August 15, 2025 • 24 mins
Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyAugust 15th, 2025
Featuring:
1) Kate Moore, CIO at Citi Wealth, brings us into retail sales and discusses the outlook for equities and rate cuts amid concern over an inflation resurgence. S&P 500 futures edged higher 0.1% after a flat session Thursday, following back-to-back record closes earlier in the week, after a surprising PPI report that showed higher services costs in the US as tariffs take effect.
2) Peter Tchir, Head: Macro Strategy at Academy Securities, talks about how markets might play or shrug off the Trump-Putin summit and inflation fears reigniting in the US. In Europe, the Stoxx 600 advanced 0.2% toward the highest level since March amid guarded hopes that Friday’s US-Russia summit could be an initial step toward brokering a peace deal in Ukraine and thawing relations.
3) Heidi Crebo-Rediker, Adjunct Senior Fellow at the Council on Foreign Relations, talks about the Trump-Putin summit and why she believes there's "no chance" that Russia negotiates a ceasefire on acceptable terms for Europe and Ukraine. President Trump and Russian president Vladimir Putin will measure success at their summit in Alaska very differently, with Trump seeking a ceasefire in Ukraine and Putin seeing the meeting as a win without making concessions.
4) Jennifer Lee, Senior Economist at BMO Capital Markets, reacts to retail sales and discusses the paradigm shifts across global economies.
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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 the Bloomberg
Surveillance Podcast. Catch us live weekdays at seven am Eastern
on Apple CarPlay or Android Auto with the Bloomberg Business App.
Listen on demand wherever you get your podcasts, or watch
(00:25):
us live on YouTube.
Speaker 2 (00:27):
Kate Moore, CIO City Wealth this morning. Kate does your
team of security and analyst at City Group, but claimed
we use them all the time, great, great benefit. Do
they have any framework of what September thirty earnings look like?
Speaker 3 (00:44):
I think it's incredibly hard Tom right now to make
a call on what third border earnings are going to
look like, because, and this is a point I've been
making as we were even getting reporting during for second
quarterer season, is that there is a growing gap between
the winners and users where it's around CERAs round Ai.
Speaker 4 (01:03):
Yeah, no, igain to continue.
Speaker 2 (01:06):
I think this is, folks, the absolute heart of the matter,
growing direct This is political economics with Kate Moore from Chicago.
The answer is, Kate Moore, it's a growing gap of America,
a growing gap of society and a growing gap of investment.
Speaker 5 (01:20):
Right.
Speaker 3 (01:21):
Yeah, Remember Tom, We've talked a lot about in the
past you know, K shaped economies, but I'm seeing a
very K shaped market at this point in terms of
the fundamentals, particularly even as we get these trading rallies,
whether it's around small caps or home builders or some
of the lower quality and more rate sensitive areas at
the market.
Speaker 6 (01:39):
And what I mean by the K shape is.
Speaker 3 (01:40):
That you're increasingly seeing companies that have the ability to
navigate policy changes and have the ability to navigate you know,
sort of weaker end demand in general, because we had
a slowing economic trend even before this policy introduction. And
those that are adopting AI and becoming more efficient and
really focusing on their productivity. And then those that are
(02:02):
kind of left behind, maybe they didn't have the cash
to make that investment, maybe they were you know, they
don't have the right people in place to make those
business decisions. But there is a real gap in each
industry between the haves and have nots. In theory, this
should be a great environment for alpha seeking and active investors.
Speaker 7 (02:20):
So Kate, it seems if you look at the stock
markets making seemingly new highs every day, does that suggest
too that the markets said tariff risk is in the
rearview mirror. I mean, do you agree with that?
Speaker 6 (02:33):
Yeah, So here's my problem.
Speaker 3 (02:34):
I feel like the markets are overly complacent when it
comes to terror risks, and then you see these, you know,
knee jerk reactions to the PPI data yesterday and big
reversals from what had been a very kind of risk
on high beta move for the previous two weeks. I
think that, you know, there's a lot of room for
the market to quiet down. That's another way of saying
(02:56):
getting to the bottom end of its trading range. You know,
as some of this tariff data comes through, obviously we're
going to be watching retail sales and a few quick
seconds here to get a sense for how consumers spared
over the course of July. I mean that that's going
to be important.
Speaker 6 (03:10):
But more important than.
Speaker 3 (03:12):
That is really what the trend is in terms of
prices and in margins, corporate margins over the next few quarters.
Speaker 7 (03:20):
How have earning has been so far, in your opinion,
looks pretty darning good for the second quarter, came in
better than expected it so it looks like Corporate America delivered.
Speaker 3 (03:30):
Yeah, I mean, I thought the earning has looked pretty good.
The one thing I will say though, is some of
these aggregate numbers, whether it's on the sector level or
on the index level, do mask some of that discrepancy
or that you know, sort of K shaped experience underneath
the surface. But one thing I've always said is that
you don't want to bet against the resiliency of corporate America.
(03:50):
That the decision making to really kind of manage overall expenses,
to focus on the business lines that have the greatest
potential for growth, and to really kind of dial up
and dial down spending when economic conditions necessitated, you know,
should not be discounted. This flexibility from US companies, particularly
US listed companies, is so much greater than the rest
(04:13):
of the world, and it's a reason why I prefer
the USK over other regions for the most part.
Speaker 4 (04:16):
Kate, up, we go in the equity market. We get
it right back in one minute. What's it mean?
Speaker 3 (04:22):
Well, I mean, the one thing I'm sort of focused
on as I'm looking at this data, it may have
to remember that, like, while these were visions to June
data are excellent, you know, it looks like there was
a significant amount of retail activity, that the retail sales
data are nominal, So there's a chance that that's capturing
some of the increase in prices that we're starting to
(04:43):
see in other bits of economic data. So this is
not necessarily an indicative like a real acceleration in terms
of overall retail spending. And that's what I want to
dig into a little bit later this morning as we
get off right.
