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Where is the Federal Reserve going to go?
We've got a lot of economic data out there that I guess, with the hindsight, still looks okay. But boy, if you look at some of the survey data, whether it's you miss data from a couple of weeks ago, which we'll get some updated you miss data on this Friday, whether it's some other survey data, it shows that the consumers a little bit concerned out there, inflation expectations a little bit heightened.
So how does the Fed take that into account? Well?
I know Danielle di Martino Booth, she'll have some thoughts here. She's the CEO and chief strategist at QI Research. Danielle, what's the data you're looking at? Give you a sense of where this economy really is today? Maybe we're inflation expectations are today? Because the Fed probably needs to be a little bit nimble here, don't they?
Yes, good morning, and thank you for having me. And absolutely the FED does need to be nimble. We actually saw with the Durable Goods report that came out kind of the first hard data that agrees with you. Across the board, every single regional Federal Reserve survey has shown reduced capital expenditure planning going into the future, reduced employment going into the future as well. And most of what we've been seeing has been, as you said, soft survey data.
Now we have hard data to back that up with this morning's report, and so the Fed's going to have to start thinking. The Dallas Federal Reserve did some great work about a year ago that showed that it is investment, business investment that leads the US economy in and out
of recession. With the looks that that is going to be turning down, and again corroborated by every single regional FED survey all the way down to the Richmond FED and Philly FED that we've had these last few days, the Fed's going to have to become more concerned, as we saw in that CFO survey, about the possibility of recession. So they're going to have to balance the two when they're making their policy there's two non farm pair reports before they meet again on May six and seventh.
And that's what I was going to say, six weeks away before we get the next Federal Reserve decision, and you were mentioning those key economic data points that are going to be coming ahead of that, as well as that reciprocal tariff deadline on April A second here, So what's the playbook you think ahead of this Federal Reserve meeting and what do you think needs to happen in the data depending on what could force them to move in a particular way.
So, you know, given the magnitude of the challenge, your Grand Christmas layoffs one hundred and seventy two thousand, only sixty two thousand of which we're attributable to the public sector. In February, we're at about the same run rate. We're running at about one hundred and fifty thousand layoffs layoffs announced in the month of March. It's looking like the Fed might get to that four point four percent year end unemployment rate target by the time they meet again.
So I think that the real risk is that Powell's going to have to pivot again in favor of the employment mandate. If what we're seeing on the ground with layoffs and of course Bcygo bankruptcy is runing at about a twenty two pace for fifty million or more liabilities on the terminal that you can follow, they're going to have to start paying more attention to what higher for longer is doing to the real economy.
So what is the focus here right now?
If you think of the Fed danielle is inflation is an employment?
How do they balance that these days?
So they're definitely focused on inflation expectations. We saw you fairly Dubvish voter Austin Goolsby saying we really have to pay attention to see if these inflation expectations become on him and start to filter their way into the actual inflation metrics. But we haven't seen that yet. And the fact is, what we're hearing from one company after another is that there's a margin squeeze going on. They are
having to deal with higher input prices. There was a lot of stockpiling ahead of the potential for imposed tariffs, not that we know what they're going to look like yet, but companies are reporting one after another that they cannot pass through these prices to the end consumer, whether you're talking about Walmart or Dollar Tree.
That's interesting too because when I've talked to Tom Barkin before at the Richmond FED, he talked about how he would actually look at the price mixed volume. When you're looking at a lot of these companies and consumer package good companies, whether it's like a Coca Cola, PepsiCo, craft times and especially what it was meaning for inflation and things like that, what do you like to look at
Because I mean, you have so much experience. You previously were an advisor at the Fed Bank of Dallas during the global financial crisis. So when you're looking at some of these key consumers type names, and what do you think it could mean for infleetion other forms of growth on the other side of the employment thing, what are you watching there?
