Bloomberg Audio Studios, Podcasts, radio news. This is the Bloomberg Surveillance Podcast. I'm Tom Keene along with Paul Sweeney. Join us each day for insight from the best in economics, finance, investment, and international relations. You can also watch the show live on YouTube. Visit the Bloomberg Podcast channel on YouTube to see the show weekday mornings from seven to ten am
Eastern from our global headquarters in New York City. Subscribe to the podcast on Apple, Spotify, or anywhere else you listen and always I'm Bloomberg Radio, the Bloomberg Terminal, and the Bloomberg Business App. Critically, the ten year reel yield one point ninety seven percent comes in more accommodative to one point ninety five percent. We get a first look with Ira Jersey of Bloomberg Intelligence. Ira, what's the nuance here?
So you know, looking at some of these revisions, it actually is a little bit of a weaker report if you take those revisions into account. So you look at the PC deflator month a month plus the core deflator, same thing came in at one tenth in December instead of a little bit higher. So I think you know, in totality just from the headlines that we have right now, haven't dug into all the data yet, it's you know, as expected to slightly weaker. And you've seen that reaction
in the bond market. You look at two year yields, you've rallied now four basis points since the number came out, So we know people less concerned about the inflationary environment with this, you know as expected. I think some people were worried that it was going to come in a little hotter obviously and had positions.
Yeah, I got a memory of like zero. When we're doing the show. It's such a blur, folks. I'm spending more time on live chat than listening to Ira. Did I think in the last ten minutes, Ira Jersey absolutely nailed this call.
He's pretty good, I don't think.
I mean, he's got a big reputation comes through every day. So some some of the headlines, Tom, the PCE deflator came in at zero point three percent, right in line with expectations on an annual basis, that's two point four
percent on the headline, right in line with expectations. The PCE core deflator month on month zero point four percent, and that's again right in line with expectations you annualize that it's two point eight percent is a PCE core deflator, folks, And that's kind of what the Federal Reserve looks at. So again, if Iraf I'm the Federal Reserve, I just kind of kick back in my chair, twitter my thumbs and saying I'm doing a pretty good job here.
Yeah, I think for the Fed, like, there's this whole narrative about how quickly inflation is going to come down, right, and that's one of the reasons why we've priced out a lot of the interest rate cuts that we had earlier. And you know this this data just kind of proves that point where you know, yes, we're we're under three percent in terms of the core PC deflator, but we're still a two point eight percent And if it's persistent there, then why should the Federal Reserve cut interest rates?
Right?
That's going to be a narrative and a question that people are going to ask, like, you know, why cut interest rates now? Because the economy seems pretty decent, even the two hundred and fifteen thousand jobless claims historically speaking, that's not particularly high. Of course, you know, we have to keep in mind. Something with jobless claims is that that's only one side of the equation. That's only the number of people being laid off. If nobody is hired,
you still have eight hundred thousand job losses. That would be bad, right, but we know that there are people being hired on the other side of that, So people you know who lose their jobs are able to find jobs very quickly.
Now, if you're just joining us across this nation, around the world, this is Bloomberg Surveillance. Michael bar Lisa Matteo, Paul Sweeney, and Tom Keen, we welcome you with key economic data. Thank you out on YouTube for your watching. You go to YouTube Bloomberg Podcast. We're building that audience out. We're stunned. I don't think Google's stunned. They're like, you know, um, they're like, you know, book Taylor Swift and then we'll pay attention. But thank you out on YouTube for your
interest in live chat and on Apple cart play as well. Paul. Two more questions, Ira Jersey before we go, the mister writing.
All right, Ira, I mean, so we've got this kind of in our pocket here, what's next?
What do you think the market's going to be looking at next.
Yes, so a couple of data prints that come out early in the month. Obviously the Payrolls report next next Friday will be key among them. But you know, we're looking at some of the survey data, and there's been this disconnect between the survey data and some of the
hard data. So we pointed that out in a note that we put out on on Monday, where we were you know, we were surprised to see things like the ism surveys and some of those, you know, not being or pointing to contraction, whereas you look at some of the harder data, like the retail sales report, like CPI, like the jobs report, and and those seem to show that the data is being better and and I would overweight the hard data a little bit more than some
of the survey data. And I think some of the reason why why economists across across their forecasts are thinking that the economy is going to slow significantly is that is that the survey data has been so weak, and those those sometimes get weighted maybe a little bit more than they should. But the hard data certainly right now is not showing any sign of So I mean, just look at the personal income number. You know, one percent
personal income growth is pretty spectacular. That means, you know, savings rates up because you only had personal spending up zero point two percent. But that's still decent for GDP and national income in general.
