‘Bloomberg Surveillance Simulcast’ (02/10/2023)

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>> > > SIX TO NINE MONTHS FROM NOW
WE WILL CERTAINLY PLACE THE TERM DISINFLATION ON THE SHELF WITH
THE TERMS TRANSITORY. >> > > A LOT OF PEOPLE
ARE LOOKING AT 2023 AS A TRANSITION YEAR. > >> WE HAVE A 50-50 OPPORTUNITY OF A.
SOFT TOUCHDOWN VERSUS A MILD ECONOMIC CRISIS. >> > > IF WE HAVE An ECONOMIC DOWNTURN I DO.
NOT THINK IT WILL BE EXTREMELY POOR OR EXTREMELY LENGTHY BUT MY BASE SITUATION.
IS WE DODGE IT ALTOGETHER. >> > > THIS IS BLOOMBERG.
MONITORING WITH TOM KEENE, JONATHAN FERRO, AND LISA.
ABRAMOWICZ.JONATHAN: I PRACTICALLY REMAINED IN BED THIS. EARLY MORNING. TOM: IS A
SNOOZE FEAST BUT WE DEMAND TO. MAKE IT PRODUCTIVE.
THERE IS A GREAT DEAL GOING ON BENEATH. THE SURFACE.
OUR TASK– STICK WITH United States ON THIS.
INTERESTING FRIDAY. JONATHAN: USUALLY SAVE THAT PEPTALK FOR.
THE MINUTE PRIOR TO WE, THE AIR. I AM JONATHAN FERRO. IF YOU WISHED TO MOVE THIS MORNING, WANT TO THE COMMODITY.
MARKET. CRUDE IS UP 8.5%. THE RUSSIANS ARE PREPARING TO.
CUT OUTCOMES AND AS WE UNDERSTAND IT, BASE ON DELEGATES OF.
OPEC-PLUS THEY WILL NOT INCREASE SUPPLY IN REACTION TO THAT.
RUSSIAN CUT.A SUITABLE RALLY IN CRUDE. TOM:.
IT HAS BEEN A TALE ALL WEEK. BRENT CRUDE APPROXIMATELY $86.23. IT WILL NOT PROVIDE METHOD. WE ARE ON OUR MEANS TO $90. JONATHAN: YOU HAVE TO REFRAME THE.
RISING COST OF LIVING REPORT NEXT WEEK. LISA: THIS IS AMONG THE BIG.
INQUIRIES, ESPECIALLY IF THAT WILL TORPEDO EQUITY ENERGY. ON THIS MOVE IN OIL, WHAT STRIKES ME IS HOW MUCH THE.
BARRELS HAVE NOT BEEN TAKEN OFF THE MARKETPLACE FROM RUSSIA. ALL THEY ARE DOING IS LOSING A FEW OF THE EARNINGS BUT NOT.
NECESSARILY SELLING LESS.IF THAT OBTAINS TAKEN OFF TO An OBTAIN. An ALTERED STORY
AROUND THE OIL AND ALSO GAS? JONATHAN: JEFF CURRIE PUSHING OUT THE. TRIPLE DIGIT CRUDE PHONE CALL TO YEAR
END. LISA:. YES AS WELL AS A GREAT DEAL OF PEOPLE ARE OBTAINING SCORCHED OR GET IT ONCE MORE. BY THAT CHANGE STORY IN OIL PRICES. JONATHAN:. CANISTER YOU BRING UP THE GRAPH OF THE LIFT IN THE PREMARKET. BRUTAL. THE LIFT IS DOWN 33%.– LYFT IS DOWN 33%. WE WILL DO A FULL BIG SALAMI THE MOMENT WE OPENED UP. IF WE HOLD THESE DEGREES WE WILL CERTAINLY BE BACK TO THE 10.

TOM:.
IT IS RANGE, SCALE. THIS IS JUST ONE OF THE AREAS WHERE.
THERE IS A DUOPOLY. WE SAW THIS WITH THE UBER.
SUCCESS AND ALSO LIFT CODE NOT. BY ONE MAGAZINE IT IS 70%.
UBER. I ASSUME IT IS MORE THAN THAT. JONATHAN: IS IT A CHAMPION TAKE ALL.
SITUATION? WE USED TO TALK ABOUT NETFLIX.
BY DOING THIS. IS THAT WHERE WE ARE WITH THIS.
INDUSTRY? LISA: THIS IS EVEN MORE EXTREME THAN A.
NETFLIX SITUATION. TO DAMAGE IN THEY NEED TO CUT.
SOME OF THE PEAS WHICH SUGGESTS THEIR MARGINS WILL GET.
CANNIBALIZED WHICH INDICATES THEY CONTAINER NOT INVEST IN TECHNOLOGY.
THAT IS NECESSARY TO MAINTAIN TAKING MARKET SHARE AND ALSO THIS IS.
THE FACTOR THE SHARES ARE DROPPING THE MOST. TOM:.
IT WILL CERTAINLY NOT BE THEORY FRIDAY. WE WILL CERTAINLY DIVE INTO BELIEVING.
ABOUT THIS OVER THE WEEKEND AND ALSO WEDNESDAYS RISING COST OF LIVING REPORT. I WILL CERTAINLY MAKE IT AS BASIC AS I CAN.ON THE NETS AND YOUR INQUIRY REGARDING IS IT A SURVIVOR.
OF ONE IS THE LANDMARK ESSAYS PRESSING BACK 12 OR 13 YEARS EARLIER.
IT STATES IN INNOVATION USING ETHERNET MATHEMATICS IT IS A.
SURVIVOR OF ONE LIKE AMAZON.COM WOULD BE ONE EXAMPLE. JONATHAN:.
EQUITY FUTURES DOWN.5% ON THE S&P. NO REAL DRAMA BELOW. THE ONE DECADE NEAR 3.70. THE 2 YEAR VIA 4.50. IT RESEMBLES OIL NUDGING UP,.
BRENT CRUDE ON ITS WAY TO 87. THERE YOU GO TO 4.51%. IT IS BORING AS WE AWAIT RISING COST OF LIVING BUT MARKETS ARE.
MOVING. JONATHAN: THE SPREAD BETWEEN THE TWO YEAR.
VERSUS THE TEN YEARS, THE INVERSION OF THE CONTOUR, RIGHT.
NOW -81. WHAT WERE WE THE OTHER DAY? LISA: -85. THE DEEPEST INVERSION WE HAVE SEEN SINCE THE EARLY 1980'' S. WHEN YOU SAY THERE IS NO DRAMA THERE IS THE
UNIVERSITY OF. MICHIGAN VIEW STUDY. I AM FOCUSED ON THE READING. HOW MUCH DOES IT REBOUND OR OTHERWISE IN TANDEM WITH LOWER FUEL.
COSTS? I AM ALSO INTERESTED BECAUSE WE.
ARE EXPECTING A HIGHER YEAR AHEAD EXPECTATION FOR INFLATION. THIS WILL CERTAINLY BE INTERESTING, HAVE WE REACH THIS REALLY FEELING, OPTIMAL.
IMMACULATE DISINFLATION STORY IN MARKETS. TODAY WE ALSO HAVE THE EUROPEAN COUNCIL CONFERENCE IN BRUSSELS. THEY ARE REVIEWING UKRAINE AS WELL AS THE EUROPEAN FEEDBACK. THERE WAS DRAMATIZATION OVERNIGHT.THEY ARE LIKEWISE SPEAKING
ABOUT THE. FEEDBACK TO THE U.S. INFLATION DECREASE ACT. I MINTED DID TO SEE WHETHER THERE IS– I AM INTERESTED TO. SEE WHETHER THERE IS ANY COHESION ON THEIR SIDE OR THIS. WILL CERTAINLY FINISH UP BEING A POINT OF TENSION.
TODAY THERE IS A NUMBER OF FED SPEAK. FED GUV CHRIS WALLER AND PHILLY FED PRESIDENT. PATRICK WALLER. DO THEY DOUBLE DOWN ON THE.
GROUPTHINK? DO THEY PUSH BACK? WHAT KIND OF
NARRATIVE TO THEY. PROVIDE GOING INTO THE TUESDAY RECORD WHICH WILL CERTAINLY BE A. SMASH HIT ONE, NOT ONLY FOR CPI, BUT WE GET A CONTINUE READING WHO. THE POTENTIAL NEXT LEADER IS FOR THE FINANCIAL INSTITUTION OF JAPAN.JONATHAN:. ALLOW ' S DISCUSS THAT POSSIBILITY

NEXT LEADER
, PROFESSOR AND. PREVIOUS FINANCIAL INSTITUTION OF JAPAN LEADER.
I WENT TO MIZUHO. THEY SAY HE IS A MINDFUL INDIVIDUAL SO HE WILL NOT TAKE AWAY.
RETURN CURVE CONTROL SIMULTANEOUSLY. DROPPING WHY SISI WILL LIKELY.
BE HIS– DROPPING YCC WILL CERTAINLY LIKELY BE HIS FIRST– TOM:.
THEY ARE INFORMATION DEPENDENT BUT DIFFERENT DATA-DEPENDENT THAN.
WE ARE. I'' VE BEEN IN THE WORKPLACES OF THE. BANK OF JAPAN.
THERE IS NOT BLOOMBERG SITTING.
ON THE DESK. THERE IS A QUIET, AND THE QUIET. IS THE SLOW-MOTION MOTION THEY OPERATE AT.
THAT IS A SOCIAL PROBLEM. JONATHAN:. THE GOVERNMENT IS GREATLY INCLUDED. TOM:. SOME FORM OF THEORETICAL COMMUNISM WE DISCOVERED IN SCHOOL. WITHOUT MARXIST CONCEPT. IT IS A PUBLIC STRATEGY TO.
ECONOMICS. JONATHAN: WE DISCOVERED RECENTLY THAT WHEN.
THEY WERE DRAWING BACK ON YCC, APPARENTLY THAT FULFILLING WAS.
QUIT SO THE GOVERNMENT COULD HAVE UPON HER TERMINAL. THE GOVERNMENT AUTHORITIES ABOUT WHAT WAS HAPPENING. IT MAKES YOU MARVEL, THE SORT OF PROCEDURE THEY UNDERWENT TO.
CHOOSE WHO WOULD LEAD THE BOJ AND ALSO WHAT IT IMPLIES FOR POLICY.
GOING FORWARD.LISA: ARE COLLINS AT BLOOMBERG. POINT OF VIEW PUT IT WELL.
WE ARE SPEAKING ABOUT THE.
POTENTIAL HAWKISH NEST– THE PROSPECTIVE HAWKISHNESS OF THE.
NEW GUV. ANY HAWK IN JAPAN IS UBER.
DOVISH ANYWHERE ELSE. JONATHAN: WE HAVE SOME YEN STAMINA. ALLOW'' S GET TO ELSA, CANISTER WE GET. YOUR THOUGHTS ON THE BOJ REPORTS THAT HAVE COME THROUGH.
THIS EARLY MORNING? ELSA: IT HAS BEEN INTERESTING TRADE.
FOR MANY SINCE THE BAND WAS WHITED IN DECEMBER. IT FEELS LIKE PEOPLE HAVE MORE THAN TRADED A BIT AS WELL AS KEEP.
TINGLING REGARDING WHO IT MAY BE, WHAT THAT MIGHT LEAD.
TO IN REGARDS TO MOVEMENT. THE FINANCIAL INSTITUTION OF JAPAN ACTION GRADUALLY.
AND ALSO I THINK INVESTORS ARE CONSIDERING ON THEIR OPTIONS. WE STILL HAVE THE OVER FINANCIAL OF THE STEP. NOW VIRTUALLY CLOSE TO FLAT. TOM: YOUR ACADEMICS AS WELL AS BIND IS SIMPLE. THERE IS DISINFLATION, THERE IS.
DEPRECIATION, AND AFTERWARDS THERE IS COSMIC UNDEFINED CAPABILITY OF.
REFLATION. MR.KURODA IS DOING
THE. ULTIMATE REFLATION EXPERIMENT. HOW IS IT GOING? ELSA: HONESTLY SPEAKING, IT HAS BEEN. A VERY LONG TIME AS WELL AS IT IS HARD TO SEE TANGIBLE RESULTS. THERE IS INFLATION IN JAPAN BUT WE HAVE SEEN THROUGHOUT THE GLOBE. INTERNATIONAL SUPPLY CHAIN PROBLEMS AND ALSO COMMODITY PRICE RESULTS AND ALSO. WHAT WE SEE WHEN THAT DIMINISHES IS THE UNDERLYING CORE. INFLATIONARY DYNAMIC WHICH IS STRONGER IN SOME COUNTRIES THAN. IT REMAINS IN OTHER.
I FIND IT HARD TO IMAGINE A. WORLD WHERE THE UNITED STATE REMAINS IN DISINFLATION AND JAPAN IS. SEEING HOSTILE RISING COST OF LIVING THAT WOULD CALL FOR MUCH HIGHER. PRICES. LISA: YOU ARE PUSHING BACK VERSUS. THE SUGGESTION THAT NEXT TUESDAY WILL BE DYNAMITE BECAUSE WE OBTAIN CPI. AS WELL AS WE OBTAIN THE FINANCIAL INSTITUTION OF JAPAN NOMINATE AND NOTES OVERNIGHT. ARE SAYING THIS IS GOING TO BE NITROGLYCERIN, ESPECIALLY FOR THE. PAIN PROFESSION PEOPLE PLACED IN DIFFERENT MEANS.
YOU DIFFER WITH THAT SAID? ELSA: CPI WILL CERTAINLY BE INTERESTING. A SIGNIFICANT CONCENTRATE ON CPI IN THE U.S. CURRENTLY. THE BANK OF JAPAN GUV LESS SO.FOR ME THE BIG MODIFICATION IS NOT.

WHAT IS HAPPENING IN JAPAN BUT THE
REMAINDER OF THE GLOBE. THE BOOST IN HEDGING COSTS FOR JAPANESE CAPITALISTS, THAT.
HAS NOT GONE AWAY. IF THE FED WILL BE CUTTING THE.
BACK HALF OF THE YEAR IT WILL CERTAINLY STILL BE EXTREMELY COSTLY. THAT IS THE RADICAL CHANGE, NOT THE YCC. TOM:.
HOW DOES YOUR WORLD CHANGE IF WE NOW HAVE A WORLD WHERE MONEY.
EXPENSES SOMETHING? HOW DOES THAT TRANSFORM THE.
FOREIGN-EXCHANGE WORLD WHERE YOU CONTAINER PROFIT FROM IT? ELSA:.
I THINK THAT IS A WONDERFUL INQUIRY. WE REMAIN IN AN ATMOSPHERE IN WHICH IT APPEARS TO BE FALLING THROUGHOUT.
THE BOARD, YOU SEE IT IN EQUITY MARKET AND ALSO FIXED REVENUE MARKETS. EVEN MORE MIXED IN AFFECTS. IT IS AN ENVIRONMENT CONDUCIVE.
TO CONSIDERING NOT JUST RATE DYNAMICS BUT ALSO THE DEGREE OF.
RATES.IN THAT CONTEXT IT IS DIFFICULT. TO THINK OF WE WILL CERTAINLY SEE THE
DOLLAR COLLAPSE LIKE A GREAT DEAL OF. INDIVIDUALS ARE FORECASTING IF IT STAYS THE HIGHEST IN G10. IT DOES NOT MATTER WHEN CASH MONEY EXPENSES SOMETHING. YOU GAIN SOMETHING BY HOLDING ONTO IT. IT DOES MEAN THAT BY HOLDING ONTO A SHORT BUCK SETTING IS. NOT GOING TO REPAY.
JONATHAN: I WISH TO COMPLETE ON THE EURO. AND WHAT IS HAPPENING IN POWER TODAY WITH CRUDE. RALLYING. THERE IS A PIECE IN THE. FINANCIAL TIMES.
“PUTIN HAS LOST THE POWER WAR.”. IS THAT YOUR WORKING PRESUMPTION FOR 2023? ELSA:. THAT IS INTERESTING BECAUSE YOU STATED THE RISING COST OF LIVING. DECREASE ACT IN ONE OF THE CONVERSATIONS THEY ARE CONTENDING. THE COUNCIL TODAY IS WHAT THE RESPONSE WILL CERTAINLY BE. STRUCTURALLY ECONOMICAL GAS EUROPE USED TO GET IS NO MORE THERE. THAT MAY NOT ADVANTAGE VLADIMIR PUTIN BUT IT WILL CERTAINLY ABSOLUTELY. BENEFIT THE U.S. IN RELATIVE REQUISITES.
GOING. AHEAD, THIS IS NOT A 3 MONTH A SIX-MONTH PROFESSION BUT ON.
A A COUPLE OF YEAR PERSPECTIVE THERE ALLOW INCENTIVES FOR.
EUROPEAN COMPANIES TO BE INVESTING IN THE U.S.

JONATHAN:.
THANKS. ELSA LIGNOS OF RBC. EQUITY FUTURES A LITTLE SOFTER. THE CURVE, 2 VERSUS 10, THE.
DEEPEST INVERSION GOING BACK TO 1981. AS LISA MENTIONED EARLIER, THE 2 YEAR VERSUS THE 10 YEAR.
SIMPLY OFF THE LEVELS OF YESTERDAY. FROM -85 TO 81. TOM:.
AN INTERESTING TAKE TO SAY THE LEAST. I WILL CERTAINLY MOST LIKELY TO OIL. JULIAN.
LEE COMING UP. JONATHAN: EXTREMELY NEAR TO $80 ON WTI. THAT CONVERSATION IS UP NEXT. LEIGH-ANN:.
A SHOCK FROM THE FINANCIAL INSTITUTION OF JAPAN. THERE ARE RECORDS THAT THE HEAD OF STATE– IN APRIL THAT.
RESULTED IN An ENTER THE YEN. HE IS A PROFESSOR AND ALSO FORMER.
BOJ BOARD MEMBER. UEDA HAS ACTUALLY REVEALED CAUTION ON.
INCREASING PASSION PRICES PREMATURELY. IN TURKEY, THREE SURVIVORS WERE.
DRAWN FROM THE RUBBLE TODAY GREATER THAN 100 HOURS AFTER THEY.
WERE ENTRAPED BY KILLER EARTHQUAKES. RESCUERS HAD BENEFITED GREATER THAN 3 STRAIGHT DAYS. THE CASUALTY IN TURKEY AND ALSO SYRIA HAS REACHED 22,000. RUSSIA HAS ACTUALLY INTRODUCED A NUMBER OF CRUISE SHIP ROCKET ATTACKS ON.
UKRAINE.UKRAINE SAYS THE TARGETS WERE. CRITICAL FACILITIES IN SEVERAL CITIES. ON THE OTHER HAND OLAF SCHOLZ HAS ACTUALLY ASKED. LEADERS TO PROVIDE GERMAN CONTAINERS TO UKRAINE AS PROMISED. THE OBJECTIVE IS TO HAVE 80 STORAGE TANKS BY THE END OF MARCH. MORE REVELATIONS CONCERNING THE CHINESE BALLOON SHOT DOWN OVER. THE COASTLINE OF SOUTH CAROLINA.
THE BIDEN MANAGEMENT IS. OFFERING PROOF THE BALLOON
WAS QUALIFIED OF COLLECTED. INTERACTION SIGNALS AND BROUGHT AN SELECTION OF. SURVEILLANCE DEVICES. BLOOMBERG HAS DISCOVERED CONGRESS. HAS BEEN TOLD SEVERAL OF THE
ELEMENTS HAD ENGLISH LANGUAGE. WRITTEN ON THEM.GLOBAL NEWS POWERED BY EVEN MORE
.

THAN 2700 JOURNALISTS AND ANALYSTS IN OVER 120 COUNTRIES. I AM LEIGH-ANN GERRANS AS WELL AS THIS IS BLOOMBERG. > > MILLION BARRELS FROM CHINA, >>. MILLION PERILS LESS FROM THE SPR
. I ASSUME THE MARKET IS TOO. CONCENTRATED ON RUSSIA.
THE VARIOUS OTHER DOES DEAL AND ALSO TAKE US. JONATHAN: CRUDE RALLYING GREATER THAN 2 %ON. BRENT.$ 86 A BARREL.
THE CURRENT INFORMATION THAT RUSSIA. STATED WE WILL REDUCE OR YOUR OUTCOME BY 500,000 BARRELS A DAY. THIS IS THE FOLLOW-THROUGH WE EXPECTED. THE DANGER TO RETALIATE AGAINST WESTERN SANCTIONS. BELOW IT IS. OPEC-PLUS, HOW WILL CERTAINLY THE REMAINDERS OF. OPEC-PLUS REACT TO THE OUTCOME CUT AS REPORTED BY DELEGATES–. BASE ON DELEGATES, THEY WILL CERTAINLY NOT BOOST SUPPLY IN. REACTION TO THAT RUSSIAN CUT.LISA:.
WHICH IS WHAT RUSSIA DESIRES.

THE POINT IS IF WE ARE NOT. MAKING AS MUCH CASH FROM WHAT
WE ARE EXPORTING, IF WE CUT OUR. PRODUCTION WE WILL MAKE
THE EXACT SAME AMOUNT BY EXPORTING LAST. DUE TO THE FACT THAT THE RATES WILL CERTAINLY RISE.
JONATHAN:. CRUDE HAS BEEN RALLYING A LOT OF THIS WEEK. UP 8.8%. I ASSUME WE ARE ON COURSE FOR. THE BIGGEST WEEKLY GAIN OF THE WEEK UP UNTIL NOW. TOM:. PRE-PANDEMIC $60 A BARREL.THEN LISA HAD

2 DRUMS IN HER.
LIVING AREA. THE CRUCIAL POINT IS THE.
PERSISTENCY FROM $20 A BARREL TO 120 WAS TANGIBLE, THERE WAS.
A TREND. WE RETURN TO $70 A BARREL, AND ALSO.
CURRENTLY WHAT? JONATHAN: WE ARE HAVING A SUPPLY-SIDE.
CONVERSATION AS WELL AS I BELIEVED WE WOULD BE HAVING A DEMAND-SIDE.
CONVERSATION. THIS IS UNHELPFUL WITH CHINA.
COMING BACK ONLINE AS WELL AS WE'' RE ALL WAITING FOR THE DEMAND TO.
TURN UP. TOM: A NICE FORERUNNER TO JULIAN LEE.
IN LONDON. ABSOLUTELY AN EXPERT ON THE.
GEOPOLITICS AND ALSO THE MATHS AS WELL AS THE MICROECONOMICS OF OIL. JOHN SAYS THERE IS A SUPPLY-SIDE DYNAMIC AS WELL AS AMRITA.
SEN SET A DEMAND-SIDE DYNAMIC.WHICH IS MORE PREDOMINANT RIGHT. NOW RIGHT INTO 2023? JULIAN: THE INSTANT EFFECT IS FROM. THE SUPPLY-SIDE.
WE HAVE A VARIETY OF MATTERS THAT.
HAVE HAPPENED IN THE LAST FEW DAYS THAT HAVE AIDED ASSISTANCE.
THIS RALLY THIS WEEK. THE AWFUL EARTHQUAKES IN.
TURKEY HAVE HAD AN INFLUENCE. THEY HAVE EFFICIENTLY KNOCKED.
OUT THE EXPORTS FROM AZERBAIJAN, ABOUT 600,000.
BARRELS A DAY. WE DO NOT KNOW HOW MUCH TIME THOSE.
WILL BE OFF THE MARKETPLACE FOR INVESTIGATIONS GOING ON ABOUT.
PROSPECTIVE DAMAGE TO THE EXPORT TERMINAL.WE HAVE HAD WHAT LOOKS TO BE A. QUICK BLACKOUT OF PRODUCTION FROM KAZAKHSTAN THAT ALSO FEEDS INTO. THE MEDITERRANEAN MARKETS.
THAT HAS TIGHTENED THAT A. BIT.
WE HAVE HAD A PRODUCTION FAILURE.
IN THE NORTH SEA, THE BIGGEST FIELD THERE IS UNDERPERFORMING. AS AMRITA STATED WE ARE SEEING.
THE END OF SALES FROM THE STRATEGIC OIL GET AND.
IT IS NOTICEABLE THAT IF YOU CHECK OUT THE UNITED STATE WEEKLY FIGURES THAT THE UNITED STATE HAS GONE FROM BEING A NET.
EXPORTER OF OIL AS IT WAS FOR A LOT OF IN 2014 TO BEING A.
WEB IMPORTER IF YOU COMBINE CRUDE AND ALSO REFINED PRODUCTS.
WITH EACH OTHER. AFTER THAT WE HAVE THE OPENING UP OF.
CHINA, THE INCREASE TO AERONAUTICS DEMAND I WAS CHATTING ABOUT IN.
THE NEWSLETTER. YOU NEED TO REPRESENT SEVERAL OF.
THE DEMAND FORECASTS THAT HAVE BEEN MADE SOMEWHERE ELSE ON THE BACK.
OF FUEL SWITCHING OVER FROM GAS TO OIL. COZY CLIMATE IN EUROPE IMPLIES THAT HAS ACTUALLY NOT HAPPENED IN QUITE.
THE SAME EXTENT. THAT IS OFFSETTING THAT. TOM: HOW DOES OPEC-PLUS BEHAVE.
DIFFERENTLY IF WE JUMP OVER $90? HOW DOES THEIR BEHAVIOR ADJUSTMENT? JULIAN: I AM NOT SURE IT DOES ADJUSTMENT.
EXTREMELY MUCH.THEY HAVE CLEARLY– OVER THE. LAST FEW MONTHS THEY HAVE BEEN STRESSED ABOUT THE DRAWBACK. THEY HAVE BEEN FRETTED ABOUT BRENT AROUND 80 AS WELL AS POSSIBLY. LISTED BELOW. THEY HAVE BEEN VERY CAUTIOUS TO.
SECURE THEMSELVES VERSUS THE DISADVANTAGE.
IF YOU LOOK AT WHEN OIL OBTAINED UP TO $120 IN 2015, THIS WAS A. DURATION OF TIME IN WHICH THEY HAD BEEN LAGGING BEHIND NEED.
DEVELOPMENT WITH THEIR OUTCOME RISES. THE GROUP OVERALL– AS IT STILL IS– WAS FAILING TO PUMP. AS MUCH AS THEIR TARGETS ALLOWED BECAUSE LOTS NATIONS. COULD NOT. EVEN THEN THEY HESITATED.
TO ALLOW THOSE COUNTRIES, SAUDI ARABIA, THE EMIRATES, TO MAKE. UP THE SHORTAGE FROM OTHERS. THEY WERE CLEARLY A LOT MORE.
STRESSED ABOUT COSTS SLIPPING LISTED BELOW$ 80 THAN THEY WERE ABOUT.
THEM GOING ABOVE $100. THAT FRAME OF MIND PROCEEDS. LISA:.
WHICH ELEVATES THIS PROBLEM. WHY HAVE NONE OF THE WARNINGS.
INVOLVE PASS.WHY HASN ' T CHINA COMING BACK. ONLINE, AND ECONOMY NOT AS BAD AS INDIVIDUALS EXPECTED, HAS NOT.
CONTRACTED THE MEANS INDIVIDUALS THOUGHT, THEN YOU ARE ADDITIONALLY.
GETTING SUPPLY DECREASES. WIRED COSTS HIGHER?– WHY AREN ' T COSTS HIGHER? JULIAN: PARTLY IT IS THE MARKETPLACE IS. MUCH BETTER SUPPLIED THAN IT WAS. WE HAVE NOT HAD THE DIRE.
ECONOMIC FORECASTS OCCUR BUT THERE HAS BEEN A. SIGNIFICANT REDUCTION SOUGHT AFTER, PARTICULARLY IN EUROPE.
WE HAVE HAD A REASONABLY MILD WINTER IN EUROPE UNTIL NOW, WHICH. SUGGESTS THE PULL ON NATURAL GAS HAS NOT BEEN AS BIG AS PEOPLE.
FEARED IT WOULD BE AND FOR THAT REASON THE DEMAND TO BUTTON. AWAY FROM NATURAL
GAS AND ALSO RIGHT INTO BURNING OIL HAS NOT. MATERIALIZED IN THE WEIGHT LOTS OF PEOPLE FEARED IT WOULD THIS. WINTER.THAT HAS ACTUALLY AIDED TO MAINTAIN DEMAND. IN CHECK SOMEWHAT, AND AND ALSO IN CHINA, WE HAVE HAD THE.

