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Joining us right now.
Terry Wise, from Director Global Currencies Interest Rate Strategy at mcquarie Terio.
I feel like we're at bear Stearns years ago.
I get right to the dollar and once again consensus is hammered.
What happens in.
The foreign exchange market when everybody gets it wrong, Well, it depends how they're positioned.
I suppose if a lot.
Of people were betting week.
Dollar, absolutely, as have we been betting in the medium.
In long term. Absolutely, you're going to stop the show.
We have the Harvard football coach on Yesterday to night Friday Night Football, Harvard Cornell Big Read, Bloomberg ninety two nine FM, Boston Weisman years This anta where the yell at just straight. I guess an offsprings at yell or something good morning offspring of Terry Weisman killing it at yell, and biology continue on the bet.
That was made in weekness. The bet that was made in the well.
The bet that was made in the strong dollar throughout most of this year was a bet made on the premise that policy uncertainty would continue in the US, that you would see reserve managers rotate out of the dollar, that this would be followed by private asset allo cators, including fixed income allocators with out of a dollar. It
was also predicated on the richness of the dollar. We've seen a real appreciation of the dollar for the past thirteen years, and that was a great story, and I think people made a lot of money betting on that weakness and the dollar until until the last few weeks. What's happened in the last few weeks I think is
not unusual. I think what has happened is that people have realized, traders have realized, Hey, there's just as much political uncertainty and policy uncertainty in the rest of the world in some of these key markets as there is in the US. And the case in point of.
Course has been Europe.
With these with this, with this, the prospect that we may see a socialist become the Prime Minister of France, that we may see delay to pension reform, that we will see France not solve its its deficit and debt issue, and of course now Japan as well, with concerns over whether or not this ruling coalition will will will maintain power and whether we go to early elections there potentially all the mental elections. So look, as long as the US look to be the only source of uncertainty, it
was a week dollar story. Now that the US is not the only source of uncertainty, it becomes a strong dollar story.
Because a US dollar retrace that eight nine percent declients.
I don't think so.
Although it's hard to predict the headlines coming out out of the rest of the world, in part because the nature of uncertainty is that it becomes hard to predict. But I will tell you that the dollar had gotten so rich over the last thirteen years, and had gotten to a point nine months ago where it was probably a level on sustainability in its valuation. I just don't see it getting back levels of February in March of this year.
Explain to those across America listening and watching, why would we should care about Japanese yet? And I saw a couple of really good essays on this yesterday, But I think it needs to be repeated.
Yes, Look, if you're a stock market investor, and let's take its perspective, not a policy maker, but an investor, because I want to appeal to the readership here. If you are invested in Japanese stocks, and a lot of these stocks are multinational stocks, they sell, you know, very high value added industrial products of the rest of the world. Their margins, they're operating margins benefit from a weekend. So that's one reason why you need to pay attention to this.
In fact, with the weakness of the sorry, with the weakness of the end that we've seen in the last few few days since the political turmoil, the stock market's done fantastically, which which seems to suggest to me that the weakness in the end is not so much a fundamental thing as much as it is a predilection on the part of the investors to wonder what is the central bank going to do? It's not about a weakning of the of the Japanese economy.
I was tackled by a Morgan Stanley guy yesterday and we were talking about this Dan Skelley. He's a big Van Dan Skelley fan. I thought Dan was on last time was great and the guy said to me, he said, this yen is hugely distabling. In the heart of the matter, their wages have disappeared. They're like England in nineteen thirty in terms of.
Real way terry. We got a government shutdown here in the United States. Is that going to affect our Federal Reserve here over the next several meetings?
Do you think? Yeah?
I don't think so.
I mean, if what you're referring to is the premise that because of a lack of official data, the Federal Reserve will not know what to do, I would take issue with that. There's plenty of third party data. The Federal Reserve itself conduct surveys, it collects data. It will have that at hand when the meeting takes place in October twenty eighth and twenty ninth to make an informed decision about where the economy is going. It doesn't rely just on official data. To say that you're a data
dependant does not mean that you're officially data dependent. It means that you're just data dependent. So I think they'll have enough data. Look, my view on the FED is that there is a sufficient reason to believe that interest rate policy in the US right now is not overly restrictive. If it were, we wouldn't be seeing the stock market at new highs. We wouldn't be seeing gold ripping, we wouldn't be seeing corporate bond spreads as narrow as they've gotten.