Ira John from Coventry says, time shut up, more soccer talk, aston Villa Luton. I mean, come on, that's a must win for aston Villa.
Right, yeah, we we have to win. I want to stay in the top four. I really you know, the Europa Conference League is great, but making the Champions League next year I think is key for my for my villains.
Yeah, for sure.
Very good, Ira Jersey, thank you so much with your aston Villa report, John writing joining us now for Breen Capital. John, Before we get to the serious economics of this, I've gotta the FA thing is really good. Where a Preston north En can actually destroy a Premier League team, Explain to our American audience the magic of this tournament that you have in the United Kingdom.
Well, I wish Preston north End I'd destroyed a Premier League team, but we lost to Chelsea. But it's a tournament, the f A Cup that is open all if you will try, essays FA Cup open all the way. You're down into a non league football, so you can get these great giant killing moments.
But we didn't see it. But I thought this was a joke, and John Ferreau trained me yep to understand how magical this is. And you see that within Premier League Guston Villa or John's real commitment to what's going on Preston North End. Let's get to the topic of the moment John writing, which is economics. The market loves it, futures red go green. What does Jerome Powell do other than say I'm data dependent. I didn't learn anything in
this report. What a shock. I've got to wait for the February jobs report that we'll see soon.
Well, I think the first thing he does, because you talked about that personal income increase of one percent, that's not really an indication of what's going on in the underlying economy. Wage and salary income was only up four tenths of a percent, and you had some very odd numbers.
Rental income up one point six percent, And there was an element of that also in the CPI report, where the owner's equivalent rent appeared to have been pushed up by a change in the waiting on the single family homes, and that's very inside baseball, and he's going to want to know what's happening to the trend.
Now.
The trend is we have at this point a fairly solid economy and inflation that is slowly coming down. So why does he want to do anything at this point? You can't imagine that financial conditions are tight, given where the equity market is, for example, So just sit on your hands and enjoy it. And the people who thought that the economy would have been destroyed by the FED raising interest rates from zero to five and a quarter to five and a half percent, that just didn't come back.
So you know, if it's not broken, don't do anything.
What you just heard there, folks, it's leap Day. That's our inside of February, all twenty nine days. Paul I can't say enough about John Writing. And I grew up where a central bank was allowed to sit on their hands, and with the financial media today where we want action. It's like Michael Barr, he's addicted to Detroit Tiger's action. The answer is action. What's the FED going to do next?
This?
The parlor game is a new era, and to sit in your hands. Nobody wants that, and they're wrong. Sit in your hands.
It seems like they're doing okay.
Hey, John, you know I saw also the data coming out today, personal income of one percent, well above expectations, Personal spending up to zero point two percent, right aligned with expectations. Boy, the consumer strong. Does it surprise you how strong the consumer seems to be?
I think there is some elements of surprise. But bear in mind, you have enormous amounts of wealth, given what's happened in the equity market and also housing, which is an extremely important asset for so many people. You know, housing wealth hasn't been declining. House prices didn't really have a trench with this move up, which in mortgage rates. Now, as I said, the personal income of one percent, I would ignore that's that's that's clearly an anomaly in the data.
I would look at the trend in ways in the salary income, and that's rising four to five pence of a percent per month, around five percent per year. Inflation is running it between two and a half and three percent on these data, So that's your increase two and a half percent or so, is your increase trend increase in real income, and that's pretty good for the consumer.
Not spectacular, but pretty good. And so until the employment market shows signs of cracking, the FED probably isn't too worried about the real economy and the job as claims. Data which we haven't mentioned we continue, which continue to hold near the two hundred thousand level, suggests that companies aren't in total making mass layoffs. So the employment market is holding, in the jobs markets, holding in job creations, holding and will know more next job's number doesn't come
out tomorrow. It's a delay. We'll no more next Friday. But I want to I just want to think, you know, the other conversation about cutting rates that you're having with IR it's a key point. I keep making it. I can't make it enough times. There is an enormous difference between cutting interest rates in this environment and easing policy.
