Latest / Bloomberg Intelligence / NextEra to Buy Dominion for $67 Billion to Create U.S Power Giant

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NextEra to Buy Dominion for $67 Billion to Create U.S Power Giant · Bloomberg Intelligence

• 0:02
  Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the
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  Speaker 1: or watch us live on YouTube.
• 0:24
  Speaker 2: Merger Monday, definitely here. Next Era Energy agreeing to pay
• 0:28
  Speaker 2: back sixty seven billion dollars in stock for Dominion Energy
• 0:32
  Speaker 2: and the biggest power acquisition ever. That's pretty cool. Dominion.
• 0:36
  Speaker 2: I know those folks are down there in Richmond, Virginia,
• 0:38
  Speaker 2: one of my favorite places. Emily Foregas Joints is here.
• 0:41
  Speaker 2: Energy reporter for Bloomberg News. Em we talk to us
• 0:43
  Speaker 2: about this deal. It's a monster sized deal. Why is
• 0:46
  Speaker 2: Next Era buying Dominion?
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  Speaker 3: Yeah, it's such a great question. There are many answers.
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  Speaker 3: The one that I've heard the most from analysts so
• 0:54
  Speaker 3: far is that Next there needs to rebalance its utility
• 0:58
  Speaker 3: business versus its unregular, non regulated development business. It's development
• 1:03
  Speaker 3: business for renewables has grown astronomically in the past few
• 1:06
  Speaker 3: years because of the demand, largely from data centers, and
• 1:09
  Speaker 3: it needs to rebalance more back to its regulated side.
• 1:13
  Speaker 3: That's what Credit rating agencies require of them, so they
• 1:16
  Speaker 3: either needed to sell generation or buy a regulated utility.
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  Speaker 2: How is AI and the need for electricity, it's we're
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  Speaker 2: seeing it all over. How is that driving this deal?
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  Speaker 1: Yeah?
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  Speaker 3: I mean Virginia, where Dominion operates mainly, is home to
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  Speaker 3: Data Center Alley, which is the biggest concentration of data
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  Speaker 3: centers in the US. And right, yeah, Northern Virginia, and
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  Speaker 3: they the Virginia is struggling to meet that demand and
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  Speaker 3: the demand forecasts for the next few years are completely
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  Speaker 3: outstripped what these utilities can provide at this moment in time.
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  Speaker 3: And that's the story across the country. And so Next
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  Speaker 3: Sarah now being by far the biggest utility in the country,
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  Speaker 3: once this goes through, would the challenge for next Ara
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  Speaker 3: would be to try to provide energy for those data centers.
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  Speaker 2: Wow, all right, you said they're going to create the
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  Speaker 2: biggest So I'm thinking the regulators are just licking their
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  Speaker 2: chops here to review this deal. What are the companies
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  Speaker 2: saying about the regulatory hurdles they need?
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  Speaker 3: Clear Yeah, there's a long list of regulatory bodies within
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  Speaker 3: the power sector that will need to look at this deal.
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  Speaker 3: Some analysts that I've talked to, though, have been pretty
• 2:23
  Speaker 3: positive about this going through, especially from the Virginia legislature
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  Speaker 3: side and regulators in Virginia. Virginia really needs some help
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  Speaker 3: with meeting this power demand, and next Era comes with
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  Speaker 3: a whole host of renewables and a lot of development
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  Speaker 3: on a strong utility side and are pledging to use
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  Speaker 3: batteries in the area and things like that to meet demands.
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  Speaker 3: So the analysts I've talked to have been pretty positive
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  Speaker 3: from that perspective.
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  Speaker 2: What we know, I don't know that much about next Tora.
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  Speaker 2: I see they're down in Florida company. I think this
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  Speaker 2: feels like the old Florida Power and Light or something
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  Speaker 2: like that. But what do we know about next Era?
