November 21, 2025 • 37 mins
Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
President Donald Trump said he wants to see Zohran Mamdani succeed, saying after a highly anticipated sit-down that he’d “feel very comfortable” living in a New York run by the mayor-elect and that he doesn’t anticipate cutting off funding for the country’s most populous city.
“I expect to be helping him, not hurting him,” Trump said of Mamdani in a press conference that repeatedly stressed the two politicians’ political alignment over cost-of-living issues. “I want New York City to be great.”
The meeting was the first between the two leaders who have clashed publicly over their political agendas but are seeking to determine if they can work together. Their talks held high stakes for the governance of the capital of global finance and for their respective political parties ahead of next year’s midterm elections.
During the mayoral election, Trump repeatedly assailed Mamdani — a democratic socialist who won on a progressive platform — as a “communist,” urging voters to reject his candidacy and threating to pull government funding from New York, the president’s hometown. Republicans have also eagerly sought to turn Mamdani into a foil for Democratic policies with voters well beyond the city.
On Friday, the two men appeared cordial and friendly, with Trump shrugging off questions about Mamdani’s prior references to the president as a “despot” as “not that insulting.” They told reporters that they spent the majority of their meeting discussing the cost of rent, groceries and utilities. The president also said he shared some of Mamdani’s ideas on how to address affordability.
Today's show features:
- Bloomberg News White House and National Security Editor Michelle Jamrisko on President Donald Trump’s White House meeting with New York City Mayor-elect Zohran Mamdani
- Sarah Levy, CEO of Betterment, and Bloomberg News Senior Editor, Equities Americas Eric Weiner recap the volatile week in markets and react to President Trump’s meeting with NYC Mayor-elect Zohran Mamdani
- Christina Cassotis, Chief Executive Officer of the Pittsburgh International Airport, on the opening of the airport’s new terminal and preparations for holiday travel amid lingering effects from the government shutdown
See omnystudio.com/listener for privacy information.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, radio News. This is Bloomberg business
Week Daily reporting from the magazine that helps global leaders
stay ahead with insight on the people, companies, and trends
shaping today's complex economy. Plus global business finance and tech
(00:23):
news as it happens. The Bloomberg Business Week Daily Podcast
with Carol Masser and Tim Stenebek on Bloomberg Radio.
Speaker 2 (00:32):
We do want to take you back to what we
just heard.
Speaker 3 (00:35):
That meeting between President Trump and the mayor elect of
New York Cities are on Mandannie. Obviously, they talked a
lot about the relationship between the federal government and New York.
The President did also answer some questions on some of
the geopolitical issues that are out there. But the net
takeaway a range of questions and answers. But it does
seem like these two individuals. I think some thought they
(00:56):
might not get along. They definitely look like they got along.
Speaker 4 (00:58):
Let's bring in Michelle jimri Go. She's White House and
National Security Editor down at our bureau in Washington and DC.
I got to tell you my phone is blowing up
with text messages about how surprised people are listening to
that press conference watching that press conference, Michelle, it seems
like these two got along really well. What are your takeaways?
Speaker 5 (01:18):
Yeah, well, we knew it was going to be, you know,
as Trump says, the best show on Earth. We had
hordes of media waiting for the arrival there, and we
were waiting to hear it confirmed and then waiting to
get in to see exactly what the show would be about.
But I think, yeah, in the end, we were joking
on the earlier show, what could possibly happen where they
both come out of this happy. But it looks like
(01:39):
to your point, they did agree on a number of things,
and I think they both appreciated the opportunity to kind
of pump their message and show the American public some
sort of agreement across a vast political divide, and also
minimalize those political labels, which I thought was funny. It
came to humorous points at times, with Trump saying, Mum,
(02:00):
Dottie could just answer yes to the question of whether
he still believed Trump was a fascist and not have
to explain himself. So they were having a little fun with.
Speaker 2 (02:07):
The moments in there.
Speaker 3 (02:08):
There are a lot of funny moments. I think we
were all just kind of shocked, you know, a show. Yes,
maybe the president you know, promised, no one expected the bromance, though,
I think it's safe to say and.
Speaker 2 (02:18):
That's what it feels like.
Speaker 3 (02:19):
I mean you could tell, right, you can read the room,
read the chemistry, you know. I guess what's interesting is
and I kind of think, obviously you can't kind of
maybe we think about this, but if I went before
the election or a couple of months ago, I can't
even imagine this kind of warmth between these two officials.
But I don't know, is it the individual, is it
(02:41):
the charisma of the mayor elect? Is it that you
know President Trump has been not winning everything as of late.
Speaker 5 (02:50):
Well, I think it's a combination of a lot of
those things, Carol. I mean we think about too Trump's style,
personal diplomacy, his idea that he could get along with anybody,
and you know, he often talks about being able to
cut a deal with even who you might think is
the most controversial figure, never mind someone who he's had
in the oval office today, who is you know, a
very different political figure.
Speaker 6 (03:11):
Than he is.
Speaker 5 (03:12):
But I think one thing that he really respects, really
respects strength, confidence. He really likes the job that Mundannie
has He joked about loving, you know, the idea of
being New York mayor. Maybe we'll see a run for
the president in the future on that. But you know,
he and he also respected someone who is very much
you know, Visa VI Trump, very much like Mundannie in
(03:33):
terms of Bernie Sanders taking the same kind of voters
cost of living populist draw. So he sees some similarities there,
and I think that was part of the show today,
was like, let's show you where we can agree and
like to the benefit of both of us politically, and
then you know, we'll talk about some substantive things and
where we can come together on a vast disagreements.
Speaker 4 (03:54):
The President and I think there was concern going into
this from New Yorkers who thought, okay, well, if the
President chooses not to give federal funds to New York City,
the New York City could be in trouble. The President
said that if he quote didn't agree with New York
City mayor like Zorah and Mom Donnie, he wouldn't give
the city as much federal funding. He said, quote, we
had a meeting today that actually surprised me. He wants
(04:15):
to see no crime, He wants to see housing being built,
he wants to see rents coming down, all things that
I agree with.
Speaker 2 (04:22):
Is it fair to say.
Speaker 4 (04:23):
That that Mom Donnie walks away and says this meeting
was a huge success.
Speaker 5 (04:30):
Well, I don't know if you can say huge success.
And of course I think Mom Donnie is smart enough
to think. You know, all these things can also tentative.
You know, you could be friends and pals seemingly with
the President one day and the next day you do
something and he's upset and takes revenge in some way,
and that's part of his unpredictability that he likes to
playoff of to get leverage. Is the whole art of
the deal. Right, So, but we did see I mean
(04:52):
to your point that housing and affordability conversation seem to
be kind of coalescing around the idea that they both
know it needs to go in a certain direction. Donny
is in some ways being trusted to take care of
that without the threat of withholding federal funding, it seems.
But you know, we live to fight another day. And
then on the crime side, which was you know, a
big sipping sticking point of course for Trump, he seemed
(05:14):
to kind of relent on that issue. He was asked
if you would feel comfortable living in a mundane in
New York City. He said absolutely, and he said especially
after today. So you know, he's kind of playing up this.
You know, I've met with this guy. Now that I
know him, things are just going to be fine. So
I think this is kind of a down payment on
a future relationship that could get rocky. Of course, you know,
(05:34):
you think of the likes of Elon Musk. We saw,
you know, a great romans romance, a lot of respect,
and you know we've been on a roller coaster ride
since then, so I can only imagine that that could
be the same for this relationship.
Speaker 3 (05:46):
Although Elon back in the White House or at least
back at a big that's right. This past week, Hey, Michelle,
before you go, just two things I want to ask you.
First of all, in terms of whenever any of this
happens in the Oval Office, I think about policy and
things that might impact the investment in environ the business environment.
The Bloomberg audience, if you will, and Mamdannie the mayor elect,
talked about very much interested in property tax reform. They
(06:07):
both talked about housing affordability. They also talked about power rates,
electricity rates. We saw Connor Edison which was cited specifically.
I think them both calling on and I think the
President looking calling on Kane to cut rates, and Kana
dipped as much as one point four percent on that news.
How much of it should we think about is the
(06:29):
potential for Yeah, this is going to be future discussions
that could ultimately result in some kind of policy or
changes that if impact the business environment here in New
York City.
Speaker 5 (06:39):
Well, certainly an open question, Carol, and I haven't checked
all the market metrics that you're mentioning, but you know,
I can imagine that the businesses that were nervous about
certain things coming into today weren't maybe reassured just by
the messaging that Mumdanni proposed, you know, maybe the spirit
of it, yes, but I don't think he changed a
whole lot from what he's been talking about. So I
think the the concern might remain in terms of how
(07:02):
he might go back this and we didn't get much
detail on that front, but the motive and the ideas
behind it, I think we're consistent with what he said
on the campaign trail.
Speaker 3 (07:11):
Hey, one last question, because geopolitics certainly came up. The
President did say that he thinks the Russia Ukraine piece
is getting close. I'm just curious, And they also talked
about that they both want peace in the Middle East,
but Russia Ukraine has certainly been front and center today.
So back and forth of things going on. You do
cover national security here, I'm just curious anything that we
need to know as we head into the weekend.
Speaker 5 (07:32):
Yeah, and you know, it's really important, and the bar
is low today. We were trying to hear, you know,
get some sense of how some conversations had gone today.
We understand Mayors had spoken with Trump with that jd.
