Reaction to the Fed's Rate Cut

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That's too sophisticated for me. I mean, I find the whole incredible amount of energy that people spend on the FED day more amusing than informative. You know, think about it for a second. How much ink was spilt about whether the Fed with lower twenty five or fifty? All right, so they lowered fifty, and then what happened? The market had no reaction, just went up and down. Nobody knew what to do. And today the market's up huge, but rates are higher, so you know, you put it all together.

So what other than you or I guess in the context of the economy, what are the drivers for kind of whether you're bullish or bearish, what's some of the big variables that you've find.

I've gotten thematic more thematic in the last bunch of years. And I think that there are two great equity themes of our time, and we try and focus our portfolios as much as reasonable on those themes, and those are AI, slash tech and infrastructure. And I think those themes will last for years. They'll be variations, you know, on the infrastructure side there you know, politics do matter, but the overall theme will continue.

Paul, let me interrupt with the data check here as a market surge, Dow up five hundred and sixty six points on a percentage basis, the market lifts here at nine thirty three, greater than futures NaSTA cup two point three percent as Paul predicted, the vis comes in sixteen point four zero on.

The AI trade, Steve, how do you suggest people play it? I think the first name people kind of jumped on was in Vidia for good reason, because they put up that big revenue prints a couple of years ago. How else are you trying to play this?

So, I mean the way we play it is where most people are playing it. In Vidia, some other chip companies, the very large companies with massive databases, you know, then the question becomes, you know, what apps and who's going to create them are going to work? And I think that is so early right now that it's really not worth talking about.

You know.

Just as an example, the part of the business of accenture that is doing extremely well is not the consulting side, which would do when companies are spending a lot of money on AI. It's the outsourcing side. And the reason why the outsourcing side is doing well is that most S and P companies do not have their data sufficiently in one place, structured appropriately to even do anything with respect to AI. So it's very very early in the

Used to be within the skill set that you've earned. And at Newburger Berman, do you people believe the capex expenditure of technology is being done intelligently and efficiently or is there wasted money being squandered away on AI?

I mean, I'm sure both. It's you know, we won't know. We won't know the answer to that question for years, so I don't think it's worth trying to figure that out at this point.

So how else do you think? I mean, it's.

Are you A lot of folks are concerned about this mag seven is concentration risk?

Just as a market concern?

Do you have this market structure concern that so much of this market is weighted towards these MAG seven ors that beyond kind of well, I think.

One interesting aspect of that it'll come to that is that many active managers, probably more on the institutional side, underperform because their risk parameters don't allow them to overweight the MEG seven because the megs so big, and it's probably going to continue. I don't think we will really see a broadening out until we see apps come out so that some of the middle more middle companies can do that. But that's we're ways away from that.

Do you have a favorite mag seven?

Is there one where you I don't want to talk about individual stocks. I'm just not gonna do that, right, I get into my firm gets me into trouble.

The firm gets you into trouble. You don't get yourself into trouble. Okay, I got it on the list.

On the infrastructure theme, yes, do I go out there and just buy like Cummings and engines and.

Well, let's let me talk about that because politics are important. Okay. So I think that there are four mega infrastructure themes, and then there's a fifth. The four are on shoring. The second is you know, improvement of the grid yep. Third is everything having to do with actually building the data centers and that is overlapp there with the grid. And then there's then there's gratification, and then there's all the bills that Guiden passed to shove money into all

Steve Weisman with us, and we will continue here. Let me do a data check here with the markets and the move SPX, Dow records, Dow up five and forty points to the solid forty two thousand print in the Dow fifty seven hundred, SPX up eighty six points, Nasdaq one two point with Steve Weison.

Steve, how you, how concerned are you if at all?

We're not on right now? What's on? We're We're on, We're on Ali's far radio. It's hard to tell you.

Yeah, with the red light. You make it easy. The red light. Yes, that's for me.

I've just learned something.

Exactly, all right, valuation.

How concerned are you, if at all about this market broadly?

You know, I think I learned this lesson in the dot com bust. So you know, when when dot com was rocking and rolling, everybody was yelling and screaming about evaluation. But that didn't matter until there was a recession and it turned out that a lot of these companies had actually fundamental problems. So I don't spend I mean, generally speaking, I'm not going to invest in a company that sells at a thousand PE. That's just not what I do.

