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Today, we're going to get back to meat and potatoes, and that, of course means equity strategy. Julian Emmanuel's definitive what you don't know inside Global Wall Street Baseball Working for Ed Heyman, he's got the advantage of the whole evercore ISI game. But what's important is he puts out a note every morning on the earnings season and how we're doing. We have them for an extended conversation this morning, Julian.
That research note you put out, how are we doing on revenue and earnings growthiness and surprises.
Let's call it good, not great sort of, you know, uh, double digit close, you're nudging towards double digit. There's a hope that by the end of the season that we'll be right there. Revenue solid, you know, nudging towards five percent, which is pretty darn good, but in general it's probably less than expected. We kind of thought that the surprises, and the biggest aspect is the strengthen the dollar that sort of dampened and you're certainly seeing in a commentary.
But again with the dollar, the question here is what's the sense of permanence.
You get to stand at the table with Ed Hymen. He's got the black Charby and he's marking up you know, the famous Ed Hymen reports. Do you and mister Hymen extrapolate out this earnings excellence.
We do for US twenty twenty five looks like it's going to be in the neighborhood of ten percent double digit.
Yeah, that's Wall Street, That's right, exactly, So, Julian, I mean, you know, for the longest time, technology has been the driver of this market. Can we still expect technology broadly defined to lead this market higher?
Well, we think the answer broadly is yes. But just getting back to earnings for a moment. The positivity around twenty twenty five is that and we started to see
this happen at the end of twenty twenty four. Is the other four hundred and ninety three stocks in the S and P five hundred have started contributing to positive earnings growth, and that's something we expect but on balance, when you think about how bull market sort of evolves, and you think about the stages of a bull market, and what we've.
Yet to see is that stage.
Of capital markets enthusiasm and element of emotion and fomo, which happens towards the latter stages of every bull market that tends to be led by technology the leaders, and we think we'll get there at some point.
We had some pretty good performance in January coming out of some of the European markets, which typically lagged the US. So it's suggest that maybe some of the non tech aspects of the market, maybe some investors looking for value in January. Is that something that's got some legs?
Do you think so?
To us, that is a geopolitical dependence right there. There's no question about the fact that given the really the runaway moving the dollar into the end of last year, we started getting questions from longer term value investors, is it time? When's it time to start shifting? And we've seen that we think you're going to need the catalyst. The dollar has started to stabilize, which is a positive, but we think that you're going to need to see a little bit more of a geopolitical catat.
Okay, you go back to the thirteen hundred, so the fourteenth century. That's when Ed Heyman was writing for CJ. Lawrence. You use the word repetitively of all these worries out there of unlikely, it's unlikely the Fed is going to screw up, it's unlikely we're going to see this, it's unlikely we're seeing. Explain to us that how we should handle all these unlikelyes. We're juggling every day. There'll be a new one tomorrow. I don't know what it's going to be.
Well, if you look at the headlines, there was a new one about twelve hours ago at the press press conference between President Trump and.
Now do with the unlikelies, we're drowning.
And what we do is what we've done for a number of years now, and try and parse out the noise as much as possible and concentrate on the fact that, as you said moments ago, we're going to have close to double digit earnings growth and all those stocks are expensive valuation alone.
It does not end the ball mark.
Buried in your note Hymen doesn't get down to the bottom of the Julian Mmanual note it's just too long and too dense. You go right at share buybacks, explain to us, I mean forget about Apple, there's others share buybacks and Coopertino right.
Absolutely, So when you think about buybacks and you think about this world we're living in of uncertainties and likelies and unlikelies, the question is, how do you manage an environment where, by definition, you're going to have greater volatility? Okay, and even if we didn't have this political environment, at
these valuations, you're likely to have greater volatility. The answer is you want to own companies that can buy back their shifts, because that defines the concept of volatility managed on.
A Wednesday in New York. The nights are good. Just the sun is setting later. Yes, I'm losing how that is like after five pm. We welcome all of you across nation on your communites. Good morning on Apple, Carblay, Good morning on Android, Auto, Google out with Earninge's Lisa nailed that. We'll talk about that here in a moment, and we say good morning on YouTube as well. Subscribe to Bloomberg Podcast. They mentioned podcasts three times in the
Google bellt yester. They didn't mention us no, I kept I kept. Sorry, I sat there with a beverage of my choice. Imoy, come on, mentioned Blueberg's surveillance.