Vance had spoken with Zelenski and a lot of things
have unfolded today that we still need to get follow
up on. I think, you know, a few of his
lines were pretty striking today that kind of pointed in
one direction of putting the pressure, and we're keeping the
(07:53):
pressure on President Zelenski rather than putin at the moment.
You know, he said it takes two to tango and
both lost. He said twenty five thousand folks have been
lost on either side in the recent period of time,
So not very exact, but he's saying this is a
pretty striking remort war. It remains one that needs to
be resolved, but really kind of putting in Selenski thop
(08:14):
and saying he has to agree to something at some point.
Speaker 3 (08:17):
Okay, lots going on. Hey, listen so much, Thank you,
Thank you covered it all. Michelle jim Risco there in
our Washington, DC bureau for Bloomberg News. She's White House
and National Security Editor. Michell have a great weekend.
Speaker 4 (08:30):
Stay with us. More from Bloomberg Business Week Daily coming
up after this.
Speaker 1 (08:38):
You're listening to the Bloomberg Business Week Daily Podcast. Catch
us live weekday afternoons from two to five Yes during
listen on Applecarplay and Android Otto with the Bloomberg Business app,
or watch us live on YouTube.
Speaker 4 (08:52):
Well vulable day of trading here in New York, where
we saw the S and P five hundred down as
much as a quarter of eight percent, than up as
much as one point nine percent to close higher by
one percent for the week, though down two percent. The
Nasdaq down two point seven percent this week. For more
on the markets and the outlook, we bring in Eric Wiener,
Bloomberg News Senior Editor Equities in America's also joining us
Sarah Levy, CEO of Betterment. Sarah joins us from New York.
(09:14):
Eric is here in the Bloomberg Interactive Brokers studio. I
want to thank both of you for just being so patient.
Speaker 2 (09:19):
Sarah.
Speaker 4 (09:19):
We were supposed to talk to you over a half
hour ago, and you've been standing by, but you have
been able to actually see this press conference between the
President and the New York City mayor elect. You live
in New York, you run a company in New York,
you have employees in New York, so I imagine you
are looking closely at the future of New York City.
I'd be remiss if I didn't ask you, Sarah, your
takeaways from this press conference.
Speaker 7 (09:41):
Well, it's interesting because I think affordability is obviously on
everybody's mind, and I think that it was great to
see sort of places of commonality because I think if
the if the city's going to thrive, which I obviously
have a vested interest in. I've been a New York
City resident my entire life, if the city's.
Speaker 8 (09:58):
Going to thrive, we're going to need federal support.
Speaker 7 (10:01):
So I think it's really great the way they're reaching
across the aisle to find areas of commonality, and I think, look,
you know, keeping crime low is important. I think affordability
is on everyone's mind. And even as I think about
my business, not just running a business in New York,
but we're here to help people invest and you know,
build nest eggs and build wealth over time. If life
isn't affordable, that's a really hard thing to do.
Speaker 4 (10:23):
Eric, I want to bring you in here because you
have to catch some of this press conference as well.
Speaker 6 (10:26):
And certainly Wall.
Speaker 4 (10:28):
Street and New York City are inextricably bound, and what
happens in the markets, a lot of that happens here
in the city. You're a longtime person who's worked and
lived in New York, your views.
Speaker 9 (10:40):
Well, from a Wall Street perspective, they've got to be
happy because if we're fighting, if the city is fighting
with DC, that is just not good for business here
and in particular financial business here. So really, what you
want is sort of a friendly agement with the White House.
(11:01):
You want funding to be available, and you really want
as we were just talking about the affordability issues, the
issues that they're talking about development, getting more housing, getting
more getting affordability down, all of that is extremely important
to the markets and today was probably a pretty good
development for Wall Street.
Speaker 3 (11:23):
But I mean getting housing prices down is important to
the markets, or you just mean that they're cooperating.
Speaker 2 (11:28):
Well, I don't know.
Speaker 9 (11:30):
I don't know how much. Yes, I don't know how
much a politician can get housing prices down. What you
can do, though, is spur building. And so if you
reduce regulations and open up building in places where there
hasn't been building, then suddenly you can get more units
involved and you can get more people. Rents come down.
It's just there hasn't been a ton of building. There
(11:52):
hasn't been a lot of development going on in New York.
And if Mom Donnie can do it with the support
of the President, that much better.
Speaker 3 (12:00):
So, Sarah, I mean, you know, let's talk a little
bit about kind of how we wrapped up. I mean,
there's so much coming at We spend so much time
focusing on news obviously out of DC, and you know,
anytime that there is some event from the Oval Office,
like I mentioned Kaned, because he the president and the
mayor let talking about getting power prices, electricity prices rates down,
(12:21):
and kaned we saw a dip on that. The environment
in general, there's questions about the AI trade, what the
Fed's going to do, kind of what do you think
is most impactful and will matter to markets as we
are almost ready to wrap up this year.
Speaker 8 (12:38):
I mean, look, there's a lot packed into that. I think.
Speaker 7 (12:40):
I think probably interest rates and the AI trade are
probably the two biggest factors. And you know, the question
on the AIRA, Both of those questions I think are open,
which is, you can see a lot of similarity to
the dot com bubble right now.
Speaker 8 (12:54):
In the AI trade.
Speaker 7 (12:55):
And you know, we're seeing that volatility sort of pre
and post the Navidia earnings, you know, one day up,
one day down. So you know, I think there are
really two sides of that debate right now about you know,
is it inflated?
Speaker 8 (13:06):
Is there too much capex going in there? And is
there going to be an ROI?
Speaker 7 (13:09):
Or is there room to run and we're going to
transform you know, productivity across business. And I think there's
really something to both of those, to both of those narratives.
So we're seeing people somewhat confused and sitting a lot
of money on the sidelines in cash because of that.
So then enters the FED conversation right where recently we've
(13:30):
started to see more of a rotation out of cash
into investing. But I think now we sit in this
place where it's pretty split fifty to fifty on whether
or not the Fed's going to drop rates again because
the economic signs are a little, you know, crosswise, a
little confusing.
Speaker 4 (13:44):
Sarah sittype because I want to get back to what
exactly is happening on the betterment platform in just a second,
as you have increasingly focused you know, people know it
as a robo advisor, but increasingly now it's become this
a different type of platform, and you're going to tell
us about that and what people are doing on the platform.
But Eric, I want you to weigh in on one
of Sarah's points that she just made, which is this
idea of whether or not we're in a bubble when
(14:06):
it comes to AI and if there are parallels indeed
to the dot com bubble.
Speaker 9 (14:11):
Well, there absolutely are are parallels. The question is where
we are in that stage. Bubbles can run for a
long time. We actually have a story running on Sunday
Business back Comomy right now. After this there's the glass
half full, glass half empty argument where there are people
who were looking at all the spending and saying, oh
(14:31):
my god, they're not going to be able to pay this,
and then you have other people saying, oh my god,
look at all this money that's coming in. We're going
to make a fortune. So really that is actually playing
out in real time, and that was really what caused
the turnaround. Just yesterday where you know, Nvidia came out strong.
(14:51):
We knew that we're going to come in strong, but
when they came out strong and it looked like, okay,
we're going to rip higher, and then all of a sudden,
there's this pullback because people start getting concerned. The undercover
issue to me is the consumer. We're not talking about that.
And if you look at the companies that are doing
worse this year, it's the consumer discretionary index. And like
(15:12):
we heard from Walmart, which did great, that they're concerned.
We heard from Target their concern, Home Depot lows they're concerned.
If we're heading into Christmas and the consumer is not healthy,
that isn't great for stocks like that isn't great for earnings.
That isn't great for a whole bunch of things that
we count as really the you know, the tip of
(15:33):
the missile when it comes to getting gains.
Speaker 4 (15:35):
Well, well, Sarah, I saw you nodding there when Eric
was talking about the consumer. Remind everybody who's on the
betterment platform. I understanding would be these are people who
have money to invest, so that puts them in a
different income spectrum than a lot of Americans. We should
point out, but what can you tell us about what
the consumer is doing on the betterment platform that would
(15:56):
indicate to you how the health of the consumer is
right now, Well.
Speaker 7 (15:59):
Your point is really important about who we serve. So
we do serve a millennial professional or a more professional
gen zer sort of earlier in their wealth building journey,
but important to say wealth building journey, right. So typically
our customers have lower debt, have six figures of income.
So I'm not sure necessarily it's the pulse of sort
of the common you know, consumer who's struggling with you know,
(16:24):
what's my Thanksgiving dinner cost going to look like?
Speaker 8 (16:27):
That being said, a big part of our business is
the retirement business.
Speaker 7 (16:31):
And you know, when people are struggling today, it's really
hard to convince them to put money away for the future,
even though it's very much in their best interest. And
the fourwing K business is a huge part, and we
haven't really seen changes there. I mean we largely and
granted we have you know, folks who are employed, so
that probably sets a different tone. But we do really
(16:53):
see very very consistent savings continuing in the retirement space.
Speaker 8 (16:57):
So I think that's good.
Speaker 4 (16:58):
In other words, if you a sign of stress would
be if people pulled back on saving for retirement because
they would they didn't they needed that money now to
live because of some sort of job loss or something.
And you're not saying that right now.
Speaker 7 (17:10):
It's not that we'm seeing any of it, but we're
not seeing it at elevated enough levels for that to
be alarming with our customer.
Speaker 3 (17:16):
But this goes back to you know, our earlier guests
that we had on and Eric, I want to bring
you back Greg Daco, he is chief economist at EY
and he's got this whole concept of three a's artificial
intelligence to spend. That has driven acid price gains and
that has been great for folks who are in the
stock market, and that's where mostly affluent customers or consumers,
(17:39):
they're feeling wealthy overall and they're out there spending. But
if any of that, they're so interconnected that if that
starts to come undone, then we might have a problem.
