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Bremercam Patison here for a good conversation to start the morning off, and of course we devolve that to a dollar discussion. And on premiere she's focused on crypto. We'll get to that in a moment. Her effort at the Council on Foreign Relations is noticed. I can't say enough about the new edition of Foreign Affairs magazine. You'll see it in the next couple days or so. It's just absolutely extraordinary. I've got to go to dollar here right now.
It's dollar had your money? Is it threatened by all that's going on in Washington?
Longer term, yes, I think there is a threat to the dollar from some of these policies. You know, the US relies on demand for treasuries and the idea that the Treasury is going to be the biggest bond mark in the world. Liquid safe, always transactional, and if you're putting tariffs on allies, as well as adversaries. Over time, they may want to diversify away from those assets. Now, there aren't a lot of places for them to go, but one place we've seen clearly over the last couple
of years is gold. And you are seeing data showing China reducing its treasury holdings. Obviously we know Russia did over the last several years. So the policies we're putting forward today, I think do create some risk. Now there's new sources of demand that we can talk about when we get to crypto, but when we think about foreign holdings of US bonds, I think that is a source of risk that could push yields higher and weigh on growth.
You know, does it do you get a sense that this White House, this economic team at the White House, that they have a sense that, generally speaking, markets do not like uns certainty, whether it's uncertainty a policy, uncertainly, uncertainty of rhetoric. Is that something that has an audience, do you think down there in DC? Or is it just kind of overshadowed by this is a president that wants to do what he wants to do.
President Trump has said in the last few weeks that he knows there might be some short term pain to get to these long term goals. I think there's probably a degree of pain reflected in the markets that would get his and his team's attention and maybe cause them to take a step back, at least temporarily. But I don't honestly know if today, looking at the sell off we saw in the stock market last week and the continued softness we're seeing this week registers.
I look at the file through of all this, and I guess I go back, like a lot of people, to real GDP. The fact is Atlanta GDP now a snapshot of where we are right now, is coming in with a vengeance. Do you sense a momentum to to, you know, to make some news here on a What's today? Tuesday?
Tuesday, Tuesday morning? Both?
Yes, I'm worrying about both. I got the stitches out from where the damn dog bit me just as simple as I can. Are we heading towards two point five percent or lower real GDP?
Well, here's what's so interesting, Tom. You know, last year GDP was much stronger than expected. We've gone into this year strong. We've seen that in the most recent earning season. But that's all backward looking. What drives the economy is confidence and incomes. So people still have incomes, the job markets still strong outside of certain DC agencies. I don't mean to be snarky about that, but confidence is where we're seeing some question marks. The other piece that's changing
is economic surprises. A lot of economists revised up their expectations immediately after the election. What we've seen over the last several weeks now is data coming in below expectations, disappointing, and that indicator coming down.
Now.
I want to be careful on causation, but it's correlating beautifully with the ten year yield. So the market's pricing in two FED cuts again, the ten year yield is getting lower. All of that is coming hand in hand with both worries about the forward looking economic outlook and disappointments.
To four digits. Paul Patterson's in the room, so we got to, you know, go to four decimal points absolutely one point eight nine four and the ten year real yield. That's an ian linga number top go.
These are the top stories on the Bloomberg criminal Tom guess what's number one?
Here?
Your favorite bitcoin? Bitcoin slides below ninety thousand is crypto sell off gathers steam To me, I know you're recently at with a piece and CFR on the crypto. I kind of just view bitcoin is just a sense of risk appetite out there in the marketplace. That's it is. Are we saying risk off a little bit here?
Yeah, I mean it's Bitcoin correlates very well tech stocks, which is not surprising. At the end of the day. Cryptocurrencies are a form of fintech. So when you see, you know, the mag seven come down, it's not shocking to me to see Bitcoin come down. If that sell off, if Navidia disappoints tomorrow, I think you see bitcoin going down further. But it gets me back to our Treasury
point earlier. President Trump, in one of his executive orders, is very explicitly supporting the development of digital assets and crypto and specifically stable coin. And I want to highlight this because to the degree stable coins gather momentum, gather assets, they're backed by the dollar, ones are backed by treasuries and other cash like assets. This is a source of demand for treasuries that I think Treasury Secretary Bessent is
keeping a close eye on tether. Just that one has something like one hundred and thirteen billion dollars worth of treasury and treasury like securities.
