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This is the Bloomberg Surveillance Podcast. I'm Paul Sweeney along with Tom Keene. Join us each day for insight from 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 Remark Global Headquarters in New
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Bob Michael joints is here. He's always focused.
Bob Michael, He's the CIO and head of Global Fixed Income, Currency and Commodities Group at JP Morgan Asset Management.
He joins us here in our studio.
We appreciate that, Bob. Thanks for coming in from then. You're like forty eighth Street down there, kind of where the JP Morgan folks are the building, that new building, which is.
Going to be awesome. I can't wait to check that out.
Bob.
What are you thinking about your Federal Reserve today? I'm calling to get your Federal Reserve, two o'clock. What are we gonna hear from your chairman.
Well, there's the top down in the micro From the top down, I want them to get in and out in two hours and do as little to disrupt the markets. It should be a simple, easy meeting. Make it that way. Go in and say, you know what, we're still looking at stuff. Things are going pretty much in our direction. Couple mixed signals. Maybe unemployment popped up a little bit, maybe inflation's a little stickier. Nothing's ever a smooth past. You're gonna get some bumps, but we're confident where we are.
See you in a few months. That would be ideal. I think Jennifer is right. Welcome Jennifer. How nice these two they're looking right at you.
I am not Tom.
I can see that it's in the dots, right, it's in the dots. They probably have to move the dots down to two easings this year from three because inflation is looking a bit stickier. What we're interested in is that long term median neutral dot. Is it really going to stay at two and a half percent or is that going to drift up a little bit?
I mean, okay, yes, I can see your ideal world that we get in and we get out and nobody gets hurt out of the conference after the meeting, But we're going to have to get some sort of signaling out of this man after you're through speaking, and you know, how are we going to be fixed? If he does a Bank of Japan and has no change but is still a little bit hawkish because of all the upside surprises we've had in inflation.
Well, I think he got burned on the pivot in December because the data that's come out since December has shown both an economic resilience and a little flare up in inflationary pressures. So I think he's going to be careful not to pivot again. And I think there is an opportunity to just back up and say, hey, the data will be mixed, we're confident of our policy. We're going to watch things. Nothing's carved in stone.
So I guess that kind of goes to the issue a lot of folks are having, which is with the inflation.
This lasts maybe three percent to.
Two percent inflation, that's gonna be a little bit harder than coming from eight or nine percent down to three percent. Does he frame that is like, we're okay with that. We understand that we're still on our path. We're okay with some of the recent data we've seen.
I think he can There was some expectation that the start of the year you get slightly hotter inflation prints. It happened last year and then tailed off. I think the bigger thing for them to address are the significant loosening in financial conditions indicators. The market has pretty much done a couple easings for them, and that's percolating through the system and it's doing a lot of things. It's elevated equity prices. I know you commented that bonds were boring.
They're not.
They're roaring ahead. When we look at credit spreads, they've narrowed a lot. Those are things that I'd like to see him comment on at the press.
But I guess where are the balance of risks now for the FED and either moving too slowly or moving too.
Quickly exactly, those are the balance.
Great, thank you.
I think it's a really tough one because you could sit here and pretty much make any case that we're in a soft landing right now that should continue for the year. Yet we are seeing some tightness in the labor market. We were looking at travel and leisure yesterday it was the first day of spring at JPM Morgan. We brought the travel and leisure analyst in from the equity and credit research teams. They were all talking about
the tightness in airlines. It's not just so much the planes, but it's the shortage of pilots, of crew, of airport's maintenance staff. You look at hotels, they're starting to pick up again. There's a lot of resiliency in consumer services. I think that's got to be some of their concern is that things start to accelerate again.
Yeah, we follow at Lisa in this studio, we follow the cruise industry a lot because that's just a great barometer of what the consumers are and all the cruise CEOs of the C suite folks that we talked to. Business is booming the consumers and it seems to be continue spending. What do you make of the US consumer here?
Yeah, I heard that the Icon of the Seas has like a triplex that rents out for one hundred thousand a week on a cruise and that was book solid for the next two years. So there's money out there. I think you have to go back to now, what is it four years ago March twenty twenty when the Cares Act came through, And I think when we look back on it ten years from now, we're going to realize the amount of liquidity that was unleashed into the system.