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  Speaker 3: Yeah, so next Era has a utility in Florida, but
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  Speaker 3: then also has a huge development business. It's become one
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  Speaker 3: of the biggest renewable energy developers in the US in
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  Speaker 3: the past couple of years. And as I said, that
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  Speaker 3: demand has been proven by how big the renewable energy
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  Speaker 3: arm of next Era has gone. And this is why
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  Speaker 3: this rebalance is quite necessary.
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  Speaker 2: Are analysts saying get ready for some more consolidation utility
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  Speaker 2: industries is just the beginning. What are they saying.
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  Speaker 3: Yeah, they are definitely saying get ready for more consolidation.
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  Speaker 3: One of the reasons is that all of these utilities
• 3:29
  Speaker 3: are pledging to spend trillions of dollars on new generation,
• 3:34
  Speaker 3: new transmission, basically upgrades to the grid over the next
• 3:37
  Speaker 3: five years. And each one of these new a new
• 3:41
  Speaker 3: gas plant costs billions of dollars, and so these utilities
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  Speaker 3: are striving to get bigger and bigger, bigger market caps,
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  Speaker 3: more money behind them so that they can reasonably pledge
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  Speaker 3: all of that money that's necessary to upgrade the grid
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  Speaker 3: and add new generation.
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  Speaker 2: I read the book called The Grid Ah this year. Yeah,
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  Speaker 2: so I'm all in on this. But I guess one
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  Speaker 2: of the questions is who's going to pay for all this?
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  Speaker 2: Is it going to be the rate payers like me
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  Speaker 2: and you and Charlie. Charlie is definitely gonna pay, or
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  Speaker 2: is it going to be you know, if Google wants
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  Speaker 2: this big uh you know data center you pay for Google.
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  Speaker 3: Yes, So that's still the major million dollar question. But
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  Speaker 3: I will say that there have been certain pieces of
• 4:21
  Speaker 3: legislation that are passed or in or being talked about
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  Speaker 3: right now that would answer this question. What the big
• 4:30
  Speaker 3: tech companies have said that they are willing to pay
• 4:32
  Speaker 3: for the new generation that's necessary to meet their demand.
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  Speaker 3: The question is whether or not they will pay for
• 4:38
  Speaker 3: all of the upgrades, or whether or not some of
• 4:40
  Speaker 3: that capex that these utilities are going to have to
• 4:42
  Speaker 3: spend will trickle down to rate payers. So far, Bloomberg
• 4:46
  Speaker 3: did an analysis that shows that so far the data
• 4:48
  Speaker 3: center boom has made electricity prices higher, and electricity prices
• 4:53
  Speaker 3: inflation outpaced overall inflation last month.
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  Speaker 2: So and I would think in the like in the
• 4:57
  Speaker 2: metro Washington, DC area of and all that kind of stuff,
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  Speaker 2: those folks are probably pretty sensitive to that.
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  Speaker 3: Yeah, yes, exactly. And electricity prices are already forecasts to
• 5:08
  Speaker 3: be a really big part of the midterms this year,
• 5:10
  Speaker 3: and so that's always going to be the backdrop of
• 5:13
  Speaker 3: the conversation with a big deal like next airond Dominion.
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  Speaker 4: Stay with us. More from Bloomberg Intelligence coming up after this.
• 5:23
  Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
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  Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android
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  Speaker 1: Auto with the Bloomberg Business app. Listen on demand wherever
• 5:33
  Speaker 1: you get your podcasts, or watch us live on YouTube.
• 5:37
  Speaker 2: Once a quarter they get this thing called the thirteen
• 5:39
  Speaker 2: F SKIF files, so you can see what funds are
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  Speaker 2: buying and selling. And there's a whole cottage industry out
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  Speaker 2: there for people who do this. For Berkshire Hathaway, what's
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  Speaker 2: Warren Buffett buying and selling? It's a little bit different
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  Speaker 2: this time because we've got a new CEO, Greg Abel,
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  Speaker 2: and I want to see what he's been buying and selling.