Today Rebecca Patterson with this of course on your morning commute and also YouTube subscribe to Bloomberg podcast growing each and every day. Can't say enough about YouTube premium. I'm reading the book Mark Richard's book on YouTube and YouTube premium. Sure, I'm glad I did. It's sort of slick, you know, and all that. Let's go back to JP Morgan investmers trust. Is there an underlying to bitcoin? Please inform me where's where's the underlying to support a theory of bitcoin?
I mean bitcoin itself to me anyway, remains a speculative asset. And I'm not saying that lightly. The Bank for International Settlements did a really detailed report about a year and a half ago, it's worth reading, talking about the development of crypto, and it highlights, based on a global survey, a very detailed global survey, that the bulk of owners of bitcoin today are young men under the age of thirty five, retail investors and it's a momentum trade.
Yeah, I should say worldwide foe. So do you see me say this on social The leadership here is Raphael our au Er at the Bank of International Settlements. He has the best Whatever your belief on bitcoin, I mean, you know Matt Miller should read it. Yes, if you can find his past code to cash show is Rebecca.
Is this administration? I mean I think President trumpets some point, whether it's campaign or where, describe yourself as a crypto president. It's just a crypto presidency. Is this something where the next four years we can see the US regulatory framework support crypto in this country.
I one hundred percent. I think over the next six twelve months we will see regulatory clarity which is going to allow more integration between crypto assets and the traditional banking system. And I think it probably will get more broad adoption, so it won't just be the young men. It will be more types of investors. And that's good for crypto in that it'll reduce volatility by having more liquidity. The risk one needs to watch is that as it gets bigger and more integrated, it becomes a source of
systemic risk. You know, if you have a hack like we did this past week in by bit right one hundred or sorry, one point five billion dollar hack of a cold wallet, which is supposed to be saved. Right, cold wallet is off fine, But that happened in the United States, we would have contagion and and that. You know, it's not just going to be Silicon Valley Bank, it would be broader. So that's the thing one needs to
watch out for. You can have regulation to give them the ability to grow and innovate, you still have to have a few consumer guardrails there.
Our listeners and viewers know where I am on this, and I think Ms Patterson knows where I am on this. So let's cut to the chase. First thing I did this morning is from peak to where we are now, bit dog is down twenty percent. That's not a currency. We've got all sorts of IRA E, TF, Eric Beltchunas, black Rock, this, that, and the other. They're doing it. What should we say to those people if we pop down another ten percent, I mean, horrific bear markets in
the equity market are negative thirty five percent. If we get that in bitcoin and we're not letting everybody have bitcoin, what's going to be the outcome?
Well, again my concern, I think to the degree digital assets encourage more financial innovation in the United States, that's great, right, Our financial system is creative and broad and deep, and that helps the US economy. What we need to be mindful of is that the pool of people today, not in the future, but today who are trading bitcoin and these currencies aren't necessarily aware of how to save for retirement in a safe, methodical way. This is not an
easy path to retirement riches. And if they lose their money, they have less ability to buy a home to invest for the longer term understanding the volatility of what they're buying.
You know.
That's I hope that these cryptocurrent companies do a lot more education going forward to help these people invest in these assets wisely. Right now, I don't see a lot of evidence of that.
Paul Out on YouTube live chat, Thank you. The live chat can be very smart. Subscribe to Bloomberg Podcasts. This guy one word tulips.
One of the things that is the regulatory environment. Like in the last administration, the bad administration, Gary Ginster. I expected him, and I think a lot of people did that. A he understood crypto and B he was going to take a forceful hand and kind of pushing the regulatory framework forward, which most participants are asking for. Yes, Yes, he did not, really what do we know about this administration, the Trump administration.
Well, there's In the last administration there was some debate, fight whatever word you want to use, between the different regulatory agencies on who would be the lead on digital assets. I think in this administration we're likely to see a lighter touch, probably led by the CFTC rather than the SEC. I think we'll get some legislation from Congress through probably in the next few months, which will also create a clear path. And these companies need it, They deserve it right.
