Deal Reached to Avert Government Shutdown; Trump-Harris Economy Battle

Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan 0:00:10.840 --> 0:00:13.800 Hager and I'm Karen Moscow. Here are the stories we're 0:00:13.840 --> 0:00:15.080 following today, Jaron. 0:00:15.160 --> 0:00:18.239 We begin in Washington, where the House has unveiled a 0:00:18.360 --> 0:00:21.960 short term stopgap funding bill to avert a partial government 0:00:22.040 --> 0:00:24.400 shutdown at the end of the month. We get more 0:00:24.440 --> 0:00:25.759 from Bloomberg's Ed Baxter. 0:00:26.320 --> 0:00:28.880 The new deadline will be December twentieth, setting up a 0:00:28.960 --> 0:00:33.000 Christmas showdown and delaying any action until after the election. 0:00:33.560 --> 0:00:35.840 Also in the bill is extra money for the Secret 0:00:35.960 --> 0:00:40.280 Service to protect presidential candidates. It does not include the 0:00:40.320 --> 0:00:44.400 proof of citizenship writer that Donald Trump had demanded be included. 0:00:44.800 --> 0:00:48.840 House Leader Mike Johnson says bear bones. Senate Leader Chuck 0:00:48.880 --> 0:00:53.000 Schumber says he's pleased the procedural moves from here. House Rules. 0:00:53.240 --> 0:00:58.120 We'll look at it today. Vote expected Wednesday. Head Baxter, Bloomberg. 0:00:57.760 --> 0:01:00.320 Radio, All right, Ed, thank you by the presidential is 0:01:00.360 --> 0:01:03.720 about to heat up over the economy. Democrat Kamala Harris 0:01:03.720 --> 0:01:05.679 says she plans to give a speech this week to 0:01:05.720 --> 0:01:08.800 outline her vision on the defining issue of the campaign. 0:01:09.280 --> 0:01:10.720 The short form is about what. 0:01:10.920 --> 0:01:14.720 We can do more to invest in the aspiracial the 0:01:14.800 --> 0:01:18.440 ambitions in the dreams of the American people, while addressing 0:01:18.640 --> 0:01:20.000 the challenges that they faced. 0:01:20.400 --> 0:01:23.479 Vice President Harris spoke after a New York City fundraiser 0:01:23.480 --> 0:01:26.720 where she promised to support investments in artificial intelligence and 0:01:26.760 --> 0:01:30.680 digital assets. The event raised twenty seven million dollars, according 0:01:30.720 --> 0:01:33.360 to a campaign official, who called it the largest single 0:01:33.400 --> 0:01:36.800 event total since Harris took over the Democratic ticket. Republican 0:01:36.840 --> 0:01:39.800 Donald Trump meanwhile, as planning his own economic speech in 0:01:40.000 --> 0:01:43.760 Georgia tomorrow, focused on lowering taxes for business owners. 0:01:43.880 --> 0:01:46.000 In all this, Karen comes this. Two new polls show 0:01:46.040 --> 0:01:49.120 Harris with a slight lead over Trump among registered voters 0:01:49.200 --> 0:01:52.000 fifty two to forty eight percent in a CBS IPSIS 0:01:52.040 --> 0:01:55.440 poll forty nine to forty four percent in an NBC 0:01:55.520 --> 0:01:59.440 News survey. Democratic Senator John Fetterman says it's still tight 0:01:59.520 --> 0:02:03.160 in the battle ground states, including his home state of Pennsylvania. 0:02:03.400 --> 0:02:06.400 Well, it's a five points, so, I mean that's encouraging. 0:02:06.640 --> 0:02:08.359 But now I'm not going to say, well, now I 0:02:08.400 --> 0:02:10.440 don't have to drive for four and a half hours 0:02:11.240 --> 0:02:16.600 to have with a rally for Democrats in rural counties. 