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the Bloomberg Terminal, and the Bloomberg Business App. The most read story on the Bloomberg Terminal, here's about this Bank of Japan and raising rates, scrapping the world's last negative interest rate and the most aggressive monetar Steller's program in modern history, but also indicating that financial conditions may stay accommative for now. This is big. It's the most read. I'm trying to get a sense of how important it is. Maybe our next guests can help out here. Jennifer Lee,
Senior economists and Managing director at BMO Capital Markets. Jennifer, thanks so much for joining us. Can you put into context what we what the Bank of Japan did today and what it means because again most red story on the Bloomberg terminal for sure.
Good morning everyone, thanks for having me on. You know, I think this first of all, I have to think all the local Japanese media for leaking out all the all the mooths ahead of time. So I mean, you can see from the reaction of the market, I wasn't a huge change in terms of reaction, I guess. But what this basically means is that, you know, as you just pointed out, the last era of negative rates and
now we're turning to something more normal. You know, try to explain to anyone out there, you know what the heck does negative rates mean? You know, and you know Japan's have had this for so many years now, so now they're flowing back to normal, peaking above. You know, we're back in positive territory. Although at zero to zero
point one percent range, it's still extremely extremely accommodative. But again it shows that the make Japan is no longer asleep at the wheel and is finally moving toward a more normal condition.
And Jennifer, I'm looking at some of the market reaction from analysts and strategists basically saying that the forward guidance doesn't close the door on another hike. Is that something that you agree with? What's your read on what could be next?
So you know, I did see you know, some people penciling, you know, a series of rate hikes. I think it's you know, way way too soon. I mean, this bank is very deliberate and very careful of what their moves are. Obviously, you know, we've had inflation well above the two percent target for you know, over two years now, and now they're finally moving. But you know, I think it's way too early to say that this is the beginning of a series of rate hikes. You know, I wouldn't be
shocked if we see one more move. But you know, as you just pointed out, like the statements still said that they're going to be very accommodative for some time. They're still buying jgb's, They're going to buy more if you see some sort of a big abrupt move in the JGB JGB market, which we're not seeing this morning, So it all depends, but there's still there, there's still keeping rates very very low. Again not negative, but at least it's you know that's still very close to zero,
so still very accommodative. I think it's too soon to say that there will be a series of rate hikes, but I wouldn't be surprised, would be kind of nudged it up a little bit further, depending on obviously how things play out. Everything it's data dependent and not calendar dependent, you know, to use all the famous words that various central bankers use these days.
Yep, busy week here for central bankers to be sure, not just as the Bank of Japan, but tomorrow with the United States Federal Reserve, what do you think we're going to hear from FED chairman j Palle. I mean, obviously most people don't expect any movement in rage tomorrow, but what kind of commentary do you think we'll hear?
He is going to stay uber cautious, I think, especially after what we saw the last week with the sticky inflation numbers both for CPI and PPI and the still you know, in my opinion, a little bit questionable retail sales data shows that you know, we're again it's we have still to be very cautious with what we say. You know that, Jane, I have just have to briefly
about retail sales. You know, I was kind of disappointed to see you know that I'm going to say crappy, you know, January retail sales results, you know, even lower and even crappier, even though we did see the bounce back in February. So it's it's sort of interesting to see how that's going to play out. But definitely sticky inflation is what they're going to be worried about, and the FED chair is going to be extremely, extremely cautious.
And what he says, he doesn't want to, you know, cause any undo you know, hoop law, I guess and markets to say, you know, to cause everyone to speculate that they're going to be cutting earlier or whatever. But I think he's probably gone to pushback again on expectations of when the feder will finally cut rates. We're sticking to our July call. I think it'd be very interesting to see what the dot plot does, you know, whether or not they're going to stick with those three cuts.
I think that they have penciled in for this year.
Jennifer looking at the warp function wi RP on the terminal. The first full cut fully priced in in July to your point, with potentially three at least according to our data through the end of the year early twenty twenty five. What can j Powell s say from a hawkish perspective that could make investors reshape expectations.
He can talk about being very worried, or he won't feel very but he will say that, you know, we're still concerned about how inflation is still sticky, services in inflation, the supercore measurer and all that, you know. Again, just sounding a little bit more concerned, I think would would cause markets to push back the timing I think a little bit more. But again, he's been saying this, you know, for for some time now, and I think he's just
going to stick to that script. And he sort of swaying away from from from his usual wording will, I think will cause markets to pounce as well. So he has to be so careful of what he says. You know, how many times he says, oh, how many times blinks, you know, and everyone will be focusing on every little new ones that he does, anything that's different.