They need to know the rules of the road, and the banks and other asset managers need to know the rules of the road. So I do think this administration is going to be incredibly helpful on that front. Again, my hope and my ask if I could, if I could be there in the White House today, would be, please don't forget some consumer protection, some consumer guardrails.
Do you have in your head a price of bitcoin south where everybody starts wringing their hands. I mean, we're eighty nine thousand, is it eighty? Is it fifty? I mean I have no idea.
So my worst case scenario, a realistic worst case scenario, would be that we get some disappointment out of one of the big tech companies in the video, whoever it is, it doesn't matter, and we get more of a concerted sell off, maybe in response to tariffs China puts some
holds on US tech companies acting in China. Those sorts of maneuvers, you get a bigger sell off in tech, which is not impossible given valuations, given ownership, and that contagion pulls down cryptocurrencies in a meaningful way because these investors own crypto and they own meme stocks, and they own a lot of tech, and so they get hit on both fronts. That could get some momentum and pull
down the broader market. I don't know if anyone buys that dip, because they just need to be covering their losses at that point.
Well again, and the retailization of this is where I have my radar. Rebecca. Thank you so much, Rebecca Patterson, way too early. Thank you so much for coming in. Were the consol and foreign relations and all of her work on Wall Street, particular comments and the dollar. I'll try to get out the Bank of International Settiment essays from Raphael Hour and Company. They're absolutely brilliant very sobering and is mss Patterson mentioned the depth of their research.
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Joining us now here with the markets lifting a little bit? Is with our question our conversation of the day. There are mysteries out there, including mysteries of what is going on in the Kremlin. I have forever and ever been humbled by me getting the yeltsin call so wrong. Angela's stent is definitive on this senior fellow at Brookings and at Georgetown as well in her book Putin's World is my book of the year, A long three years ago, Angela Stent, with great respect for your decades of work.
I saw the headline, I believe, in the Washington Post that said, basically, the United States sides with Russia within the United Nations. I'm making a generalization there, folks. What did you think when you saw that? What do you observe to your work? Marshall Goldman's work all the way back through the decades to see a headline America sides with Russia.
Well, Tom, this was truly shocking. I mean, who did we veto the resolution condemning Russia with our good friends North Korea, Russia, Yelorus, Syria, the Central African Republic, Nicaragua. I won't go on. Even China and Iran abstained from that vote. So Ronald Reagan would be turning in his grave,
as would many others. It's really quite remarkable. And if you think of what the US has stood for, you know, for the past eighty years, since the end of World War Two, through the Cold War, through the post Soviets Soviet era, it's quite remarkable that we veto a resolution that condemns the Russian invasion of Ukraine.
What should Marco Rubio do?
I think he's in a very difficult position. We know what he has said before he became Secretary of State about Russia, but right now all of the officials in the Trump administration are repeating the same line. It's complicated Russia was provoked, so you know, if he wants to sustain his job, he presumably has to repeat those lines too.
Angelus, should you mentioned eighty years of precedent? US policy visa VI the former Soviet Union in Russia. Should we be surprised that this has changed literally on a dime, and we've had no real, I guess, opposition from anywhere in the US government to this policy. Should we be surprised that it changed so quick?
I think we should be surprised by the rapidity. I mean, we knew from President Trump's first term that he admires Putin that he wanted to do a deal with Russia. But to have this happen so quickly, within a month of him coming to power and with everyone, the top officials and his administration repeating this line, we should be Now, there are Republicans in Congress who have pushed back against this, but they're not that many of them, and I think, you know, we have to wait and see whether there's
going to be more position to this line. The Krumlin is delighted. I was just reading the remarks of the Press Secretary Dmitri Peskov. You know, finally the United States has seen since and has understood, you know, what the real situation is.
I think of at dawn we slept the failure of our intelligence of Pearl Harbor in nineteen forty one, Angelus stent, we were sobered by the failure of our intelligence with the collapse of the Soviet Union. Would you suggest that we have any clue what's going on at the Kremlin or within mister Putin's orbit?
I mean, I think we have some clue. We know that they are absolutely delighted about what's happened recently. They're even talking about that publicly. We have a pretty good idea that they're not interested in a peace settlement in Ukraine, but they're certainly interested in improved ties to the US. Let's restore relations, Let's have a summit. Let's have President Trump visit for Victory Day May nineteen eighty years since the end of World War Two, visit so that we know.