The FED can cut rates two or three times this year as inflation comes down, and not ease policy, because inflation's coming down, right, and so real interest rates would rise in interest rates so just for inflation would rise if the FED doesn't cut rig But the problem is a FED has not done a good job communicating that, and that started with the December FENC press conference.
Yeah, I mean a run out of time, John, But I really take your point on the residual that the FED has not communicated the real yield dynamics are I think they think it's too complicated for the public. I got thirty seconds. Where's our nominal GDP?
Right now?
Where's our animal spirit? Are we way above four.
Percent nominal GDP? You saw the real GDP with three point two percent in the fourth quarter. We're probably running around five percent and that is in line with those ways and salary incomes.
So yeah, that's an.
Environment back in the old days of nominal thoughts of nominal GDP targeting with three percent real growth which the economy can't achieve right now on a sustained basis, and two percent inflation. Five percent is about right. There's no sign despite the level of race of monetary tightness.
Gospel. They're from John writing, thank you so much. Francis Donald joins us now from manual Life. Francis, if we get a decent economy, is the residual the nominal rate less dis inflation going to lead to a higher real rate that gums up the financial system.
I feel like that's a third trimester test question for which I have to do some side notes in the margin. So yes, the issue now is that we are seeing less inflation in the system. And if you are real rates minded, that is, you look at nominal rates minus inflation, then the real rate will naturally climb. And if you believe that the real rate is the major rate that controls what's happening in the economy, policy is becoming increasingly
tighter without FED cuts. And this is in some ways the most important question, Tom, because at this point there doesn't appear to be any evidence that the FED should be cutting, and yet they've told us that they will begin an easing cycle later this year, and so have other central banks. And the question is are they doing this to target the real day or do they actually think the economy will slow? And this isn't just a
technical adjustment. I think they're going to try to continue this soft landing narrative and say we're real rates folks. My take, of course, Tom and Paul, as you know, is that the economy will slow materially later this year, not yet, but certainly later.
That's okay. So that's exactly where I wanted to go. Francis from reading your research, You've been consistent concerned about the US economy. Barish on the US economy preps, as you suggest, when you get data today like with like personal income, personal spending, when you get the jobs data, does that dent your cautiousness about the US economy at all?
You know, on balance, I am a little bit worried about the math. When are the two quarters of negative GDP going to arise, because that, of course would be what will qualify as a US recession. However, you know, there is almost nothing happening right now that didn't happen immediately before recessions route history. So much of what we hear is how this time is different, and the models are broken, and there are certainly things that are different.
There are elements that are different. But we saw very strong growth prior to every recession that's come through. It has always been on average two years from rate hikes starting to its impact on the economy, which is sometime in the next six months. We have always seen a surge in soft landing arguments right before, and markets are
strong prior to recessions. So there is no data now that tells me, you know, I need to be less concerned that very typical economic relationships, like when things cost more, you spend less. I can't throw those out the window, even though I can agree that some things are different. But yes, the timing of this is of course the really big challenge, and the timing is complicated by Washington and fiscal spending that's coming through. But I'll just add
one thing here. The US, of course not in a recession, but most of the G seven is near or in a technical recession. Japan, UK, Germany and France are very close. They're kind of coming off on decimal points. So the whole recession or no recession call first of all far too binary, but also a US versus rest of the world call, And for most investors, I think that trade is far more important than are we going to get
two quarters of negative dUTP? Which yes, I think we will, but I think that's most important.
How unusual relatively, I'm glad you called out kind of the US what some people will call economic exceptionalism here visa to.
Be the rest of the world in terms of economy.
How unusual is that Francis to have I guess the US doing one way, going one way, and the rest of the world governed another well.
When I came up in the business, we would often be told the US consumer is the most important thing globally because the US economy is driven by the US consumer. And in this case, there is one peculiar thing happening in the cycle that has contributed to US exceptionalism, and that is that the manufacturing cycles and the services cycles are extremely disconnected. This was the twenty twenty three recession mistake, which is that all of the manufacturing indicators suggested we
were heading into a recession. And historically the lag between manufacturing and services is very short, but it hasn't happened. So manufacturing exposed economies they're really doing poorly right now, and in fact they've done so poorly they might be coming out of it. But services based economies like the United States have had resilience. What is very different this time, and I think this has caught investors off guard, is that typically it's the FED or the US that leads
the easing and hiking cycles. That didn't happen right now now. It's actually emerging market. So if you count out the amount of central banks that are easing right now, one in four global central banks is already cutting rates. The US, instead of being at the front of that pack, is probably going to be near the end of the pack. That's very different this time around.
