Bloomberg Audio Studios, podcasts, radio news, single best idea on a really interesting day. I thought it would be much more FED driven. Thank you Sarah House at Wells Fargo for a good FED briefing. Michael McKee from Washington. He will be in the press conference all and most importantly Michael McKee suggesting we are far from a snooze fest and this will be truly one of the most interesting FED meetings, statements and press conferences in years. Alicia Levine
with US with BNY continued optimism on the market. She's been absolutely dead on about you got to be in the market, you got to play to be in the market. She looked at the valuation of the MAG five, the MAG six, the.
MAG seven on a relative basis, the tech stocks are cheaper than they were twenty five years ago. On a cash flow basis, they are just batting it out of the park on free cash flow margins. And on the operator you can.
Say, like Aaron Judge, you won't insult it.
So, I mean, these are different companies, but you know, keep the main point, the main point, which is that the FED is cutting into an increased earnings cycle. Okay, S and B earnings estimates are moving higher. The FED is cutting into it. Banks that are all at are at all time highs, hence the melt up. But I think global managers are under allocated because the flee America
conversation was everywhere. I actually wrote a piece about how ridiculous to the flee America trade is because where you where else are you're going for innovation and global and growth and margins and earnings power.
Alicia Levine with bn Y and I really have to say that one of the interesting correlations before the FED meeting today was dollar dynamics. This morning, for example, the euro at a one eighteen level, is that the strongest euro since September of twenty twenty one. That's really an important benchmark. That's one I wouldn't normally watch euro dollar off of a FED meeting, but over the next coming days that will be fascinating to watch. Certainly we could
say on a Tuesday, the dollar gives way. He is at no Murrah. David Sieff is really really quite good with all of his work, his academics at MIT and at Harvard. At Harvard a few years behind it was a Mirran doctor Mirron and David Sief of course with real graduate level experience with a new Fed governor. Here's David Sief this morning.
We clearly have more of a debt problem than we did twenty years ago when Steve and I met, I would point out that that this this has emerged from president to president, from party to party, and so clear deficit reduction has become more of a priority over time. The OBBBA didn't really cut the deficit compared to what it could have potentially done. But at the same time, the tariffs, love them or hate them, look like they're going to collect on the order of four hundred billion dollars per.
Year addicted to that, aren't we.
That's that's really the great word to use. The tariffs are something where it would take a generation to get rid of them, because where are we going to get the money to replace them?
Unbelievable comment so soon after the advent of the Trump terrorists. David sef is with no more on our podcast Nationwind Special. Good morning, the Philippines. Wonderful to have Isabelle Lee with us with their leadership and Bloomberg Equities this morning on Apple podcasts, on Spotify and on YouTube podcasts. It's single best idea
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