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A single best idea A four hour broadcast today. What a set of conversations given the newsflow. As Lauri Calvicina said, she was celebrating her mother's day and the world paused and turned upside down about four pm Sunday, Wall Street time, and on we went, and on we went. Today. We blew up the show two or three times. It was just great to start strong with Jeffrey Ewitt BNY really quite exceptional at pulling together equities, bonds, currencies, commodities sent
most of the time in talking to him about tariffs. Here, Jeffrey, you unchanged American exceptionalism.
US exceptionalism means you buy stocks, You buy US stocks, you buy US bonds, and you buy the dollar. We think that the only thing which may decorrelate slightly or not just be as full on is on the dollar side. So to compensate for maybe a little bit more risk premia due to the recent uncertainty, is a softer dollar. But again, this shouldn't be seen as a bad thing. A it's something that the Trump administration, perhaps on and off,
has been talking about. But b what if US companies become exporters as well, then you can benefit from that FX earnings translation that Europe, Switzerland, you know, Japan and even China Asia they always look for So that correlationshift is perhaps taking place. But don't read it as a negative for US exceptionalism, at least not yet. Let's say, if US companies can adapt, I.
Would suggest a different type of uncertainty on this day versus seven days ago or seven months ago. Jeffrey, you with being why what approves you have? Hugh von steinis with us. He was with us, and then I think he went to Milton Institute out in LA and was back again in New York City today. So we spoke to the vice chairman of Oliver Wyman with all of his respective on continental banking and finance, and of course QVA and Steinas and the exceptional turmoil of his United Kingdom.
The great advantage of the UK for many years was it was mid atlantic. It had didn't have quite the US growth rate, but it certainly was growing faster than Europe. Unfortunately, since the financial crisis were particularly since Brexit, we've lost that UK exceptionalism. In fact, in a way we were exceptional compared to Europe and now where we've actually the end of UK exceptionalism in twenty sixteen was really the right and actually my Prime Minister m Carney was correct.
The Brexit was economically, at least put to one side, politically a poor decision. So I think that we're trying to get our act together again. I think one thing that the President here has really shon a light on is like the terms of trade internationally. The UK's terms of trade with its nearest counterpart is now poorer. So is there a way to put the politics one side
improve trade relationships? And if you want to us of a hail mayor, it would be if Canada wants to actually have lower tariffs with Europe, maybe there's an opportunity for Ukraine Canada UK to end into a much lower tariff zone.
Here Von steinas of Oliver Wyman, of course the service to the Bank of England with at the time Governor Mark Karney now doing other things in Canada. Thank you so much for your attention today, particularly thank you to Eric and our team for just blowing up the show literally three four times here over the last twenty four hours on your commute across the nation. Thank you so much for your attention on Bloomberg, I should say on YouTube,
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