Speaker 2 (04:54):
Yeah, the low point of your Sunday morning is you've
got to read Andrew Hollandhorst for three hours. What is
the city girl belief on the tariff pass through to
the consumer?
Speaker 6 (05:08):
Well, the pass through.
Speaker 3 (05:10):
We were having a pretty robust debate across city on
what the pass through might be. And I think, as
we all know, they're the three buckets. You know, what
does a supplier do, what is the importer do, and
what you know kind of gets passed through to the consumer.
And it feels like it's a moving target, depending not
just on the industry and the commodity, but on the
flexibility of that company and how sort.
Speaker 6 (05:32):
Of captive their consumer base is.
Speaker 3 (05:36):
I think we're going to see, you know, fewer companies
absorbing the costs, both on the supplier side and on
the importer side, and more costs passed through to the consumer.
Speaker 5 (05:48):
We'll have to see m Thank you so much for
learting me.
Speaker 2 (05:51):
We'll let you get back to an incredibly busy morning
at City Group Kate Moore driving all of Citygroup Wealth.
Speaker 5 (05:57):
Thrilled to have her with us this morning. Stay with us.
More from Bloomberg Surveillance coming up after this.
Speaker 1 (06:12):
You're listening to the Bloomberg Surveillance podcast. Catch us live
weekday afternoons from seven to ten am Eastern Listen on
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or watch us live on YouTube.
Speaker 2 (06:25):
We're to go sixty thousand feet right now. Peter's share
with us here on a Friday in the summer as
we reset for Q three. The end of Q three
and into Q four is where Peter the technology juggernaut
we're all living and experiencing. Do you assume that academy
securities that we're just going to have the haves get
(06:47):
heavier and the have nots get have not here I
mean a greater divide within society.
Speaker 1 (06:53):
Yeah.
Speaker 8 (06:53):
Unfortunately, you know, we keep looking at and I really
am from a market standpoint, I really want to buy
the Russell two thousand right waiting for the opportunity where
the small caps and midcaps can outperform. And yet you
look at it, the story is really still is very
AI driven. It's the spending on AI, it's the electricity
generation that needs to be done so that entire industry
is like doing extremely well.
Speaker 5 (07:12):
That's where the growth is.
Speaker 8 (07:14):
And away from that, I think the impact of tariffs
are impacting small and mid sized companies. Just feel there's
an overall weight on the economy from that.
Speaker 2 (07:20):
But somebody live in three towns outside Cincinnati right now
and they're seeing, you know, the reds are going down
at Flames.
Speaker 5 (07:26):
I mean, you know, this is not happening. What the
poets are doing.
Speaker 2 (07:29):
Well, somebody out of a job or a his daughters
out of a job outside Cincinnati.
Speaker 5 (07:34):
They don't give a damn about AI. And to me,
it's just a further I mean, you're brilliant at this.
Speaker 4 (07:40):
It's a further severance of society.
Speaker 5 (07:43):
Yeah.
Speaker 8 (07:43):
And you know, I think part of the reason I'm
slightly nervous, more maybe nervous than most guests about the
economy is I'm worried about the job situation. I'm particularly
worried about, you know, the recent college graduate situation right,
the unemployment rate seems to be fairly high. They're not
getting jobs. I look at law school applications, they're skyrocketing.
That to me is another sign that jobs are very tough,
especially for the college graduates. And those are the people
(08:04):
I think who currently are being displaced by AI. Right.
Speaker 5 (08:06):
That's people are.
Speaker 8 (08:07):
Comfortable kind of giving those sorts of assignments to AI,
and you know, they're not going to let big decisions
being made, but they're letting some of that work be done.
And I'm not sure what that does for that job
market opportunity. I'm not sure what that does for a
future where those people supposed to get those jobs that
lead them into management and things like that over time.
So some of this I think we're getting close probably
you know, six months a year away. There's going to
be a little bit of pushback on AI, the deployment
(08:30):
and you know, you keep looking at the cost of
electricity rising, that's going to be an issue.
Speaker 7 (08:34):
Inflation also an issue for these markets for this Futter reserve.
It got's inflation data this week. Uh, the brucer pricing
next is yesterday, I think really got people's attention. What
did you make of that? And some of the cooler
CPI with data we got earlier.
Speaker 5 (08:49):
You know, I always ignore a little bit PPI.
Speaker 8 (08:51):
To me, that's always been kind of a tertiary data point,
and it's always hard to see that it actually ever
follows through into true inflation. So it was a bit disturbing,
but nothing you know, to alarm me. I still think
goods inflation is going to be there a little bit
away from that, though, I think, if I'm right, in
the economy slowing, you've seen some pressure on services inflation,
and to be honest, even in CPI, which was somewhat cool,
I think it's even overstated there because we continue to
(09:12):
use owner's equivalent.
Speaker 5 (09:13):
Rent as the metric.
Speaker 8 (09:15):
I'm not sure why we won't adopt Cleveland has a
real time you know, rentric metric, you know Zillow. And
to me, the one thing this comes to back to
so much of our data. There is so much real time,
reasonably accurate information out there, and we still tend to
rely on surveys and these old methodologies. We have to
revamp that. So I think CPI is overstated. So I
think the FED will be in position to cut three
times this year because jobs are going to weaken enough,
(09:37):
and inflation is going to remain contained.
Speaker 7 (09:39):
Given that backdrop, can this market expand out the breadth
of this market here, which has been so concentrated, Yeah.
Speaker 5 (09:48):
I think it can.
Speaker 8 (09:49):
And to me, I think the real growth is going
to have to come from what we've been calling national
production for national security. And I think last time I
was on, we talked about the Department Defense made the
investment in MP. Now we're hearing potentially the government's going
to make an investment in Intel. And actually I've got
admit I'm an owner of Intel, so that's a full disclosure.