I think the Fed needs to take all of that into consideration. If they do cut, it will be a very reluctant cut. I think, in view what the financial markets have been doing.
So, I mean, is the cadence here of the Fed? Is it meeting by meeting? Do they you think they have a strategy of let's cut a couple times this year, then cut early next year, then we'll sit back.
If that I mean, Jay Powell said on September seventeenth, I mean practically admitted that the cut they made in September was an insurance cut. That seems to suggest that they're not necessarily on a path cut two or three more times in wait. It really does suggest that the cut was only intended to strike a balance between the two mandates within the dual mandates a little bit better, and it does not imply a long and profound series of right cuts.
We are fortunate at Bloomberg Surveillan staff Terry Weisman with this this morning from Acquary with all of his experience, these headlines out. This is CNBC driving the story for the President's FED chair candidates list. It's narrowed down to five by the Secretary of Treasury.
The list here is it sounds like these guys are good.
They played Crossby Stills in Nash Great Bowman, Waller, Hassett, Wassh writer of Blackrock in the final five, and I would suggest none of those are surprise within the fed.
Derby zeite guys. I defer to Mike McKeon.
That Terry Weisman, is this the way to pick a chairman bye by headlines and interviews?
No, no, you don't.
You don't need these trial balloons. I don't think that's right. I think that that's because disconcerning for the market, especially when there's so many choices that they are looking at. Look personally, I think that Chris Waller would be a great choice, not because he's ideologically aligned with the administration. In fact, he's not, which is one reason why I think it would be a good choice. He is dubvish, and I think that aligns him temporarily or short term
with the administration. But Chris Waller has had a long history of publications in which he espoused and exhorted the autonomy of the Federal Reserve, so he prevent He provides a very good balance. I think willing to be dubbish right now because he has his eye on the job market and the prospect that employment gains are diminishing, but at the same time not willing to be structurally dubbish. I think that's what's needed right now in a FED Chairman Love it.
Has taken notes, Terry.
I'm going to be speaking with Governor Waller at the Council on Foreign Relations October sixteenth.
Can you be in the front row so I can have you ask a smarter question. I'd love to enjoin you, Tom, just to see a call with McCarry. We'll have to see on that. Stay with us.
More from Bloomberg Surveillance coming up after this.
You're listening to the Bloomberg Surveillance podcast. Catch us live weekday afternoons from seven to ten am Eastern Listen on Applecarplay and Android Auto with the Bloomberg Business app, or watch us live on YouTube.
Joining us in now.
Kati Kaminski, Chief first her strategist Alpha Simplex for an ample discussion here.
The mathematics is.
Just prodigious, all of it based on the trend of the moment. The late Martin's wig over to FED policy and economics would say, the trend is your friend in the stock market right now with the I would say weekend panic, AI, we're all going to die. CAPEX, We're all going to die in that define the equity trend right.
Now, Katie, the equity trend is very strong. Signals have continued to strengthen, especially since the summer, and there's really no and what's challenging as a trend foiler, you need to see that resistance to pull back and all systems seem to be going right now.
Well, Paul allowed me to go NERD twice in this interview. I'm going to do that right now and then shut up and let Paul drive it. Okay, So you have a setup, folks, and I'm going to take SPX, take what NDX, whatever you want, and I'm going to take out a two standard deviation trading envelope and then I'm going to run it logarhythmic on the y axis to show percentage change, not an arithmetic access. And then I have exponential moving averages, and I look at the curve
of them, the first derivative and even second derivative. And when you hear me say log convexity, that's what we're talking about. The equity market has not giving up a bull market. Log convexity has it.
No, not at all.
And I think depending on if you use exponential moving averages, I mean that is going to get rid of some of that ball that you're seeing in the first part of the year, So you're seeing signal strengthening and you're losing some of the concern.
Pro to Paul, I do this on a weekly chart. Is a rule of thumb. Of course, it goes daily, and I go to a week ago.
Week with no question about that.
Lisa's nodding her head. She knows. She goes log on on a weekly basis, Gold up fifty one percent, spots, silver up seventy three percent year to date commodities. That's a trend.
Are you guys on that exactly? I mean, that is the other really interesting big trend. And we're getting a lot of questions from investors about it because from both a fundamental perspective, buying gold. It seems to be your any precious metals seems to be that go to safe haven trade.
When the dollar's been weaker. You're looking at the yen now.
Weakening, so the precious so it's buy gold and buy the stock market.
I mean, that's kind of an interesting combo.