So the economy, I mean, from what we're hearing from you, the economy really is underpinning almost everything you foundation. I guess of how you view investments correct? Okay, how about on the fixed income side, what do we do there? I mean I can sit in it to your treasury. I used to get five percent. I'm still getting three point six percent. That's not bad for you know, like no risk?

What do I got there? And takes my credit risk? Do you think?

Look, we do some corporate bond investing, but mostly what we do is equities. Okay, I'm I don't have a strong view on fixed income right now, one way or the other. I really don't.

You have alternatives in your portfolio.

I don't have alternatives either. I'm just a stock jockey, stock jobs, stock and I always have been.

Okay, we got to talk banks here in Financial with Steve Iceman. Here's a quote. So, yeah, I met with this retail banker yesterday, and I'm supposed to be getting him to invest in her fun but instead I start grilling him about our overdraft penalties. And now was bank, let's a customer write ten twelve checks before they tell them they're overdrawn. And this creep is making billions off of screwing over people.

This way script that sounds like a much younger version of me. It's from the script A very angry young man, A very angry.

Young man from twenty fifteen. Can you buy New York big bank? Can you buy the future of Bank of America? You know, not individual stocks, but can you buy the big bank success of the future.

So let's talk about what the positives are. The positives are that the regulators did a very very good job post Dodd Frank led by vice chair Daniel Torulo, truly one of the unsung heroes of the financial system. The leverage in the banks is cut by more than half. Even within that leverage, they have been de risked. So the financial system of the United States, as far as I'm concerned, is very very safe, and I don't lose any sleep about it. And by the way, I sleep

It's too important. I got to get this in lex in the Ft today, blistering about private equity and the ability not to cash out. Do you see potential problems within the illiquidity of private equity?

You know, you could spend any bad tail you want. I don't know. There's just not enough data on what's in private expert to really know one way or the other.

You can't make that.

I can't make that judgment.

See that. You know his lawyers love him, you know, won't do individuals.

My lawyers love me.

You know.

One time, in this quick story in the nineties, Oppenheimer got I was a Oppenheimer, and Oppenheimer got sued over something that I had written, and and there was you know, it was discovery, and the lawyers called me and said, send us everything you have on this company that you wrote about. And I sent it to them, which was only the reports that I had written. And the lawyer called me and said, what about your notes? And I said, I don't have notes. I don't take notes. He goes, I love you.

Guys, thank you so much. We love you too. I greatly appreciate it. Streisman is with Newburger Berman some perspectives there given most interesting times. Julian Emmanuel joins us. Right now, can you send thanks to Edward Heiman ed Heiman and tell him thank you for appearing generously ten eleven, twelve days ago and then coming in with your redo call

Well, I think if you go back and think about it, Tom, what it does is, you know our business first of all, forecasting things is difficult whether you're an economist or a strategist. But as part of the process again, you know, Kin's is famous for the statement when the facts change, I change, what do you do?

Sir?

We went through that same thing ourselves at midyear in terms of taking our price target up to six thousand, essentially recognizing that this environment is totally different than anything right any of us have ever seen.

And with immense respect to CJ. Lawrence and what Edheimen invented years ago is the distinction pandemic, fiscal stimuli or is it a new productivity we don't understand well?

And the kicker is is that it could well be the new productivity we don't understand. And clearly, you know, you wouldn't have seen the announcement of this massive deal for building AI, you know, power plant type build out that we've seen in the last couple of days if there were not the belief and we share that belief that AI is absolutely going to underpin productivity in the long run.

Here, what did you make yesterday of our fetter reserve and kind of what they're messaging was, what'd you take away from that?

Well, it really was an example of again getting the dual mandate back squarely in focus, but also reinforcing the message we're cutting because we can not because we have to, and this whole idea that they know something that we

So, given what we've heard from the Fed yesterday, given what we know about I guess earnings, is it full speed ahead on risk assets?

And if so, or do you see the opportunities?

So we do continue to be very positive into year end, and so far twenty five looks good to us as well. You know, part of this narrative again is the FEDS behind us. We have earnings that will once again when the reports start in a couple of weeks, confirm the fact that second quarter was not an anomaly. That yes, the other four hundred and ninety three stocks in the

What does the I do to go to you know, Edwards in and of course I start with trucking statistics because that's what he's doing. But what what is the dynamics of corporate and business investment given the madness of the last twenty four hours, Well.

