S&P Heads for 26% Annual Gain; Trump Announces Panama Ambassador

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 --> 0:00:14.640 following today. 0:00:14.960 --> 0:00:18.200 Karen, let's begin this morning with the markets. Most major 0:00:18.280 --> 0:00:21.680 markets in Europe are staying closed for Christmas break, but 0:00:21.880 --> 0:00:25.239 trading resumes today on Wall Street, and the S and 0:00:25.280 --> 0:00:28.000 P five hundred is coming off a gain of more 0:00:28.080 --> 0:00:30.640 than one percent. It is now up twenty six point 0:00:30.720 --> 0:00:34.360 six percent on the year. Lori Calvacina, head of US 0:00:34.440 --> 0:00:38.000 equity strategy at RBC Capital Markets, thinks stocks are headed. 0:00:37.800 --> 0:00:39.680 Even higher in twenty twenty five. 0:00:40.600 --> 0:00:42.839 We think that's going to be another solid year of 0:00:42.920 --> 0:00:45.040 gains in the US equity market, probably a little bit 0:00:45.080 --> 0:00:47.479 slower than what we saw this year, and we do 0:00:47.560 --> 0:00:49.040 think that we are going to have, you know what 0:00:49.760 --> 0:00:52.400 some of my colleagues term is potholes, right, some bounce 0:00:52.440 --> 0:00:54.880 of five to ten percent type drawdowns. So we don't 0:00:54.920 --> 0:00:57.920 necessarily think it's going to be a completely smooth ride 0:00:57.960 --> 0:00:59.760 that at the end of the day, we think it continues. 0:00:59.800 --> 0:01:03.920 Moderation and inflation is going to help keep pe multiples elevated, 0:01:04.480 --> 0:01:06.880 and we think a solid earnings grows backdrop and a 0:01:06.959 --> 0:01:10.400 solid economy aren't also going to help propel this market higher, 0:01:10.400 --> 0:01:13.520 but there may be some volatility here and there that 0:01:13.560 --> 0:01:14.360 we have to deal with. 0:01:14.680 --> 0:01:18.080 RBC's Lori Calvacina has a sixty six hundred price target 0:01:18.080 --> 0:01:20.240 for the S and P five hundred next year. That's 0:01:20.280 --> 0:01:22.920 about a ten percent increase from current levels. 0:01:23.480 --> 0:01:26.240 So, Nathan, the big winner this year has been the Nasdaq. 0:01:26.319 --> 0:01:30.240 The index is that more than thirty three percent. Dan Ives, 0:01:30.240 --> 0:01:34.200 global head of tech research at Wedbush Securities, remains bullish 0:01:34.319 --> 0:01:36.840 under the Trump administration, and I think. 0:01:36.640 --> 0:01:40.679 With Trump coming in there would definitely be some white 0:01:40.760 --> 0:01:45.200 knuckle moments with trying to tariff discussions, game of high 0:01:45.240 --> 0:01:47.480 stakes poker going on, right, So there's been a lot 0:01:47.520 --> 0:01:50.520 of headline risk, but you tune the noise down, you 0:01:50.600 --> 0:01:54.200 focus in the winners. Hey, and again the Bears that 0:01:54.240 --> 0:01:57.639 talk about valuation, that's how they missed every transformational tech team. 0:01:57.480 --> 0:01:59.920 In the last twenty years because. 0:01:59.600 --> 0:02:03.720 You're not focused on paying up for the Ferrari going 0:02:03.840 --> 0:02:05.680 ninety miles an hour in the left, Liane, But that 0:02:05.880 --> 0:02:09.040 is AI revolution. You will have those movements and you 0:02:09.200 --> 0:02:11.520 have your pencils writing and Dan I've. 0:02:11.320 --> 0:02:14.440 Said Wedbush Security has also sees another bullish sign for 0:02:14.600 --> 0:02:17.840 tech the departure of Lena Khan from the FTC. He 0:02:17.919 --> 0:02:20.960 believes that will lead to more acquisitions in the tech industry. 0:02:21.120 --> 0:02:23.480 Well, Karen, Bitcoin has certainly been on a bullish run 0:02:23.560 --> 0:02:27.280 since Trump's election victory in November. It's up about forty 0:02:27.360 --> 0:02:30.320 five percent since that time, more than one hundred and 0:02:30.320 --> 0:02:34.919 thirty percent on the year. Checking the world's biggest cryptocurrency. 0:02:35.000 --> 0:02:38.000 Right now, it is down three and a quarter percent, 0:02:38.040 --> 0:02:40.400 trading at about ninety five two hundred dollars. 0:02:40.720 --> 0:02:43.280 We do have some companies making news this morning. Nathan 0:02:43.360 --> 0:02:46.560 Eli Baba Group has agreed to merge at South Korean 0:02:46.639 --> 0:02:50.960 operations with Emart's e commerce platform. The move is designed 0:02:51.000 --> 0:02:55.240 to better compete in South Korea's fast paced online retail sector. 0:02:55.639 --> 0:02:58.240 Sources say the new entity could be valued at about 0:02:58.280 --> 0:03:02.200 four billion dollars. Ababa has been seeking to expand its 0:03:02.240 --> 0:03:05.480 international footprint to make up for slower growth in its 0:03:05.560 --> 0:03:08.360 core Chinese e commerce business and Uber. 0:03:08.400 --> 0:03:12.320 Meanwhile, Karen says it's still committed to Taiwan. That's after 0:03:12.360 --> 0:03:16.720 the island's antitrust regulator rejected Uber's plan to buy Delivery 0:03:16.760 --> 0:03:20.120 Heroes Food Panda business on the island for nine hundred 0:03:20.160 --> 0:03:23.560 and fifty million dollars. The acquisition was rejected by Taiwan's 0:03:23.560 --> 0:03:27.480 anti trust regulator due to concerns about reduced competition and 0:03:27.600 --> 0:03:29.079 potential price increases. 0:03:29.680 --> 0:03:32.960 Well, Nathan shares of Netflix. They're up three tenths of 0:03:33.040 --> 0:03:36.880 uppercent this morning. The company is coming off a big night. 0:03:36.960 --> 0:03:41.320 The streaming service made its NFL debut, broadcasting two games 0:03:41.320 --> 0:03:45.040 on Christmas. While both games were not competitive and there 0:03:45.040 --> 0:03:48.200 were no technical issues of note, the highlight may have 0:03:48.240 --> 0:03:51.840 been Beyonce's performance during the halftime show in Houston. 0:03:52.520 --> 0:03:53.080 July. 0:03:53.760 --> 0:04:04.280 Jolly Jolly and the thirty two time Grammy winner rocked 0:04:04.280 --> 0:04:08.800 her hometown Houston crowd with a nearly thirteen minute halftime performance. 0:04:09.360 --> 0:04:11.960 Well, let's turn out to the latest on politics, Karen. 0:04:12.040 --> 0:04:15.400 President elect Donald Trump made a major diplomatic. 0:04:14.880 --> 0:04:16.560 Announcement on Christmas Day. 0:04:16.600 --> 0:04:21.440 He's naming Kevin Marino Cabrera his US ambassador to Panama. 0:04:21.560 --> 0:04:24.159 It comes as Trump's been calling for lower fees for 0:04:24.320 --> 0:04:26.800 US shipping through the Panama Canal and warning that the 0:04:26.800 --> 0:04:28.520 waterway could fall into the wrong hands. 0:04:28.560 --> 0:04:30.600 That's an apparent reference to China. 0:04:30.760 --> 0:04:34.680 Cabrera is a county commissioner in Miami Dade County, Florida, 0:04:34.760 --> 0:04:37.920 and worked on Trump's twenty twenty campaign. In his announcement, 0:04:38.000 --> 0:04:41.760 the president elect said few understand Latin American politics as 0:04:41.800 --> 0:04:45.559 well as Kevin and He also accused Panama of ripping 0:04:45.640 --> 0:04:49.320 the US off quote far beyond their wildest dreams. 0:04:50.160 --> 0:04:52.880 Meantime, Nathan, the current president, is headed to Saint Croix 0:04:52.920 --> 0:04:55.560 later today to spend the rest of the holiday season 0:04:55.600 --> 0:04:59.000 on the Virgin Islands. But before President Biden left, he 0:04:59.080 --> 0:05:01.920 delivered his annual holiday message from the White House on 0:05:02.080 --> 0:05:02.760 Christmas Eve. 0:05:03.320 --> 0:05:06.080 Too often we see each other's enemies, not as neighbors, 0:05:06.120 --> 0:05:09.520 not as fellow Americans. So my hope is Christmas season 0:05:10.080 --> 0:05:14.119 as if we take a few moments quiet reflection, find 0:05:14.160 --> 0:05:17.440 that stillness in the heart of Christmas, and looking at 0:05:17.440 --> 0:05:20.800 each other, that's who we really are fellow Americans. 0:05:21.240 --> 0:05:24.800 The president is also focused on geopolitics after Russia launched 0:05:24.839 --> 0:05:28.960 a large scale attack on Ukraine's power infrastructure on Christmas Day. 0:05:29.360 --> 0:05:32.760 Ukrainian President Vladimir Zelenski said it included more than one 0:05:32.839 --> 0:05:36.080 hundred attack drones and seventy missiles, some of them ballistic. 0:05:36.400 --> 0:05:39.479 President Biden called the attack outrageous and said it was 0:05:39.520 --> 0:05:43.159 designed to cut off the Ukrainian people's access to heat 0:05:43.200 --> 0:05:47.839 and electricity during winter. Meantime, Russia is rejecting President elect 0:05:47.839 --> 0:05:51.680 Trump's call for an immediate ceasefire in Ukraine. At the 0:05:51.720 --> 0:05:55.720 same time, Foreign Minister Sergei Lavrov says Russia is ready 0:05:55.760 --> 0:05:58.120 to open negotiations and Karen. 0:05:58.160 --> 0:06:01.160 The turmoil in the Middle East continues this morning. Israel 0:06:01.200 --> 0:06:04.839 and Hamas are blaming each other for complicating ceasefire efforts 0:06:05.240 --> 0:06:08.479 in Gaza. Doctors in the Enclaves say three babies have 0:06:08.640 --> 0:06:11.240 died in the cold in recent days, including a three 0:06:11.320 --> 0:06:14.279 week old girl overnight, and all made for a solemn 0:06:14.320 --> 0:06:18.040 Christmas observance in the traditional birthplace of Jesus in Bethlehem. 0:06:18.120 --> 0:06:21.760 Cardinal Pierre Battista Pizza Pala led midnight Mass at the 0:06:21.839 --> 0:06:23.640 Church of the Nativity on Christmas Eve. 0:06:23.880 --> 0:06:27.279 All these songs seems a little bit out of tune 0:06:28.360 --> 0:06:32.000 after retiring year full of tears, blotshets suffering. 0:06:32.640 --> 0:06:36.039 As for ceasefire talks, Hamas has accused Israel of introducing 0:06:36.080 --> 0:06:39.560 new conditions related to the withdrawal from Gaza, release of prisoners, 0:06:39.560 --> 0:06:43.240 and return of displaced people. Israel says Hamas is renegging 0:06:43.240 --> 0:06:46.640 on understandings that have already been reached. And in Syria, 0:06:46.760 --> 0:06:50.520 forces loyal to ex president Bashar al Assad killed fourteen 0:06:50.600 --> 0:06:53.159 police members today and wounded ten others. That's according to 0:06:53.200 --> 0:06:56.640 Sirius caretaker government. This is the worst surge of violence 0:06:56.680 --> 0:06:59.520 in Siria since Asad was toppled earlier this month. 0:07:02.960 --> 0:07:03.760 And it's time now for. 0:07:03.760 --> 0:07:05.680 A look at some of their stories making news in 0:07:05.680 --> 0:07:07.520 New York and around the world. And for that were 0:07:07.560 --> 0:07:10.600 joined by Bloomberg's Michael Barr Michael, good Morning. 0:07:10.400 --> 0:07:14.160 Good Morning Karen. And out of control taxi struck six 0:07:14.240 --> 0:07:18.120 pedestrians in New York City's Harold Square on Christmas Day. 0:07:18.520 --> 0:07:20.400 One of the victims was a nine year old boy 0:07:20.440 --> 0:07:24.080 whose mother was also struck. Another pedestrian was treated at 0:07:24.080 --> 0:07:28.360 an area hospital. Three others refused medical treatment, including this 0:07:28.480 --> 0:07:29.320 man's wife. 0:07:29.640 --> 0:07:32.440 My wife got hit kind of up on her back, shoulder, 0:07:33.200 --> 0:07:36.040 sent her spinning. She didn't knock her to the ground, 0:07:37.120 --> 0:07:40.040 made sure she was okay, and then noticed that the 0:07:40.080 --> 0:07:42.600 card come up hit I think the building or hit 0:07:42.600 --> 0:07:43.920 the post. I'm I even sure what it hit. 0:07:44.400 --> 0:07:48.720 Police believe the drivers suffered a medical emergency authorities are 0:07:48.760 --> 0:07:53.120 investigating what caused and Azerbaijohnny airliner with sixty seven people 0:07:53.160 --> 0:07:56.679 on board to crash in Kazakhstan, and official says thirty 0:07:56.720 --> 0:08:00.680 eight people were killed but twenty nine survivedane was un 0:08:00.840 --> 0:08:05.080 route from Azerbaijan's capital to the Russian city of Grosny 0:08:05.400 --> 0:08:09.600 when it was diverted and attempted at emergency landing. Azerbaijan's 0:08:09.600 --> 0:08:11.920 president said that the weather had forced the plane to 0:08:12.040 --> 0:08:16.120 change from its planned course. Russia's Civil Aviation Authority said 0:08:16.200 --> 0:08:19.840 that preliminary information showed that a bird strike led to 0:08:19.880 --> 0:08:23.480 an emergency on board. A grim discovery was made on 0:08:23.560 --> 0:08:27.640 a United Airlines plane. Officials in Hawaii are investigating the 0:08:27.680 --> 0:08:30.960 discovery of a dead body found in the wheel well 0:08:31.440 --> 0:08:34.560 of a United Airlines Boeing seven eighty seven. The jet 0:08:34.600 --> 0:08:37.439 had flown from Chicago to Maui on Christmas Eve. How 0:08:37.480 --> 0:08:40.560 the body got there remains a mystery. United said the 0:08:40.600 --> 0:08:45.040 wheel well is only accessible from the outside on Christmas 0:08:45.120 --> 0:08:48.320 Day in Philadelphia, so we have a home cooked mill. 0:08:51.480 --> 0:08:55.760 Philadelphia's fourteenth Police District spent the day distributing gifts and 0:08:55.880 --> 0:08:59.600 hot meals. Captain Stewart McCollum says, it's the twentieth year 0:08:59.600 --> 0:09:00.680 of the hollow tradition. 0:09:02.360 --> 0:09:06.960 We selected based upon positive circumstances kids have done exceptionally well, 0:09:07.080 --> 0:09:09.600 as well as some families that unfortunately fell on hard 0:09:09.640 --> 0:09:13.760 times or went through some extraordinarily unfortunate circumstances. 0:09:13.960 --> 0:09:17.600 In Washington, DC, the forty sixth annual National Minora Lighting 0:09:17.640 --> 0:09:20.680 Ceremony took place last night, ushering in the start of 0:09:20.760 --> 0:09:25.520 the eight day Hanukkah celebration. Homeland Security Secretary Alejandro Mayorcis 0:09:25.559 --> 0:09:28.480 gave brief remarks celebrating the history of the holiday. 0:09:28.880 --> 0:09:32.560 Indeed, the key to our survival despite all those who 0:09:32.600 --> 0:09:37.320 tried to destroy us, has been the beauty, joy and 0:09:37.480 --> 0:09:39.240 rituals of Judaism. 0:09:39.760 --> 0:09:41.760 The start of Hanuka happened to fall this year on 0:09:41.840 --> 0:09:44.079 Christmas Meme. While New York City let the world's largest 0:09:44.120 --> 0:09:47.000 manower last night, Global News twenty four hours a day 0:09:47.040 --> 0:09:49.280 and whenever you wanted with the Bloomberg News. Now, I'm 0:09:49.280 --> 0:09:50.880 Michael Barn. This is Bloomberg Care. 0:09:51.160 --> 0:09:58.560 All right, Michael Burn, thank you, and it's time now 0:09:58.600 --> 0:10:01.160 for the Bloomberg Sports Update to you buy try state 0:10:01.200 --> 0:10:03.040 OUDI for that, we bring in Dan Schwartzman. 0:10:03.120 --> 0:10:06.120 Dan good morning, Good morning, Karen and Nathan. The Chiefs 0:10:06.160 --> 0:10:08.720 improved to fifteen and one in the season while clinching 0:10:08.760 --> 0:10:11.600 the number one seed in the AFC. Worthy of motion. 0:10:11.880 --> 0:10:16.439 It's like man covers behoves, rifles touch the hoom. 0:10:18.400 --> 0:10:22.160 Hey hits Watson for the score. That's courtesy of Netflix. 0:10:22.400 --> 0:10:24.559 The Chiefs knock off the Steelers twenty nine to ten 0:10:24.600 --> 0:10:27.439 in Pittsburgh in Game one of the Christmas doubleheader, as 0:10:27.480 --> 0:10:29.680 Patrick Mahomes throws at three hundred and twenty yards and 0:10:29.720 --> 0:10:33.040 three touchdowns. Head coach Andy Reid praising the defensive effort 0:10:33.040 --> 0:10:36.560 against a good Steelers offense, especially without his best defensive player, 0:10:36.640 --> 0:10:37.319 Chris Jones. 0:10:37.480 --> 0:10:39.679 They've got good receivers, they've got good running back, some 0:10:39.760 --> 0:10:44.200 quarterbacks playing well. Their offensive line is stout. I thought 0:10:44.240 --> 0:10:47.000 our d line stepped up without Chris. The guys stepped 0:10:47.080 --> 0:10:49.320 up and did a great job there. 0:10:49.800 --> 0:10:51.720 That's courtesy at Chiefs dot Com. 0:10:51.800 --> 0:10:54.079 Travis Kelsey with a touchdown catch to pass Hall of 0:10:54.120 --> 0:10:57.560 Famer Tony Gonzalez, the most touchdown receptions in team history. 0:10:57.920 --> 0:10:59.959 The Steelers, who have now lost three games in a row, 0:11:00.240 --> 0:11:02.880 fall to ten and six on the year. In Game two, 0:11:02.920 --> 0:11:05.840 the Ravens dominated the Texans in Houston thirty one to two, 0:11:06.120 --> 0:11:08.720 as Lamar Jackson threw for two touchdowns and rush for another. 0:11:09.160 --> 0:11:11.360 Ravens are now eleven and five on the year. The 0:11:11.400 --> 0:11:14.280 Texans fall to nine and seven the NBA, with five 0:11:14.320 --> 0:11:17.079 games on the Christmas Day schedule. Starting out, the Nicks 0:11:17.080 --> 0:11:19.719 out lasting the Spurs one seventeen to one fourteen at 0:11:19.760 --> 0:11:22.839 the Garden despite forty two points and eighteen rebounds from 0:11:22.880 --> 0:11:25.760 Victor win Banyama. Meanwhile, the Celtics lose at home to 0:11:25.760 --> 0:11:28.079 the seventy six Ers one eighteen to one fourteen, with 0:11:28.200 --> 0:11:31.360 the Celtics now losing three out their last four games. Elsewhere, 0:11:31.360 --> 0:11:33.440 the Timberwolves hold off the Mavericks one oh five to 0:11:33.520 --> 0:11:36.320 ninety nine, the Lakers outlast the Warriors one fifteen to 0:11:36.360 --> 0:11:38.559 one thirteen, and the Nuggets lose on the road to 0:11:38.600 --> 0:11:41.360 the Suns one ten to one hundred, both Kevin Durant 0:11:41.400 --> 0:11:43.679 and Bradley Beale leading the Suns in scoring with twenty 0:11:43.720 --> 0:11:47.959 seven points a piece. Thatcher Bloomberg Sports Update, I'm Dan Schwartzman. 0:11:49.880 --> 0:11:54.040 Coast to coast on Bloomberg Radio, nationwide on SYRIUS XM, 0:11:54.080 --> 0:11:57.000 and around the world on Bloomberg dot Com and the 0:11:57.040 --> 0:12:00.440 Bloomberg Business app. This is Bloomberg day Break. 0:12:00.679 --> 0:12:03.880 Good morning, I'm Nathan Hager on this back to work 0:12:04.040 --> 0:12:07.480 day after Christmas. For the final four trading days of 0:12:07.720 --> 0:12:10.000 twenty twenty four, the S and P five hundred is 0:12:10.000 --> 0:12:13.360 coming off a one point one percent gain to kick 0:12:13.400 --> 0:12:16.600 off the Santa Claus rally period that began on Christmas Eve. 0:12:16.840 --> 0:12:19.120 Joining us now to help close out this year look 0:12:19.160 --> 0:12:22.559 ahead to twenty twenty five, Michael Purvis, founder and CEO 0:12:22.920 --> 0:12:25.880 of tall Buck and Capital Advisors. It's great to have 0:12:25.960 --> 0:12:28.600 you with us this day after Christmas as we watch 0:12:28.679 --> 0:12:32.240 futures move a little bit lower ahead of this morning's open. 0:12:32.480 --> 0:12:34.880 Do you see a Santa Claus rally? Michael, Good morning, 0:12:35.720 --> 0:12:36.280 Good morning. 0:12:36.520 --> 0:12:38.600 I'm going to be with you. In terms of the 0:12:38.640 --> 0:12:42.720 Santa Rally, it's been a slightly unusual one. We have 0:12:42.880 --> 0:12:48.040 had basically an upward drift to the markets over the 0:12:48.080 --> 0:12:50.840 last few weeks here. But I think you know you 0:12:50.880 --> 0:12:53.480 had a couple of things going on obviously coming into 0:12:53.480 --> 0:12:56.480 the year, coming into the end of the other we 0:12:56.559 --> 0:13:00.560 had a very strong equity market. We had a very 0:13:00.679 --> 0:13:06.120 important election in early November there which raises a whole 0:13:06.120 --> 0:13:10.360 bunch of questions as opposed to what we had before there, 0:13:10.400 --> 0:13:13.679 and then of course you had the FMC, which was 0:13:13.760 --> 0:13:17.280 you know, really kind of jolted risk assets at the 0:13:17.280 --> 0:13:21.080 bomb market of just two weeks ago. So I think 0:13:21.120 --> 0:13:24.520 there's there's a lot of processing the market has to do, 0:13:24.600 --> 0:13:27.920 if you will, and I think it's one thing for 0:13:28.160 --> 0:13:31.719 the market to be you know, when you have these 0:13:31.720 --> 0:13:33.960 things like that kind of coming in with a hawkage 0:13:34.080 --> 0:13:38.600 huts as they did. You know, when you're coming into 0:13:38.640 --> 0:13:41.960 that condition at twenty two and a half times earnings, 0:13:42.000 --> 0:13:43.800 it's different than if you were coming into it at 0:13:43.800 --> 0:13:46.000 sort of the low end of the valuation ring. Right, 0:13:46.280 --> 0:13:47.839 So twenty two and a half times for the S 0:13:47.880 --> 0:13:50.480 and P five hundred was was was a it was 0:13:50.520 --> 0:13:55.040 a very robust multiple and a lot can you know, 0:13:55.160 --> 0:13:58.959 be adjusted quickly on that. So long story short, the 0:13:58.960 --> 0:14:01.439 the like this Santa rally here, whatever we're going to 0:14:01.480 --> 0:14:03.840 get in the next few days, feels like it's just 0:14:04.080 --> 0:14:08.760 more consolidation here, you know, sort of consolidating around the 0:14:08.840 --> 0:14:11.520 six sss and maybe sixty one hundred level here. But 0:14:11.600 --> 0:14:14.120 it's not a classic Santa rally like we had last 0:14:14.200 --> 0:14:18.280 year where we had a spectacular performance in December. 0:14:18.440 --> 0:14:20.360 Well, let's look, I had to twenty twenty five. 0:14:20.440 --> 0:14:23.240 Then the setup here with the FED pulling the reins 0:14:23.280 --> 0:14:27.880 in a bit on cut expectations, and this expectation the 0:14:27.880 --> 0:14:31.720 president like Trump could deliver market friendly policies. Is there 0:14:31.720 --> 0:14:34.320 going to be a cross current between the Fed and 0:14:34.800 --> 0:14:36.600 Trump going into twenty twenty five? 0:14:37.040 --> 0:14:40.880 Oh, I think absolutely absolutely. I think there's there's always 0:14:40.880 --> 0:14:45.160 a tension between fiscal policy and monetary policy, and as 0:14:45.200 --> 0:14:49.040 they're almost you know, almost my design. You know, if 0:14:49.080 --> 0:14:50.720 you look in the last couple of years with the 0:14:50.720 --> 0:14:53.480 Biden administration, you had a loose fiscal condition and you 0:14:53.560 --> 0:15:00.520 had a pretty pretty tight monetary condition there. You know, 0:15:00.960 --> 0:15:02.920 the White House had its put on the on the 0:15:03.040 --> 0:15:06.280 accelerator and Powell had us put on the brakes, if 0:15:06.320 --> 0:15:09.840 you will. And so if we do get a continuation 0:15:10.400 --> 0:15:14.760 of a loose fiscal policy, I think Powel's instincts were 0:15:14.840 --> 0:15:17.640 are absolutely to keep the foot on the on the 0:15:17.720 --> 0:15:20.920 on the brakes. I think the question, of course is 0:15:21.560 --> 0:15:26.200 Trump's probably going to want lower higher interest rates there, 0:15:26.320 --> 0:15:28.720 and I think Powell's going to have to, you know, 0:15:28.760 --> 0:15:31.160 revert more than ever to sort of well, let's see 0:15:31.160 --> 0:15:33.200 how the data is. If the data continues to be 0:15:33.240 --> 0:15:36.800 in the first half of twenty twenty five, what we've 0:15:36.840 --> 0:15:40.080 seen just in the last couple of quarters here, whereas 0:15:40.360 --> 0:15:44.560 where inflation is brasilient, jobs are resilient, then I think 0:15:44.600 --> 0:15:46.880 you're going to see. Yeah, a lot a lot of 0:15:46.960 --> 0:15:48.960 tension here, and probably a lot of commentary on from 0:15:49.080 --> 0:15:52.760 as well, a lot of growing friction people. 0:15:54.400 --> 0:15:57.840 This is Bloomberg Daybreak, your morning podcast and the stories 0:15:57.920 --> 0:16:00.960 making news from Wall the Street to Washing and beyond. 0:16:01.200 --> 0:16:03.600 Look for us on your podcast feed by six am 0:16:03.640 --> 0:16:07.040 Eastern each morning, on Apple, Spotify, or anywhere else you listen. 0:16:07.240 --> 0:16:10.120 You can also listen live each morning starting at five 0:16:10.120 --> 0:16:12.760 am Wall Street Time on Bloomberg eleven three to zero 0:16:12.840 --> 0:16:15.760 in New York, Bloomberg in ninety nine to one in Washington, 0:16:15.840 --> 0:16:19.760 Bloomberg ninety two nine in Boston, and nationwide on serious 0:16:19.960 --> 0:16:21.520 XM Channel one twenty one. 0:16:21.920 --> 0:16:24.640 Plus listen coast to coast on the Bloomberg Business app 0:16:24.680 --> 0:16:27.479 now with Apple CarPlay and Android auto interfaces. 0:16:27.720 --> 0:16:30.760 And don't forget to subscribe to Bloomberg News Now. It's 0:16:30.760 --> 0:16:33.520 the latest news whenever you want it in five minutes 0:16:33.600 --> 0:16:36.720 or less. Search Bloomberg News Now and your favorite podcast 0:16:36.760 --> 0:16:40.920 platform to stay informed all day long. I'm Karen Moscow. 0:16:40.720 --> 0:16:41.680 And I'm Nathan Hager. 0:16:41.840 --> 0:16:43.880 Join us again tomorrow morning for all the news you 0:16:43.920 --> 0:16:46.480 need to start your day right here on Bloomberg Day 0:16:46.480 --> 0:16:46.680 Bray