Yeah, they didn't growing, Julie, how do you feel about valuation in this marketplace? I mean, you can make the argument that this is really rich market. Now if I pull out the mag seven maybe less so should I be concerned about that?
You should be concerned about that?
And actually, for us, virtually every conversation we have with clients basically starts with walk us through the parameters evaluation. And my concern with the evolution of the bull market is when that stops being question number one or two, then we're going to be concerned. But look, there's no getting around the concept of history, and we are not believers of the idea it's different this time.
You can make a.
Lot of cases for why it could be, but we are at, you know, the highest levels of valuation in the last number of decades.
How important is the discussion around the Federal Reserve this year because there's a lot of questioning whether they even cut at all this year, and perhaps there's a rate hike some point of the year, So the Fed call seems a little less clear these.
Days, which actually makes it less important.
Okay, well so, so from our point of view, this is a do no harm type environment, and by do no harm that means no hikes. And we actually do not believe that. If you're Jay Powell and you know your term is off in twenty twenty six, the one thing.
You've got to do is deliver the.
Soft landing to the country, and sticky inflation will not be Jay Powell's problem in twenty twenty five or twenty six.
It will be the administrations broum.
You can't see this on radio, but on YouTube you can see a little birdie on my right shoulder whispering into my sony headphone. Chairman Imen me if if if Jerome goes down to be a governor, Paul, there's certain music to chairman of Heim running a FED press What would what would hymen FED press conference be?
Like?
You know, and don't ask a follow up.
Question exactly, So, Julian, how long can how long can bull markets last?
Here?
I mean kind of give us a sense of where we are kind of in the history here.
It's relatively young, okay by historical standards. Uh, you know, the the average bull market goes out, you know, four plus years, and we're really only starting year three right now. So from that perspective, and also in terms of the absolute gain, we're still really almost you know, basically mid range.
But you had twenty three, twenty four, both of those years at s and P five hundred, uh give you more than twenty percent returns. How do you think about a year three in that scenario? So I mean three pete, I mean the you know, coach Riley has the patent on three P, but can we threepeat it?
Why Coach Riley may not have the patent on threepeat? If Andy Reid brings home a win on Sunday, he's going to Kansas.
It's a deal with the NFL.
There you go, we got we got Fred, Thank you so much. He goes to breakfast between Chapel Hill and Duke like the how what is the distance? Eleven ten ten miles? Or so Fife waffle House is doing a surch charge and eggs at the she Whaff in Durham, North Carolina two seven seven one three. I mean, what does that hyman say about this inflation fere out there? Or do we actually have a quiescent disinflationary vector.
Well, I can say this having lived many years in Atlanta and environs. It brings a tear to my eye to think about paying an incremental costed waffle se.
Whaff very very good. Three AM visits.
Say, you know, I've never been in a waffle house before midnight to play music down there, and there's the only thing that was opened. Yeh, but cracker bill, the burrel to crack shot.
That shuts out.
That's a family institution there. But I mean, that's a pernicious inflation that people fear.
No question, and in all seriousness, let's let's step back and think about this. Which is why the geopolitical dynamics are so interesting and sort of unpredictable at this point, is because President Trump was elected in large part because of the American consumers disquiet with inflation. And this is inflation.
One more question. The hallmark of Eddiman's work is a respect for engineering and technology. It's carried that for decades and decades. Does your shop believe in the effervescence the persistence of AI and Meg seven and big tech? You can't. You gotta own it, right, we.
Do, no question about it. And again that goes back to Eds roots as an MIT grad. But from our perspective, what we've seen in the last couple of weeks with the evolution of deep seek is actually, if anything, going to accelerate adoption. And that's the key corporate America accelerating adoption of AI. We as consumers are already there the same way we were the Internet in the early nineties before it hit desktops in corporate America.
Chairman, I can just see it.
I mean, it just rings true.
I mean, you know, can we start a roomor here right now? Good morning, mister Powell. Thank you for he uses as Bloomberg every day. I don't know if Ed wouldn't use be at the Eccles building with a sharpie in his head mark it up, PhD Papers, Julian Emmanuel, thank you so much working it evercore Isi.
