Latest / Trumponomics / 47: Looking Back on President Trump's First Six Months

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47: Looking Back on President Trump's First Six Months · Trumponomics

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  Speaker 1: Bloomberg Benchmark is brought to you by Stage Summit, the
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  Speaker 1: world's largest gathering of small and medium businesses, featuring Sir
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  Speaker 1: Richard Branson July in Chicago. Register with promo code business
• 0:12
  Speaker 1: at stage summit dot com for just It's July. Today
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  Speaker 1: also happens to be exactly six months since Donald Trump
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  Speaker 1: took office as forty president of the United States of America. Hello,
• 0:32
  Speaker 1: and welcome back to the Bloomberg Benchmark podcast. It's July.
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  Speaker 1: I'm Scott landman and economics editor at Bloomberg News in Washington,
• 0:41
  Speaker 1: and I'm Kate Smith, an editor here with Bloomberg in
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  Speaker 1: New York. This week, with the Republican Convention going on
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  Speaker 1: in Cleveland and Donald Trump close with Hillary Clinton in
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  Speaker 1: the polls, we've decided to ask the question what would
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  Speaker 1: the U. S economy look like if Trump were elected president?
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  Speaker 1: And it's a great question. In fact, it's such a
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  Speaker 1: good question that we don't want to just sit here
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  Speaker 1: and speculate about what could it be like. No, this
• 1:05
  Speaker 1: is going to be a first for us. We are
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  Speaker 1: actually going to take the Bloomberg time Machine one year
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  Speaker 1: into the future to July and listen to our show
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  Speaker 1: about how things have gone during Trump's first six months
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  Speaker 1: as president. Are you ready, Kate? I am all right,
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  Speaker 1: here we go. Hello and welcome back to the Bloomberg
• 1:30
  Speaker 1: Benchmark Podcast. It's July. I'm Scott Lanman, and economics editor
• 1:37
  Speaker 1: at Bloomberg News in Washington, and I'm Kate Smith, an
• 1:39
  Speaker 1: editor with Bloomberg News in New York. So, Kate, what's
• 1:42
  Speaker 1: new on the Pokemon beat. Well, things have just kept
• 1:45
  Speaker 1: getting more and more interesting since I took over the
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  Speaker 1: Pokemon desk back last fall. So now there are one
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  Speaker 1: point five billion people playing the game worldwide, and Nintendo's
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  Speaker 1: market value passed Apple two months ago to become number
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  Speaker 1: one in the world. So the Group of twenty has
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  Speaker 1: actually add a Pokemon as an official agenda topic for
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  Speaker 1: next month's meeting of the Finance ministers in Germany, and
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  Speaker 1: there's even talk that policymakers planned to urge Nintendo to
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  Speaker 1: step up its development of Pokemon updates to stimulate global growth.
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  Speaker 1: It's just fascinating, unbelievable. I can't believe it's been one
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  Speaker 1: year since this phenomenon took hold and began changing the
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  Speaker 1: way we go about our daily lives and work. Here
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  Speaker 1: has really changed since Bloomberg limited our Pokemon playing to
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  Speaker 1: only one hour a day in the office. It's really tough.
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  Speaker 1: It is tough. But to be honest, you know, in
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  Speaker 1: you know, speaking to other people, we're the lucky ones
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  Speaker 1: have heard that a lot of employers have actually limited
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  Speaker 1: it to thirty minutes of play a day. But you
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  Speaker 1: know what, anyway, we're here to talk about something way
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  Speaker 1: more interesting than Pokemon somehow. Today also happens to be
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  Speaker 1: exactly six months since Donald Trump took office as forty
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  Speaker 1: president of the United States of America. That's right, and
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  Speaker 1: joining us to talk about it all is Neil Datta,
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  Speaker 1: head of US economics at Renaissance Macro Research. Neil, thanks
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  Speaker 1: for being here today, Thanks for having me, all right.