From what he has been, you know, doing in the past.
In the past few months.
Jennifer, what's your thoughts about the overall just looking at the US economy here, looks like inflation is trending in the right direction. There's still moderate economic growth that looks like the employment pictures pretty steady. What's your overall view of the US economy here?
Still and I'm going to use the word that you know, your you're a couple of guests Ago was kept kept saying as well, you know, it's still quite resilient. I don't think anyone can or should be arguing that. I mean, after you know, five hundred twenty five basis points of great hikes, you know, the economy is still growing at a at a at a solid pace, and that's extremely impressive.
And people are still hiring. You know, there may be some evidence of boarding, you know, as we talked about in the past, but at the same time, you know, we're not seeing mass layoffs either, which is very good news. And it just speaks to again the resilience of the US economy, the resilience of the labor market. The consumer is still has you know, a little bit of cash sashed away for a rainy day, and even though you know the consumers are also you know, quite volatile. Terms
of the confidence lelveolst. They still have stuff in the bank to spend if needed, and it's okay to take a breather once in a while, you know, you don't just spend everything that you earn. But again, it speaks to overall broader resilience, and I think it's still about the US economy overall for this year.
And Jennifer, we have BOJ, FED and BOE, but there's this company called Nvidia having their GtC conference.
I talk to investors.
They're more focused on in video than anything related to central banks. Is that concerning, Well, it's.
Definitely more interesting. I personally wish I owned it, but I think, you know, but of course everything is going to you know, we're all going to be hinging on. Not only are the earnings and all that, but of course you know what monetary policy is going to be, how it's going to be playing out over the over the next year, how much easier it's going to be, or or less easy or less tight it's going to be.
I think it's all going to go back to what the FED chair is going to say or not say, and how they're going to act for the.
Rest of the year.
At this labor market, Jennifer. In the US, we saw we did see unemployment tick up to I guess three point nine percent, three point seven percent, But still it feels like this is a fully employed economy here. What do you how do you think about the labor market, how do you think the Federal Reserve things about the labor market?
You know this it's it's still you know tight. I mean, you know, yes, we have seen the unemployment rate tick up. We have seen job creations slow, but you know, one hundred nine, two hundred thousand or whatever, it's still you know, during normal times, this is still a very decent figure. And again you're not seeing mass layoffs. And this is like a situation that's playing out around the world, even like in the Euro Area where we saw labor costs
take down. But meantime, you've got the jobless rate. It's still at a record low of six point four percent in the Euro Area. So this is, you know, again a bigger picture thing. You know, when you've got you know, demographics playing out, You've got all the people who are you know, in the sixty five general sixty five age bracket all getting ready to retire, you know, the silver wave.
I think they're calling it, you know, and we're still seeing shortages in certain areas, certain industries, and because labor markets again globally are still quite tight, this is what's going to I think it's good news for the economy. I think it's good news for consumers, it's good news for workers. But at the same time, it's bad news for businesses who are still trying you know, some of them are still trying to find qualify because of that.
That titles of the labor market. That's what's going to cause the FED. That's awesome contributed to some of the Fed's concerns I think over inflation and the economy in general.
All right, Jennifer, thank you so much for joining us. Always appreciate getting some of your time and your thoughts. Jennifer Lee. She's a senior e commumist and managing director over at a Demo Capital Markets. What kind of kind of body language do we get from the FED here about interest rates? Alex Chaloff, I'm sure he'll be paying attention. He's the CIO of Bernstein Private Wealth Management. Alex, thanks
so much for joining us here. I don't know what are you going to be looking for tomorrow From FED chairman J. Powell.
Think you said it body language.
It's highly likely that the dot plots change, that the language changes, that we go from this beginning of the year idea that we might have as many as fives, six, seven cuts down to probably two to four, and wouldn't be surprised to see some emphasis on two. So our view is that there's no action taken, but that the language changes and to be much more cautious and signaling to the market that we've got some time to wait.
And if we do see a push towards potentially two on the dot, how do you think markets are going to react to that.
I think it's been like a slow leak the last couple of months. I mean part of what's happened this year in equity markets. We've moved nicely, but there has been some reluctance to move a lot higher because I think this is the worst kept secret on the planet that they're not going to cut as aggressively as many thought they would. So I think the market will be disappointed, but it won't be a disaster.