And it feels like it's all slashing around, because how can you have things like money market funds continue to go up? Your over six trillion, so there's a lot of money going into money market funds. The entire treasury curve is trading below the FED funds rate, so clearly money is going into the bond market. You look at equity prices, they continue to set new highs. You look at prices out in the consumer area, whether it's groceries
or houses, those are still high and staying there. Where is all this money coming into elevate the price of everything that is creating a resilience on the part of the consumer. They continue to spend all.
Right, Bob, So we're gonna have a FED I guess we're not going to do a whole lot today. They're going to try it, as you mentioned, kind of just case a steady is she goes as a fixed income guy What.
Are you doing here?
You just buying the two year and getting four point sixty seven percent of you're going out on some credit risk.
How much farther out?
Because last year and in the fixing the space, high yield was the place to be.
What are you doing this year?
Yeah, it's a good question because like many fixed income investors, we want yields to go down, but we want them to back up a bit so we can buy a bit more. We're looking to buy every backup. We do think that ultimately the Fed will be cutting rates this year. We still think that regardless of whether they dial it back and the dots to two, expect it cuts this year.
We think they'll do at least three in Inflation is still closer to two to three percent than it was to seven, and we're nowhere near what they've told us they're two and a half percent neutral rate for the Fed funds rate is, so we expect ray cuts. That gets us to buy duration. Credit's the interesting one because you are at the narrower end of their historic range. When we look at something like high yield, which you mentioned about three hundred and twenty five basis points over treasuries,
we go back to previous periods. You can stay here for a long period of time. You look at the period two thousand and four to two thousand and seven, you traded either side of three hundred basis points for most of that period. You actually got down to two hundred and forty one basis points over treasuries. So there's still a lot of room for credit to run, particularly in a soft landing. You see the same thing in
investment grade corporates. They traded between eighty and one hundred basis points over from two thousand and four to two thousand and seven. By the way, that was when we were heading barreling into the Great Financial Crisis, So there were some stresses in the system. But it just tells you when there's money out there and things look stable, it will go into credit.
You know, with things getting so frothy, especially at the lower end of the credit spectrum, are you sort of starting to have a thought that we might be witnessing the seeds of the next crisis. You have things like the absence of credit or protections in high yield borrowing, for example, or very risky credit, very risky mortgage securities getting packaged into clos is that actually going to end well for us.
Well, it's surprising that it's lasted this long. Because we have had a five hundred and twenty five basis point ray shot and we broke the regional banking system. We thought there would have been more of a knock on effect across credit. But when you look at the public credit markets, they actually look pretty clean. When you talk to our credit teams, the kind of issuance that they would have historically seen at this part of the cycle
they haven't seen. And we think it's because the private credit markets have grown to be so large they're effectively absorbing the marginal buyer borrower that would be in the public markets. If we go back to two thousand and seven, the private credit markets didn't exist. It was all about hedge funds leverage. Today the private credit market is about one point seven trillion. It's actually just slightly larger than the one point six trillion value of the public high
yield market. It's in a way acting as a form of reinsurance to the public credit markets.
Do you get so, does JP Morgan play in that private credit business at all? I mean, that's that's silly, separate.
From your world it's within our asset and wealth management businesses, so we do have teams that look through it. They see a lot of opportunity. They're looking at core opportunities that are between nine and eleven percent, so first five and three eighths, and credit spreads are four to five percent. You're getting it largely from the increase in the Fed funds rate, and then for the more marginal story borrowers, you're looking at twelve to fifteen percent. You can escape it.
You have to realize that a new source of non bank lending has been created since the start of the pandemic.
I tay you in that part.
Like when I was at the chaseman Aden Bank in the media group, we lean against cashlow no asset values. So to go to our credit committee and say we're lending against airwaves, say for a cellular company, was crazy, But that's leverage lending to me, and that was hugely profitable. I'm surprised the banks have allowed that business to kind of kind of go away from them in this private well.
I'm sure the regulators have had a hand in that. But your conversation about Chase Manhattan about making loans, you go back to the way the Fed traditionally operate it was to lower rates, create some stimulus in the system, create more lending into the system. This sort of extension of credit, the credit multiplier. Well, that's what you see in private credit now. It's an extension of credit into the system. That one point seven trillion that's out there.
Regardless of how much of that's actually and tapped and lent, it's still going to businesses who are using it. They're hiring people, they're contracting for facilities, for goods and services. That's going into the economy. It's real.