0:02:16.840 --> 0:02:19.920 Senator John Fetterman spoke on NBC's Meet the Press, heard 0:02:20.000 --> 0:02:21.760 Sundays on Bloomberg. 0:02:21.320 --> 0:02:24.800 Radio Mean Well, Nathan. Donations keep pouring in for Harris. 0:02:24.840 --> 0:02:28.079 An influx of Wall Street and Silicon Valley donor support 0:02:28.160 --> 0:02:32.120 for Kamala Harris is translating into a distinct campaign advantage 0:02:32.240 --> 0:02:35.000 to the tune of nearly five million dollars a day. 0:02:35.400 --> 0:02:38.720 As the presidential campaign enters the most expensive stretch, Harris 0:02:38.720 --> 0:02:41.920 and the Democratic National Committee are outspending Trump and the 0:02:41.960 --> 0:02:44.959 Republican Party each day by a margin of three to one. 0:02:45.320 --> 0:02:48.679 According to the latest federal filings, the Harris campaign spent 0:02:48.760 --> 0:02:50.920 an average of seven and a half million dollars a 0:02:50.960 --> 0:02:54.040 day in August, compared to a two point six million 0:02:54.120 --> 0:02:56.000 dollar daily average for Trump. 0:02:56.320 --> 0:02:58.160 Okay, Karen, Now, let's turn to the latest in the 0:02:58.200 --> 0:03:00.800 Middle East. The Israeli military has called on people in 0:03:00.840 --> 0:03:04.720 southern Lebanon to immediately evacuate their homes and other buildings 0:03:04.760 --> 0:03:08.720 where the Hezbolah militant group stores weapons. The warning comes 0:03:08.760 --> 0:03:12.000 as hostilities have intensified over the last week. We get 0:03:12.000 --> 0:03:15.480 the latest from Bloomberg Middle East correspondent Jumani Bersechi. 0:03:15.200 --> 0:03:19.280 Starting, of course, with those telecommunications explosions throughout the course 0:03:19.320 --> 0:03:23.200 of last week that injured up to three thousand Hesbala operatives. 0:03:23.240 --> 0:03:25.400 The death toll in the dozens from that and then 0:03:25.480 --> 0:03:28.400 the a Lebanese Health Ministry has also put the total 0:03:28.440 --> 0:03:32.079 toll from Friday's attack at fifty one debts, including three 0:03:32.120 --> 0:03:34.600 children and seven women. But it didn't stop there. Over 0:03:34.639 --> 0:03:38.240 the course of the weekend, Hesbala then launched a series 0:03:38.320 --> 0:03:42.520 of missiles into northern Israel, into Haifa. The Israeli military 0:03:42.640 --> 0:03:45.360 say that they launched about one hundred and fifty projectiles, 0:03:45.400 --> 0:03:48.560 most of them were intercepted, so limited damage. 0:03:48.600 --> 0:03:52.680 Bloomberg's Jumani Berseci reports the US is urging restraints. Senior 0:03:52.720 --> 0:03:55.720 White House and Pentagon officials have told Israeli ministers in 0:03:55.720 --> 0:03:58.080 the past week that a full on conflict is not 0:03:58.360 --> 0:03:59.360 in their interests. 0:04:00.120 --> 0:04:04.120 Nathan Ukrainian President Voladimir Zolenski is in the US. He 0:04:04.200 --> 0:04:06.800 began his visit with a stop at an ammunition plant 0:04:06.880 --> 0:04:09.960 in Pennsylvania, a critical swing state that'll help determine the 0:04:09.960 --> 0:04:14.160 outcome of November's presidential election. The trip to Scranton, Joe 0:04:14.160 --> 0:04:17.280 Biden's hometown, on Sunday kicked off an intense week of 0:04:17.320 --> 0:04:20.520 diplomacy as the Ukrainian President is set to address the 0:04:20.640 --> 0:04:22.360 UN General Assembly in New York. 