So what are you telling clients these days? Alex just kind of stepping back from the Bernstein Private Wealth folks here sixty forty portfolio is still something you guys talk about. Where do alternatives fit into that? I mean, again, if we're cutting rates, what's kind of the overall positioning here for you guys.
We haven't been sixty forty people for probably six years at this point, so we're throwing darts at sixty forty. A big chunk of that has moved into alternative investments, both on the income alternative side as well as the growth alternative side, So investors looking at private equity, real estate, private credit, alternative credit of all types. That's really been the norm for our clients. And what we're talking about is a more accommodative environment to really invest across the
board once we get past this peak and rates. We're not there yet, so it's a little bit of the waiting game, but we're getting close.
And when you look at the expectations for the full year you mentioned that two to four range, What data what data points could draw that to go closer to two? If not one? If apparently Vince Cignarella is calling for.
Nine, right, I think there's two that we focus on most One is CPI, that's obvious, but we've had some volatility in the month to month CPI readings, while the longer term trend is still intact that we're dropping, that inflation is coming down, you could get those fights in monthly CPI. So that would be one, and then two is labor. You know, the jobs market has been so impressive throughout this cycle that if we got a real disruption there, that would be nerve racking.
Because there's some of.
Us believe that just as the FED has tightened and we're starting to see it play out in the labor market, some companies are getting out in front of this to really start to change their hiring intentions and even reduce headcount. And so, even though the FED is working so hard to avoid causing a recession, if we stay at these rates for much longer, we may end there.
So Alex, my colleague here, Bailey, he's a young Turk. He can go out and take all kinds of equity risk. I'm thinking about the two year treasury four point what's wrong with that trade?
There's nothing wrong with a two year treasury as long as you don't have anything to do in two years. Our view is that it's better to build a buttonnew I don't know maybe you don't have been anything to do in two years.
But our view is it's.
Better to build a portfolio that has a variable maturity structure to it.
We favor municipals.
For taxable investors over treasuries, a little bit of a tactical allocation to some shorter treasuries just because short unis are so rich. But I would be in a muni portfolio much faster than I would start to build a treasury portfolio.
Today you're preaching to the choir ax and say I'm bored.
With munis, but apparently that's where I should be putting money to work. But talking about alex interesting riskier opportunities, how are you thinking about XUS investing.
That's where we start to get excited, only because it that's the next right, US US large cap, US megacap, Max seven, et cetera.
That's now.
What's next is really our challenge that Bernstein investors look to us for advice on, and our view is next could be Europe. Next could be some part of emerging markets. I think when you look at Europe, you have to acknowledge that EPs growth there will not keep up with the US. So it's more of a valuation play and em you have to be okay with taking some macro risk of China. I think that the numbers out of China have started to slowly improve.
But that's a long path out.
So number one, you've got to be a long term investor, and number two, you've got to size it correctly, because even though we think it will work, it's going to have some volatility around it.
So Alex at Burnstein Private Wealth, to what extent of do your clients come to you and say, I really want exposure to alternatives, whether it's hedge funds or private equity or private credit, And if so, what do you think is a reasonable allocation to alternative investments.
Our investors have expres both a desire to invest in alternative investments, but even in larger numbers, they want to move away from public markets. I think the experience of the last few years twenty twenty COVID was really scary in public even though we ended up in a good place. Twenty one was terrific, but it never felt terrific. Twenty
two is really hard. Twenty three was another year where at the end of the year you couldn't believe how much money you've made that year because it just didn't
feel that way. So they're looking to get away from public market volatility, both equity and fixed income volatility by the way, So I think some of it is absolute attraction to alternatives, but a bigger chunk is this idea of how do I get out of the publics, And so we have been investing heavily in private equity, both primaries and secondaries, really excited about fresh capital right.
Now getting put to work in real estate.
One of the things I would say across the board in longer dated alternative investments is that you don't have this big flood of other big institutional LPs applying capital. There's been some reluctance because of the twenty twenty two public market experience and how these big LPs are trying to right size their liquid versus ill liquid. So they're taking a year off, maybe two. They've definitely hit the
timeout button, and so we're able to step in. Other groups like US are able to step in and acquire assets at a much lower price because it isn't as heavily traffic.
Alex To quickly touch on that, I cover equity, capital markets and IPOs. You're talking about the private markets and some of the issues for LPs and gps. Where do you see opportunities within the private market given the disconnect that you're talking about.
I would first point to real estate.