OPENING. IN LOTS WAYS THE CHINESE
. ECONOMIC CLIMATE OR CHINESE OIL DEMAND IS STRUCTURALLY QUITE VARIOUS.
TO OIL DEMAND IN THE UNITED STATE OR IN EUROPE, WHICH IS EXTREMELY. CONCENTRATED ON THE TRANSPORTATION MARKET. IN CHINA IT IS MUCH LESS SO. TRANSPORTATION ACCOUNTS
FOR A SMALLER PERCENTAGE OF THE. COUNTRY ' S OIL NEED. AS YOU OPEN CITIES UP AND ALSO ALLOW. PEOPLE TO TRAVELING, THAT DOES NOT'HAVE QUITE THE IMPACT THE SAME. MOVES WOULD HAVE HAD IF IT HAPPENED IN THE UNITED STATES. CHINESE INDUSTRIAL NEED FOR POWER AND FOR OIL WITHIN THAT. DID NOT TAKE THE SAME HIT THAT TRANSPORTATION COMMAND DID. JONATHAN: JULIAN, ALWAYS A FACILITY WITH. YOU.THANK YOU. BRENT UP 2.5 %. WTI TOO. TAKE A LOOK AT THE BOND MARKET IN EUROPE. THE GERMAN 2 YEAR THE HIGHEST POSSIBLE CONSIDERING THAT 2008. CONTRAST IT TO WHERE WE WERE IN 2014. FEBRUARY 10. -33 BASIS POINTS. THAT IS A 300 BASIS POINT CARRY ON A GERMAN TWO YEAR IT. ATTRACTS WHAT IS OCCURRING WITH THE DEPOT RATE, WHICH HAS ADDITIONALLY. SEEN A 300 BASIS POINT RELOCATION. THIS IS JUST TRACKING
THE ECB. TOM: WHY IS IT BURSTING OUT? IT ROSE A NUMBERS OF DAYS AGO. AND ALSO PULLED BACK AND NOW WE ARE UP.JONATHAN:. YOU CAN FOCUS ON THE CHANGE IN INFLATION OR YOU CAN CONCENTRATE ON. THE NUMBER. IT IS A TROUBLE
. LISA:. HOW MUCH IS THIS STEMMING FROM OIL
PRICES? IF OIL RATES GO UP AND YOU HAVE STRENGTH IN THE ECONOMIC CLIMATE. YOU HAVE A DUAL WHAMMY. YOU HAVE AN ECB THAT IS FORCED. TO FIGHT INFLATION, BUT YOU LIKEWISE HAVE THE STRENGTH OF OTHER. ELEMENTS APART FROM OIL THAT WILL CERTAINLY BE DRIVING SOME OF THE. RATE RISES. IT IS TYPE OF A TOXIC–.
JONATHAN: TORSTEN SLOK STARTED THE WEEK.
WELL WITH THIS.HE CLAIMS ARE WE REINTRODUCING. THE RISKS OF LAST
YEAR? WE HAVE A BETTER GROWTH PROFILE.
IN UNITED STATES AS WELL AS THE REOPENING OF CHINA AND ALSO MAYBE.
THE CRUDE ISSUES RETURN AND YOU
GET A SCARE OFF OF THE. HEADINGS OUT OF RUSSIA. LISA: WHICH IS THE REASON THAT SOME.
PEOPLE ARE SPEAKING ABOUT A DOUBLE-DIP RECESSION.
THIS CONCERN AROUND, WE HAVE GOTTEN THE RALLY.
WHAT TAKES PLACE IF INDIVIDUALS HAVE TO RESET? JONATHAN:. ARE NUMBER THE SUMMERTIME OF 2014, I ASSUME I WAS EVER BEFORE RIGHT HERE WITH. YOU. MARIO DRAGHI TOOK RATES RIGHT INTO. NEGATIVE AREA FOR THE ECB FOR THE FIRST TIME EVER.
BECAUSE AFTER THAT BOTH YEAR HAS BEEN BELOW NO. IN 2015, A POP. JONATHAN:. THE DIFFERENCE WITH THE ECB– TOM:. THE DISTINCTION WITH THE ECB IS THEY LAY OUT A CALENDAR. THE FED DOES NOT DO THAT.
JONATHAN:. A SLOW BEGIN FOR THE EQUITY MARKET. EQUITIES HEADING SOUTH ON THE S&P 500,
UNFAVORABLE.5%.6 %. THROUGH THURSDAY THE S&P -1.3%. THE NASDAQ DOWN 1.2% AS YIELDS.&PICK-UP WORLDWIDE. IN THE UNITED STATE, YIELDS HIGHER FROM&. FOUR TO FIVE BASIS FACTORS. THROUGH 4.50.
IN GERMANY, A COMPARABLE TALE. THE HIGHEST YIELDS ON THE
2. YEAR BACK TO 2008, AND ALSO POSSIBLY YOU CONTAINER BLAME CRUDE. CRUDE RALLYING COMPONENT TODAY, JUST SHORT OF 80.
UP EVEN MORE THAN 2%. RUSSIA PLEDGING TO CUT OUTPUT. BY 500,000 BARRELS NEXT MONTH AND AS STATED BY DELICATES WE. HAVE SPOKEN TO AT BLOOMBERG
, OPEC-PLUS NOT READY TO OFFSET. THE CUTS. TOM: I WILL HEAD OUT
TO BRENT CRUDE.$ 87 A BARREL. JONATHAN:.
ESSENTIAL FOR THE INFLATION TALE NEXT WEEK.
EARLIER THIS MORNING WE HAD RISING COST OF LIVING OUT OF CHINA RISING. 2.1 %EQUALLY AS CHINA REOPENS. WILLIAM LEE SAYS THIS ABOUT. CHINA. “CHINA ' S POST-COVID RECOVERY IS. THE HEART OF ADVANTAGE DANGER TO CONSENSUS “FORECAST OF GLOBAL. INFLATION AS WELL AS GROWTH.HOWEVER, CHINA
' S RECOVERY MAY. NOT SPUR OF GLOBAL GROWTH REBOUND BY AS ITS PAST. DEVELOPMENTS.” TOM: IT IS'FRIDAY AS WELL AS WE ARE FRAMING. ON FINANCING AS WELL AS BUSINESS ECONOMICS BENT ON THE RISING COST OF LIVING REPORT ON.” WEDNESDAY. THIS IS A REALLY VITAL.
CONVERSATION TO GET YOU ALL SET FOR ASSUMING ON THE WEEKEND BREAK
OF. WHERE WE ARE GOING IN 2023.
WILLIAM LEE ' S PRIMARY ECONOMIST. AT THE MILKEN INSTITUTE. A TOUR OF DUTY AT CITIGROUP AS. WELL.'WE ARE THRILLED HE COULD SIGN UP WITH. United States THIS MORNING.
YOUR POINT OF VIEW IS COURAGEOUS,.
NARROW, AND CONTROVERSIAL. YOU THINK WALL SURFACE STREET IS
NOT. CONCERNING THE CHINA TEAM 3 THEY WILL COME BACK AND WE WILL.
— THE CHINA GROUPTHINK THEY WILL CERTAINLY COME BACK AND WE WILL CERTAINLY BOOM. YOU QUESTION THE CHINA GDP OF 5 %OR 6 %? WILLIAM:. A GREAT DEAL OF THE WESTERN CONSENSUS IS LOOKING TOWARDS HIGH NUMBERS. OF CHINA GROWTH RATE. PEOPLE ARE OVERESTIMATING HOW.
HARD IT IS TO OBTAIN SUPPLY-SIDE BACK ON-LINE AND THE TRUTH THE.
PLAN IN CHINA IS TO HIGHLIGHT RESIDENTIAL DEMAND AS WELL AS DOMESTIC.
CONSUMPTION. IF INDIVIDUALS ARE ANTICIPATING THE. EXPORT ENGINE OF CHINA TO BE REVIVING AGAIN AND RISING. THE ASSET RATES, I BELIEVE THAT IS THE INCORRECT AREA TO APPEARANCE.
SEEK TO VACATIONERS FROM CHINA GOING OUT. WE DISCUSSED BOTH AMERICA ' S. RIGHT NOW THERE ARE THREE CHINA ' S. THE RISING MIDDLE COURSE WILL CERTAINLY REMAIN IN LURE– WILL CERTAINLY BE ENGAGING IN. SOME OF THE BEHAVIOR.THE MASS OF THE POPULATION IS. CAUGHT UP IN THEIR
WEALTH BEING– AND THEIR HOUSEHOLD EARNINGS. REMAINS IN THE BLUE FUNKS SINCE THE YOUTH UNEMPLOYMENT PRICE IS SO. HIGH.
TOM: WHEN I MOST LIKELY TO CHINA I GO DEEP. INTO CHINA. I WISH TO ENTER INTO THE WAY YOU
. CONSIDER THE DOMESTIC NATIONAL POLITICS AND THAT THE WALL. STREET GROUPTHINK AROUND CHINA IS TWISTED AROUND SHANGHAI AND ALSO.
HONG KONG AS WELL AS BEIJING AS WELL AS YOU HAVE THE GUTS TO GO ACROSS.
THE COUNTRY.WHAT IS THE DISTINCTION OF. CENTRAL AS WELL AS WESTERN CHINA? BILL: AMONG THE POINTS PEOPLE
MISS. IS THE EMPHASIS BY XI JINPING ON WANTING TO SPREAD GROWTH. A STUDY OF CITIES IN CHINA HAS.
POINTED TO An ASPIRING DEVELOPMENT FACILITY OUT WEST. AND ORIGINAL. DEVELOPMENT CENTER THAT WAS
EXPECTED TO BE AT THE HEART OF THE BELT. AND COMPOSED TECHNIQUE. THE METHOD TO PUT DEVELOPMENT OUT. WEST IS STILL THERE BUT WESTERN INVESTORS ARE OVERLOOKING THAT. SOMETHING MOSTED LIKELY TO REMEMBER IS CHINA IS EVEN MORE THAN THE. RESORTS IN HONG KONG AND BEIJING.JONATHAN: YOU TELL HIM. LISA:. CIVIL SERVICE STATEMENT. [GIGGLING]
TOM:. BILL HAS BEEN TELLING ME THAT FOR MANY YEARS. JONATHAN: YOU UNDERSTAND THE FEATURE ON THE. BLOOMBERG, KIND IN A NATION, PLACE IN CHINA.
THE CONSENSUS PROJECTION IS 5.1%. LOOKING UP TO 2024 THE MESSAGE. SEEMS TO BE GET COMFY WITH 5%. CAN YOU PUT NUMBERS ON YOUR OWN FORECAST AS YOU PUSH BACK. VERSUS THAT AGREEMENT 5%? EXPENSE: I THINK THE AUDIENCE WILL CERTAINLY CLAIM. WHO RESPECTS BILL LEE ' S PROJECTION SO PERMIT ME TO GO TO THE. IMF.THE TRUTH THAT THE IMF IS LOOKING AT 2 TAKES CARE OF AS WELL AS
.

3 MANAGES OUT 5 YEARS ON CHINA ' S DEVELOPMENT TELLS YOU. SOMETHING ABOUT THE TRUTH OF CHINA. THE IMF NEVER DEVIATES
FROM AGREEMENT.THAT IS EXCELLENT PROOF TO STATE WE ARE NOT GOING TO HAVE THE
SORT OF HIGH DEVELOPMENT PRICES WE HAD BEFORE BECAUSE CHINA'' S. EFFICIENCY AND ALSO LABOR GROWTH RATES ARE NOT THERE TO ASSISTANCE.
THE 5% OR 6% GROWTH RATES WE SEE.LISA: THERE ARE TWO POINTS. THERE IS THE HEADLINE NUMBER THAT MAY BE JUICED BY.
STIMULATION OR THE CHINESE GOVERNMENT IN ADDITION TO DIFFERENT.
KINDS OF REGULATORY PLANS. AFTER THAT THERE IS THE STIMULATIVE.
EFFECT ON THE REMAINDER OF THE GLOBAL ECONOMIC CLIMATE. CONTAINER IT BE FEASIBLE FOR CHINA TO OBTAIN HEADLINE NUMBERS THEY.
PUBLISH AT 5% WHILE NOT HAVING A STIMULATIVE EFFECT ON OTHER.
ECONOMIES AS A RESULT OF THE DOMESTIC EMPHASES OF EVERY ONE OF THESE.
PROGRAMS. LISA: BINGO– COSTS: BINGO. I CAN WARRANTY IT THE NEXT COLLECTION OF NUMBERS OUT OF THE CHINA GDP.
WILL HAVE AMAZING NUMBERS, POSSIBLY ALSO SEVENS BECAUSE.
THE REBOUND IMPACT BE MAGNIFIED BY THE WAY THE NUMBERS HAVE.
BEEN JABBED BY FORECASTERS.THE FACT IS CHINA ' S PLAN.
IS JUST ONE OF EMPHASIZING DOMESTIC NEED, EMPHASIZING INVESTMENT.
IN THE DIRECTION OF BUILDING DOMESTIC CHAMPIONS, FIRMS THAT WILL.
BE HELPING CHINA'' S DOMESTIC ECONOMY. THE EMPHASIS ON CONSUMPTION SUGGESTS WE WILL CERTAINLY NOT SEE SPIKES IN.
ASSET RATES, WE'' LL BE SEEING SPIKES IN AIRLINE COMPANY.
TICKETS AND TRAVEL DESTINATIONS AND ALSO HOTELS AND ALSO THAT SOLUTION.
SECTOR RESTRAINT IS SOMETHING THAT IS STILL SEVERE IN CHINA.
SINCE IT HAS NOT BEEN ACCUMULATED AS LONG AS IT HAS IN THE.
WEST. GOING AHEAD WE SHOULD SEE RISING COST OF LIVING FIGURES INCREASE BUT.
IN VARIOUS LOCATIONS. EVEN THE CURRENT NUMBERS WE ARE.
MENTIONING CURRENTLY, TO PRESENT INFLATION, MANY OF THAT WAS.
FOOD. IF WE CHECK OUT THE CORE INFLATION, IT IS STILL 1%. WHERE IS THE SPIKE WE ARE EXPECTED TO SEE FROM THE.
REBOUND? NOT HERE YET. LISA: IN TERMS OF IMPLICATIONS FOR.
EUROPE WHEN IT PERTAINS TO CRUDE RATES– IT HAS A NEGATIVE.
EFFECTS IN TERMS OF SOME OF THE GROWTH VALUED RIGHT INTO GERMANY.
ON THE HEELS OF CHINA'' S REOPENING. HOW MISPLACED OR A FEW OF THOSE HOPES? COSTS:.
I ASSUME A LOT ARE EXTREMELY MISLAID BECAUSE THE POLICY OF.
CHINA XI JINPING ANNOUNCED WAS WE WANT TO CONSTRUCT DOMESTIC.
DEMAND AS WELL AS DOMESTIC CONSUMPTION.THAT IS NOT THE KIND

OF STUFF. THAT MAKES FOR A LOT OF IMPORTS OF BMW'' S, OTHER THAN FOR THE SHOT.
CHINA NOTION, AS WELL AS I HAVE DISCUSSED THAT THE REALLY ROUTINE.
ALWAYS BE IMPORTING DELUXE PRODUCTS AND BMW'' S AS WELL AS MERCEDES. WILL CERTAINLY BE PART OF THAT TALE. THE MASS OF THE CHINESE.
POPULATION IS BATTLING POST-COVID AS WELL AS MESSAGE THE.
RESIDENTIAL PROPERTY MARKET COLLAPSE. UNLESS REFORMS ARE ESTABLISHED.
TO RECOVER SELF-CONFIDENCE CHINESE INDIVIDUALS HAVE, WE ARE NOT GOING.
TO SEE THE CONSUMPTION RUPTURED SUSTAINED WE SAW IN THE PAST. THAT IS SOMETHING THAT THE WESTERN FORECASTERS HAVE NOT.
PUT IN PLACE YET. JONATHAN:.
CHINA'' S MANAGEMENT DOES NOT LIKE BEING EMBARRASSED. THIS WEEK A LOT OF INDIVIDUALS SEEM LIKE THEY HAVE BEEN EMBARRASSED. WHAT ARE THE EFFECTS? EXPENSE:.
THE BALLOON MARKET WILL GET A DEFLATING STORY. ONE OF THE DETAILS XI JINPING HAS TO DEMONSTRATE HIS HE HAS.
CONTROL OVER THE GOVERNMENT.IF YOU HAVE A NUMBERS OF STRAY. ABANDONERS PUTTING OUT DIPLOMACY AFFECTING MOVES LIKE. NETTING BALLOONS GO ALL OVER THE GLOBE
AND ALSO GETTING CAUGHT. DOING IT, THERE WILL BE SOME HEADS TO ROLL.
JONATHAN:. THE TAKEAWAY OVER THE WEEKEND BREAK IS NONE OF THIS TAKES PLACE WITHOUT. THE SIGNOFF OF THE LEADER OF THE COMMUNIST CELEBRATION. ARE YOU SUGGESTING SOMEBODY WITHIN THE EVENT DID SOMETHING. ON A ROGUE BASIS, WENT AND
DID THEIR OWN THING WITHOUT A. SIGNOFF? BILL: I THINK YOU OVERESTIMATE THE. ABILITY OF THE CENTER TO CONTROL THE REMAINDER OF THE. FEDERAL GOVERNMENT. THERE IS ALWAYS SOME FOOL THAT. HAS DECIDED TO BE INNOVATIVE OR EMBARRASS THE MANAGEMENT. BECAUSE THEY ARE AT THE LEADING EDGE
OF THE REVOLT AGAINST THE. CELEBRATION LEADERSHIP. IN EITHER CASE, I THINK ONE OF. THOSE STORIES WILL BE ACTED UPON. WE HAVE HAD CIRCUMSTANCES WHERE THE. CENTRAL LEADERSHIP HAS BEEN TESTED BY LEADERS, LIKE ONE. THAT WAS ARRESTED FOR CORRUPTION AS WELL AS TAKEN OUT OF THE PHOTO. WHAT WE WILL SEE IS A TALE THAT WILL DEVELOP IN WHICH THE. INDIVIDUAL OR INDIVIDUALS BEHIND THE BALLOON STORY, WE WILL CERTAINLY NEVER. KNOW AS WELL AS WILL CERTAINLY NEVER EVER LISTEN TO OF THEM AGAIN.JONATHAN:. IT WAS THE ROGUE WEATHERMAN THAT DID THIS.
TOM:. THIS IS SERIOUS STUFF. WE SPOKE WITH THE
ADMIRAL ABOUT. THIS. TO BILL LEE ' S FACTOR– THERE IS. THIS JUVENILE IDEA THAT EVERYTHING BEGINS BEHIND THE. RED DOORS IN BEIJING. TO A PERSON, WILLIAM LEE,.
ELIZABETH ECONOMIC CLIMATE, JONATHAN SPENCE CLAIMS THAT IS NOT THE METHOD.
IT FUNCTIONS. JONATHAN: COSTS, WONDERFUL AS ALWAYS. EXPENSE LEE OF THE MILKEN INSTITUTE. THERE IS THE TAKEAWAY OVER THE WEEKEND BREAK THAT ABSOLUTELY NOTHING TAKES PLACE.
WITHOUT XI'' S SIGNOFF. IS THAT THE CASE THIS TIME AROUND? LISA: IT PERSPIRES IF YOU DO, DAMP IF. YOU DO NOT.
— DAMNED IF YOU DO, DAMNED IF. YOU DO NOT.
IF YOU DID VALIDATE IT, WHAT. WAS THE OBJECTIVE RIGHT BEFORE A TONY BLINKEN CONFERENCE THAT WAS. EXPECTED TO BE CONCILIATORY? IT IS AWKWARD FROM– TOM:.
GUIDE OF THE YEAR OR GUIDE OF TWO SUMMER SEASONS EARLIER, IS A.
PHENOMENAL PUBLICATION COME AND ALSO THE HEART OF IT IS THAT THESE.
PEOPLE SIMPLY DISAPPEAR.THE FICTION OF 2034 IN THE BACK. END OF THE BOOK,
INDIVIDUALS DISAPPEAR AND ALSO THEY DO NOT APPEARANCE. LIKE LEONARDO DICAPRIO
. INVOLVING NETFLIX 2034. JONATHAN: I AM LOOKING ONWARD TO THAT. WITH YOUR VARIOUS OTHER PUBLICATION OF THE SUMMER SEASON. TOM:.
I HAVE 3 OR FOUR OF THEM. JONATHAN:.
WHAT WAS PUBLICATION OF THE YEAR IN 2015? TOM:.
LINEAR ALGEBRA FOURTH VERSION. THIS IS NOT FUNNY. INDIVIDUALS DISAPPEAR. JONATHAN: IT IS DREADFUL. THAT IS WHAT TAKES PLACE UNDER DICTATORSHIPS. IT IS NO JOKE. GREG STAPLES IS UPCOMING UP AT.
7:30 EASTERN TIME. YIELDS ARE CLIMBING BEEN.
EQUITIES LOOK TESTED IN THE FACE OF THAT. EQUITIES DOWN ON THE S&P. ON THE NASDAQ EVEN LOWER. YIELDS UP ON THE ONE DECADE. LISA: 4.2%. JONATHAN:.
4.20 ON THE PERIOD.– ON THE 10 YEAR. ARE YOU CONSIDERING THE SUPPLY? TOM:.
TOOK A NAP AND WOKE ME UP WITH A THIRTY YEARS. JONATHAN:.
FROM NEW YORK CITY THIS IS BLOOMBERG. LEIGH-ANN:.
KEEPING UP-TO-DATE WITH INFORMATION FROM AROUND THE GLOBE WITH THE.
FIRST WORD NEWS, I AM LEIGH-ANN GERRANS. UKRAINE HAS ACTUALLY TIPPED UP ITS ADVOCATE MORE TOOLS FROM.
THE WEST. PLEASANTON VOLODYMYR ZELENSKYY TRAVELING TO LONDON,.
PARIS, AND BRUSSELS. THE NATION'' S DEPUTY PRIME. PREACHER HAS TOLD BLOOMBERG TIME IS OPERATING OUT.