Speaker 9 (17:48):
That's absolutely it. So, yes, money is coming into the
stock market, and we've talked about this K shaped recovery, right,
and so yeah, you know, wealthier people are doing just fine.
But if companies that are requiring, you know, that need
spending to grow, are not getting that spending. Even if
(18:09):
it's at the margin, so it's ten percent down, it's
fifteen percent down, that's enormous. When it comes to investing,
it also involves, as we were just talking about, it
involves how much people are willing to put into the market.
If you are concerned about maybe a bubble bursting and
you're looking at your savings and you're saying, you know,
(18:29):
I really don't want to put this at risk, people
pull back, and what tends to happen is it happens
very slowly and then there's a rush. So the concern
is that people get scared and then all of a sudden, wham,
we all pull back.
Speaker 3 (18:42):
At the same time, I want to ask both of you,
Oh go ahead, Sarah, come on back.
Speaker 7 (18:46):
You know, I was just going to say, Eric, just
one thing to add to that, because I agree with
everything you're saying, which is, I think where AI is
going to take the take jobs is just another kind
of piece of that that we can't ignore, which is
you're already starting to see cracks and you're starting to
see a lot of the biggest companies pull back on
employment because of AI, and so I think we have
to keep our eye on that as well. While we're
(19:07):
getting excited about the AI trade in terms of the
efficiency of delivers well.
Speaker 3 (19:10):
You know what I want to ask both of you
and Sarah, you know, remind me in terms of activity
when it comes to crypto or bitcoin on your platform,
because what's interesting is we've seen such a drop in crypto.
We're now, you know, looking for the next key level
for it to go down to, is eighty thousand, finishing
just below eighty five or at least trading below eighty
five right now. But we have seen so much value
(19:34):
value I put prend theeses around it wiped off of
bitcoin this year, and I'm just curious, is there a
connection I'm trying to understand because people sometimes want to
make correction connections between crypto and the stock market, and
are you seeing anything.
Speaker 8 (19:51):
So crypto is not a huge part of our business.
Speaker 7 (19:54):
We do have crypto portfolios on our platform, but we
don't have the ability, other than buying crypto ETFs, really
to directly by crypto, and we also as sort of
part of who we attract. It's kind of a long
term globally diversified investor. So I would say crypto remains
I'll call it a five ish percent of what we see,
(20:14):
So I'm not sure we're really indicative of what's happening there,
but I would say like we are seeing in general
in the market that crypto is moving with the market
as opposed to against the market at the moment. So
whereas it used to be kind of a you know,
a contra trade, it's feeling a little bit like not
so sure.
Speaker 4 (20:30):
I'm so glad you brought up bitcoin because that's where
I wanted to go with Eric too. Yeah, and Eric,
you know, we're looking at bitcoin hating for its worst
month since the crypto collapse of twenty twenty two, and
whenever we're talking about the collapse of Do Kwon's tear
a USD stable coin back in twenty twenty two, the
downfall of Sam Bakmon Freed's FTX exchange you know, things
are getting very crypto Wintery is their contagion. What there
(20:55):
is is how much Because Bill Lackman said, you know,
Fanny and Freddy fell to Ita because of exposure to
investors who are exposed to crypto. That's I didn't see
evidence from him, but is that right?
Speaker 9 (21:06):
Well, what I will say, I don't Okay, I just
threw a lot at you.
Speaker 4 (21:10):
Well no, no, no.
Speaker 3 (21:11):
Everybody's making connections and I'm like, well wait, Bill.
Speaker 9 (21:15):
Lackman, I I'm not going to draw any conclusions. But
what I will say is that a lot of the
money that is made off of crypto ends up going
into spy, ends up going into the market. So as
people make their make their fortunes on bitcoin and whatever,
and everything's been going up, that's been helping to support investing.
Speaker 2 (21:39):
So people all driver momentum.
Speaker 9 (21:41):
Exactly exactly, Lambos Well, well, well but you know when
you've got a little bit left over into you're right.
Speaker 3 (21:49):
So that's provided liquidity into our assets beyond crypto.
Speaker 9 (21:52):
Absolutely, and that's the spin off. So like when you
have something that has gone up bazillion percent or whatever
it is, and then all of a sudden starts pulling
back and that asset class isn't necessarily in the equity markets,
but it gets funneled into it that has a big,
big spending effect on what happens on Wall Street.
Speaker 3 (22:11):
So you know, Sarah, we were with you in Lovely California.
Speaker 4 (22:15):
It was warmer than.
Speaker 7 (22:15):
It wouldn't it'd be nice to be there now.
Speaker 3 (22:19):
Yes, yes, and yes, what's changed since we talked in September?
Speaker 7 (22:25):
So we recently had a big sort of brand and
business moment for betterment in the launch of self directed investing.
For years, we were sort of the original robo investor,
and the idea there was that we managed people's money
for them, And this generation has really come to the
table with more of a desire to self direct and
(22:46):
less of a sort There used to be kind of
two archetypes of investors, one that wanted you to handle
it for them and one that wanted to do it themselves,
and we've seen like a real blurring of those lines.
So we just really self directed investing that we could
meet our customers really where they are, which is very
exciting for me. Although you know obviously places out there
(23:06):
where you can self direct beyond betterment.
Speaker 4 (23:08):
Do do people want to self direct in a down
market or do you see them wanting to self direct
in a market that moves higher.
Speaker 2 (23:15):
Does it change?
Speaker 7 (23:15):
Well, I mean it's an interesting question, but that also
assumes that it's a down market, you know, for good
here versus the volatility we're seeing. But you know, look,
I think what we've seen historically in our business is
that when things are volatal and when there's a down market,
that's when folks kind of run to the managed investment
side because they realize, you know, this is a lot
(23:36):
harder than I thought it was to do it myself.
But I still think people want to mix. And I
think what's changed kind of generationally is that people want
to do some themselves and then they want to put
some on kind of autopilot. And we just want them
to be able to do both of those things here
and whatever their mix is, we can meet them there.
Speaker 3 (23:54):
You know, Eric, one of the things I always think
about in any market environment is like, what are what's
the canaries in the cold mine? And we've been talking
a lot about private credit this week. We've been talking
about blue Owl this week, and so far it feels
like it's measured. But I also think of a name
like in Nvidia that has struggled even after an initial
rally following earnings, even today after the government looking like okay,
(24:18):
maybe they could possibly the US government allow in Vidia
to sell some chips to China, which they haven't been
really able to do, especially sophisticated chips. But this stock
is down almost six percent, you know, this week alone,
and we've definitely seen a pullback. What do you watch
to get an indication of kind of where we go
(24:38):
from here?
Speaker 2 (24:39):
What is it?
Speaker 3 (24:40):
What is that canary in the maybe equity universe coal
mine or the US financial market coal mine?
Speaker 9 (24:46):
So often these things fall apart because of the credit markets.
Speaker 3 (24:51):
And so where I was watching Oracle right credits, like, yeah,
the credits stops.
Speaker 9 (24:57):
So what we're seeing is much larger concern about AI
spending because they're now using loans, they're borrowing money, they're
issuing deeah, they're issuing debt, they're issuing bonds, they're borrowing.
So it used to be that they were spending off
of their balance sheets, and so the point was, all right,
(25:18):
they have the capital, and they're instead of buying back
their shares or doing dividends or whatever and returning it
to the shareholders. They're going to spend it on growth, fine,
but once they start going into the debt markets to
raise that money, now you have to first of all,
you have to pay that back, so you raise expenses
on one side, and then on the other side, you
(25:40):
really need to get that ROI going. You need to
have the return on the investments. And that's what we're
hearing is the question is when is the return on
investment coming? And it becomes much more urgent as a
question when you have debt behind it as opposed to
it's just coming off your balance sheet.
Speaker 2 (25:55):
That's right, right, there's a whole other layer of investment.
Speaker 9 (25:58):
That's the canary.
Speaker 3 (25:58):
Well, Sarah, come on back, because what you guys do
see on the platform, it's one of the reasons we
love talking with you is just like you know, you
talked about that new money is still coming in. Nobody's
stopping in terms of four O one K investing. But
are people moving things around? Like where are you seeing
you know, flows, You have a lot of data in
front of you.
Speaker 7 (26:15):
Yeah, so we're definitely seeing a rotation from cash into investing.
So that has been probably a couple months now of that. Again,
think of our investor typically as being a globally diverse,
fied investor, so not looking to do, you know, do
a lot of movement. But interestingly with self directed investing,
I mean it's been launched a week, so take with
a grain of salt the amount of data we have,
(26:37):
but we're actually seeing our investors going into index funds
and the max even like the max s even exactly
what you would have expected.
Speaker 8 (26:45):
From long term folks.
Speaker 7 (26:46):
And you know, to the point earlier that Eric made
about like you know, about the consumer stables versus the
AI trade, like we're really not seeing a lot.
Speaker 8 (26:55):
Of action on the non sort of the non AI trade.
Speaker 4 (27:00):
Does that indicate to you?
Speaker 7 (27:02):
It indicates some amount of confidence I think in you know, yes,
I take with a grain of salt that you know,
there's going to be an appreciation cycle and folks are
taking on debt. But the reality is AI is more
transformative than anything we've ever seen. And it strikes me
that the average investor, or, at least our investor, currently
believes that they're still room to run.