0:04:22.640 --> 0:04:26.440 Turning to markets now, Karen futures are little changed ahead 0:04:26.440 --> 0:04:29.640 of a key week from speeches from FED officials after 0:04:29.720 --> 0:04:32.960 last week's jumbo rate cut. Investors wait for comments from 0:04:33.000 --> 0:04:37.960 regional presidents Raphael Bostik and Austin gouldsby today as markets 0:04:37.960 --> 0:04:41.720 sit near record highs. Nadia Lovell, senior US equity strategist 0:04:41.760 --> 0:04:44.520 at ubs C stocks moving higher. 0:04:44.839 --> 0:04:46.720 When you put the data together, you have to fet 0:04:46.720 --> 0:04:49.680 that's cut in. You also have an economy that's trending 0:04:49.720 --> 0:04:52.520 close to three percent GDP growth for the quarter. So 0:04:52.560 --> 0:04:55.080 it's just hard to see how this economy quickly news 0:04:55.160 --> 0:04:58.159 the momentum, especially when you have the cost of capital 0:04:58.200 --> 0:05:01.880 also now coming down. And that's also for corporate fundamentals, 0:05:01.960 --> 0:05:03.800 and so we think that the market will continue to 0:05:03.880 --> 0:05:04.440 notch new. 0:05:04.400 --> 0:05:07.840 Highs ubs Isnadi A level has a year in target 0:05:07.839 --> 0:05:10.560 of fifty nine hundred for the S and P five hundred. 0:05:10.880 --> 0:05:14.120 Well Nathan shares of Intel up two percent in early trading. 0:05:14.160 --> 0:05:17.440 Takeover speculation is swirling over the umbattled ship maker. We 0:05:17.480 --> 0:05:19.320 get more from Bloomberg's Doun Krisner. 0:05:19.680 --> 0:05:22.920 We are told Apollo has indicated a willingness to make 0:05:22.960 --> 0:05:26.440 an equity like investment of as much as five billion dollars. Now, 0:05:26.480 --> 0:05:29.719 nothing has been finalized. The size of the potential investment 0:05:29.720 --> 0:05:34.360 could change and discussions could fall through. Importantly, these companies 0:05:34.400 --> 0:05:37.760 already have a relationship. In June, Intel agree to sell 0:05:37.800 --> 0:05:40.719 Apollo a stake and a joint venture it controls a 0:05:40.720 --> 0:05:43.880 plant in Ireland. The price tag was eleven billion dollars. 0:05:44.320 --> 0:05:47.479 The timing is interesting since we are also told Qualcomm 0:05:47.520 --> 0:05:50.800 has floated the idea of a friendly takeover of Intel 0:05:51.279 --> 0:05:53.280 in New York. I'm Doug Prisoner, Bloomberg Radio. 0:05:53.360 --> 0:05:55.880 All right, Doug, thank you. Regulators have a message for 0:05:56.000 --> 0:05:58.479 City Group. Clean up your act at home before you 0:05:58.600 --> 0:06:03.200 expand in China. Bloomberg's John Tucker's here with more on that. So, John, 0:06:03.200 --> 0:06:05.240 looks like the bank is facing fines. 0:06:05.600 --> 0:06:08.320 Yeah, Nathan. The Federal Reserve imposed a penalty on City 0:06:08.320 --> 0:06:11.760 Group for its data management and risk controls in the US. Now, 0:06:11.760 --> 0:06:14.760 more importantly, this throws up a roadblock to their expansion 0:06:14.800 --> 0:06:18.480 plans in the world's second biggest economy. The Chinese authorities 0:06:18.520 --> 0:06:22.040 do require a clearance letter from the FED verifying cities 0:06:22.120 --> 0:06:25.680 regulatory standing. The city was constracted to resolve its dated 0:06:25.720 --> 0:06:28.799 management problems after being hit with a combined one hundred 0:06:28.800 --> 0:06:31.840 and thirty six million dollars in fines in the US A. 0:06:31.920 --> 0:06:35.359 Sources Toel Bloomberg, City Group is continuing its discussions with 0:06:35.480 --> 0:06:38.800 Chinese securities regulators to set up the business and has 0:06:38.800 --> 0:06:42.279 no plans to pull its application. This ocomes as global 0:06:42.360 --> 0:06:46.880 banks have seen their China securities operations hampered in recent years. 