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  Speaker 1: So it's an interesting time so far. In a lot
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  Speaker 1: of Trump's critics were talking about how he would sink
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  Speaker 1: the economy, but like most of his predecessors, he's taken
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  Speaker 1: a more pragmatic stance to achieve some of his goals. Uh,
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  Speaker 1: immigration is slowing down due to new restrictions, and there's
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  Speaker 1: some uncertainty over how the rollback of Obamacare is going
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  Speaker 1: to play out in Congress, and there's some international tension
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  Speaker 1: over trade as we expected, but President Trump has used
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  Speaker 1: fiscal policy to add some juice to the economy, and
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  Speaker 1: with bond yields rising, the Fed has raised interest rates
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  Speaker 1: for a third time since December. Neil, how surprised are
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  Speaker 1: you by how things have gone so far? Well, you know,
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  Speaker 1: I guess I'm not that surprised. Um, going into the year,
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  Speaker 1: you kind of have to assume that you know, you're
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  Speaker 1: knowing you didn't want to think that Trump was gonna
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  Speaker 1: want to get in there and do a bad job. So, UM,
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  Speaker 1: my sense is that you have stronger fiscal policy that's
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  Speaker 1: pressuring inflation higher. And you know, I think given that
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  Speaker 1: the economy had some momentum going into this year, the
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  Speaker 1: feed is not really um accelerating their path just yet.
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  Speaker 1: And you know, my sense is that you know, you
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  Speaker 1: have stronger fiscal policy, um out of the Trump administration.
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  Speaker 1: You have more restrictive immigration that's putting up with pressure
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  Speaker 1: on inflation. So I think that would be what I
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  Speaker 1: would expect economically, um, coming out of a Trump administration.
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  Speaker 1: So one issue that a lot of people overlooked a
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  Speaker 1: year ago was when Trump said that quote, we have
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  Speaker 1: to rebuild the infrastructure in our country. So now he's
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  Speaker 1: really followed up on that through working with Congress to
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  Speaker 1: pass a hundred billion dollar plan to kick start roads, bridges,
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  Speaker 1: and real projects all around the country and really encouraging
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  Speaker 1: states and cities to take similar action by taking advantage
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  Speaker 1: of low interest rates through municipal bonds and of course
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  Speaker 1: those for our listeners who don't know, are the vehicles
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  Speaker 1: in which state and local governments can issue debt to
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  Speaker 1: spur the economy and start infrastructure projects. He's also signed
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  Speaker 1: a defensive re author zation bill that increases spending by
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  Speaker 1: ten So how much is this going to actually help
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  Speaker 1: the economy? Well, I guess it will help the economy somewhat.
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  Speaker 1: The question is that the extent to which you know
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  Speaker 1: he's willing to offset that what cuts down the road. Um,
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  Speaker 1: you know, there is a lot of debate about how
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  Speaker 1: much of a multiplier you'll get from fiscal policy. I
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  Speaker 1: do think, you know, given how low interest rates still are,
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  Speaker 1: there's probably very minimal cost to going this route, and
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  Speaker 1: so I think it's probably a good thing, you know,
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  Speaker 1: for the economy, have stronger fiscal policy and you don't
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  Speaker 1: really have much of a monetary offset, and you know,
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  Speaker 1: if you look at where the bond market is has been,
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  Speaker 1: it's you know, you can make a very strong case
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  Speaker 1: that it's screaming for fiscal stimulus. You know, a hundred
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  Speaker 1: million dollars on roads and bridges isn't really a big deal. Um,
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  Speaker 1: you know, actually we miss boke there. It should be
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  Speaker 1: a hundred billion. Yeah, I mean I again, I think,
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  Speaker 1: you know, one of the one of the points that
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  Speaker 1: I would make about all this is that when people
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  Speaker 1: think about for structure, they think about roads and bridges,
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  Speaker 1: like you just mentioned. You know, these sort of ribbon
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  Speaker 1: cutting ceremonies where politicians get in front of a red
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  Speaker 1: tape with a big scissor and a hard hat or
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  Speaker 1: something like that. And and it's not immediately clear to
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  Speaker 1: me that we actually need to be spending money on
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  Speaker 1: roads and bridges, right, I mean, if you look at
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  Speaker 1: transportation spending, highway and street spending as a share of GDP,
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  Speaker 1: it's pretty much higher now than it was on average
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  Speaker 1: from two thousand two to two thousand and seven. There
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  Speaker 1: are other areas of infrastructure, you know, that are actually
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  Speaker 1: less sexy, that probably have more need for spending, you know,
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  Speaker 1: things like um, you know, government hospital and health facilities.