But how about the dollar. The dollar again, it folks that traded off about eight nine percent from that early early twenty twenty five levels. Now what's kind of stabilized? It seems like, so is the sell off over? Is the trend? Is that self trend kind of over for the dollar?
That is an interesting question.
We have seen some idiosyncratic movements in the dollar, so you're seeing certain currencies like the Swedish kroner, the Turkish lira kind of gaining some ground on the dollar. My view on this is it's a trend that is sort of petering out, so it's losing some of its strength. And part of this is there's been so much, so much backing for that weaker dollar, so much hedging demand against the dollar that has built up. We also have rate cuts on the horizon, which is also very negative
for the dollar. So I'm not saying that I'm positive on the dollar yet because of that. But it is a trend that, as Tom would say, losing some of its convexity.
He's in steam, I would put.
It, but he's lost convexity.
That's right exactly.
So what's the What are the trades you guys are looking at these days?
So the biggest.
Trades that you're seeing in the market is clearly equities and precious metals. But interestingly enough, you haven't seen a lot of movement at fixed income. It's been long and short, and it feels like that's an area we're going to have some change in the next few months, but the signals.
Are really weak.
You guys short in the market right now.
We're not short in the US.
We're seeing short positions in Europe, so you're seeing things like jgb's also and and.
You know the UK, but the US has remained long.
To be clear on your short JGB, your short price.
Yes, price down, yield up, correct.
More worse, worser, as they say. Katie Comminsky with us for a good chat. This is for Global Wall Street. We welcome all of you across America around the world on YouTube. Subscribe to Bloomberg Podcast Paul.
So governments shut down people like you. Do you care about that?
I mean, I obviously care about.
It because I got to fly home today, you know what I mean. But you know, but what's really interesting is the markets are seeing through it, and they're focus on growth, and they're focused on let's not miss out on this AI bubble or potential rally, whichever you want to call it.
So it's not moving on that.
Okay, what we're gonna do.
Now, folks, it's my second dose of nerd Friday Nerds Show.
We welcome all of you.
What a privilege years ago to interview at length Ed Thorpe, who.
Invented so much of this.
He basically, folks, took Las Vegas into the classroom, which was at the time scandalous, and brought Las Vegas. How do I not lose money over to the stock market? How do I not lose money? Katie Kaminski, My religion is anti Martingale theory. Folks, the stock you buy it at one hundred, it goes to ninety. I think I'll double up. That's what most people do. At Thorpe saying by it at one hundred and only add to the portfolio if it goes up anti Martin gill a policy out of COVID and forward.
How has it been working?
So it's had its moments.
I think what's really exciting about that is he talks a lot at Thorpe talked a lot about Kelly betting, and this is the idea that your conviction is a function of the strength of the trend of your position, and it works very well in poker and in other areas as well, and for people who are not familiar with Kelly betting, it's about this idea that you measure the strength of the.
Probability of your bet, and when.
Your bet strength is stronger than you take more risk. And that's sort of what trend falling is really trying to do, is trying to adjust positions as a function of the conviction of the markets and how they move. And it works very well in a world where the headline risks don't run the show.
So the fact that government shutdown is not causing noise.
You're seeing those trends being quite profitable for trend falling in the last two to three months because that consistent approach of measuring and adjusting is working pretty well.
One of those trends slash potentially bubble risk for a lot of people is just this whole AI narrative in the market. And it got maybe to a fever pitch over the last week to two weeks when we saw investments by these big tech companies like Nvidia into these private companies platforms like open Ai, and then they would then commit to buy chips and this circular trade. People said, boy, this doesn't feel right or it feels a little fishy,
but boats are rising on this trade. How do you guys think about that?
So the way we think about bubbles as a trend follower is it's really about measuring. It's very hard to pick tops and bottoms of any sort of trend, and so what you want to think about is a trend can actually go much longer than you would expect. And that's this idea that Tom was talking about about the Kelly wedding. So you continue to trade into it and sometimes it could take months. I mean, just because we are worried, it doesn't mean that the market will react.
We wait till the market reacts to confirm that hey, this is actually you know, something that's going against us.
What's the biggest let me make this personal. What's the biggest mistake Lisa Matteo's kids make sitting on a couch.
Trading through Robin Hood.
I want you to speak to our audience, and particularly our audience with kids that are learning. They don't have your mathiness. They don't know who Andrew Lowe is. Okay, what's the biggest mistake the trading crew is making today?