Speaker 3 (27:22):
Final thoughts, We've got to wrap up, and we thank
you both for spending so much time with us.
Speaker 2 (27:26):
It's been one of those even before we went to air.
Speaker 3 (27:28):
For us, it's kind of normal the interruptions, but we
know for you guys, we really appreciate it.
Speaker 2 (27:33):
Before we go.
Speaker 3 (27:34):
Final thoughts, Eric, let me start with you a week.
We have a holiday shirt in week next week. I
don't know, how are you thinking. We're waiting for a
FED meeting. We're pretty much done with earnings.
Speaker 9 (27:44):
Like what the FED meeting is really interesting. We were
down basically to thirty percent odds of a cut, then
Williams talk today, and now suddenly we're up over fifty percent.
I think that there will be some real concern if
if they don't cut, and I don't know really where
they are on that. So that's really what we're looking at.
(28:05):
And then there's Black Friday in the Christmas season and
these retail earnings coming forward and their outlooks are very concerning.
And it's really is the discretionary guys. It's where people
don't have to spend.
Speaker 6 (28:18):
But it was.
Speaker 3 (28:18):
Interesting, like you said, as they reported, even Walmart, who
had good results, we're talking about consumers being cautious, and
I think they said across the board, Sarah.
Speaker 2 (28:27):
Final thought to you as we wrap up on this Friday.
Speaker 7 (28:31):
I mean, I would just say I hope that the
holidays are strong for everyone and that we can make it.
Speaker 8 (28:37):
We can make it through with some positive momentum.
Speaker 2 (28:40):
All right, I like that. I'll take that ahead of
the weekend. Hey to both of you, Sarah Levy.
Speaker 3 (28:45):
Of course, he's the CEO of Betterment, joining us right
here in New York City and our own Eric Queen
or Bloomberg News Senior Editor Equities America's look for all
of the reporting from he and his team, because they.
Speaker 2 (28:57):
Do put a bunch of stuff out over the weekend.
Speaker 4 (28:59):
Stay with us. Tell us more from Bloomberg Business Week
Daily coming up after this.
Speaker 1 (29:04):
You're listening to the Bloomberg Business Week Daily Podcast. Catch
us live weekday afternoons from two to five East during
Listen on Applecarplay and Android Auto with the Bloomberg Business app,
or watch us live on YouTube.
Speaker 2 (29:18):
Charlie Pellet's usually flying all over the world. I don't
know that he's going anywhere this Thanksgiving.
Speaker 4 (29:23):
He was last on a seven forty seven. He was, yeah,
just a few days ago.
Speaker 2 (29:26):
Check out his Instagram feed. It's a lot of fun
to track where he is.
Speaker 3 (29:30):
It's kind of like we're in the world is Charlie
Pellet because he goes to some pretty cool places and
loves planes, as does this one.
Speaker 4 (29:36):
Well, speaking of planes, fourteen years and planning and prepping
the construction and this week's opening of a new terminal
just out of the start of the all important holiday
travel season. We're talking about the Pittsburgh International Airport just
went through a major overhaul, a price tag of roughly
between one and a half to one point seven billion
more than initially expected. Here with us to talk about
it all, Christina Kasotis. She's CEO of the Pittsburgh International Airport. Christina,
(30:01):
good to check in with you. We're going to talk
about the opening. We've had you want a few times
in the last few months as you've gotten ready for this.
We're gonna talk about that in a minute, but first
I just want to check in on capacity right now
ahead of next week's holiday What are you seeing at
Pittsburgh International Airport, especially in the context of well flights
being back at full capacity after that government shutdown.
Speaker 10 (30:23):
First of all, thanks for having me on. It's always
a pleasure to be here. And what we're seeing is
that people are traveling and that travel is strong demand
is strong. We are expecting record numbers for the Thanksgiving holiday,
as everybody in the airline industry is for Thanksgiving this year.
Speaker 6 (30:42):
So we're ready.
Speaker 2 (30:44):
You're ready. Well, you got a new terminal for them
to go through. Tell us a little bit about it.
Speaker 3 (30:49):
And I wasn't sure. Was it one and a half
in one point seven billion? I think the initial thought
was to be about one point one. Tell us about
the cost and tell us about the upgrades.
Speaker 10 (31:00):
First of all, one point one billion was the estimate
at zero percent design.
Speaker 6 (31:04):
That was never a budget, So let's just care about that.
Speaker 10 (31:07):
But I appreciate you you asking the question.
Speaker 3 (31:10):
I tell my husband when we're doing kind of wehad money.
That was before I'm just kidding.
Speaker 2 (31:15):
I'm just kidding.
Speaker 6 (31:17):
Just say that was at zero percent design. I didn't
really know what we were buying.
Speaker 2 (31:20):
Then that's fad.
Speaker 6 (31:21):
So yeah, the final cost came in at one point
seven and we needed it.
Speaker 10 (31:26):
It has been a huge That was for a terminal,
a new garage, a new roadway system, a new customer
service building where our rental cars are housed, a whole.
Speaker 6 (31:36):
Lot of upgrades.
Speaker 10 (31:37):
So it's been fantastic and we opened on Tuesday, November eighteenth.
We switched over from Monday the seventeenth. A lot of
planning went into it and it was a seamless opening.
We're really so proud.
Speaker 4 (31:52):
How does it improve not just you know, the customer
experience at airports is important.
Speaker 5 (31:56):
And.
Speaker 2 (31:59):
Yes, I love airports.
Speaker 4 (32:03):
Have been to some places that need upgrades, Yeah exactly,
we have. But you know, we know it pretty well
here in New York because Luke Wardia has you know,
it went from being this pariah. Yeah, we'en thinking about
airports and being a place that you really want.
Speaker 2 (32:15):
To fly out of. Yeah, exactly. And it does make
it does change Newark the same thing. They've been redoing things.
I mean, tell us you've got a little faster. I'm
just going to say it.
Speaker 6 (32:24):
Makes a difference. Listen.
Speaker 10 (32:26):
You know, and you know this you travel airports, I
would say airports are portals there you're you're going through
them in order to go to something or from something
that was really important to just you. It matters that
that the that the experience is good for you, that
you can move through it without a lot of stress,
and that when something goes wrong it can get fixed.
(32:46):
And so infrastructure has a surprising impact on how people
feel about the space they're moving through and the services
that we can provide in that space. So I'm really
happy to hear you all understand that passenger experience is important.
We understand it, airports understand it, and I think we're
all getting a lot better at providing it in ways
(33:07):
that really deliver value for passengers and staff and meters
and greeters and partners, everybody who relies on the airport.
So yeah, that's what we built, and that's what we opened,
and that's what we're excited to have people traveling through
this holiday season and beyond.
Speaker 3 (33:21):
Hey, Christina, the thing I care most about is it
all being safe. I'm cool going through TSA. If I
have to take off everything, I'm fine if that means
I'm going to be safe, But I not really. But
I'm just saying I appreciate those agents that we're working
during the government shut down. Same thing with the traffic controllers,
and I think that is something that Bloomberg has reported.
Speaker 2 (33:40):
A lot on about the lack of.
Speaker 3 (33:45):
Air traffic controllers that are out there and what's required
for one to be one, and so on and so forth.
Tell us about that at your airport, what you're seeing,
what could be better, what still needs to be done.
Speaker 10 (33:56):
I love that you brought this up. So we believe
strongly that if you don't get safety and security right,
nothing else matters. I do want to point out that
in that one point seven billion dollars worth of build
there was no loss of life. And I say that
because when the original airport was built, three construction workers.
Speaker 6 (34:13):
Lost their lives building it.
Speaker 10 (34:14):
So having an owner's controlled insurance program, delivering a safety
program for the construction while we operated safely in security
securely was job one every day. Our TSA partners, Customs
and Border Protection partners, and air.
Speaker 6 (34:28):
Traffic control partners.
Speaker 10 (34:31):
We actually did not see major call offs ever during
the shutdown. We have an incredibly dedicated team out here.
Speaker 6 (34:39):
We have lots of people who helped out.
Speaker 10 (34:42):
In making sure that they had food and diapers and
baby formula and stuff that they could help their families with.
We had food drive, the Food Bank held a food
drive which we helped support. So there was a lot
of care and taking care of our federal partners, and
we reminded people every day to thank them. And we
(35:04):
have had a very good partnership throughout the shutdown as
we were getting ready to open, and I think that's
a real testament to the dedication that they have to
their jobs out.
Speaker 4 (35:17):
Yeah, I want to go a little existential with this
because you know, during the shutdown, I was thinking, why
is the FAA the employer of all air traffic controllers?
Like why aren't they employed by the individual airports where
they work or in the territory they're responsible for? In
your view, is this? Is this the right way to
have a centralized data or do centralized entity pay them
(35:39):
and have centralized standards? Like is this the right way
to do it?
Speaker 6 (35:44):
Yes? But I'm not sure that it should be.
Speaker 10 (35:46):
I think that there might be something to be said
for how we take it away from the how we
take it away from the continuing resolutions.
Speaker 6 (35:57):
In other words, how do we make sure that they
never have to shut down?
Speaker 10 (36:00):
Okay, so, yes, you know you need you need the
consistency in the handoff from tower to tower, you want
the same standards. I believe in that, and I also
think that the FAA does a remarkable job. They have
a huge mandate and there's a lot at stake for
the work that they do. But I think that what
we see is with the aging technology in some of
the infrastructure, it would be it would be more beneficial
(36:22):
if we could get those solutions, you know, invested in faster.