>> > > MORE ARMED FORCE HELP IS.
NEEDED BY THE SIGNIFICANT THING IS WE REQUIREMENT IT NOW. WE DO NOT HAVE 2 MONTHS TIME LEFT BECAUSE IT WILL CERTAINLY BE CRUCIAL.
FOR UKRAINE'' S VICTORY. LEIGH-ANN:.
SHE ALSO CALLED ON THE EU TO BEGIN THE PROCEDURE FOR UKRAINE.
TO END UP BEING A PARTICIPANT. THE FATALITY TOLL FROM THE.
QUAKES IN TURKEY AND SYRIA HAS NOW RISEN TO MORE THAN.
22,000. EXPERTS WORRY 10S OF THOUSANDS.
OF EVEN MORE PEOPLE ARE BURIED UNDER THE DEBRIS. TURKISH PRESIDENT ERDOGAN IS.
FACING INSTALLING OBJECTION OVER THE COUNTRY'' S POOR CONSTRUCTION.
DOCUMENT AND ALSO BEING CRITICIZED FOR THE GOVERNMENT'' S ACTION TO. THOSE ISSUES. APPLE IS UNDER LESS STRESS.
THAN ITS TECH APPEARS TO/JOBS. THAT IS BECAUSE IT DID EMPLOY.
MORE EFFICIENTLY TO BEGIN WITH DURING THE HIRING BRIDGE. IT INCLUDED FULL IT– LESS STAFF MEMBERS AND TOP OF THAT THE.
COMPANY GENERATED EVEN MORE INCOME PER NEW GREATER THAN ITS.
PEERS. GLOBAL INFORMATION 24-HOUR A DAY, ON.
AIR AND ALSO ON QUICKTAKE BY BLOOMBERG, POWERED BY EVEN MORE THAN.
2700 JOURNALISTS AND ANALYSTS IN GREATER THAN 120 COUNTRIES. I AM LEIGH-ANN GERRANS.THIS IS BLOOMBERG.
♪ > > MONEY DEGREES ARE 5% OR >> 6%. DEPENDING UPON WHERE YOU LOOK. SHORT POSITIONS ARE EXTREMELY HIGH. AND THAT HAS BEEN THE FUEL ON THE
FIRE OF LESS BAD. BASICS. JONATHAN: IT HAS BEEN A HUGE PAIN TRADE. THAT WAS BEEN LATE MARK EVALUATING KNOW SOME OF THAT–. THAT WAS BEN LAIDLER EVALUATING KNOW SEVERAL OF THIS. THE S&P STILL HIGHER ON THE YEAR. ALLOW ' S CHECK OUT FUTURES. WITH EACH OTHER. DOWN.6% OR.7 %. HAVE A LOOK AT TREASURIES.
MAYBE YIELDS UP BY 5 BASIS. POINTS. BLAME CRUDE RALLYING 2%, JUST. EXCEPT 80 AS RUSSIA PLEDGES TO CUT OUTPUT BY 500,000.
BARRELS A DAY AND OPEC IS NOT READY TO STEP IN AND ALSO OFFSET.
THAT. I WOULD SAY PROFITS SEASON IS. NOT TERRIFIC IN THIS MARKET WAS QUITE REWARDING. REWARDING FOR THE BEATS AS WELL AS THE MISSES. WE HAVE NUMBERS FROM EVERCORE FROM JULIAN EMANUEL. HE SAYS THE AVERAGE STOCK PRICE ROSE POST RESULTS, BUSINESS. DEFEATING ON THE TOP AND ALSO BASE LINE.HIGHER BY 1.4 %GENERALLY. VERSUS 1 %OVER THE 5 YEARS STANDARD. THE DOUBLE MISSES UNDER AND TOP LINE WERE LOWER BY 1.4%. GENERALLY OVER THE LAST– OVER THE LAST 5 YEARS THAT. NUMBER HAS BEEN 2.9%.
NOT PUNISHED FOR THE MISSES AND ALSO. COMPENSATED FOR THE BEATS.
TOM: JULIAN WEIGHING IN AS MORE. NUMBERS COME IN.
THE CONCEPT EXISTS HAS BEEN A. MULTIPLE GROWTH.
NO ONE PRESUMED THAT. LISA:. I WAS ALSO REALLY ENCHANTED BY THIS KEEP IN MIND. HE DISCUSSED AT THE SAME TIME YOU HAVE PROFITS THAT ARE. DOWNGRADES YOU HAVE INCREASING MULTIPLES THAT HAVE RESULTED IN.
THE LOWEST EQUITY RISK PREMIUMS IN GREATER THAN TEN YEARS TO OFFER.
YOU THAT POINT.JONATHAN: GINA MARTIN– TOM:. GINA MARTIN ADAMS WILL CERTAINLY SIGN UP WITH United States.
AS WE DID WITH COSTS

LEE ON. CHINA WILL CERTAINLY PREPARE YOU FOR A WEEKEND OF CONSIDERING THE. FRACTIOUS COURSE ONWARD.
I WILL CERTAINLY MOST LIKELY TO THE SIMILARLY. PLANNER– TO THE EQUITY PLANNER STEPHEN COLBERT AND. LOOK AT THE GROWTHINESS THAT IS AROUND.
YOU ARE VALUE-BASED BUT THE GROWTH IS WINNING. PROVIDE US THE FUTURE GROWTHINESS WE CAN FIND IN A VALUE METHOD. GINA: IT HAS BEEN A CONFUSING MARKET. UNTIL NOW THIS YEAR. IN JANUARY WE
SAW THE. UNLUCRATIVE COMPANIES OUTSHINE REWARDING BUSINESS. THE SINGLE TOUGHEST MONTH, ONE OF THE STRONGEST BONDS IN THE. LAST TWO DECADES.
WE ARE IN A COMPLICATED MARKET. THAT IS ALREADY STARTING TO UNWIND. THROUGH THE MONTH OF FEBRUARY WE ARE STARTING TO SEE VALUE.
CHOICE UP STEAM.SOME OF THE STOCKS ARE HANGING. ON WHICH IS A REPRESENTATION OF THE EARNINGS SEASON WHERE THEY. HAVE BEEN VERY GOOD AT HANDLING INVESTOR EXPECTATIONS AND ALSO ALSO. GREAT AT HITTING ON THE NERVE OF INVESTORS WHICH IS. MARGINS. THAT EXPLAINS USES.
EFFICIENCY– THAT DISCUSSES THE PRICE-PERFORMANCE YOU HAVE. BEEN KEPT IN MIND. WE WILL CERTAINLY SEE MARKET JUSTIFY
. OVER THE PROGRAMS OF FEBRUARY AS WELL AS INTO
THE SPRING MONTHS AND ALSO WE. WILL SEE A FEW OF THE FROTH COME OUT OF THE MARKETPLACE. ALLOW ' S NOT BE TOO ATTENTIVE TO WHAT HAPPENED IN JANUARY. IT IS A ONE-MONTH PATTERN. UNLUCRATIVE BUSINESS WILL NOT.
OUTPERFORM PROFITABLE OVER THE LONGER RUN AND WE INTEND TO BE.
EVEN MORE SENSIBLE IN OUR APPROACH GOING INTO THE REST OF 2023.
BECAUSE THERE IS STILL UNPREDICTABILITY. JONATHAN:.
LET'' S DIFFICULTY THAT CONCLUSION. IS THAT THE BOND MARKET? GINA:.
I ASSUME IT IS MOSTLY THE BOND MARKET. WHEN WE CHECK OUT THE EQUITY MARKET WHAT IS CLEAR IS WHAT.
TOOK THE WIND OUT OF THE SALES WAS PLAINLY THE FED MEETING. WHILE RIGHT AFTER THE FED MEETING THE MARKET HAS BEEN.
UNEVEN, IT IS CLEAR THAT WAS An OPTIMAL POINT FOR POSITIVE OUTLOOK IN THE.
EQUITY MARKET.IT IS CLEAR

THAT HAS RESULTED.
IN SOME RATIONAL MOVEMENT IN YIELDS TOO. THE EQUITY MARKET AND ALSO THE BOND MARKET HAVE RELOCATED IN CLOSE.
TANDEM GIVEN THAT THE EQUITY MARKET LOW IN OCTOBER. THE EQUITY MARKET DOES TAKE SOLACE FROM THE BOND MARKET.
FAD. IF THE BOND MARKET IS FOLLOWING.
THE EQUITY MARKET WILL COMMEMORATE THAT AS A SIGNAL THE.
FED WILL EASE PLAN. AS HIGH AS WE SLAM THE FED.
THEY HAVE BEEN RELATIVELY SUCCESSFUL IN NAVIGATING THE.
OVERALL CLIMATE THIS YEAR, ESPECIALLY SINCE THIS MEETING.
— WE CRITICIZE THE FED NOT DOING AS MUCH, BUT THE FACT.
IS THEY ARE DOING SOMETHING TO TAKE THE FROTH OUT OF THE.
EQUITY MARKET AND THE BOND MARKET ALIKE. THEY ARE REALLY CLEAR. POLICY IS NOT GOING TO TAKE ANY.
SORT OF RESPITE UNTIL INFLATION IS CLEARLY UNDER SOME.
LEVEL OF CONTROL.LISA: THERE IS A LOT TO UNPACK. TO BUILD ON THIS SUGGESTION OF TAKING A SIGNAL FROM THE BOND MARKET,.
YOU ASSUME EQUITIES HAVE REPRICED THE HIGHER.
EXPECTATIONS BECAUSE LABOR MARKET REPORT LAST FRIDAY. YOU'' VE SEEN A MARKET CHANGE IN FED FUND RATES. HAVE MARKETS TOTALLY MIRRORED THAT? GINA: I WEAR'' T THINK SO. WHEN YOU LOOK AT THE EQUITY.
MARKET THERE A LOT OF UNDERLYING CURRENTS IN THE.
EQUITY MARKET AS WELL AS IT IS VERY IMPORTANT TO TALK ABOUT THE.
MARKET AS WELL AS ITS UNDERLYING COMPONENTS. THE WHOLE MARKET, WHEN YOU TAKE A LOOK AT THE EQUAL WEIGHTED S&P.
500, IT IS TRENDING AT SIMPLY 16 TIMES FORWARD EARNINGS. THAT IS NOT UNREASONABLE.IT NEED TO BE CLOSER TO 15. TIMES, BUT THIS IS GETTING NITPICKY FOR THE EQUITY MARKET. THE PROBLEM FOR THE EQUITY MARKET ARE THE HYDRATION STOCKS. WHEN YOU LOOK AT THE ENTIRE EQUITY MARKET ON A MARKET CAP. ADJUSTED BASIS IT IS TRADING MORE LIKE
18 TIMES FORWARD. PROFITS. THIS IS STILL A CONCENTRATION.
OF DANGER IN THE TECH AND ALSO TELECOM AREA THAT IS VERY PRONE. TO PASSION RATE INCREASES. WE HAVE BEEN WITHIN OF. TIME OVER THE IN 2015 AND ALSO A FIFTY PERCENT IN WHICH THE SPACE HAS. BEEN DERATED LOVED ONE TO THE REMAINDER OF THE MARKET. WE SEE A GREAT DEAL OF THAT BUBBLE THAT ESTABLISHED IN THE PANDEMIC. REFLATE WITH INCREASING RATE OF INTEREST
. IT IS NOT OVER. IT TAKES A VERY LONG TIME. WE HAVE BEEN IN THIS DURATION FOR.
An EXTREMELY SHORT TERM IN WHICH BUSINESS HAVE BEEN VERY.
PROFICIENT AT MANAGING INVESTOR EXPECTATIONS. THEY HAVE BEEN ABLE TO CREATE A LEVEL OF POSITIVE OUTLOOK THROUGH.
ANNOUNCED BUYBACKS, MONEY DEPLOYMENT TECHNIQUES, ALSO.
EXPENSE CUTTING AND ALSO LAYOFFS TO ASSIST ALLOW CAPITALIST CONFIDENCE.
AS SOON AS AGAIN.WE WILL CERTAINLY HAVE A GREAT DEAL OF GIVE IN.
THE ROOM AS WE SEE CAPITALIST ASSUMPTIONS APPEAR OF THIS.
MARKET. FINANCIERS REQUIRED TO GET MORE.
HOPEFUL OR EVEN MORE FIRED UP CONCERNING VARIOUS OTHER OPPORTUNITIES IN.
THE S&P 500. THIS HAS BEEN A 10 YEAR PROCESS.
OF GETTING TOO EXCESSIVELY EXUBERANT ON ONE SECTIONS OF THE MARKETPLACE.
AS WELL AS WE ARE DEFLATING THAT. IT WILL CERTAINLY SIMPLY TAKE TIME. JONATHAN: THIS WAS EXCELLENT. AS ALWAYS. GINA MARTIN ADAMS OF BLOOMBERG KNOWLEDGE. THIS EQUITY MARKET IN SESSION BLOWS, DOWN.7%. FUTURES A LITTLE BIT SOFTER. TREASURIES SOFTER. RETURNS ARE HIGHER. WE TALKED ABOUT THE 4.20 PHONE CALL.
FROM DEUTSCHE FINANCIAL INSTITUTION. THE CHIEF FINANCIAL INVESTMENT OFFICER.
THERE LOOKING FOR 4.20 ON THE 10 YEAR. IF YOU TAKE A LOOK AT IN WHICH WE REMAIN IN THE 10 YEAR AND BOTH YEAR IN.
AMERICA, YOUR 10 YEAR NOW UP FIVE BASIS POINTS TO 3.70. ON THE TWO YEAR, 3.51. WE ARE GRABBING AGAIN. A DIFFICULTY TO THE LOWS WE SAW IN THE LAST MONTH. LISA:.
IT SEEMS LIKE THERE IS NOT THE SAME KIND OF SENTENCE IN.
REGARDS TO ACQUIRING WHEN THINGS GET TO A CERTAIN LEVEL. THERE IS A BIGGER QUESTION AROUND BUSINESS.
CONSEQUENCES OF MONEY THAT EXPENSE SOMETHING. IPO BACK TO LYFT AND I WONDER HOW MUCH YOU SEE EVEN MORE.
JUSTIFICATION EACH TIME WHEN CASH DOES EXPENSE SOMETHING IN.
THE RISK OF NOT INVESTING SUFFICIENT IS THAT MUCH GREATER. JONATHAN: GONE ARE THE DAYS OF CHASING.
STREAMING SUBSCRIBERS.WASN ' T THAT COMPONENT OF
THE TALE? TOM: WHAT A MESS. LISA: THEN YOU MOST LIKELY TO BOTH BACKS. AS WELL AS THIS IS A DIFFERENT ATMOSPHERE. TOM:. JEAN IT WAS BRILLIANT MENTIONING 16 TIMES EARNING. APPLE MODELS OUT REGULARLY.
AT THE 25 REVENUES IDEA AS WELL AS I JUST DID THE MATH ON THE S&P.
500. I DO NOT USAGE THE DOW JONES INDUSTRIAL AVERAGE. ON THE REQUIREMENT & & POOR ' S IT IS 16.6%. ASSEMBLED. AMAZON.COM, ROUND IT UP.
70% OF THE STOCKS ARE FOUR SUPPLIES. IT IS THE WEIRDEST TIME. LISA: AS WELL AS JUST HOW MUCH DOES THAT CONTINUE.
TO GET COMBINED BECAUSE OF THE LACK OF FREE MONEY? THERE ALSO THESE POTHOLES AS WELL AS I ASK YOURSELF JUST HOW MUCH WE WOULD BE.
SPEAKING REGARDING THESE EVEN IF CASH WERE NOT FREE. I'' M BELIEVING ABOUT ADIDAS. TOM:– JONATHAN:.
THAT WAS NOT LOST ON ME. LISA: DO YOU CLAIM ADIDAS? TOM:.
AMONG OUR STAFF WAS AVAILABLE IN WITH THE 1970'' S ADIDAS COAT ON. JONATHAN: SO THEY PUT A RATE ON YOUTH? LISA: WEEKDAYS ON BLOOMBERG >> > > 6-9 MONTHS FROM CURRENTLY, WE ARE.
GOING TO PUT THE TERM DISINFLATION ON THE SHELF OF.
TRANSITORY. >> > > A WHOLE LOT OF INDIVIDUALS
ARE LOOKING.

>> AT 23 AS A SHIFT YEAR.
> > YOU ARE CONSIDERING THE DATA. AND ALSO CLAIMING PUZZLE ITEMS DO NOT FIT WITH EACH OTHER. >> > > WE HAVE A 50-50 CHANCE OF A.
SOFT LANDING VERSUS A MILD RECESSION. ASK IF WE HAVE An ECONOMIC CRISIS, I DO NOT THINK IT WILL CERTAINLY EXTREMELY NEGATIVE.
OR LONG. ANNOUNCER: THIS IS “” BLOOMBERG MONITORING””.
WITH JONATHAN FERRO, TOM KEENE AND ALSO LISA ABRAMOWICZ. JONATHAN: THANKS FOR BEING WITH US.
TODAY.WE APPRECIATE
IT. LISA A: HE STARTED 6:00 A.M. BISON WAS SHOT TO MAKE THIS BETTER. JONATHAN:.
WE APPRECIATE IT. FROM NEW YORK CITY CITY. LISA ABRAMOWICZ, JONATHAN FERRO, TOM KEENE. WE HAVE A RALLY IN THE ASSET MARKET. TOM, THE TWO-YEAR IS OF 3.
BASIS FACTORS AS WELL AS THE TEN YEARS IS UP FOR. TOM: WE HAVE A HIGH OFF, HUGE.
NEGATIVE PASSION RATE FROM ON SOME MONTHS AGO BUT THERE IS A.
IDEA WITH THE VIX WOULD PROGRAM SOME STRESS THERE. I AM GOING TO MENTION, I DO NOT THINK WE HAVE BROUGHT THIS UP,.
INFLATION IS ON WEDNESDAY. VALENTINE'' S DAY. THE NEXT DAY IS RETAIL BUSINESS.
EQUAL WEIGHT? JONATHAN:. THIS IS ESSENTIAL. TUESDAY. TOM: TUESDAY.
I MADE THE BOOKING–. JONATHAN: SIMPLY IN INSTANCE SO YOU DON ' T MISS. IT. TOM: THEY SEND ME EMAILS THE RT'' S BY– ARE TEASED BY MS. KEENE. JONATHAN: EQUITY FUTURES DOWNSIDE. RETURNS ARE HIGHER.OIL IS RUSHING TO
PUT OUT ABOUT. 500,000 BARRELS A DAY. THAT STILL GETS ON THE STAFF DIED.
OF THINGS. RIGHT CURRENTLY, CRUDE IS $79.74, UP.
BY 2%. JONATHAN: WHICH RETURNED TO WHAT JP.
MORGAN CLAIMED AT– LISA A: WHICH RETURNED TO WHAT JP.
MORGAN EMBED IN THE INTRODUCTION. HOW MUCH DOES OIL SHIFTY THE.
NARRATIVE OF DISINFLATION? IF OIL COSTS PUSH GREATER AS WELL AS.
YOU DO NOT OBTAIN THIS PRESS IN FINANCIAL MOMENTUM FROM CHINA.
INTO EUROPE. JONATHAN: GOING TO KEEP PRESSING THE.
RECESSION TELEPHONE CALL OR BRING IT AHEAD OFF THE BACK OF THAT? LISA A: I DO NOT KNOW BECAUSE IT IS A.
MISHMASH OF FS THAT I RECOGNIZED, I WOULD BE LYING.
10:00 A.M., WE ARE GOING TO SPEAK WITH THE 500 INDIVIDUALS DREW.
FROM THE U.S.MICHIGAN STUDY FOR FEBRUARY. IT ACTUALLY DOES REFLECT VERY STRAIGHT WHERE GASOLINE RATES. ARE IN THEY HAVE BEEN ABLE ICING. YOU HAVE SEEN THE POSSIBLE FOR A TICK UP IN THE YEAR AHEAD FOR. RISING COST OF LIVING BECAUSE THEY TEND TO OBTAIN VERY EXACT, TO THE 10TH. OF A PERCENT OF ESTIMATE. JONATHAN:.
YOU ARE TAKING A LOOK AT ME FOR A COMMENT. TOM:.
I HAVE CONSTANTLY BEEN SUSPICIOUS OF THIS BUT YOU TAKE A LOOK AT 5-10 YEARS.
TO RISING COST OF LIVING EXPECTATIONS ARE OBTAINING AND ALSO SECURED AND SPECIALIST.
ARE STATING NO.JONATHAN: BASED ON 600 PEOPLE THEY CALLED. TOM: MAY BE 522. LISA A:. WE ARE ADDITIONALLY CONSIDERING THE EUROPEAN COUNCIL CONFERENCE IN.
BRUSSELS. THEY ARE GOING TO SPEAK ABOUT.
UKRAINE AND ALSO THERE HAVE BEEN A VARIETY OF DEVELOPMENTS ON THAT PARTICULAR.
FRONT. WE ARE ADDITIONALLY ENJOYING THEIR.
FEEDBACK IN THE COLLECTIVE INITIATIVE THEY CANISTER MAKE TO COUNTER.
THE U.S. INFLATION REDUCTION ACT. JON:,.
YOU HAVE BROUGHT THAT UP A GREAT DEAL. THIS COULD BE A POINT OF.
OPINION BETWEEN ALLIES AND ALSO WHAT THAT INDICATES. WE ALSO GET SPEAKING FROM CHRIS WALLER AND ALSO PATRICK. ARE WE GOING TO LEARN ANYTHING FROM THEM? TOM:.
THEY ARE REALLY BOTH EXCELLENT. THESE ARE NOT ACADEMIC MONKS BUT GUYS IN THE TRENCHES DOING.
LEGITIMATE RESEARCH AND BUSINESS STUFF.JONATHAN:.

THEY HAVE A CONFERENCE IN MIAMI? LISA A:.
THERE IS ONE AT 12:30 AND ALSO 2:00. I WILL EXAMINE. TOM:.
I QUESTION WHAT THEY WILL CERTAINLY SPEAK ABOUT. TUESDAY, THE RISING COST OF LIVING RECORD. I DESIRED YOU TO START LARGER. THE GOLD ROSALIE ROSES. LISA, TOP TICKS $499. IT CAN BE FOUND IN A FANCY, GOLD PRICE– VASE AND ALSO THEY ARE PRESERVED. JONATHAN: $500. HOW LOTS DO YOU OBTAIN? TOM:.
IT IS AN AMPLE QUANTITY. MORE THAN A LOADS. LISA A:.
IT RESEMBLES INTERIOR DESIGN. TOM: IT IS FOR SOMEONE THAT WANTS.
LENGTHIER LOVE. JONATHAN SPENT HUNDRED $89 AND ALSO.
THAT THEY PASSED AWAY. JONATHAN: IF THEY COULD LAST ANOTHER.
YEAR, THAT WOULD BE TERRIFIC. I CAN PUT THEM AWAY AND ALSO BRING.
BACK. BARBARA'' S JOINING US TODAY. WE APPRECIATE IT. ARE WE PUSHING OUT THE.
ECONOMIC DOWNTURN TELEPHONE CALL? BARBARA CO. WE ARE. WE THINK THE FALLEN RATE OF INTEREST YOU HAVE SEEN SINCE.
OCTOBER IN 2015 OF 58 THIS POINT IN THE 10 YEAR TREASURY.
REDUCING POSITIONS AND PUSHING THE ECONOMIC CRISIS TELEPHONE CALL. WE THINK IT IS LIKELY TO BE SOMEPLACE AROUND 2024 RATHER.
THAN THE SECOND HALF OF 2023.

WHEN A LIFE PEOPLE ARE LOOKING.
FOR RECESSION, THEY DO NOT TEND TO MATERIALIZE. TOM: WHAT IS SO IMPORTANT RIGHT HERE IS.
YOU HAVE A CALL THAT OUR LISTENERS AS WELL AS AUDIENCES IN.
AMERICA'' S OPERABLE WITH WHICH IS STAY IN– ARE COMFORTABLE.
WITH WHICH IS REMAIN IN AMERICA. WHY DO YOU PUSH VERSUS THE.
INTERNATIONAL ANGLE? AND MANY U.S. INVESTORS USE CHINA AS A PROXY LIKE APPLE. HOW ARE THEY GOING TO REINVENT OVER THE COMING YEARS? BARBARA: INTERNATIONAL DEVELOPED.
EQUITIES HAVE A TENDENCY TO RALLY AGAINST THE U.S. IF YOU HAVE A LOOK OVER THE PAST FEW YEARS THERE HAS BEEN.
FOUR TIMES IN SUBSTANTIAL OUTPERFORMANCE AT INTERNATIONAL.
VERSUS THE UNITED STATE.