But on those things, I think, right this has to
(10:09):
come national production for national security, and this administration is
going to do it through investment. They're not just going
to give subsidies. They're not because they want the American
citizen to benefit.
Speaker 6 (10:17):
Can I ask a.
Speaker 2 (10:18):
Stupid question in our new capitalism, It's Friday stupid question, right?
Why don't they make an investment in Microsoft?
Speaker 5 (10:25):
Why buy a dog?
Speaker 4 (10:27):
I mean, if the President Trump wants to attach himself
to our technological superiority.
Speaker 8 (10:35):
By two percent of Microsoft, you know, And I think
what we're really looking I'll come back to national production
for national security. So I think someone in the administration
is taking time. What do we need to be producing
here to be safe. It's going to include pharma, biochemical
or bio biotech, those sorts of industries. Look for investments
there because those are things we want to be producing
(10:55):
we need to do domestically. Chips is all over this, right,
and Intel's kind of the cheapest way to get involved
in it, like.
Speaker 4 (11:02):
Tiss is in Norway.
Speaker 2 (11:03):
I'll give you in Singapore the sovereign Wealth fun I mean,
I had an office once in Boston near the Kuwait Authority.
Speaker 4 (11:09):
Whatever, I'd get a sovereign wealth fund. That's not what
we're talking about, Peter, right.
Speaker 8 (11:14):
No, I think this is much more strategic, right. I
think again, the deals we are looking for rarerst critical minerals,
the processing, refining, and I think this is meant to
boost things along.
Speaker 5 (11:23):
It also ties in very nicely for.
Speaker 8 (11:25):
These companies with the big beautiful bill where you get
accelerated depreciation. So if you can get this influx of
money and excitement because the US government's involved, presumably the
US governments can be buying from the They've got that
impetus to grow and build. And I think It's going
to be targeted though, around the industries that we are
behind and that we need to be doing domestically to
compete with China economically.
Speaker 7 (11:46):
Should investors, should the market be paying attention to what
happens today in Alaska?
Speaker 5 (11:50):
I think a little bit.
Speaker 8 (11:52):
In the end, I think all this probably leads to is,
you know, I think your prior guest is, you know,
miss Baker did a great job discussing that normally, you know,
these presidents and leaders only meet when there's a deal
already laid out.
Speaker 5 (12:04):
You know, this could go any which way.
Speaker 8 (12:06):
Our suspect at Academy security is what we suspect will
come out of this is a little bit of pushback
on Putin and finally a little bit more of this
stick because if you think about in the last few weeks,
the President has talked a lot more about going after
the sanctions again, re upping them. They've pushed on India,
and they've also now find a way to get weapons
to Ukraine that's palatable to this administration. Right, we sell
them to europeasses them Moudt Ukraine. This administration seems fine
(12:29):
with that. Phuda needs to feel the stick, I think
to really cave on anything.
Speaker 4 (12:32):
I haven't seeing the new barons for tomorrow, Pierce sheer barons.
Speaker 5 (12:35):
Let's pretend he's on page eleven.
Speaker 4 (12:37):
Can you buy that Meg's seven and barons tomorrow.
Speaker 8 (12:40):
I'm trying to not buy that. I'm trying to buy
the other things. I'm looking for, these new growth stories.
I think, you know electricity, and this is one of
my key things. I'm still you know, Tom, you might
be iilthy of this as yourself. Well, when I think energy,
I used to think oil, right, energy and oil equated.
You know, It's how it's always been, can he It's
energy equals electricity. You look at things like China's doing
in terms of their nuclear power plants in the Saudia's
(13:02):
on solar. I think we have a huge opportunity in
the electricity space and it's going to drive a lot
of production, and it's so necessary to keep the AI
game afloat.
Speaker 4 (13:13):
Peter, in this room, when we think energy, we think uncrustables.
Speaker 5 (13:18):
I did hear that the other day. It's better. Thank
you for listening, Peter Share. We are thrilled to have
Peter Share with us this morning. Thank you so much.
With academy, I'm security, Stay with us. More from Bloomberg
Surveillance coming up after this.
Speaker 1 (13:41):
You're listening to the Bloomberg Surveillance Podcast. Catch us live
weekday afternoons from seven to ten am Eastern Listen on
Applecarplay and Android Auto with the Bloomberg Business app, or
watch us live on YouTube.
Speaker 2 (13:53):
Akindi Krabo Retiker a right to the console on Foreign
Relations adjunct Senior fellow. We're thrilled she could catch up
with us on Trump Putin as well. Hiding within your
note and I think this is the embarrassing question. Does
Putin want to cease fire?
Speaker 9 (14:11):
I think that he absolutely does not want to cease fire.
And I would say, you know, I think it's a
win for Putin to actually get this meeting in the
first place with President Trump in Alaska of all places.
But Putin thinks he's winning the war right now and
that time is on his side. So I don't think
he's altered any of his demands. I don't think he's
(14:32):
negotiating in good faith. And why would he declare that
he would have that he would support a ceasefire when
the only way that he will actually agree to that
is on terms that neither Ukraine nor Europeans would agree to.
Speaker 7 (14:50):
So what is a quote unquote win for President Trump
here in this meeting in Alaska?
Speaker 9 (14:58):
So I think a win would be I think what
President Trump is looking to do is to arrange that
second meeting with with Putin and with Zelenski, so that
trilateral meeting, which you know President Trump has said and
dangled that it could be as early as this weekend
and in Alaska.
Speaker 7 (15:17):
But I do not think that.
Speaker 9 (15:19):
I do not think that that the Ukrainians have high
hopes in that President Putin will actually agree to meet Zelenski.