So you know, I think everybody's focus right now is on consumer discretionary But to Barkin's point and to your point, we're actually seeing the staples come under pressure because of what we've heard from some of the lowest cost retailers out there, and that's that some US households are even beginning to cut back on essential spending. They're moving away from brands. They're moving away from packaged goods. Whereas these companies were able to pass through these prices for several
years following the pandemic, now they're hitting a wall. McCormick was the latest to come out and make those types of comments here in the last forty eight hours or so. So we really do have to be cognizant of the potential for a margin squeeze here, and that I think has to be on the feder radar. Again. It is
business investment and not consumption. Despite consumption being a record seventy one percent of USGDP, business investment has always led the US economy in and out of its cycles of expansion and recession.
I'm looking at the WRP function Danielle in the Bloomberg terminal of the world interest rate probability. It looks like the market's pricing and maybe just a little bit more than two rate cuts this year.
I feel like it's always all over the place. Though when we look at that function.
It is, it is, and I have it, you know, you know, not a whole lot of confidence in it, not to say it's not very representative or interesting and useful, but boy, it's all over the place, but a little more than two rate cuts this year, Danielle, Does that seem reasonable to you?
You know, I really think we're going to see maybe double that or more.
Wow.
We're setting up for the September meeting a lot like exccuse me. We're setting up for the main meeting a lot like we did in between July and September of twenty twenty four. Some non farm PAI reports are a little bit lagged in terms of their release. The April report is actually released on May second, so that is five days before the FED meets again, but during blackout.
So the Fed's going to have to be very very cognisant of its employment mandate because I think that that in particular is moving in such a way the momentum. We're seeing it with fewer jobs in the Consumer Confidence Report, we're seeing with sixty six percent of Americans in you Mish saying that they anticipate the unemployment rates going to rise in a year. We've never been at these levels, whether it's Conference Board or University of Michigan, when the
US economy has not already been in recession. Looking through the mirror, all.
Right, we're going to get some more new University of Michigan data this Friday, so we'll be having that for.
You as well. Danielle give Martino Booth.
She's the CEO and chief strategist at QI Research. One of the smarter folks we talked to when it comes to all things Fed, a reserve, and kind of how the Fed's trying to deal with current economic condition.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on Apple Cocklay and Android Auto with the Bloomberg Business App. You can also listen live on Amazon Alexa from our flagship New York station. Just say Alexa, play Bloomberg eleven thirty.
The next move the Federal Reserve will take maybe a hike this fall. You don't see that every day, So that's where I want to start. Skylar Linen joins his CIO of Reagan Capital Management down at the Hedge Fund Hotel down in Dallas, Texas to the Crescent Court. Spent many a day there, got tons of II votes there, stayed at the hotel there. It's a good place to be. Skyler, talk to us about kind of how.
You're approaching the market these days.
We've had that ten percent pullback in the market got people's attention.
We've bounced off that a little bit. Where do you think we go from here? Long term? Up?
Oh, sure, you know it's going to be volatile. But what we're seeing is that the consumer and corporations in the US are still so strong. Corporate leverage levels are the lowest they've been in recorded history at about twenty percent, and consumer balance sheets are extremely strong. In aggregate, you're looking at one hundred and sixty trillion dollars of net wealth in the United States. A lot of that has come from the stock market and real estate, and so
you know that spending is going to come. But for right now, you know, people are a little bit nervous corporate activity, corporate M and A are in the same boat as consumers. But long term, you know, we kind of see this this market running for at least the next three to four years based on how much dry powder is available for consumers and corporations.
So you're thinking of potential hike maybe in the fall, of what would need to happen in order for that.
