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The honor of going to Robert Harmatt's Ambassador. Harmat's of course a tour of duty at the State Department recently with Secretary Clinton and with Kissinger associates, where thrilled to could join us in the studios this morning. If we quote unquote take out a theocracy back to nineteen seventy nine, what's left of Persia after the Ayahtola.
Well, the answer to the question is we don't know, and we don't have a very good record in the mid least of regime replacement with better regimes. If you look at all the regimes that have fallen in the Middle East over the years where we have been explicitly or implicitly involved, they have not necessarily been better, and it's very hard to predict what would happen Okay Iran. There's a strong nationalistic feeling, however in Iran, and there are a lot of people who may not support the regime.
We believe Iran should have a nuclear power capability, and those people are going to still be on the game.
We're gonna have Robert Hormank with us, and we're gonna come back with Ambassador Hormance here with all the news slow we've got again. We welcome you across the country. You're at Fletcher at Toughs outside Boston. You're in the classroom with Stravetas and you got admiralster vetas an ambassador of Horrormancing. You've got a piece of chalk in your hand. What are our aircraft carriers doing in the Middle East?
On a diplomatic basis, not a Stravitas basis, but on a Horrmance basis, What does our show of force doing.
They're projecting power, They're projecting the fact that the United States has not only the ships there, but the ability to use them. The question is how will we use them. We know that they have been used to a degree to shoot down Iranian drones aimed at Israel. The bigger question now going forward is a what is the United States going to do with respect to involvement in the war, And that would really depend less on those carriers and
more on B two bombers. If the US is going to use bunker busters, those are the ones that would deliver it. And that decision has not yet been made. But I'm sure is what the Israelis are asking us to do, since they don't have the power or the ability to take out these underground enrichment facilities, and therefore they want us involved, and Trump course seems to be reluctant to do that, although of late seeming a little less reluctant.
That's something that's even on the table. Do you think is the Are the Iranian people in a position that even consider.
That at the moment, the Iranian people are, but they do not want foreigners to be the ones to do it.
There's a history.
In Iran of foreigners intervening with respect to say to most of that, they still remember that the United States was involved in the overthrow of mosedk and bringing back the Shah, the New Shaw or the old Shaw now and they do not like the idea of foreign intervention. So they're very proud people. As you pointed out, there an old three thousand plus year old empire and regime change induced.
By we have no template here we do.
You have no temp We have no template, We have no ability to change the regime. And the Resini and the Uranians would resist that. If Israel did it or the United States did it, they don't want foreigners to intervene. If they do it ourselves, it's a very different matter. If we do it, it's a very different matter. And a negative boy.
I want to get this in now. We're going to come back with Ambassador Arvans in the state of our diplomacy in Washington. Maybe try to move a little bit away from the conflict at hand. Futures negative thirty folks, we have a seven thirty scheduled. The son of the former shah named the crown prince in nineteen sixty seven. I guess he's a crown prince in exile. But whatever, the family is gone. But is the remains there of a middle class, not a people that would seek out
some form of aristocracy, but would westernize their government. I see no evidence of that. Well.
I think a lot of younger people would like to see a more westernized government. I think a lot of older people might think bringing back the Shaw's son was a good thing. Don't forget They did the same thing in Spain. They when Franco left, they brought back the king. I don't think Iron's that way. There's a whole new generation that's pretty well forgotten about the Shaw, and the Shaw's son is actively urging that he be brought back
to preserve continuity and bring stability. But whether you can get a large number of people to support that, predicting younger people, that's a big question.
Well can you stay for the next section here? Yes, I gotta sell toothpaste. But please Bob Hormance with us today. What a joy to have Ambassador Hormance with us with just decades and decades of experience on this and speaking with authority of the generations, the decades of Persia as well. I have to go, Bob Horrmance with your not only your service to Secretary Clinton, but to Republicans over the years. You play both sides of the aisle within your diplomacy,
working forever with Secretary Kissinger, with doctor Kissinger. What do you make of this State Department? Where are Alexander Hamilton? I think he's got three jobs, if not four jobs. How does the Secretary of State do that? Well?
It is very difficult to do, and we've tried this experiment once and it did not work. With Kissinger, as you pointed out, he was Secretary of State and National Security Advisor at the same time. The roles are entirely different. Secretary of State represents the State Department. The National Security Advisor pulls all the agencies together and is supposed to be the intermediary for the Defense Department of the State Department, the CIA, and numerous others, and it is a very
time consuming job. One is to take a longer term strategic view. The Secretary of State is more proactive and more immediate in the kinds of things he does, and he has.