Francis, how's a Canadian economy doing? You know, I think our basic take as we cover it, way too little with manual life out of Montreal and across all of Canada, goods producing, the mining cliches in that give us just a quick snapshot of how Canada is doing well.
I'm so happy you asked. We did get Canadian GDP this morning, and Canada of birded a recession. They had negative GDP last quarter. But Canada is in a little bit more trouble than the United States because of how exposed to rates it is. And again this is another differential between the US and the rest of the world,
is what is your rate sensitivity. Canada, of course, is seeing a more material pull back consumer spending, consumer confidence is very different, and the economy basically hasn't grown in a year. So there's no soft landing versus hard landing discussion in Canada. It's very clearly hard landing and it comes down to the rate sensitivity. The US, of course, because of its housing market, very differently exposed.
Francis, Thank you, Francis donald Is with manual Life with a greade over there of the data that we saw that was market moving, Drew Matis with us, and Drew, I'm going to surprise you here, and I understand I don't want you to talk about MetLife, pension plans or
actuarial theory. But Jillian Tann out with an inside baseball pension story today how and it's still around Eastman Kodak Company is disbanding their team that manages four billion of pension in the summary of this complexity is because they're making so much money. That's why. So Drew, let's go to the wealth effect here of the post pandemic market that we're seeing. And I don't mean to talk about MetLife,
I know that's inappropriate. But are we in a massive wealth creation right now, Drew, of price up, yield down, and equities up.
Well, I think we're you know, there's a lot of signs that we're still a wash in liquidity. So that kind of raises a great question about quantitative tightening and how important quantitative tightening is and whether or not we should really be you know, the FED should actually really be talking about dialing back quantitative tightening.
You know.
I my opinion is the balance sheets way too large, significantly too large, and that it's too large, and you know it's too large because there are no signs of stress in funding markets, right, and so that's an abnormal thing. What you actually do want during periods of the year is for there to be stressed in funding markets. Think of it as, you know, getting a fever and then
realizing that you're sick. If you never get a fever, you know, the sickness is going to be the thing that surprises you, whereas you want the symptoms to actually be there so that market participants and people like the FED can understand that there are issues in the market and a lot you know, the amount of liquidity where a washing is actually disrupting a whole bunch of signals that I think is leaving us blind to some risks.
So, Drew, I'm just looking at the CPE data. I mean, I'm sorry, the PC data, Thank you, Tom, the p E I E I O exactly. But if I'm the Federal Reserve, I look at that data, I don't see a need to cut rates here. I mean, do you think this better reserve can kind of outlast the market here in terms of waiting.
So I'll go. I'll go somewhere I never thought i'd go. And you know, I think Larry Summers is right. I mean, there's got to be some chance that they hike rates in this environment. And you know, the reason being is simply, you know, three point seven percent unemployment rate and inflation well above your target. How long do you let that
persist for? It's one thing, if unemployment is beginning to move higher, then you can argue, well, we know inflation will gradually come down, or we can have a high expectation that will come down. But if if unemployment is not moving higher and inflation is just kind of staying where it's at, you know, it doesn't make sense to be talking about rate cuts in that kind of environment.
All right, So given that scenario, I mean, I guess the other side of that coin, Drew would be, you know, a risk of this economy being pushed into recession. But it's hard to see any data that would suggest that's a risk.
Well, I mean there is data. There will be data comes out on Friday on state level unemployment numbers. We've been watching that pretty carefully, because you know, there's been this kind of erosion at the state level of unemployment relative to kind of where it had been trending, and
that erosion has been spreading out across states. You know, there's now kind of, you know, nineteen states triggering the so called Saw rule, which is kind of you know, how much of a deterioration of labor market does there need to be before there's a recession, And so the question is kind of how many states can you have that before the national numbers actually begin to reflect any
of it. You know, I would also point out to the FED released charge off rates last week for credit cards, and you know, they're at levels we haven't seen since two thousand and eight, so you know there are cracks in the system. They're just you know, the headline data doesn't seem to reflect a lot of kind of the underlying data that we're seeing, and that disconnect is unusual and makes it makes us a bit nervous, to be honest.