To occur, it's already happening, right, So look at inflation, look at what was really interesting about the recent FED meeting a week ago was not only you know the press are and what they did, but if you look at the dot plot and if you look at their predictions, they make those predictions once a quarter of where GDP is going, where PCE is going, and where inflation's going. They're predicting pcee to to actually it moved up from
December to December to March. And they're predicting that rates, you know, inflation is not going to fall below two for yours you know, two plus years. They're predicting unemployment to actually fall. So unemployment's coming down, inflation's going up. Those are their two mandates, right, and so there is absolutely no one can make any reasoning for me as to why they would hike in this environment. Okay, yes,
financial conditions are restrictive. They're saying they're fairly restrictive right now. But if terrorists come to come to boot and if that causes inflation, we're going to see another you know, Paul Voker type of moment where they're like, all right, we need to get this under control. We need to hike back up to you know, four fifty to five percent.
So given that backdrop here, we've gotten, I guess, a lot of noise that the markets have to deal with on a short term basis with policy decisions coming out of Washington. Are we embracing risk in the equity markets, are we embracing risk in the fixed income markets? Are kind of just holding back a little bit on.
The fixed income side, you still have to stay short. You know, the Fed cut last September, roughly six months ago. Fixed income has not done very well since then. The agg was up one in a quarter last year. It's up about two percent so far this year. So the egg's done okay, but from September to day it's down okay, So it's basically flat. So and if you look at the shape of the curve, you're not getting paid. You know,
you can sit there in cash at four thirty. You can buy agency government guaranteed mortgage bonds that are floating rate at five and a quarter okay, so you get paid five handle yield to sit there, and the belly of the curves inverted. International.
A lot of people are talking to me about international markets, and they've had such a good start European markets.
In particular this year.
How do you guys think about the US versus non US these days.
Well, part of that's due to the dollar. You know, the dollars come down. If you look at Asia, for example, Asia's not done very well this year, but dollar adjusted it has so that's part of it. But you know,
so that's helped out ur it a little bit. But you know, Germany announces that they're going to turn the printers on and they're going to issue tons of debt, and going back to World War One, Germany is a very austere economy and now all of a sudden, you know, based on the Ukraine War, all right, we're going to see a ton of debt printing and so that's really
ignited a certain sectors, obviously like defense. So yeah, it pays to be you know, well diversified both in terms of uh, you know, equities, but also in terms of locations as well.
How long does that story last for international just because they underperformed so much relative to the last year and especially the last two years of the bull market run in the s and P five hundred because of what was going on with AI and obviously these are the corners were cheaper.
But is this something more.
Temporary that you think is going to happen more international?
Does it stick?
Yeah?
So, you know, we're a couple months into the administration, two and a half months, right, and they came out, you know, the administration came out and said, hey, look we're going to break some things for the first hundred days. So what do we got.
We're halfway there.
We're halfway to one hundred days basically, So, you know, three four months into it, we got a couple months to go before the spotlight comes back on the United States and volatility decreases. We're seeing that in the VIX. You know, VIX almost hit sixteen handle yesterday, and so when that volatility subsides, I think the spotlight comes back onto the US, it comes back onto the big meg seven, tech, AI, you name it.
Thirty seconds left. Earnings, what's your feeling earnings? Can we depend upon earnings to drive this market?
No? No, So earnings will be there, but at a decreasing rate. Okay, So we've had a Gangbuster three years right in, you know, two and a half years, so earnings will be coming down on a you're over your basis. We can't continue to produce just Gangbuster. You're over your earnings and so yeah, you know, you know, maybe the stock market eeks out five eight percent this year, but above and beyond that, seeing the twenty plus percent that we saw the last few years, that's not gonna happen.
Right, That's kind of kind of what we've been hearing from a lot of folks looking at an earnings growth rate or stock market return rate, if you know, kind of mid to high single digits, as opposed to the twenty twenty five percent we've seen over the last couple of years. Skylar Wine, and thank you so much for joining us.
Skylar Wine.
And he's the cio Reagan Capital Management. They're based down there in the Big d Dallas, Texas, but he's joining us here live in our Bloomberg Interactive Broker Studio.