To travel a lot.
So I think that Kissinger himself decided that it was not a sustainable thing to do, and he encouraged Brent Scocroft to take over the job of National Security Advisor while he was Secretary of State, and it worked out very well. So you need the two of them to collaborate, but you don't want them to be the same whatever you're too much.
Whatever your politics. Paul to mention the caliber of a Scowcraft, of a Hormant's and the others compared to some of the talent we're dealing with today is just shocking. Bob.
You represented the US as a President's advisor and summit planner otherwise known as the SHERPA at six Group of seven Economic summits. What's a G seven economic summit? What's the goal of these G seven meetings?
Well, actually I started out as the first CHIRPA at Rombolier in nineteen seventy five.
That's because he could pronounce it. It was the only one in Americas, and I.
Spoke French and English, and their igguestion was in French and English. So and the French originally didn't want note takers or shurpas. Just when we want all these four year old when one of those twenty year olds running around, we want this to be a very high level thing with they wanted only the heads of state, not even
the ministers. So the answer to your question is that they can't remake the world themselves, but they can fortify or refortify the level of common commitment to democracies, to freedom, to free markets, to the kind of common values that we share among the US, France, Britain, Germany, Japan, Canada and Italy. And that is what they do for the most part by having the meetings themselves. The second thing they can do is they can be the nucleus of
new ideas. How do you improve the trading system? How do you deal with all these trade issues that are circulating around they were going to talk about and Mark Carney, who would work with me at Goldman, is very interested in AI, so he wanted to have conversations about how they can work together to develop standards on AID. The third, they wanted to strengthen, at least almost all of them
except one. US wanted to strengthen sanctions against Russia, and Russia was actually a member for a period of time. And Trump started out this meeting complaining that Russia was kicked out and should be brought back. They were kicked out because they annexed Crimea and the notion that if they were in there now, they wouldn't have invaded Ukraine while they were in it. They annexed Crimea. So this and also how do you deal with a resurch in China?
How do you deal with all the trade issues and other issues.
That's a good point of that China is a whole overlay here that.
The most of are European or Atlantic. But Japan's in there and China's affecting everyone. So how do we deal with them?
Professor Romance, I've got a call see in the hormants one oh two. So Paul, we got to impress him right now. If you look at the Imperial War Museum in London, they've got that map of Lawrence of Arabia, Yes, with Sykes Pecot exactly. And the answer is to French go from Syria in some vicinity of Persia. The British have the Persian Gulf Uae. There's all that tension down
there where in God's name of the French. In this debate, compared to what my childhood of Charles de Gaul dominant, I'm thunderstruck how tentative the French seemed to be.
Am I right, well, I would have a somewhat different perspective on that. I actually totally agree with you. The Gaul made himself a presence. He was the head of the free French by force of will and his strong personality. I just got back from Paris, where I had conversations, from France, where I had conversations with the French and actually with the German national security people and Macron, who actually was a Sherpa when I was a sherpist, so
we worked together very closely. He does want to strengthen the role of the G seven. After all, it was a creation of the French just started to saying, So he wants to strengthen and I think he will play a very effective role, as certainly will Mark Carney and
Mertz the new German bundes Chancellor. So I think that you will see him playing a very active role in this, both because he believes in it, he is committed institutionally to it, and I think he wants to strengthen first of all Europe's unity amongst itselves and second to demonstrate to the United States that Europe actually does have an interest in and the capability of playing an active role visa of the Russia and made all these other issues.
Thank you so much coming in. This is just really well timed and we very fortunately have you Robert Man as always the former ambassador. Of course, this wonderful book on America's fiscal policy, which needs an update, Bob. We need an update on your book on our debt our deficit in our foreign policy. See to do that we'll try to get there in two thousand and twenty six.
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The Sun Arises in New York with Stuart Kaiser. He's out of US equity trading strategy. It's city. It is so confusing right now. I'm just going to ask the basic trading question, where's the bet? Where's the speculation? On Wall Street? Is the street lawn? Is the street short? Is the street missed this rally?