Speaker 6 (15:27):
He has not done so in the past.
Speaker 7 (15:29):
What do we what do we know about the I
don't know the discussions that President Trump president Zelensky had
with European Union leaders earlier this week. Do we know
what was agreed upon there at all?
Speaker 9 (15:42):
Well, you know, I think that the Europeans made very
clear what their you know, what their position is on
on on Ukraine and what Ukraine's physician is. I think
that they want the justin lasting peace, and they want
respect for international law and the principles of independence and sovereignty.
(16:03):
And this is one of the big sticking points a
Ukraine that can defend itself effectively. And one of the
key asks of President Putin is a demilitarized Ukraine. The
Ukraine has in the meantime been building up some really
both indigenous military capacity that is cutting edge.
Speaker 6 (16:20):
It was the one of the key.
Speaker 9 (16:25):
Pillars of the Soviet defense industrial economy, so they actually
have the expertise the capability. Having a militarized Ukraine is
really foundational for Ukraine to defend itself.
Speaker 2 (16:37):
Explain the economic reality of the map, Heidi, which you
have memorized and Paul and I can't pronounce it, but
basically eastern Ukraine from the north, down to the south
and down to the Black Sea and of course down
below that crimea of a decade ago. What's the economic
(16:59):
advantage of mister Putin to own that territory.
Speaker 9 (17:04):
Well, I mean it's it's obviously resource rich, and I
I believe not only not only is it a it's
a forward it's a forward base for additional expansion. I
don't think that that President Putin really has in the
next you know, in between now and when he leaves
(17:26):
the position as as President of Russia, that he is
going to stop the imperi the sort of expansion of
how he sees imperial Russia, and so I don't I
don't believe that.
Speaker 6 (17:36):
I think it's it would be.
Speaker 5 (17:37):
A win.
Speaker 9 (17:39):
For many reasons that are economic, rare Earth's industrial capacity,
a lot of the a lot of the access to
the Black Sea that comes with with with the with
the control of that territory. It's really, it really was
a powerhouse for the economy. I think a lot of
it's been destroyedoid over the past couple of years. But
(18:03):
in terms of what Putin wants, I think it's both
power as projection and it's economic.
Speaker 7 (18:09):
What leverage, if any does the does President Trump have
at this negotiation today? How do you think that lays out?
Speaker 9 (18:16):
So I think that it's it's important for President Trump
to make sure that he has the backing of the
Europeans and the Ukrainians. I don't know the leverage that
he has both carrots and sticks. The ability to actually
impose greater pain through sanctioning. For example, for example, the
(18:40):
dark shadow fleets of oil tankers that are that are
prolific in actually exporting Russian oil right now would be meaningful.
So I think that there are sticks, there are also
carrots that he's looking to put on the table.
Speaker 5 (18:54):
I thank you for the brief.
Speaker 2 (18:55):
Heidi Kramer, writing writing for the Writing for Foreign Affairs
should say in the Council on Foreign Relations.
Speaker 5 (19:05):
Stay with us. More from Bloomberg Surveillance coming up after this.
Speaker 1 (19:16):
This is the Bloomberg Surveillance Podcast. Listen live each weekday
starting at seven am Eastern on Applecarplay and Android Auto
with the Bloomberg Business app. You can also watch us
live every weekday on YouTube and always on the Bloomberg terminal.
Speaker 4 (19:30):
Jennifer Lee one of the toughest jobs on Global Wall Street.
Speaker 2 (19:34):
She has to put up with Ian Lincoln and Brian
Belski at the same point, and she has the single
best sentence in a research report of the week.
Speaker 5 (19:44):
Here's Jennifer Lee. I quote what now, question Mark? We wait,
We watch Jennifer poetry. It's like a haiku. It's so
so true.
Speaker 2 (19:56):
We wait and we watch. What are you watching? To
unfold the mystery of the back half of twenty twenty five?
Speaker 6 (20:06):
Well, good morning, and thank you very much for having
me on. And just quickly about the airline breakfasts. It's
kind of hard to screw up yogurt. I think that's
basically what I get.
Speaker 10 (20:12):
Every every time I'm on an early.
Speaker 6 (20:15):
Morning flight.
Speaker 10 (20:17):
Watching the data watching. I think inflation is probably like
the biggest report right now to keep an eye on.
But of course, this morning's retail sales numbers were also
very interesting, and I was very torn. I gotta tell
you this, I was very torn. I was like, do
I want a strong number to signify, you know, that
the US eclimate remains resilient, or do I want a
weak number because it shows that the FED is going
(20:39):
to have to start cutting rates starting next month and
by how much it's always torn?
Speaker 6 (20:44):
But you know, I'm kind of lying.
Speaker 10 (20:45):
I kind of lean toward, you know, I want a
stronger economy, more resilient economy. And the retail sales numbers
approved that it wasn't wall to wall strength. We saw
some pullback and play in things like eating out, dining out,
for example, which is something I like to keep an
eye on all the time. But there's more spending on
things like sporting goods and on clothing and things like that.
So cannot write off the US consumer just yet. You know,
(21:07):
we should almost never write right off the US consumer.
But it shows that again, the US economy is still
holding up there. The backward revisions, by the way, show
that there's a lot more momentum coming in into the
second half. But what happens at this point on with
signs of higher inflation bubbling, You know, this is where
everything hits the fan.
Speaker 5 (21:26):
My summary, Paul is simple, what now we wait? Watch exactly?
Speaker 7 (21:31):
So, Jennifer, what do you think or how do you
think the FED interpreted this week's inflation data in today's
retail sales? How do you think that may or may
not affect kind of what they do in September.
Speaker 6 (21:43):
I think it potentially makes them dig in their heels
a little bit.
Speaker 10 (21:47):
And you know, there is talk about a fifty basis
point cut, perhaps maybe from just one individual with the
initials s B, but I think the inflation reports this
week sort of put that under the put that on
the side, at least.