You're listening to the Bloomberg Surveillance Podcast. Catch us live weekday afternoons from seven to ten am Eastern Listen on Applecarplay and Android Auto with the Bloomberg Business app, or watch us live on YouTube.
Joy Yang, head of index product manager at market Vector Indexes.
Joins us here in our Bloomberg Interactive Broker studio.
Joey, are you surprised we haven't seen we're not seeing a higher level of the VIX given some of the uncertainty that I think a lot of investors feel so far this year.
Yeah, thanks for having me so. Yes, I think it's undeniable. We're in a period of heightened uncertainty. But uncertainty is actually quite hard to measure, and as you mentioned, when you look at the VIX, it's unusually low for what we should expect in a fear oriented market. But if you look at the Economic Policy Uncertainty Index, that's shooting straight up and it's a it's second time high, and I think this is reflecting two kind of very rational
strategies that we're seeing in the market. One is this kind of weight and see because people just don't know what's going to happen next, and they've been burnt previously, so I think they're going to park their assets in something liquid and be ready to pivot very quickly. So that's gold and we're seeing this all time high and gold.
I keep for pointing out this US Economic Policy Uncertainty Index. I wasn't that familiar with it, but you're right, it is now screaming higher. Baker, Bloom and Davis are the source there. So if you're in front of a terminal, just type in you know, US economic uncertainly and you see this indexing, you can graph it and says, oh, yeah, that's that's the thing.
And to your point, Paul, because you were talking about the VICS. When I was talking to a lot of treaders, especially once it got close to thirty inch a day earlier this month, a lot of them didn't want to pay for puts above that because it just would have been too expensive. So I was curious joy your thoughts on the dynamic there and what that tells us because we still see realized wall picking up.
Yeah, so I think, you know, this is just kind of the lull before we get clarity, and I think we're getting clarity in April second. Maybe possibly right, but people want to stay invested. You know, you really don't want to be holding cash, So staying invested means buying something that's liquid, but we'll still will offer you either hedge or some growth opportunity, and that's gold. Right now, it's at all time high and we're seeing a lot of flows into gold and gold dtfs and.
Gold up another six dollars here today, three thy sixty one. I go back to the Goldman Sax call maybe a month ago, five weeks ago, Yeah, thirty one hundred on gold when it was a twenty eight hundred. Great call there by your buddies at Goldman Sax. A lot of money is going to international stocks, including Asia, not just Europe but Asia as well.
Is that a trend or is that a trade? Do you think?
Well, if you go back and you see this other kind of strategy people are playing, is you know, we don't know what's going on, but we do know that, you know, US markets have been up unusually high, So I think that's really kind of the unusual period, not this correction that we're seeing, but up twenty percent over two years. So let's go back to maybe focusing things that we do know, which is, you know, markets are volatile,
but let's look at fundamentals. So when you look get fundamentals and you think that corrections are a good time to buy, well, Europe, Asia they've had bigger corrections than what we've seen in the US. And if you look at fundamentals, you know the companies that are trading in these markets, whether it's Ali Baba Bid, they're trading at you know, half the pe of their American counterparts, so
that's a great buying opportunity. And the same with European you know, whether it's European defense stocks, European other you know, any other industry.
You're like, yeah, those European defense stocks really taking off, and a lot of them when you're looking at those PEU ratios being a lot cheaper than some of their peers more internationally, how long do you think that can continue? Is this something more shorter term? Just given their underperformance in recent years relative to the US and the first two year a full run fueled by AI.
Well, this is definitely a structural shift because you know, the US message was very clear, you know, whether intended or unintended, as we saw in text messages this week, that we're not going to go out there and support the rest of the world. Right, So you know, the Europeans are looking at this and they're reinvesting back to their own military autonomy. And we know that government defense spending is physical stimulus, right, but it's it's big and
it's long. So these are big, structural you know, dynamics. And we think that European defense stocks, which have already been up double digits here today will continue because there's going to be more to come. But I would also say don't discount US defense stocks, you know, because I think the rest of the world still needs some of the technology. And I think, you know, warfare has moved
from ground to air to cyber security. So companies like Talenteer, which are AI intelligence, are still going to be quite important in this space.