I would say positioning probably seven out of ten, so that would put the street pretty long, Probably not quite as long as we were late February. In terms of missing the rally, you know, probably a little bit. You know, the first seventeen percent of the rally. I think we chatted you only needed to hold the market for sixty total minutes to get the first seventeen percent, so you know, you really needed to be invested at the right time.
So yeah, I think we probably missed a little bit of the rally, But positioning is pretty full right now, I'd say seven out of ten.
So what are people you know, the flow you see on your desk Stewart from institutional investors. Are they what are they buying these days? Are they buying the big tech stocks that seems to be the easy trade. Are they trying to be a little bit smarter, trying to find some value out there? What are they doing here?
I'd say the core of the rally was definitely in that large cap growth at tech stock, without a doubt, a tremendous re engagement in the AI trade post earnings when those hyper scalers really doubled down on cap X and I think the theme that's really resonated recently is power generation. So it's these utilities that are incredibly levered to the AI trade. All of that said, the last two weeks, that theme has changed a little bit. We started to see kind of smaller cap stocks, some lower
quality stocks, the shore getting squeezed a little bit. The Middle East tensions obviously stopped that kind of pro risk rotation, and we're kind of back into where we started starting.
I just I've never seen I think I can say this the retail all in bed and the confusion of institutions sitting in the turret at City Group. What's the tone that you see among I'm gonna use this word with quotes pros. Yeah.
Look, I think Tommy, the difference there is just holding period, you know, like the pod shops and a lot of institutional investors are so sensitive to you know, weekly returns, if not daily, that the volatility we saw kind of pulled them out of the market. Retail doesn't really suffer that that kind of marked to market risk, and they've been willing to kind of stay engaged in the markets.
If you look at data, though, retail did reduce their their margin loans in their in their personal trade accounts by about ninety billion in April, So retail did pull back a little bit, but to your point, for the most part, they stayed invested, suffered the pain of the way down also caught, you know, the entire rebound.
What are your hedge fund clients doing here are they Are they trying to be smart money and finding value outside of the just the market or they just playing SBX.
Yeah, I think they're trying to They're trying to be smart about stock picking it. The hedge fund community, I think got hurt during the initial ten percent draw down February to mid March. They kind of got their risk right after that, and for that reason, we're actually able to play a little bit offense like in April going into May. But yeah, I mean it's it's initially it's just get my beta on, but but right now it.
Is picking the right stocks. And now for the question of the day with Stuart Kaiser City Group, do hedge funds hedge anymore? Are they just as simple? Do they actually hedge or is it just basically guys running money for two and twenty they used to do it for eighty five.
Beeps, Well, they do hedge, and I think after February the other they're gonna they're gonna be hedging a little bit,
a little bit more aggressively. Look, I think if you look back at the beginning of the year, Deep Seek actually in hindsight, when that news came out, people think, oh my good this, this is horrible for a video, and then three weeks later we'd a new all time high, and I think it kind of gave people a false sense of security and perhaps to your point, on the hedges weren't on as as deeply as they needed to be in late February, but today they are after that drawnoun So we're gonna.
Hear from the Fed tomorrow at two pm press conference two two thirty. Do your clients put trades on in front of that or around that or they do not do that anymore?
Definitely do definitely do if you have if you have a view on you know, in this case, there's they're not going to cut rates, so you know that's not a trade. I think in this particular meeting two things will matter. One will be the economic projections we have. They haven't updated their economic projection since since the tariff news. And secondly, a little more qualitative is going to be what is the messaging from pal during the press conference?
How devilish does he sound?
So yeah, you'll you'll get directional views on equities, but you also get people trading the rates outlook, which in this case is not really relevant.
I have no clue on this. The answer to this question, are there losses out there? Are we going to see into the end of the quarter? Oops, we really had a bad quarter in trading losses or our losses if you will.
You know this quarter hopefully not just given the degree of the rally we've seen and volatility coming down. But you know, to your point, people make mistakes. It wouldn't surprise me if you did see some losses. But by and large, in the type of rally we've had, I think, you know, most institutional investors are feeling good, and to your point earlier, the regret is maybe not capturing enough of the rally as opposed to having lost money.
Stuart Kaiser will be with us again soon ahead of US Equity Trading Strategy at the City Group.
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Someone that talks in does in the short term paper market is Jerome Schneider. The miracle of his performance at pinmpcoint I looked at your on your track record a while back, and you're just done a role. How are you creating? I love this alpha in the short term space.