Speaker 6 (22:02):
Off the table for now. On twenty five basis places.
Speaker 10 (22:05):
Still looks like the way we looks like what we're
going to be seeing come come the next meeting in September.
Speaker 6 (22:12):
Again, we still have I mean, we just had like
the two pretty.
Speaker 10 (22:15):
Scary you know, inflation reports this week for July, but
we still have And then of course this morning is
hotter than expected import price report that you've already mentioned.
So we've got one of each, by the way, one
more CPI, one more PPI, one more import.
Speaker 6 (22:28):
Price report before the September seventeenth PEN meeting.
Speaker 10 (22:31):
We also have a couple of ISM surveys and I
always love to read those because I like to see
what the respondents of there are doing or what they're
seeing in terms of prices. And those are like the
boots on the ground, right, It's not these numbers that
are being calculated in whatever format and whatever fashion. These
are actually talking to the people out there who are
making their purchases, on actual purchasing managers, and we wanted
to see what they are seeing out there.
Speaker 7 (22:52):
What do you make of the US labor market here?
That was the discussion point a week ago. This week's
been all about inflation. Last week was about labor. What's
your on the guest labor market?
Speaker 10 (23:01):
So this is I mean, obviously the last report was
a little shocking showing like slowing demand, but there is
still demand for jobs and we still have you know,
well over seven million jobs job openings out there across
the country, so you know, it depends on what sector
we're talking about, but clearly the demand is slowing. But
it's also interesting, just given from what we've seen from
some of these surveys, from what some of the hiring
(23:23):
managers have been saying, you know, they're basically holding off
to see what happens with the economy, what happens with tariffs.
Is this trade war worth trying to going to continue
dragging on or not. So that's going to determine whether
not they're going to be starting to get rid of
people or if they're going to lay people off or hire.
Everyone is on hold right now until there is more clarity.
We have a little bit more clarity now, but there's
(23:44):
still not one hundred percent. It's still a little fussy
to short of.
Speaker 5 (23:47):
Visit Jennifer Lee. I promise I will wait and I
will watch.
Speaker 2 (23:51):
Jennifer Lee, Senior Economist, beam A Capital Markets.
Speaker 1 (23:55):
This is the Bloomberg Surveillance podcast, available on Apple's Spotify
and anywhere else you get your podcasts. Listen live each weekday,
seven to ten am Eastern on Bloomberg dot Com, the
iHeartRadio app, tune In, and the Bloomberg Business app. You
can also watch us live every weekday on YouTube and
(24:16):
always on the Bloomberg terminal
Bloomberg Audio Studios, Podcasts, radio news. This is the Bloomberg
Surveillance Podcast. Catch us live weekdays at seven am Eastern
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Listen on demand wherever you get your podcasts, or watch
(00:25):
us live on YouTube.
Speaker 2 (00:27):
Kate Moore, CIO City Wealth this morning. Kate does your
team of security and analyst at City Group, but claimed
we use them all the time, great, great benefit. Do
they have any framework of what September thirty earnings look like?
Speaker 3 (00:44):
I think it's incredibly hard Tom right now to make
a call on what third border earnings are going to
look like, because, and this is a point I've been
making as we were even getting reporting during for second
quarterer season, is that there is a growing gap between
the winners and users where it's around CERAs round Ai.
Speaker 4 (01:03):
Yeah, no, igain to continue.
Speaker 2 (01:06):
I think this is, folks, the absolute heart of the matter,
growing direct This is political economics with Kate Moore from Chicago.
The answer is, Kate Moore, it's a growing gap of America,
a growing gap of society and a growing gap of investment.
Speaker 5 (01:20):
Right.
Speaker 3 (01:21):
Yeah, Remember Tom, We've talked a lot about in the
past you know, K shaped economies, but I'm seeing a
very K shaped market at this point in terms of
the fundamentals, particularly even as we get these trading rallies,
whether it's around small caps or home builders or some
of the lower quality and more rate sensitive areas at
the market.
Speaker 6 (01:39):
And what I mean by the K shape is.
Speaker 3 (01:40):
That you're increasingly seeing companies that have the ability to
navigate policy changes and have the ability to navigate you know,
sort of weaker end demand in general, because we had
a slowing economic trend even before this policy introduction. And
those that are adopting AI and becoming more efficient and
really focusing on their productivity. And then those that are
(02:02):
kind of left behind, maybe they didn't have the cash
to make that investment, maybe they were you know, they
don't have the right people in place to make those
business decisions. But there is a real gap in each
industry between the haves and have nots. In theory, this
should be a great environment for alpha seeking and active investors.
Speaker 7 (02:20):
So Kate, it seems if you look at the stock
markets making seemingly new highs every day, does that suggest
too that the markets said tariff risk is in the
rearview mirror. I mean, do you agree with that?
Speaker 6 (02:33):
Yeah, So here's my problem.
Speaker 3 (02:34):
I feel like the markets are overly complacent when it
comes to terror risks, and then you see these, you know,
knee jerk reactions to the PPI data yesterday and big
reversals from what had been a very kind of risk
on high beta move for the previous two weeks. I
think that, you know, there's a lot of room for
the market to quiet down. That's another way of saying
(02:56):
getting to the bottom end of its trading range. You know,
as some of this tariff data comes through, obviously we're
going to be watching retail sales and a few quick
seconds here to get a sense for how consumers spared
over the course of July. I mean that that's going
to be important.
Speaker 6 (03:10):
But more important than.
Speaker 3 (03:12):
That is really what the trend is in terms of
prices and in margins, corporate margins over the next few quarters.
Speaker 7 (03:20):
How have earning has been so far, in your opinion,
looks pretty darning good for the second quarter, came in
better than expected it so it looks like Corporate America delivered.