Do we know what goes on in the very inner circles? Of course not, but we can get some things by what they've said.
This. You know, this is why we love having doctor stenn On. Folks. Could you imagine the President of the United States in Moscow for those celebrations of Russian might in May? Yep, I've never once framed that that miss Angela's stun only can.
Do angel what do you I can?
Yep?
I can Angel, What do you think the response will be should be from rest of the world. I'll just leave it there. Rest of the world as it relates to this changing US position visa Vive Russia.
Well, we've just had President Macron here, we have Prime Minister Starma coming tomorrow. The Europeans are really trying to push back. President Macron did a good job, a valiant job of trying to persuade President Trump that you know, we have to work together and that you know, the US isn't getting stiffed by Ukraine. He in fact corrected Trump about loans versus money given to Ukraine. I mean, the Europeans are trying their best, and they've come to
realize that they're going to be alone in this. If they want to support Ukraine going forward, they're going to have to do without the United States. Now, for those countries that have stayed, which is a large number yesterday in the General Assembly, you know they're just going to shrug and say this is a European conflict and it really doesn't touch us that much. But certainly the Europeans, and I would say our Asian allies are very concerned.
To extend Angel extent the list of US in Russia, is well, Israel, Haiti, Hungary, Palau, Marshall Islands, Burkina, Fasso, African nations that can't pronounce Belarus, North Korea, Syria, Mali and Nicaragua. What is the ramification of our diplomacy? To Paul's good question moments ago, how do we diploma how do we do diploma Kissinger diplomacy around the world? Given that beauty.
List, Well, I think that the Trump administration is still believing, for instance, that if we have this thro aproshmao with Russia, Russia will decide to distance itself from China and will reverse course. I think that's highly unlikely, but I think that's one thing that's going on here. And I think it's also the US trying to show to those countries that supported US, and I guess those who have stained that you know, we're not necessarily taking sides in this.
We recognize that Russia is a great power and we're going to try and do something different.
Yeah, my findest hope as a Secretary of State or rite Angelus stents Putin's world next, thank you so much for your commitment to Bloomberg surveillance. She is with the Brookings Institution.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on Applecarplay 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, and this is really important. Calvincy joins us right now with BMP PERI by the BNP PERI by Heritage is a carefully constructed, cautious view on the economy back to Juliet Cardnido, back at least fifteen years or so in the sum total of your work there, do you see a dampening of GDP off of all the events going on right now?
Thanks so much for having me, Tom. This is the question that every client is asking us. We're getting so many different policies from President Trump. The aggregate of these policies, when we think about immigration policy, especially trade policy, should we think begin to slow growth down in the second half of the year. But even more importantly than that, where we're very out of consensus is that we think that these policies are going to be generating significant amounts
of inflation. So despite that slower growth in the second half of the year, it may be a tough spot for the FED and the FED we think, so keep rates on holds for all of this year.
Is we haven't done this recently? I mean, this is a whole new world after all. Is what you just laid out good for business? Is it good for Brian moynan at Bank of America.
We think that this is a really interesting environment in that Trump one point zero differed from Trump two point zero in one really major way, and that is Trump one point zero was very combative with the FED, trying to get the Fed to lower rates at every single point that they could. This time, the administration is really focusing on trying to control the part of the yield curve that they can exert more control over the back
end of the curve. And with that, we think that we should be seeing lower ten year yields relative to two yearields this year, which should be good for the everyday American. Is that's the part of the US yield curve or most people are borrowing at I'll.
Just say inverted yield curve.
I know somebody and talks about it. Verted yield curvemic cam Harvey. So, what you were talking about in the economy, slow in growth, higher inflation. That's stagflation. Is that what the economist calls stagflation.
We're not necessarily going to call it stagflation, but we could call it slow flation. We think that growth will slow to slightly below trendler this year. We're not going to see a recession, we don't think, but we think mostly it's going to be the inflation side. We're very out of consensus inflation, and we think that tariffs are going to generate significantly more inflation than people think, and that we think is going to put the FED in a pretty tough bind.
That's not a good political move from what I remember. So what does that mean for this Federal Reserve? Should we pay attention to what these folks are doing?