Yeah, alpha is one of those things that basically means how do you obviously create outperformance. And here's the interesting thing, Tom. You know, we're an environment right now, where as we just heard fixed income is very poignant, it's very topical. We're finding ourselves in a transition, perhaps of a market orientation which has been dominated by equities for years, and now the income generation that's been focused on more recently is quite real. Literally real is in terms of inflation
adjuster returns. But more importantly, how people are thinking about, you know, surviving the volatility the marketplace, it's income and how they're doing that has been most importantly beginning to consider fixed income. And the first place they do that
is cash. And so when you talk about return and alpha and relative returns, Tom, you know, we're really thinking about ways to actively manage your cash in this environment, given the uncertainty of outlook, given the opportunities to earn above market infleetion adjusted returns and doing so in a lower volatility output that doesn't necessarily underwrite equity risk. And that's really exciting right now for us in those cash markets.
And doing so requires a bit of skill, a bit diversification obviously the backbone of PIMCO resources, but all that put together doesn't necessarily mean that you're doing and actively managing your cash if you're sitting simply in a money
market fund. So the era of being in T bills, sweep accounts, you know, certificates, a deposit that we have seen for the past few years as rates moved higher is rapidly changing and where our job is really to sort of alert clients that they need to be more adaptive to the changes and subtleties in these markets.
How short is short term for you.
Guys, that's a great question, and you know we cater to a wide variety of clients at this point in time. Obviously retail investors are a good deal, but you know, family offices, central banks, et cetera. These are all clients who are focused on three things. One capital preservation. The second is liquidity management. And in that regard, how they think about it is they want relative returns based upon benchmarks,
and those benchmarks are relatively money market funds. We're finding more and more clients are adapting and shifting their focus on moving out that space, finding ways to be more adaptive, and that requires flexibility, meaning not just buying teap and buying corporate bonds, et cetera. And that flexibility adds to adds to the potential for returns. And so that's really where we're finding more engagement with clients.
So you didn't ask, you didn't answer the question. I mean, are they I can't wait for the Giants to play the Dodgers where Mookie Monsters going up against Devers with the Giants. I mean it's going to be painful to say the least. How far out is out? Is it out? To Paul's question, Yeah, out two years, out, two weeks, that's great.
So ultimately is it's more than overnight. And so what we're saying is if you have a need for overnight liquidity, stay in your traditional money market funds. If your liquidity horizons a week, a month, a year, two years, think about segmenting your liquidity into additional tiers of cash. And that's the power that managing liquidity is incredibly powerful to earning additional turns of one hundred to two hundred basis points more than the cash benchmark rates.
Jerom Schneider with US economist Short Term Paper Guy, is, well, is there a disinflationary vector? Like when you show up and you look at your three Bloomberg terminals the two Monroe traders you've got in front of you. Do you see disinflation?
Yeah, you know on the short term and the short visible horizon, the answer is yes. Is it going to remain consistently lower?
No?
And I think that's really what we're saying is we're dealing with a FED and hey, you know, we're going to use the word transitory once again, but they're dealing with the transitory era of inflation moving perhaps a little bit stickier and growth becoming a little bit more subdued, and that basically lends itself to be a little bit more thoughtful about how they're going to sequence out these rate cuts for the remainder of the year and push
some of these into twenty twenty six. So I hate to be myopic and sort of betting on the FED, because that's not necessarily how you make money in our short term markets, oddly speaking. But I would focus on the fact that in this environment, yes, these are comforting trends for the inflationary discussion, but there's reasons to think that perhaps some of these prices aren't being passed on to the consumer. In the near term, we might see some that stickiness evolve later on this year and into
twenty twenty six. That just simply means that we're not really close to that two percent FED target for inflation policy that they want to embrace. And so you're going to hear perhaps a little bit more, a little bit more compassionate plea from the FED chair, but not necessarily one that is going to give in entirely.
Jerrem Schneider, thank you so much. He's had a short term portfolio management.
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.
Joining us down in studio today for a really important conversation in the state the finance in America. Meredith Whitney is with a CEO at Meredith Whitney Advisory Group, but far more than a student on the banking American banking system. I'm dying to ask to get this private equity private credit. I don't think it was around twenty years ago. Did it come out of two thousand and seven? In two thousand and eight and what do you think of this beast right now?