With stocks trading six minutes into the session, the nastaic up eight tenths of a percent eighteeny sixteen on a level SPX just below fifty one, twenty four points of Dow thirty nine thousand, up ninety two points. We are with Drewmatis of that life Drew, what's the correlation right now between bond madness and stock madness? Are they linked? Well?
It is interesting. I mean, spreads in the credit space are very very tight, and you know, equities are doing really well, and you know, I think the question to ask is does that make sense when you know performance is being generated by a small subset of companies in certain places, but you know the credit market is being reflected across all all of you know, all of these companies, and so I do think, you know, the expectation that there will not be a recession this year is kind
of growing. If you look at the Bloomberg andsensus numbers, they started off at fifty five, them down to fifty forty five, they're now at forty. I think people are going to be surprised if there's a recession, or at least a chunk of the market will be. But that's still our baseline call is that we're heading towards the recession, that we'll see a deterioration in the labor market, and when that deterioration comes, it tends to be fast. And you know this is you know, bad things happen quickly.
Good things happen over long periods of time. And I think when this bad thing happens, I think it will cut some people off guard.
Talk to us Mark about the labor market, because that's another aspect that I'm sure the FED looks at closely. It seems like pretty solid labor market there. We've got some consumer spending and consumer income data that looks pretty positive.
Here. How do you view the consumer it needs to be the labor market.
Well, I mean, if you look at the data today, so real disposal income was flat for the month, you know, which is not particularly good when you look at what's going on with hours worked, So you have everyone's getting paid more per hour, but the amount of bringing home per week is actually declining for the majority of Americans. Yeah, you know, so fifty five percent of workers last month in a very strong employment report saw their average weekly
wage decline. You know that's not the sign of a healthy weak market.
Solf.
This is Morey Harris one on one. This is what Drew Madis has acclaimed for from Ages Ago at UBS. I haven't heard that review, Drew, that you just gave on over half of America is going away from wage gain? Is this just show the skewidness of the economy, the bipolar nature we're in, of the halves having and the rest of us flat on our back.
Well, it does, and it's probably worse than that because I'm talking about hourly workers there, right, So you know, for people with the salary they might be doing better, but of course then there's there's that spread there. And then the question is, you know, who's who's responsible for the increasing level of charge off rates on credit cards? Who's responsible for some of the weakness we're seeing elsewhere in the economy, And I do think some of it's
at bifurcation. And it gets back to the wealth effect, right, who benefits most from the equity market going up? Who benefits more from interest rates being higher on savings and investment accounts? Obviously that's people who have wealth to invest, and so there is this kind of widening gap, and then you throw in some of the fiscal issues facing the government, and you know it's you know, maybe it's not surprising that confidence levels are not that particularly high.
They're not back to where they were pre COVID, and you would have thought, you know, we'd all be celebrating the end of COVID and consumer confidence would be skyrocketing. And that's just not what we're seeing.
Drew. Thanks for the brief, Drew Matis MetLife. There covered a lot of territory there. You didly look at the front pages around the world. Lisa, you send me the list this morning. I was like dazzled. She's looking at it like teen newspapers to get this done. What do you got?
All right?
We're starting with the Post, Paul, you appreciate this. This is an exclusive to the New York Post. It says Sharry Redstone making a big financial move in order to make those debt payments. They're saying that our National Amusements, that's the holding company that controls that voting stock in Paramount, has sold a chunk of its real estate holdings to make a forty million dollar debt payment that's due this week. She's really fine to keep control of both those companies.
I mean, she's she's continued to.
Set a family million right it is.
I mean her her father's sumner restone had to. I mean what family's done is typically to get liquidity, they've pledged their stock for margin loans from various investment banks and so on and so forth.
So their paramount stock to do a real estate transaction.
Well, in this particular case, they sold real estate to make a debt payment. So but in the past, Sumner Redstone has had the same thing that. I mean again, this is a The market cap is down, the stocks down fifty percent over the trailing twelve months.
I don't know what.