0:06:47.080 --> 0:06:52.320 You know, York, John Tucker, Bloomberg Radio. 0:06:53.040 --> 0:06:54.400 It is time now for a look at some of 0:06:54.440 --> 0:06:57.320 the other stories making news in New York and around 0:06:57.360 --> 0:06:59.880 the world, and for that we're joined by Bloomberg's Michel Barr. 0:07:00.080 --> 0:07:03.279 Michael, Good morning, Good morning, Karen. World leaders are gathering 0:07:03.320 --> 0:07:06.799 in New York City as the United Nations General Assembly 0:07:06.920 --> 0:07:09.479 is this week. The crisis in the Middle East is 0:07:09.520 --> 0:07:13.120 expected to be a major talking point when President Biden 0:07:13.120 --> 0:07:16.520 addresses the UN tomorrow at the Summit of the Future. 0:07:16.560 --> 0:07:20.960 On Sunday, Israel's ambassador to the United Nations, Danny Dennin, 0:07:21.320 --> 0:07:24.760 told world leaders that they are a peaceful nation that 0:07:25.040 --> 0:07:27.360 has no the choice but to defend their people. 0:07:27.720 --> 0:07:33.760 We will use all means that hand our determination, our innovation, 0:07:34.400 --> 0:07:37.760 and our strengths to protect our people. 0:07:38.560 --> 0:07:42.720 And as for UN security, command posts have been monitoring sewing, 0:07:42.880 --> 0:07:47.840 dozens of compounds and the fourteen hundred live security camera feeds, 0:07:48.280 --> 0:07:52.680 door alarms and emergency alerts. Security Inspector Melnda McCormick. 0:07:53.080 --> 0:07:55.920 Sometimes we screen during the high level period up to 0:07:56.040 --> 0:08:01.880 twenty two thousand delicate staff and no new entities per day. 0:08:02.000 --> 0:08:04.200 Twenty two thousand, that is a high number. 0:08:04.360 --> 0:08:07.200 And New York commuters they are used to the drill 0:08:07.320 --> 0:08:10.600 of UN gridlock alerts, road closures and detours, but this 0:08:10.640 --> 0:08:13.960 time around it's set to be particularly bad. Streets are 0:08:14.000 --> 0:08:17.560 already jam packed and now there's growing skepticism about the 0:08:17.600 --> 0:08:22.160 reliability of mass transit trains and buses. The US and 0:08:22.200 --> 0:08:24.960 India reached an agreement to work together on setting up 0:08:24.960 --> 0:08:29.320 a semiconductor fabrication plant in the South Asian nation. It 0:08:29.360 --> 0:08:32.120 gives a boost to Prime Minister Indarndra Mode's efforts to 0:08:32.520 --> 0:08:35.920 bolster manufacturing in the country. Modi was part of a 0:08:36.000 --> 0:08:41.520 roundtable with tech CEOs discussing technology and innovation, including Google 0:08:41.640 --> 0:08:43.199 CEO Sundarpachai. 0:08:43.520 --> 0:08:47.520 Yeah, the Prime Minister has been focused on transforming India. 0:08:48.080 --> 0:08:51.520 It is Digital India vision. He pushed us to continue 0:08:51.960 --> 0:08:55.760 making in India, designing in India. We are proud to 0:08:55.800 --> 0:08:58.880 now make our pixere phones manufactured in India. 