Speaker 6 (36:28):
And that can't happen if you're subject to.
Speaker 10 (36:32):
If you're a subject to congressional budgets and stuff like that.
So I think that there are other solutions that we
can explore that have been successful in other countries.
Speaker 3 (36:41):
Christinas twenty no fifteen twenty seconds. We need more air
traffic controllers just quickly.
Speaker 10 (36:47):
Yes, of course we do, and we when and there
we need more of them, and yes we do.
Speaker 2 (36:53):
All right, are you flying this holiday season?
Speaker 10 (36:56):
I am flying this holiday season? But I want to
say that the skies are safe and the air traffic
controllers who are doing their jobs are doing a great job.
We just we constantly need new entrants so that as
people retire, we are replacing them.
Speaker 3 (37:10):
All right, Amen, have a good holiday season. Christina Cassoda,
CEO of Pittsburgh International Airport.
Speaker 1 (37:17):
This is the Bloomberg Business Weekdaily podcast, available on Apple, Spotify,
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(37:38):
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Bloomberg Audio Studios, Podcasts, radio News. This is Bloomberg business
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(00:23):
news as it happens. The Bloomberg Business Week Daily Podcast
with Carol Masser and Tim Stenebek on Bloomberg Radio.
Speaker 2 (00:32):
We do want to take you back to what we
just heard.
Speaker 3 (00:35):
That meeting between President Trump and the mayor elect of
New York Cities are on Mandannie. Obviously, they talked a
lot about the relationship between the federal government and New York.
The President did also answer some questions on some of
the geopolitical issues that are out there. But the net
takeaway a range of questions and answers. But it does
seem like these two individuals. I think some thought they
(00:56):
might not get along. They definitely look like they got along.
Speaker 4 (00:58):
Let's bring in Michelle jimri Go. She's White House and
National Security Editor down at our bureau in Washington and DC.
I got to tell you my phone is blowing up
with text messages about how surprised people are listening to
that press conference watching that press conference, Michelle, it seems
like these two got along really well. What are your takeaways?
Speaker 5 (01:18):
Yeah, well, we knew it was going to be, you know,
as Trump says, the best show on Earth. We had
hordes of media waiting for the arrival there, and we
were waiting to hear it confirmed and then waiting to
get in to see exactly what the show would be about.
But I think, yeah, in the end, we were joking
on the earlier show, what could possibly happen where they
both come out of this happy. But it looks like
(01:39):
to your point, they did agree on a number of things,
and I think they both appreciated the opportunity to kind
of pump their message and show the American public some
sort of agreement across a vast political divide, and also
minimalize those political labels, which I thought was funny. It
came to humorous points at times, with Trump saying, Mum,
(02:00):
Dottie could just answer yes to the question of whether
he still believed Trump was a fascist and not have
to explain himself. So they were having a little fun with.
Speaker 2 (02:07):
The moments in there.
Speaker 3 (02:08):
There are a lot of funny moments. I think we
were all just kind of shocked, you know, a show. Yes,
maybe the president you know, promised, no one expected the bromance, though,
I think it's safe to say and.
Speaker 2 (02:18):
That's what it feels like.
Speaker 3 (02:19):
I mean you could tell, right, you can read the room,
read the chemistry, you know. I guess what's interesting is
and I kind of think, obviously you can't kind of
maybe we think about this, but if I went before
the election or a couple of months ago, I can't
even imagine this kind of warmth between these two officials.
But I don't know, is it the individual, is it
(02:41):
the charisma of the mayor elect? Is it that you
know President Trump has been not winning everything as of late.
Speaker 5 (02:50):
Well, I think it's a combination of a lot of
those things, Carol. I mean we think about too Trump's style,
personal diplomacy, his idea that he could get along with anybody,
and you know, he often talks about being able to
cut a deal with even who you might think is
the most controversial figure, never mind someone who he's had
in the oval office today, who is you know, a
very different political figure.
Speaker 6 (03:11):
Than he is.
Speaker 5 (03:12):
But I think one thing that he really respects, really
respects strength, confidence. He really likes the job that Mundannie
has He joked about loving, you know, the idea of
being New York mayor. Maybe we'll see a run for
the president in the future on that. But you know,
he and he also respected someone who is very much
you know, Visa VI Trump, very much like Mundannie in
(03:33):
terms of Bernie Sanders taking the same kind of voters
cost of living populist draw. So he sees some similarities there,
and I think that was part of the show today,
was like, let's show you where we can agree and
like to the benefit of both of us politically, and
then you know, we'll talk about some substantive things and
where we can come together on a vast disagreements.
Speaker 4 (03:54):
The President and I think there was concern going into
this from New Yorkers who thought, okay, well, if the
President chooses not to give federal funds to New York City,
the New York City could be in trouble. The President
said that if he quote didn't agree with New York
City mayor like Zorah and Mom Donnie, he wouldn't give
the city as much federal funding. He said, quote, we
had a meeting today that actually surprised me. He wants
(04:15):
to see no crime, He wants to see housing being built,
he wants to see rents coming down, all things that
I agree with.
Speaker 2 (04:22):
Is it fair to say.
Speaker 4 (04:23):
That that Mom Donnie walks away and says this meeting
was a huge success.
Speaker 5 (04:30):
Well, I don't know if you can say huge success.
And of course I think Mom Donnie is smart enough
to think. You know, all these things can also tentative.
You know, you could be friends and pals seemingly with
the President one day and the next day you do
something and he's upset and takes revenge in some way,
and that's part of his unpredictability that he likes to
playoff of to get leverage. Is the whole art of
the deal. Right, So, but we did see I mean
(04:52):
to your point that housing and affordability conversation seem to
be kind of coalescing around the idea that they both
know it needs to go in a certain direction. Donny
is in some ways being trusted to take care of
that without the threat of withholding federal funding, it seems.
But you know, we live to fight another day. And
then on the crime side, which was you know, a
big sipping sticking point of course for Trump, he seemed
(05:14):
to kind of relent on that issue. He was asked
if you would feel comfortable living in a mundane in
New York City. He said absolutely, and he said especially
after today. So you know, he's kind of playing up this.
You know, I've met with this guy. Now that I
know him, things are just going to be fine. So
I think this is kind of a down payment on
a future relationship that could get rocky. Of course, you know,
(05:34):
you think of the likes of Elon Musk. We saw,
you know, a great romans romance, a lot of respect,
and you know we've been on a roller coaster ride
since then, so I can only imagine that that could
be the same for this relationship.
Speaker 3 (05:46):
Although Elon back in the White House or at least
back at a big that's right. This past week, Hey, Michelle,
before you go, just two things I want to ask you.
First of all, in terms of whenever any of this
happens in the Oval Office, I think about policy and
things that might impact the investment in environ the business environment.
The Bloomberg audience, if you will, and Mamdannie the mayor elect,
talked about very much interested in property tax reform. They
(06:07):
both talked about housing affordability. They also talked about power rates,
electricity rates. We saw Connor Edison which was cited specifically.
I think them both calling on and I think the
President looking calling on Kane to cut rates, and Kana
dipped as much as one point four percent on that news.
How much of it should we think about is the
(06:29):
potential for Yeah, this is going to be future discussions
that could ultimately result in some kind of policy or
changes that if impact the business environment here in New
York City.
Speaker 5 (06:39):
Well, certainly an open question, Carol, and I haven't checked
all the market metrics that you're mentioning, but you know,
I can imagine that the businesses that were nervous about
certain things coming into today weren't maybe reassured just by
the messaging that Mumdanni proposed, you know, maybe the spirit
of it, yes, but I don't think he changed a
whole lot from what he's been talking about. So I
think the the concern might remain in terms of how
(07:02):
he might go back this and we didn't get much
detail on that front, but the motive and the ideas
behind it, I think we're consistent with what he said
on the campaign trail.
Speaker 3 (07:11):
Hey, one last question, because geopolitics certainly came up. The
President did say that he thinks the Russia Ukraine piece
is getting close. I'm just curious, And they also talked
about that they both want peace in the Middle East,
but Russia Ukraine has certainly been front and center today.
So back and forth of things going on. You do
cover national security here, I'm just curious anything that we
need to know as we head into the weekend.
Speaker 5 (07:32):
Yeah, and you know, it's really important, and the bar
is low today. We were trying to hear, you know,
get some sense of how some conversations had gone today.
We understand Mayors had spoken with Trump with that jd.
Vance had spoken with Zelenski and a lot of things
have unfolded today that we still need to get follow
up on. I think, you know, a few of his
lines were pretty striking today that kind of pointed in
one direction of putting the pressure, and we're keeping the
(07:53):
pressure on President Zelenski rather than putin at the moment.
You know, he said it takes two to tango and
both lost. He said twenty five thousand folks have been
lost on either side in the recent period of time,
So not very exact, but he's saying this is a
pretty striking remort war. It remains one that needs to
be resolved, but really kind of putting in Selenski thop
(08:14):
and saying he has to agree to something at some point.
Speaker 3 (08:17):
Okay, lots going on. Hey, listen so much, Thank you,
Thank you covered it all. Michelle jim Risco there in
our Washington, DC bureau for Bloomberg News. She's White House
and National Security Editor. Michell have a great weekend.
Speaker 4 (08:30):
Stay with us. More from Bloomberg Business Week Daily coming
up after this.
Speaker 1 (08:38):
You're listening to the Bloomberg Business Week Daily Podcast. Catch
us live weekday afternoons from two to five Yes during
listen on Applecarplay and Android Otto with the Bloomberg Business app,
or watch us live on YouTube.