You're listening to the Bloomberg Surveillance Podcast. Catch us live weekday afternoons from seven to ten am e'stern Listen on Applecarplay and Android Auto with the Bloomberg Business app, or watch us live on YouTube.
Mona Mahajan on MEGS seven. It's got legs. AI as legs.
It certainly has legs. It's a long term holding, but this year could be volatile, so we've already seen a bit of that. Keep in mind, this is not only a cohort that got a little bit of an extension on the valuation front, but now is also facing threats like competition from China and other players like tariffs as well. And you know, some of the retaliation we saw from China, for example on Apple already weighing on some of the
mag seven as well. So keep in mind this is a year that we want to remain diversified across sectors, across asset classes, large cap and mid cap, growth and value.
So what are you seeing just out of earnings because you know, one of the themes coming that twenty twenty five is we're not going to get a whole lot from the Fed this year, probably one maybe two rate cuts at best, So it really has to be earnings that have to deliver if this market's going to move higher. How do you guys think about that?
Yeah, it's a great call out because S and P returns are really a combination of valuation expansion plus earnings growth. Valuation expansion, as we just highlighted, probably not going to contribute all that much maybe even a little bit of negative contribution in some sectors. So earnings growth will be the driver of returns. We continue to see ten to fifteen percent earnings growth this year. Of course, that is predicated on a consumer that continues to hold in there.
Labor market will see on Friday that continues to remain resilient as well in the US economy. That you know, I looked at Atlanta GDP now three point nine percent.
Well maybe with at the margin, do you sell MAG seven? I don't hear you saying that.
Yeah, you know, we think you could do a little bit of rebalancing. If you know, if you're MAG seven and your tech has gotten an outsized way in your portfolio, you may want to rebalance that with the other sectors. But generally we're in the camp of complementing. We want to make sure it's me.
You got to go to Wharton. What a god's thing is complimenting?
Well, you know, if you owned all largely tech and AI in your portfolios, you actually did pretty well the last couple of years. We think the way you do well in twenty twenty five in the next couple of years is you have to own growth and value. So you want to make sure not only tech sectors, you have industrials in their financials, healthcare, you know, mid cap stocks as well, bonds.
What do you do with tariffs? Is that even come into your calculation or anach safe? Boy, that's noise. I'm just not going to worry about it.
Yeah.
You know, Look, the tariff uncertainty has weiight on this market, no doubt. And we know the old adage markets don't like uncertainty, and this is a source of you know, will it happen, will it not happen. What I will say is there was a probably a growing fear over the weekend when we were thinking about twenty five percent tariffs on our biggest trading partners. Now that was walked back on Monday, and we did seem to view tariffs
more as a negotiating tool after that. So we got some concessions from the border from our na bring you know, economies on the north and south, which I think provided a bit of relief for the markets and the broader economy as well.
What do you here feel the emotion of Edward Jones clients across this nation.
Yeah, and great call out by the way, Edward Jones now nine million households across the US. We are in every county except.
One in Texas.
We're trying to get that county. Yeah, we have yep, we are really have our eyes and ears on the average and the mood. You know, I will say there's parts of the country that are feeling a little more optimistic. This is an economy, as we've talked about, the labor market is held up. The economy is doing okay. Inflation is a concern, and that is still a concern. And you know it's tough because we went from a nine
percent inflation rate. We are back to you know, two point nine percent on headline CPI, but that's still year over your growth. Your prices are still going up, albeit at a slower pace of growth. And so this is probably the dichotomy between lower income and that mid and
upper income household. Mid and upper income they have participated in growing stock market, even their houses are starting to show some signs of life as well house prices and so there yeah, un for the mortgage hopefully, and you know this is they're feeling okay with their wealth creation that's happened over the last couple of years. So we want to be mindful of both ends of the spectrum, but economy is really driven by that mid and upper income consumer fixed income.
What do we do here?
I mean, again, to your treasury four point two percent, that's not a bad way to make a living. Do I take some credit risks or.
How do you think of that?
Yeah?