When is the new JP Morgan Chase building on Park Avene going to be open? Because I've been watching that since day one? And folks, next time you come to the city Park Avenue like forty eighth Street, forty whatever, it is, awesome building.
Once's it gonna be ready.
You're an alum, you should come back. I have a look August twenty twenty five. Put it on your calendar just paying me or Diamond Comma Jay and say you were an alum.
Now this is what we get in. This is what we're gonna do. We're gonna do Rich Meg.
Put this in the calendar for August twenty twenty five, Bloomberg Surveillance remote broadcast for the opening day of the JP Marsham Let's chase, are think gonna bring everybody back together again, hopefully in this building, because you guys are all over the place now.
Yeah, we're across three buildings. We refer to it as our Midtown campus. Oh okay, some are better buildings than others. Some were in buildings that their glory years were about fifty years ago. Yeah, so there's a lot of anxiousness to just move around and get to the right place sooner than that.
All right, I'm sure Jamie Diamond is driving a bus on that one as usual. Bob Michael, thanks so much for joining us. Bob Michael, he's the CIO. He's a head of Global fixed income, Currency and Commodities Grow. We call that thick here in the biz, JP Morgan, as imagine. All right, let's check in with somebody who's also gonna be paying attention to the FED today.
That's Dennis Lockhart.
He's a former president of the Federal Reserve Bank of Atlanta. Dennis, thanks so much for joining us here. What do you expect your former colleagues at the Fed to do today. What's going to be a good day for the Fed today.
Good day would probably be not to make too much news. I think they will certainly will be no policy action today. I think the attention will be on the summary of economic projections that's so called dot plot, and that could move from the December dot plot in such a way that the markets will react and the public will take
notice of. Probably fewer rate cuts would be the signal, but I'm not one hundred percent sure that's going to happen in in Powell's press conference, I think he will stay very close to what he said in the recent testimony, and therefore he's going to be noncommittal about June and probably just repeat some of the themes that they still expect to cut rates this year, but you know they're not giving any indication of when that would start.
Let's go back to your comment on the dot plot, because what I think a lot investors are going to want to know is are we going to get two cuts or three cuts? So what's going to be the key factors do you think that policymakers are going to have in mind when they consider either sticking with their current dots or perhaps some people changing their tune and shifting to two cuts this year.
I think what's on the mind of those who might consider moving their dot to perhaps to lower that that would be four to three and three to two. Is the recent inflation picture, with disappointing inflation reports recently, and the producer price index really actually jumped, it was quite hot, and I think that just raises doubts in their minds as to whether the relentless disinflation is going to continue, or whether we're seeing a stall out of some kind,
possibly even the indications of some resurgence and inflation. All of those are open questions, but they are questions on the mind of committee members, and they're going to have to think about whether they have effectively reset the clock in order to get confident that disinflation will continue.
I've heard a couple of different camps out there. One is, oh, it's just kind of seasonal beginning of the year, a little pop up in inflation, don't worry about it. The trend is still down, where some others are saying, hey, it kind of feels like inflation's kind of reasserting itself a little bit here.
How do you interpret the data.
Well, I'm very attuned to the quirkiness of the first quarter. I was on the FMC for ten years. Half of that time five years. I think we had unusual first quarters that didn't allow you to extrapolate from the behavior of the economy in the first quarter to the rest of the year. So I think there's a reasonable chance that these recent inflation numbers are anomalies or they are
just bumps in the road. They're not necessarily indicating any change in the overall trend, and so I would, you know, cautiously, remain hopeful that the disinflation should continue as the year goes on. Also, there is some indication of the slowing of growth, which is part of the pressure that's put on prices. The Atlanta Feds GDP now, which is measuring the first quarter, is just above two percent or around
two percent. That's down from from over three percent in the fourth quarter and over five percent in the third quarter. So there does seem to be a slowing trend, and I think that will help on the inflation front as well.
How do you think Fed officials read the bigger risks now for either moving too soon or moving not quickly enough.
I think they probably at this moment, are more concerned with moving too soon than not quickly enough. Having said that, they're certainly aware, and there has been some who have commented on recession risk. They're certainly aware that if they stay too long at these elevated levels of the policy rate, they could precipitate a slow down. Whether it would amount to a recession, but it could be an unnecessary slow down.
So they're trying to thread the needle here. They're really trying to preserve the soft landing that we're in and the employment levels that we're enjoying, without you know, pushing the economy into recession. I think at the moment they're probably more concerned that they could go too early.