• 5:56
  Speaker 2: Here Matthew Palazola, he knows. He's a senior analyst covering
• 5:59
  Speaker 2: the insurance businesscluding Berkshire Hathaway for Bloomberg Intelligence. So what
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  Speaker 2: do we learn from this thirteen F from Berkshire Hathway.
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  Speaker 2: What does mister greg Able, the new CEO, what's he doing?
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  Speaker 5: So we never know actually what's happening behind the scenes.
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  Speaker 5: They don't talk to analysts and don't tell us anything.
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  Speaker 5: Warren Buffett's is still around, he's the chairman. He goes
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  Speaker 5: in the office every day, so there could be some
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  Speaker 5: fingerprints on this, but maybe not because the biggest move
• 6:26
  Speaker 5: was a dramatic increase in their stake in Alphabet So
• 6:30
  Speaker 5: they had about four billion and now they have about
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  Speaker 5: sixteen billion worth of Alphabet shares and that was the
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  Speaker 5: biggest individual move in the quarter.
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  Speaker 6: And Buffett is known for investing in things he understands.
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  Speaker 4: That's kind of how he puts it, right.
• 6:43
  Speaker 6: He wants to be able to understand the business model
• 6:45
  Speaker 6: and then he's in on it. Does Greg Able have
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  Speaker 6: like a self professed philosophy on investing?
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  Speaker 5: Same That was pretty much what he said in interviews
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  Speaker 5: was we think of it the same way. They took
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  Speaker 5: this initial Alphabet's stake while Buffett was still there last year.
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  Speaker 5: But it could have been it could have been able
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  Speaker 5: then it could have been the investment deputy Ted Welscher.
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  Speaker 5: So he does profess we want to understand the businesses,
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  Speaker 5: So I guess he understands Google's business.
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  Speaker 2: So any reason to think, first of all, give me
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  Speaker 2: the what's that cash number that's on the Balandt sheet
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  Speaker 2: that I.
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  Speaker 5: Believe it's three eighty billion eight number was too high
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  Speaker 5: because they had some settlements in there.
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  Speaker 2: Okay, so give just give our listeners and viewers a
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  Speaker 2: ballpark three hundred and eighty billion dollars that they have
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  Speaker 2: on their Balundt sheet that supposedly they're supposed to invest
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  Speaker 2: anything but that's been a problem because you can't find
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  Speaker 2: stuff out there that can put a dent in three
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  Speaker 2: hundred and eighty billion dollars correct, So is there anything
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  Speaker 2: that greg Able may do to change that dynamic?
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  Speaker 5: So we talked about this before. I think capital return.
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  Speaker 5: I mean, so, what are you gonna You're gonna buy
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  Speaker 5: something by a whole company? Yeah, return capital, which seems
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  Speaker 5: to be a no.
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  Speaker 7: No.
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  Speaker 5: I don't think he's in any rush to by a
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  Speaker 5: bit make a huge splash. And I also don't think,
• 8:04
  Speaker 5: you know, as long as Buffett is there, that he's
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  Speaker 5: going to return capital in any meaningful way to investors.
• 8:09
  Speaker 5: So I think we'll see more of the same. I
• 8:10
  Speaker 5: think this was still so. The other story of this
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  Speaker 5: quarter is they sold a lot of stock. But that
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  Speaker 5: stock they sold was likely positions by one of the
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  Speaker 5: former investment deputies who left the firm.
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  Speaker 2: So they sold about I think the guy w Morgan, right.
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  Speaker 5: Yes, toddcolmbs. So they sold about eleven billion in positions
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  Speaker 5: that I think are related to him. Again, they don't
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  Speaker 5: tell you if they are included, and that was a
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  Speaker 5: visa and MasterCard. So they sold a lot in the quarter.