I think there's a number of real estate funds, big multi billion dollar funds that were raised ten twelve years ago that still won't assets they need to sell, whether they restructure in a continuation fund or they're looking to do off market secondary like transactions. I think you're going to see some significant deal flow there. You know, last year twenty twenty three was the lowest deal volume in commercial real estate and twenty five years yep.
So we have to see the other side there.
And then I think in private equity and venture capital, you're just not seeing the valuations that you had to pay three or four years ago. In those private markets, you're already seeing the lack of big capital investors.
They're bringing valuations down.
Alex great Stuff is always appreciate getting a few minutes of your times, Alex Chaloff, He's the CEO of Bernstein Private Well Management. So when I think about flailing around in the dark, I think at Vince Signorella, macro strategists for Bloomberg News The Master of working from home, Vince, what are the traders telling me out there? You talk to these guys and gals all the time. What are they telling you?
Well, I think now that we're you know, realistically, we're pushing the rate cuts back now out to July. So every month or so, we seem to be pushing them further and further back. And you know, we're bumping up against the presidential election at the same time. You can't rule out that influence on power. Remember his interview with
sixty Minutes. The big mic drop moment for him was to make sure that people understood that the independence of the Federal Reserve was parent and he's not going to want to play into politicians' hands, you know, basically trying to make him escapegoat as if he were picking, you know, a horse in the race, because he doesn't and won't. So if we get to July, and that's the first rate cut, and Bostic has mentioned that they're not going to be back to back, and I think he speaks
for the committee. You're not going to see one in August, possibly even September. I don't see how you get three in and even more importantly, in all my years at watching the Fed, and it goes back to the late seventies, I can never remember a Fed cutting interest rates when the economy was growing, when inflation was either stagnant or ticking potentially.
Higher, and jobs growth was strong.
I realized there's a gap between where the FED funds rate is and where the inflation rate is. But that doesn't necessarily mean the Fed has to close that in the heartbeat because of the fear that that potentially turned. There's no reason to believe that that gap is going to remain at roughly the two percent spread that it is right now.
And I think the traders are over their speeds on this.
Hey, Vincent, but you know, the longest time you were saying that the Fed should be rating cutting rates, that they were behind, that they should be cutting rates, that's changed.
Well. I think what happened is they missed the boat. They took too long.
You know, as inflation was coming down from that five and a half level to the three and a half level, they had every opportunity to cut rates.
They had two years to cut rates.
It's so afraid that they were going to be behind the curve again as they were in the transient story when they forgot to raise rates, that fear kept them back from cutting. Now we're in a situation where inflation is stopped going down, so now they have the worry that, wow, if they cut rates now, could they fuel inflation?
Could they cause inflation to tick higher? You know, as inflation was coming down, and inflation is just.
As much a psychological influence on consumers as it is a factual influence. As inflation was coming down, had they started to cut rates back then, maybe eighteen months or so ago, that would have fed into consumer expectations that things were getting better, Prices might be coming down, and you might have seen prices come down a little bit
as consumers change by and habits. But with the Fed holding rates where they were and keeping mortgage rates as high as they are, that's changed consumer behavior and change consumer sentiment.
And now I think is a point where it's too late. Now.
They need to see inflation begin to start slowly once again before they can pull the trigger, and that's not what we're seeing.
By Vince, your former trader, how would you be positioning right now me if.
I were playing the yield curve, I think there's absolutely no reason to be anywhere but two years and in you're looking at roughly four point seven percent on a two year yield, looking at four point three zero zero percent on a ten year, there's no reason to pay for duration. Two things are going to happen. I'm dead wrong, and the Fed cuts rates sooner, which means the two year out rallies way better than the ten year because the curve, the curve will steep in, but it'll will
steep in favor of twos. I'm right, and the Fed doesn't cut, and if they don't cut, twos will probably stay reasonably within where they are, but you'll see steepening of the curve as the back end reprices for higher inflation down the road. So there's no reason to be paying to be paying for duration right now. I would stick in the short end as far as Treasury is concerned, and I think the widow maker trade, which is everybody's been betting for five years the dollar will go down,
could be exactly the opposite of that. Once again, if the Fed doesn't comply, and you know, we saw it with the Bank of Japan, we'll probably see it with the ECB. We're probably going to see it with the Bank of Canada given their better inflation numbers this morning. The last bank that will probably cut will be the FED, and that speaks to potentially higher dollars.
Vince, you mentioned the Bank of Japan and again the big news this morning on the Bloomer terminals the Bank of Japan ending it's era of negative interest rates are a little bit of positive rates there. What'd you make of that? How important is that?