THEY TEND TO LAST ANYWHERE.
IN BETWEEN 3-6 MONTHS AS WELL AS THE RALLY OFTEN TENDS TO BE ABOUT 20% AND.
THEN PROVIDE IT BACK. IT IS NOT TO SAY THE TRENDLINE.
CANISTER NOT BE BROKEN EVENTUALLY BUT APPEARS LIKE IT IS BEGINNING.
TO DELAY OUT. GIVEN THAT JANUARY 20 19, THE UNITED STATE HAS BEEN OUTPERFORMING INTERNATIONAL MARKETS AND ALSO WE.
THINK THIS IS A STARTS OF A REASSERTION OF THE U.S. MARKETS. HAS BEEN SEVERAL OUTFLOWS GOING OUT TO EUROPEAN EQUITIES IN.
ESTABLISHED INTERNATIONAL. WE DO BELIEVE THE U.S. PROBABLY HAS A MUCH BETTER DEVELOPMENT VIBRANT SINCE THE FED HAS.
BEEN ONE OF THE EARLIER CENTRAL BANKS TO BEGIN WHICH INDICATES IT.
IS ALSO LIKELY TO BE ONE OF THE EARLIER CENTRAL BANKS OF.
LEAVING THE RIGHT MONETARY PLAN ALSO. LISA A:.
ARE YOU PUSHING BACK VERSUS THE CONCEPT THAT THE RALLY IN.
JANUARY WAS A FLUKE AS WELL AS USED TO BE FIRST? ARE YOU ACTUALLY SEEING ANY SELLOFFS AS AN POSSIBILITY TO.
PURCHASE MORE? BARBARA: THE RALLY STARTED IN OCTOBER SO.
THE U.S.IS UP ABOUT 50% OFF ITS LOW. INTERNATIONAL MARKETS ARE UP CONCERNING 27%. IT WAS EXTREMELY OVERSOLD SENTIMENT. WE HAVE SENT AND AS WE LIKE TO.
SEE ON THE BASIS THAT WERE OVERSOLD FOR A LOTS DAYS IN.
THE HAS ACTUALLY JUST TAKEN PLACE 3 VARIOUS OTHER TIMES IN OUR DATA COLLECTION.
THAT WE GO BACK TO. YOU HAVE TO APPRECIATE THAT.
THERE WAS SO MUCH PESSIMISM IN NEWS PRICED IN, SO MUCH.
ISSUE, THAT IT DID NOT TAKE MUCH IN REQUISITES OF FUNDAMENTAL.
CHANGE OF THE MARKET FOR EQUITIES TO BE ABLE TO RALLY.
VIOLENTLY OFF THAT. IT CANISTER NOT CONTINUE FOREVER. THE EASING OF FINANCIAL ISSUE IN THE RELIEVING WE.
HAVE SEEN IN BOND RETURNS HELPS FOR SOME TIME BUT YOU DO HAVE.
SOMEBODY AT THE TOP IN TERMS OF MULTIPLES. WE ARE USING THESE.
OPPORTUNITIES THAT WE HAVE REALLOCATED BACK INTO THE U.S. AND SOLD BOND SETTINGS AFTER THEY HAD DONE EXTREMELY WELL,.
KNOWING THAT HE WILL CERTAINLY BE A HARD SLOG FROM BELOW. YOU TIN CONVENIENTLY INCREASE UNTIL HALFWAY THROUGH THIS YEAR.COMPONENT OF IT IS BECAUSE THE INFLATION COMPARABLES,
YEAR-OVER-YEAR, ARE REALLY EASY.WE SEE THAT STARTING TO TERM POSSIBLY AFTER THE JUNE
INFORMATION LAUNCHED IN JULY WITH THE YEAR-OVER-YEAR COMPS ON RISING COST OF LIVING ARE WHAT EVERYONE IS CONCERNED ABOUT THIS YEAR AND ALSO COME TO BE MORE DIFFICULT. TOM: THAT IS MEANS TOO OPTIMISTIC. [APPLAUSE] JONATHAN: YOU ARE NOT ONE OF BRAMO ' S. BUDDY.
LISA A: I ENJOY THIS SUBSTANTIALLY. AS SOMEONE THAT IS SKEPTICAL OF.
GROUPTHINK, THERE IS A LOT GROUPTHINK NOW, OTHERWISE SHALL HE BE A GOOD– MCFALL,– THAT.
THERE WILL BE A BIG LOSS, I APPRECIATE THAT. JONATHAN:.
YOU'' RE GOING TO LOVE THIS TOM. THE CHIEF EXECUTIVE OFFICER OF FINANCIAL INSTITUTION OF AMERICA
CLAIMED. THEY TRANSFERRED TO LONDON AS WELL AS THE BETTER HALF SO WAS THE FINEST THING.
REGARDING RELOCATING TO LONDON MIRROR THE WIFE RESPONDED PARIS. THE VERY BEST THING REGARDING 2023 ABOUT.
SUPPLIES IS BONDS. HE PUTS THAT ON THIS CHART. I THINK MICHAEL HANH'' S TREMENDOUS. WHY DON'' T YOU BEGIN THE PROGRAM? BEST BEGINNING CONSIDERING THAT A PORTFOLIO
–. BEST START TO A PROFILE BECAUSE 1991.

WILL THAT CONTINUE? BARBARA: IT IS UPCOMING OFF THE REAR OF A.
HORRIBLE YEAR SO THERE IS LIKELY TO BE DONE BEEN.
REVERSION. YOU STILL HAVE ACTUALLY THE FED ACTING.
RATHER STRONGLY. ALTHOUGH THEY HAVE HAD.
SOMEWHAT OF EVEN MORE INFORMATION DEPENDENCE, IT SEEMS THEY ARE.
CONVINCED TO ELEVATE RATES TO EVEN MORE TIMES OVER THE WORST OF.
THIS YEAR. THE BOND MARKET IS RATES IN A.
BIG DOWNTURN IN BOTH BY WILL CLAIM THE INVERSION ON THE.
TREASURY CONTOUR, WHILE IT IS A WONDERFUL PREDICTOR FOR.
RECESSIONS, IT HAS A LONG TIME ON DOING SO. ANYWHERE BETWEEN 8 MONTHS AND ALSO 24 MONTHS. YOU TIN INVERT ON THE TREASURY CONTOUR FOR REGARDING EIGHT MONTHS AT.
THIS FACTOR. I DO NOT THINK YOU WILL HAVE A.
BIG PURCHASING POSSIBILITY FOR BONDS TILL YOU SEE THE DEATH.
OF THE UNFAVORABLE COMPARABLES WAS OCCURS OCTOBER. JONATHAN: SO YOU ASSUME IT GETS DIFFICULT.
AROUND THE SUMMER, AROUND JULY TIME. THEY BELIEVE WAS IN THE HIGHLY PUT OUT SAID DISINFLATION WOULD.
TAKE PLACE THE RACK WITH TRANSITORY.LISA A: CORRECT

. DISINFLATION IS THE REQUIREMENT TRANSITORY. JONATHAN:.
DO YOU CONCUR? BARBARA: I ASSUME THERE IS A SITUATION THAT A.
GREAT DEAL OF THE RISING COST OF LIVING WE HAD WAS TRANSITORY BUT CHAIRMAN POWELL.
DID NOT TELL United States FOR HOW LONG THAT MEANT. BUT WHEN YOU HAVE 15 MONTH LONG.
INFLATION, IT IS DIFFICULT TO BE SUSTAINABLE AT THIS HIGH AS.
DEVELOPMENT PROCEEDS TO SLOW. TOM: WE LOVE YOUR THOUGHTS BUT THE REASON WE HAD TO ON HIS BECAUSE.
VOYA REMAINS IN THE NETHERLANDS. CANISTER YOU GET United States TICKETS? BARBARA:.
NO. [GIGGLING] TOM:.
THEY HAVE SOLD– TICKETS TO THIS FREE SALE PROGRAM IN THE.
NETHERLANDS. JONATHAN: JUST HOW MUCH ARE THEY? TOM:.
I BELIEVE THEY ARE REASONABLE. LISA A: IT IS SOMETHING LIKE 38. TOM: THREE SOMETHING THOUSAND TICKETS TO A ART PROGRAM. BARBARA:.
SPEAK ABOUT SOMETHING THAT IS RARE. THERE IS ONLY LESS THAN 40.
PREMIERES IN THE WORLD. JONATHAN: IS THAT RIGHT?
[LAUGHTER] TOM: REINHARDT, SEE CHELSEA. BARBARA: THANK YOU FOR HAVING ME. JONATHAN: BARBARA REINHARD OF VOYA.
INVESTMENT MANAGEMENT. FUTURES LOWER. THIS IS BLOOMBERG. >> > > KEEP YOU UPDATED WITH.
NEWS FROM AROUND THE GLOBE. WITH THE FIRST WORD NEWS, I AM.
LEIGH-ANN GERRANS. THE PRIME MINISTER IS COLOR I.
WILL CERTAINLY NOMINATE A PERSON TO TAKE CONTROL OF THE CENTRAL FINANCIAL INSTITUTION OF JAPAN. IN APRIL.THAT BROUGHT ABOUT An ENTER THE YEN. UEDA HAS EXPRESSED CONCERNS OVER RAISING INTEREST RATES.
TOO SOON. THE GUV DECLINED TO TAKE.
THE WORK. IN TURKIYE, IN WHICH REBELS WERE.
DRAWN FROM THE DEBRIS GREATER THAN 100 HRS AFTER THEY WERE.
ENTRAPED BY THE AWESOME MEANS. RESCUERS HAVE HELPED MORE.
THAN THREE STRAIGHT DAYS AND THE CASUALTY IN TURKIYE IN.
SYRIA CLIMBED UP TO 22,000. RUSSIA RELEASED EVEN MORE MISSILE.
ASSAULT ON UKRAINE TODAY. UKRAINE SAYS THE TARGETS WERE.
NICKEL INFRASTRUCTURE IN SEVERAL CITIES. THE GERMAN CHANCELLOR OLAF SCHOLZ HAS ACTUALLY ASKED TO SUPPLY.
TANKS TO UKRAINE.THEY SHOULD BE

THERE BY THE END.
OF MARCH. RUSSIA IS RETALIATING. THEY STRATEGY TO CUT OIL BY MARCH.
BY 100 BARRELS A DAY WHICH REMAINS IN FEEDBACK TO RATE CAPS.
OPPOSED– IMPOSED BY THE WEST. THAT AMOUNTS 5% OF.
JANUARY'' S RESULT.
INTERNATIONAL INFORMATION, 24 HR A DAY,. “ON-AIR AS WELL AS ON “BLOOMBERG QUICKTAKE”, POWERED BY EVEN MORE.
THAN 2700 DIFFERENT JOURNALISTS AND ANALYSTS IN OVER 120.
NATIONS. >> > > WE ARE BENEFITING FROM A.
CHANGE OF CUSTOMER INVEST FROM RETAIL, BUYING STUFF FOR YOUR.
HOME, TO INVEST IN SERVICES. WE CHECK OUT RISING COST OF LIVING, 70% OF.
OUR DRIVERS ARE SEEING RISING COST OF LIVINGS PLAY A CONSIDER.
REGARDS TO UPCOMING TO MAKE MONEY ON OUR PLATFORM. IN SOME WAYS, INFLATION MAY BE A TAILWIND. OUR PERFORMANCE HAS BEEN ROBUST AS WELL AS WE THINK IT WILL CONTINUE.JONATHAN: THAT WAS THE UBER CHIEF EXECUTIVE OFFICER. IT IS THE WINNER TODAY. ALLOW ' S BANK IS DOWN. RETURNS ARE HIGHER. THE TWO-YEAR RETURN IS UP 3. BASIS AIMS IN THE 10 YEAR
IS UP 4. LOOKING AT CRUDE TO RALLY BY GREATER THAN TO PERCENT. JUST BRIEF OF $80,$.79 67–.$ 79.67. THEY INTEND TO CUT A HUNDRED 7000.
BARRELS A DAY NEXT MONTH. BASE ON BLOOMBERG,.
DELEGATES ASSOCIATED WITH THE CARTEL SAY THEY WILL NOT BALANCE OUT.
THE CUTS. THAT IS ULTIMATELY BEHIND THIS.
RELOCATION. MOHAMED EL-ERIAN AND ALSO A GREAT DEAL OF.
INDIVIDUALS HAVE WRITTEN IN PHRASE THANKS FOR ADVISING AS TOM.
THAT IT WAS TUESDAY AND NOT WEDNESDAY FOR VALENTINE'' S DAY. HE LED WITH THAT AND AFTER THAT TOLD United States TO APPEARANCE AT THIS. JUST PUBLISHED TODAYS, IN.
PROJECT DISTRIBUTES, THERE IS EVEN MORE COMPLEXITY TO BE HAD. AS RISING COST OF LIVING SLOWLY ALLEVIATES, THE CASE THAT RISING COST OF LIVING IS A.
OUTCOME OF A SUPPLY SHOP HAS REEMERGED. HE GOES ONTO SAY THAT WHILE THE ITEMS MAY BE COMFORTING, IT.
CONTAINER ENCOURAGE DANGEROUS COMPLACENCY, MAKING AN ALREADY.
SEVERE ISSUE TOUGHER TO SOLVE.TOM:.

DR. MOHAMED EL-ERIAN RIGHT ON TOP OF THE ORGANIZATION WRITE-UP.
REALLY MENTIONS TEMPORAL IS BACK SOMEHOW. IT IS NOT THE SAME AS THE WE HAVE HIM PUT 5 YOUR SICKO.
BUT MICHAEL DARTER WAS ELIAN THE– WE HAD A 1.5 YEARS BACK.
BUT MICHAEL DARTER WAS ELEGANT ON THIS.– TO GET DOWN TO THE.
TRANSITORY END RESULT. JONATHAN:.
HIS SLED WITH THIS IDEA THAT IT IS NOT A HARLEY DILLY OR SOFT.
LANDING NO LANDING AT ALL.HE SAID INFLATION IS GOING TO.
BE STICKY AND THE FED HAS EVEN MORE WORK TO ACCOMPLISH AND MORE DEMAND.
DESTRUCTION IF NEEDED. THAT IS THE BASE SITUATION WHERE THE.
SLOG AT BEAUTY. LISA A: THIS IS WHAT I WAS ASSUMING.
ABOUT LAST NIGHT. IT IS NO TOUCHDOWN FANTASTIC FOR.
RISK ASSETS OR OTHERWISE? OR IS IT A TRANSFER OF SOME.
PROPERTY COST INFLATION TO AN ECONOMIC CLIMATE THAT IS REALLY.
MOVING THE STAMINA OF THE ECONOMIC CLIMATE RATHER THAN THE.
PROPERTY COST RISING COST OF LIVING BECAUSE YOU WILL SEE MARGIN.
COMPRESSIONS AND LIKEWISE IN THE BUSINESS NEIGHBORHOOD THAT MIGHT.
NOT LIFT EQUAL. TOM:.
WE DO NOT HAVE THE MOMENT NOW TO GO INTO THAT BUT IT IS A REALLY.
IMPORTANT. WHY I WOULD SUGGEST IS THIS TOXIC BREW AS WELL AS STEW OF FRIDAY.
— IT IS TOXIC MIXTURE FRIDAY.NOMINAL GDP MAINTAINS THESE ANSWERS. GOING. JONATHAN: CONTAINER I PROVIDE YOU THE CHEAT ANSWER? I DO NOT KNOW WHAT HAPPENS BUT WE HAVE TO THINK IN FAMILY MEMBER. TERMS OF ENCOUNTERING THE GREATER RATES OF INTEREST HERE. LISA A:. THAT IS IT. A GREAT DEAL OF FIRMS THAT DID THE. BEST TO BEGIN THE YEAR WILL CERTAINLY STRUGGLE ONCE AGAIN. IT MAY NOT BE SUCH A CLEAN, DIRECT WEB LINK FROM ONE TO THE. OTHER. JONATHAN: AND ALSO REQUIRES A LIFT
. ALLOW ' S PUT IT THIS WAY. THAT STOCK TODAY. TOM:.
MANDEEP SINGH SIGNS UP WITH United States NOW. HE HAS BEEN SO GENEROUS TO SIGN UP WITH.
United States AS HE COMPOSES CONCERNING THE UBER LIFT CAPILLARY– THE UBER/LYFT.
SPLIT. WHAT THE TIMELINE TO ENDURE IF.
THEY ARE GOING TO CANISTER AGAINST THE SUCCESSFUL WERE– UBER? MANDEEP: LAST NIGHT, IT WAS OBVIOUS THAT.
INSURANCE POLICY IS BECOMING A BIG TROUBLE FROM THEM. WE DID HEAR THAT FROM UBER WHICH GOES TO PROGRAM THAT BEING A.
SMALLER PLAYER IN THIS MARKET, WHENEVER YOU ARE RUNNING A.
INDUSTRY, IS A BIG DRAWBACK. WE HEARD FROM LYFT THAT THEY ARE HAVING CONCERNS WITH SUPPLY,.
INSURANCE POLICY TOPPING THERE CUSTOMER BASE WHICH IS 20.
MILLION COMPARED TO UBER WHICH IS NORTH OF 130 MILLION. THOSE ARE THE KIND OF DETAILS THAT ENTER INTO PLAY IN TERMS OF.
THE LENGTH OF TIME DOES THIS GO ON.TIME WILL CERTAINLY TELL IN TERMS OF JUST. JUST HOW MUCH DEVELOPMENT HEADWINDS THEY ARE GOING TO SEE. TOM:. A CONCERN CAME UP 3 TIMES THIS MORNING. CANISTER LIFT FINANCIAL INSTITUTION TAKEN OUT BY UBER OR IS THERE A REGULATORY ISSUES. ARE OR DO WE REQUIREMENT A DUOPOLY? MANDEEP:.
I BELIEVE IT IS UNLIKELY THAT UBER WILL CERTAINLY GET LIFT– LIFT BANK.– RAISE FINANCIAL INSTITUTION– LYFT.UBER DIVERSITY WOULD HAVE BEEN.
MUCH HIGHER IF THEY DID NOT HAVE A FRAMEWORK WITH THEIR CORE.
RIDESHARING BUT I BELIEVE IN THE INSTANCE OF LYFT THEY REQUIREMENT.
SOMETHING TO BE PARTNERING OR ON THE DISTRIBUTION SIDE WHERE IT. BOOSTS THE JOURNEY FREQUENCY AS WELL AS QUANTITY
DUE TO THE FACT THAT THEY CONTAINER NOT. MAINTAIN SOME FIVE-DAY DO NOT HAVE THE FREE. TODAY THERE FREQUENCY IS GOING MEANS BELOW IN STIPULATIONS OF THE. NETWORK HE STATES. LISA A: SO THAT IS BASICALLY THE TAKE. AWAY THEIR. WHAT ABOUT INVESTMENT.
CHANCES FOR LIFT BANK– LYFT? MANDEEP:. THEY CONTAINER NOT EVEN THINK OF EXPANDING OUTSIDE OF LYFT OR. THE GEOGRAPHY.THAT TIME HAS PASSED AS WELL AS NOW IT. IS ABOUT PROVING HOW THE BUSINESS AND GENERATE TOTALLY FREE CASH. CIRCULATION. YOU ARE SEEING THEM BATTLE. DUE TO THE FACT THAT THE INSURANCE COVERAGE ELEMENT APPEARED OF NOWHERE
AND ALSO NOW I. LIKE 350 CHANGE ON THE PRE-CASH FLOW LAST QUARTER. THAT WILL CERTAINLY CONTINUE TO BE THE SITUATION SO CLEARLY THERE IS
AN. FACET OF VARIABLE BECAUSE GOING HIGHER FOR THESE KINDS OF. SERVICES WHEN YOU DO NOT HAVE A LARGE CLIENT BASE FOR. CAPABILITY TO HANDLE THAT. OVER TIME, I BELIEVE THEY WILL. BEGIN DOING A GREAT DEAL THEMSELVES WHICH COULD ASSISTANCE BRING DOWN THE. COST BUT IF YOU ARE A SMALL GAMER, IT ENDS UP BEING A BIG. OBSTACLE TO MAINTAIN THESE ASPECTS
WHEN YOU ARE RUNNING A. MARKETPLACE.
JONATHAN: THAT WAS GREAT AND ALSO HAVE BEEN. PHENOMENAL ON THESE FIRMS THIS MONTH. WE BRING UP THE NUMBERS FOR LIFT FINANCIAL INSTITUTION– LYFT.
IT IS WORTH 11 IN THE PREMARKET. WE FINISHED 2022 AT 11. YOU HAD A MASSIVE RALLY, UP BY 47%, WHICH HAS JUST TAKEN. OUT ALL THE GAINS IN THE PREMARKET TODAY. LISA A:. IT PROVIDES YOU A SENSE OF HOW LIMITED A POSSIBILITY BOUNCE THAT. COULD BE.LYFT SHARES WERE DOWN BY 74 %IN. 2022. THIS MIGHT HAVE BEEN THAT PERHAPS.

WE OVERESTIMATED JUST HOW MUCH THE DECLINE WAS BUT NOT NECESSARILY.
JONATHAN: WE HAVE HAD A MASSIVE DISCOMFORT. PROFESSION, SANCTUARY ' T WE? WE HAVE SEEN MASSIVE RALLIES. AND ALSO INDEX LEVELS LIKE THE
NASDAQ WITHIN YOU GET A. PUSHBACK FROM THE EARNINGS STORY.
THIS IS WHAT– WAS TALKING ABOUT AT J.P. MORGAN.
HE STATED THIS IS ALL REGARDING POSITIONING, STREAMS AS WELL AS. SHORTCOMING. ARE WE GOING TO OBTAIN THE. ESSENTIAL EXPLANATION FOR THE NEXT HIGHER VALIDATION? HE DOES NOT THINK WE ARE GOING TO OBTAIN IT MORE BROADLY.LISA A: WHICH YOU DISCUSS EXTREMELY WELL. CONCERNING CHOICES THAT MAINTAINED BEING THROWN OFF.

BUT TO ME, YOU QUESTIONED JUST HOW MUCH THE FROST GETS BOLSTERED BY. HIGHER RATE, NOT NECESSARILY DIFFERENT ON THE MARGINS PRIOR TO.
A BIG ECONOMIC EFFECT. TOM: WITHIN EVERYTHING IS THE.
BUSINESS BATTLE HERE OF TEAMWORK– FIRMS.
READJUSTING. I THINK WE METHOD UNDER FOR THE. DIMENSION OF THE BIG FINANCIAL INSTITUTION OF AMERICA. THESE THINGS ARE GIGANTIC THAT WE.
DISCUSS EVERYDAY AND I DO NOT THINK WE TALK ENOUGH ABOUT.
THE SPLITTING UP OF BREATH AS WELL AS LYFT– OF UBER AND ALSO LYFT.
YOU HAVE A RUN RATE FOR UBER OF. 31 MILLION AND ALSO 4 LYFT, IT IS 4 MILLION. AS WELL AS YET WE TALK ABOUT THEM WITH BOTH.JONATHAN:. THAT IS BECAUSE UBER IS INTERNATIONAL.

BUT IN THE UNITED STATE. WE HAVE BOTH. TOM:. THE NATURAL DISGUST OF UBER IN PARIS IS TANGIBLE. LISA A:. LET ME ASSUMPTION. WE OUGHT TO DO SOME GROUND. STUDY
IN PARIS. TOM: I DO NOT KNOW HOW THEY DO THAT. IN LONDON BECAUSE THEY HAVE CABDRIVERS. JONATHAN: FOR THOSE THAT HAVE WRITTEN IN. THE LAST 20 MINS OR SO, I DID NOT SAY THE MOST EFFECTIVE POINT. CONCERNING LONDON WAS PARIS. I WAS
QUOTING ANOTHER PERSON. THE IDEAL FEATURE OF PARIS IS LONDON. AS PUT IT THAT MEANS. LISA A: DO YOU ASSUME THAT WILL CERTAINLY OBTAIN YOU. OUT THE HOT SPOT? JONATHAN: JONATHAN:. EQUITIES DOWN IN ACTION TO HIGHER YIELD. THIS IS THE PICTURE OF THE S&P. THIS IS “BLOOMBERG SECURITY”. AND WE ARE “DOWN 0.5 PERCENT ON THE S&P, DOWN ALMOST ZERO POINT. AS WELL AS READ. FOR THE BOND MARKET, RETURN.
HIGHER. THE TWO-YEAR UP AND ALSO BACK TO.
4.51. THINK ABOUT WHERE WE WERE LAST.
FRIDAY MORNING AT AROUND 40 BASIS INFORMATION LOWER. IT HAS BEEN QUITE A MOVE.AND MOVING CRUDE AS WELL. VERY NEAR $80.

BRENT CRUDE WITH 86 ON THE. REAR OF THIS STATEMENT FROM RUSSIA THAT THEY PREPARE TO. CUT OUTCOME BY 500,000 BARRELS A DAY FROM NEXT MONTH. THE CRUCIAL ACTION WE HAVE SEEN TODAY WHICH SPEAKS. TO THE RALLY, NOT JUST TODAY BUT THROUGH THIS WEEK, IS THE. OPEC-PLUS WILL OFFICE– WILL NOT COUNTER IT.
LISA A: THEY MAY ACTUALLY MOTIVATE THE. LACK OF SUPPLY INCLUDED BECAUSE THEY SEE THE DEARTH OF DEMAND. OR BECAUSE THEY LIKE COSTS TO BE HIGHER.
IT WILL ACTUALLY AFFECT THE MARKET AS WELL AS WHERE IT PLACES THIS. JONATHAN: A LOT HIGHER THIS WEEK. MORE THAN 8 % OFF THE WEEK UP UNTIL NOW. HE ADDITIONALLY INDICATED THE AWFUL EVENTS IN TURKIYE THAT MAY BE. DISRUPTING THE SUPPLY AS WELL.LISA A
:. IT HAS BEEN A TERRIBLE STORY.
YOU SIMPLY ASKED YOURSELF WHY THE. BUILDINGS WERE NOT BETTER STRUCTURED REAGAN I DO NOT. UNDERSTAND. TOM: I CHECK OUT THE AFTERSHOCKS EVERY. MORNING AS WELL AS THIS IS THE FIRST TIME
I TIN SAY IT WAS ALMOST A. QUIET EVENING FROM THE NORTHEASTERN MEDITERRANEAN AND. UP THE BROADER VALLEY. THERE WAS LIKE 5
AFTERSHOCKS. JONATHAN: IT HAS BEEN A SHOCK FOR. EVERYONE AS WELL AS THERE WERE THOUGHTS ARE THAT THE PEOPLE. TURKIYE AS WELL AS EVERYBODY INFLUENCED BY IT.LISA A: WE WERE TALKING ABOUT LYFT AND

. UBER TO OFFER YOU A FEELING OF WHERE WE HAVE COME AND WHERE WE. ARE GOING. THE DIVERSIONS IN BETWEEN THE.
NAMES HAVE BEEN WIDENING SIGNIFICANTLY.
LYFT SHARES DOWN 31-32%. UBER DOWN 3% A LOT LESS BUT HAVE A LOOK AT WHAT THEY HAVE.
DONE HERE RIGHT NOW. LYFT WAS DOWN LAST YEAR 71% AND.
UBER WAS DOWN 40%. YEAR-TO-DATE, LYFT IS UP 47%.
FOR TODAY'' S DECLINE TAKES OUT A LOT OF THAT. UBER WAS UP 45%. YOU ARE GOING TO WIND UP
WITH. LYFT ALMOST APARTMENT ON THE YEAR, BUT MAY BE UP 10%.