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  Speaker 5: The net story then was they actually sold more than
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  Speaker 5: they bought. But if they didn't do this, they would
• 8:47
  Speaker 5: have bought more than they sold. So the story is
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  Speaker 5: he and for I think it was fourteen quarters prior
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  Speaker 5: to this they had sold more than they bought, so
• 8:55
  Speaker 5: x that big move. They would have actually been a
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  Speaker 5: net buyer of stock for the first time.
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  Speaker 6: And I remember Warren Buffett a while ago talking about
• 9:04
  Speaker 6: how he was going to go elephant hunting with, you know,
• 9:07
  Speaker 6: his horde of cash.
• 9:09
  Speaker 4: What was the last major acquisition they did make and
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  Speaker 4: how did that go?
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  Speaker 2: So they've they've bought a couple of sizable things. I mean, like.
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  Speaker 5: They bought the it was twelve billion dollars worth of
• 9:19
  Speaker 5: Google stock in the quarter, right. They bought a chemical
• 9:23
  Speaker 5: company from Occidental for about eleven billion dollars. Last year,
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  Speaker 5: they bought Alleghany, which was an insurance company holding company
• 9:32
  Speaker 5: the owner of Kurby Squish Mellow Fame that they people
• 9:37
  Speaker 5: go crazy about at the annual meeting. So they've put
• 9:40
  Speaker 5: money to work. It's just they're they're generating a lot
• 9:43
  Speaker 5: of capital, so it's kind of offsetting. And I mean
• 9:45
  Speaker 5: they're doing like ten billion at a clip is not insignificant.
• 9:50
  Speaker 2: I think all of those deals.
• 9:51
  Speaker 5: I don't know about the oxychem deal that's still ongoing,
• 9:55
  Speaker 5: but I think the Alleghany deal was good for them.
• 9:57
  Speaker 5: It bolstered a bunch of insurance business is where they
• 10:00
  Speaker 5: could use more scale, and those additional businesses have been
• 10:03
  Speaker 5: good as well.
• 10:04
  Speaker 2: All Right, what else is going on in your world
• 10:06
  Speaker 2: of property and casually insurance here? I'm looking at the index.
• 10:09
  Speaker 2: It's kind of flat for the year. I guess. I'm
• 10:11
  Speaker 2: looking at the S and P property and casually insurance
• 10:13
  Speaker 2: things kind of flat.
• 10:14
  Speaker 5: So we're we're kind of so I started my career
• 10:17
  Speaker 5: in the tech boom and I got DejaVu all over again.
• 10:20
  Speaker 5: We're we're at the mercy of the the I guess
• 10:23
  Speaker 5: Stewey Robots of the world where these names sell off
• 10:27
  Speaker 5: when tech, you know, kind of gets more in favor.
• 10:29
  Speaker 5: Risk on. We are going to go into hurricane season,
• 10:33
  Speaker 5: so the forecasts four hurricane season are about average. So
• 10:40
  Speaker 5: you know, if maybe you want to see me a
• 10:42
  Speaker 5: little bit more, maybe we'll get more activity. I don't know,
• 10:44
  Speaker 5: but you've got two things. So you've got the El
• 10:46
  Speaker 5: Nino effect and then you've got hot sea surface temps.
• 10:51
  Speaker 5: So hot sea surface temps increase hurricane activity, but the
• 10:55
  Speaker 5: El Nino effect actually decreases it. So we've got two
• 10:58
  Speaker 5: kind of countervailing forces going on in the Atlantic, which
• 11:01
  Speaker 5: will kind of ned out to probably an average hurricane season.
• 11:05
  Speaker 5: So we'll see what happens.
• 11:06
  Speaker 6: I've been reading that the AI Weather Forecast will make
• 11:10
  Speaker 6: these forecasts a lot more accurate than they have been
• 11:12
  Speaker 6: in the past, so there'll be fewer surprises, or that's
• 11:15
  Speaker 6: what we should expect as possible.