You know, so within your investment grade portfolio, we continue to feel like you could add a little bit of duration here, even at four and a half percent slightly under on a tenure that is still at the probably towards the high end of a ten year treasury yield range. And we do think, you know, FED is probably on hold for now, but could we get one, possibly two
rate cuts during the reindeer of the cycle. Yes, and so we do think an investment grade bond, you know, for ten years, you can lock in four and a half percent. If you're close to retirement and you're looking at maybe for six to eight percent return, that's this is not a bad part of your portfolio. So we think it's a good thing for balanced investors to have yield.
Once again, how about alternatives real quickly?
Yeah, for Edward Jones client, did they think.
About alternative investments, private credit, private.
Ag Yeah, you know, for our average client, we can get a lot done with this equities and bonds. You know, we know the old adage. Yes, you know, I totally agree with invest early invest often some of the high net worth clients though, starting to look at parts of diversification.
I've never said this, I've never thought this. Edward Jones a bit doog own bitcoin.
Very we think very speculative. Still, you know, we like assets where we can model out cash flow, so selectors. We want to be able to Yeah, cash flow's discount and we can't do that yet, So not there yet.
Oh, come on, there's no wonderling.
And you know there's been other ways to make a good living and return of less.
You know, we should do a joint interview, a one hour interview Mona and the wonderful talent from Robinhood, have Robinhood and Edward Jones together. Yeah, sure, that would be like lights out.
Yeah, Mona, this has been hugely valuable.
Don't be a stranger, Mona.
You guys we're the.
Senior investment strategist, Edward Jones, iconic across America.
Can't say look, 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 listen live on Amazon Alexa from our flagship New York station Just Say Alexa Play Bloomberg eleven thirty.
Joining us now pulling the lucky card moving to London this week, Amanda Rabella joins US. She spent a huge value add for US on ETFs. We thrilled with US extra ecor sales in all, Let's start with the why why are you moving to London? I mean, is it just like it's time to move with all the cacophony going on in America.
I think the US is still a fantastic country. There's so much going for it. Obviously we've had a new president coming in, but I think ultimately the long term benefits of being in the US are still there. Just you know, my gig was to come here and build out our US business. We're the second largest ETF provider on the usage side. We thought that there may be a few things that some of our global investors can
benefit from with US bringing expertise to the US. Obviously a very crowded market, but we've been able to get some traction with some expertise in thematic.
Sure, this is moving back, it's moving back, moving back.
I got it, I got it.
Okay, thematics, yes, exactly.
So what give us the latest? What are you seeing in the ETF business?
Where are the funds?
Flog is again, Tom, I've talked about this all the time. We grew up in a world of mutual funds and that's wh all the money was going. Now it's ETFs has been an extraordinary world story.
So you're in a great business. It's better than equities in Dallas.
But talk to us about ETF.
Yeah, so it's fantastic. So at the end of last year, we crossed the ten trillion dollar mark globally in terms of ETF au M, and then just in terms of flows across the one trillion dollar mark. So just think about that, right, that's basically as big as the you know, volumes of FX on a daily basis globally. Right when I think about when I was at an unknowned competitor,
but you can probably guess who. I remember. We had a celebration for our am crossing the one trillion dollar mark, and now you know, we've got many participants like that fee cuts. Now we've got the second wave of new pricing.
So does the stable four or one K money migrate over to ETFs? I think that's something three years out.
We're all waiting for this, and I think one component of that is going to be very much about all of us. A lot of the major asset managers have now filed for ETF share classes with the SEC, So there's around forty five asset managers who are now hoping that the SEC will allow for share class issuance of
mutual funds. If you then have this opportunity, you can have the same exposures in your brokerage account as in your four oh one K. I think that the four to one K mechanism is still going to be based on daily pricing. But when you think about all of the different ETFs you have versus all of the mutual funds.
You have yet, are you going to see lower fees? Yeah to Lisa Mateo in her two oh one K with a pool of ets versus a pool of mutual funds.
We did see some feed cuts at the beginning of this week which were on mutual funds. Vanguard exactly seven points.
Well, Vanguard is not next to mansion house.
And seven basis points.
Wow, incredible, And that was the average, so there were some even lower than that indeed, But I think all of us are thinking about this. There's economies of scale that have come with the fact that ETFs have just like run away and we have like fixed costs which can then be absorbed by a bigger au M. It makes sense to be passing this on to end investors.
So revolution is and it makes a ton of sense from a lot of the definitely want me air car Tunis who does that stuff?