Speaker 4 (08:52):
Well vulable day of trading here in New York, where
we saw the S and P five hundred down as
much as a quarter of eight percent, than up as
much as one point nine percent to close higher by
one percent for the week, though down two percent. The
Nasdaq down two point seven percent this week. For more
on the markets and the outlook, we bring in Eric Wiener,
Bloomberg News Senior Editor Equities in America's also joining us
Sarah Levy, CEO of Betterment. Sarah joins us from New York.
(09:14):
Eric is here in the Bloomberg Interactive Brokers studio. I
want to thank both of you for just being so patient.
Speaker 2 (09:19):
Sarah.
Speaker 4 (09:19):
We were supposed to talk to you over a half
hour ago, and you've been standing by, but you have
been able to actually see this press conference between the
President and the New York City mayor elect. You live
in New York, you run a company in New York,
you have employees in New York, so I imagine you
are looking closely at the future of New York City.
I'd be remiss if I didn't ask you, Sarah, your
takeaways from this press conference.
Speaker 7 (09:41):
Well, it's interesting because I think affordability is obviously on
everybody's mind, and I think that it was great to
see sort of places of commonality because I think if
the if the city's going to thrive, which I obviously
have a vested interest in. I've been a New York
City resident my entire life, if the city's.
Speaker 8 (09:58):
Going to thrive, we're going to need federal support.
Speaker 7 (10:01):
So I think it's really great the way they're reaching
across the aisle to find areas of commonality, and I think, look,
you know, keeping crime low is important. I think affordability
is on everyone's mind. And even as I think about
my business, not just running a business in New York,
but we're here to help people invest and you know,
build nest eggs and build wealth over time. If life
isn't affordable, that's a really hard thing to do.
Speaker 4 (10:23):
Eric, I want to bring you in here because you
have to catch some of this press conference as well.
Speaker 6 (10:26):
And certainly Wall.
Speaker 4 (10:28):
Street and New York City are inextricably bound, and what
happens in the markets, a lot of that happens here
in the city. You're a longtime person who's worked and
lived in New York, your views.
Speaker 9 (10:40):
Well, from a Wall Street perspective, they've got to be
happy because if we're fighting, if the city is fighting
with DC, that is just not good for business here
and in particular financial business here. So really, what you
want is sort of a friendly agement with the White House.
(11:01):
You want funding to be available, and you really want
as we were just talking about the affordability issues, the
issues that they're talking about development, getting more housing, getting
more getting affordability down, all of that is extremely important
to the markets and today was probably a pretty good
development for Wall Street.
Speaker 3 (11:23):
But I mean getting housing prices down is important to
the markets, or you just mean that they're cooperating.
Speaker 2 (11:28):
Well, I don't know.
Speaker 9 (11:30):
I don't know how much. Yes, I don't know how
much a politician can get housing prices down. What you
can do, though, is spur building. And so if you
reduce regulations and open up building in places where there
hasn't been building, then suddenly you can get more units
involved and you can get more people. Rents come down.
It's just there hasn't been a ton of building. There
(11:52):
hasn't been a lot of development going on in New York.
And if Mom Donnie can do it with the support
of the President, that much better.
Speaker 3 (12:00):
So, Sarah, I mean, you know, let's talk a little
bit about kind of how we wrapped up. I mean,
there's so much coming at We spend so much time
focusing on news obviously out of DC, and you know,
anytime that there is some event from the Oval Office,
like I mentioned Kaned, because he the president and the
mayor let talking about getting power prices, electricity prices rates down,
(12:21):
and kaned we saw a dip on that. The environment
in general, there's questions about the AI trade, what the
Fed's going to do, kind of what do you think
is most impactful and will matter to markets as we
are almost ready to wrap up this year.
Speaker 8 (12:38):
I mean, look, there's a lot packed into that. I think.
Speaker 7 (12:40):
I think probably interest rates and the AI trade are
probably the two biggest factors. And you know, the question
on the AIRA, Both of those questions I think are open,
which is, you can see a lot of similarity to
the dot com bubble right now.
Speaker 8 (12:54):
In the AI trade.
Speaker 7 (12:55):
And you know, we're seeing that volatility sort of pre
and post the Navidia earnings, you know, one day up,
one day down. So you know, I think there are
really two sides of that debate right now about you know,
is it inflated?
Speaker 8 (13:06):
Is there too much capex going in there? And is
there going to be an ROI?
Speaker 7 (13:09):
Or is there room to run and we're going to
transform you know, productivity across business. And I think there's
really something to both of those, to both of those narratives.
So we're seeing people somewhat confused and sitting a lot
of money on the sidelines in cash because of that.
So then enters the FED conversation right where recently we've
(13:30):
started to see more of a rotation out of cash
into investing. But I think now we sit in this
place where it's pretty split fifty to fifty on whether
or not the Fed's going to drop rates again because
the economic signs are a little, you know, crosswise, a
little confusing.
Speaker 4 (13:44):
Sarah sittype because I want to get back to what
exactly is happening on the betterment platform in just a second,
as you have increasingly focused you know, people know it
as a robo advisor, but increasingly now it's become this
a different type of platform, and you're going to tell
us about that and what people are doing on the platform.
But Eric, I want you to weigh in on one
of Sarah's points that she just made, which is this
idea of whether or not we're in a bubble when
(14:06):
it comes to AI and if there are parallels indeed
to the dot com bubble.
Speaker 9 (14:11):
Well, there absolutely are are parallels. The question is where
we are in that stage. Bubbles can run for a
long time. We actually have a story running on Sunday
Business back Comomy right now. After this there's the glass
half full, glass half empty argument where there are people
who were looking at all the spending and saying, oh
(14:31):
my god, they're not going to be able to pay this,
and then you have other people saying, oh my god,
look at all this money that's coming in. We're going
to make a fortune. So really that is actually playing
out in real time, and that was really what caused
the turnaround. Just yesterday where you know, Nvidia came out strong.
(14:51):
We knew that we're going to come in strong, but
when they came out strong and it looked like, okay,
we're going to rip higher, and then all of a sudden,
there's this pullback because people start getting concerned. The undercover
issue to me is the consumer. We're not talking about that.
And if you look at the companies that are doing
worse this year, it's the consumer discretionary index. And like
(15:12):
we heard from Walmart, which did great, that they're concerned.
We heard from Target their concern, Home Depot lows they're concerned.
If we're heading into Christmas and the consumer is not healthy,
that isn't great for stocks like that isn't great for earnings.
That isn't great for a whole bunch of things that
we count as really the you know, the tip of
(15:33):
the missile when it comes to getting gains.
Speaker 4 (15:35):
Well, well, Sarah, I saw you nodding there when Eric
was talking about the consumer. Remind everybody who's on the
betterment platform. I understanding would be these are people who
have money to invest, so that puts them in a
different income spectrum than a lot of Americans. We should
point out, but what can you tell us about what
the consumer is doing on the betterment platform that would
(15:56):
indicate to you how the health of the consumer is
right now, Well.
Speaker 7 (15:59):
Your point is really important about who we serve. So
we do serve a millennial professional or a more professional
gen zer sort of earlier in their wealth building journey,
but important to say wealth building journey, right. So typically
our customers have lower debt, have six figures of income.
So I'm not sure necessarily it's the pulse of sort
of the common you know, consumer who's struggling with you know,
(16:24):
what's my Thanksgiving dinner cost going to look like?
Speaker 8 (16:27):
That being said, a big part of our business is
the retirement business.
Speaker 7 (16:31):
And you know, when people are struggling today, it's really
hard to convince them to put money away for the future,
even though it's very much in their best interest. And
the fourwing K business is a huge part, and we
haven't really seen changes there. I mean we largely and
granted we have you know, folks who are employed, so
that probably sets a different tone. But we do really
(16:53):
see very very consistent savings continuing in the retirement space.
Speaker 8 (16:57):
So I think that's good.
Speaker 4 (16:58):
In other words, if you a sign of stress would
be if people pulled back on saving for retirement because
they would they didn't they needed that money now to
live because of some sort of job loss or something.
And you're not saying that right now.
Speaker 7 (17:10):
It's not that we'm seeing any of it, but we're
not seeing it at elevated enough levels for that to
be alarming with our customer.
Speaker 3 (17:16):
But this goes back to you know, our earlier guests
that we had on and Eric, I want to bring
you back Greg Daco, he is chief economist at EY
and he's got this whole concept of three a's artificial
intelligence to spend. That has driven acid price gains and
that has been great for folks who are in the
stock market, and that's where mostly affluent customers or consumers,
(17:39):
they're feeling wealthy overall and they're out there spending. But
if any of that, they're so interconnected that if that
starts to come undone, then we might have a problem.
Speaker 9 (17:48):
That's absolutely it. So, yes, money is coming into the
stock market, and we've talked about this K shaped recovery, right,
and so yeah, you know, wealthier people are doing just fine.
But if companies that are requiring, you know, that need
spending to grow, are not getting that spending. Even if
(18:09):
it's at the margin, so it's ten percent down, it's
fifteen percent down, that's enormous. When it comes to investing,
it also involves, as we were just talking about, it
involves how much people are willing to put into the market.
If you are concerned about maybe a bubble bursting and
you're looking at your savings and you're saying, you know,
(18:29):
I really don't want to put this at risk, people
pull back, and what tends to happen is it happens
very slowly and then there's a rush. So the concern
is that people get scared and then all of a sudden, wham,
we all pull back.