Dennis, do you think the FED has taken the recession risk off the table or do you still think that's something they're really actively trying to guard against.
I think they probably view it as a contingency with lower than fifty percent probability, so it's not necessarily something that they can see developing in the data. But it's always possible that they make a policy error, they stay too long, and then they have to play catch up and the economy ends up in a cycle that's trending more weekly than they really intended. There's always a possibility that.
All right, Dennis, thank you so much for joining us. We really appreciate getting some of your time this morning. Dennis Lockhart, he's a former president of the Federal Reserve Bank of Atlanta. We appreciate getting some of this time. Francis Donald, Chief Economists and Manual Life Investment Management. She joins us here in our Bloomberg Interactive Brokers studio. Francis, you know, it's FED Day today, so let's just start
right there. What do you expect to hear from the US Federal Reserve today?
I don't know. And I think that's the most interesting part of this is that we're going into this and I think many FED watchers are trying to figure out what is the FED going to care about? And one of the big problems that we're having is there is a whole bunch of data pointing towards softness of inflation resilient economy, and then there's other data that says, actually, you know, there's weakness in the labor market and inflation is too sticky, so you can actually construct whatever narrative
you want. What's really important from the FED today is to find out which data points they are watching. Do they care about financial conditions? Again they used to, then they didn't. Do they care about core CPI? Do they care about PCE shelter? Give us the data points that you're watching so that we have an idea of what your decision making function is. Right now it's not.
Clear, but I've been a reporter many a central bank press conference, and then what we whenever we ask what indicator you're watching? We always get told we watch everything, which is not helpful. So what would you like to hear from them? What would you want them to be their pick? Because you know we always hear them focused on core supercore inflation, but what else?
Well, that's why FED watchers get paid what we do, which is that we're supposed to parse the details and not necessarily list directly. Now, one of the clues that we can use without them actually saying here are the three data points we're looking at, is what does that dot plot do? Because if we move from three cuts this year to two, that's going to signal to us that they are putting a little bit more weight on
some of that sticky inflation. And yet I'm going to be watching a lot of the conversation around twenty twenty five and twenty twenty six, because we're spending an awful lot of time talking about are they going to cut in June? Are they going to cut in September? That for most of my clients, for our funds is far less relevant than what the next eighteen months of cuts
looks like. Are we in a nineteen ninety five soft landing with three or four cuts or are we going to be in something that resembles much more of a traditional easing cycle, which is hundreds of basis points. That story is the core for most investors, not whether they start in June to September, not if it's two or three cuts.
Do you think the US feder Reserve is afraid of a recession or they'd kind of taken that off the table?
Do you think?
Yeah?
That in my preview that I wrote for our internal clients is oh right now. The genesis of the question is exactly that, which is, are they still trying to land the soft landing story or are they afraid of
a recession? And this is really core because you might remember at Jackson Hole in twenty twenty two, we were told we are not afraid of a recession, we may need a recession to bring inflation back down, and then we started to hear a different story, which is we're going to try to prevent a recession with that December FED pivot party. So I want to know from them, and they're not going to tell us directly, but we're going to parse the words. I want to know from them.
Are they still trying to engineer that soft landing or are they okay if they enter recession territory.
One of the.
Challenges here is that it's very difficult, just like it's hard to have a soft landing, to have a small and kind of baby recession. And what we need to be aware of, and this is I think what would keep me up at night if I were a FED official, is that things don't tend to break calmly when they break. Recessions don't occur in straight lines. They are nonlinear. Take a look at the unemployment rates or jobless claims. When
they break, they break hard and fast. That's what I'm most concerned about, and I'll be looking for signs from the FED. Are they also worried about that risk?
You know, if I could let's move a little bit more internationally, because we've got a lot of central bank decisions this week, and one thing that we've been noticing in Bloomberg News is how synchronized central banks have started to become.
What do you make of.
That in terms of what that should mean for the outlook for a US policy.