I think, and this is a personal view, emotions and moving on your emotions.
That's why we have a diligent process. Is where you make the biggest mistakes.
And actually some of the research that Andrew low did looking at investor behavior, they find that it's precisely those panic cells, those sort of emotions where you kind of say, you know, things go down and panic that actually costs you the most. So I think this idea that your emotions connected to what you decide is actually the dangerous part.
Of a line. A lot of the math, A lot of the research shows returns are generated over a longer period of time and a relatively few discrete time periods. So it goes to Tom's point, you need to be in the market if you try to time the market. I don't know that just seems like a way tough game. It's just you kind of have to just be in the market, you know, otherwise you're just going to miss it.
I think, yeah, I mean who knows. I mean, look at the equity markets now, it could be months.
Jim Kramer and I've talked about this.
Jim has been very good about it in speeches and that there's a huge baseball analog here and that if you line up, you know, to keep it conversational. Ten trades, all of your alpha comes out of two or three winners. Let's expand that out to a lifetime of trade. You've got to retirement plan. Folks, you're wick a conservative and you're playing a speculative portfolio.
If you do one hundred events, how many of those really create alpha? I'm going to say eighteen out of one.
Hundred, So it depends for trend falling, it's much more of like a fifty to fifty ratio where your hits and the hit rate and the win is higher on that fifty to fifty. So that actually shows you that trading in the markets, it's very difficult and the edge is small, and so it's the diligence that actually matters.
As opposed to kind of picking that specific winner.
You can't be there the winner.
You can pick a set of winners. But I think the industry is weaned that everything can be a winner. You can win sixty.
Paul sixty percent, seventy.
This is there's no evidence of that within the Vanderbilt is lead on this.
That's why Damien's nuts like.
Issue is they did great research at Vanderbilt, but I mean, you just don't have that. It's not Munger's brilliant on this, the late Charles Munger. Yeah, absolutely brilliant on.
This, Katie.
How do you guys decide to sell a winner?
So the way that we think.
About it's like winners philosophical.
So the way to think about winners is when winners are becoming losers, you know what I mean. So we're always thinking about the sizing. So for example, if you see a pullback, so if you see something like what happened in Gold, it creates some noise on your signal. So that's an indication that you're kind of hitting some of the top and that you're kind of seeing that resistance.
Because if something pulls back ten percent, you sell half your position. It pulls back another ten percent, you sell it all.
It depends on the time horizon.
I mean, I think where it gets tricky is in these big, huge sell off moments where it's very hard to ascertain, you know, is this an environment where the trend is actually changed or is their noise?
And so we tend to use.
Multiple different horizons and measurements to kind of aggregate the have a view that's maybe more of a voting mechanism.
So it's a traditional rule.
I mean, I mean everybody used to have three hundred stock portfolios and then they became one hundred, and then Immersing and the crew over at Fidelity invented Fidelity fifty.
Sequoia had a lot do with that.
What's the optimal stock portfolio for your mortals?
Listening here?
So I'd say, I mean for stocks, they're pretty highly correlated, so you want a relatively diverse portfolio.
We tend to trade multi assets, so that actually.
Gives you a lot more diversification because you can add gold to your equity positions.
Did you add gold to your positions?
Yes, we've been in gold. Yeah, it's been the right call. And it's been like that for about a year and a half now. So gold is an example of a perfect trend. I can't tell you why, but it's doing it.
One more question here to Paul's great question on AI, what do you do with a MAG seven here into earning season?
Well, this is tricky because if you look at the mag seven, it's such a large proportion. And that's what makes me and most people nervous is you have such a concentrated exposure to them. But most reports are showing that earnings are still looking good. So like I said before, well the train's still going.
Yeah, it could go for a while before we have any sort of disruption.
To all of you in the stock market as you prepare to read your barons here Saturday morning, Katie Kaminski said something that is religion, position sizing.
Go out to perplexity, go out to.
Whatever AI you have, type in the phrase position sizing, and just read everything you can about It is a heart and soul of the game.
Katie Kiminski, that was just absolutely fabulous. Thank you so much.
Really appreciate that. Chief Research Strategies at Alpha.
Simplex stay with us.
More from Bloomberg Surveillance coming up after this.
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 Pay Bloomberg eleven thirty.
There's been so many AI driven stories out there.
Yeah. I saw a map and it's like three or four states like Virginia, right, you know, I.
Just just I'm learning as I go. Who do I learn from? I learned from.