• 11:16
  Speaker 5: I think the thing is, you can have a lot
• 11:19
  Speaker 5: of hurricanes, but they don't really hit high value areas
• 11:22
  Speaker 5: and it doesn't matter all that much for my companies,
• 11:25
  Speaker 5: you know, or society, or you can have just one
• 11:29
  Speaker 5: and it kind of slips through and hits Miami or
• 11:31
  Speaker 5: something like that, and then it's a disaster. I've heard
• 11:35
  Speaker 5: similar things that you know, the AI can help with modeling,
• 11:38
  Speaker 5: but I think there's always going to be the weather wildcard.
• 11:41
  Speaker 2: Stay with us. More from Bloomberg Intelligence coming up after this.
• 11:48
  Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live
• 11:52
  Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android
• 11:55
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• 11:58
  Speaker 1: you get your podcasts or watch US live on YouTube.
• 12:02
  Speaker 6: Let's talk about what's going on in the bond market,
• 12:04
  Speaker 6: because we had this massive sell off in global bonds
• 12:08
  Speaker 6: on Friday, pushing yields higher in the UK, in Japan,
• 12:12
  Speaker 6: in the US, and we're getting a little bit of
• 12:15
  Speaker 6: relief today, but not so much because you look at
• 12:17
  Speaker 6: the ten year yield, it is still up at about
• 12:19
  Speaker 6: four point six percent, the thirty year yield at five
• 12:22
  Speaker 6: point one three percent. IRA Jersey is our chief US
• 12:25
  Speaker 6: interest rate strategist, and IRA this kind of makes things
• 12:29
  Speaker 6: difficult for a new FED chair Kevin Walsh, who doesn't
• 12:34
  Speaker 6: have to do anything right away, but he is gearing
• 12:35
  Speaker 6: up for the FMC later this later in June.
• 12:39
  Speaker 7: Yeah, it's going to be hard for him to make
• 12:41
  Speaker 7: the case that they should be cutting interest rates right now.
• 12:44
  Speaker 7: And you know, even though the market is higher, I
• 12:46
  Speaker 7: think the you know, the part of the issue is
• 12:49
  Speaker 7: here is that we're seeing this global sell off. So
• 12:52
  Speaker 7: this isn't all just about US treasuries. It's not all
• 12:54
  Speaker 7: about the US either inflation expectations or monetary policy expectations.
• 13:00
  Speaker 7: But it's the fact that you have in Japan and
• 13:02
  Speaker 7: the UK in particular, really serious questions about their fiscal
• 13:06
  Speaker 7: health in the longer term. So, you know, if we
• 13:09
  Speaker 7: want to call this bond vigilantes, I think that you
• 13:11
  Speaker 7: can make the case that there's at least a little
• 13:15
  Speaker 7: bit of that seeping into the markets via the kind
• 13:18
  Speaker 7: of the back door into the treasury market. So it's
• 13:20
  Speaker 7: not treasury specific, but it is a global developed market phenomena.
• 13:25
  Speaker 2: Scarlett. You know you're a player in the global interest
• 13:27
  Speaker 2: rate business if in your email inbox you received the
• 13:30
  Speaker 2: following document Bloomberg Intelligence Feder Reserve chair Transition Survey. If
• 13:38
  Speaker 2: you're a player, yeah, I know you sent this survey
• 13:41
  Speaker 2: out to the main players out there in the marketplace,
• 13:44
  Speaker 2: and you're talking about what does a new FED chairman
• 13:46
  Speaker 2: mean for the FED? What does survey? What'd you guys learn?
• 13:50
  Speaker 7: Yeah, So we put out that note this morning, Paul,
• 13:52
  Speaker 7: and you know, we we found it. The most surprising
• 13:55
  Speaker 7: thing in there was not that Kevin Warsh is expected
• 13:58
  Speaker 7: to be more dubbish than J.