Speaker 3 (03:30):
Yeah, I mean, I thought the earning has looked pretty good.
The one thing I will say though, is some of
these aggregate numbers, whether it's on the sector level or
on the index level, do mask some of that discrepancy
or that you know, sort of K shaped experience underneath
the surface. But one thing I've always said is that
you don't want to bet against the resiliency of corporate America.
(03:50):
That the decision making to really kind of manage overall expenses,
to focus on the business lines that have the greatest
potential for growth, and to really kind of dial up
and dial down spending when economic conditions necessitated, you know,
should not be discounted. This flexibility from US companies, particularly
US listed companies, is so much greater than the rest
(04:13):
of the world, and it's a reason why I prefer
the USK over other regions for the most part.
Speaker 4 (04:16):
Kate, up, we go in the equity market. We get
it right back in one minute. What's it mean?
Speaker 3 (04:22):
Well, I mean, the one thing I'm sort of focused
on as I'm looking at this data, it may have
to remember that, like, while these were visions to June
data are excellent, you know, it looks like there was
a significant amount of retail activity, that the retail sales
data are nominal, So there's a chance that that's capturing
some of the increase in prices that we're starting to
(04:43):
see in other bits of economic data. So this is
not necessarily an indicative like a real acceleration in terms
of overall retail spending. And that's what I want to
dig into a little bit later this morning as we
get off right.
Speaker 2 (04:54):
Yeah, the low point of your Sunday morning is you've
got to read Andrew Hollandhorst for three hours. What is
the city girl belief on the tariff pass through to
the consumer?
Speaker 6 (05:08):
Well, the pass through.
Speaker 3 (05:10):
We were having a pretty robust debate across city on
what the pass through might be. And I think, as
we all know, they're the three buckets. You know, what
does a supplier do, what is the importer do, and
what you know kind of gets passed through to the consumer.
And it feels like it's a moving target, depending not
just on the industry and the commodity, but on the
flexibility of that company and how sort.
Speaker 6 (05:32):
Of captive their consumer base is.
Speaker 3 (05:36):
I think we're going to see, you know, fewer companies
absorbing the costs, both on the supplier side and on
the importer side, and more costs passed through to the consumer.
Speaker 5 (05:48):
We'll have to see m Thank you so much for
learting me.
Speaker 2 (05:51):
We'll let you get back to an incredibly busy morning
at City Group Kate Moore driving all of Citygroup Wealth.
Speaker 5 (05:57):
Thrilled to have her with us this morning. Stay with us.
More from Bloomberg Surveillance coming up after this.
Speaker 1 (06:12):
You're listening to the Bloomberg Surveillance podcast. Catch us live
weekday afternoons from seven to ten am Eastern Listen on
Apple Karplay and Android Auto with the Bloomberg Business app,
or watch us live on YouTube.
Speaker 2 (06:25):
We're to go sixty thousand feet right now. Peter's share
with us here on a Friday in the summer as
we reset for Q three. The end of Q three
and into Q four is where Peter the technology juggernaut
we're all living and experiencing. Do you assume that academy
securities that we're just going to have the haves get
(06:47):
heavier and the have nots get have not here I
mean a greater divide within society.
Speaker 1 (06:53):
Yeah.
Speaker 8 (06:53):
Unfortunately, you know, we keep looking at and I really
am from a market standpoint, I really want to buy
the Russell two thousand right waiting for the opportunity where
the small caps and midcaps can outperform. And yet you
look at it, the story is really still is very
AI driven. It's the spending on AI, it's the electricity
generation that needs to be done so that entire industry
is like doing extremely well.
Speaker 5 (07:12):
That's where the growth is.
Speaker 8 (07:14):
And away from that, I think the impact of tariffs
are impacting small and mid sized companies. Just feel there's
an overall weight on the economy from that.
Speaker 2 (07:20):
But somebody live in three towns outside Cincinnati right now
and they're seeing, you know, the reds are going down
at Flames.
Speaker 5 (07:26):
I mean, you know, this is not happening. What the
poets are doing.
Speaker 2 (07:29):
Well, somebody out of a job or a his daughters
out of a job outside Cincinnati.
Speaker 5 (07:34):
They don't give a damn about AI. And to me,
it's just a further I mean, you're brilliant at this.
Speaker 4 (07:40):
It's a further severance of society.
Speaker 5 (07:43):
Yeah.
Speaker 8 (07:43):
And you know, I think part of the reason I'm
slightly nervous, more maybe nervous than most guests about the
economy is I'm worried about the job situation. I'm particularly
worried about, you know, the recent college graduate situation right,
the unemployment rate seems to be fairly high. They're not
getting jobs. I look at law school applications, they're skyrocketing.
That to me is another sign that jobs are very tough,
especially for the college graduates. And those are the people
(08:04):
I think who currently are being displaced by AI. Right.
Speaker 5 (08:06):
That's people are.
Speaker 8 (08:07):
Comfortable kind of giving those sorts of assignments to AI,
and you know, they're not going to let big decisions
being made, but they're letting some of that work be done.
And I'm not sure what that does for that job
market opportunity. I'm not sure what that does for a
future where those people supposed to get those jobs that
lead them into management and things like that over time.
So some of this I think we're getting close probably
you know, six months a year away. There's going to
be a little bit of pushback on AI, the deployment
(08:30):
and you know, you keep looking at the cost of
electricity rising, that's going to be an issue.
Speaker 7 (08:34):
Inflation also an issue for these markets for this Futter reserve.
It got's inflation data this week. Uh, the brucer pricing
next is yesterday, I think really got people's attention. What
did you make of that? And some of the cooler
CPI with data we got earlier.
Speaker 5 (08:49):
You know, I always ignore a little bit PPI.
