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News, the single best idea first day at June, first business day at June, final bunt of Q two, Uncertainty in the air, in the ground, everywhere, and it was just an odd, odd Monday. So what you do is you don't so much blow up the show as you piece it together. In our team, Eric and the interns, they pieced it together in the six to seven, even
in the eight o'clock hour. What an honor to have Olivia Blanchard with us today to make comments on the life of Stanley Fisher is just magisterial for him to talk the stories we talked about. Oh the time Samuelson was so angry he grabbed the chalk out of stan Fisher's hand, through it against the wall. Blanchard said, Madigliani was actually worse. Great vignettes there, but also there was a weaker dollar on short notice. Thrilled to have Jordan
Rochester with again from a Zuo piercing analysis. Look for his good work out on LinkedIn. Here is Jordan Rochester of Miszouo.
Well, as we learned this through Trump's first term, it's so noisy, ton't that it's very easy to get yourself lost in the woods and miss the big trades that happen in the background. And I think this de dollarization is a big trade that will carry on. I think the Europeans building up their defense spending. You just had the UK over the weekend or today announced the increasing
spending on submarines. So you're going to miss that big structural improvement in European growth expectations if you focus too much much on what comes out of the Oval Office, taris on tarasof or the taco trade as some people talk about it. But I do worry about the summer's event risks. The calendar is pretty positive for defense spending. We've got the G seven summit, the NATO Summit, and the EU Defense Summit all in the last two weeks of June. That could be trade deals secured with US
and Japan. That might be a bit of a positive. I worry about the Europeans. I don't think they're going to get a deal before the July ninth cut off, the date when the reciprocal tariffs shift high for Europe, and if that's the case, the ECB will have to cut rates. In my opinion, in July there's only six basis points priced for that meeting, so we'll find out on Thursday how doubles they are.
Jordan Rochester there my head spinning on European dates, but he's got them in too. We'll keep our eye on that. Joining us as well from Bank of America. And this is something odd for us in the financial media. We love to talk to bank executives. What's the FED going to do? And all that drives me absolutely bonkers. Today in the plumbing of the Bank of America, we had Sharon Miller off of their Texas shop. She's in charge of all of their business relationships for Brian moynihan and
the team. Here is Sharon Miller on the pulse of American small business.
I have been head of small Business for the past eight years at Bank of America, and what I have seen from our clients is resilience. They go through different things. COVID, we went through COVID, We went through all different types of crisis. And you've got to look at the data versus what people are saying. And so we do see in our data and we you know, we look at
all areas of the country. The Northeast has not fared as well as the South, and so as you think about what's actually happening from region to region, industry to industry, it's not all the same, but I would see overall the health of business is strong.
Sharon Miller, the Bank of America. An eventful week on a jobs Day on Friday. A lot of economic data here the first week of the month, including market moving data here on Monday, really difficult ten am numbers at ism manufacturing in all that again across this nation. And your commute on serious XEM channel one, twenty one, Apple CarPlay, Android Auto and of course ninety nine ninety two nine fm UH and Bloomberg eleventh three h on the East Coast,
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