It's got to be plus plus it is. And again we've been doing this while and we try to tempt you know, it's curb your enthusiasm the legendary comedy show, because part of what you don't ever really want to do emotionally in the last twenty four hours is a perfect example of this, because the initial reaction was disappointment to weigh to way the market traded, and then all of a sudden this morning we've reassessed and it's full

To take on new technology, yep, it's understated.

How about old technology I mean here in a two year treasure, we've gone from five percent yield down to three sixty During that period of time, stuff like utilities and roots have done well. Are they more to go or to take some profits there?

So so from our point of view, we've trusted in what we call the Fed rate cut Playbook, and basically what it says is that a lot of the move on the long end of yields is done. You know, frankly, you've come in one hundred basis points on the ten year yield. If you're not having a recession. We don't think you're having a recession. And the best of inflation is just recently passed. Not to say that inflation won't

Single point SPX twelve months.

Out, well, come on, I can't do that until we put out the year ahead. But frankly, you know, we do think, particularly if you think about past valuation paradigms, we're expensive at twenty four times, but we're nowhere near the twenty eight to thirty times. We've seen in prior peaks, and the feed is with us and productivity is with us.

Juan Emmanuel, thank you so much for that. Hymen Evercoret this morning, let's talk to a bond guy. Sure that's great. What an equity response we see here? Joining us now, Jim Caron, he's at Morgan Stanley for an extended period. He'll join us across his half hour. So Jason Furman's out yesterday and he's got his offspring, a teenager, emailing dad in the middle of the FED meetings saying you were wrong. I was wrong. I didn't say what my

I think we were thinking too logically about it.

And by the way, Jason Furman's offspring's response is probably what my offspring would love to say to me as often as possible. So look, I mean, fifty basis points is absolutely a justifiable number. It was a close call. I think why we were wrong is that there was a component of Powell wanted to probably cut interest rates in July, and I think if you look at the dot plot and you look at the makeup of this decision. I think he kind of strong arm the committee and

And I think that's that's why it was such a close call.

And I think it was a judgment call, but I think there was a bit of strong arming that came through there.

So that's hard. You know, that can break either way.

We had a dissenting vote there, and that's no visual. What does that tell to you? Is that what does that telegres.

You know, it's been like nineteen years since we've had a descent on something like this, you know, during like a rate cut. Like look, look, I mean it tells me that Again, I'm going to go back to.

The dot plot.

If you look at the dot plot for twenty twenty four, there's a lot of cohesiveness. Okay, we've got a contristraates, you know, we've got to get on the move here. When you start to go out to twenty twenty five and out to twenty twenty six, there's a huge amount of dispersion of opinions across the whole thing. So I don't think this is just a done deal where the Fed Okay, that's it. We don't have to worry about it anymore. Gordon cut two hundred and fifty basis points.

I don't know.

I mean, like, look, if the economy is really slowing, I would imagine that the employment rate goes up.

And you know, you're not going to get my opinion here, folks, but I am going to say what I'm going to observe around what Jim Kurrn just said is a three month moving average of non farm payrolls. David Kelly over at JP Morgan, that's another bank. I don't know if you're familiar with them. David Kelly says, look, you're going to get a vector to a three month moving average. It could be a negative statistic and that would be

Right, So look, we can think of this.

You know, the fed's decision is almost like a talk about physics, a three dimensional problem.

Right.

The first dimension is where is that neutral rate?

Now you just highlighted a two point eight seven five percent, Let's call it three percent.

Finally, let's just make that three percent.

The second question is how quickly do you want to get there? And the third dimension of this whole thing is the unemployment component. Right, if the unemployment rate rises fast, then they're going to move fast.

Right.

So what my view is is that if we.

Are in an inflationary environment, and I still believe that we are in one inflation stable for now, then that means that the Fed does not have a free shot at just cutting interest rates as aggressively without inflation picking up, and that could slow their rate of heightens Can we.

Just spherical geometry?

Do it?

For George Struick of MIT years ago? But the bottom line is the elasticities of the x, y and Z axis there are different I agree with you that the mother of all elasticities for your post election is the labor economy and the unemployment.

Right right, Yeah, And so my suspicion here again this is a suspicion, is that one of the things that triggered the Fed to move as aggressively as they did is that they may may think that the employment situation is worse than what the data is actually telling us, and that they do need to move quickly today.

So this goes back to.