Speaker 8 (08:51):
To me, that's always been kind of a tertiary data point,
and it's always hard to see that it actually ever
follows through into true inflation. So it was a bit disturbing,
but nothing you know, to alarm me. I still think
goods inflation is going to be there a little bit
away from that, though, I think, if I'm right, in
the economy slowing, you've seen some pressure on services inflation,
and to be honest, even in CPI, which was somewhat cool,
I think it's even overstated there because we continue to
(09:12):
use owner's equivalent.
Speaker 5 (09:13):
Rent as the metric.
Speaker 8 (09:15):
I'm not sure why we won't adopt Cleveland has a
real time you know, rentric metric, you know Zillow. And
to me, the one thing this comes to back to
so much of our data. There is so much real time,
reasonably accurate information out there, and we still tend to
rely on surveys and these old methodologies. We have to
revamp that. So I think CPI is overstated. So I
think the FED will be in position to cut three
times this year because jobs are going to weaken enough,
(09:37):
and inflation is going to remain contained.
Speaker 7 (09:39):
Given that backdrop, can this market expand out the breadth
of this market here, which has been so concentrated, Yeah.
Speaker 5 (09:48):
I think it can.
Speaker 8 (09:49):
And to me, I think the real growth is going
to have to come from what we've been calling national
production for national security. And I think last time I
was on, we talked about the Department Defense made the
investment in MP. Now we're hearing potentially the government's going
to make an investment in Intel. And actually I've got
admit I'm an owner of Intel, so that's a full disclosure.
But on those things, I think, right this has to
(10:09):
come national production for national security, and this administration is
going to do it through investment. They're not just going
to give subsidies. They're not because they want the American
citizen to benefit.
Speaker 6 (10:17):
Can I ask a.
Speaker 2 (10:18):
Stupid question in our new capitalism, It's Friday stupid question, right?
Why don't they make an investment in Microsoft?
Speaker 5 (10:25):
Why buy a dog?
Speaker 4 (10:27):
I mean, if the President Trump wants to attach himself
to our technological superiority.
Speaker 8 (10:35):
By two percent of Microsoft, you know, And I think
what we're really looking I'll come back to national production
for national security. So I think someone in the administration
is taking time. What do we need to be producing
here to be safe. It's going to include pharma, biochemical
or bio biotech, those sorts of industries. Look for investments
there because those are things we want to be producing
(10:55):
we need to do domestically. Chips is all over this, right,
and Intel's kind of the cheapest way to get involved
in it, like.
Speaker 4 (11:02):
Tiss is in Norway.
Speaker 2 (11:03):
I'll give you in Singapore the sovereign Wealth fun I mean,
I had an office once in Boston near the Kuwait Authority.
Speaker 4 (11:09):
Whatever, I'd get a sovereign wealth fund. That's not what
we're talking about, Peter, right.
Speaker 8 (11:14):
No, I think this is much more strategic, right. I
think again, the deals we are looking for rarerst critical minerals,
the processing, refining, and I think this is meant to
boost things along.
Speaker 5 (11:23):
It also ties in very nicely for.
Speaker 8 (11:25):
These companies with the big beautiful bill where you get
accelerated depreciation. So if you can get this influx of
money and excitement because the US government's involved, presumably the
US governments can be buying from the They've got that
impetus to grow and build. And I think It's going
to be targeted though, around the industries that we are
behind and that we need to be doing domestically to
compete with China economically.
Speaker 7 (11:46):
Should investors, should the market be paying attention to what
happens today in Alaska?
Speaker 5 (11:50):
I think a little bit.
Speaker 8 (11:52):
In the end, I think all this probably leads to is,
you know, I think your prior guest is, you know,
miss Baker did a great job discussing that normally, you know,
these presidents and leaders only meet when there's a deal
already laid out.
Speaker 5 (12:04):
You know, this could go any which way.
Speaker 8 (12:06):
Our suspect at Academy security is what we suspect will
come out of this is a little bit of pushback
on Putin and finally a little bit more of this
stick because if you think about in the last few weeks,
the President has talked a lot more about going after
the sanctions again, re upping them. They've pushed on India,
and they've also now find a way to get weapons
to Ukraine that's palatable to this administration. Right, we sell
them to europeasses them Moudt Ukraine. This administration seems fine
(12:29):
with that. Phuda needs to feel the stick, I think
to really cave on anything.
Speaker 4 (12:32):
I haven't seeing the new barons for tomorrow, Pierce sheer barons.
Speaker 5 (12:35):
Let's pretend he's on page eleven.
Speaker 4 (12:37):
Can you buy that Meg's seven and barons tomorrow.
Speaker 8 (12:40):
I'm trying to not buy that. I'm trying to buy
the other things. I'm looking for, these new growth stories.
I think, you know electricity, and this is one of
my key things. I'm still you know, Tom, you might
be iilthy of this as yourself. Well, when I think energy,
I used to think oil, right, energy and oil equated.
You know, It's how it's always been, can he It's
energy equals electricity. You look at things like China's doing
in terms of their nuclear power plants in the Saudia's
(13:02):
on solar. I think we have a huge opportunity in
the electricity space and it's going to drive a lot
of production, and it's so necessary to keep the AI
game afloat.
Speaker 4 (13:13):
Peter, in this room, when we think energy, we think uncrustables.
Speaker 5 (13:18):
I did hear that the other day. It's better. Thank
you for listening, Peter Share. We are thrilled to have
Peter Share with us this morning. Thank you so much.
With academy, I'm security, Stay with us. More from Bloomberg
Surveillance coming up after this.
Speaker 1 (13:41):
You're listening to the Bloomberg Surveillance Podcast. Catch us live
weekday afternoons from seven to ten am Eastern Listen on
Applecarplay and Android Auto with the Bloomberg Business app, or
watch us live on YouTube.