To me, it suggests that while a lot of the factors that we're driving inflation, we're global in nature, so inflation globally is pretty much coming down, especially for developed markets, about the same amount of time. So we have June circled for every major central bank, the ECB, the Bank of England's pretty close, the FED, the Bank of Canada, They're all pretty much going to be ready to go in June, and that's when we will know definitively that
the worst of inflation is behind us. But to me, it calls into question how much of the decline we've seen in inflation so far has been due to FED or central bank hiking, and how much of it really was the supply side factors from COVID. And I know it's still not popular to say it, but to me, what you're really getting at is that this inflation. A huge part of it was transitory. It was made not worse by hiking, certainly globally, and now those transitory factors
are coming undone and central banks can ease off. And the best example is, yes, the Bank of Japan just hiked, but their inflation came down with just about everyone else with no hikes at all. So there's much more of a global narrative around inflation than I think many of these individual countries, when you're looking just domestically, have admitted so far. I think when we look back in history,
we're going to see this was a global story. We are still in a post COVID economy, and that is really much more important than these individual meetings that are happening with each central bank.
How about the US labor market, It's been a tremendously resilient, although we did see the unemployment right kick up to I guess three point nine. So why do you think the Fed views the labor market in their calculus?
Well, it depends what bias they want to have. So we made a list of all the job market indicators that we're saying there was weakening happening, and then others that said jobs were doing just fine, and they were about equal and a page long at the same time. So for every data point that said things are just fine, in fact the labor market's still strong. Like jobless claims, we have other data like rehiring activity or job cuts
that suggests the opposite. So this is why I say it's going to be really important to get a sense from the FED as to what they're watching, because this really is a situation where you can make up an argument for either side of the narrative. My personal take is that when you start to see some indicators fail, the other ones are likely behind it, and as I
said before, they don't tend to move smoothly. So I still believe that recession risks are underpriced in this market, and we need to be really cognizant of the risk that if a recession order materialize, it's about two years after the first rate hike. That's today, that's today.
That's That's such an interesting idea because you know, I'm looking at the FED calendar. If you type FOMC, you can see the upcoming meetings, So if they were to go in June, and you know, that's not at all a foregone conclusion. You're looking at July and September. Those are the only meetings left before the US presidential election.
So what I start to think about then is what kinds of political pressure the FED might come under and something that might push them into either staying their hand or moving more quickly, because if, as you say, recessionary pressures are going to start picking up, they're going to have to start kicking it up with the rate cuts. So how do you read the political environment in terms of how that's going to dictate what the FED does?
Well.
The FED will tell us this is a nonsense thing. We're completely independent. It's unrelated. But here's the challenge with the FED and central banks, and being a central bank watcher. They are people and humans too, so we have to assume that perhaps they have some sort of even subconscious
bias that's coming into play. But at the end of the day, recessions are economies are giant ships, and if the election is coming up in just a few short meetings, whether the FED cuts in June or July or September is probably not going to save this economy from a recession. If there's a recession happening this year, it is a foregone conclusion. If it's not happening, then this time truly was different.
All right, Fancis, thank you so much for joining us.
Really appreciate if Francis Donald, she's a chief economist at Manual Life Investment Management, joining us live here in a Bloomberg interactive work for studio, your daily look at the front pages around the world at least ta lots of cool stuff to talk about. Where do you want to start here with some of the newspapers?
All right, we'll starting with Bloomberg. They're saying that women's household work it could be added to US CPI Consumption Survey.
Here's not reason why it's no exactly.
So this is a report contracted by the Bureau of Labor Statistics. It found that eighty percent of household services that are crucial to spending living standards. We're talking about childcare, even do it yourself home repairs, they are provided by women. Okay, So the agency wants a consumer price index to reflect that work, and then it relies on this Consumer Expenditure survey to get that. So, yes, it could be added into that.
I mean, I guess the Labor Statistics got there. In the end. This is decades that we've known exactly.
So I mean, I would think this would have a big dollar amount impact on this you know index.
For sure, Yes, definitely, So we'll see it could happen.
All right, all right, we're not very happy in the US.
Is that the thing we're not and it's very sad. Okay, there's a poll out there. It's a gallop whorl pole for the World Happiness Report twenty twenty four. There is such a thing.
Okay.
The reason that the US has dropped down is because of younger Americans thirty years and younger. They're reporting that decline in their living standards, so they're not happy. So that's pulling it down. So Americans, we fell to twenty third place, really fifteenth a year ago. It's the first time we fell out of the top twenty since about twenty twelve when this poll started coming out. So that's what they're saying. It's the younger generation. They're not happy.
The living standards are tough. They did give a couple of points about how you can become.
Happier if you're interested.
You can strengthen your relationships, you can volunteer, get outside more exercise.
Yeah, I don't.
But it's the younger general.
What about Netflix binging? Is that something that's gonna make me happier.