The thought that if they go fifty, what are they telling the markets? Should we be nervous. I'm a little concerned here and I want to be very clear about that. I want to admit that that I think the unemployment rate is probably really higher than what is actually being forecasted in the data. And remember this data gets revised all the time, and I think, as David Kelly was saying,

A period of time that data is maybe not as accurate.

So look, I mean all of the statistics that have been coming through, well, first of all, we had an eight hundred and forty thousand revision to payrolls, you know, lower than what we thought, right, So, like the run rate is much lower, we.

Got that, we got that last month.

We have a significant amount of immigration, right, so we're still trying to calculate all of the people. Like the labor force grew. When the labor force grows when the economy is really strong and the unemployment rates three point five percent, that's great. When things start to slow down, a really large labor force is actually can actually be a little bit of a dead weight drag on the economy because what that means is that you have a lot of people looking for a and less jobs available.

So go mertiner telleb on you. The point here, folks, of all this blather, which only Jim Karen can do with this prodigious physics ability, is there's an assume belief that we have a resilience what the physics world will be tensile strength to withstand these shocks. Blooney, we don't nobody listening except for old farts understands it. A five percent unemployment rate changes the dialogue.

Yeah, absolutely.

I mean look, I mean you know, you know this is where the markets really start to lose steam. And I think this is what the FED is worried about the most. So what they're communicating is that they will be very aggressive in order to defend that four point four percent unemployment rate level. And that's what we have to watch because it may be difficult for them to defend.

Jim, you're sticking around, You're not going ahead.

I still want to talk Jets Patriots, by the way, it's their best game of the night.

It's the best game of the Whost season, by the way.

Wait wait wait, wait, wait wait wait. Larian came in yesterday because he got tickets to the Jets. Is that why you're here today?

You're going I'm a Patriots fan. No, I'm not.

I'm just beside. Take a note. We got to get Jim Carron and Muhammad Hlarian together. Yes, I just got an emil from Boston. Enough of the Jets. Now, Sweeney won't talk about this because the future Tom Brady's a U n C guy exactly, But I mean, you got Jacoby and this guy from UNC. Is it a rebuilding year for the Patriots or is it? Like, let's go now.

I think it's a rebuilding year.

Look, I mean the Patriots have had some you know, has had a tough go of it. But this why I'm excited about the Jets game, right, because the Jets. It's always kind of random with the Jets, right, you just never know what you're gonna get. I know, their favorite to win, their favorite to win by about six. I think the total points score in the game is just under forty points, so it's gonna be a relatively low scoring So it could be very interesting to very evenly matched.

Well, we didn't want to talk to you about this. I want to know who's doing better, Brady or Belichick. Brady's doing better, Yeah, I think so.

I hope You've had a whole generation of Patriots fans that have only known winning and winning Super Bowls.

What's the mindset for the folks depends how all that Patriots are, Okay, because I have like maybe twenty years of really really bad memories, right right, So yeah, very true.

Let us continue here with Jim Karen and Morgan Stanley and and where we are yesterday. A lot of smart people, we're talking the Jim Karen dialogue. They're watching spreads. Tell me you're mortals, now, how odd your bond market is in what spreads will do given the Powell's soft landing.

So this is this is positive for risky assets and credit spreads. Just broadly speaking, Powell is basically saying that he is going to stand behind and support this market. If we look at default rates, default rates have been coming down, specifically Tom default rates have been coming down even in the triple C space, So even in the part of the credit market that people are worried about the most, so the lower credit echelons, triple c's, those

I mean, I'm looking at the iend go function on the Bloomberg terminal, the Bloomberg Bloomberg Index browser. Boy, the best return has been in that US corporate high yield market up seven point five percent year to data. I mean, that is really strong, particularly given the brutal twenty twenty two. The fixed income market dealt with a little bit of it thanks to November December twenty twenty four.

Twenty three came out okay, but issue looks pretty solid.

Yeah, So fortunately I'm happy to say that we've been overweight high yield all year or so, even counter to popular you know views.

At some points.

So look, high yield has two things going forward. Number one, the majority of the high yield index is actually the higher quality is actually double bees, which means that high yields has a longer duration, so they have more interest rate sensitivity built into them. So as rates start to come down, high yield is also getting the benefit of the decline and interest rates in addition to the decline and default risks, particularly in the lower credit segments of that overall index.

Which is which are the triple c's.

So put those two things together, and high yield starts to look very attractive, or it's looked very attractive. It's it's becoming, you know, maybe a bit more pricey right now. But there's no reason to believe that you're not going to really get that coupon minus some of that default risk. And that's what the markets are betting on right now.