0:08:59.280 --> 0:09:02.679 Modai also addressed in Indian event on Long Island. The 0:09:02.720 --> 0:09:05.240 search is underway for the shooters who killed four people 0:09:05.360 --> 0:09:08.360 and injured seventeen others and weekend shooting at a popular 0:09:08.480 --> 0:09:12.680 night spot in Birmingham, Alabama. Police say victims were caught 0:09:12.720 --> 0:09:16.040 in the crossfire during the shooting late Saturday night. Authorities 0:09:16.080 --> 0:09:19.400 say they believe the shooting was a paid hit on 0:09:19.400 --> 0:09:21.319 one of the victims, and other victims were called in 0:09:21.360 --> 0:09:24.280 the crossfire. Police Chief Scott thurmant. 0:09:24.000 --> 0:09:26.920 Just very very distressing, you know, very hurtful that this 0:09:27.080 --> 0:09:28.800 occurred in our city and occurred in this area, and 0:09:28.840 --> 0:09:31.680 that so many people were injured and several lost their lives. 0:09:32.000 --> 0:09:34.800 Chief Thurman says a news conference is planned for later 0:09:34.880 --> 0:09:37.440 this morning. Global news twenty four hours a day and 0:09:37.480 --> 0:09:40.120 whenever you want it with Bloomberg News Now. I'm Michael Barran. 0:09:40.200 --> 0:09:42.760 This is Bloomberg cart all right, Michael Barr, thank you 0:09:47.640 --> 0:09:50.800 time now for the Bloomberg Sports Update with John stash Hour, 0:09:50.880 --> 0:09:51.839 John Good Morning. 0:09:51.600 --> 0:09:53.800 Jim Morning, Karen. Was the Mets last home game of 0:09:53.880 --> 0:09:56.960 the regular season unless they make the playoffs and advance 0:09:57.040 --> 0:09:59.960 into the Division round. Last home game of twenty twenty four, 0:10:00.080 --> 0:10:03.160 perhaps the final city field game hasn't met for free 0:10:03.160 --> 0:10:05.560 agentd B Pete Alonzo. Not a playoff game, but very 0:10:05.640 --> 0:10:08.480 much a playoff atmosphere of the Mets and Phillies were 0:10:08.520 --> 0:10:09.320 tied at one. 0:10:09.800 --> 0:10:12.479 This goal is also a tribute Deep turned. 0:10:12.280 --> 0:10:19.880 Off the battle Leos, the Big two here in the 0:10:20.120 --> 0:10:24.360 six and the ten sem. 0:10:24.360 --> 0:10:27.760 City field in New a frenzy esping at the call 0:10:27.880 --> 0:10:30.319 to won the final with Edwin Diaz not you, only 0:10:30.400 --> 0:10:32.720 the second six out save of his career. Mets take 0:10:32.760 --> 0:10:34.839 three or four in the series, prevent the Phillies from 0:10:34.840 --> 0:10:37.080 clinching the NL East, and they take a two game 0:10:37.160 --> 0:10:40.720 lead on the Braves into Atlanta for a massive three 0:10:40.760 --> 0:10:43.880 game series that begins tomorrow. That's when the Yankees series 0:10:44.120 --> 0:10:46.680 in the Bronx with Baltimore begins. Yanks need one win 0:10:47.080 --> 0:10:48.960 to clinch the AL East. The five to one road 0:10:49.000 --> 0:10:51.000 trip ended with their last game ever in Oakland, a 0:10:51.120 --> 0:10:53.960 seven to four victory. Aaron Judd hit home run number 0:10:54.080 --> 0:10:57.040 fifty five. The White Sox loss for the one hundred 0:10:57.080 --> 0:11:00.480 and twentieth time that ties the nineteen sixty two Mets. 0:11:00.880 --> 0:11:03.679 The Reds fired manager David Bell. The Giants game in 0:11:03.720 --> 0:11:06.400 Cleveland's really not begin well. They fumbled the opening kickoff, 0:11:06.440 --> 0:11:08.280 gave it a touchdown on the first play, but they 0:11:08.320 --> 0:11:10.480 dominated the rest of the first half, held on at 0:11:10.520 --> 0:11:13.480 the end, beat the Browns twenty one to fifteen for 0:11:13.559 --> 0:11:15.720 their first victory of the season. Kansas City last night 0:11:15.800 --> 0:11:18.240 went to three and oh, a twenty two to seventeen 0:11:18.320 --> 0:11:21.440 win in Atlanta, a trio of surprising three and oh teams. 