THAT IS MARGINAL BASED ON HOW.
THESE HAVE BEEN FLUCTUATING BUT WE WERE APPLE STORE MAINTAIN 30%. THE VOID IS WIDENING. JONATHAN:.
WE HAVE BEEN TRYING TO FIGURE OUT ALL WEEK. DO YOU GOOGLE MORE? MOST INDIVIDUALS GOOGLE. TOM WAS A SHOWSTOPPER THE OTHER DAY. YOU ARE TELLING ME YOU MAKE USE OF.
BEING? LISA A: PEOPLE ARE STEALTH UTILIZING BING. JONATHAN: HOW? LISA A: ON PERSONAL COMPUTER SYSTEMS, THAT IS.
THE DEFAULT THAT TURNS UP FOR SEARCH AND A GREAT DEAL OF MICROSOFT.
INDIVIDUAL COMPUTER SYSTEMS. INDIVIDUALS WIND UP UTILIZING BING AS WELL AS DO.
NOT REALIZE.JONATHAN: I SIMPLY ON THE DESKTOP YOU SIMPLY. OPEN GOOGLE CHROME AS WELL AS
OFF HE WENT. LISA A: LISA A:.
THAT IS WHAT INDIVIDUALS DO BUT SOMETIMES THEY GET STUCK IN.
BING. JONATHAN: STUCK IN BING. YOU HAVE ACTUALLY ACTUALLY CHECKED OUT RIGHT INTO THIS,.
SANCTUARY'' T YOU? ISN ' T THAT WONDERFUL. MORE FED SPEAK AT HAND TODAY. WE'' LL SPEAK WITH GUV WALLACE AND ALSO HEAD OF STATE HARKER. THOMAS BARKIN WROTE “” IT SHOULD NOT MARVEL THAT.
INFLATION, WHILE LIKELY PASSES, IS STILL ELEVATED. THAT IS WHAT MAKES THE CASE FOR US TO PERSEVERE””. AN HOUR AFTER THE CPI REPORT, THERE WILL CERTAINLY BE FRESH FED SPEAK. TOM: THEN RETAIL SALES THE FOLLOWING.
DAY WHICH I THINK IS WEDNESDAY. I WAS CONSIDERING THAT NOW. GREGORY STAPLES ROY DOES RIGHT AHEAD OF FIXED REVENUE WITH A.
VERY TRANSIENT KEEP IN MIND THAT TAKES United States BACK TO A PREVIOUS AUDIO SPEAKER,.
JOHN WILLIAMS. YOU CLAIM THIS DISCUSSION HAS MAJOR VALUE.
AS WELL AS YOU REALLY EXPAND OUT YOUR SIGHT SINCE OF THE SHARED PRICE.
MINISTRY WE HAVE IN 2020. GREGORY: THAT IS RIGHT. A GREAT DEAL OF THE DISCUSSION IS WHETHER THE HEIGHT PRICE FOR THE.
NEXT FEW MONTHS IS FOG.I THINK THE FED IS PRESSING BACK.
AGAINST AN AMPLITUDE HIGHER THAN THAT. WHAT THEY ARE TRYING TO EXECUTE THAT WE HEARD FROM.
WALLER IS THEY INTEND TO EMPHASIZE THE PERIOD OF IT. SIMPLY INCREASE INCIDENT TO ANY BUT HOW LONG THEY WILL STAY IS HE.
THE HEIGHT RATE. THEY ARE PRESSING BACK TOUGH.
VERSUS THE IDEA THAT THEY WILL NEED TO THESE IN JULY OR.
AUGUST AS WELL AS THEY WISH TO MAKE THAT REAL WHICH IS WHAT THE.
MARKET IS LISTENING TO RIGHT NOW NOW WHICH IS WHY YOU ARE.
SEEING TWO YEARS OF 4.5%.

TOM: LONG-TERM FINANCIALS MAY BE.
THREE OR FOUR MONTHS BUT YOU ARE SUGGESTING YOU HAVE TO.
PROLONG OUTWARD YOU AWAY FROM THE AGREEMENTS PHONE CALL. WHAT DOES DWS SUGGEST YOU DO IF YOU ARE EXTENDING OUT THE FED.
DYNAMICS? GREGORY: WHAT WE ARE CHECKING OUT IS NOT.
WHAT WE WOULD TELEPHONE CALL TERMINAL PEAK BUT TERMINAL FLOOR. WHERE ARE WE AT 2024 AND ALSO WHAT DEGREE DOES THE FED GET DOWN TO.
AND QUIT? THE MARK WERE DISCUSSING.
AROUND 2% -3% EVEN A UNIQUE– EVEN A WEEK AGO, WE THINK IS.
MORE LIKELY.5% AS WELL AS WHEN YOU LAYER IN A 7.5% DEGREE, I BELIEVE.
MAY BE EVEN MORE LIKE 4% OR 4.25%.

LISA A:.
THIS IS WHAT I HAVE SEEN. EVERY GUESS UPCOMING IN AND ALSO.
SAYING PERIOD HAS BEEN OVER BIT. YOU ARE SEEING THE ON THE.
MARKET. WE HAVE DEUTSCHE COUNT ON THE.
PRIVATE FINANCIAL INSTITUTION SIDE EMERGING WITH A 10 YEAR YIELD ON THE.
TREASURY. YOU BELIEVE IT IS THE SAME. WHAT IS THE COURSE TO GET THERE? ABRUPT OR GRADUAL? GREGORY:.
I BELIEVE A LOT IS GRADUAL. SOME IS IF YOU ARE A TENURED.
TAKE ADVANTAGE OF GAMER, YOU WILL CERTAINLY BE FUNDING THAT AT THE SOFA PRICE.
WHICH WILL CERTAINLY BE FOR.80%. THAT IS DOWNSIDE CARRY FOR A.
PERSISTENT DURATION OF TIME AS WELL AS YOU CANISTER DO THAT IF YOU BELIEVE.
IT WILL DROP BUT IF YOU ARE CONSIDERING SEVERAL MONTHS OF.
HOLDING ONTO THE NEGATIVE. TOOL, IT JUST MAKES FEELING.
IF YOU SEE THE 10-YEAR GOING UP 4%. LISA A:.
WHAT DOES THAT MEAN FOR RISKIER CREDIT, SAFER DEBT OR.
INSTRUMENTS THAT HAVE BEEN ICE OFF AND ALSO SOME SECURITY IN.
YIELDS THAT MAY NOT BE STABLE? GREGORY:.
FROM ONE VIEWPOINT, AT LEAST WE ARE SEEING VOLATILITY COME.
IN A LOT.IN 2023, WE THINK IT WILL BE.
AROUND 75 BASIS FACTORS. VOLATILITY COMING THAT HAS.
ALWAYS BEEN SUPPORTIVE OF THREAT PROPERTIES BUT WE HAVE HAD A REALLY.
SOLID RALLY IN JANUARY, PROBABLY GOING TO MUCH COMING.
FROM A FEW POINTS. I THINK PROFILE MANAGERS WERE.
UNDER APPREHENSION AT YOUR END AND WE ARE SEEING EVEN MORE FINANCIAL.
TOUGHNESS THAN WE WERE SEEING FORMERLY, SOON AS JANUARY. YOU'' RE ALSO HAVING A RATHER RESPECTABLE JANUARY.LISA A:.

THERE IS A THOUGHTFUL QUESTION WHEN YOU DISCUSS A.
TERMINAL RATE AROUND 3.5% FOR A LONG PERIOD OF TIME OF THE DESTINY OF.
FIRMS THAT MATURED IN A COMPLIMENTARY ERA OF FREE MONEY. IT JUSTIFIES THEIR BUSINESS MODEL WOULD INDIVIDUALS STILL THINK.
DEFAULT PRICES WILL REMAIN LOW. DO YOU THINK PEOPLE ARE.
OVERSTATING THE LEVEL OF DEFAULT NOT NECESSARILY LATER.
THIS YEAR BUT THE YEAR AFTER OR AFTER? IF RATES OF INTEREST REMAIN WHERE THEY ARE ANTICIPATED TO BE. GREGORY: I AM UNSURE. PARTICIPANT, THIS WAS THE MEANS THINGS.
WERE FOR MUCH OF BACKGROUND UNTIL THE FINANCIAL SITUATIONS OF 2009,.
2010. OVERALL, WE ARE SINKING CREDIT HISTORY.
WHICH IS WHAT WE THINK THE ECONOMY IS DOING WELL UNTIL NOW. ANY TREASURER THAT DID NOT FORESEE THIS RECESSION WILL.
NEED TO BE TAKEN OUT AND ALSO SHOT BECAUSE IT HAS BEEN SO WELL.
ADVANCED. WE HAVE BEEN TALKING RECESSION.
FOR SIX MONTHS NOW AND ALSO IF YOU HAVE NOT THAT'' S IN DOWN THE. HATCHES, HE MUST RUN OUT YOUR TASK HONESTLY. JONATHAN:.
ALLOW'' S NOT TAKE IT THAT MUCH. [LAUGHTER] TOM:.
LET'' S SLIT OF THE MANUSCRIPT RIGHT NOW WITH STAPLES WITH THIS.

THIS IS REALLY IMPORTANT.I CHECKED OUT THIS SET AND ALSO ASK. DIES LIKE YOU ABOUT CONCERN WITH– REGARDING ISSUANCE. WHAT LIMITATIONS OVER THE CLIFF NOW IF A CFO IS IN THE.
END NEEDS TO REORGANIZE EITHER HEAVILY INDEBTED OR LIGHTLY.
INDEBTED– FAIL TO REMEMBER WB WHICH IS A TRAIN ACCIDENT. GREGORY: PRICES ARE STILL HIGH BUT THEY.
NEED TO BE MAKING USE OF THE MARKETPLACE TODAY. THE HIGH-YIELD MARKET CREATED 8 BILLION THIS WEEK. THAT WAS IN MARKET CLOSURE PREVIOUSLY.TOM:.

I THINK OUR MARKET DOES NOT UNDERSTAND THE IDEA THAT THIS.
STUFF IS RELEASED OUT. WHAT IS THE DYNAMIC OF ISSUANCE.
ON CREDIT SCORE DYNAMIC AS WELL AS CURRENT DYNAMIC? GREGORY:.
THERE IS AN UNBELIEVABLE PROPOSAL. I BELIEVE IT IS A REPOSITIONING.
FROM BEING METHOD SHORT YEAR-ROUND BUT THAT WILL IN REALLY PROMPTLY. JONATHAN: I ALSO WAS A MARKET OF PURCHASING.
AS WELL AS MARKETING TODAY THEY ARE MARKETING NOW. WHO HAS THE LEVERAGE IN REGARDS TO PURCHASERS AND ALSO SELLERS? GREGORY:.
BARGAINS COME PRIZED 20 OR 30 BASIS THROUGH PRELIMINARY HIKES AND.
THERE ARE FIVE OR 10 TITER AT THE BREAK. THIS IS A CREDIT SCORES MARKET THAT IS FROTHY. JONATHAN:.
THAT IS A MASSIVE MODIFICATION IN THE LAST MONTH APPROXIMATELY. WE STARTED THIS YIELDS AND ALSO EVERYBODY STATED LET'' S GO, JUICY. RETURNS. WHERE ARE WE A MONTH LATER? EXACT SAME STORY? GREGORY: PEOPLE ARE STILL SEEKING.
THE SAME STORY. OBVIOUSLY AROUND 7 OR EIGHT.
IN HIGH-YIELD BUT YOU ARE INDIVIDUAL WHO WERE LEMMINGS AND.
COULD BE ABLE TO DO A 180 DEGREES TURN.JONATHAN: DO YOU ASSUME THIS TALKS TO THE. ONES IN A GENERATION
POSSIBILITY TO GET 5 AND ALSO. HOLD ONTO THAT FOR A NUMBER OF YEARS? THEY DO NOT THINK THE HIGH PRICE REGIME WILL LAST. GREGORY:. FOR A WHOLE LOT OF INVESTORS, THAT HOLDS TRUE. AS WELL AS 5% LONGER TERM HOLDS TRUE. IT DISAPPEARED A FEW WEEKS EARLIER.
BY THINK IT WILL CERTAINLY RETURN APPEALING LONG-LASTING. JONATHAN:.
INTERESTING. THANK YOU. GREGORY STAPLES OF DWS GROUP. JONATHAN: SIMPLY A COUPLE DAYS AGO, THE.
CONCERN WAS HERE.DEBT OF APPLE, 5.1%. MICROSOFT 4.5%. SOME PEOPLE WOULD SAY TO A CO
. THAT IS IRRESPONSIBLE. THERE IS NO OTHER WAY. WHEN ARE WE GOING TO BEGIN SEEING THE BILLION BUCK DEBT.
ISSUANCE THIS YEAR? JONATHAN: SERIOUSLY. GREGORY: AND ON INVOICING. SORRY TO INTERRUPT. TOM: IT'' S OK.
JONATHAN:. INTERNATIONAL FINANCIAL EXPERT AT WELLS FARGO COMING NEAR YOU.
SEARCHING FOR THAT CONVERSATION. BRAMO, ARE BEGINNING TO SEE THIS.
TURN? LISA A: IF YOU HAVE A LOOK AT SOME.
ISSUERS AS WELL AS RETURN TO LOWER FACING INDUSTRIES, SOME OF THE.
CRUISE SHIP LINERS INCREASES THIS INQUIRY OF JUST HOW MUCH ARE PEOPLE.
LEVERAGING OF THE CONCEPT, SHE PUT SO WELL, THAT WE ARE GOING TO.
GO BACK TO THE THEY PRICE ENVIRONMENT WE WHEN HAD? JONATHAN: STILL TO COME, FROM NEW YORK CITY.
CITY, THE MARKETS, EQUITY FUTURES ARE UNFAVORABLE 6.
HANDSOME 1%– ADVERSE ZERO.THIS IS BLOOMBERG. >> > > KEEPING YOU UPDATED WITH.
NEWS FROM AROUND THE WORLD. WITH THE FIRST WORD, I AM.
LEIGH-ANN GERRANS. UKRAINE HAS STEPPED UP ITS.
PROJECT FOR EVEN MORE TOOLS FROM THE WEST PRESIDENT ZELENSKYY.
TRAVELED TO LONDON, PARIS AND ALSO BRUSSELS LOOKING FOR HELP AND THE.
NATION'' S HEAD OF STATE INFORMED BLOOMBERG TIME WAS OPERATING OUT. >> > > FOR ARMED FORCE AID IS.
REQUIRED BUT THE MAJOR THING IS WE DEMAND IT NOW.WE DO NOT NEED TO HAVE THESE 2 MONTHS TIME LEFT BECAUSE IT
WILL CERTAINLY BE CRUCIAL FOR UKRAINE'' S SUCCESS.

>> > > SHE ALSO CALLED ON THE EU TO
BEGIN THE PROCESS FOR UKRAINE TO END UP BEING A PARTICIPANT. THE CASUALTY FROM THE EARTHQUAKES IN TURKIYE IN SYRIA
HAS ACTUALLY CURRENTLY RISEN TO GREATER THAN 22,000. PROFESSIONALS FEAR 10S OF THOUSANDS EVEN MORE INDIVIDUALS ARE BURIED UNDER
THE DEBRIS. THE TURKISH PRESIDENT ERDOGAN
IS FACING CALLS AS WELL AS BEING CRITICIZED FOR THE GUV
ACTION TO THE FAST– GOVERNMENT FEEDBACK TO THE
QUAKES. THE UNIQUE GUIDANCE EXPLORING DONALD TRUMP AND
HIS ALLIES HAS SUMMONED CENT. PREVIOUS NATIONAL PROTECTION
CONSULTANT HAS ACTUALLY ALSO BEEN SUBPOENAED. THE PROBE IS ALSO LOOKING AT THE EXPLORATION OF CLASSIFIED
PAPERS AT THE TRUMP ESTATE IN FLORIDA. U.K. PREVENTED A RECESSION LAST YEAR BY THE MINIMUM MARGIN. GDP WAS NOT TRANSFORMED IN THE FOURTH QUARTER
COMPLYING WITH 18.1% DECREASE IN THE IS MONTH.THE COST OF

LIVING CRISIS AS WELL AS
— HIT. INTERNATIONAL INFORMATION, 24 HRS A DAY,
ON-AIR AND ON “” BLOOMBERG QUICKTAKE””, POWERED BY EVEN MORE
THAN 2700 DIFFERENT JOURNALISTS AND ALSO ANALYSTS IN OVER 120
NATIONS. I AM LEIGH-ANN GERRANS, THIS IS
BLOOMBERG. ♪ >> > > CHINA REALLY NEEDS TO FIND TO THE TABLE AND ALSO CHINA'' S ABSENCE OF READINESS TO COMPREHEND AND PARTICIPATE AND ALSO TO RELOCATE IN A TIMELY WAY IS REALLY An OBSTRUCTION. JONATHAN: ALLOW SOME QUITE PUNCHY STUFF FROM JANET YELLEN. LIVE FROM NEW YORK, COUNTY DOWN TO THE OPENING BELL ABOUT ONE HOUR AND 44 MINS AWAY. EQUITY WOUNDS UNFAVORABLE 6– -0.6%. THE YEAR IS YOUTHFUL IN BUT WE HAVE HAD QUITE A RALLY TO START 2020. RETURNS WERE HEADING REDUCED AND CURRENTLY THEY HAVE REBOUNDED I-4 BASIS FACTORS. THE TEN YEARS PUSHING 3.70.

THE TWO-YEAR RECENTLY WAS PRESSING 3.99 AND COULD NOT ARRIVE BUT THIS TIME IT IS FOUR-POINT FOR. THAT IS A BIG MODIFICATION WE REQUIREMENT TO OBTAIN USAGE TO. ANOTHER CHANGE GOING ONWARD IS MUCH LESS RUSSIAN TEAM. THEY ARE AIMING TO CUT 500,000 BARRELS A DAY. CRUDE IS UP, NEAR 80. TOM: BITCOIN TRADERS ALL BEGAN. I REALLY WONDER WHAT IS GOING TO HAPPEN OFF OF THIS SEA SERPENT INFORMATION. YOU COMPELLED ME TO ENJOY THE WORLD CUP AND I WAS LOOKING AROUND AT THE BANNERS FOR THE BACKWARDS AND FORWARDS AS WELL AS IT CLAIMS CRYPTO.COM WAS SUPPORTING THE GLOBE CUP. I LOOKED IT UP AS WELL AS ON THEIR INTERNET SITE, THEY WERE SAYING THAT YOU TIN MAKE 8.26%. THE FTA ON THE FRACTURE IN HAS BRANDING THAT HEADS OUT TO 21%.
RETURN. THAT IS WHAT THIS IS ABOUT. HUNCH HE WAS LASTLY ACTING? TO BE CLEAR, ONLY FOR AMERICAN.
OWNERS.JONATHAN: UNOVA YOU MAY NOT SEE ANY ONE OF. THE SUPER BOWL ON MONDAY IN COMMERCIAL BREAKS, REPORTEDLY. YOU WILL CERTAINLY NOT SEE WHAT WE SAW IN 2014 WHICH WAS JUST CRYPTO. AFTER CRYPTO COMMERCIAL. AND ALL OF THOSE STARS
. WHAT HAPPENED? WAS IT MATT DAMON? LISA A:. I BELIEVE YOU COULD ACTUALLY GET FINED BY THE FCC FOR SOME. PROMOTIONS OF THESE COINS. THERE HAS OBVIOUSLY BEEN A BIG. DISINFLATION RELATIVE TO CRYPTO POSSESSIONS. TOM:– OBTAINED FATALITY DANGERS OF HIS. BOOK THE CURSE OF CASH MONEY. HE STATED WHEN DOES MONEY GO? THE SOLUTION IS CURRENTLY. JONATHAN: YOU UNDERSTAND I SEE A WHOLE LOT NOW IN. AMERICA? SPORTING ACTIVITIES WAGERING. TOM: WE ARE NOVICES CONTRASTED TO YOU. GUYS. JONATHAN: WE GREW UP ON IT.
I DO NOT BANK ON THE SUPER DISH BECAUSE I AM NOT INTO SPORTS. BETTING BUT THERE WAS A BETTING WORKPLACE OF EVERY EDGE,. PROBABLY FOUR.THE GOVERNORS SHOT TO PERFORM THINGS.
CONCERNING IT.

THE FRUIT MACHINES? THEY WANTED TO RESTRICTION HOW LOTS. SLOT MACHINE REMAINED IN EVERY STORE BECAUSE IT WAS. PROBLEMATIC. THIS WAS YEARS AGO BUT WITH THE.
WAGERING FIRMS THAT WAS OPEN AN OTHER STORE AROUND THE CORNER. SO THEY COULD OBTAIN MORE. LISA A: I WAS REALLY EXPECTING AT THE. TIME PUSHED ME TO OBTAIN TO THE WINDOW FASTER AS WELL AS IT VERY. TO THE ENTIRE EXPERIENCE WHEN I TRIED
TO THAT. THAT WAS THE LAST TIME I WENT. JONATHAN: ' S. YOU ARE DONE WITH GAMBLING. FOR YOU? TOM: ALREADY DONE? JONATHAN: WHERE DONE. THOUSAND SUPER DISH SEGMENT. [LAUGHTER] TOM: REALLY LOOKING AHEAD TO.
SPEAKING TO THE OWNER OF THE BOSTON CELTICS, REPORTED TO BE.
OF INTEREST WITH A FOOTBALL GROUP IN ENGLAND AS WELL.RIGHT NOW MAKING
BEEN NUMBER–. NOW NICK JOINS United States TODAY. IT IS GRANTED AND PRAISED. ALLOW ' S BEGINNING WITH DOUG TELLING. NATIONAL ECONOMIC– SYNCING FOR NATIONAL. BUSINESS ECONOMICS TO THE DOLLAR.
WHAT IS IT SIGNAL NOW? > > IN THE LAST HOUR, YOU. MENTIONED >> THE YIELDS IN THE U.S.
GOING UP AND INTERNATIONALLY,. WE ARE SEEING A WHOLE NUMBER OF RIGHT AND
SAYS RATED AUSTRALIA,. SWEDEN AND MEXICO.
I BELIEVE WE ARE SEEING THE LAST.
HALF COMPANIES WHICH IS AIDING THE DOLLAR TODAY. WE REALLY THINK THAT IS CLOSE. WE GO TO THE REMAINDER OF THIS YEAR,.
U.S. ECONOMIC CRISIS AS WELL AS FEDERAL PRICE BECAUSE IMPLIES WE DO THINK THE.
BUCK WILL CERTAINLY SCHEDULE– HOTEL TO SOFTER TRAIN. JONATHAN:.
THAT IS INTERESTING BECAUSE A GREAT DEAL OF INDIVIDUALS ARE LOOKING TO.
THINK ABOUT THE THREAT OF HIGHER RATES OF INTEREST. DO YOU PUSHBACK VERSUS THAT? >> > > I ASSUME THAT. WE ARE AROUND A QUARTER OF A.
POINT RIGHT HERE BUT WHEN YOU LOOK AT PRODUCT COSTS SLOWING DOWN.
GROWTH, I DO ABSOLUTELY NOTHING ANY ONE OF THE MAIN FINANCIAL INSTITUTIONS ARE THAT FAR. I THINK THE DEBATE IS IN BETWEEN 5.25, MAYBE 5.5, BUT VERY.
UNLIKELY. POSSIBLY IN BETWEEN 5% AND 5.25%. SO YOU ARE– LISA A: SO YOU ARE PRESSING BACK ON THE.
CONCEPT THAT WE ARE GOING TO REMAIN HERE FOR LONGER AND ALSO PRICES WILL.
NOT GO BACK TO WHERE THEY USED TO BE OR WITHIN 2% OF THE.
RISING COST OF LIVING TARGET? IS THAT CORRECT? >> > > I AM PUSHING A BIT.