If that's what makes you happy, then go for it because you can help us pull up this poll.
But so it's the younger for I can see it though, because mortgage rates are so high, it's so hard to save up for your deposit. The inflation pressure is disqueezing you. And then student debt. But then also just insecurity in the job market. Lots of gig economy work part time contracts.
But I mean we're full employment.
I'm like, all the sweety offspring are employed, you know that are employable?
Rare.
I figure like I got my job is done there. Yeah, I don't know.
Well, you know they're saying to the younger generation, they say they're disconnected to from in person. They're more in social media, they're more in their phones than the older generation who's around talk where you're used to talking with people and that's how we grew up. So that's a big difference there. All right, Bloomberg, big take story we're talking about show. Hey o Tani, Okay, he's playing right now.
The Dodgers open the season the padres. They're in South Korea, and this Bloomberg big take really looks into can he become you know, global, a global sensation, which I mean most likely the answer is yes. But I mean new sponsors, a lot of them coming from Asia. This of course, game helping out the crowds of Dodgers Spring training facility three or four times.
And I saw that. Wow, it's crazy. It's crazy.
Resale ticket prices for Dodgers' home games risen more than ten percent. I mean, this guy is huge, and you know why. I mean, he dominates as a hitter and a pitcher, which is a rare thing since what Babe.
Ruth, Yeah, exactly, exactly.
And I guess you know, there's when he was a free agent, there's talking maybe coming to an East Coast team, whether it's the Yankees or you know, the Red Sox or some something like that, which would have been big because we don't see him as much here on the East Coast as obviously he's been on the West Coast. But boy, it makes a ton of sense for the Major League Baseball and trying to grow the game in Asia and starting the season in South Korea.
What a great move by Major League Bass.
And what's interesting you mentioned South Korea too. The New York Times had something similar, they said, how Otani, he's from Japan, and then you have South Korean baseball fans. So it's kind of putting that.
Piece because there's between a lot of free in Japan, a lot.
Of I guess between Japan and Korea's you know, dating back long time, a long time, including World War two some of the treatment there. So, but it seems like the Koreans are embracing Japanese shohill tiny, which is great for both countries, great for the game.
So you know, more power to him.
And you know you're in the number two market in the US in LA and boy that's a good thing.
No kidding, no kidding.
All right, our last story, this is business inside.
This was the thing. This is the thing.
So you know, billionaires they have their thing like Steve Jobs it was you know the black turtleness, right, you had Mark Zuckerberg always had that casual t shirt like they all had their look and their thing and video CEO Jensen Wang. You notice it's the black leather jacket. So Business Insider they did the research and they looked into this and they said, he's warned at least six different jackets of black leather jackets in recent years.
So apparently this is his thing.
His wife and his daughter dress him, That's what he said. So that's why he has the cool look. Of course, the women behind him pushing him into the fashion sense. His latest look came from Tom Ford's spring collection. Did you in retail that jacket for eight nine and ninety dollars?
That's a Matt Miller jacket. Okay, so let's speak of Matt Miller. He has more jackets than Jensen Wong. And Matt Miller has his like custom made like from all over the world. They pick out the horse or the cow or whatever it is. It's just crazy. So people are into these jackets. It's not just Jensen Wong.
No, it's Jensen Wong, but it's also that whole concept behind it of it gives them less to worry about. Yeah, they just know they're going to PLoP on a leather jacket and call it a day.
Do you know what that reminds you of? There was an interview that Vanity Fair did with Obama and he's like, I got the blue suits, and I got the gray suits and that is what I am wearing.
Right right, And that's what Steve Jobs always said, he said, it takes the thinking out. I have other things to think about. Wardrobe is the last thing I need to think of.
I'm looking at rich Go.
One of my favorite functions on the Bloomber terminal, Jensen Wong. He is ranked a twentieth in terms of the world's richest people, with a net worth of seventy eight point eight billion. So that number in and of itself is impressive. What I like is the change year to date. So he's gained thirty four point eight billion dollars just this year, so that's pretty solid.
That's pretty solid, I mean, and with Nvidia just being so hot hot hot, well, we're going to see more fluctuation there.
Yeah, so interesting there. So all right, Lisa Miteya, thank you so much.
As 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 at New York City. Subscribe to the podcast on Apple Spotify or anywhere else you listen, and as always on Bloomberg Radio, the Bloomberg Terminal, and The Bloomberg Business.
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