0:11:21.440 --> 0:11:25.200 Minnesota with Sam Darnol throwing fourteen passes in a blowout 0:11:25.200 --> 0:11:28.160 of Houston. Seattle an easy win over Miami and Pittsburgh 0:11:28.200 --> 0:11:31.000 with Justin Fields was expected to be the backup. QB 0:11:31.480 --> 0:11:34.520 beat the Chargers. The Steelers, in their three wins, only 0:11:34.520 --> 0:11:37.880 allowed two touchdowns. John stashatwear Bloomberg Sports careen. 0:11:37.679 --> 0:11:44.240 Nick Coast to Coast on Bloomberg Radio, nationwide on Sirius XM, 0:11:44.320 --> 0:11:47.240 and around the world on Bloomberg dot Com and the 0:11:47.280 --> 0:11:51.480 Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm 0:11:51.520 --> 0:11:52.240 Nathan Hager. 0:11:52.320 --> 0:11:54.640 We are coming off a winning week for stocks after 0:11:54.679 --> 0:11:57.000 the FED delivered its first rate cut in four years 0:11:57.000 --> 0:11:59.600 in a big way, with a fifty basis point move. 0:11:59.720 --> 0:12:02.280 This we could get lots more insight into the path 0:12:02.280 --> 0:12:04.680 ahead for policy when we hear from a slew of 0:12:04.760 --> 0:12:08.040 central bankers starting today. Ahead of that, let's hear from 0:12:08.080 --> 0:12:11.160 someone who's been tracking this market for decades. Dennis Gartman 0:12:11.360 --> 0:12:13.400 is with us this morning, the chairman of the University 0:12:13.400 --> 0:12:16.760 of acron Endowment Investment Committee and the former publisher of 0:12:16.880 --> 0:12:19.640 the Gartman Letter. Dennis, good morning. You were in the 0:12:19.720 --> 0:12:22.280 higher for Longer camp for so long, so I wonder 0:12:22.320 --> 0:12:25.079 what your reaction was to the FED kicking off this 0:12:25.240 --> 0:12:28.480 rate cut cycle with that fifty basis point mode. 0:12:28.640 --> 0:12:30.240 I was a bit surprised to see them go by 0:12:30.240 --> 0:12:32.720 fifty basis points, so I figured they'd go by twenty five. 0:12:33.160 --> 0:12:35.080 I thought by the end of the year we'd have two, 0:12:35.120 --> 0:12:39.079 maybe three cuts at most. But I was manifestly surprised, 0:12:39.080 --> 0:12:40.760 as seems to me that the FED is paying more 0:12:40.760 --> 0:12:46.280 attention to employment rather than to an equal amount of 0:12:46.480 --> 0:12:50.040 interest in inflation. So I find that to be a 0:12:50.040 --> 0:12:52.839 little disconcerting. It's supportive of a position that I've had 0:12:52.840 --> 0:12:55.199 on for quite some period of time. I trade only 0:12:55.240 --> 0:12:57.679 for my own account, and I'm long of gold and 0:12:57.720 --> 0:13:01.360 short of stocks and equal dollar amounts. I tend to 0:13:01.400 --> 0:13:04.520 act for a hedge fund, long some things, short somethings else. 0:13:05.160 --> 0:13:08.880 And since July, gold is up rather substantially, and the 0:13:08.960 --> 0:13:12.760 S and P futures are effectively unchanged so that they're working, 0:13:12.840 --> 0:13:15.040 and I think that