Speaker 3 (18:42):
At the same time, I want to ask both of you,
Oh go ahead, Sarah, come on back.
Speaker 7 (18:46):
You know, I was just going to say, Eric, just
one thing to add to that, because I agree with
everything you're saying, which is, I think where AI is
going to take the take jobs is just another kind
of piece of that that we can't ignore, which is
you're already starting to see cracks and you're starting to
see a lot of the biggest companies pull back on
employment because of AI, and so I think we have
to keep our eye on that as well. While we're
(19:07):
getting excited about the AI trade in terms of the
efficiency of delivers well.
Speaker 3 (19:10):
You know what I want to ask both of you
and Sarah, you know, remind me in terms of activity
when it comes to crypto or bitcoin on your platform,
because what's interesting is we've seen such a drop in crypto.
We're now, you know, looking for the next key level
for it to go down to, is eighty thousand, finishing
just below eighty five or at least trading below eighty
five right now. But we have seen so much value
(19:34):
value I put prend theeses around it wiped off of
bitcoin this year, and I'm just curious, is there a
connection I'm trying to understand because people sometimes want to
make correction connections between crypto and the stock market, and
are you seeing anything.
Speaker 8 (19:51):
So crypto is not a huge part of our business.
Speaker 7 (19:54):
We do have crypto portfolios on our platform, but we
don't have the ability, other than buying crypto ETFs, really
to directly by crypto, and we also as sort of
part of who we attract. It's kind of a long
term globally diversified investor. So I would say crypto remains
I'll call it a five ish percent of what we see,
(20:14):
So I'm not sure we're really indicative of what's happening there,
but I would say like we are seeing in general
in the market that crypto is moving with the market
as opposed to against the market at the moment. So
whereas it used to be kind of a you know,
a contra trade, it's feeling a little bit like not
so sure.
Speaker 4 (20:30):
I'm so glad you brought up bitcoin because that's where
I wanted to go with Eric too. Yeah, and Eric,
you know, we're looking at bitcoin hating for its worst
month since the crypto collapse of twenty twenty two, and
whenever we're talking about the collapse of Do Kwon's tear
a USD stable coin back in twenty twenty two, the
downfall of Sam Bakmon Freed's FTX exchange you know, things
are getting very crypto Wintery is their contagion. What there
(20:55):
is is how much Because Bill Lackman said, you know,
Fanny and Freddy fell to Ita because of exposure to
investors who are exposed to crypto. That's I didn't see
evidence from him, but is that right?
Speaker 9 (21:06):
Well, what I will say, I don't Okay, I just
threw a lot at you.
Speaker 4 (21:10):
Well no, no, no.
Speaker 3 (21:11):
Everybody's making connections and I'm like, well wait, Bill.
Speaker 9 (21:15):
Lackman, I I'm not going to draw any conclusions. But
what I will say is that a lot of the
money that is made off of crypto ends up going
into spy, ends up going into the market. So as
people make their make their fortunes on bitcoin and whatever,
and everything's been going up, that's been helping to support investing.
Speaker 2 (21:39):
So people all driver momentum.
Speaker 9 (21:41):
Exactly exactly, Lambos Well, well, well but you know when
you've got a little bit left over into you're right.
Speaker 3 (21:49):
So that's provided liquidity into our assets beyond crypto.
Speaker 9 (21:52):
Absolutely, and that's the spin off. So like when you
have something that has gone up bazillion percent or whatever
it is, and then all of a sudden starts pulling
back and that asset class isn't necessarily in the equity markets,
but it gets funneled into it that has a big,
big spending effect on what happens on Wall Street.
Speaker 3 (22:11):
So you know, Sarah, we were with you in Lovely California.
Speaker 4 (22:15):
It was warmer than.
Speaker 7 (22:15):
It wouldn't it'd be nice to be there now.
Speaker 3 (22:19):
Yes, yes, and yes, what's changed since we talked in September?
Speaker 7 (22:25):
So we recently had a big sort of brand and
business moment for betterment in the launch of self directed investing.
For years, we were sort of the original robo investor,
and the idea there was that we managed people's money
for them, And this generation has really come to the
table with more of a desire to self direct and
(22:46):
less of a sort There used to be kind of
two archetypes of investors, one that wanted you to handle
it for them and one that wanted to do it themselves,
and we've seen like a real blurring of those lines.
So we just really self directed investing that we could
meet our customers really where they are, which is very
exciting for me. Although you know obviously places out there
(23:06):
where you can self direct beyond betterment.
Speaker 4 (23:08):
Do do people want to self direct in a down
market or do you see them wanting to self direct
in a market that moves higher.
Speaker 2 (23:15):
Does it change?
Speaker 7 (23:15):
Well, I mean it's an interesting question, but that also
assumes that it's a down market, you know, for good
here versus the volatility we're seeing. But you know, look,
I think what we've seen historically in our business is
that when things are volatal and when there's a down market,
that's when folks kind of run to the managed investment
side because they realize, you know, this is a lot
(23:36):
harder than I thought it was to do it myself.
But I still think people want to mix. And I
think what's changed kind of generationally is that people want
to do some themselves and then they want to put
some on kind of autopilot. And we just want them
to be able to do both of those things here
and whatever their mix is, we can meet them there.
Speaker 3 (23:54):
You know, Eric, one of the things I always think
about in any market environment is like, what are what's
the canaries in the cold mine? And we've been talking
a lot about private credit this week. We've been talking
about blue Owl this week, and so far it feels
like it's measured. But I also think of a name
like in Nvidia that has struggled even after an initial
rally following earnings, even today after the government looking like okay,
(24:18):
maybe they could possibly the US government allow in Vidia
to sell some chips to China, which they haven't been
really able to do, especially sophisticated chips. But this stock
is down almost six percent, you know, this week alone,
and we've definitely seen a pullback. What do you watch
to get an indication of kind of where we go
(24:38):
from here?
Speaker 2 (24:39):
What is it?
Speaker 3 (24:40):
What is that canary in the maybe equity universe coal
mine or the US financial market coal mine?
Speaker 9 (24:46):
So often these things fall apart because of the credit markets.
Speaker 3 (24:51):
And so where I was watching Oracle right credits, like, yeah,
the credits stops.
Speaker 9 (24:57):
So what we're seeing is much larger concern about AI
spending because they're now using loans, they're borrowing money, they're
issuing deeah, they're issuing debt, they're issuing bonds, they're borrowing.
So it used to be that they were spending off
of their balance sheets, and so the point was, all right,
(25:18):
they have the capital, and they're instead of buying back
their shares or doing dividends or whatever and returning it
to the shareholders. They're going to spend it on growth, fine,
but once they start going into the debt markets to
raise that money, now you have to first of all,
you have to pay that back, so you raise expenses
on one side, and then on the other side, you
(25:40):
really need to get that ROI going. You need to
have the return on the investments. And that's what we're
hearing is the question is when is the return on
investment coming? And it becomes much more urgent as a
question when you have debt behind it as opposed to
it's just coming off your balance sheet.
Speaker 2 (25:55):
That's right, right, there's a whole other layer of investment.
Speaker 9 (25:58):
That's the canary.
Speaker 3 (25:58):
Well, Sarah, come on back, because what you guys do
see on the platform, it's one of the reasons we
love talking with you is just like you know, you
talked about that new money is still coming in. Nobody's
stopping in terms of four O one K investing. But
are people moving things around? Like where are you seeing
you know, flows, You have a lot of data in
front of you.
Speaker 7 (26:15):
Yeah, so we're definitely seeing a rotation from cash into investing.
So that has been probably a couple months now of that. Again,
think of our investor typically as being a globally diverse,
fied investor, so not looking to do, you know, do
a lot of movement. But interestingly with self directed investing,
I mean it's been launched a week, so take with
a grain of salt the amount of data we have,
(26:37):
but we're actually seeing our investors going into index funds
and the max even like the max s even exactly
what you would have expected.
Speaker 8 (26:45):
From long term folks.
Speaker 7 (26:46):
And you know, to the point earlier that Eric made
about like you know, about the consumer stables versus the
AI trade, like we're really not seeing a lot.
Speaker 8 (26:55):
Of action on the non sort of the non AI trade.
Speaker 4 (27:00):
Does that indicate to you?
Speaker 7 (27:02):
It indicates some amount of confidence I think in you know, yes,
I take with a grain of salt that you know,
there's going to be an appreciation cycle and folks are
taking on debt. But the reality is AI is more
transformative than anything we've ever seen. And it strikes me
that the average investor, or, at least our investor, currently
believes that they're still room to run.
Speaker 3 (27:22):
Final thoughts, We've got to wrap up, and we thank
you both for spending so much time with us.
Speaker 2 (27:26):
It's been one of those even before we went to air.
Speaker 3 (27:28):
For us, it's kind of normal the interruptions, but we
know for you guys, we really appreciate it.
Speaker 2 (27:33):
Before we go.
Speaker 3 (27:34):
Final thoughts, Eric, let me start with you a week.
We have a holiday shirt in week next week. I
don't know, how are you thinking. We're waiting for a
FED meeting. We're pretty much done with earnings.
Speaker 9 (27:44):
Like what the FED meeting is really interesting. We were
down basically to thirty percent odds of a cut, then
Williams talk today, and now suddenly we're up over fifty percent.
I think that there will be some real concern if
if they don't cut, and I don't know really where
they are on that. So that's really what we're looking at.
(28:05):
And then there's Black Friday in the Christmas season and
these retail earnings coming forward and their outlooks are very concerning.