From whom Yeah he's won.
Us over, no, no, no question.
Where are the funds going?
Are they just going into the s and P five hundred ETF or they go in more fun places?
Yeah.
So I think the volatility that we've had for the past couple of weeks has been very interesting for all of us. Definitely kept us on our toes. We had seen a lot of money last year going into Nasdaq in particular, but those flows have lightened off. Not everyone has seen buying opportunities on the dip. We've seen a great rotation into a little bit more flow on the European equity side, and that's great for DWSX trackers, because that's one of our core pillars and how we're helping investors.
If you look at European equities and international equitiesier to date, they're actually outperforming US equities. People often think they're a dog, right, but there's there's a great comeback, and especially when you look at it on a dollar hedge perspective, it's really making sense now.
I mean, you're so close to Saint Paul's where you're moving. You can do, you can do. We're doing playing Mary Poppins today. You can do the feed the bird's top and.
I've addressed then say in a work.
Or go down to Covent Garden. But Amanda, what's so important here is everyone listening knows nobody can get a place in Paris, nobody can get a place in London. What's when your experience of trying to find a place to put your head down at night.
I think that the market that I left is definitely different from the market that I'm now coming back to. We have still a lot of people living in the UK, we still have net immigration. You know, the new government is very keen to be thinking about further house building and so forth. But there's already every time I go back to London, there's skyscrapers everywhere, not just office space, but also a lot of residential as well. And it's all over the country, not just London.
Yeah, it's there's like this. You read the British presence Labor and Tories in Nigel Farage and all is not doom and gloom but angst.
Yeah.
Am I right? It's booming? Is that a safe statement?
And I think maybe I don't want to get too political about it, but I think that's the you know, view we have in the UK is that immigration is still in that positive for us. There's still workforces that we need for certain parts of services. You know, we even with Brexit, we still have a net migration from the EU as well.
So okay, well we got we got Bloomberg Daybreak Europe. You gotta you gotta become a nodging acquaintance. You can stagger from DWS over to over to Queen Victoria Street. It's an easy art. But you know, don't forget Bloomberg Daybreak London. But we'd still like to speak to you a lot of nice Oh it's killing. They do a podcast, folks, fifteen minutes after the show starts and the numbers are on it. It's not your Rogan, but it's Joe Rogan Ish Amanda Rabell. Thank you so much, greatly appreciate it.
Today this is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on Apple, Corplay and Android Otto with the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal.
We now turned to Tel Aviv, where the qualities of Ethan Braun are driving all of our coverage within the levant Ethan. I'm not going to mince words here. When you were at Wesleyan, you were sheltered from the violence of bombing. We didn't have social media, we didn't have the immediacy of the imagery we've seen in Gaza. I was the same way of a vintage older Now we have the immediacy where I can't even look at coverage of Gaza it's so violent. How did you respond given
the last two years of Gaza? Leveling to the President's comments yesterday at the White House.
A great question, Tom, but I'm not going to make it personal.
I think that what I can reflect is how the world responded, and certainly nothing less than shock. I would say that in Israel there was a kind of bewildered and amazed and bemused embrace. Because anything that might push Hamas and Palestinians who oppose Israel away from its border to be replaced by Americans and American soldiers and businesses. Wow, that is something the Israelis are happy about. Pretty much everybody else is horrified.
There was a nineteen forty eight Palestine war. Among you, any other sets of violences from Beirut on down. Stay at Cairo, mister Trump, meeting with the leadership of Egypt here in the coming weeks and with Jordan. I should mention as well, Ethan, this is so important. Where did two point one four to two million Palestinians go?
So, I mean, the President says they're going to go to Jordan and to Egypt and perhaps another half dozen
other places. If we look at Jordan, a country which is more than half Palestinian to begin with them, that is also a playing host to a million refue Jews from Iraq and Syria, and which has its own internal political challenges from the Muslim brotherhood this Hashemite monarchy is very very afraid, and the last thing it was is hundreds of thousands of Palestinians with links to Hamas coming into its borders Egypt the same I mean tens and
tens of millions of people in Egypt. There the Sisi government is fighting against the Muslim brotherhood of which Hamas is an offshoot, and they're fighting Isis in the Sinai. The last thing they want is hundreds of thousands of poor, homeless Palestinians coming into there.
