Single Best Idea with Tom Keene: Jordan Rochester & Sharon Miller

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with Jordan Rochester & Sharon Miller.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF

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Episode Transcript

Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio.

Speaker 2 (00:06):
News, the single best idea first day at June, first
business day at June, final bunt of Q two, Uncertainty
in the air, in the ground, everywhere, and it was
just an odd, odd Monday. So what you do is

(00:31):
you don't so much blow up the show as you
piece it together. In our team, Eric and the interns,
they pieced it together in the six to seven, even
in the eight o'clock hour. What an honor to have
Olivia Blanchard with us today to make comments on the
life of Stanley Fisher is just magisterial for him to

(00:52):
talk the stories we talked about. Oh the time Samuelson
was so angry he grabbed the chalk out of stan
Fisher's hand, through it against the wall. Blanchard said, Madigliani
was actually worse. Great vignettes there, but also there was
a weaker dollar on short notice. Thrilled to have Jordan
Rochester with again from a Zuo piercing analysis. Look for

(01:14):
his good work out on LinkedIn. Here is Jordan Rochester
of Miszouo.

Speaker 1 (01:18):
Well, as we learned this through Trump's first term, it's
so noisy, ton't that it's very easy to get yourself
lost in the woods and miss the big trades that
happen in the background. And I think this de dollarization
is a big trade that will carry on. I think
the Europeans building up their defense spending. You just had
the UK over the weekend or today announced the increasing
spending on submarines. So you're going to miss that big

(01:39):
structural improvement in European growth expectations if you focus too
much much on what comes out of the Oval Office,
taris on tarasof or the taco trade as some people
talk about it. But I do worry about the summer's
event risks. The calendar is pretty positive for defense spending.
We've got the G seven summit, the NATO Summit, and
the EU Defense Summit all in the last two weeks

(02:00):
of June. That could be trade deals secured with US
and Japan. That might be a bit of a positive.
I worry about the Europeans. I don't think they're going
to get a deal before the July ninth cut off,
the date when the reciprocal tariffs shift high for Europe,
and if that's the case, the ECB will have to
cut rates. In my opinion, in July there's only six
basis points priced for that meeting, so we'll find out

(02:20):
on Thursday how doubles they are.

Speaker 2 (02:22):
Jordan Rochester there my head spinning on European dates, but
he's got them in too. We'll keep our eye on that.
Joining us as well from Bank of America. And this
is something odd for us in the financial media. We
love to talk to bank executives. What's the FED going
to do? And all that drives me absolutely bonkers. Today

(02:42):
in the plumbing of the Bank of America, we had
Sharon Miller off of their Texas shop. She's in charge
of all of their business relationships for Brian moynihan and
the team. Here is Sharon Miller on the pulse of
American small business.

Speaker 3 (02:58):
I have been head of small Business for the past
eight years at Bank of America, and what I have
seen from our clients is resilience. They go through different things. COVID,
we went through COVID, We went through all different types
of crisis. And you've got to look at the data
versus what people are saying. And so we do see
in our data and we you know, we look at

(03:18):
all areas of the country. The Northeast has not fared
as well as the South, and so as you think
about what's actually happening from region to region, industry to industry,
it's not all the same, but I would see overall
the health of business is strong.

Speaker 2 (03:35):
Sharon Miller, the Bank of America. An eventful week on
a jobs Day on Friday. A lot of economic data
here the first week of the month, including market moving
data here on Monday, really difficult ten am numbers at
ism manufacturing in all that again across this nation. And
your commute on serious XEM channel one, twenty one, Apple CarPlay,

(03:58):
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