• 13:59
  Speaker 2: Powell.
• 13:59
  Speaker 7: I think that that's certainly something that many people thought,
• 14:03
  Speaker 7: given that he's being appointed by President Trump. But it's
• 14:06
  Speaker 7: really that over two thirds of the respondents thought that
• 14:09
  Speaker 7: the yield curve would steep in and you haven't seen
• 14:12
  Speaker 7: that very much, so you know, it might be very
• 14:14
  Speaker 7: difficult for the yeld curve to stephen at this point,
• 14:16
  Speaker 7: especially if the market continues to think that the Fed's
• 14:20
  Speaker 7: going to be relatively hawkish. Okay, that's Donald Tickle in
• 14:28
  Speaker 7: my throat talking about Kevin Moore.
• 14:31
  Speaker 6: Yeah, Well, he's got a big, big, heavy task in
• 14:34
  Speaker 6: front of him. How does he fold in what's happening overseas?
• 14:38
  Speaker 6: I mean, does that factor into his thinking the FMC
• 14:41
  Speaker 6: is thinking at all. You talked about the returnal bond
• 14:43
  Speaker 6: vigilantes that's maybe seeping into the US.
• 14:46
  Speaker 4: Did they just not focus on that at the moment.
• 14:50
  Speaker 7: Yeah, So the Fed's going to focus on how the
• 14:52
  Speaker 7: international environment's going to affect the US economy, right, And
• 14:55
  Speaker 7: I think that when you think about higher oil prices,
• 14:58
  Speaker 7: when you think about the fact that you've had now
• 15:00
  Speaker 7: higher yields, In a way, the market's doing the Fed's
• 15:04
  Speaker 7: job for it, right. It's tightening financial conditions at a
• 15:06
  Speaker 7: time when when the growth is okay, right, the growth
• 15:12
  Speaker 7: isn't great, Like, it's very disjointed growth right now in
• 15:16
  Speaker 7: terms of the consumer. And we know that, right. We
• 15:19
  Speaker 7: call it the k shaped economy, so they will take
• 15:22
  Speaker 7: into account what's going on in Europe, what's going on
• 15:24
  Speaker 7: in the UK, what's going on in Japan. These are
• 15:26
  Speaker 7: our major trading partners, and these will have an effect
• 15:30
  Speaker 7: on the US. Right. We do export a lot, We
• 15:32
  Speaker 7: do have large trade balances, both positive and negative with
• 15:35
  Speaker 7: some of these countries, so all of that will be
• 15:38
  Speaker 7: taken into account for sure. Now, Kevin worsh I think,
• 15:40
  Speaker 7: would like the lower interest rates, but he wants to
• 15:42
  Speaker 7: do that by cutting the Fed's balance sheet. And one
• 15:46
  Speaker 7: of the things that did come out of the survey
• 15:48
  Speaker 7: today was not many people in the investment community think
• 15:52
  Speaker 7: that the FED is going to be able to actually
• 15:53
  Speaker 7: shrink its balance sheet.
• 15:55
  Speaker 2: Earlier today, I'm Bloomberg Surveillance. We had a gunat Dingra,
• 15:59
  Speaker 2: head of US REE strategy at BNP parryba On. He
• 16:01
  Speaker 2: was saying, basically, if you look at the third year,
• 16:04
  Speaker 2: five percent the new four percent, kids, you better get
• 16:06
  Speaker 2: used to it. How do you think about that?