You know?
I think it's kind of a one and done story for the Bank of Japan. I think they just wanted to get on the same page as everybody else. But they're still in a situation where the problem with the economy of Japan is their immigration policy, it's not their interest rate. Paut having a very difficult time growing and growing inflation. So for the Bank of Japan to turn around and start worrying about inflation right now, I think is very very premature, and that's why you're seeing dahala
yen out of a one fifty handle. I've seen some people talk about if the Fed cuts dollar, yen is going to go to one forty four. I would so take the other side of that trade. If I were playing this, I don't see that happening at all. And I think, you know, the Bank of Japan is going to be last once again, and they need to be.
They're not in the same position. There's the other central Paxil and Vince.
I'm going to Europe in a few months. There's a lot going on with central banks decisions and inflation data and everything else. Am I going to be in a better or worse position in June?
I think you're going to be in a better position.
I think if anything, if anything, there's a great debate on the ECB right now.
They're all over the place.
I mean, you listen to an ECB speaker on a day to day basis. One is saying no hikes, no cuts. Another is saying we need to cut right away. You know this morning there were comments from beginning do its about saying that we need to wait till the summertime to see whether or not we're going to cut rates. I think, I think for the ECB, and you look at the economy and their economic growth cycle, far more likely to cut rates sooner than the Fed. And I think that'll speak to a weaker euro and a little
more inflation money in your pocket. There or the case in your pocket their value.
Any Is there is there any barecase for the US dollar? Vince?
Yeah, absolutely. You know.
One of the things that a story I read on the terminal this morning is about the pressure we're seeing in CRE. I think the commercial real estate market and the problems in that space are very, very very underrated. You know, Powell made the comments and others have made the comments that they think the banks.
Are okay, they're not worried about it.
BERNANKI made the same comments about housing in two thousand and eight and wasn't quite right about that one.
So I think the real estate market could.
Be the black Swan event in the US, and in that then changes the entire landscape for central banks and even the governments. But we're in a very different position now in terms of how we would rescue or how we would rescue an economy.
At the point, we've got thirty three trillion dollars on the books of debt in this country right now. That's not what we had in two thousand and eight.
So where the money is going to come from to save the day is going to be interesting because it's just not really there.
Yep, Vince, thanks so much. For joining us. Always appreciate getting your thoughts there. Vince Cignarella, one of the Smart Voice as we talked to about how markets are moving and reacting to data. Vince Signette, mac wrote strategist for Bloomberg News. Your daily look around the front pages, Lisa Matteo, You've got some newspaper stories that we need to chat about, don't we?
We do we do?
Okay, So you know the Stanley water bottles, right, the ones that women love them, the tweens love them. They're like forty five Bucks that has a straw everything.
And they carry him everywhere, everywhere.
Everywhere you go.
It has to I personally don't have Stanley's, but my team does.
You know who else does? My husband? And that's what they're trying to do. He's not the demo they're trying to flip flop it.
Stanley wants to get more men to start to buy these, and not the guy, the outdoorsy guys, you know who they originally wanted. They want, you know, the new guy, the one who cares about how he looks his group.
Rob Bragg. We're talking about exactly.
The cool guy they want the sleek water bottle. So They're gonna have some new products out like that sleek one.
Maybe for you Bailly to see.
More of a YETI guy, though, oh you are yet Maybe the outdoors eness to a degree much.
Better Yetti or Stanley in terms of keeping it cold, because a YETI is unbelievable.
I think there's Bloomberg.
Should buy me both and I'll do a side by side.
Okay, here Stanley and Yetti. But I do love it yet Yet.
No, this is not a yetyone.
This is the Bloomberg that's smer, which I didn't get. I don't know how you get olders like that. I've been here for fifteen years, like, oh nothing, what else you got?
Since we're talking drinking, we're talking about dry January never Okay, yeah, you've never done it.
No, we've done it.
But apparently a lot of people at Soho House did. They got record sales for non alcoholic drinks in January.
The CEO is saying, it's something crazy.
They have, you know, virgin versions of old fashions, Moscow mules, alcohol free draft beer, non alcoholic wine. But this is all happening even as people spent less last year on food and beverages in the three months before January, so they're still into this whole dry January shene. But now it's starting to move on where people are just going non alcoholics.
I want to know if the margins are higher on non alcoholic cocktails, like if you go to New York City, a mocktail as they call it, are fourteen dollars still and there's no spirit really liquor, so they're only a few dollars cheaper.