VERSUS THAT.THE PEAK OF INFLATION WAS WHAT.
WE SAW IN 2014 AS WELL AS A GREAT DEAL OF ENTRANCES ARE STARTING TO SEE.
CORE RISING COST OF LIVING CANISTER DOWN. I BELIEVE WE WILL CERTAINLY NOT SEE ANY.
FURTHER PRICE INCREASES. IF YOU WERE TO CHECK OUT THE.
FEDERAL RESERVE, I TIN THINK FOR INSTANCE THAT THEY WILL CERTAINLY EASE.
LATER THIS YEAR OR NEXT YEAR BUT WE DO THINK THEY WILL CERTAINLY BE.
MAKING USE OF AT THE ECB AND ALSO WHILE SAY TO YOU, THEY WILL MOVE BRISKLY. THE HIGHER THEY GO, THE MORE CHALLENGING THEY LOSS. SO THEY FEAR THEY ACTION UP TO AROUND 5% OR 5.25% AND WHEN.
THEY START CUTTING, WE THINK THEY WILL MOVE DEBT– RATHER.
RAPIDLY AS WELL. LISA A: DAVID LIEBERMAN STATED.
DISINFLATION IS THE BRAND-NEW TRANSITORY. IT APPEARS LIKE YOU DISAGREE AND BELIEVE THIS IS EVEN MORE PERSISTENT.
AND HAS LONGER LEGS.WHAT IS– WHAT IF THE FED IS.
WRONG AND ALSO WHAT HOLDS TRUE THAT COULD CHANGE YOUR SIGHT? >> > > IF THE CONCEPT IS WRONG, I.
THINK WE COULD SEE THE DOLLAR RELOCATION A LITTLE HIGHER OR.
PERHAPS THE BUCK'' S DEVALUATION WOULD BE RELATIVELY SLOW-MOVING. IT IS A CASE OF– I DO THINK.
THE DIRECTION IS RATHER CLEAR. IN AMONG THE DETAILS WE ARE.
SEEING IS MORE INFLATION AND ALSO ONE OF THE WE WERE CONCERNED.
ABOUT LAST YEAR IS FALLING INTO ECONOMIC DOWNTURN. OUR GLOBAL GROWTH FORECAST FOR 2023 HAS ACTUALLY IMPROVED. IT IS NOT WONDERFUL BUT IT IS BETTER THAN 1.6% THAT WE SAW.
LAST TIME. IT WAS REALLY DOWNBEAT AFTER THAT. I ASSUME RISING COST OF LIVING DOES NOT FALL AS PROMPTLY. YES WE CANISTER SEE THE DOLLAR NOT TO DOWN AS QUICKLY BUT IT IS A.
DANGEROUS POINT VIOLENCE ON THE SUGGESTION THAT THIS IS FAIRLY.
SHORT-LIVED OR TRANSITORY. CERTAINLY BY THE END OF 2023,.
WE OUGHT TO SEE RISING COST OF LIVING RATES LESS THAN THAT SHOULD BE.
COMFY ENOUGH FOR SOME CENTRAL BANKS TO BE ASSURED. TOM: WE HAVE BEEN LAGARDE FREE TODAY.
AND ALSO YET WE HAVE SEEN THE GERMAN TWO-YEAR MOVING TO A HIGH FREE.
YIELD.HOW MANY DEGREES OF FLEXIBILITY IS. SHE LOSING EACH DAY IF SHE HAS THE SELECTIONS TO MAKE OR. INTO APRIL, MAY, AS WELL AS JUNE.
HOW CONSTRAINED IS THE ECB? > > I BELIEVE THEY HAVE SOME. VERSATILITY. THE INTERESTING FEATURE OF. THEIR LAST NEWS AS THEY WERE FEELING ESTABLISHED AND. CLAIMING WE ARE RELOCATING 50 IN MARCH AS WELL AS HAVE TO KEEP GOING. UNTIL RISING COST OF LIVING IS CONTROLLED. I THINK THE FINANCIAL MARKETS WERE NOT THAT PRESTON WE DID. NOT SEE An INCREASE IN THE EURO THAT DAY NOR SUBSTANTIAL INCREASE IN. GERMAN BOND RETURNS. I REVIEW ALL, IF
WE ARE. SEEING A SURGE IN GERMAN BOND YIELDS, I DO NOT THINK THAT.
WOULD BE PARTICULARLY WORRISOME TO ECB HEAD OF STATE LAGARDE. AGAIN, RELATIVE TO THAT, I RECOGNIZE WE ARE CHATTING CONCERNING BEING.
CLOSE TO An OPTIMAL BUT THE ARGUMENT IS WHETHER THEY GO.
3.25 OR GET TO 3.5.

JONATHAN:.
MY HUNCH IS IT SIMPLY DEVELOPS ON RIGHT STUFF WE HAVE FROM CHAIRMAN.
POWELL THE DAY PRIOR TO WHEN HE STATED THE DISINFLATIONARY.
PROCEDURE HAS BEGAN AND PRESIDENT LAGARDE STATED THE DANGER.
AROUND INFLATION COME TO BE MORE BALANCED. WOULD YOU CONCUR WITH THE ASSESSMENT FROM PRESIDENT.
LAGARDE OF THE THE ON THE INFLATION BACKDROP? >> > > I WOULD, SOMEWHAT. IT IS PROBABLY BALANCE. FOR An EXTENDED PERIOD OF TIME THAT.
WE WERE TALKING ABOUT RISING COST OF LIVING, IT HAS ALWAYS BEEN.
TO THE BENEFIT. THEY NECESSITY BE HAPPY WITH THE.
HEADING RISING COST OF LIVING COMING DOWN. THE ONE THING THAT IS PROBABLY.
WORRYING EUROPEAN CENTRAL BANKERS AS WELL AS WHY THEY ARE.
PROBABLY NOT SHORT ABOUT BOND YIELD INCREASES– PROBABLY NOT.
THAT STRESSED OVER BOND RETURN RISES IS RISING COST OF LIVING ADJUSTMENT. WHEN YOU EVALUATE THE LAST 3 MONTHS AS WELL AS SIX MONTHS,.
YOU ARE STILL SEEING ANNUALIZED RISING COST OF LIVING AND CORE INFLATION.
BETWEEN 3-5%.

I BELIEVE THEY FIT TO.
GOING TO 3.25 OR 3.5. JONATHAN: GREAT TO CATCH UP. NICK BENNENBROEK OF WELLS FARGO. THE 10-YEAR, YIELDS RISING BY.
8 BASIS POINTS. I THINK NOT A MAJOR ISSUE FOR.
THE. LISA A: THERE HAS NOT BEEN MASSIVE.
SELLOFF EVEN THOUGH YOU HAVE SEEN THE STEP UP IN 10-YEAR.
RETURN IN GERMANY. JONATHAN: THE TONGUE MAY FEEL.
IN A DIFFERENT WAY BECAUSE THE TENURE WAS NOT 1.40– 10 YEAR WAS NOT.
1.40 PAIR YEARS BACK. >> > > YOU HAVE ESSENTIALLY ALMOST.
HAD NO FUNDING MOVES THIS YEAR. >> > > MARKETS ARE GOING TO.
STRUGGLE THE NEXT NUMBER OF MONTHS. >> > > THE CREDIT HISTORY MARKETS CANISTER.
HOLD UP AGAINST A LOT OF >> > > THE ELEVATED RETURN.

>>> > I WANT TO BE CAUTIOUS. I DO NOT INTEND TO ACQUIRE INTO SOMETHING THAT IS A BUBBLE. >> > > THIS IS BLOOMBERG.
SURVEILLANCE WITH JONATHAN FERRO, TOM KEENE AS WELL AS LISA.
ABRAMOWICZ. TOM: GREETINGS. BEFORE THE SUPER DISH, WE ARE.
RIGHT HERE WITH YOU ON A THE MAJORITY OF FASCINATING FRIDAY. STAGGERING TO TUESDAY IN AN RISING COST OF LIVING REPORT. I HOPE I SENT BY MAIL THAT RIGHT. FASCINATING HOUR TO TALK.
RISING COST OF LIVING. TO SIGN UP WITH United States, OWNER OF THE BOSTON.
CELTICS. 8:31, SET YOUR WATCH. FERRO ON LIVERPOOL. JONATHAN:.
IF HE DOES NOT SOLUTION THE CONCERN, I AM GOING TO WALK.
OUT. CPI ESTIMATES, AVERAGE ESTIMATES.
MONTH OVER MONTH 0.5. STRIP OUT FOOD AND ALSO POWER MONTH.
OVER MONTH, 0.3. YEAR-OVER-YEAR, STILL HOLDING.
ONTO A 6 DEAL WITH. 6.2 IS THE PRICE QUOTE. CORE, 5.4. TOM: ESSENTIAL DATA. TO AND FRO, EQUITY MARKETS.
A LITTLE SOFT. THE VIX 29.13. YIELD CHARACTERISTICS, OIL, BRENT $86.
A BARREL. WHAT WE ARE GOING TO DO.
SILENTLY, THIS IS THE UNSPOKEN INTO THE WEEKEND AND ALSO RETURNS.
A FEW DAYS BACK WHEN THERE WERE RECORDS OF INDIVIDUALS OF GOLDMAN.
SACHS MAYBE WANTED TO SPEAK TO THE BOARD. OUR RECORDS MOMENTS BACK,.
BLOOMBERG REPORTS THAT GOLDMAN SACHS'' LAST SECRET CONSUMER MARKETS. BANKING HIGHER IS OUT THE DOOR.JONATHAN: WOW.

TOM:.
HE IS ON RETAINER OR WHATEVER. JONATHAN:.
ARE YOU SUGGESTING WE OUGHT TO BE THINKING OF THE PRESSURE.
STRUCTURE FOR THE LEAD ON GOLDMAN SACHS? TOM:.
EVERY COMPANY HAS DIFFERENT STRESS. CONSIDER THE PRESSURES IN EUROPEAN BANKING. CREDIT SUISSE PARTICULARLY. I DO NOT INTEND TO ACTORS ANY.
ASPERSIONS TO ANYONE, BUT IT REMAINS IN THE ETHER AS WE GO INTO.
LATER FEBRUARY. JONATHAN: APPEARANCE AT THE COVERAGE,.
EXECS TIN ARGUMENT WHETHER THEY CONTAINER CUT THE 2023 LOSS TO.
$ 1 BILLION. THAT IS A DIFFICULT TIME FOR THAT.
UNIT. TOM: IT IS A REALLY DIFFICULT TIME. SPECIFICALLY WITH LAYOFFS AND ALSO BONUS OFFERS CUTS. ALLOW'' S GET BACK TO THE MARKETS. WHAT DO? YOU SEE TO NEW HIGHS. JONATHAN:.
EQUITIES DOWN, WE CANISTER SPEAK ABOUT THE CRUDE RALLY NEAR TO.
79.5. DELEGATES FROM OPEC-PLUS SUGGESTING TO United States AT BLOOMBERG.
WE ARE OFFSET IT. LOOKING TO THE DATA NEXT WEEK,.
I WISH TO CHOICE UP ON THIS STORY FROM BLOOMBERG POINT OF VIEW. THE FEBRUARY JOBS RECORD IS A BIGGER REPORT THEN NEXT MONTH'' S. CPI RECORD. LISA: THAT GOES BACK TO WHAT ROBERT.
WAS EXPRESSION. THE CPI WILL CERTAINLY RECOMMEND THIS.
DISINFLATION AS WELL AS WILL HAVE A QUICK SHIFT DOWNWARD. YOU MAY GET A BETTER THAN ANTICIPATED CPI PRINT. THAT DOES NOT SIGNAL THE STAMINA THAT WILL ENTER.
PLAY IN JULY WHEN WE BEGINNING GETTING JUNE INFORMATION. THAT IS THE ESSENTIAL TAKEAWAY TO WHAT CONNOR IS AIMING TO. THE LABOR MARKET DATA HAS A LONGER RUN RATE THAN WHAT WE.
CAN EXPECT.TOM: FRIDAY

WAS SUPPOSED TO BE A.
CLUMSY FRIDAY. WE DO NOT NEED TO INVEST THE.
TIME ON IT NOW. EXPENSE LEE PUSHING AGAINST.
CONSENSUS ON CHINA. YOU POINTED OUT REINHART, THE ING.
AFFILIATE. HE WAS BRILLIANT PUSHING.
AGAINST INTERNATIONAL AGREEMENT, SHE WAS PHRASE.
DOMESTIC. JONATHAN: WHAT SHE IS EXPRESSION IS BY THE.
TIME WE REACH JULY, WE ARE GOING TO START TO HAVE A BIGGER.
RATE ABOUT HOW STICKY THIS DISINFLATION TALE IS. YOU TIN MAYBE OFFER THE HOPES OF THE FUMES LEFT FROM THE.
DISINFLATIONARY STORY INTO SUMMERTIME. THAT MADE THE– MAY BE THE SIGHT OF SEVERAL OF THE BEARS. WHAT BARBARA RECOMMENDED, WHEN YOU REACH JULY AS WELL AS CHECK OUT THE.
JUNE CPI REPORT, WILL IT SUGGEST DAMPNESS? LISA:.
WHEN YOU LOOK AT LABOR MARKET MANUFACTURER– MARKET METRICS, STOCKS.
WILL RESPOND.JONATHAN: THEY WILL CERTAINLY DO WHAT THEY NEED. BASED ON THE MISSES OUT ON WE HAVE SEEN. WE BEGINNING THE YEAR, IT IS ALL ABOUT INCOMES. THEN, IT IS NOT EVERYTHING ABOUT EARNINGS. LISA:.
EVEN THE BEARS ARE CLAIMING YOU CAN OFFER AROUND 200. TOM:.
EVEN DISCUSSING THAT IS A MIRACLE. JONATHAN:.
USED TO BE 3900 WAS THE EASY SELL. NOW IT IS 4000. TOM: 4600. JONATHAN: I DO NOT INTEND TO TEASE ANY INDIVIDUAL. WHEN YOU HEAR A PERSON SAY IT 20% DISADVANTAGE AND HAVE SET THE.
MARKETS 10% HIGHER, IT IS DIFFICULT TO TAKE THAT TELEPHONE CALL AND ALSO.
DO ANYTHING WITH IT.TOM: CRITICALLY, THIS IS FOR OUR.
WORLDWIDE TARGET MARKET– GLOBAL WALL SURFACE ROAD AUDIENCE, THE BEARS ARE.
NOT GOING TO RECALIBRATE UNTIL THEY SEE THE RISING COST OF LIVING REPORT. JONATHAN: THAT IS THE EUROPEAN EQUITY.
CALL FROM BFA. UPSIDE RISK TO EQUITIES. DID YOU REALLY THINK THERE WAS UPSIDE RISK TO EQUITIES? ANTICIPATING THAT CONVERSATION, PRODUCTION SURE–.
LISA: [LAUGHTER] TOM: CHINESE YUAN. WHAT SCHEDULES SEE IN THE INFORMATION? JONATHAN: CPI ELEVATED IN CHINA. WE WILL SEE IF THEY CAN RESPOND. EQUITIES DOWN BY ABOUT.6%. TOM:.
IT HAS BEEN An INTERESTING MORNING. EMILY ROWLAND SIGNS UP WITH US, ARE YOU GOING TO REWORD THIS WEEK OR.
ARE YOU GOING TO NEED TO TO DELAY UNTIL TUESDAY AT 8:31 A.M. TO ACCOMPLISH THE REWRITE? >> > > I FEEL LIKE I MUST HAVE. GOOD VALENTINE ' S DAY PONDS READY FOR THE INFLATION PRINT.
TUESDAY. IT IS GOING TO BE CRITICAL. THIS WEEK, IT SEEMS LIKE THERE HAS BEEN A BIG CHANGE IN THE.
STATE OF MIND MUSIC AS YOU WOULD SAY, TOM.WE HAVE HAD A HIGHER BOND YIELD, OIL PRICES RISING AS WELL AS.
A LOT OF IMPORTANTLY, THE DOLLAR STRENGTHENING. YOU THINK OF THESE RELOCATES IN CURRENCY, THE DOLLAR HAS BEEN.
AT THE EPICENTER OF EVERY RELOCATE THE MARKETS. WEAK DOLLAR FAD THAT BEGAN IN THE FOURTH QUARTER,.
REALLY SPURRING THIS THREAT ON RALLY. OVER THE RECENTLY, THAT.
NARRATIVE HAS ACTUALLY ALTERED. WE THINK THAT IS GOING TO BE.
CRITICAL TO SEE. RISING COST OF LIVING IS GOING TO BE HUGE.
TUESDAY IN STIPULATIONS OF THE MEANS IT IMPACTS BOND PRODUCES FROM BELOW. TOM: YOU LOOK AT CORPORATE REVENUES.
IN DIFFERENT WAYS. THE KEYNOTE OF COMPANY.
INCOMES AND ALSO THE RESILIENCY ONWARD, ISN'' T THERE– IS IT. THERE? EMILY: I WISH TO MAKE A TALK ABOUT. WHAT JOHN SET ON PROFITS. IT IS AMAZING'SOMEBODY WITH HUGE. INCOMES'MISSES OUT ON GLOBE ' S LARGEST FIRMS
HASN ' T BEEN A HUGE.
STORY.THIS HAS BEEN AN ENTIRELY MACRO. DRIVEN MARKET. WHEN WE APPEARANCE AT REVENUES, YEAH,.
-5%, 70% OF COMPANIES HAVING THAT REPORTED FOR THE FOURTH.
QUARTER, IT IS OK. BUT, SOME OF THE THEMES ARE.
CRITICAL. REVENUE GROWTH WAS THE MAJOR.
VEHICLE DRIVER IN EARNINGS, IT SAVED THE DAY FOR INCOMES IN WENDY.
22. NOW, WE ARE HEARING EVEN MORE ABOUT.
MARGIN PRESSURE, COMPANIES DEALING WITH THAT, THE DISCHARGES,.
BUYBACKS, BACK IN THE STORY. WE THINK THIS IS GOING TO BE A.
TOP ATMOSPHERE FOR BUSINESS GOING ONWARD. PRICES ARE RAISE, ESPECIALLY THE PRICES OF FUNDING HAVING IS.
IN A LOT. THAT HAS YET TO BE ABSORBED. TOPLINE DEVELOPMENT, REDUCING MEANINGFULLY AS CONSUMERS START.
TO RETRENCH. COMPANIES HAVE ALSO MUCH STUFF. WE THINK THERE IS GOING TO BE A MAJOR BATTLE ON MARGINS IN 2020.
THREE.JONATHAN: WHAT CLARIFIES THE RALLY YEAR TO DAY AS WELL AS DO WE DANGER THE. NARRATIVE OF– ANOTHER ONE? EMILY: IT
IS HARD TO RECOGNIZE. YOU HAVE BEEN TALKING ABOUT EUROPE TODAY. I CONSIDER IT, PRIOR TO HIGHER INFLATION APPEARED HELPFUL FOR. EUROPE BECAUSE IT WAS BETTER FOR EURO AND ALSO EUROPEAN. ORGANIZATIONS. AFTER THAT, WE GET SERVICE ON GERMAN. INFLATION AS WELL AS THAT BENEFITS
EUROPE. STARKS ARE REACTING POSITIVELY IN ANY CASE, IT IS THIS ODD SUCCESS. WIN SITUATION THAT IS DIFFICULT TO SELECT AND ALSO THERE COULD BE A. ELEMENT OF A TECHNOLOGICAL RALLY ANGLING MODIFICATIONS. FINANCIERS REALIZING THEY ARE. SHORT TREATMENT, SENTIMENTS TAKEN HOLD, ENERGY HAS TAKEN. HOLD. A WHOLE LOT OF INVESTORS MOVING TO.
THAT COMPONENT OF THE MARKET. WE HAVE NOT FULLY WELCOMED THAT.
PROFESSION ADMITTEDLY.WE HAVE BEEN OVERWEIGHT. RESIDENTIAL EQUITIES LIKE HER PREVIOUS GUEST. THE REASON IS,. THE BETTER MARKET, BETTER PROFITS, EVEN MORE FIRMS. WITH EXCELLENT EQUILIBRIUM SHEET ' S, LOTS OF MONEY ON THE SHEETS, A.
LIMITED NEED TO TAP RESOURCES MARKETS TO GROW. THAT IS IN WHICH WE WISH TO BE POSITIONED IN THIS ATMOSPHERE. LISA: ENTERING INTO 2023, A LOTTA.
PEOPLE HAVE BEEN PHRASE THIS IS THE YEAR OF ACTIVE ADMINISTRATION. I QUESTION WHETHER THIS HAS TO DO WITH AVOIDING LOSSES OR.
WHETHER THIS IS DELIVERING EXTERIOR GAINS AS WELL AS WHAT THAT.
TELLS US ABOUT WHERE THE VIEW ON THE THREAT REWARD.
CONTINUUM HAS SHIFTED.EMILY: IT IS ALL

ABOUT DANGER MONITORING. IN THIS ATMOSPHERE
. IT IS AMAZING TO SEE THE. REEMERGENCE OF THE DANGER ON TRADE, WHETHER IT IS SMALL-CAP. CAP EQUITIES, CYCLICAL STOCKS IN EUROPE, WAKING UP IN THE. MORNING AND ALSO LISTENING TO THE
HEADINGS AROUND STYLE SUPPLIES. RALLYING ONCE AGAIN.
YOU HAVE OBTAINED TO THINK, WE ARE. DOING THIS ONCE MORE? INVESTORS ARE MOVING BACK IN. THIS DIRECTION OF TAKING DANGER.
THERE IS ALWAYS An EVENT. OF THE FED PIVOT OR THIS IDEA THAT INFLATION IS RECEDING AND. THE FED CONTAINER SEE THE LIGHT AT THE END OF THE PASSAGE TO TIME OUT. THAT IS EMBLEMATIC OF EVERY CYCLE. YOU SEE THIS PLAY OUT REPEATEDLY WHERE SOFT LANDING REALLY HOPES.
GET PRICED IN AND ULTIMATELY THEY ARE DASHED. REGRETTABLY, WE THINK THAT IS THE STORY THIS MOMENT, THE.
LAG EFFECT OF CENTRAL BANK TIGHTENING UP AROUND THE WORLD. WE WOULD BE MINDFUL CONCERNING GETTING TO FOR THE RISKIER.
CORNERS OR POCKETS OF THE MARKET AND ALSO WE WOULD BE.
REDEPLOYING POSSESSIONS TO HIGH EXTENSIVE AREAS.AND, BONDS

. JONATHAN: DO YOU HAVE A SUPER DISH CHOICE.
FOR SUNDAY? EMILY: I DO NOT, BUT I HAVE GREAT.
SQUARES. JONATHAN: [LAUGHTER] EMILY: I AM PSYCHED. JONATHAN:.
WHAT DOES THAT MEAN? LISA: THE BRACES. JONATHAN: OH. TOM:.
JOHN HANCOCK HAS TWO HIGH-RISES. EVERYBODY WORKING AT OLD JOHN HANCOCK HAS NO IDEA WHAT THEY.
ARE SPEAKING ABOUT. NEW JOHN HANCOCK IS WHERE THE.
YOUNG INDIVIDUALS LIKE EMILY ARE. THEY DO BETTING POOLS WHERE.
THERE IS A SHEET OF PAPER AND IT IS SQUARES. THEY ALL VARY A LITTLE, BUT.
WHERE ARE WE AT THE END OF THE FIRST QUARTER? THEY ALL VARY A BIT AND ALSO YOU PLACE A SMALL AMOUNT OF CASH. EMILY IS POPPING, WHAT, $1000 PER SQUARE? JONATHAN:.
I ASSUME SOMEBODY IN THE WORKPLACE DID THAT IN 2015. I BELIEVE I STILL OWE THEM $10. EMILY: IT WAS $100 A SQUARE. IT IS FOR CHARITY, THOUGH. IT IS FOR YOU FOOTBALL. TOM:.
WONDERFUL COMPLIANCE SAVE, EMILY.