I look at Ali Baba for variety reasons, one of which is my good buddies the co founder there. But it is a for me at least, a proxy on how investors view the Chinese stock market. They like it, olibab is going to move higher. If they don't like it's been for the last several years, it's going to move lower. Stock's up fifty six percent year to date. Do you feel comfortable in the Chinese stock market?
There's you know these well if you.
Look at you know, stocks like whether it's in Video or Amazon, they're up double ditches, you know if you look back twelve, you know, or two years. And I think this is part of you know, what we tend to forget when we focus so much on one country, one stock, is that necessity is the mother in invention, and you know, innovation will happen anywhere. Competition will shift innovation to where you know it's going to you know
it's going to surface. And I think Chinese stocks are you know, they've been kind of quiet.
In the background.
We've forgotten to look at them, and now they're visible and we've just noticed, well, they've been like doing things also, you know within you know, their own area.
Yeah, so again Olibab, but fifty six percent year to day of eighty five percent over the trunk twelve months, so people spaying paying some more attention to the Chinese equity markets.
Joey Yang, thank you.
So much for joining us, Head of Index Product Management and Market Vector Indexes.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on Apple Coarclay, and Android Auto with the Bloomberg Business app. You can also listen live on Amazon Alexa from our flagship New York station. Just say Alexa play Bloomberg eleven thirty.
What I've noticed is institutional buying and.
Institutional embrace of crypto seems to be pretty interesting to me. Aisha kan Kiani joint just she's the COO of.
M and C Group.
She joins us, Here in our studio, I'm looking in fidelity Is. You know Rais it has assets on our management group by over forty percent eight billion dollars.
Blackrock is into the crypto space.
What are some of the latest trends in crypto that you're following now that we presumably have a pro crypto presidency and administration.
So it all started a couple of years ago, but now given the administration change, right, we have a bit more acceptance to it, and given the regulatory change around it too, or at least on you know, the commissioner levels, we have started seeing a lot more institutional entering. So we have started seeing more stable coin buying right and basically trying to have a bit more stable coin exposure.
The other thing is, obviously we're seeing large fortune five hundred companies buying BTC or stable coins you know, on their balance sheet. We see almost everyone saying that they're either looking to you know, build a blockchain or working on a private blockchain solution for their company on how to decentralize their data.
So, yes, we have Fidelity, we have Blackrock.
We have seen a lot of conversations around tokenizing assets. Blackrock is obviously spirit heeading that effort. But yes, we are seeing a bit more acceptance that we've seen in the past.
Walk us through some of the regulational changes, because that has been a big criticism in recent years about the lack of regulation. So have things changed.
So over the years, right, we heard we heard large banks saying that, look, we cannot trade this asset because even though it's for us, it's just a ticket.
Right.
We don't know how SEC or CFTC were treated as Right.
What has happened in the past month or.
So is that SEC has literally, you know, let go most of the enforcement hasks that were going after crypto companies. One all of the SEC charges have been dropped against Coinbase and Beautible, Moon Pay.
All of the companies that were open. So that has changed this shift. Same thing with CFTC.
They've tried to set up you know, coworking groups just to focusing.
On digital assets.
So even if crypto or blockchain or bitcoin as a whole doesn't get a special category under the asset, probably we just treated like another ascid under SEC, you know, just the same investor protection.
Just one of the stocks that you could trade on the market.
Is that is that where you think we're going to go, because I would think that's where the industry.
Would like to be, right, that's where the industry would like to be.
Absolutely, but we would see that's where it is headed.
Okay, so that's good news, right, Yeah.
So I mean, is this administration perceived still as pro crypto or maybe maybe they just don't care?