You know, as a former investment banker, I pay attention to new new issues and the equity markets, and in the bond market, boy, the bond market, they've been issue has been coming to market like crazy do you guys pick up the phone when they call you.

Look absolutely and talk about issuance and technicals and supply. One of the things that's been interesting about high yield is that the technicals are so positive that the net supply of high yield is negative, meaning that you know, so there's been gross issuance in the high yield market, but on net there's been more things maturing and you know, versus what's been being issued, so on net the supply

Wow.

So what do we do here? I guess, you know, think about total risk here?

Where do I go?

Where is it better equities, fixed income, alternative investments? Where do you guys see the best opportunities? And I guess what is a solidly declining interest rate environment?

So so let me say that we're also overweight equities at this point. We have more of a risk on until towards EC The thing that we have to recognize here is that if you look at twenty twenty five full year earnings for equities, it's around two hundred and eighty dollars.

Now.

The view there is that you would get a PE multiple decline, it would come into like nineteen nineteen and a half, and that would suggest that, you know, maybe earnings come down as well and you get a lower equity price. But what's starting to happen right now is that two hundred and eighty dollars earnings number for twenty twenty five is becoming more believable. People are assigning a twenty or even a twenty.

One PE multiple to that.

So you're getting numbers that are getting up towards that fifty eight hundred and fifty nine hundred, and I know that's you know, obviously what's going on today, all of that is.

Getting pulled forward.

That's my concern with equities right now is that we're pulling forward all of that twenty twenty five potential good news, and it's happening right now. So now as we go forward, it's going to be about show me, show me the data, show me the numbers as we move through the fourth quarter, as we move through the first quarter, and you know, we're priced, I don't want to say to perfection, but pretty close.

So what if we pull forward buns, price up, yelled down, spreads it, you know, odd levels to say it's the same thing in bonds. I'm sorry.

So you're absolutely right, and that's why we're underweight fixing. We're underweight duration here even though the Fed's cutting and we expect because the markets have already priced this in right, we're already looking at a ten year note that's around three point seventy five percent, a two year that is not three point six percent. You know, if the yelkur steepens, I mean, how much further can these bond.

Yees go down? Even if the FED goes to three percent? I mean, how much further can foniles go down?

Can we link our ute? Let's do this now with James Karen. I went up to Orno where they have a black bear to see a total eclipse of the sun as a wreck at my father was in and we had to stop at Boden and stare at one hundred and thirty two year old observatory. It was like the original thing. A student died in a rock climbing accident and his father put up the money to rebuild that puppy in Boden. Did you go into that observatory as a kid in physics?

Absolutely, it was a right of passage. Yeah, you had to get joy it.

Yes, I mean now it's such a historic thing. Absolutely, Yeah, there's no question. And that eclipse was pretty interesting this time around.

Yeah, it was great. But the Boaden what's explained to our audience. What's it like to be a brady nineteen year old in physics and you got to sit there and put your eye up and say, oh, that's the moons of Jupiter. Mean, it gets you right back to the sixteen hundreds.

It's humbling it, There's no question. It's a humbling experience when you're surrounded by so many smart people and you realize that you know as much as you want to, you know, think, you.

Know, think of yourself.

You realize that there's a bigger universe around you, and it gives you a lot of perspective. And I think that's the one thing that I really learned and took away from that.

We got to do you and l Area and at some point your patriots and just Jip Careen thank you so much. With Morgan Stanley really informative there. If you look at somebody's Razumi on LinkedIn, you can say, well, this was easy, you know, you know, you drop by the Treasury and you do some John Taylor kind of Johnstone International stuff, and then you go to the White House and the worst coffee in the world. They serve coffee and styrofoam cups at the White House. Everybody goes

It was actually a small seminar. So even worse, he's not an intimidating at all. He's just a sweet historian. He's very into details and very meticulous in his impairicle.

Work, in the empirical work. Bring that forward to where you are with a question the most influential call in American economics that you forget about our started Williams. That's old news birth debt in our misguess on the labor economy, how oft the mark are we right now?

I think my estimate is that every month the non farm payroll is overstating by an average of ninety one thousand per month. So if the three month average moving average from June, July and August is one hundred and sixteen thousand, I mentioned that yesterday though, so basically the true underlying pace is probably closer to twenty thousand.