And it's really is the discretionary guys. It's where people
don't have to spend.
Speaker 6 (28:18):
But it was.
Speaker 3 (28:18):
Interesting, like you said, as they reported, even Walmart, who
had good results, we're talking about consumers being cautious, and
I think they said across the board, Sarah.
Speaker 2 (28:27):
Final thought to you as we wrap up on this Friday.
Speaker 7 (28:31):
I mean, I would just say I hope that the
holidays are strong for everyone and that we can make it.
Speaker 8 (28:37):
We can make it through with some positive momentum.
Speaker 2 (28:40):
All right, I like that. I'll take that ahead of
the weekend. Hey to both of you, Sarah Levy.
Speaker 3 (28:45):
Of course, he's the CEO of Betterment, joining us right
here in New York City and our own Eric Queen
or Bloomberg News Senior Editor Equities America's look for all
of the reporting from he and his team, because they.
Speaker 2 (28:57):
Do put a bunch of stuff out over the weekend.
Speaker 4 (28:59):
Stay with us. Tell us more from Bloomberg Business Week
Daily coming up after this.
Speaker 1 (29:04):
You're listening to the Bloomberg Business Week Daily Podcast. Catch
us live weekday afternoons from two to five East during
Listen on Applecarplay and Android Auto with the Bloomberg Business app,
or watch us live on YouTube.
Speaker 2 (29:18):
Charlie Pellet's usually flying all over the world. I don't
know that he's going anywhere this Thanksgiving.
Speaker 4 (29:23):
He was last on a seven forty seven. He was, yeah,
just a few days ago.
Speaker 2 (29:26):
Check out his Instagram feed. It's a lot of fun
to track where he is.
Speaker 3 (29:30):
It's kind of like we're in the world is Charlie
Pellet because he goes to some pretty cool places and
loves planes, as does this one.
Speaker 4 (29:36):
Well, speaking of planes, fourteen years and planning and prepping
the construction and this week's opening of a new terminal
just out of the start of the all important holiday
travel season. We're talking about the Pittsburgh International Airport just
went through a major overhaul, a price tag of roughly
between one and a half to one point seven billion
more than initially expected. Here with us to talk about
it all, Christina Kasotis. She's CEO of the Pittsburgh International Airport. Christina,
(30:01):
good to check in with you. We're going to talk
about the opening. We've had you want a few times
in the last few months as you've gotten ready for this.
We're gonna talk about that in a minute, but first
I just want to check in on capacity right now
ahead of next week's holiday What are you seeing at
Pittsburgh International Airport, especially in the context of well flights
being back at full capacity after that government shutdown.
Speaker 10 (30:23):
First of all, thanks for having me on. It's always
a pleasure to be here. And what we're seeing is
that people are traveling and that travel is strong demand
is strong. We are expecting record numbers for the Thanksgiving holiday,
as everybody in the airline industry is for Thanksgiving this year.
Speaker 6 (30:42):
So we're ready.
Speaker 2 (30:44):
You're ready. Well, you got a new terminal for them
to go through. Tell us a little bit about it.
Speaker 3 (30:49):
And I wasn't sure. Was it one and a half
in one point seven billion? I think the initial thought
was to be about one point one. Tell us about
the cost and tell us about the upgrades.
Speaker 10 (31:00):
First of all, one point one billion was the estimate
at zero percent design.
Speaker 6 (31:04):
That was never a budget, So let's just care about that.
Speaker 10 (31:07):
But I appreciate you you asking the question.
Speaker 3 (31:10):
I tell my husband when we're doing kind of wehad money.
That was before I'm just kidding.
Speaker 2 (31:15):
I'm just kidding.
Speaker 6 (31:17):
Just say that was at zero percent design. I didn't
really know what we were buying.
Speaker 2 (31:20):
Then that's fad.
Speaker 6 (31:21):
So yeah, the final cost came in at one point
seven and we needed it.
Speaker 10 (31:26):
It has been a huge That was for a terminal,
a new garage, a new roadway system, a new customer
service building where our rental cars are housed, a whole.
Speaker 6 (31:36):
Lot of upgrades.
Speaker 10 (31:37):
So it's been fantastic and we opened on Tuesday, November eighteenth.
We switched over from Monday the seventeenth. A lot of
planning went into it and it was a seamless opening.
We're really so proud.
Speaker 4 (31:52):
How does it improve not just you know, the customer
experience at airports is important.
Speaker 5 (31:56):
And.
Speaker 2 (31:59):
Yes, I love airports.
Speaker 4 (32:03):
Have been to some places that need upgrades, Yeah exactly,
we have. But you know, we know it pretty well
here in New York because Luke Wardia has you know,
it went from being this pariah. Yeah, we'en thinking about
airports and being a place that you really want.
Speaker 2 (32:15):
To fly out of. Yeah, exactly. And it does make
it does change Newark the same thing. They've been redoing things.
I mean, tell us you've got a little faster. I'm
just going to say it.
Speaker 6 (32:24):
Makes a difference. Listen.
Speaker 10 (32:26):
You know, and you know this you travel airports, I
would say airports are portals there you're you're going through
them in order to go to something or from something
that was really important to just you. It matters that
that the that the experience is good for you, that
you can move through it without a lot of stress,
and that when something goes wrong it can get fixed.
(32:46):
And so infrastructure has a surprising impact on how people
feel about the space they're moving through and the services
that we can provide in that space. So I'm really
happy to hear you all understand that passenger experience is important.
We understand it, airports understand it, and I think we're
all getting a lot better at providing it in ways
(33:07):
that really deliver value for passengers and staff and meters
and greeters and partners, everybody who relies on the airport.
So yeah, that's what we built, and that's what we opened,
and that's what we're excited to have people traveling through
this holiday season and beyond.
Speaker 3 (33:21):
Hey, Christina, the thing I care most about is it
all being safe. I'm cool going through TSA. If I
have to take off everything, I'm fine if that means
I'm going to be safe, But I not really. But
I'm just saying I appreciate those agents that we're working
during the government shut down. Same thing with the traffic controllers,
and I think that is something that Bloomberg has reported.
Speaker 2 (33:40):
A lot on about the lack of.
Speaker 3 (33:45):
Air traffic controllers that are out there and what's required
for one to be one, and so on and so forth.
Tell us about that at your airport, what you're seeing,
what could be better, what still needs to be done.
Speaker 10 (33:56):
I love that you brought this up. So we believe
strongly that if you don't get safety and security right,
nothing else matters. I do want to point out that
in that one point seven billion dollars worth of build
there was no loss of life. And I say that
because when the original airport was built, three construction workers.
Speaker 6 (34:13):
Lost their lives building it.
Speaker 10 (34:14):
So having an owner's controlled insurance program, delivering a safety
program for the construction while we operated safely in security
securely was job one every day. Our TSA partners, Customs
and Border Protection partners, and air.
Speaker 6 (34:28):
Traffic control partners.
Speaker 10 (34:31):
We actually did not see major call offs ever during
the shutdown. We have an incredibly dedicated team out here.
Speaker 6 (34:39):
We have lots of people who helped out.
Speaker 10 (34:42):
In making sure that they had food and diapers and
baby formula and stuff that they could help their families with.
We had food drive, the Food Bank held a food
drive which we helped support. So there was a lot
of care and taking care of our federal partners, and
we reminded people every day to thank them. And we
(35:04):
have had a very good partnership throughout the shutdown as
we were getting ready to open, and I think that's
a real testament to the dedication that they have to
their jobs out.
Speaker 4 (35:17):
Yeah, I want to go a little existential with this
because you know, during the shutdown, I was thinking, why
is the FAA the employer of all air traffic controllers?
Like why aren't they employed by the individual airports where
they work or in the territory they're responsible for? In
your view, is this? Is this the right way to
have a centralized data or do centralized entity pay them
(35:39):
and have centralized standards? Like is this the right way
to do it?
Speaker 6 (35:44):
Yes? But I'm not sure that it should be.
Speaker 10 (35:46):
I think that there might be something to be said
for how we take it away from the how we
take it away from the continuing resolutions.
Speaker 6 (35:57):
In other words, how do we make sure that they
never have to shut down?
Speaker 10 (36:00):
Okay, so, yes, you know you need you need the
consistency in the handoff from tower to tower, you want
the same standards. I believe in that, and I also
think that the FAA does a remarkable job. They have
a huge mandate and there's a lot at stake for
the work that they do. But I think that what
we see is with the aging technology in some of
the infrastructure, it would be it would be more beneficial
(36:22):
if we could get those solutions, you know, invested in faster.
Speaker 6 (36:28):
And that can't happen if you're subject to.
Speaker 10 (36:32):
If you're a subject to congressional budgets and stuff like that.
So I think that there are other solutions that we
can explore that have been successful in other countries.
Speaker 3 (36:41):
Christinas twenty no fifteen twenty seconds. We need more air
traffic controllers just quickly.
Speaker 10 (36:47):
Yes, of course we do, and we when and there
we need more of them, and yes we do.
Speaker 2 (36:53):
All right, are you flying this holiday season?
Speaker 10 (36:56):
I am flying this holiday season? But I want to
say that the skies are safe and the air traffic
controllers who are doing their jobs are doing a great job.
We just we constantly need new entrants so that as
people retire, we are replacing them.
Speaker 3 (37:10):
All right, Amen, have a good holiday season. Christina Cassoda,
CEO of Pittsburgh International Airport.
Speaker 1 (37:17):
This is the Bloomberg Business Weekdaily podcast, available on Apple, Spotify,
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(37:38):
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