[GIGGLING] JONATHAN:.
$ 100 A SQUARE. TOM: WE MUST INFORM THAT TO TOM.
BRADY. JONATHAN: THAT IS NOT GOING TO WORK OUT.
THIS YEAR. FUTURES LOWER. THIS IS BLOOMBERG. ♪ >> > > KEEPING YOU UP-TO-DATE.
WITH NEWS FROM ALL OVER THE WORLD WITH THE FIRST WORD. A SURPRISE AT THE BANK OF JAPAN BLOOMBERG HAS LEARNED THE PRIME.
MINISTER WILL NOMINATE– TO TAKE CONTROL OF THE RESERVE BANK IN.
APRIL. THAT RESULTED IN A JUMP IN THE YEN. HE IS A TEACHER AND ALSO PREVIOUS BOJ BOARDMEMBER. HE HAS EXPRESSED CARE OVER ACING RATE OF INTEREST PER PERM.
— MATURELY.IN TURKEY, 3 SURVIVORS WERE. PULLED FROM THE DEBRIS TODAY. MORE THAN 100 HRS AFTER THEY. WERE TRAPPED BY THE KILLER EARTHQUAKES. RESCUERS HAD BENEFITED EVEN MORE THAN 3 STATE DAYS. THE CASUALTY IN TURKEY AS WELL AS SYRIA HAS ACTUALLY CLIMBED TO OVER. 22,000. RUSSIA HAS INTRODUCED A VARIETY OF. CRUISE SHIP ROCKET ATTACKS ON UKRAINE TODAY. UKRAINE SAYS TARGETS WERE CRITICAL INFRASTRUCTURE IN. SEVERAL CITIES. GERMANY ' S CHANCELLOR OLAF. SCHOLZ HAS ACTUALLY ASKED EUROPEAN LEADERS TO SUPPLY GERMAN-MADE. CONTAINERS TO YOUR CRANE AS PROMISED.
THE OBJECTIVE IS TO HAVE 80 OF THE. LEPER TO TANKS BY THE END OF MARCH. RUSSIA IS RETURNING–. STRIKING BACK.
MOSCOW PREPARES TO CUT MANUFACTURING.
LAST– NEXT MONTH BY 5000 BARRELS A DAY IN RESPONSE TO.
COST CAPS IMPOSED BY THE WEST. THAT AMOUNTS ABOUT 5%.
OF JANUARY'' S OUTPUT. THE NEWS SENT CRUDE OIL COSTS.
HIGHER. SHARES OF LIFT PLUNGING, THE.
RIDE-HAILING BUSINESS SAYS IT WILL PRIORITIZE LOWER RATES TO.
DRAW IN MUCH MORE CLIENTS. THAT IS A STEP IT ANTICIPATES TO.
SHRINK FUTURE PROFITS. LAST MONTH, LIFT CUT BASE.
COSTS TO STAY UP TO DATE WITH A SIMILAR STEP BY UBER. WORLDWIDE INFORMATION POWERED BY GREATER THAN 2700 JOURNALISTS AND ALSO.
ANALYSTS.THIS IS BLOOMBERG. ♪ > > THE PROBLEM YOU HAVE IN THE. BOND MARKET IS, YOU HAVE THE FED ACTING RATHER. BOLDY. ALTHOUGH THEY HAVE
HAD. RATHER OF An EVEN MORE INFORMATION DEPENDANCY, IT SEEMS TO US AS. THOUGH THEY ARE CONVINCED TO ELEVATE RATES AT THE VERY LEAST TWO EVEN MORE. TIMES THROUGHOUT THIS YEAR.
JONATHAN:. BARBARA REINHARD WAS FANTASTIC THIS EARLY MORNING. ESSENTIALLY MAKING HER SITUATION,. PROMOTING FOR– SHE THINGS YOU CHECK OUT A JUNE CPI REPORT. AND WE HAVE A MUCH BIGGER DISPUTE ABOUT STICKY RISING COST OF LIVING. TOM: IT HAS BEEN THE VICTORY OF THIS. FRIDAY. BELIEVING ONWARD, THAT IS WHY. MCKEE IS SITTING ALONGSIDE ME.
REINHARD WAS ADAMANT ABOUT. PRESSING AGAINST THE ZEITGEIST.
BY AMERICA IS WHAT SHE SAID. JONATHAN: DO YOU WANT TO TAKE IT AWAY,. MIKE? MICHAEL: THEY CALL INDIVIDUALS UP AND ASK. THEM WHAT THEY SEE. 600 INDIVIDUALS.
JONATHAN: 600 INDIVIDUALS. MICHAEL:. YOU OBTAIN SEVERAL OF IT TOWARDS THE END OF THE MONTH WHERE SOME OF.
THE INFORMATION HAS CHANGED.I DO NOT THINK WE
SEE A BIG. ALTER IN THE MICHIGAN NUMBERS. GAS LINE– GASOLINE PRICES. WENT UP.
THEY ARE HEAVILY IMPACTED IN.
THAT STUDY. WE WILL SEE WHAT INDIVIDUALS'' S. RESPONSE TO THAT IS. THE INFLATION NUMBERS PROBABLY.
WON'' T MOVE MUCH SINCE INFLATION NUMBERS HAD IN UPCOMING.
DOWN. YOU INTENDED TO INQUIRE ABOUT CPI NEXT.
WEEK, DON'' T YOU? TATE JONATHAN: TAKEN MICHAEL: AWAY. MICHAEL: I'' VE GOT TROUBLE ON THAT PARTICULAR SCORE. ACCORDING TO THE BLOOMBERG AGREEMENT, A RATHER HUGE.
INCREASE IN CPI ON A MONTH OVER MONTH BASIS. HALF A PERCENT FOR THE MONTH OF JANUARY AFTER A 110 DECREASE IN.
DECEMBER. THE COURT IS NOT GOING TO.
MODIFICATION..3%, STILL ACQUIRING IN THE MONTH.
OF JANUARY.ON TOP OF THAT, WE
ARE CHANGING. THE WAITING OF THE CATEGORIES INTO CPI. THEY USED TO DO IT EVERY 10 YEARS.THEY RELOCATED IT TO EVERY 2 YEARS, NOW THEY ARE DOING IT TO
EVERY PERSON YEAR. THIS WILL REFLECT IN 2015'' S. RATINGS. OVERALL, THEY SAY THIS IS TERRIFIC.
SINCE IT WILL CERTAINLY MORE PRECISELY INFLUENCE WHAT WE ARE PURCHASING–.
SHOW WHAT WE ARE ACQUIRING. IT WILL CERTAINLY POSSIBLY PUSH UP THE.
CORE PRICE. OMAR SHARIF CLAIMS WE COULD SEE.
THE CORE RATE 2 TO 3 BASIS POINTS HIGHER BASED ON.
THE STATISTICAL CHANGE, RATHER THAN BASED ON INFLATION. THE FED IS WATCHING THE MONTH OVER MONTH NUMBERS. JONATHAN:.
WHEN SHOULD WE START LOOKING AT YEAR-OVER-YEAR IN MIND? MICHAEL:.
THE MONTH OVER MONTH CONSECUTIVE MODIFICATIONS WHAT MATTERS TO THE FED. TOM: SO IS IT DOVES AND ALSO ROSES RIGHT HERE.
ON VALENTINE'' S DAY? LISA: [LAUGHTER] MICHAEL:. HAVE YOU LOOKED AT THE PRICES? JONATHAN:. IS IT$ 500 IN BRAND-NEW YORK? MICHAEL: YOU ARE TAKING A LOOK AT THE WRONG. PLACE. I BELIEVE THAT IS A LITTLE HIGH. [LAUGHTER] NOT THAT SHE DOESN ' T DESERVE. IT, BUT THAT IS HIGH. TOM: NICE SAVE, MIKE. I DESIRE TO SPEAK TO ELLIE AS WELL AS COME FED TALK
YOU LIVE. DAY-TO-DAY WITH THE MICHIGAN STUDY THIS MORNING. I DO NOT LIKE THE FIVES AND ALSO TENS EXPECTATIONS.WANT TO TAKE A LOOK AT THE 2028 TO. 2033 ASSUMPTIONS.
WHY DO WE DO THAT? WE HAVE NO IDEA WHAT THE ASSUMPTIONS ARE THAT MUCH. MICHAEL: THE FUNNY POINT IS, PEOPLE HAVE.
COME DOWN A LITTLE IN THEIR NUMBERS THEY GIVE FOR WHAT THEY.
THINK INFLATION IS GOING TO BE BECAUSE I THINK INFLATION NEWS.
HAS BEEN SO FRONT AS WELL AS FACILITY. FOR SEVERAL YEARS, INDIVIDUALS IN THIS.
STUDY WERE ANSWERING, IT IS 7% OR 8% AND YOU HAD TO.
EXTRAPOLATE OUT FROM THAT WHAT THEY REALLY MEANT BECAUSE.
INDIVIDUALS HAD NO CONCEPT WHAT RISING COST OF LIVING IS. THE EXPECTATION FOR THE ONE YEAR IS IT GOES UP TO 4%, THAT.
IS WITHIN A MARGIN OF MISTAKE FOR THE FED. THEY ARE SEEKING SECURITY, NOT A MAJOR– TOM:.
THEY ARE TRYING TO FIND SECURED. I AM READING THE MINUTES THIS.
TIME AROUND. SECURED AND STABILITY, WHAT.
DOES ANCHORED MEAN AND ALSO ARE THEY BECOMING UNANCHORED? MICHAEL:.
SECURED INDICATES THEY ARE NOT INCREASING UNCONTROLLABLE. IF YOU ARE GOING THE VARIOUS OTHER WAY, YOU COULD HAVE IT FALLING A GREAT DEAL. AT THIS MOMENT, THEY ARE NOT INCREASING SO MUCH REFLECTING.
PEOPLE'' S FEELING THAT RISING COST OF LIVING IS GOING TO OBTAIN EMBEDDED INTO.
THE ECONOMY.YOU DO NOT NEED IT IN THE. ECONOMIC SITUATION– EMBEDDED IN THE ECONOMIC CLIMATE, IT IS HARDER TO GET IT. OUT.
WE ARE SEEING MARKET ASSUMPTIONS DROP FOR RISING COST OF LIVING.
THE NEXT YEAR TO 2 YEARS, AS WELL AS THAT IS EXCELLENT INFORMATION FOR THE FED. TOM: SO LISA CANISTER RECORD THE TUITIONS.
CPI IS SECURED. LISA: IS IT? TOM:.
THEY ARE PLACING A CHAIN AROUND MALES AND FEMALES'' S LEGS. LISA:.
ANCHORING THEIR FINANCIAL CIRCUMSTANCE. DO I RESPECT USED CARS AND TRUCK PRICES GENERALLY? I HAVE BEEN MONITORING THAT CAREFULLY. MAYBE THAT IS MY PROBLEM.MICHAEL:.

YOU ARE MORE ENJOYABLE AT PARTIES THEN OTHER INDIVIDUAL. LISA:.
[LAUGHTER] MICHAEL: TO KNOW WHY THE CPI IS GOING.
DOWN IS A NERD POINT. A LOT OF PEOPLE ON WALL STREET.
ARE GOING TO CHECK OUT THAT BECAUSE THEY WISH TO FIND OUT.
WHY THIS IS HAPPENING AND ALSO THERE WAGERS ARE GOING ONE WAY OR.
ANOTHER PERSON. THE STANDARD AMERICAN CARES.
CONCERNING THE YEAR-OVER-YEAR. LISA: [GIGGLING] JONATHAN:.
LET ME TELL YOU SOMETHING. NOT TALKING ABOUT MARKETS OR.
INFLATION. I NEED TO TELL YOU REGARDING MADE USE OF.
CAR COSTS TODAY. MICHAEL: USED CARS AND TRUCK COSTS HAVE GONE OUT.
— UP A LITTLE BIT. INFLATION GEEKS ARE STRESSED.
ABOUT THIS. LISA: THAT IS MY FACTOR. THEY WERE FALLING FOR A VERY LONG TIME, A COUPLE MONTHS INDIVIDUALS.
WERE SAYING THIS IS THE BIG THIS INFLATIONARY PUSH. CURRENTLY THEY ARE GOING BACK UP BECAUSE THERE IS NOT THE SAME.
PROVIDE LEFT OVER FROM THE PANDEMIC AGE AND ALSO LACK THEREOF.
OF INDIVIDUALS ACQUIRING THOSE FLEETS OF VEHICLES. IT MATTERS TO INDIVIDUALS'' S LIVES WHO INTEND TO ACQUIRE CARS.MICHAEL:.

BELOW IS THE IMPORTANT THINGS ABOUT RISING COST OF LIVING AND THE WAY WE TALK.
REGARDING IT. THE RATE OF An UTILIZED CARS AND TRUCK IS.
STILL GOING TO BE CONSIDERABLY LESS THAN IT WAS, BUT WE TALK.
CONCERNING PORTION ADJUSTMENTS SO IT DROPS TO A DEGREE, RISES A.
LITTLE BIT AND THERE IS A PRETENSE– PERCENT MODIFICATION.
THAT ADDS TO INFLATION, NOT THE RISING COST OF LIVING WE WERE SEEING WHEN.
PRICES WERE GOING UP AND UP. JONATHAN:.
DO YOUR PARTICIPANT THE SCENE WHERE THE MONKEYS WOULD BE IN THE.
BOARDROOM AS WELL AS THEY AIMED AT THE GRAPH AND IT WAS DIRECTING.
THE WRONG MEANS AND ALSO THEY CHANGED IT TO MAKE IT LOOK BETTER? THAT IS LISA, SHE GRABS THE CHART AS WELL AS TRANSFORMS IT UPSIDE-DOWN.
AS WELL AS SAYS, I INFORMED YOU SO. LISA: [GIGGLING] THAT IS INTERESTING. THEY HAVE PLATEAUED.WHICH IS INTERESTING,
IT WILL. ASSISTANCE THE REALLY FEELING OF POSITION OF BEING ANCHORED. WE ARE SEEING RATES INCREASE. WHAT OCCURS IF GAS COSTS. GO BACK UP? MICHAEL: IT IS INFLATIONARY MECHANICALLY. SINCE A PORTION ADJUSTMENT IS HIGHER AS WELL AS IT DOES HAVE EVEN MORE OF. AN RESULT ON PEOPLE ' S SPENDING HABITS. THE TROUBLE IS, GASOLINE RATES ROSE OVER THE MONTH. OF JANUARY. FORTUNATELY IS, THEY ARE.
GOING DOWN IN FEBRUARY. THE NUMBERS FOR THE JANUARY. CPI, YOU ' RE GOING TO HAVE A
HEAD PHONY. SOMETHING WE CANISTER SAY, GAS RATES HAVE GONE DOWN. SIGNIFICANTLY. OVERALL, IT IS TOUGH TO MAKE A. MANUFACTURING FOR ENERGY RATES GENERALLY.
OIL IS UP A LITTLE,. GAS WAS UP A BIT, GAS IS DOWN. TOM:. THE 3 PEOPLE COMBINED KNOW ONE CAMPING TENT ABOUT WHAT YOU UNDERSTAND. REGARDING THE NATIONAL FOOTBALL ORGANIZATION. MICHAEL:. WE WERE TALKING ABOUT THAT.IT IS AN INTERESTING SUPER DISH. YOU ' VE GOT 2 GOOD GROUPS. ONE FANTASTIC QUARTERBACK IN PATRICK. MAHOMES. DOES AMERICA REALLY CARE AS. MUCH? TOM: I DO NOT SINCE– MICHAEL:. IT IS TWO SMALLER CITIES.
YOU NOT– DO NOT GET THE NEW. YORK GIANTS VERSUS THE PHILLY EAGLES. TOM:. KELLY CLARKSON WAS ON TALKING ABOUT IT LAST NIGHT. MICHAEL:. I LIKE PHILADELPHIA, TOO. [GIGGLING] IT IS NOT THE SORT OF GLAMOROUS MEDIA MATCHUP AT THE NETWORKS.– JONATHAN:– HAS An EXCELLENT TALE.
— JALEN HARMS HAS A FANTASTIC TALE.
MICHAEL:. THEY ALL HAD A TERRIFIC TALE.
KANSAS CITY HAS PATRICK MAHOMES. LISA: DO YOU THINK INDIVIDUALS WOULD TREATMENT. MORE IF THEY HAD MONDAY OFF? JONATHAN:.
DO IT THE FOLLOWING WEEKEND ON SUNDAY,
THE FOLLOWING WEEKEND. WHERE YOU GET THE MONDAY OFF.I DO NOT OBTAIN IT.
LISA:. THERE WAS PUSHBACK BECAUSE IT WOULD ELIMINATE FROM. PRESIDENT ' S DAY. JONATHAN: I AM NOT GOING TO WEIGH IN.
DO YOU REALLY CELEBRATE RESIDENTS DAY? TOM:. THIS IS An ACHING SUBJECT. JONATHAN: WHAT YEAR WAS THAT? TOM:.
WAY BACK. HE WENT TO 12TH IN THE 22ND.
JONATHAN: YOU OBTAINED TOGETHER AS WELL AS CELEBRATED. THE PRESIDENT ' S? TOM: LINCOLN AND ALSO WASHINGTON. THERE WAS RAGING DEBATE WHEN THEY MADE IT SENSIBLY ON A. WEEKEND TO AID HOUSEHOLDS. TO An ENTIRE COHORT OF FOSSILS,. IT HAS ACTUALLY NEVER BEEN THE EXACT SAME AS ACTUALLY COMMEMORATING 1809.
JONATHAN: HOW DOES THIS FUNCTION? TOM: YOU DO THAT ON MADE A. JONATHAN: I ASK YOURSELF HOW SERIOUS YOU TAKE. THE STUFF.SERIOUSLY? MICHAEL: THEY CEREMONY ARMED FORCE CARS.
BEFORE TOM ' S HOME ON MAYDAY. JONATHAN:. SEEMS LIKE A TOM POINT.
LISA HAS MATTERS TO'SAY. WHY ARE YOU KEEPING BACK? LISA: [LAUGHTER] JONATHAN:. YOU DO NOT CELEBRATE IT.
LISA:. I CELEBRATE BY THE YOUNGSTERS HAVING IT OFF. [LAUGHTER] TOM:.
BLOOMBERG SECURITY SUPER BOWL FRIDAY. LISA ABRAMOWICZ AS WELL AS TOM KEENE, THERE ARE BRAND-NEW– AS WELL AS NO TO.
DUMBER PEOPLE ON NETWORK TV ON THE SUPER DISH.
THAN BOTH PEOPLE. WE'' VE GOT A GREAT DEAL AHEAD. WE ARE CIRCUITRY UP WITH THE PROPRIETOR OF THE BOSTON CELTICS, HE IS.
RUMORED TO PERFORM SPORTS. WE WILL DO SPORTS WITH HIM IN A.
MINUTE. FIRST, WE WILL CERTAINLY TALK TO HIM.
REGARDING WHERE THE MONEY ORIGINATED FROM, WHICH IS A CREDIT MARKET.
AREA TO BRIEF YOU ON THE CREDIT RATING MARKET, S&P FUTURES -20. I'' M GOING TO SAY, IT IS A.
EXAGGERATION– SHIELDS ARE MOVING.THAT IS THE WAY IT IS. LISA: UP WHEN IT CONCERNS THE.
CRITERIA ONE DECADE TREASURY, TO YEAR TREASURY. HAVE WE SEEN THE OTHER PROPERTY THAT HAVE CARRIED ON THE HEELS OF.
A DOWN SHIFT IN YIELDS EARLIER THIS YEAR? I ASSUME THAT IS ONE OF THE CONCERNS. GINA MARTIN ADAMS STATED NO, STOCKS HAVE ACTUALLY STAGNATED IN TANDEM.
WITH SEVERAL OF THE RESET WE HAVE SEEN IN YIELDS. TOM: SPEAKING TO BEAUTY YESTERDAY AND.
THE STUNT– STUB OFF OF CREDIT SCORES SUISSE AS WELL AS BUZZING IT OVER THE.
FANCY PART OF THE BOND MARKET, NOT TRYING TO BUY A T-BILL, IT.
IS A SIGNIFICANT INTEREST.LISA: THIS IS THE QUESTION. WE HEARD FROM JIM AT BEAUTY THAT THIS IS A GOLD PERIOD FOR.
CREDIT RATING. INDIVIDUALS ARE GOING RIGHT INTO PRIVATE.
CREDIT AT THE VERY SAME BREATH A GREAT DEAL OF REGULATORS ARE SAYING.
THEY'' RE STILL CONCERNED, SANCTUARY'' T SEEN THE FOOTWEAR TO DECLINE.
BECAUSE AREA. WHERE DOES THIS IS CONNECT GET.
FIXED THINKING ABOUT WE SAW HUGE OUTGROWTH OF THIS INDUSTRY.
THE PAST YEARS AND THE LOW RATE ERA, NOW WE ARE EMBARKING.
ON A VARIOUS SORT OF TRUTH. TOM:.
I TAKE A LOOK AT THE YIELDS SPACE AND IT– WE HAVE BEEN FINANCIAL DEBT CEILING.
FREE THIS WEEK, THANK GOD FOR THAT EVEN THOUGH WE HAD THE.
STATE OF THE ONION. HE SPREADS OUT HAVE BE AVAILABLE IN. IG, RUBBISH IG AND THIS WORD.
DISTRESS, THOSE YIELDS ARE BEING AVAILABLE IN CLOSER TO THE 10 YEAR. LISA: ALLOW'' S GO BACK TO WHAT GREGORY. STAPLES WAS EXPRESSION OUT OF DWS, SAYING YOU HAVE VIRTUALLY FROTHY.
CREDIT MARKETS RIGHT NOW.TO HIM, YOU HAVE THE BALANCE OF.
UTILIZE BACK TO THE VENDORS OF FINANCIAL OBLIGATION. YOU ARE SEEING SPREADS COME IN STRONGLY, SEEING POINTS PRICE.
WELL. AT WHAT FACTOR DOES THIS INDICATE IT CONTAINER NOT LAST VERSUS.
THIS IS THE BRAND-NEW NORMAL? TOM: WE ARE GOING TO TALK SPORTS.
LATER IN A CHARITABLE 25 MINS WITH STEVE, ELDERLY EXPERT OF.
BANK RESOURCES. THE ONLY FRANCHISE BUSINESS IN.
BASKETBALL, BOSTON CELTICS. THE MAJORITY OF IMPORTANTLY, WITH JIM.
STELTER WHO WE SPOKE TO YESTERDAY, THE CARDINAL POLICY IS.
YOU TIN NOT DO FIXED INCOME. YOU TIN NOT DO FINANCIAL DEBT. IF YOU MOSTED LIKELY TO FIGHT IT OUT UNIVERSITY, YOU HAVE REACHED GO TO DUKE OR.
YOU TIN NOT DO THIS. WHAT WAS IN THE AIR AT DUKE.
COLLEGE THAT OBTAINED YOU AND ZELL TO HER INTO THE FINANCIAL OBLIGATION VIDEO GAME? >> > > I CAME OUT OF THE PRIVATE.
EQUITY BUSINESS.TOM: SAME POINT. >
> BATTLE EACH OTHER IS A WONDERFUL >> PLACE. I AM ON THE BOARD TODAY. IT IS A WONDERFUL ENVIRONMENT AND ALSO.
EXCELLENT LEARNING ENVIRONMENT, DOING EXCELLENT POINTS. TOM: THE ASSORTMENT WE REMAIN IN, THE DAY.
TO DAY WORK BLOOMBERG SURVEILLANCE DOES, PROVIDE US THE.
VISION YOU HAVE OUT ONE YEAR ON THE ABDICATION OF THAT MONEY IN.
PERSONAL EQUITY. WHAT ARE PEOPLE LIKE YOU GOING.
TO DO? STEPHEN: I BELIEVE YOU'' VE GOT TO GO BACK. WE ARE SEEING AS YOU HAVE DISCUSSED TODAY, THE.
UNWINDING– WE ARE BACK TO NORMALIZED RATE OF INTEREST RATES. IF YOU LOOK BACK AT MY CAREER IN THE LAST 40 YEARS, 30 OF.
THOSE WE HAD PASSION RATES– HELP PERCENT, 5%. IT IS SINCE THE DILEMMA WE HAVE THIS CHEAP MONEY. THIS RELAX BECAUSE OF THE TRUTH WHEN YOU BOOST THE CASH.
SUPPLY SO MUCH AND ALSO HAVE LOW RATE OF INTEREST RATES, YOU GET.
SPECULATIVE ACTIONS AND INFLATION. WE REMAIN IN FOR PROBABLY An ONE DECADE CYCLE OF GOING BACK TO.
WHAT I WILL CERTAINLY CALL NORMALIZED INTEREST RATES.LISA:.

WHILE DOING SO, I AM CURIOUS ABOUT THE FACES OF PRIVATE.
EQUITY, TAKING A BUSINESS, STRUCTURE IT AND CASHING IN AS WELL AS.
ROTATING IT OFF IN A IPO. IS IT GETTING TO– TOUGHER TO.
MONEY IN AND ALSO DO THE DO PERSISTANCE OF BUILDING UP EACH TIME IN WHICH.
THE IPO MARKET HASN'' T RECOUPED? MICHAEL:– STEPHEN: EQUITY MARKETS ARE SLUGGISH RIGHT.
CURRENTLY. IF I GO BACK AND SAY THE PRIVATE EQUITY MODEL SINCE I.
HAVE BEEN DOING IT FOR 35 YEARS NOW, IT HAS BEEN A DURABLE,.
SUCCESSFUL VERSION. IN BAD TIMES AND EXCELLENT TIMES. BASICALLY WHAT PRIVATE EQUITY IS TRYING TO DO IS.
INFUSE FUNDING IN BUSINESSES AS WELL AS GROW THEM. IT IS A MISNOMER STARTING BACK TO THE DARK DAYS OF PRIVATE.
EQUITY THAT IT WAS ABOUT TAKING COSTS UP OF PRIVATE SUCCESSFUL.
EQUITY BUSINESS, THE TECHNOLOGY FIELD, THE MEDICAL.
FIELD, THE COMMERCIAL SECTOR.GLOBALIZED COMPANIES. THE VERSION HAS REALLY FUNCTIONED WELL. WHEN I BEGAN, RATE OF INTEREST RATES, WE WERE LOANING CASH. AT 11% OR 12%.
YOU ARE SEEING ADJUSTMENTS OF.
PRICES CURRENTLY. IF– WE ARE STILL ABLE TO.
MONEY COMPANIES, WE STILL NEED TO COME TO BE EVEN MORE SELECTIVE AS WELL AS MORE PRINCIPLE. CURRENTLY IT IS A MORE ESSENTIAL MARKET THAN THE SPECULATIVE.
MARKET PRODUCED BY THE HUGE RISE OF CASH SUPPLY. LISA:.
OVER THE PAST DECADE, A WHOLE LOT OF PEOPLE HAVE DISCUSSED.
PRIVATE EQUITY AS WELL AS PRIVATE FINANCIAL INVESTMENT COMPANIES TAKING MARKET.
SHARE FROM THE LARGER BANKS. WE WERE TALKING WITH BEAUTY.
CONCERNING THE POSSIBLE PROCUREMENT OF A CREDIT SCORE SUISSE ARM. DO YOU SEE THAT BOOST IN TAKING MARKET SHARE? DO YOU SEE THAT LIKELY TO PROCEED THE NEXT FEW YEARS? STEPHEN: I DO. WHEN THEY BROKE GLASS EAGLE AND.
ALTERED THE RULES, FINANCIAL INSTITUTIONS NEEDED TO BE MORE CONSERVATIVE. BANKS USED TO BE SELLER BANKS, NOW THEY ARE JUST BANKS. A LARGE PRIVATE EQUITY FIRM CONTAINER BECOME A MERCHANT FINANCIAL INSTITUTION.
BRANCHING OFF INTO FINANCIAL DEBT SOLUTIONS, BRANCHING OUT INTO.
SELLING AND GETTING COMPANIES.I THINK THOSE