that's going to continue. I do 0:13:15.080 --> 0:13:18.080 think the FED has made a mistake and is now 0:13:18.280 --> 0:13:21.720 focusing almost all of its attention upon the employment numbers 0:13:21.720 --> 0:13:23.720 and not upon inflation. I think that's going to be 0:13:23.760 --> 0:13:27.160 in the long run detrimental to the economy and detrimental 0:13:27.200 --> 0:13:30.559 to the stock market. But time shall tell. Like I said, 0:13:30.600 --> 0:13:32.439 I've been long of gold and short of stocks. It's 0:13:32.440 --> 0:13:34.840 been working. I'm going to continue to hold that trade. 0:13:35.040 --> 0:13:38.800 So what as you thinking that inflation could potentially rear 0:13:38.840 --> 0:13:40.120 its ugly head once again. 0:13:40.840 --> 0:13:43.640 The fact that the Fed has become that much more aggressive, 0:13:43.760 --> 0:13:46.720 taking fifty basis points, and it has not reduced its 0:13:46.720 --> 0:13:49.679 balance sheet as I thought that they would. They've actually 0:13:49.760 --> 0:13:52.760 cut back a bit on the announced the reduction in 0:13:52.800 --> 0:13:55.400 their balance sheet. They've taken it from nine trillion dollars 0:13:55.400 --> 0:13:56.960 down to what six and a half trillion, but they 0:13:56.960 --> 0:13:58.960 should have been down to about five trillion by now, 0:13:59.320 --> 0:14:01.520 So I think that they're going to continue to be expansionary, 0:14:01.600 --> 0:14:04.480 continue to be on balance inflationary, and I think that 0:14:04.600 --> 0:14:09.920 the circumstance prevailing geopolitically around the world and politically here 0:14:09.920 --> 0:14:12.640 in the United States shall be expansionary. So time shall tell. 0:14:12.679 --> 0:14:14.360 But the trade has been working and I'm going to 0:14:14.360 --> 0:14:15.240 continue to hold it. 0:14:15.640 --> 0:14:18.440 At the same time, we have seen, along with gold 0:14:18.800 --> 0:14:22.800 stocks trading in your record territory as well, continuing to 0:14:22.840 --> 0:14:27.720 set records even with rate cuts. Do you see opportunity 0:14:27.840 --> 0:14:28.440 in stocks? 0:14:29.400 --> 0:14:31.960 The only place that I find that I have any 0:14:31.960 --> 0:14:34.200 interest in is real estate because the real estate has 0:14:34.200 --> 0:14:38.359 been has been so under duress. It has been one 0:14:38.400 --> 0:14:41.040 of the areas where the public has been not enamored 0:14:41.080 --> 0:14:42.600 of it, and in fact this has been shed of 0:14:43.480 --> 0:14:46.000 real estate. So I find ri I t s, especially 0:14:46.680 --> 0:14:50.240 those that are involved in commercial real estate, rather interesting. 0:14:50.280 --> 0:14:54.200 The dividends are extremely strong and in most instances is 0:14:54.240 --> 0:14:57.160 well covered. So that's the one area in the stock 0:14:57.160 --> 0:14:58.920 market that I have some interest in is RI I 0:14:58.960 --> 0:14:59.280 T S. 0:15:00.400 --> 0:15:04.840 We are also seeing bond steepening. We're out of disinversion, 0:15:04.960 --> 0:15:06.600 have been for a couple of weeks. Now, what's the 0:15:06.640 --> 0:15:08.840 signal that you're getting from the bond market right now? 0:15:09.160 --> 0:15:11.720 It's historically once we go, once we get in the 0:15:11.720 --> 0:15:16.920 process of disinverting, that has been historically detrimental to share 0:15:16.920 --> 0:15:20.880 prices Again, time shall tell those who don't listen and 0:15:21.040 --> 0:15:22.880 learn the lessons of history are doomed to repeat the 0:15:22.880 --> 0:15:25.320 same failure. So the fact that we are going back 0:15:25.400 --> 0:15:28.840 to a and a regularly sloped eel curve at the 0:15:28.840 --> 0:15:31.040 short end of the curve, that's going to continue, and 0:15:31.080 --> 0:15:35.040 that has been historically a signal for a detrimental circumstance 0:15:35.040 --> 0:15:35.880 for a stock prices. 0:15:36.680 --> 0:15:39.760 Are you thinking that we could be headed toward either 0:15:39.800 --> 0:15:43.440 a correction or a bear market? And what would get 0:15:43.520 --> 0:15:45.800 you to thinking that? Got about thirty seconds left? 0:15:47.240 --> 0:15:49.760 Like I said, I've been various of stocks since basically 0:15:49.760 --> 0:15:53.479 since July, we've failed to make new highs. And historically, 0:15:53.920 --> 0:15:58.240 once we start the process of dis of taking the 0:15:58.320 --> 0:16:03.080 eel curve to a positive slope again, a change in 0:16:03.120 --> 0:16:05.840 the heel curve that has been detrimental to share prices, 0:16:05.880 --> 0:16:07.800 So I think that we're going to be in a 0:16:07.840 --> 0:16:10.440 bear market eventually. Time shall tell. But I think that 0:16:10.480 --> 0:16:13.160 the bear market began in the middle of July when 0:16:14.880 --> 0:16:16.920 most of the industries here in the United States turned 0:16:17.320 --> 0:16:18.840 May to high, and they have not made new high 0:16:18.920 --> 0:16:21.600 since then. And what bothers me is that the other 0:16:21.680 --> 0:16:24.600 industries around the world. The decks looks terrible, the Eurostocks 0:16:24.600 --> 0:16:27.920 index looks terrible, the nie K looks terrible. So I 0:16:27.960 --> 0:16:30.760 think that something is changing quietly at the margin. Time 0:16:30.760 --> 0:16:31.280 shall tell. 0:16:31.600 --> 0:16:34.520 This is Bloomberg day Break, your morning podcast and the 0:16:34.600 --> 0:16:38.160 stories making news from Wall Street to Washington and beyond. 0:16:38.360 --> 0:16:40.760 Look for us on your podcast feed by six am 0:16:40.800 --> 0:16:44.200 Eastern each morning, on Apple, Spotify, or anywhere else you listen. 0:16:44.440 --> 0:16:47.240 You can also listen live each morning starting at five 0:16:47.320 --> 0:16:49.920 am Wall Street time on Bloomberg eleven three to zero 0:16:50.040 --> 0:16:52.920 in New York, Bloomberg ninety nine to one in Washington, 0:16:53.000 --> 0:16:56.920 Bloomberg ninety two nine in Boston, and nationwide on serious 0:16:57.120 --> 0:16:58.920 XM Channel one twenty one. 0:16:59.080 --> 0:17:01.800 Plus listen co to coast on the Bloomberg Business app 0:17:01.880 --> 0:17:05.000 now with Apple CarPlay and Android Atto interfaces, and. 0:17:05.040 --> 0:17:08.000 Don't forget to subscribe to Bloomberg News Now. It's the 0:17:08.040 --> 0:17:11.200 latest news, whenever you want it in five minutes or less. 0:17:11.480 --> 0:17:14.560 Search Bloomberg News Now on your favorite podcast platform to 0:17:14.560 --> 0:17:18.080 stay informed all day long. I'm Karen Moscow. 0:17:17.880 --> 0:17:18.879 And I'm Nathan Hager. 0:17:19.000 --> 0:17:21.080 Join us again tomorrow morning for all the news you 0:17:21.080 --> 0:17:23.639 need to start your day right here on Bloomberg Day 0:17:23.680 --> 0:17:23.800 Ray