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  Speaker 1: Given the fact that we have veterans coming or you know,
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  Speaker 1: UM veterans coming back from overseas war fighting, UM water
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  Speaker 1: supply things like pipe fixtures and so forth, we're not
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  Speaker 1: We're under resting there. It seems to me if you
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  Speaker 1: look at the data, UM, so you know, roads and
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  Speaker 1: bridges are nice. UM. Trump has mentioned LaGuardia Airport, you know,
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  Speaker 1: every other week, and it shouldn't be noted that LaGuardia
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  Speaker 1: is already getting an infrastructure revamp. UM. But you know,
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  Speaker 1: the thing that I would just say is that the
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  Speaker 1: net effect of all of this is inflationary. I mean,
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  Speaker 1: if you're an investor and you want to play for
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  Speaker 1: you know, an aggressive fiscal policy stance coupled with restrictive
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  Speaker 1: immigration laws and anti trade and anti trade agenda, I
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  Speaker 1: would be UM buying tips and selling treasuries. I want
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  Speaker 1: to jump in quickly. You mentioned the infrastructure question. I
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  Speaker 1: want to pose a question for you. Before I took
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  Speaker 1: over the Pokemon beat, I was a municipal bond reporter,
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  Speaker 1: and one thing that was really interesting was that even
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  Speaker 1: though you had you know, generational lows for interest rates,
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  Speaker 1: you saw a huge contraction of the municipal market. Of course,
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  Speaker 1: you know, for listeners who don't know what the municmal
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  Speaker 1: market is, this is the vehicle in which states and
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  Speaker 1: cities finance, road, bridge, all sorts of infrastructure projects. So
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  Speaker 1: even though rates were at lows, even though you saw
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  Speaker 1: all these incentives going on to build these things, states
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  Speaker 1: and cities still didn't want to do it. So, I mean,
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  Speaker 1: I guess, Neil Scott, what do you guys think of that?
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  Speaker 1: I mean, what's going on now that we think that's
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  Speaker 1: actually going to stimulate something that you know obviously couldn't
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  Speaker 1: happen to three or four years ago. I think one
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  Speaker 1: issue politically is that you're seeing I mean, basically monetary
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  Speaker 1: policy doesn't have as much scope to stimulate as it
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  Speaker 1: did four or five years ago, and so there's an
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  Speaker 1: additional burden, I guess, or growing burden on fiscal authorities
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  Speaker 1: to kind of move the needle on the economy. You know,
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  Speaker 1: you're seeing that clearly in in Japan, You're seeing it
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  Speaker 1: to some extent in Europe. You've already seen it in
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  Speaker 1: our neighbors to the north and Canada, where they've announced
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  Speaker 1: a more aggressive fiscal package with the new government under
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  Speaker 1: Trudeau coming in this year, and so I think that's
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  Speaker 1: part of the reason why you're seeing it is because, um,
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  Speaker 1: you know, typically when we think of sort of cyclical
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  Speaker 1: demand stabilization, we tend to think of monetary policy. But um,
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  Speaker 1: you know, given that monetary policy is basically you know,
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  Speaker 1: I mean at its end, Um, there's more of a
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  Speaker 1: sort of there's an increasing pressure on fiscal authorities to
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  Speaker 1: do something. And on top of that, it seems like
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  Speaker 1: a perfect opportunity because if you look at, um, you know,
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  Speaker 1: what's sort of on the top of of most people's minds. Um,
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  Speaker 1: you know, four years ago, Um, you know that I
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  Speaker 1: would argue that the budget deficit and debt was high
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  Speaker 1: on the minds of a lot of Americans. Today it's
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  Speaker 1: near the bottom if you look at in terms of,
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  Speaker 1: you know what, what issues people care about the most. Um,
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  Speaker 1: So the political pressure of reducing the budget deficit isn't
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  Speaker 1: a strong today or as pervasive today as it was
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  Speaker 1: five years ago. And so you know, I think for
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  Speaker 1: all these factors, you're seeing more of a push. And
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  Speaker 1: you have a new government coming in they're gonna want
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  Speaker 1: to do something. Given given the US election sort of
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  Speaker 1: cycle and the legislative calendar and this sort of you know,
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  Speaker 1: twenty four hour news cycle, and I mean basically the
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  Speaker 1: window for a new government to get something downe feels
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  Speaker 1: like it gets shorter and shorter with each new government. Yeah,
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  Speaker 1: central banks are certainly welcoming this push on fiscal policy,
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  Speaker 1: especially FED Chair Janet Yellen. But as we all know,
• 10:36
  Speaker 1: she's not going to be around much longer. Uh, we're
• 10:39
  Speaker 1: going to take a break right now, and we'll talk
• 10:40
  Speaker 1: more about that right after this message. Ullinberg Benchmark is
• 10:46
  Speaker 1: brought to you by Stage Summit, the world's largest gathering
• 10:49
  Speaker 1: of small and medium businesses, featuring Sir Richard Branson July Chicago,
• 10:55
  Speaker 1: registered with promo code business at stage summit dot com.