PRIVATE EQUITY.
COMPANIES WILL PROCEED TO GO IN THAT DIRECTION. TOM: STEPHEN PAGLIUCA WITH United States, OWNER.
OF THE BOSTON CELTICS IN A MOMENT. WE REMAIN ON GLOBAL WALL SURFACE ROAD. I ENJOY WHAT YOU CLAIM REGARDING THE.
VENDOR BANKS HAVE COME TO BE A ROUTINE FINANCIAL INSTITUTIONS, WHETHER IT IS.
GOLDMAN SACHS OR HONESTLY EVERY OTHER BANK IS A COMPETITIVE.
INITIATIVE TO MAINTAIN THE SPIRIT GOING. SOME WOULD SAY MR. SOLOMON AT.
GOLDMAN SACHS HAS STUMBLED. DID HE OVERREACH BY DOING.
SOMETHING THAT CULTURALLY DID NOT FIT GOLDMAN SACHS WHEN HE.
AS WELL AS OTHERS CREATED TARGETS AND ALSO CUSTOMER BANKING EFFORTS? STEPHEN: I ASSUME NO ONE CONTAINER GET IT.
FLAWLESSLY. I BELIEVE THEY IDENTIFIED THE.
RICHES ADMINISTRATION MARKET WAS A GREAT MARKET. COMPONENT OF THE ISSUE IS, WE HAVE SEEN THIS EXCELLENT MODIFICATION IN.
INTEREST PRICES CURRENTLY WHICH HAS MADE IT A CONVENIENCE STRATEGY. GOLDMAN HAS A REPUTATION AND CREDIBILITY. I MAKE SURE THEY WILL TYPE THAT OUT AND ALSO BE A CONSIDER CASH.
ADMINISTRATION SERVICE, THEY HAVE THE COURT ABILITIES TO ACCOMPLISH THAT. TOM: YOU ARE BARELY OLD SUFFICIENT TO.
REMEMBER WHEN DIRE STRAITS TOOK CONTROL OF THE ZEITGEIST WITH MONEY.
FOR NOTHING.AS YOU STATED
, ALL, CASH.
PRICES SOMETHING. THE DIRE STRAITS RATE STRUCTURE.
MORES THAN. HOW DOES THE PERSONAL EQUITY.
MARKET MODIFICATION? TALK TO THE YOUNG TURKS IN.
PERSONAL EQUITY. HOW DOES THEIR GLOBE MODIFICATION NOW.
THAT CASH EXPENSES SOMETHING? STEPHEN:.
I THINK THE WORLD CHANGES IN THAT THERE REMAINED IN THE LAST FIVE.
TO 10 THE YEARS WE HAVE CHATTED, THERE WAS A SPECULATIVE BUBBLE.
INDIVIDUALS THOUGHT WHATEVER COULD BE AMAZON.COM. PLACING MONEY INTO DEVELOPMENT FUNDING COMPANIES WOULD GAIN IN.
SHARE AND YOU COULD LOSE MONEY FOR LONG DURATION OF TIME. BUT, MONEY IS NOT CHEAP. YOU CAN PROBABLY DO THAT– FOR.
EACH OF THOSE, THERE HAS BEEN A GREAT DEAL OF ONES IN WHICH THEY.
WILL NEVER ATTAIN THE CAPACITY. WHEN YOU CHANGE RATE OF INTEREST, THE WORTH DROPS. YOU HAVE SEEN THAT NOW IN THE TECH I THINK WE GO BACK TO THE.
FUTURE, WHEN I STARTED RATES OF INTEREST, WE WERE LOANING AT 10%.
AND 11% AND ALSO WERE SUCCESSFUL.BUT YOU HAVE TO GO

TO BACK TO.
BASICS AS WELL AS COMPANIES THAT ACQUIRE SHARE AS WELL AS COME TO BE.
PROFITABLE. YOU CAN NOT TAKE THE TECHNIQUE OF.
LOSING MONEY FOR FIVE TO 15 YEARS TO THEN CREATE A TERRIFIC.
COMPANY. IT DOES NOT WORK AND A GLOBE.
WHERE MONEY PRICES SOMETHING. LISA:.
OVER THE PAST YEARS, WE WERE CHATTING ABOUT FIRMS THAT.
WOULD BORROW CASH TO PAY THEIR STOCKHOLDERS. THERE WAS A LOT OF DISCUSSION AROUND THAT. IT APPEARED THE FINANCIAL OBLIGATION SIDE WAS LESS BELONGINGS THAN THE EQUITY.
WEBSITE IN LOTS WAYS BECAUSE YOU WOULD GET REWARDED. THE BOND SIDE AND EVEN IN THE EQUITIES ROOM. DO YOU SEE A GREATER OPPORTUNITY ON THE BOND WEBSITE.
NOW, THE CREDIT SCORE SIDE OF THE FIRMS YOU SPEND IN THAN.
THE EQUITY, OR IS IT EVEN MORE BALANCED? STEPHEN:.
IT IS EVEN MORE BALANCED. THERE IS ALWAYS GOING TO BE A.
BIGGER RETURNS WITH RATE– YOU DEVELOP EVEN MORE RESULT IN EQUITY BY.
ENHANCING BUSINESS MARKET SHARE. WE ARE GOING BACK TO THE GOLDEN ERA OF CREDIT HISTORY, WHERE CREDIT HISTORY IS.
BEING PROPERLY PRICED AS WELL AS PEOPLE ARE GETTING GREAT.
RETURNS ON THEIR CREDIT.I WOULD NOT SAY
IT IS. EXPENSIVE, IT IS MORE OF A NORMAL CYCLE BEHAVIOR CURRENTLY. WE LOOKED AT THIS, EVERY ONE OF THE ECONOMIES WERE CASH SUPPLY. BOOST OF 50 %OR EVEN MORE, WHICH IS WHAT HAS ACTUALLY TAKEN PLACE IN A LOT OF OF. THE WESTERN WORLD, AFTER A DURATION OF TIME, YOU SEE LARGE. INFLATION THAT NEEDS TO BE CORRECTED AS WELL AS GO BACK TO WHERE. THE EXPENSES OF FUNDING IS EVEN MORE NORMALIZED. THAT IS GOING TO BE A TEN YEARS TREND. TOM:. ON THE SUPER DISH WEEKEND, IT IS WONDERFUL YOU CONSENTED TO REMAIN. WITH US IN OUR NEXT SEGMENT. THIS WILL BE THE MAJORITY OF INTERESTING. I INTEND TO DISCUSS SPORTS. I CONSIDER MALCOLM GLAZIER,. WHAT HE DID OUT OF ROCHESTER, NEW YORK PURCHASING THE TAMPA FL BAY
. BUCCANEERS YEARS BACK WAS A BUSINESS INDIVIDUAL, BEGINNING.
WITH HIS DAD WITH NEXT TO NOTHING WHO MADE IT BIG IN.
SPORTING ACTIVITIES. THE IMPRESSION TODAY IS, THE. FACT I OUGHT TO CLAIM
, THERE IS THE RICHES AS WELL AS HAVE-NOTS OF.
SPORTS, OF BIG, BIG, CASH WHETHER IT IS PETRODOLLAR MONEY. OR AMERICAN MAGNATE MONEY TAKING OVER SPORTS.
HOW YOU ADJUST AND CHANGE TO THAT TO ACCOMPLISH SOCIAL GOOD OF WHAT. A DOMESTIC ECONOMIC SITUATION DESIRES? ALLOW ' S TAKE ENGLISH FOOTBALL
. HOW DO THE BIG GUYS ENTER ENGLISH FOOTBALL LIKE THE. SAUDI ' S IN NEWCASTLE AS WELL AS YET ASSISTANCE THE DOMESTIC PEOPLE OF. THE UNITED KINGDOM? STEPHEN: THAT IS A LONG, COMPLICATED. ANSWER.I HAVE EXPERIENCE HAVING IN. ITALY, SPORTS CANISTER BE A FANTASTIC MODIFICATION OR SOCIAL GOOD.
IN TERMS OF SPECIFICALLY THE STRUCTURE OF SOCCER IN– WHAT. THEY PHONE CALL FOOTBALL IN EUROPE, IT IS A LOT MORE GRASSROOTS,. FAR MORE GROUPS CAN TURN UP AND ALSO DOWN. WHAT THESE NEW OWNERS NEED TO DO IS RECOGNIZE THEIR NEIGHBORHOOD. ASSET IN BOTH VICTORIOUS SUCCESS, BUT SHARE THE SPOILS WITH THE
. TEAMS UNDER. I THINK THE U.K. SIMPLY CAME OUT WITH A LARGE, REGULATORY RECORD IN REQUISITES OF. REFORMING THE SYSTEM WHERE MORE MONEY WILL MOST LIKELY TO SMALLER TEAMS.
SO THEY CONTAINER FEED THE LARGER TEAMS.SECONDLY WHAT HAS BEEN. FANTASTIC CONCERNING THE United States AS A LEADING VERSION IS, THE NBA HAS IN BE AIR– BOSTON CELTICS.
UNITED JUSTICE AND– STRUCTURE HAS GIVEN MANY MILLIONS. OF DOLLARS BACK RIGHT INTO THE AREA.
OUR ATHLETE GO OUT THERE, ALSO.
SPORTING ACTIVITIES FRANCHISES CAN BE A REAL IMPACT FOR SOCIAL GOOD. ESPECIALLY TO THE QUESTION ON EUROPEAN LEAGUES, IT IS. VARIOUS IN THE U.S. IT IS A GRASSROOTS BASIS,. KEEPING AN EYE OUT GUIDELINES AS WELL AS POLICIES
TO MAKE IT BE EVEN MORE. FAIR AS WELL AS ASSISTANCE THOSE TEAMS.
TOM:. ON A SUPER BOWL WEEKEND BREAK, WE ARE THREE OLD–
THRILLED TO BRING. YOU STEPHEN, THE OWNER OF THE BOSTON CELTICS AND THE A LOT OF. KEPT COURT IN BASKETBALL. REMAIN WITH US. THIS IS BLOOMBERG. GOOD EARLY MORNING.
> > RETAINING YOU UPDATED WITH. NEWS FROM ALL OVER THE WORLD. >> THE CASUALTY FROM QUAKES.
IN TURKEY AND SYRIA HAS RISEN TO GREATER THAN 22,000.
PROFESSIONALS FEAR TENS OF THOUSANDS EVEN MORE INDIVIDUALS ARE BURIED UNDER. THE RUBBLE.TURKISH PRESIDENT IS FACING. PLACING CRITICISM OVER THE NATION

' S POOR BUILDING AND CONSTRUCTION.
RECORD. HE IS BEING CRITICIZED FOR'THE. FEDERAL GOVERNMENTS RESPONSE TO THE QUAKES. CHINA IS ACCUSING THE U.S. OF EXAGGERATING THE DISAGREEMENT. OVER THE BALLOON SHOT DOWN OFF THE COAST OF SOUTH CAROLINA. THE BIDEN MANAGEMENT CLAIMS IT WAS CONDUCTING SECURITY. AND HAS PROVIDE EVIDENCE THAT BACKS THAT UP. TODAY, CHINA '
S INTERNATIONAL PRIEST ONCE AGAIN CLAIMED THE BALLOON WAS USED. FOR PRIVATE CITIZEN USAGE. BLOOMBERG HAS LEARNED BOX HAS.
REFUSED OFFERS OF MORE THAN$ 2 BILLION FOR ITS TELEVISION STREAMING. SERVICE, EVEN MORE THAN FOUR TIMES WHAT IT SPENT FOR BUSINESS. FOX CEO INTENDS TO KEEP TV BECAUSE OF ITS FAST GROWTH. TO BE IS A COST-FREE ADVERTISEMENT SUPPORTED DEAL– SOLUTION AS WELL AS IS. BRINGING IN CUSTOMERS THESE DAYS.GLOBAL NEWS POWERED BY MORE. THAN 2,700 REPORTERS AS WELL AS
ANALYSTS IN OVER 120 NATIONS.
THIS IS BLOOMBERG. > > THIS IS THE GOLDEN AGE FOR. PRIVATE READ. >> RATES HAVE BEEN RISING, ECONOMIC SITUATION
. IS DOING PRETTY WELL.
YOU CAN GET DOUBLE FIGURE YIELDS. THIS IS CONVENIENTLY THE MOST EFFECTIVE TIME TO BE AN INVESTOR. IF YOU ISSUE VINTAGE DEBT, THE IDEAL IN 17 OR 18 YEARS,. YOU ' RE ACQUIRING DOUBLE FIGURE RETURNS BY BENDING ON TOP. OF THE CAPITAL FRAMEWORK.
TOM: JIM SELTZER WITH US ON FINANCIAL DEBT AND. EXCLUSIVE EQUITY, SPEAKING TO STEVE WITH BAIN CAPITAL AND. CO-OWNER OF THE BOSTON CELTICS.
LISA ABRAMOWICZ AND TOM KEENE. DOING A REMARKABLE SPORTING ACTIVITIES RAMP UP HERE. WE DO THAT NOW WITH STEVE, WE DEMAND TO BRING IN SOMEONE. ENCYCLOPEDIC ON BOSTON CELTICS, WHICH FOR ME, ALWAYS, MICHAEL.
MCKEE– BOB COUSY AND ALSO IN WHAT HE DID LONG AGO AS WELL AS AWAY. YOU ARE UP BEAT ON THE NEW CELTICS. MICHAEL: [GIGGLING] TOM: A COUPLE PIERCING QUESTIONS. MICHAEL: ALLOW'' S GET THIS OFF THE BEATEN TRACK. AS WELL AS ASK YOU ABOUT YESTERDAY. MIKE MS. KOLLEK UPCOMING TO THE.
CELTICS, YOU GUYS DID NOT DO MUCH BEYOND THAT. THERE WAS An ASSUMPTION YOU MIGHT BUNDLE SEVERAL OF THE.
PLAYERS OR DRAFT PICKS AND ALSO CHOICE UP SOME STARS THAT HAD BEEN.
FLOATING AROUND.YOU ARE PLEASED BEING THE. BEST GROUP IN THE NBA RIGHT NOW, I PRESUME. STEPHEN: [LAUGHTER] WE HAVE A GREAT GROUP OF PLAYERS. HIGH PERSONALITY, PROBABLY AMONG THE TIGHTEST ROOTS WE HAVE HAD.
IN TWO DECADES WE HAVE BEEN INVOLVED IN THE CELTICS AS WELL AS.
ALMOST WON THE NBA FINALS LAST YEAR. WE HAVE DINNER AT BROADMAN, A MAJOR AND ALSO. WE'' VE GOT EVEN MORE ASSIST WITH MIKE SKALA. WE ARE IN A GOOD POSITION AS LONG AS WE STAY HEALTHY. MICHAEL: A QUICK QUESTION, JAELYN BROWN,.
FOR HOW LONG IS HE OUT? STEPHEN: HE IS STILL BEING ASSESSED. HOPEFULLY, BACK IN A FEW WEEKS.WE BASICALLY WILL NOT PLACE. PLAYERS OUT THERE IF THEY CONTAINER BE INJURED. THE PHYSICIANS ARE CHECKING OUT THE VERY BEST PROGRAM OF ACTION. HE WILL BE BACK QUICKLY. MICHAEL: I HAVE REACHED ASK, MATT YESHIVA.
GOES OUT OF THE BOARD OF GOVERNORS CONFERENCE SHAKING HANDS. NEW OWNER OF THE PHOENIX METRO SUNS AND ALSO A COUPLE HOURS LATER ON,.
MORTGAGES THAT FRANCHISE BUSINESS TO GET KEVIN DURANT. IS THAT THE KIND OF ACTION THAT BENEFITS THE NBA? STEPHEN:.
I THINK IT IS EXCITING. IT HAS CREATED A NATIONAL SURGE,.
A POWERHOUSE OUT OF PHOENIX METRO. THE CONCERN IN THE BALANCING ACT.
YOU ALWAYS HAVE TO DO AS A SPORTS FRANCHISE OWNER IS THE.
LONG TERM VERSUS THE SHORT-TERM. IT APPEARS LIKE MATT HAS A.
APPROACH THEY HAVE A TEAM ON THE CUSP. HAVING A BEGINNER LIKE KEVIN DURANT IS WORTH IT IN THE.
FUTURE, THAT IS– WE WILL SEE HOW THAT PANS OUT. TOM:.
I HAVE OBTAINED TO DRIVE THE CONVERSATION FORWARD. I HAVE BEEN INFORMED BY JONATHAN FERRO WHO BRINGS REAL EXPERTISE.
HERE.THERE IS AN AMERICAN INTEREST. IN THE PREMIER LEAGUE, WHICH I AM SPEAKING AS AN NOVICE IS.
THE MOST EFFECTIVE RUN ORGANIZATION ON THE PLANET OR THE MOST EFFECTIVE.
LEAGUE WORLDWIDE. IT LOOKS LIKE EVERY SATURDAY IS.
A WORLD CUP ON NBC. I'' M LOOKING AT MANCHESTER.
UNITED AND ALSO THE TURMOIL THERE. I'' M LOOKING AT THE NEW.
OWNERSHIP OF CHELSEA.AS YOU LOOK AS RUMORED TO
LIVERPOOL, WHAT DID YOU GAIN FROM THE CHELSEA DANCING? WHAT DID YOU DISCOVER IN THE LAST NUMBER OF MONTHS ABOUT HOW A.
GUY LIKE YOU FROM BAIN COMES CLOSE TO THE PREMIER LEAGUE.
OF THE UK? STEPHEN: IT WAS A GREAT KNOWING.
EXPERIENCE AND ALSO A FANTASTICALLY.AS YOU KNOW, I AM THE

CO-OWNER. AND CHAIRMAN OF APPLE ANZA– A FANTASTIC ORGANIZATION. WE HAVE DISCOVERED A GREAT DEAL FROM THAT. AS WELL AS THE PREMIER LEAGUE. I BELIEVE THE PREMIER ORGANIZATION HAS VERY HIGH VALUES DUE TO THE FACT THAT IT IS.
A WONDERFUL PRODUCT. THE TV REVENUES ARE.
HIGH AND BRINGS IN FANTASTIC GAMERS. THE CHELSEA SCENARIO, THE.
COST WAS An EXTREMELY COMPLETE PRICE. I THINK THAT IS MOTIVATED–.
HAS ACTUALLY ENCOURAGED OTHER TEAMS TO SHOT AND ALSO OFFER. I DO NOT KNOW IF THAT VALUE IS GOING TO BE JUSTIFIED FOR ALL.
THE VARIOUS OTHER GROUPS, BUT LONG-TERM SPORTS IS A GREAT INVESTMENT.
DUE TO THE FACT THAT YOU HAVE SEEN IT INCREASE EVERY YEAR. IT IS THE ONLY BUILDING ON TV THAT IS MUST-SEE TELEVISION. AS THE ENTIRE TV MARKET HAS ACTUALLY CHANGED FROM LINEAR TO DIGITAL.
AS WELL AS CURRENTLY PACKING AS WELL AS UNBUNDLING AND ALSO STREAMING, THESE SPORTS.
PRODUCTS HAVE BECOME BETTER. THERE IS A BRILLIANT FUTURE AHEAD.TOM: IF YOU

WERE QUESTION. JOHN FROM MALAN EMAILS IN, CONTAINER AVALON TO ACCOMPLISH BETTER IF THEY SEE.
MALAN THROUGH THE PERIOD? STEPHEN:.
WE ARE FIRED UP CONCERNING IT. THE FAMILY AND SCOUTS HAVE DONE.
A GREAT WORK BRINGING YOUNG PLAYERS. THE SECOND BOTH RATING IN SYRIA– COIL AS WELL AS HAS ACTUALLY JUST TURNED 20.
GAMER, MAKING An INFLUENCE AS WELL. HOPEFULLY, WE CONTAINER BE BETTER AS WELL AS.
AT THE TOP OF THE LEAGUE. WE HAVE A BIG VIDEO GAME THIS WEEKEND BREAK.
AND HOPEFULLY WE VICTORY THAT. TOM: IT IS LIKE THE SUPERVISOR IN.
BASEBALL IS ERADICATED FROM THE DUGOUT AND THEY ARE CALLING ON.
THE PHONE TO TELL HIM THE AREA. FERRO REMAINS IN MY EAR, ASK HIM.
CONCERNING MALAN. LISA: I WISH TO DEVELOP ON WHAT YOU.
WERE SAYING, SPORTS PRODUCTS ARE EYE-CATCHING TO YOU AS WELL AS THE.
POSSESSION COURSE IS EXPANDING. I'' M CURIOUS WHAT THE ANALOG IS.
IN OWNING SPORTS TEAMS, WHETHER FOR EARNINGS, MARKETING,.
SOCIAL PRESENCE AND ALSO HOW YOU EVALUATE THAT. WHAT KINDS OF INVESTORS ARE APPROPRIATE FOR THIS AREA? STEPHEN: YOU HAVE SEEN THE MASSIVE.
RISES IN SPORTS FRANCHISE BUSINESS VALUES ACROSS THE BOARD.REALLY, THAT IS BECAUSE THEY. HOLD VALUE AND ALSO BECAUSE THE ASSURANCE OF TELEVISION REVENUES. AND PRIMARILY BRANDING HAS BEEN MET OVER An EXTENDED PERIOD OF. TIME. THEY CREATE LARGE FOLLOWER BASES.
MODERN TECHNOLOGY HAS GLOBALIZED THESE SPORTING ACTIVITIES FRANCHISES. WHEN WE WERE MATURING, YOU COULD NOT SEE A SOCCER VIDEO GAME IN. LONDON. NOW, YOU CAN SEE IT THROUGHOUT.
THE GLOBE. THE BIG SPORTS GROUPS, INCLUDING. THE NBA AS WELL AS FOOTBALL, WHICH ARE BOTH REGIONAL SPORTS, ARE CURRENTLY. COUNTING FANS IN THE HUNDREDS OF MANY MILLIONS RATHER THAN THE. MILLIONS.
NOW, YOU TIN USAGE THAT BRAND.
POWER TO MONETIZE. SECONDLY, THERE IS A ALMOST ALSO.
LIKE PAINTING ASPECT TO THIS.– PICASSO LIKE PAINT FACET.
TO THIS. IT IS A LIMITED POSSESSION IN YOUR AREA,.
FRANCHISES, FIRMS LIKE CHELSEA ARE SPECIAL IN THE.
CENTER OF LONDON THERE. THERE IS An INHERENT SCARCITY.
VALUE PLUS AN ECONOMIC WORTH OF THE CHARACTERISTICS BECAUSE OF THE.
TELEVISION EARNINGS AS WELL AS THE CENTRAL DUTY THEY PLAYED IN.
DRAWING IN VISITORS IN THE LARGER COMPETITORS AS WE SEE.
YOUTUBE, APPLE AND ALSO VARIOUS OTHER TECHNOLOGY COMPANIES APPROACHING ON THE.
BROADCAST ROOM. LISA: REAL QUICK, I AM CURIOUS WHAT.
THE CENTER EAST MONEY HAS PRESSED OUT OTHER BIDDERS FROM.
THE LONDON CLUBS.STEPHEN: YOU ARE SEEING INSTITUTIONAL. FUNDING BE AVAILABLE IN.
WITH THESE KIND OF VALUES, THAT. IS GOING TO HAPPEN AND ALSO THEY HAVE STRATEGIC INTEREST IN. STRUCTURE THE BRANDS OF THOSE COUNTRIES. TOM: RIGHT. STEPHEN: THERE IS JUST ANOTHER ASPECT,. ANOTHER PERSON RESOURCE OF FUNDING.
TOM: ONE MORE FRAGILE INQUIRY WITH. GREAT REGARD FOR THE WAY YOU HAVE DONE SPORTS. THERE IS A LARGE OUTCRY REGARDING MALE CITY. I WAS MAKING JOKES THE VARIOUS OTHER DAY, IT WAS EVEN MORE SERIOUS. THAN ANYTHING WE SAW WITH THE HOUSTON ASTROS. HOW DO GUYS LIKE YOU ASSIST WITH THE ARMS COMPETE AND ALSO THE RESULTS. THAT ARE CLAIMED AT MANCHESTER CITY? STEPHEN: I AM NOT INVOLVED. IF I STEP BACK AS A WHOLE, I BELIEVE A GOOD DESIGN IN THE NBA. WERE ADAM SILVER AND ALSO DAVID STERN. HAVE DONE A
FANTASTIC WORK IN ENFORCING FAIRPLAY REGULATIONS AND ALSO. ENSURING EVERYONE HAS A DEGREE, COMPETITIVE AREA. THAT IS THE MEANS TO ACCOMPLISH IT.I APPLAUD THE LEAKAGE IN SYRIA FOR. DOING THE SAME THING AS WELL AS

IMPOSING EVERYBODY PLAYING BY.
THE REGULATIONS. AT THE END OF THE DAY, NO PERSON.
WANTS TO HAVE UNFAIR COMPETITORS OR ENJOY UNFAIR. COMPETITORS OR HAVE PEOPLE THAT ARE FLEXING THE RULES OR. BREAKING THE POLICIES AND ALSO DOING WELL.
THAT IS FUNDAMENTAL, JUSTNESS IN SPORTS. TOM:. I OBTAINED ALL OF 10 SECS.
EAGLES OR CHIEFS? STEPHEN:. I LOVE MY HOUSE, SO I CLAIM PRINCIPALS. TOM: EXCELLENT. SUBSTANTIALLY APPRECIATE IT. ALWAYS THINK MICHAEL MCKEE FOR. PIERCING CONCERNS.
LISA: FOREKNOWLEDGE THAT WE DO NOT. HAVE. [LAUGHTER] TOM: AND GIVE THANKS TO JON FERRO– IN MY. EAR ABOUT THE ENTIRE THING.
MICHAEL:. I WISH TO OBTAIN HIS RECOMMENDATIONS. WE WENT TO COPLEY SQUARE FOR. NBA FINALS IN 2014.
HE HAD TV SET UP. THEY REQUIREMENT BIGGER ONES.PACS REQUIRES TO OBTAIN BIGGER TBC.

FIRM FOR THE NBA FINALS.
TOM: YOU HAVE A WONDERFUL WEEKEND BREAK AS WE.
COMMEMORATE AMERICAN FOOTBALL. WE'' VE GOT MUCH EVEN MORE TURNING UP,.
REALLY IMPORTANT DAY WITH EXCELLENT DISCUSSION TO OBTAIN YOU WITH.
THE WEEKEND BREAK.

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