And that's okay too.
No, no, no, a very pro crypto, okay, very extremely You know, we had an industry conference here in New York last week and not as big as Consensus or you know, a couple of others, and President Trump had a message, yes, had a recorded Yeah, so we carry exactly so and then you know World liber Financial of the organization under him, they they're buying tokens consistently.
Yeah, okay.
You know it's interesting too because if you're just looking at its performance here to date, still lower here cools to about six percent. So I mean, what's the deal?
It's dead?
I mean, honestly, speak as hyped. I'd be very honest about this as hyped. You know, we have you know, as hyped. We have basically done with the industry in the past three to four months. Right ever since the administration change, we haven't seen new volumes come in, and we haven't seen new liquidity come in.
We haven't seen a lot more large.
Institutional just plug in and say here's the capital, just go trade.
Why do you think that is?
Because I think at the end of the day, in months or so, everyone rather manage their own book than handing to like Cryptonata funds or plugging into all.
Right, I don't know anything about this, and I take great pride not knowing anything about this.
I come from the day of creating blocks of stocks. Has the story kind of faded here?
For crypto?
It feels like the momentum is maybe out of the story. We don't talk about it as much as.
We used to.
I quote it, but when I quote it, we like I'm quoting stocks, bonds.
I feel like, should I even be quoting bitcoin?
I think we're not as special as we used to?
Okay, that's that's that you're you're right there, but we're not as special as we used to.
We were a hedge against inflation.
We were you know one of that did Alas said that you could buy so your grand you know your grand kids could be proud of.
But like for the criticism agids that being a hedge against inflation, I mean that clearly didn't work in various instances over the last three years during the Fed's hiking cycle to try to tame inflation.
It worked in twenty twenty, and it worked in early twenty twenty one.
Right now, it's just following the macro and which it.
Shouldn't have if it had followed it's an initial narrative it was. You know, we're an asset class off its own. Right now, we're just treated like another tex style.
So what's the next big issue or big mile post for the cryptos spaces.
There's something piece of news out there that we're waiting for, whether it's a piece of legislation, whether it's a new product offering, or what's the next new thing.
I think we are getting everything that we've ever wanted, right We are getting you know, a bit more understanding from regulators. We'll probably even have stable coin legislations come in. I heard that a lot at like Milk and Symposium a couple of weeks ago. We're going to see you know, stable coins begin integrated just like you know dollar into like large banks or large banks issuing their own stable coins.
I think we're slowly, slowly progressing there. My internal skepticism as always is the tech ready.
But I could go on on that for days.
But I think from the regulatory perspective, from the market's perspective, we have accomplished.
You know, But are the kids at NYU that you talked to every are they still cryptos crypto that cryptos that I want to go into crypto. I don't want to go to Morgan Stanley and be an investment banker or trader.
I want to get into crypto. Are they still saying that.
Fifty percent split because the other fifty percent have moved on to AI.
Yeah.
So my course is still very popular. I still have the wait list everything. I still have kids building under me, writing under me. But now it's like, hey, professor, this is cool, but let's talk about AI.
Also, so you had mentioned we only have about thirty seconds left. But what was the issue with the tech that you were maybe skeptical about.
I think that if you really really break it down with ethereum or Salona or like you know, if you come on chain levels, can we handle that kind of volume, right, like if as I remember on my first show with Tom, he said, I mean, none of this makes sense. So but I don't know why this trade acid is trading at seventy thousand, so please, you know, clarify.
Yeah, and then it went up to five hundred exactly.
And Paul kicked in and Paul said, you know, why don't you teach us so like why so that's the thing, like beautiful in order to be at one hundred and ten?
Again?
Is the tech enough?
Okay? A Keani, COO of m n n C A group.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on Apple, Corplay and Android Auto with the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal.
Let's get a look at those newspapers with Lisa Matata, Lisha, what are you looking at all?