• 10:58
  Speaker 1: For just as we were just saying, Neil and Kate
• 11:06
  Speaker 1: were six months away now from another momentous date, January
• 11:10
  Speaker 1: thirty one, that's going to be Janet Yellen's last day
• 11:14
  Speaker 1: as Chair of the Federal Reserve. Speculation is growing in
• 11:18
  Speaker 1: Washington about who President Trump will pick to lead the
• 11:21
  Speaker 1: Central Bank. What will be the main challenges for the
• 11:24
  Speaker 1: next FED chair. Well, my view is that the next
• 11:26
  Speaker 1: FED chair's biggest problem is going to be higher inflation. Right.
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  Speaker 1: I mean, for years now, we've been talking about low inflation,
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  Speaker 1: low inflation, deflation risks, the FED running out of ammunition,
• 11:39
  Speaker 1: and the FED continually bending to uh, you know, the
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  Speaker 1: lower sort of implied rate path that has been put
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  Speaker 1: out by the market. And you know, I think given
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  Speaker 1: the confluence of factors that we're assuming here, which is
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  Speaker 1: a stronger fiscal policy, anti trade, anti immigration, those are
• 12:01
  Speaker 1: inflationary policies. I mean, if the biggest secular force for
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  Speaker 1: disinflation in the last twenty five years has been the
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  Speaker 1: opening up of the global economy, what does the push
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  Speaker 1: to protectionism mean. I think it's pretty obvious. So this
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  Speaker 1: is something that that's going to have to deal with,
• 12:20
  Speaker 1: and I would argue that, you know, in some respects,
• 12:25
  Speaker 1: you coul can make an argument that Yelling should actually stay. UM.
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  Speaker 1: If I were actually advising UM the president on who
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  Speaker 1: who denominate, I'd argue for her to stay because a
• 12:36
  Speaker 1: lot of the folks that have been coming up the
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  Speaker 1: ranks don't even know what high inflation is. They have
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  Speaker 1: no idea about how to respond in a rising inflationary environment.
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  Speaker 1: So much of what's been going on right now is
• 12:49
  Speaker 1: trying to come up with innovative ways of combating disinflation.
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  Speaker 1: So um to me, that would be the issue for
• 12:56
  Speaker 1: the Central Bank at least. I mean. Also one of
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  Speaker 1: the largest you know items that has happened in coming
• 13:03
  Speaker 1: from Washington this year has also been the Transpacific Partnership,
• 13:06
  Speaker 1: which has died. So Trump formally notified Mexico and Canada
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  Speaker 1: that he wants to renegotiate NAPTIS so he can, in
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  Speaker 1: his own words, of course, bring jobs back to America.
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  Speaker 1: And trade with China has really started to plunge after
• 13:19
  Speaker 1: Trump announced that teriff on all Chinese goods. China's retaliated
• 13:24
  Speaker 1: with similar levies and US exports, and the Chinese are
• 13:26
  Speaker 1: also very unhappy with being labeled as currency manipulators. I've
• 13:30
  Speaker 1: canceled the strategic and economic dialogue that took place over
• 13:33
  Speaker 1: the at last eight years, although Trump said he wasn't
• 13:35
  Speaker 1: unplanning on doing it anyway. So, Scott Neil, is this
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  Speaker 1: debt negative for the US in the world? I mean,
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  Speaker 1: I think so, you know, I think it's uh. I
• 13:45
  Speaker 1: mean again, I mean, you know, now you're you're we're
• 13:47
  Speaker 1: sort of talking about a different situation, and it would
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  Speaker 1: be it's not clear to me exactly how the feder
• 13:51
  Speaker 1: would respond. I mean, you're you know, you're talking about
• 13:54
  Speaker 1: collapse in global trade brought about by political events that
• 13:58
  Speaker 1: would have repercussions to US growth, which the FED may
• 14:02
  Speaker 1: have to actually use policy in front of. So you know, look,
• 14:05
  Speaker 1: I mean there's a couple of things here. I think first,
• 14:09
  Speaker 1: globalization in the main is is a good thing. I mean,
• 14:12
  Speaker 1: but I mean what I mean by that is, you know,
• 14:13
  Speaker 1: the opening up of markets, trading, this sort of specialization
• 14:19
  Speaker 1: that you see across economies. UM. You know, I think
• 14:22
  Speaker 1: those rules, UM, you know that that still applies. At
• 14:26
  Speaker 1: the same time, it should also be noted that there's
• 14:28
  Speaker 1: no law that says trade has to grow at some
• 14:31
  Speaker 1: sort of exponential rate relative to GDP. I mean, you're
• 14:34
  Speaker 1: already starting to see a slowing and global trade. Um.
• 14:37
  Speaker 1: That's pretty much been the case since A lot of
• 14:41
  Speaker 1: that has to do with the fact that, you know,
• 14:45
  Speaker 1: there hasn't been a big policy UM announcement, right, I mean,
• 14:49
  Speaker 1: so much of the I mean, if you know, in
• 14:51
  Speaker 1: the nineties and even early you know, to mid two
• 14:53
  Speaker 1: thousand's a very reliable rule of thumb that we would
• 14:56
  Speaker 1: use is that for every one unit increase in global production,
• 14:59
  Speaker 1: trade would row by two units. Today the relationship is
• 15:02
  Speaker 1: one for one. And um, you know, a lot of
• 15:05
  Speaker 1: that has to do with the sort of the fact
• 15:07
  Speaker 1: that we haven't had a big we sort of we
• 15:11
  Speaker 1: had the one time opening up at the global economy
• 15:13
  Speaker 1: and the games that have been sort of exhausted. You've
• 15:15
  Speaker 1: had a lot of emerging markets going to different sort
• 15:18
  Speaker 1: of growth strategies and that's put pressure on trade again.
• 15:21
  Speaker 1: You've had you've had sort of in sourcing back to
• 15:24
  Speaker 1: the home market given the depreciation in the dollar that
• 15:28
  Speaker 1: we've seen. So so while I think, you know, sort
• 15:32
  Speaker 1: of a protectionist stances is a bad thing, I would
• 15:35
  Speaker 1: just say that, you know, trade activity has not been
• 15:38
  Speaker 1: as elastic as it used to be. Um. So again,
• 15:42
  Speaker 1: this could be just a case of politicians kind of
• 15:45
  Speaker 1: top ticking the trade of the trade story. Yeah, and
• 15:49
  Speaker 1: the IMF has really been on the case, just sounding
• 15:52
  Speaker 1: the alarm about possible to decline in global treat growth
• 15:55
  Speaker 1: this year. They they just issued their revised forecast for
• 15:59
  Speaker 1: twenty seventeen and um, they're talking about how growth is
• 16:03
  Speaker 1: going to be flat for a third year, still one
• 16:05
  Speaker 1: of the lowest rates since the global financial crisis, So
• 16:08
  Speaker 1: this trade tension really isn't helping that that much in
• 16:13
  Speaker 1: terms of global growth. You know, the situation might be
• 16:15
  Speaker 1: slightly different in America where we're getting that boost from
• 16:18
  Speaker 1: fiscal policy. But you know, Christine Leguard, she's just been really,
• 16:23
  Speaker 1: really vocal in every appearance I've seen her lately talking
• 16:26
  Speaker 1: about this and you know, venturing into the political in
• 16:30
  Speaker 1: some ways. Neil, I want to jump in and ask
• 16:32
  Speaker 1: you one question. We've been kind of talking about this
• 16:33
  Speaker 1: a little bit high level about what we do with
• 16:36
  Speaker 1: fiscal policy and monetary policy in regards to kind of
• 16:40
  Speaker 1: more protectionist stance on trading. But how about for the
• 16:42
  Speaker 1: average American? I mean, are we going to start to
• 16:45
  Speaker 1: see the price of goods rising? You know the iPhones
• 16:48
  Speaker 1: that you know, we're so ubiquitous throughout all of America
• 16:51
  Speaker 1: really and across all incomes. Really everyone has an iPhone? Right, Um?
• 16:56
  Speaker 1: I mean, are we going to start to see that,
• 16:58
  Speaker 1: you know, kind of the quality of life and consumerism
• 17:01
  Speaker 1: that we've kind of gotten so used to. Are we
• 17:04
  Speaker 1: going to see a clamp on that if we indeed
• 17:06
  Speaker 1: go through with all of these protections theories? I mean,
• 17:09
  Speaker 1: I I would think so I would think. So, I mean,
• 17:12
  Speaker 1: let's look at what's we're gonna have to go back
• 17:13
  Speaker 1: to flip phones. Well, I don't think that that would.
• 17:16
  Speaker 1: We would see like a you know, an arrest in
• 17:17
  Speaker 1: terms of the technological advancement, but in terms of the
• 17:22
  Speaker 1: price for goods, it would go up. I mean, think
• 17:26
  Speaker 1: about it, right, I mean, I mean, the the issue,
• 17:28
  Speaker 1: the bigger issue here is that the benefits of trade
• 17:32
  Speaker 1: are widespread, the costs are centralized. It's very easy for
• 17:37
  Speaker 1: a politician to get in front of a bunch of
• 17:39
  Speaker 1: steel workers and say I saved their jobs. What's unseen
• 17:43
  Speaker 1: is the fact that, you know, the prices for your
• 17:45
  Speaker 1: cars may be higher. You know, I'm not the first
• 17:48
  Speaker 1: person to say something like that. I mean, you know,
• 17:50
  Speaker 1: to me, it's pretty obvious. Look at look at the
• 17:52
  Speaker 1: inflation data that we've seen. Even in the last few years,
• 17:57
  Speaker 1: apparel prices, for example, had been falling year after year
• 18:01
  Speaker 1: after year after year. More recently that's basically stopped. I mean,
• 18:07
  Speaker 1: apparel prices have stopped falling. And I think again it
• 18:10
  Speaker 1: goes back to our earlier discussion about we're no longer
• 18:14
  Speaker 1: seeing a widening out of the global trade um story
• 18:18
  Speaker 1: so this whole idea about the world is flat, Well,
• 18:20
  Speaker 1: the world is no longer flattening, I guess, is what
• 18:23
  Speaker 1: you could say. And some of the policies that are
• 18:25
  Speaker 1: being um advocated would actually go in the opposite direction.
• 18:31
  Speaker 1: I think it's definitely possible that that you get an
• 18:34
  Speaker 1: inflationary response over time if economies become more inward, and
• 18:40
  Speaker 1: I think that that brings costs to the very people
• 18:42
  Speaker 1: that that think they're going to be helped by more protectionism,
• 18:46
  Speaker 1: And a lot of the research that I've seen are
• 18:48
  Speaker 1: shown that protectionism actually hurts those at the lower rent.
• 18:52
  Speaker 1: That's right. You've seen these prices rising, and it's not
• 18:55
  Speaker 1: clear if the jobs are going to come back or
• 18:57
  Speaker 1: if the wages are actually going to rise to support
• 19:00
  Speaker 1: with that. But anyway, UM, well, we'll leave it there.
• 19:02
  Speaker 1: It's been a fascinating six months so far. Surely the
• 19:06
  Speaker 1: next three and a half years at least will be
• 19:09
  Speaker 1: even more interesting. Neil, thanks so much for joining us today.
• 19:12
  Speaker 1: Thank you. Wow, that was really cool. Yeah. I can't
• 19:21
  Speaker 1: believe how crazy Pokemon gets in the future, and I
• 19:24
  Speaker 1: can't believe I'm going to be the editor of the
• 19:25
  Speaker 1: Pokemon Beat. I know what did you think of how
• 19:28
  Speaker 1: things turn out a year from now. You know what,
• 19:30
  Speaker 1: I don't think it's I don't think the world is
• 19:31
  Speaker 1: going to end, which is which is a net plus, right.
• 19:35
  Speaker 1: It seems a little bit more levelheaded than maybe everyone's
• 19:37
  Speaker 1: screaming about what do you think? I don't know? I mean,
• 19:41
  Speaker 1: you know, this is definitely a lot better than I
• 19:42
  Speaker 1: thought things were turned out. After having a coup of
• 19:45
  Speaker 1: all this craziness over the last few months and seeing
• 19:49
  Speaker 1: how the election campaigns have turned out, you know, we
• 19:52
  Speaker 1: can only hope that this is our one of our
• 19:54
  Speaker 1: best case scenarios right here. I hope so, I certainly
• 19:57
  Speaker 1: hope so Benchmark We'll be back next week, and until then,
• 20:01
  Speaker 1: you can find us on the Bloomberg terminal at Bloomberg
• 20:04
  Speaker 1: dot com, as well as on iTunes, pocketcasts, and Stitcher.
• 20:08
  Speaker 1: And while you're there, take a minute to rate and
• 20:10
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• 20:13
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• 20:14
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• 20:16
  Speaker 1: can find Scott at Scott Landman, and you can find
• 20:18
  Speaker 1: me at by Kate Smith. I'll see you next week.
• 20:23
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