Urine Timmer has been way way too long since he's been on Pro Tip. This weekend, your head is spinning. Go out the LinkedIn and subscribed to Urine Timmer. Timmy ours director Global Macro at Fidelity. He is beyond generous and sending you at Fidelity charts as well.
What are you up?
And also, Urine will be on the latest edition of Masters in Business with One Barry Ridholds. Podcast drops tom this afternoon and airs on radio at seven pm Wall Street Time and all weekend long. I don't know how he I mean, Master's in Business. You've got to be a player to get on Masters.
You do well. Urine Timber is a player. Let's have dovetails the two together.
Red Holts Urine Timer has a phenomenal type two constructs how not to invest when you look at all your abilities and fidelities? What should you not do?
Now?
Well, good morning. You know, as you're a very great previous guest mentioned you know, having a system is very important. And you know, the market goes up ten eleven percent per year, it rises sixty seventy percent of the time, but it has it's volatile and thirty to forty percent of the time the market drops and nobody likes that unless you're a short seller. And so having a plan for those times is really what separates the investors who
compound from the ones who don't. So I like to think of it as the price of admission for that juicy return is to not lose your stuff when the market doesn't go the way you want it. And so I think that's really the most important thing in investing for all.
Of you worldwide. This is the way we rolled the Charles River. We go from the north shore of the South.
Short for ninety two nine FM in Boston Katie Kaminski out of m I t over Devonshire Street in buildings in the back Bay with your in timor.
Exactly here, and you sit back there at Fidelity as director of Global Macro from a global perspective, what looks attractive to you these days?
What really gets me excited these days is the how the rest of the world. So we know, you know, the US has been exceptional. The Max seven have dominated really for the last you know decade. It was the Fangs before the Max seven, and so we know about this, you know, supremacy premium that US assets have always enjoyed and they still obviously continue to enjoy. And we've got
the AI story overlaying that. And for many many years, you know, value oriented investors would say, well, look at look at EA or EM or just you know MSCI x US index. It's trading at you know, a PE that is so much lower than the US. Why don't we do the whole mean reversion trade and go there and sell the expensive US. And you know, that doesn't really work until you have an actual catalyst that drives value into the shareholder's pocket. And so for many years
we did not have that. But in the last year or two, or really last year or so, that's finally happening. So especially for the MSCI EFA, which is the Non US Developed Markets Index. They are companies there. So mostly Europe and Japan have really started to unlock shareholder value. You know, even like regional banks in Japan are now
buying back shares. And that might sound trivial, but when you look at a discounted cash flow model, you obviously look at long term earnings projections, but almost as importantly you look at the share of those earnings that get reached turned back to shareholders in the form of dividends and buybacks, and so the growth rate of the PO, of the payout and the payout ratio, so the percentage
of earnings that are returned is very important. And for EFA, over the last five years, the PO has actually grown faster than in the US, and the payout ratio, which always used to be lower in the rest of the world, is now at seventy five percent for EFA, and it's at seventy five percent for the US only the composition is different. For non US markets, it's two thirds dividends one third buyback and in the US it's the opposite.
But you have now very competitive fundamentals, and non US stocs are trading at fifteen sixteen, the US is trading at twenty five. So finally, for the first time in a very long time, we're now in a global bull market where the pond has gotten bigger, which is good, right because we all have to deal with the concentration risk of the MAC seven. But there are other places to go, which which is good for an investor.
You're in earnings start in earnest next week with the banks. I know your team's at Fideli, all the annals, the army you've got there will be pouring over the earnings releases. What are you looking for for this earning season.
Well, what we had in the last couple of quarters was earnings beats that were well north of what we typically see. So we all know this is the oldest game when the world ride companies guide lower and then they under promise and over deliver, and then during earning season, you know they beat by three four hundred basis points, and that's fairly typical. Earlier this year, of course, we had the tariff Tan triff earnings revisions were were being cut down and then they were sort of you know,
brought back up again. When when the when the worst case tariff situation did not develop, and then we had the one big, beautiful bill. And so right now the earnings growth rate, the expected growth rate for Q three is at seven percent, and if recent history is any guide, will go well into the double digits. And that will then be three quarters in a row of double digit earnings growth.
And what more do you want?
Right in a market that is expensive and now about to enter its fourth year of the.
Secure war on I got ninety seconds, and this single sentence in your report is too important.
You cannot see a bubble coming.