I can't imagine that they're not making more money off that I have.
Now that's a good point.
So it is.
It does come in a little bit cheaper, a little bit cheaper a couple bucks, but you're still My dad, who doesn't drink, is like, why would I spend fourteen dollars for something that kind of almost a little bit tastes like an old fashioned and it's juice to and just get.
The old man of seltzer.
Exactly exactly, all right.
What's happening in Texas?
So the eclipse is coming right April eighth, So small budget hotels in Texas, this is from Bloomberg. They are charging more than a thousand dollars a night for a room because people are flocking to these small Texas towns, and that is eight to ten times more than what they normally charge for it.
So they're sparking up.
These prices Texas, which I didn't know this. Why are they going to Texas. It's because it has a lower chance of cloud cover, So that's why people go to Texas to see this.
There's certain parts of the country that are going to do better with the viewing of this.
Rate exactly, and that's why they're saying Texas is better.
But you have other hotels.
Oklahoma, Arkansas, they're charging like these exorbitant prices for.
People to stay to way.
So it's April eighth, So the Wine Country in in Fredericksburg, a hill country town in the zone of totality, Okay, where e clips viewing will be at its best April eighth, once eight dollars with Texas for a king. So I don't know what are we seeing here. I'm seeing like an eclipse or something climpse.
Yes, but if you miss it. Here's the thing.
There won't be another one covering like such a large part of the country until twenty forty five, So that's why this is like a big deal.
I can still be here for that, we could rental cars sold out at Austin's Airport r V parks.
We're filling them, I'm telling you, and they're charging more too for them.
Maybe that's where Tom keenes. Maybe Tom Key's in an RV parking.
Imagine that no research channel.
Checking would not popping upen a you know a country, you know, a tall boy somewhere. Okay, I you know, I'll see it. What I mean in New Jersey? What am I going to see? New Gym. I'm looking at the map here. I don't think I'm getting much, but I'll be under too much. But it depends on the New Jersey. That's a thing, all right, very good. It looks like it's kind of the mid part of the country, you know, Texas through a western New York up there, you know, up in that whole path there. That's kind
of the best big thing. Okay, very good? What else?
All right?
The New York posts they are reporting because you know how at the sphere, you two, they just closed their last forty shows earlier this month.
You missed it.
I missed it, okay.
But they're reporting that someone else could be taking the place here. The Eagles, that's what they're saying reportedly agreed to residency as a sphere after they finish up what was actually their final tour this spring.
But I guess it's not their final tour.
It was a long goodbye tour. It ends June fifteenth of another so apparently they might be coming back ten weekends September through December. No word on you know how many shows are going to have, but it should be a pretty.
I don't know.
I mean I heard this. I mean, the sphere just looks phenomenal from every I mean, I've seen all the YouTube videos. It just looks extraordinary, and even from the outside during the Super Bowl, I mean, Jimmy Dolan and the folks at MSG man, they really created something.
I think they paid like ten mil to you two for doing that.
Just bringing yeah though, yeah, I mean it's total Vegas.
It's total Vegas.
Yeah.
I will say I was at a charity event a couple of weeks ago and Don Feld there.
One of the guitars he was performing, he absolutely shreds. You would not guess he is as old as he is. I don't actually know how old he is. I'm guessing seventies somewhere older. There's there's an eighties generation, which is the Stones and the Beatles. There's a seventies generation which is now Bruce Eagles. I guess you know those kinds of people, but that's they're getting.
Up fun factor.
First concert I ever saw was Aerosmith. Really that's a good one.
Yeah, that is a sic semon cheap Trick. I've seen cheap Trick like six times.
They open for everyone.
If you're ever going to see a seventies ban or eighties band, cheap Trick probably is on the seventy six for the.
For the some of the Eagles folks.
So what was your first concert?
Beach Boys beach Yeah, yeah, well well I saw, you know, I saw I take that back, yeah, Beach Boys. But then I saw Bruce back Man late seventies in Philadelphia. Uh so some club down in Philadelphia. So those were the days. So anyway, the spear is a big thing. MSG Jimmy Dolan make it. I wonder how much money that thing makes. I'd love to. I'll take a look at the fenders publicly traded hr Man. Ye actually all right, look at that. So all right, we got the Eagles, you know, or who's left tour here.
All right.
That was Lisa Matteo giving us the latest from the newspapers. This is the Bloomberg Surveillance Podcast, bringing you the best in economics, geopolitics, finance, and investment. 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 Eastern from our global headquarters in New York City.
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