So I don't know Ethan.
Has there been a response from Iran yet?
I believe so, Paul.
I believe that Iran has said this is nuts, and you know, it's a sign of what's wrong with America. I believe I did see something from the Iranian foreign minister.
Yes.
So is there any sense within Israel as to a possible next step here? I'm not even sure where we go from this pronouncement from the President yesterday.
It's very very difficult for me to answer that.
First of all, the decision making apparatus is in Washington right now and they're just waking up, So I don't know the answer to it.
But I mean generally in this country. It's like whoa, whoa.
You know, no Israeli would have ever even dared propose this to President Trump, that the United States come in, bring its troops and it's people into Gaza to protect Israel. And he has made the suggestion, so they don't know what to do. I can tell you that the officials that I'm talking to are in touch with those in Washington are saying, we've never had a more amazing meeting in the White House in the history of Israel.
Right, this hasn't come up yet. And Ethan, you're so good at this, I can take the luxury of bringing it up with you. I look at, say Robert Kaplan in my book of the Year two years ago, is wonderful stretch from Morocco over to the East, getting to Persia, etc. And the loom of time and Ethan Bryner tendency there is is Turkey air Towan looking down from the north trying to husband control over this region. How does mister Airdwan respond to ad hoc trump isms.
Well, I don't know how he's going to but you're absolutely right that it isn't a great opportunity for.
Him to show a sort of Muslim solidarity and to show that this Zionist American imperialist approach is absolutely the last thing we in the region want to need, and it's going to help him take over Siria if that's on his agenda, which it appears to be. So it's a very legitimate question.
Paul's got some more. Let me sneak one in here quickly. Here is Netanyah who electable in Israel? Like if there was an election right now, would net yah who win? Going away?
So you know, Natanya who is the Trump of Israel? Meaning who could have possibly imagined such political power?
And the answer in my view is yes.
And the meeting yesterday and what President Trump offered him is only going to consolidate his political standing in this country.
Yes, I believe he is Ethan.
Can you give us a sense of what the situation is on the ground in Gaza today? Where are they in that Ceaspire process.
Well, we're two weeks into it.
They're supposedly starting a discussion about the next phase. But of course what the President just said kind of throws everything into the air. Meanwhile, on the ground, hundreds of thousands of people are returning to nothing to their homes that are you know, hanging rebar and no water, no sewage, and they don't know what to do. And many of them are going back to the humanitarian ARAA and many of them are.
Saying, get me out of here. So you know, that is one.
Thing that needs to be said here that ideologically Palestinians the audit we moved, but personally and practically plenty of them would go if there were a place to go because their homes are unfortunately a construction zone.
It's in one final quest question we brought up, and this is in March of last year. It's like literally twelve months ago, the successful civil engineering project known as the Gaza Floating Peer. How do we actually, like, where do we put the concrete of a destroyed gaza? Forgetting about the humanitarian issue. I mean, we couldn't even build a dock off gaza, let alone get rid of a two million people body of concrete.
Tom, I'm going to take that as a rhetorical question because I'm not an engineer.
I hear you, the floating pier was a disaster.
I mean, look that said, if there were a decision to move everybody out and to rebuild the place. I'm assuming American companies would find a way to move all the rubble out. But I mean that's kind of question number seventeen, right, The first sixteen are unanswerable.
So what are next steps? Just maybe a little bit of from what we heard from President Trump, you say, what are next steps in Gaza between Israel and Hamas.
Look, in theory, there are working groups that are going to Doha tomorrow to sort of work through the next phase, which is more hostage releases, more prisoner releases, and so on. Those things are pretty shaky. Israelis are quite shaken up by the release of many, many people who've killed a lot of Israelis, and they are on the other hand, of course, embracing the hostages coming home. But it's in
theory that's the next phase. And I think that one of the things that Trump may have been doing is this kind of here's an extreme notion in order to get all the hostages out and to get the Israeli government to agree to a true end of war.
That may also be what's going on in exhausting time. Ethan Browner, thank you so much for your leadership here. Our coverage across the levon from Beirut, down to Tel Aviv and on down to Cairo as well. Again the President meeting with the leaderships of Jordan and Egypt here in the coming weeks as well. After this stunning session with Israel, in the news of the last twenty four hours.
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