You can only discuss a bubble after the fact. Give me one attribute that gets you out front of a quote unquote bubble.
They always last longer than people think. I've done the analogs all the way back to the tulipmania, and they are by definition they are chaotic patterns. They're parabolas, and those are not rational linear patterns. So this is why bubb will suck everybody in, because otherwise they would not be a bude.
I can't say enough about that. Folks.
You're in tim or any X axis, everything takes longer. And if you're betting against a big time in out in out, as mister Maynard Kine said, guess what, Paul, you run out of money? You're in timor thank you so much at Fidelity, Director Global Macrowth.
Stay with us.
More from Bloomberg Surveillance coming up after this.
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.
Now back to regular newspapers. The I'm afraid to ask? What do you got?
Okay?
We touched upon this yesterday with PepsiCo earnings, but the Wall Street Journal has this deeper look into the makeover of Lays potato chips. Okay, because health contests consumers. You did look Okay, let's start with the bag. Okay, this is it. Okay, we're watching on YouTube. This is what the bag looked like before, So they're going to be changing it. You have this shiny yellow bag with a little potato on the bottom.
Okay, so what it's going to be.
It's going to have a phrase it says made with real potatoes and more shiny asopos to the ingredients on the bag. I'm not sure, but the Shining bags are going to have this matt finish. It's going to have pictures of potatoes and chips and more kind of natural look to it, okay, And it's going to have wordings that say no artificial.
Colors, no artificial dyes, flavors.
It's going to have that on the front and on the back it's going to have the original chip recipe from herman Ze himself.
Nice.
So a lot of ingredient changes, it's all because of what's going on, you.
Know today through industry.
It's through the whole food industry. We always hear about different companies kind of taking out these dyes.
A dumb question, please.
Is French is mustard really yellow?
His hinz ketchup really red.
I'm sure it's not as red as but that's the problem is that these colors, like the barbecue potato chips, they're this red color. But it's because of you know, the artificial color.
Is a dumb question. You got to get the next story. Who cares what the color is? If the bag if chips has a pound of salt in.
The right we're talking about it.
We're like missing what we're really talking about how many bags did you have this morning?
I had a bag this morning. I had that, like a bag like that, And I'm just fine.
Forty milligrams of sodium.
I can. I'm sure that mister Bloomberg's listening. His p and L has gotten shaken. Every day when I walk out of here, I sneak out a bag of cheese sorts. Yeah, it doesn't just yeah, just because it hurts the blue And what do you got next?
Okay, what else we have in the blueberry pantry? That would be macha? Yes, okay, have my macha here. It's a look into macha media. But this is serious, this is financial times. They're saying, can Japan sustain the demand because the demand has gotten so great, not just for like Macha lattes, but for things like Macha flavored kit kats, matcha flavored cookies, Macha flavored you know, ice cream.
All this.
I mean, it's a stapless ste's a maaf It's.
Yes, it's the from the green tea leaves. It's a powder made.
From Okay, okay, so it's green tea tea leaves.
Yes, it's crushed into a powder, and the powder is what you use in the macha, but.
You have to put something in the mancha to make it even drinkable. I actually take milk and I put a little stup in here, sugar.
All right, but it's becoming this, this big thing. I mean, Japan's exports of powdered green teas were up seventy.
Twenty twenty four.
So it goes to show you how much this is.
On the rise.
So it can become a problem.
Eno squeeze in one. Make it something I please with.
Yes, okay?
This one also, well, there was a lot of talk right over whether trimming down the New York City mayor oal race would trim Zor Mundami's lead. And there's a new Quinnipiac poll that shows it's starting to happen. Mandammi's lead over forming anomb Andrew Cuomo. It's narrowed after Mayor Eric Adams exited. So here's what they show in their latest poll. He leads a race forty six percent back to him, followed by Cuomo with thirty three percent, Curtis
Slieva fifteen percent. Now, when you look before, when it was a four way race, it showed that Mandami had forty five percent to support, twenty three percent for Cuomo, fifteen percent for Sleeve. So it's looking like, you know, nearly all of Adam's supporters are turning to Cuomo at this point.
To the mayoral staffs listening on Bloomberg eleven threeh we are honored to have your candidates come in and talk to us, mister Sleeve in this week and to get all the rest of him. Frankly, numerous times before the.
First, mister Ammos, so we have not I explained, Miss Bani wants a leave.
Very good newspapers with Lisa Matteo.
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 Eastern 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