So we be in pre paraba, we're very early and very out of consensus in the beginning of December when we had a no FED cut view for all of twenty twenty five. Interesting, I'll take a step further from there, and I'll say most of our competitors, I think, think that the asymmetry is still toward cuts. In other words, it's more likely to see cuts this year than hikes.
Our view is different where we think because of these inflationary pressures that are to come, we think that there's probably an equal chance that the next move from the Fed could be a cut or even a hike.
We'll frame out your GDP call into your you know, the remit that you have there, which is in basic strategy of the America is in the larger, bigger picture. Are we so up real GDP at some point out this year?
That's a great question, Tom. We think that twenty twenty five is going to.
Be a tale of two halves.
The first half of the year should be above two percent growth, and this is largely because of animal spirits that have come out after the election, strong momentum. The second half of the year still.
Later day, and the world's falling apart. This is really important with your heritage. Do you have do you have a belief that Washington and particularly the administration will adapt and adjust to a sub two percent statistic somewhere where the Red Sox decided if it's playoff baseball.
Our questions are our clients are asking us these exact same questions. We think that the administration really does not believe that their policies are going to weigh on growth. So we think that Trump, if we think about what he really campaigned on, it was really two major issues, and that is to be hard on trade, it's to be hard on the border. Both of these are going to weigh on growth. We think that President Trump is
going to push very hard on them. And if our forecast come true and growth does weaken, then perhaps at that point the administration could pull back, but we think that they're certainly going to deliver first and maybe pull back later.
So, as a macro strategy for the Americas, what are you telling your clients where did allocate capital these days?
Given that background, this is a conversation we have every single day, and to us, what we think is one of the more attractive investments for clients right now is to own long term bonds in the United States. And the reason I say that is because, very interestingly, something that we've been writing about quite a lot is this theme that's emerging where we think that we're now seeing a more bond vigilant administration which is now thwarting off
the bond vigilantes. And that's really evidenced over the last few weeks by Treasury Secretary Beston, who's basically telling you he's in no rush to increase supply in the United States, and this is opening a window of opportunity, we think to invest in long term bonds in the United States.
Well, cut to the chase, So you load the boat in a ten years right now.
We like the ten year, but we like it even better in inflation protected form as much as before. We're very worried about inflation, so we like tip.
Yeah, Paul, I don't care. The reason we had you here is Alex Steele said, can you find someone who can figure out hotel rooms in Paris? You run BMP Perry Bot. How do we get a hotel room somewhere in the vicinity of you know, the first there on de Swall in Paris. It's impossible for us.
From a macro perspective. What we're certainly going to see this year with a very strong dollar, which is what we're forecasting, is more tourism. Here you go from from the United States towards the rest of the world. That all else equal. Unfortunately for you, Tom is probably going to be putting upward prices on a lot of hotel rooms.
It's outrageous. I mean I was there a couple months ago. Long story showed it. I have an offspring there and it was I was literally foaming over what has doubled in price. I mean it's a boom cutcaus with Trumpe, me and a their b figure that one out. Mccrime and Trump are sitting there. Does anybody have a clue the boom economy in Paris?
When we speak to clients, what clients are really concerned about right now? Are really I think largely as you say, what's going to happen with inflation? And this is what you're feeling every single day. Inflation affects all of us,
right and that's why we've been quite concerned. What we're worried about is that inflation expectations today are less stable than they've been at any point over the last forty years, exactly as you're saying, you can feel it everywhere, and with inflation expectations less anger than they used to be.
What we think is going to happen is that as big tariffs occur, this is lar likely going to result in more second round impacts on inflation, continuing to push inflation higher which is why we think the Fed's going to be more hot.
You get out at NYU as you start talking second order's second round. That's how you impressed your Calvin. Thank you so much, Calvin, see with this, that would be MP pre brilliant. Are you based in New York?
I am now, yeah you are?
Now okay, yeah he was on the air France shuttle and that end. Okay, Calvin, thank you so much. Don't be a stranger with B and B Perry by ahead of Macro Strategy Americas.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on Applecarplay and Android Auto with the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal.
The front page was Lisa Mateo, Lisa Moteo hour, Let's get right to it.