Does that migrate to a negative statistic as David Kelly and JP Morgan talks.

About, Well, I think that would be very close to saw speed. So if the FETs an estimate of a even pace of job growth required to stabilize unemployment rate is about two hundred thousand, and the economy is only producing twenty thousand per month, yeah, then that that.

Was well, that's jargon. Small speed is what the Boston Red Sox are doing right now?

Continue Why are the overcounting again? What's the miscalculation? Right?

So, in an economic downturn, there's just a lot of firms going, you know, bankrupt piling Chapter eleven, and we have seen as a mid year a thirty one percent rise in Chapter eleven filings and at the same time business formations is slowing. So as a result, the BLS estimate the job growth from net birth and death firms right because they tend to get these data only a year later.

With the QCW. Powell mentioned qc.

W yesterday, I predict that the qc W will be the next CPI supercore Like now that Powell has mentioned that he's going to mentally adjust the non farm payrolls according to qc W, everybody would be paying attention to the next qc W update, which we would be for the second quarter. We estimate that the second quarter actually did see a sharp rise in bankruptcies and slowed down

Well, is the Fed now behind behind behind dealing with the labor market, do you think? And that may be one of the reasons why he went fifty basis points in not twenty five.

So Powell did not acknowledge that, but but I think they are now back.

On the curve. They used to be behind. Now they're back when.

You look at the Let's bring this back to English. Okay, let's move away from your you mentioned Imperial professor Eichingreen. Let's move it to English model what you just said over to the tip point. Mentally, in the country of four point x five point x unemployment rate, when do we emotionally get into stall speed on the unemployment rate?

That is the hardest question I've ever heard, emotional stall speed.

You know Austin, Goldsby and Booth would have done that. You know, come on, I mean, when does the unemployment rate become politically painful in this nation?

Hi?

Ana Wong? Is it four point five point one per do I gotta wait for six?

Well?

Four point eight is there already? In fact, now is already there. You talk to anyone on the street, they will tell you not Wall Street, Main Street. They would tell you that it's hard to find a full time job. They can only find part time jobs, and they have to find a lot of hard time jobs in order to pay the bill. And in fact, this will show up in the household survey data if you're drill into

What is the immigration policies or experience over the past two or three years with a lot of the migration coming in on the southern border, how does that affect Again, what's the analysis showing you how's that affecting the labor market?

Yeah, so, our estimate is that the unemployment rate of the new immigrants who came in since twenty twenty two is about eleven percent right now, So I think they it takes time to integrate them in the labor market, and during this transition period is when they could push up the unemployment rate.

So it really.

Depends on whether the labor market is healthy enough to quickly absorb them.

Okay, I got time for one more question because you didn't answer my last question. You went around it like a pro. The answer is when does the unemployment rate become stressful for all including the Central bank? Near that or does Anaalog frame that out to June of next year or even out farther. How close are we to labor stress?

So if you think that four point eight percent is when people are obviously alarmed about the possibility of recession. Then I think in the November payrolls, it's possible that you could see the unemployment eight rising to four point five for sec.

Here November, first week in November, first.

Week of December, November one, so that would be the October payrolls. It's possible that that, judging by the unemployment flows, that could show four point five percent.

I rarely do this, Paul. I'm going to editorialize that Powell set these people down at the FED and he said we got to get out front of the November October payrolls, November first week in November, right around the election.

At that point, what's the greatest risk here to this economy right today?

Is it the labor marketing?

It is both labor market and the election.

Ah me go there next time I drag icon Green in here, you gotta show up.

You know, definitely Advisor, we got we gotta get.

You both in here. He's been huge support for decades for me and his paper at Jackson Hole. Last year on debt and deficit was outstanding. It was really got some splash animog. It's August I can't call you the Economist of the Year yet. It's too early. It's like the oscars. I gotta wait. But you're killing it. ANAMG for Bloomberg Economics and with a team around her internationally extraordinary. We're doing great work. Of all. How do you get a job at Bloomberg and work out of Barcelona?

What is that about?

Let me know if you figured out Madrid.

I mean, you know, it's like it's unreal. Animong there on your labor economy into the end of the year. This is a Bloomberg Surveillance podcast, bringing you the best in economics, finance, investment, and international relations. You can also watch the show live on YouTube. Visit the Bloomberg Podcastest channel on YouTube to see the show weekday mornings from seven to ten am Eastern from our global headquarters in