Okay, but translate this. This is not paramount and all the Gloria Hollywood, the CBS television network is beholden to somebody having to cover say a real estate transaction.
Yep, that's the control shareholder of the Redstone family. So I was, yeah, this is it's it's it's really a concern here. So they need a transaction here, they need a sale of all this company.
Lisa, thank you. I learned something there.
What's up there? You go? All right?
New York Times learn about this a new study that shows more about the side effects of people who have long COVID. I don't know if anyone hears ever having long COVID it could lead to cognitive decline, especially that ability to remember, to reason to plan things because a lot of people at long COVID have been saying they've been suffering from this, and this study kind of puts that into perspective. People with long COVID they scored slightly
lower on this cognitive test than people who recovered. The good news, though, is that the long COVID patients who got better and their health improved, they scored just as well as those whose symptoms did not last as long. So when you start to get better than your cognitive I don't know anyone in.
The family, the broader family that's been involved here, but this is a tangible thing, isn't.
My sisters had long coat, she still can't taste or smell and she got COVID whin Yeah, yeah, So it's really some big implications. But this is more of a level of, you know, cognitive thinking.
You know.
So I have to tell my sister when she says, I can't remember up there you go long COVID. It could be who knows, but some interesting for people who are.
So I think we're just starting to learn more about all of this stuff.
Oh yeah, I don't have it in front of me, folks, But yesterday, over sixty five they're talking about a new booster shot. Oh yes, I haven't read about it yet. I'm not up to speed on this, but I'm certain that there was an announcement that those of a certain fossildom have to look at another. I have not done it. I had I think I had three and not four, or two and not three.
I can't remember two, not three.
Probably I'm one of the ugly lazy ones out there and probably not good full disclosure.
That's all right, just just pitching the game with the flu shot. Then we're done.
You know.
Oh my husband in there, he got knocked on his butt from heaving both.
His right Okay, yeah, all right, what do you go?
Okay, you just had talked about the Rangers best record in hockey history. I think you were just talking about that. So I want to point out something brawling.
The fight.
You know that that hockey is known for. It's back. You have this twenty one year old rookie on the Rangers, Matt Rempy, and they're calling him kind of this throwback to the more violent era of the sport. He joined the Rangers for the Miners February eighteenth. He's six foot seventy feet of Calgary like he's a big guy. But he's jumping right into action.
He's thrown fight.
He started fighting right away with the Islanders. Tough guy Matt Martin's listened to this. His first five games, he spent a total of twenty minutes actually playing on the ice, and then he racked up thirty two penalty minutes after taking part in three separate fights.
This is important. We go to the surveillance control room, Okay, no cameras allowed in a surveillance control room. And you know it's our global technical director and Rich is that Rich doesn't have a last name. Rich is there? Rich is rempy like the next vv Chara. He's six foot.
Seven, seven feet in skates.
Charge's a little more skilled. Okay, we got from the Bruins.
Okay, So do people miss that brawling part of them or is it losing it that No?
I missed the old game desperately, like I do not watch New hockey. I call it DEFLECTI I don't. I'm completely bored by what they've done with the game.
Do you think it's I wanted to bring.
Back the old game, and I've talked to Gary Bettman about it, the commissioner, and there's just huge pressure that the players don't get injured. There used to be a lot of injuries because they go flying down here in the old game, they're not. There's there's much more. Her cutest skating skills to set up someone with three people in front of the net that deflect the puck and I'm bored. You know what else do you have?
All Right?
Finally, British actress Pamela Saale move. She played Miss Moneypenny opposite Sean Connery's James Bond Never Say Die Again. She passed away, Pamela Salem. Ok, yeah, she passed away. Connery actually wanted her for that role because they had worked together before, so this is an interesting story. She was eighty years old. She passed away at her home in Florida. But that's what she's known for that nineteen eighty three film.
Yes she you know, I mean there was just so much that she did in the part, did yeh? And it was the magic of the movie. I happened to watch the other night in like Flint or Arman Flint James Coburn, which was a parody and you really couldn't parody Bond. It was so classic at the time, and Miss Money Penny was one of the anchors that everything spit around. I mean it was just as simple as Lisa. That was really interesting. I learned a lot there. Thank you,
Lisa Matteo with a look at the newspapers. This is the 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 Podcast channel on YouTube to see the show weekday mornings from seven to ten am
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