Right?
So remember when Elon must put out the request of federal workers to submit those five bullet points detailing their weeks, when we have a challenge doing that, Well, a lot of workers have been doing it, but now they're running into an issue, and the issue is apparently the inbox is full. Oh so their emails are getting bounced back. So now they're putting in the effort, but it's not
going through. So what the workers are being told. So, for example, you have the Department of Health and Human Services, they're telling employees that, okay, we know.
What's going on.
So they're directing them to send their weekly five things emails to a different o PM email address. Even NASA unveiled this app so that workers could send their reports there too. So they're doing all these different things because remember he had said that workers would be fired if they didn't reply. I mean, the White House kind of, you know, pulled back and said, you know what, let's let's explain. You know, we'll leave it up to the leadership of each agency to determine, you know.
That we know who's presumably reviewing these emails to say, are these five things you're doing?
Are they good? Or evaluating what you're doing?
Is there anybody know who's reading these questioner, Now they're getting bounced back, But it's a good question, all right, Okay, so we have we talked about the housing crisis right sparking it's what it's doing now, is that it's sparking new alternatives to building homes.
So we're talking about builders using everything from three D printing, assembling homes inside a factory, and then using hemp, yes, hemp to make building blocks for walls. So this is from the Associated Press. They visited this factory where they're pumping out five hundred homes in just over three years of operation. Each takes about five to seven days to build. Okay, So they're inside this factory.
They get everything the walls.
The wiring, the plumbing, the countertops, and then they're shrink wrapped and shipped out. So this is like how they're pumping it out there. Then, as far as the three D printing, they make like these curved walls that are unlike concrete block. But the only drawback is that it's pricy. Right, three D printers are expensive, the engineers to work them are expensive, other skilled employees are expensive. And then this hemp and line mixture. I did not know that it's
called hemp crete, and it's this natural insulation. It's mold fire resistant. Acts as this outer wall of insulation. You still need kind of like the woods and the frames you know, to build the walls. But it basically cuts down because it replaces three wall building components with just one.
Actually, all right, I don't understand how we got into this where we don't have enough housing.
We aren't having children anymore. I mean, the birth rate is way down.
Are we knocking down homes such that we don't? All I see when I drive around is these multi family housing units being built everywhere.
You didn't use three D printing for the compound.
I just don't understand that the fundamental concept why we have a housing I guess.
People just don't want to give it up because you have.
Tell those boomers.
Building over the place.
They walk into Middle America, They're building these multi family units all over the place. I don't understand. So that's my I'm not buying this. There's not enough homes out there, that's my things. I'm not buying the whole concept.
Last one Megan Markle's new Netflix cooking show. Not sure if either of you have seen it, but apparently it's gotten. You know, critics are bashing it and saying, you know, what does she know? But what they love is her fashion. It's called with Love Megan. So apparently she has this fashion selling power that everything she wears like dresses, shirts, vests, Kashmir cardigans. They all go viral and really buy them and the stores are getting sold out. Wow, weightless, So you.
Guys are not the demo for this, I guess.
I actually haven't seen the show yet, but I saw a promo on Netflix.
It looks beautiful. It does, and I do like what she wears. I don't know if I would buy it or be able to afford it for that factor, but I mean, she's also starting like this shop my page where she can actually make affiliate revenue from these things, so she's kind.
Of turning her So this is a cooking show, right.
It's a cooking slash like she gardens, she entertains, it's a lifestyle okay, okay, lifestyle And apparently it got renewed for a second season, So.
I'm not down on Megan Mark for everybody else's I have no opinion one way or the other, but we'll have to see, all right, lish Mateo Newspapers, thank you so much. We appreciate that.
This is the Bloomberg Surveillance podcast, available on Apple, Spotify and anywhere else you get your podcasts. Listen live each weekday seven to ten am Eastern on Bloomberg dot com, the iHeartRadio app tune In, and the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal