in people in some very neat groups Republicans Democrats. But is there another group, another set of individuals that can't be put into one buckheit that are pretty fluid and they're willing to vote for someone who's got a
solution to their problem. And right now, the problem for a lot of people in this country, and it's persisted for a long time, is affordability, and those problems were exacerbated through the Buider administration.
They're looking for solutions.
It might come from the far left, it might come from the conservative right, Henriette. So, I just wonder how much of a feature that's going to be in the elections through the next twelve eighteen months.
Yeah, I think it's the biggest feature.
You have sixty eight percent of the US population that does not support the state of the US economy and is very concerned about inflation and does not support the president's terrace. So the president and his trake, his committee officials and cabinet officials are saying, you know, give us another year, let us bring prices down. But when voters are looking at their grocery bill, their electricity bill, the cost of a new car, whatever they're looking at trying to buy, it's all more expensive.
It's all because of the tires, and.
They know that, and they are seeing manufacturing, they are seeing grocery prices increase, but not their wages.
So the President.
Ran on, you know, theoretically an inflation related campaign. Inflation was high after COVID, but it remains on the upper rise today as well, and you can see that again at the grocery stores most plainly. So when we go to the polls in November of next year, that's going to be paramount. Our grocery price is high. Is it our number one issue? Or do we care about immigration or crime or healthcare or other tertiary issues.
But it's really always the economy.
And the president is underwater with the lowest approval ratings that he has ever had in this term or last because of the state of the economy.
Stay with us, mult Bloomberg Savannah's coming up after this.
Stocks pulling back from their old time highs.
It's Wall Street bosses issue a fresh warning on rich valuations and if possible, draw down, joining us not to discuss Henry. Anna mac christ strategist that Deutsche Henry, I feel like this is a move looking a fan a narrative. How would you describe this to clients this morning? What is this pullback so far today?
I think this is actually just a kind of normal, regular pullback that you're going to get in any normal ball run. I mean, at the end of the day, you're not going to hit all time highs day after day after day. We've had over thirty this year, so getting these kind of pullbacks, which in the grand scheme of this relentless ball run, are pretty modest. We're still only around two percent off the all time highs to
the SMP is to be expected. But you know, if we look at the macro fundamentals right now, they do remain pretty strong. Clearly, with the US China trade truce, the risk of near term tariffs has been taken off the table. We still have the tailwind from the recent FED rate cut and another fifty bits already this year even if they don't cut in December, and actually a lot of the activity data at a global level has
been pretty good. I was struck, for instance, in Europe that the flash PMI, actually the composite PMI was at a two year high. So actually the ism manufacturing yesday, Yes, a little bit weaker than expected. But you know, I appreciate the day has been limited out of the US, but that has actually been the exception rather than the rule. And I think that fundamental bullish backdrop does remain in place Henry.
At the same time, a thing we have to take.
No, when a stock falls on good news, not bad news Palenteer and the earnings from Palenteer wasn't bad at all. If he goes through the numbers relative to expectations. Then you see the move this morning and the stock is down by six or seven percent. Does that speak to full valuations? What do you think that speaks too?
I think you.
Always get these moments where single headlines can create a lot of fear. I mean, I remember back in earlier in the year before the Liberation Day TERMOL, we had the deep seek AI model released and there was a very big temporary pullback in tech stocks that proved me very short lived. People thought this might be a new big narrative shift and it wasn't. But you know, I was thinking about those CEO warnings you played just before this. If you think about what has generated you got fifteen
percent draw downs to the SMP. In recent decades, it's usually taken one of three things. One is a recession, which there's no sign of yet. The Alandzo fed's GDP track are actually at.
Three point nine percent in Q three. Another is fears of a recession.
Like we saw after Liberation Day, but no one's seriously talking about a recession right now. And the other third component that has gone with that is FED rate hikes.
So a lot of the cellers we've seen in recent year, so twenty fifteen, sixteen, late twenty eighteen, and indeed twenty twenty two most notably, have gone hand in hand with FED rate hikes, but they're not talking about hiking anytime soon, and if anything, obviously, with a new fetcher coming in next year, the direction of travel remains pretty dubbish.
We'll talk about the FED in just a second, but it's not just the big Wall Street CEOs that are
talking about this. I actually took more notice of a story that came out this morning that Michael Burry of the Big short fame is shorting Palenteer and nvideo shares, and he's coming out and talking about valuations, but he's also kind of leaning into a narrative that increasing number people have talked about, which is this case shaped market can continue, you have to see some monetization of the software of the hardware in order to keep this AI
trend going. Do you think there's validity in that that maybe some of the winners need to take a pause and there needs to be a transfer in terms of stock market leadership.
I think to some extent there is, But I think a lot of the comparisons to the dot com bubble are really quite overregged at the moment. So for instance, you know, the nastak is up by twenty three percent year to date so far.
Now that's very healthy, but in.
Nineteen ninety nine, we had the nastak up eighty five percent that year, and in the final seven or eight months of the dot com bubble, the nassack literally doubled. So I don't think the games we're seeing, you know, it can really be compared to what we saw at the time of the dot com bubble. And another key difference between now and then is back then, you know, a lot of the assumptions that valuations rested on was a belief that four percent growth as we saw in
the mid to late nineties would continue forever. You know, forecasts from reputable people like the FED were saying that would continue well into the two thousands. But then, as we know in retrospect, we had that downturn in two thousand and two thousand and one and there was a recession. Whereas, again today, valuations are not resting on continued four percent growth forever. We're kind of in a two and a
half to three percent range, perhaps with some upside. If AI productivity does lead to a bo and again there's no recession on the horizon, so clearly about macro picture changes, and we do get a growth downturn, then I think that would take some of the underpinning away. But for now we're not seeing those relentless, remorseless gains that we saw at the time of the late nineties.
We talked about the other catalyst to the potential catalyst for an end to the rally, which comes from the FED in a potential tightening, and FED policy seems like that is nowhere on the table. As you were mentioning, you did say that maybe inflation is underappreciated, and that's something that Deutsche Bank has been talking about quite a bit.
What makes you think that based on the ism manufacturing, which was the opposite base in the fact that there is this case shaped economy that has put pressure on any additional price gains that we've seen in the consumer sector.
Well, I think there are still a lot of inflationary catalysts. I think the market has been a bit too reassured by the US China trade truths we saw last week in some of the other recent data, But at the end of the day, for instance, tariffs very still much
in the picture. I know we associate a lot of the tarifts that have come in with April time, but actually a lot of the tariffs, for instance, the fifteen percent of the EU and Japan, the ten percent increase on Canada, the sectoral tariffs like copper, A lot of those tariffs only came into effect in August, and the data we've got only goes up to September, so that's still going to be a theme as we move towards year end. The Q four data and into twenty twenty six.
On top of that, we still have the lagged impact of all the rate cuts. Indeed, it's worth bearing in mind the FED of now cut rates by one hundred and fifty basis points since September last year. That is the fastest pace of rate cuts outside of a recession since the nineteen eighties. This is not a framework that we've been used to in recent times. You've got momentum there too. The activity data you're still proving pretty resilient,
so that suggests demand pressures. And at a global level as well, you've got factors like the European fiscal stimulus
coming in. So as I look around the world right now, including in the US, I think there's actually still a lot of inflationary catalysts on the table, and I think market's risk ignoring that in their peril, because if we do see inflation started to pick up again more than markets expect, I think the risk is we get a similar hawkish surprise to what we saw last week, where markets were surprised to in FT chair Palell took that December rate cut a bit off the table, put it in some doubt.
Henry. I know that Deutsche Bank just re entered a short position on ten year treasuries and have a target at four point four or five percent. I'm just wondering is that enough to continue the sell off that we're seeing this morning in risk assets given the underappreciation as you've been saying, of inflationary risks.
I mean, that's an interesting question.
I think that the key question, particularly if we move forward into next year, is do we get that reacceleration the economy, Because one thing I've been struck by in this post COVID cycle is that consistently, particularly in the US, the macro picture surprise on the upside. So even in twenty twenty two that we had the fastest FED rate hikes in a generation, which previously had always led to recession, they pulled off the soft landing just about then.
In twenty three and twenty four we.
Had stellar equity gains, the S and P five hundred rising back to MAC twenty percent for the first time since the late nineties. So again that macro picture has been very strong, and again this year, even though we had genuine fears of a recession around Liberation Day, the biggest trade shock since the nineteenth century. Again the economy has been remarkably resilient, So actually, I do think there is upside potential for yields as we look forward to
the rest of this year into next year. And actually I've shot that last year when the Fed cut rates, actually it was the point they were cutting rates that actually proved to be below for yields. From then onwards they picked up again. So I definitely think there's about a case lab.
Stay with us.
More Bloomberg surveillance coming up after this, a record number of New Yorkers already casting early ballots for the city's next mayor. President Trump announcing a support for Andrew Cuomo, who is running as an independent, and threatening to withhold federal funding if front runner Democratic socialist Sir Round Mam.
Danny turns out to win.
Whitney Tilson is a former hedge fund manager and was a twenty twenty five New York City candidate in the Democratic mayoral primary. He joined US now for more winning. Good morning, it's good to see you, good morning, thanks for thank you for being here. What's his thank today, Well, it's a big day for New York. I think there's going to be a big surgeon turnout and I'm glad to see New Yorkers are getting politically involved. Early voting
was four times what it was four years ago. I wish that didn't favor Mom donnie, but it probably does, as it did in the primary.
But the poll show the racist tightening. It was fifteen points, and now the latest poll just yesterday, it's under five points, So it's not completely impossible that there could be a big election day. Surprised though, Mom Donnie's clearly up. Five is still a good place to be going into election day.
You're familiar with the headline on Wall Street that the capital of American capitalism is lurching towards socialism? Is this telling you more about the mood of the country or the mood of the Democratic Party?
Well, and also tells you something about the candidates. Mom donnie is a gifted politician. He identified the key issue for New Yorkers is affordability, and he came up with some very clear, you know, freeze the rent, free buses, free childcare, very easy slogans. And one thing I learned as a politician, if you want to win, promise the maximum number of people the maximount of free stuff, and tell them they don't have to pay for it, and
he nailed that, and he's been on message. And Cuomo thought he was going to coast to victory, coast to victory in the primary and really didn't even campaign out there, and by the time I was raising the alarm in the late stages of the primary, it was too little, too late.
It's simplistic, though, to say that it's just promising people freebies, and that's what got some of the attention. It's also that Zorn Mumdanie was talking about wasn't just the anti Trump platform, it was the idea of trying to identify some of these needs. Have you been disappointed that the Democratic Party hasn't done a better job of crystallizing those issues and running on that and not an anti Trump message.
Yes, very much. And I don't think it's just here in New York. We're seeing it, We're seeing it nationally. I'm a lifelong Democrat. I ran the Democratic Party to try and drag my party back to the center to bread and butter issues for people rather than social issues and just attacking Trump and Mom Donnie, to his credit, hasn't spent a lot of time attacking Trump. That was not his it was affordability and a few key ideas. And in the same way from the opposite side, he's
a little like Trump. You know. Trump was We're going to build a wall in Mexico's going to pay for it. And I don't think his supporters it actually believed that, but it was a clear message on the issue that they cared about. And Mom Donnie took a page out of that book and is executed superbly.
I got to tip my hat to him.
One thing that you do really well is that you're at the crossroads of Wall Street and the political scene, and I'm just wondering how realistic you think some of the threats are by your colleagues of leaving New York City. If Zoron Mom Donnie should win.
That will depend on whether he governs as he has in the past few months, as he's promised to sort of tacking to the center and said I will protect the Jewish population of New York despite his dangerous rhetoric in previous years, I will not defund the police, and to his credit, said he will keep Jessica Tish. I'm going to embrace entrepreneurs and businesses as opposed to you know, government seizing all means of production, which is what's on
his political party, the Democrats. Socialism in America says that, So I'm cautiously optimistic hopeful. I would say that if he is elected, he will try and govern from the center, keep us safe and keep New York the incredible center of entrepreneurship and finance and trade and all. But there is a risk that, you know, a thirty four year old guy who's grown up with the rhetoric of the far left, if he governs as a radical, I think people will flee this any.
And businesses at least, so sorey have nick You've been saying it now for years, I think is the JP Milkan Chanson now has more employees in Texas than it does in New York State, which ten, fifteen, twenty years ago I might have been shocking to some people, but that's the reality of America in twenty twenty five.
A lot of it has to do with taxes, A lot of it has to do with certain busneys practices that haven't been as friendly. How much does this accelerate that move as we've seen, and how much is Zoronmmdanni if he does win, going to be sensitive to that, to want those people to remain, to remain an income based for the city.
It's not just making the city more competitive with global capitals, it's making this state more competitive with the other states across this country. Which goes to Least's question, what's going to stop people from moving Whitney. When you were coming out there and campaigning, what are you campaigning for? What would you like to see change in this city in this state to make sure we attract the best at the best, not just around the world, but in this country too.
Yeah, well, it starts with public safety and not defunding the police, defunded and dismantled, the wicked police or all things Mom Donnie had on his website, and I said, we knew he need to do the opposite. Word a thirty four year low in the number of police officers and we need five thousand more police officers. I was going in the other direction on public safety. And then secondly, look, economic growth is the key to everything, is the key
to paying for all the things Mom Donnie wants. I would love to deliver free childcare at every New Yorker as well. It's that cost is crushing people. But you've got to be able to pay for it. So under Mike Bloomberg, the taxes doubled, but that's because the economy doubled. During his twelve years. Under Deblasio, economic growth slowed from six percent a year to two percent a year, and all of a sudden, we're running budget deficits.
So creating a business.
Friendly environment is critical, and unfortunately Mom Donnie's hetoric is sort of the opposite, and rhetoric matters when it comes to making long term investment decisions about where to locate your business, whether to invest in building and hiring people and so forth. That was a key part of my platform, but it turns out just affordability and promising lower costs in a few areas was the winning message this year, and Mom Donnie executed on it superbly.
He was on message.
I mentioned JP Morgan Jamie Diamond talked about Bill de Blacio and he said something like, we survived, build de Blacio will survive.
This is that too simplistic?
So it's actually it's my model that my working scenario going forward is is Mom Donnie will be Deblasio two point zero little left too far left for me, But Deblasio did not mess up this city. New York is still doing incredibly well, and I'm actually much more optimistic on New York having run for mayor and spent seven months in every corner of the city. We're an incredibly rich, dynamic, entrepreneurial city, and I'm confident Mom Donie is not going to drive everybody out and mess it up.
You know, this is sort of a sensitive question, but are you surprised to the degree that the politics around the Middle East are driving voters in New York City to a large degree?
Not really, because New York has the second largest Jewish population outside of Tel Aviv in the world. It's about ten percent of the population here, and my wife and children are Jewish. We've been members of Central Synagogue for twenty five years, and Central Synagogue anytime you go to services now there are not just a few police officer like there's paramilitary people out there protecting us. We have
to go through metal detectives to fortress. Because of these mobs and the rhetoric, the anti Israel rhetoric that Mamdanni is trafficked in. There's only are not You don't have to go very far before it becomes anti Semitic and some of these people are committing violent acts against New York's Jewish community.
So it's a big issue.
It's one I hit Mam Donnie hard On during the primary and again to his credit, he has said that, you know, job one for me is going to be protecting all communities that are under threat, especially the Jewish community. I'm hoping he delivers on that.
This is the Bloomberg Surveillance Podcast, bringing you the best in markets, economics, antient politics. You can watch the show live on Bloomberg TV weekday mornings from six am to nine am Eastern. Subscribe to the podcast on Apple, Spotify, or anywhere else you listen, and as always on the Bloomberg Terminal and the Bloomberg Business Amp.