I think you know, as you know in the economy, there's there's a void, it gets filled. And there was an amazing void created for private credit and private equity, but particularly private credit because the banks were charged so much for loans and they derisk they had PTSD and it's been a bonanza. I mean, how I focus on it. I've watched firms like KKR and Apollo of course, right, but the private credit side, which has now come into the consumer market, which is where it really impacts me,
I think is fascinating. And so you see consumer loan market being basically taken over by private creditor.
Let me cut to the chase. Is the Whitney radar up on this?
Wildly up? I mean, my MoMA, what's going on now? I think is so wildly exciting in terms of remember our product that called home equity. It's back with a vengeance, and private credit is basically taking off bank balance. So banks are still the eight hundred pound gorilla, but the new entrance there's an entrance figure technology that's already number
eight in terms of home equity originations. And just to put into context, home equity home equity loans, home equity lines of credit declined for seventeen years in a row, and just this past summer they started to pick up. And this is fed data. And at the same time you started to see forward purchase agreements going out to consumer lene anyone who could could originate loans private credit wanted to do a forward purchase commitment. So over forty
billion dollars for purchase commitments have been made since September. Wow, that's a staggering amount for an industry that's coming into And also the securitization market is going going bonker. So you know, my source on all of this is Bloomberg and.
You know the god for that and God.
You look at a company like Rocket, their home equity closed down. Mortgages are up forty seven percent last year.
You know, let's go back to nineteen You're too young for this. There's nineteen eighty seven. You're too young for this. There was nineteen ninety eight. My radar is up because I didn't see those things coming. Is that how Meredith Whitney feels now, Well, I.
Don't know that I saw the you know, Asian debt crisis, in Russian default in ninety seven, and I was in high school in eighty seven, so I it wasn't my radar screen. What what was very much on my radar screen was that the bond market was really impacted in ninety seven and the securitization market came to a grind ending halt. So today the capital at private credit is you know, quasi permanent capital. So if the securitization market closes, there's still going to be liquidity.
What is your view of the US banking system today? It feels like, since you know, the Great Financial Crisis, maybe the best shape it's ever been in. Is that fair?
Yeah, there's no doubt. I mean so the European banks are incredibly well capitalized. The ny've outperformed the US banks so far this year. It's a question of how the US banks grow. And I think the bet on the US banks will be if they get capital relief from regulatory reform. I think one of the things that you.
Do, you think that will happen, because President Trouble is talking about that during a campaign.
Yeah, I think it'll happen. So if you look at Michelle Bowman's recent comments and even her comments on the Hill, she wants to streamline regulation. Two thirds of banks of the of the twenty six banks, so let's take Bank of America and JP Morgan out of the equation. Two thirds of the twenty six banks over to hundred billion are considered unsatisfactory in terms of regulatory so they're in a penalty box. They can't do anything. She wants to change all of that.
Meredith Whitney with us this morning in studio. David Gerr waiting by in BAMF. We'll get to mister Gerry here in a moment. Thrilled to have Meredith Whitney with us on our Commute Your commute across the country on YouTube. It's our new digital distribution. Just humbled by that. At Lisa's been doing some nice YouTube stories about the reach where on Bloomberg Podcasts. Subscribe to Bloomberg Podcasts at YouTube.
The joy of Meredith Whitney research, folks, is there's the whole image thing in the decades of Meredith, the controversy, if you will, But the research is bulletproof. The written research is why Global Wall Street, whether they like it or not, agree with her or not, pay attention. You have a spectacular chart back to nineteen eighty of total mortgage debt, and it's all wrapped around seniors and how everybody in the financial business wants to get seniors' money.
What's the state of seniors in America? Well?
As You and many other shows and written talk about, they talk about the boomers being so wealthy, and that's just not true in terms of there's a segment of the boomers that's incredibly wealthy, but only one in ten boomers seniors can afford assisted living, and they're taking on debt at a more rapid rate than any other age cohort. So seniors own twenty five percent of total consumer debt outstanding.
That's that's counterintuitive because you think as you get older, you get more conservative, you have less debt, So twenty five percent compares to twelve percent.
In two thousand.
So it's if the economy was great, why would why would seniors be taking on debt. One thing that seniors have is they're sitting on a tremendous amount of equity and they're starting to tap into that. So seniors have at least fourteen trillion of tappable equity that they can access that could make them be able to stay in their homes longer agent place, maybe get maybe get private
home care, home health care. And they're doing it. So forty four percent of home equity outstanding is held by seniors.