What do you have, Lisa, Well, yesterday we're talking about Apple's plans right for more jobs, US jobs, US investment, but experts are saying that they're just sugar coating their investments. This was a Wall Street Journal analysis and said that Apple's new job promises they're just slightly ahead of their recent four year pace. They also said that the spending
pledge is roughly on track with its recent investments. So the Journal spoke with these experts and they said that a lot of companies who do this, they cater to the administration's needs, right, They just sugarcoat repurpose existing investments. They said about eighty percent of those announcements in spending that was already already in the works.
So it's nothing.
Yeah, they're saying it's nothing new.
Yeah.
Mark Hemer from Bloomberg News was in on Bloomberg Intelligence yesterday and he has a great peace out on the Bloomer terminal yesterday. He kind of laying out all the numbers. So it's good stuff. I mean, they're spending money in the US, is all good. Apple can claim a victory, President Trump can claim a victory, but the reality is it wasn't that much incremental.
For our listeners and viewers worldwide. Do the three of us have news fatigue right now? Which is start?
That was like its tried to look.
At the cell phone. It's like every minute of the day.
You get another alert.
What's the next red sticky or red banner?
Goodness, next it is this one?
You probably got to stick in this. Door Dash paying about seventeen million dollars to drivers in New York State. Here's the reason why. So the drivers are saying that the delivery service cheated them out of the tip money because they applied it to their base salary. So basically it would go the money would go into this fund. About sixty thousand or so drivers are eligible, so they
could get up to about fourteen thousand dollars each. But what I didn't realize is that the delivery worker they were guaranteed let's say ten dollars, right, you make a delivery, and then the customer tips the worker three dollars, but door Dash would only pay the worker seven dollars and they would keep it because you couldn't see the breakdown.
When I click on it. If you're going to tip somebody for an uber or whatever like that, you don't know where that's going. I supposed to putting a couple bucks in a jar sitting in front of bartenders.
This is a huge because they don't show the break they're not transparent about it.
Huge And this goes to the whole tipping environment out there. It's changed in the last ten years, so here's the rule of thumb I use. If I'm standing, I don't tip. If I sit, I'll tip it. So you go up to a counter and you buy something on the turner screen around for you to tip zero. Do you feel the pressure though? I feel not anymore. I used to, but now I've got my new strategy and i feel very comfortable with my stress.
So if you're in Odds basement at that club down and seagirt yep, and you're having a skyll up standing up, you don't.
Tip correct exactly right, exactly right. Although I've tipped really well Department O God's Basement at the past forty five years, I've tipped very well at the partner mister last one.
This was in the New York Times. Lawyers for Paramount and President Trump have actually agreed to appoint a mediator in that twenty billion dollars lawsuit that he had against CBS. So mediator could actually help them reach a settlement. Well, whether they will, it's uncertain, but it's complicating a few things, like the merger Paramount's merger with Skuidance. It's complicating that media lawyers are saying that this could open up the
door to more lawsuits against other news outlets. It could also lead to shareholder lawsuits, especially if he wins a big judgment, and they're saying that. Paramounts also concerned that it could lead to legal liabilities because it may not be covered by corporate insurance policies on top of it. So there's a lot behind it that goes on with that.
Exactly. Good luck with that. And again they're trying to get that deal done with bit Dance.
So Paramounts sold.
I mean, it hasn't closed it and it gives wonderful leverage to President Trump and his legal team because one of the issues kind of slowing down the closing of this deal is this litigation out there. So it could be a good time for President Trump and his team. Okay, yeah, egg criceis just real quickly, how long is it take for like more chickens to make more chickens so we have more eggs? Work easy?
I mean, it's crazy.
Yeah, it's funny because the data shows that their flock of egg laying hens it dropped to a nine year low in January, so they're laying the eggs, they're not laying it.
There's enough chicken for the first time I ordered groceries and there were no.
Eggs, none, none.
Must have been fifteen different choicest I'm gonna tall you. Thank you so much, newspapers, and I greatly appreciate that.
This is the Bloomberg Surveillance podcast, available on Apple, Spotify, and anywhere else you get your podcasts. Listen live each weekday, seven to ten am Eastern on Bloomberg dot com, the iHeartRadio app, tune In, and the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal