2025 Market Uncertainty; Trump Tariff Proposals Spook Businesses

Bloomberg Audio Studios, podcasts, radio News. Good morning, I'm Maybe 0:00:10.800 --> 0:00:13.680 Morris and I'm Karen Moscow. Here are the stories we're 0:00:13.720 --> 0:00:16.760 following today. Karen, we begin with the markets. As twenty 0:00:16.800 --> 0:00:20.560 twenty four draws to a close. Futures are lower as 0:00:20.560 --> 0:00:22.400 we close out the week. This comes a day after 0:00:22.440 --> 0:00:24.439 stocks were a little changed on Wall Street. 0:00:24.840 --> 0:00:26.840 Still, for the year, the S and B five hundred 0:00:26.880 --> 0:00:29.520 is up more than twenty six percent and NASDAC is 0:00:29.600 --> 0:00:32.519 higher by more than thirty three percent. David Katz is 0:00:32.560 --> 0:00:36.080 President and chief investment Officer at Matrix Asset Advisors. 0:00:36.440 --> 0:00:39.240 We think that over the near term is more exuberance 0:00:39.320 --> 0:00:41.600 to come. The market is really charged. On the day 0:00:41.640 --> 0:00:44.000 that it's happy, it's up a few hundred points. On 0:00:44.000 --> 0:00:45.800 the day that it gets spooks, that's down a few 0:00:45.880 --> 0:00:48.560 hundred points. So we would not look at the short 0:00:48.640 --> 0:00:51.400 term trend as continuing. We do think things are going 0:00:51.479 --> 0:00:53.680 to change a little bit when you enter twenty twenty five. 0:00:53.760 --> 0:00:55.840 There are big gains this year, so a lot of 0:00:55.840 --> 0:00:58.160 people can sell stocks right now because they'd be paying 0:00:58.160 --> 0:01:01.400 a lot of taxes. That changes January. Second, you have 0:01:01.440 --> 0:01:04.680 a new administration take office late in January. They expect 0:01:04.680 --> 0:01:06.880 to put a number of the policies that they've talked 0:01:06.920 --> 0:01:09.520 about in place. We think the market could get spooked 0:01:09.520 --> 0:01:14.479 by that, so we would not follow the significant rally 0:01:14.520 --> 0:01:16.880 of the last few months and expect that to continue. 0:01:17.360 --> 0:01:21.560 Matrix Asset Advisors CIO David Katz says while he expects 0:01:21.560 --> 0:01:24.800 some market exuberance, now is not the time to increase 0:01:24.920 --> 0:01:28.520 risk because he expects slower growth in the coming year well. 0:01:28.600 --> 0:01:31.600 Amy A big focus for investors in twenty twenty five 0:01:31.680 --> 0:01:35.600 will be Fed monetary policy. At his last policy meeting 0:01:35.640 --> 0:01:38.880 of the year, j Powell signaled fewer rate cuts in 0:01:38.920 --> 0:01:43.080 twenty twenty five. Drew Mattis, chief market strategistic MetLife Investment 0:01:43.160 --> 0:01:46.280 Management says, if that is in a tricky position. 0:01:46.200 --> 0:01:48.160 You never want to be too close to the edge 0:01:48.160 --> 0:01:51.680 if you're the Federal Reserve. And I don't understand this 0:01:51.840 --> 0:01:56.960 fixation on kind of ratifying market expectations, which quite frankly 0:01:57.480 --> 0:02:00.560 are absurd at times, right, I mean, markets get ahead 0:02:00.560 --> 0:02:03.920 of themselves, and then, particularly with regard to the Fed, 0:02:04.400 --> 0:02:06.360 the last thing you want to do is ratify an 0:02:06.360 --> 0:02:09.960 expectation for something now that's going to create an even 0:02:10.080 --> 0:02:14.359 worse expectation later. And that's the game of the Fed 0:02:14.440 --> 0:02:17.040 is playing right now, and it's one that could end badly, 0:02:17.360 --> 0:02:21.040 particularly if inflation reaccelerates for a period of time. 0:02:21.320 --> 0:02:23.840 Matt lives Drew mattis as the Fed may be forced 0:02:23.880 --> 0:02:25.960 to actually raise rates next year. 0:02:26.840 --> 0:02:29.800 Investors are also looking ahead to some economic data coming 0:02:29.800 --> 0:02:32.760 out later this morning. We get those details from Bloomberg's 0:02:32.760 --> 0:02:33.680 Denise Pellegrini. 0:02:34.080 --> 0:02:38.079 Economists say advance retail inventories for November likely rose three 0:02:38.120 --> 0:02:41.040 tenths of a percent, following just a one tenth percent 0:02:41.120 --> 0:02:44.000 gain in October. One thing to watch for is whether 0:02:44.080 --> 0:02:47.600 motor vehicles drove the inventory build again as more cars 0:02:47.639 --> 0:02:50.640 sit on dealer lots. We'll also get government numbers on 0:02:50.760 --> 0:02:55.360 wholesale inventories. Economists expect to build along the manufacturing line 0:02:55.720 --> 0:02:58.359 east slightly to just one tenth of a percent month 0:02:58.400 --> 0:03:01.600 on month. That could suggest as slight economic pickup, but 0:03:01.639 --> 0:03:04.160 the numbers could also be skewed by buying or hoarding 0:03:04.400 --> 0:03:08.480 ahead of possible new Trump tariffs. Denise Pelgriedy Bloomberg Radio. 0:03:08.480 --> 0:03:11.480 All right, Denise, thank you. In Asia, Nissan motor shares 0:03:11.520 --> 0:03:15.000 decline the motions August due to investor concern over the 0:03:15.120 --> 0:03:18.040 terms of its plan deal with Honda Motor. At one point, 0:03:18.040 --> 0:03:21.080 the stock tumbled as much as fifteen percent before pairing. 0:03:21.080 --> 0:03:24.400 It's lost to nearly eight percent. The yelling Japanese automaker 0:03:24.400 --> 0:03:27.320 aims to establish and list a joint holding company with 0:03:27.400 --> 0:03:30.239 Honda by August twenty twenty six. The exact terms of 0:03:30.240 --> 0:03:32.120 the arrangement are yet to be decided. 0:03:32.680 --> 0:03:36.040 And now the latest on that Azerbaijan plane crash. Media 0:03:36.120 --> 0:03:39.000 reports say it was hit by the Russia Air Defense. 0:03:39.040 --> 0:03:41.400 Thirty eight people were killed. The plane was en route 0:03:41.400 --> 0:03:44.600 from Azerbaijan to Russia's city of Grosny when it changed 0:03:44.600 --> 0:03:48.400 course on Christmas Day. Neither Russia nor Azerbaijan offered any 0:03:48.400 --> 0:03:50.880 suggestions of what might have happened to cause the crash. 0:03:51.120 --> 0:03:53.520 We get more from Bloomberg senior reporter Henry Mayer. 0:03:53.880 --> 0:03:58.600 I want to suggesting that it was deliberately attacked in 0:03:58.680 --> 0:04:02.320 the area where this happened, which is in the vicinity 0:04:02.360 --> 0:04:05.920 of Brosny, the capital of the Southern Russian region of Chechnya. 0:04:06.520 --> 0:04:10.160 As the plane was approaching that is where that is 0:04:10.200 --> 0:04:13.440 when the incident happened, And at that time there was 0:04:13.480 --> 0:04:17.000 a lot of Ukrainian drone activity in the area, So 0:04:17.040 --> 0:04:20.719 it looks very much like this was a mistake. But 0:04:20.800 --> 0:04:23.640 of course azerbai Jan now wants some kind of an 0:04:23.640 --> 0:04:28.920 explanation from Russia. And also, you know, once the plane 0:04:28.960 --> 0:04:32.840 came under fire, it was not allowed to land at 0:04:32.880 --> 0:04:36.120 a nearby Russian airport, which could have actually saved lives. 0:04:36.440 --> 0:04:40.200 Bloomberg Seenior reporter Henry Mayer says twenty nine people survived. 0:04:41.040 --> 0:04:44.480 The turmoil in South Korean politics continues amy the country's 0:04:44.520 --> 0:04:48.000 parliament has voted to impeach acting President Han Dak su. 0:04:48.560 --> 0:04:51.240 It's the latest blow to a government already reeling after 0:04:51.279 --> 0:04:55.000 President Yunsuk Yule's suspension less than two weeks ago for 0:04:55.080 --> 0:04:58.120 his martial law degree. The impeachment was sparked by Hans's 0:04:58.160 --> 0:05:02.880 refusal to appoint three judges Constitutional Court, which could finalize 0:05:02.880 --> 0:05:05.360 President Yunsuk Yule's removal from power. 0:05:05.920 --> 0:05:08.600 President elect Donald Trump's thread of tariffs has set off 0:05:08.600 --> 0:05:13.200 a global supply chain freakout. The uncertainty and potential costs 0:05:13.240 --> 0:05:17.200 of those tariffs are causing widespread concerns, with many businesses 0:05:17.200 --> 0:05:20.800 expecting to pass on increased cost to customers and bracing 0:05:20.839 --> 0:05:25.279 for higher expenses and potential disruptions. Businesses worldwide are rushing 0:05:25.320 --> 0:05:28.880 to prepare for potential tariffs and trade wars, leading to 0:05:28.920 --> 0:05:32.280 a surge in imports and supply chain disruptions. Companies are 0:05:32.320 --> 0:05:36.440 talking are taking rather preemptive measures, such as front loading orders, 0:05:36.520 --> 0:05:39.599 seeking new suppliers, and renegotiating terms. 0:05:40.080 --> 0:05:42.840 Malami. The business world to mourning the death of Richard 0:05:42.960 --> 0:05:46.520 Parsons this morning. The executive was dubbed Captain Emergency for 0:05:46.600 --> 0:05:50.560 his record of stabilizing ailing companies begin more with Bloomberg's 0:05:50.600 --> 0:05:51.400 Charlie Pellett. 0:05:51.760 --> 0:05:56.200 Those companies included Aol, Time, Warner City Group, and Dime 0:05:56.320 --> 0:06:00.360 Savings Bank of New York. Parsons was seventy six at 0:06:00.400 --> 0:06:03.159 his home in Manhattan. The New York Times said the 0:06:03.200 --> 0:06:07.120 cause of death was bone cancer. Parsons was named chairman 0:06:07.200 --> 0:06:11.120 of CBS in September of twenty eighteen. He resigned less 0:06:11.160 --> 0:06:15.080 than one month later, citing complications from multiple myeloma, a 0:06:15.160 --> 0:06:19.760 blood cancer. Parsons was also chairman of the Rockefeller Foundation 0:06:20.320 --> 0:06:27.120 in New York. Charlie Pellett Bloomberg Radio and. 0:06:27.160 --> 0:06:28.560 It's time now for a look at some of their 0:06:28.640 --> 0:06:30.880 stories making news in New York and around the world, 0:06:30.880 --> 0:06:33.839 and for that were joined by Bloomberg's Michael Barr Michael 0:06:33.880 --> 0:06:35.240 Good Morning, Good Morning Care. 0:06:35.279 --> 0:06:38.279 In New York City, Mayor Eric Adams as suggesting federal 0:06:38.320 --> 0:06:43.200 prosecutors take the case of accused subway arsonist Sebastian Sapata 0:06:43.720 --> 0:06:46.240 please say the suspect killed a woman by setting her 0:06:46.240 --> 0:06:49.200 on fire on the subway last week. The move indicates 0:06:49.240 --> 0:06:53.040 the mayor's increasing willingness to work with federal law officials 0:06:53.360 --> 0:06:56.720 to remove migrants charged with crimes from the city. The 0:06:56.760 --> 0:07:01.120 woman's identity remains unknown, However, a vigil was held yesterday 0:07:01.279 --> 0:07:05.080 at the subway station in Coney Island. Reverend Kevin McCall 0:07:05.200 --> 0:07:09.600 with Crisis Action Network criticized onlookers for not helping the woman. 0:07:10.560 --> 0:07:11.600 The slogan in. 0:07:11.600 --> 0:07:17.880 This city is if you see something, say something. 0:07:18.680 --> 0:07:20.080 But no one said nothing. 0:07:20.960 --> 0:07:22.120 No one did nothing. 0:07:24.320 --> 0:07:28.080 They just watched this young lady burn on fire. 0:07:27.840 --> 0:07:32.600 Alive, Reverend Kevin McCall with Crisis Action Network. A month 0:07:32.640 --> 0:07:35.680 after a stowaway on a Delta Airlines flying from New 0:07:35.760 --> 0:07:39.280 York to Paris, we're learning another attempt has been foiled 0:07:39.320 --> 0:07:42.920 in Seattle this week after a passenger got on board 0:07:42.920 --> 0:07:46.240 a flight to Honolulu without a ticket. Official say the 0:07:46.280 --> 0:07:49.320 stowaway got off the plane and was eventually tracked down 0:07:49.360 --> 0:07:53.440 insign an airport bathroom. The TSA confirms the passenger we 0:07:53.600 --> 0:07:57.640 screen at a security checkpoint, but was somehow able to 0:07:57.680 --> 0:08:02.040 bypass the identity verification process and make it onto the 0:08:02.040 --> 0:08:05.560 plane without a boarding pass. Aviation analyst John Nance. 0:08:06.000 --> 0:08:08.920 This has gotta stop because there is a very definite 0:08:08.960 --> 0:08:12.000 security risk and having people get aboard without a ticket. 0:08:12.480 --> 0:08:17.240 Aviation analyst John Nance spoke to ABC. Parts of Texas, Louisiana, 0:08:17.320 --> 0:08:21.040 and Arkansas are under severe weather watches as the National 0:08:21.080 --> 0:08:24.280 Weather Service predicts a storm system in the Gulf of 0:08:24.360 --> 0:08:27.920 Mexico could bring high winds, hail, and possible tornadoes to 0:08:27.920 --> 0:08:30.480 the region. More than one hundred flights were delayed and 0:08:30.720 --> 0:08:35.880 dozens more were canceled Thursday at airports in Dallas and Houston. Finally, 0:08:35.960 --> 0:08:39.839 Tonight's Mega Millions, a lottery jackpot drawing, is now worth 0:08:39.840 --> 0:08:43.720 over one billion dollars, a jackpot that's been steadily growing 0:08:43.800 --> 0:08:47.120 since September. Many are ready to take their chance tonight. 0:08:47.200 --> 0:08:47.800 Like this man. 0:08:48.520 --> 0:08:52.679 If I win, I'm buying people out, I'm buying businesses 0:08:52.760 --> 0:08:53.720 I'm buying up blocks. 0:08:54.160 --> 0:08:55.200 I'm buying an island. 0:08:55.960 --> 0:08:58.959 Oh my, Global news twenty four hours a day and 0:08:59.000 --> 0:09:02.280 whenever you want it. Bloomberg News Now. I'm Michael barr 0:09:02.440 --> 0:09:04.160 This is Bloomberg Karen. 0:09:04.360 --> 0:09:06.360 I'm sure I can find an old toaster to sell them. 0:09:06.720 --> 0:09:15.160 And Michael Barrack, thank you well, Thanks Michael barr Time 0:09:15.200 --> 0:09:17.240 now for the Bloomberg Sports Update. It's brought to you 0:09:17.320 --> 0:09:20.240 by Tri State. Audie. We bring in Dan Schwartzman for that. 0:09:20.360 --> 0:09:22.800 Dan, good morning, Good morning Karen. The Seahawks, keeping their 0:09:22.800 --> 0:09:26.199 playoff hopes alive with a big win in Chicago, throws 0:09:26.240 --> 0:09:26.800 it up in the. 0:09:26.760 --> 0:09:29.320 Air and it is intercepted. 0:09:31.000 --> 0:09:32.000 Bye week, willmen. 0:09:33.080 --> 0:09:36.040 That's Chrissy of Amazon Prime with that interception, the Seahawks 0:09:36.040 --> 0:09:38.480 finishing off a six to three win over the Bears 0:09:38.720 --> 0:09:41.160 to improve to nine and seven, Seattle getting two field 0:09:41.200 --> 0:09:43.800 goals from Jason Myers. Seahawks will be rooting for the 0:09:43.800 --> 0:09:46.360 Cardinals to beat the Rams on Saturday before the head 0:09:46.400 --> 0:09:49.160 ted matchup with LA in a Week eighteen game, and that, 0:09:49.240 --> 0:09:51.400 of course, will determined if they make the playoffs or not. 0:09:51.760 --> 0:09:54.760 Cowboys shutdown wide receiver CD Lamb for the final two games. 0:09:54.800 --> 0:09:57.240 The All Pro dealing with a sprain d ac joint in 0:09:57.320 --> 0:10:00.280 his shoulder. NBA action last night, and that's in the 0:10:00.280 --> 0:10:03.320 fourth quarter to knockoff the Bucks in Milwaukee one thirteen 0:10:03.360 --> 0:10:05.600 to one oh five. Bucks are playing with out stars 0:10:05.600 --> 0:10:09.079 Gianna Santa Ta Koompa or Damian Lillard Elsewhere, Wizards knocking 0:10:09.120 --> 0:10:11.199 off the Hornets at home one thirteen to one ten, 0:10:11.240 --> 0:10:13.560 while the Heat slip past the Magic eighty nine to 0:10:13.640 --> 0:10:16.560 eighty eight. Dallas Mavericks announcing some bad news on guard 0:10:16.640 --> 0:10:18.840 Luka Doncic, as the team says the All Star will 0:10:18.840 --> 0:10:22.000 be reevaluated in a month after sustaining a left caffs 0:10:22.040 --> 0:10:24.760 train in the Christmas Day loss to the Minnesota Timberwolves. 0:10:25.000 --> 0:10:27.800 Both the NFL and the NBA did well ratings wise 0:10:27.840 --> 0:10:31.360 on Christmas Cornthin Nielsen and the NFL sixty five million 0:10:31.440 --> 0:10:33.680 viewers in the US tuned in to watch at least 0:10:33.720 --> 0:10:36.160 a minute of one of the two games. The Ravens 0:10:36.160 --> 0:10:39.439 Texans game averaged twenty four point three million viewers, while 0:10:39.440 --> 0:10:42.680 the Chiefs Steelers averaged twenty four point one million, the 0:10:42.720 --> 0:10:45.800 two games becoming the two most stream games in league history. 0:10:46.080 --> 0:10:48.880 The NBA also doing well with its five game schedule, 0:10:48.880 --> 0:10:51.640 averaging five and a quarter million viewers per game, its 0:10:51.679 --> 0:10:55.800 best holiday numbers in five years. NHL resuming its regular 0:10:55.880 --> 0:10:58.120 season after the holiday break, with the Devil's hosting the 0:10:58.200 --> 0:11:00.560 Hurricanes while the Bruins are on the h at the 0:11:00.600 --> 0:11:04.280 Blue Jackets. That's your Bloomberg Sports Update. I'm Dan Schwartzman, 0:11:04.440 --> 0:11:05.480 Karen and Amy. 0:11:07.600 --> 0:11:11.600 Coast to Coast on Bloomberg Radio nationwide on Sirius XM, 0:11:11.800 --> 0:11:14.680 and around the world on Bloomberg dot Com and the 0:11:14.760 --> 0:11:18.679 Bloomberg Business app. This is Bloomberg Daybreak. 0:11:20.000 --> 0:11:22.280 And we are watching the markets as we are just 0:11:22.480 --> 0:11:25.560 days away from twenty twenty five. I want to know 0:11:25.600 --> 0:11:28.320 what to expect. Jeffrey, you of b and why remains 0:11:28.360 --> 0:11:31.560 cautious and he joins us now, Jeffrey, always a pleasure. 0:11:31.600 --> 0:11:35.880 Thanks for joining us. You are cautious, but are you bearish? 0:11:35.960 --> 0:11:38.280 Not bearish? I'm just cautious and the only reason for 0:11:38.320 --> 0:11:41.640 caution is positioning. We've been specifying this for quite some 0:11:41.720 --> 0:11:44.120 time now. If I look at the dollar, if I 0:11:44.160 --> 0:11:47.080 look at domestic buying of US treasuries, if I look 0:11:47.080 --> 0:11:51.400 at equity positioning, the fact is people are really loaded 0:11:51.480 --> 0:11:54.560 up on US exceptionalism, not saying that shouldn't be the 0:11:54.640 --> 0:11:57.600 case right now, wait and see approach, But do you 0:11:57.720 --> 0:12:00.839 really want to be adding to already extended position heading 0:12:00.880 --> 0:12:03.280 into year end and early phases of next year with 0:12:03.840 --> 0:12:06.160 new policies coming through. I think that's where the need 0:12:06.200 --> 0:12:08.319 for caution is rather than being bearish from the economy 0:12:08.400 --> 0:12:08.840 or anything. 0:12:09.360 --> 0:12:11.439 Right those new policies are coming in with a new 0:12:11.440 --> 0:12:15.480 administration that's coming in. There may be some uncertainty around that. 0:12:15.800 --> 0:12:17.160 So how do you work around that? 0:12:18.320 --> 0:12:21.360 Well, really depends on what we're looking for. Firstly, on 0:12:21.400 --> 0:12:23.679 the tariff side of things, I think that's pretty much 0:12:23.679 --> 0:12:26.640 in the price a lot of them economies they are 0:12:26.679 --> 0:12:29.320 dealing with it. You know, your own reporting specified in 0:12:29.400 --> 0:12:32.600 advance of that as well, and could there be deals 0:12:32.600 --> 0:12:34.600 to be done, you know, will things be better than expected? 0:12:35.080 --> 0:12:37.920 I think that's much more manageable because we did get 0:12:38.240 --> 0:12:40.040 a dose of that a couple of years ago during 0:12:40.080 --> 0:12:44.480 the first and Trump administration. Secondlier, which is probably more 0:12:44.520 --> 0:12:49.040 problematic in terms of positioning again, is the US's fiscal position. 0:12:49.160 --> 0:12:51.360 That's where we need to look at a longer term plan. 0:12:51.880 --> 0:12:53.959 There's need for government efficiency, of course, but at the 0:12:53.960 --> 0:12:57.680 same time something along the lines of debt sustainability. If 0:12:57.720 --> 0:13:01.280 markets were concerned about France over the last few months 0:13:01.400 --> 0:13:04.560 or so and its budget and its budget trajectory, the 0:13:04.559 --> 0:13:06.760 OECD notes that's probably the only large economy with a 0:13:06.800 --> 0:13:09.240 worst budget track, and France is actually in the US. 0:13:09.440 --> 0:13:12.800 And given the level of positioning globally in the trophy 0:13:12.840 --> 0:13:15.480 market right now, and probably the lack of buyers up 0:13:15.480 --> 0:13:18.040 ahead because global surpluses are coming down, especially amongst the 0:13:18.040 --> 0:13:21.080 Ears Asian savers, that's where in terms of policies, we 0:13:21.160 --> 0:13:22.800 really need a closer look now. 0:13:22.840 --> 0:13:25.200 While there is some uncertainty, as you mentioned, President elect 0:13:25.200 --> 0:13:28.400 Trump has been there before and he's sort of foreshadowed 0:13:28.400 --> 0:13:30.880 what he wants to do. He's already said he wants 0:13:30.920 --> 0:13:34.000 tariffs in place, not small ones either, So how would 0:13:34.040 --> 0:13:35.640 you bake that into your positioning. 0:13:36.679 --> 0:13:38.760 I think we need to look at the individual markets. 0:13:38.760 --> 0:13:41.160 If I look at say like China, for example, markets 0:13:41.200 --> 0:13:43.320 are very very light in terms of their positioning, not 0:13:43.400 --> 0:13:45.880 just in China but Apac in general. If I look 0:13:45.920 --> 0:13:48.040 at Canada, if I look at Mexico, there's been quite 0:13:48.040 --> 0:13:50.080 a bit of hedging coming through as well. If I 0:13:50.120 --> 0:13:54.000 look at the Euro Euro hedging by our international clients, 0:13:54.160 --> 0:13:56.800 many of which are based in the US. That's at 0:13:57.200 --> 0:14:00.160 the highest levels, so highest levels of hedges against the 0:14:00.160 --> 0:14:03.720 euro since two thousand and two. And back then euro 0:14:03.800 --> 0:14:07.240 dollar was at eighty I repeat, at zero point eight 0:14:07.360 --> 0:14:09.600 or so. That's when the ECB was trying to prop 0:14:09.679 --> 0:14:13.240 up the euro. But then Europe reformed by itself. We 0:14:13.320 --> 0:14:15.720 had the heart sphere reforms under Schwerder and guess what 0:14:15.800 --> 0:14:19.160 in a few years euro dollar one sixty. Okay, So 0:14:19.680 --> 0:14:22.240 I actually see this less about the US, but more 0:14:22.360 --> 0:14:25.720 as an opportunity for Europe due to external pressures, an 0:14:25.760 --> 0:14:28.440 opportunity for them to change again, just as was the 0:14:28.480 --> 0:14:30.600 case twenty years ago. And if there's more of a 0:14:30.600 --> 0:14:34.800 domestic component rather than exports, then tariff's big deal. Europe 0:14:34.800 --> 0:14:36.840 can manage by itself and certainly has the funds to 0:14:36.880 --> 0:14:37.160 do so. 0:14:37.600 --> 0:14:39.640 Well. Well, we have about a minute here. What are 0:14:39.640 --> 0:14:40.920 you looking for from the Central Bank? 0:14:41.760 --> 0:14:44.640 Well, from the Central Bank ECB more cuts to come. 0:14:44.720 --> 0:14:46.640 I think there will be a chance of fifty basis 0:14:46.640 --> 0:14:49.040 points on one of the coming meetings. Also, I think 0:14:49.160 --> 0:14:50.840 if I look at the Bank of England, for example, 0:14:50.880 --> 0:14:53.840 markets are way too I would say less than they're 0:14:54.120 --> 0:14:57.480 less dubbish or even hawkish. I think Governor Bailey's one 0:14:57.520 --> 0:15:00.440 cut per quarter view from a few weeks ago still 0:15:00.480 --> 0:15:03.640 stands now From the Fed, however, the lost coat and 0:15:03.680 --> 0:15:06.440 maybe the last one for a while. Market pricing right 0:15:06.480 --> 0:15:08.760 now very cautious easing. I think that that's something that 0:15:08.800 --> 0:15:11.320 we can live with for the time being. But really, 0:15:11.440 --> 0:15:14.200 apart from the US, everywhere else, especially in the developed world, 0:15:14.280 --> 0:15:16.320 it's more easing up ahead, and probably more the markets 0:15:16.320 --> 0:15:16.880 are pricing in. 0:15:17.040 --> 0:15:20.400 This is Bloomberg Daybreak, your morning podcast on the stories 0:15:20.480 --> 0:15:23.520 making news from Wall Street to Washington and beyond. 0:15:23.840 --> 0:15:26.240 Look for us on your podcast be by six am 0:15:26.280 --> 0:15:30.440 Eastern each morning, on Apple, Spotify, or anywhere else you listen. 0:15:30.720 --> 0:15:33.600 You can also listen live each morning starting at five 0:15:33.640 --> 0:15:36.240 am Wall Street time on Bloomberg eleven three to zero 0:15:36.360 --> 0:15:39.240 in New York, Bloomberg in ninety nine to one in Washington, 0:15:39.320 --> 0:15:42.640 Bloomberg ninety two to nine in Boston, and nationwide on 0:15:42.800 --> 0:15:45.000 serious XM Channel one twenty one. 0:15:45.320 --> 0:15:48.240 Plus listen coast to coast on the Bloomberg Business app 0:15:48.280 --> 0:15:52.080 now with Apple CarPlay and Android auto interfaces. 0:15:51.600 --> 0:15:54.600 And don't forget to subscribe to Bloomberg News Now it's 0:15:54.640 --> 0:15:57.360 the latest news, whenever you want it in five minutes 0:15:57.480 --> 0:16:00.600 or less. Search Bloomberg News Now and your favorite podcast 0:16:00.600 --> 0:16:04.320 platform to stay informed all day long. I'm Karen Moscow 0:16:04.560 --> 0:16:05.560 and I'm Amy Morris. 0:16:05.640 --> 0:16:08.080 Join us again tomorrow morning for all the news you 0:16:08.120 --> 0:16:12.720 need to start your day right here on Bloomberg Daybreak.