I mean, if you let mom and dad buy private credit or private Paul helped me, or your better private credit wants to go to retail? Right?
Sure?
Am I right on that you have a longer term horizon?
I think so, because if I've got.
Five years left in my life, I mean depending upon like you just I don't think I don't you want liquidity?
Right?
So look at the universities that are selling their their private credit and private equity at a discount, like they need liquidity, like if you you know, I think it's for for an older audience. It's a tough for Seal Meredith.
Talk about the regional banks just for a moment, because when we had the Silicon Valley Bank, I think we all got smarter about the regional banking business and maybe the risk associated. Do we need four or five thousand regional banks in this country?
I don't think so. But you need community banks, so you need a presence, but you need you know, four thousand. You're the Silicon Valley situation. Was hiding in plain site. So that's on the regulators right for not addressing it.
I strongly agree with that.
It's a g capital now hiding in plain site.
Yeah, what's your single best buy right now? We got to go.
I like rocket and so far.
Okay, Meredith Whitney, thank you, thank you so much, greatly appreciate it. Don't be a stranger.
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 in.
The newspapers here with Lisa Matteo. Always important, Just just an incredible set of stories to embarrass us by Lisa. What do you have?
Okay?
So this Friday, it marks a special movie anniversary. It's the fiftieth anniversary of a movie that made people afraid to go in the water. Oh you know the theme song June twentieth, nineteen seventy five, That was the day Jaws was released. It basically invented the summer blockbuster. That's exactly what it was okay. So the Wall Street Journal has this inside look into the movie kind of some fun facts that you might not have known. For example,
that theme song. Steven Spielberg actually didn't like it. He really what two keys?
That's it?
That's all you got for me?
And he was.
Twenty Spielerg was twenty six when he started working on the movie. It was a disaster production. There were equipment malfunctions. They thought the audience would laugh at these mechanical sharks. They had a tight three and a half million dollar budget, no star salaries. They were using people on you know, Martha's Vineyards for extras.
Yeah.
No, And remember, of course, what's the most famous line from that movie, right we're going to Yes, that was improvised.
It was in scripted. So all these little tidbits.
Now Martha's Vineyard, it's going to be packed. They have a lot of tourists going out there, you know, for the fiftieth anniversary, and they have NBC is showing it Friday.
That's scared that people will know better than me and Paul. You lived the Southern Jersey shore, the southeast of Martha's Vineyard. When your kids are in the water, you're just always watching clothes, always watching about it.
Next.
Thank you so much for doing that. It did scare.
Okay, So did you ever say, I know you haven't, but people listening, have you ever sat in the line at the Costco gas station? It's very yes, because they have the best prices, it's cheaper gases, but the lines are really long. So Business Insider has this look that says they're planning to build a standalone forty Bay gas station in the supperb of Los Angeles, about two miles from where it is. But the problem is because it's backing up into the parking lots and people are upset.
They're like, we just want to get the food, we don't want the gas, and now you know, there's this big line and I can't get to the store. So they're saying gas is really a big business. It draws memberships, you know, it's part of the reason why I get the membership too, so you can get the cheaper gas.
Do you get your gas set?
I do every time I go, I wait in the long line.
And how much cheap there?
It could be probably about ten cents or so. Yeah, yeah, yeah, it's a big it's a big difference.
And a good savings doing personal I get in the voice exactly. Can you charm us with one more? Lie?
Yeah?
Okay.
The latest Nielsen data it shows a shift in how people watch TV. This is really interesting. So in May more Americans watch TV on st than on cable and network television combined, the first time it's happened for a full month in a row. So Nielsen began comparing these two right since twenty twenty one. Younger viewers always the firus to jump in. But here's the interesting point. Boomers
are the big part of it. They're streaming more those over sixty five, particularly platforms that are free, for example YouTube. They are the fastest growing age group watching YouTube off of a TV set. Those are the boomers. They like other free streaming services like two b Roku, Pluto like. Those are some other ones, but the boomers. Big thank you to them for kind of helping boosting the streaming numbers.
Lisa too, Thank you so much for the newspaper. It's very informative. There's aday we should do it twice to show you think.
Yes, Lisa, No, 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 Easter and 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