• 16:09
  Speaker 7: Yeah, you know, we've been hovering kind of between four
• 16:12
  Speaker 7: and a half and five percent basically for a couple
• 16:14
  Speaker 7: of years now, and five percent might not be the
• 16:18
  Speaker 7: new four, but you know, four and a half percent
• 16:20
  Speaker 7: might be the new three and a half percent, And
• 16:22
  Speaker 7: I think that's that's pretty standard thinking, especially given that
• 16:27
  Speaker 7: the US fiscal situation has not improved any right, So
• 16:31
  Speaker 7: we yes, we've seen slightly smaller deficits than we had
• 16:35
  Speaker 7: a couple of years ago, but we also don't see
• 16:38
  Speaker 7: any relief from that in sight. So it's hard to
• 16:41
  Speaker 7: see why thirty year yields would go down very much
• 16:43
  Speaker 7: when you are worried about longer term inflation not being
• 16:46
  Speaker 7: your target, and also in particular the size of the
• 16:50
  Speaker 7: size of the government's dead outstanding ARA.
• 16:53
  Speaker 6: When you guys held your survey, you also asked about
• 16:56
  Speaker 6: the legacy of FED outgoing FED chair J Powell.
• 17:01
  Speaker 4: What did you get from that? What was the takeaway
• 17:03
  Speaker 4: for you?
• 17:04
  Speaker 7: Yeah, most most investors thought that Jay Powell did a
• 17:07
  Speaker 7: pretty good job on communication. He did a good job
• 17:10
  Speaker 7: maintaining the Fed's independence. You know. Part of this is
• 17:13
  Speaker 7: some people think that that Kevin Moorsh won't be quite
• 17:16
  Speaker 7: as independent as Jay Powell was. That that certainly was
• 17:19
  Speaker 7: one of the findings of the survey. But generally speaking,
• 17:22
  Speaker 7: people were fond of j. Palell. Most of them didn't
• 17:25
  Speaker 7: think he was perfect. So we asked an open ended
• 17:27
  Speaker 7: question at the end of the survey, and some people said, like, hey,
• 17:31
  Speaker 7: you know, he was not great determining that as saying
• 17:34
  Speaker 7: that inflation was transitory, but he also reacted relatively quickly
• 17:38
  Speaker 7: to that as well. So I think, you know, Jay
• 17:41
  Speaker 7: Powell will be seen as pretty fondly.
• 17:43
  Speaker 3: You know.
• 17:43
  Speaker 7: The other thing that we pointed out was J. Powell
• 17:46
  Speaker 7: is one of the few FED chairs that's had to
• 17:48
  Speaker 7: contend with two economic cycles. You know. Obviously Alan Greenspan
• 17:53
  Speaker 7: was in office for so long that he had to
• 17:55
  Speaker 7: deal with multiple cycles. But outside of him, there's been
• 17:57
  Speaker 7: very few FED chairs in the post war period that
• 18:00
  Speaker 7: have had to contend with raising interest rates, lowering interest rates,
• 18:03
  Speaker 7: raising interest rates, and then lowering interest rates again. And
• 18:05
  Speaker 7: J Powell, you know, guided the FED through that whole
• 18:08
  Speaker 7: process over the last over the last eight years.
• 18:10
  Speaker 2: Hivers thirty seconds. Is the US going to be competitive
• 18:13
  Speaker 2: at all in the World Cup?
• 18:16
  Speaker 7: I certainly hope so we should. We should get out
• 18:18
  Speaker 7: of the group stage. Turkey is probably the most challenging,
• 18:22
  Speaker 7: most challenging country that we're going to play in that group.
• 18:25
  Speaker 7: But yeah, it's exciting, you know, three weeks away from
• 18:28
  Speaker 7: the from the beginning of the of the World Cup.
• 18:30
  Speaker 7: I'm certainly excited. We've also started the club that that
• 18:34
  Speaker 7: that I that I co owned. We've started our our
• 18:37
  Speaker 7: season just this past weekend as well. So a lot
• 18:40
  Speaker 7: of soccer for me. The next time.
• 18:41
  Speaker 4: Are you going to go see the World Cup?
• 18:42
  Speaker 7: I'm going to one game. Yeah, I'm going down to
• 18:45
  Speaker 7: Philadelphia to see the Ivory Coast versus Corso.
• 18:48
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• 18:56
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• 19:00
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