Speaker 2 (13:53):
Akindi Krabo Retiker a right to the console on Foreign
Relations adjunct Senior fellow. We're thrilled she could catch up
with us on Trump Putin as well. Hiding within your
note and I think this is the embarrassing question. Does
Putin want to cease fire?
Speaker 9 (14:11):
I think that he absolutely does not want to cease fire.
And I would say, you know, I think it's a
win for Putin to actually get this meeting in the
first place with President Trump in Alaska of all places.
But Putin thinks he's winning the war right now and
that time is on his side. So I don't think
he's altered any of his demands. I don't think he's
(14:32):
negotiating in good faith. And why would he declare that
he would have that he would support a ceasefire when
the only way that he will actually agree to that
is on terms that neither Ukraine nor Europeans would agree to.
Speaker 7 (14:50):
So what is a quote unquote win for President Trump
here in this meeting in Alaska?
Speaker 9 (14:58):
So I think a win would be I think what
President Trump is looking to do is to arrange that
second meeting with with Putin and with Zelenski, so that
trilateral meeting, which you know President Trump has said and
dangled that it could be as early as this weekend
and in Alaska.
Speaker 7 (15:17):
But I do not think that.
Speaker 9 (15:19):
I do not think that that the Ukrainians have high
hopes in that President Putin will actually agree to meet Zelenski.
Speaker 6 (15:27):
He has not done so in the past.
Speaker 7 (15:29):
What do we what do we know about the I
don't know the discussions that President Trump president Zelensky had
with European Union leaders earlier this week. Do we know
what was agreed upon there at all?
Speaker 9 (15:42):
Well, you know, I think that the Europeans made very
clear what their you know, what their position is on
on on Ukraine and what Ukraine's physician is. I think
that they want the justin lasting peace, and they want
respect for international law and the principles of independence and sovereignty.
(16:03):
And this is one of the big sticking points a
Ukraine that can defend itself effectively. And one of the
key asks of President Putin is a demilitarized Ukraine. The
Ukraine has in the meantime been building up some really
both indigenous military capacity that is cutting edge.
Speaker 6 (16:20):
It was the one of the key.
Speaker 9 (16:25):
Pillars of the Soviet defense industrial economy, so they actually
have the expertise the capability. Having a militarized Ukraine is
really foundational for Ukraine to defend itself.
Speaker 2 (16:37):
Explain the economic reality of the map, Heidi, which you
have memorized and Paul and I can't pronounce it, but
basically eastern Ukraine from the north, down to the south
and down to the Black Sea and of course down
below that crimea of a decade ago. What's the economic
(16:59):
advantage of mister Putin to own that territory.
Speaker 9 (17:04):
Well, I mean it's it's obviously resource rich, and I
I believe not only not only is it a it's
a forward it's a forward base for additional expansion. I
don't think that that President Putin really has in the
next you know, in between now and when he leaves
(17:26):
the position as as President of Russia, that he is
going to stop the imperi the sort of expansion of
how he sees imperial Russia, and so I don't I
don't believe that.
Speaker 6 (17:36):
I think it's it would be.
Speaker 5 (17:37):
A win.
Speaker 9 (17:39):
For many reasons that are economic, rare Earth's industrial capacity,
a lot of the a lot of the access to
the Black Sea that comes with with with the with
the control of that territory. It's really, it really was
a powerhouse for the economy. I think a lot of
it's been destroyedoid over the past couple of years. But
(18:03):
in terms of what Putin wants, I think it's both
power as projection and it's economic.
Speaker 7 (18:09):
What leverage, if any does the does President Trump have
at this negotiation today? How do you think that lays out?
Speaker 9 (18:16):
So I think that it's it's important for President Trump
to make sure that he has the backing of the
Europeans and the Ukrainians. I don't know the leverage that
he has both carrots and sticks. The ability to actually
impose greater pain through sanctioning. For example, for example, the
(18:40):
dark shadow fleets of oil tankers that are that are
prolific in actually exporting Russian oil right now would be meaningful.
So I think that there are sticks, there are also
carrots that he's looking to put on the table.
Speaker 5 (18:54):
I thank you for the brief.
Speaker 2 (18:55):
Heidi Kramer, writing writing for the Writing for Foreign Affairs
should say in the Council on Foreign Relations.
Speaker 5 (19:05):
Stay with us. More from Bloomberg Surveillance coming up after this.
Speaker 1 (19:16):
This is the Bloomberg Surveillance Podcast. Listen live each weekday
starting at seven am Eastern on Applecarplay and Android Auto
with the Bloomberg Business app. You can also watch us
live every weekday on YouTube and always on the Bloomberg terminal.
Speaker 4 (19:30):
Jennifer Lee one of the toughest jobs on Global Wall Street.
Speaker 2 (19:34):
She has to put up with Ian Lincoln and Brian
Belski at the same point, and she has the single
best sentence in a research report of the week.
Speaker 5 (19:44):
Here's Jennifer Lee. I quote what now, question Mark? We wait,
We watch Jennifer poetry. It's like a haiku. It's so
so true.
Speaker 2 (19:56):
We wait and we watch. What are you watching? To
unfold the mystery of the back half of twenty twenty five?
Speaker 6 (20:06):
Well, good morning, and thank you very much for having
me on. And just quickly about the airline breakfasts. It's
kind of hard to screw up yogurt. I think that's
basically what I get.
Speaker 10 (20:12):
Every every time I'm on an early.
Speaker 6 (20:15):
Morning flight.
Speaker 10 (20:17):
Watching the data watching. I think inflation is probably like
the biggest report right now to keep an eye on.
But of course, this morning's retail sales numbers were also
very interesting, and I was very torn. I gotta tell
you this, I was very torn. I was like, do
I want a strong number to signify, you know, that
the US eclimate remains resilient, or do I want a
weak number because it shows that the FED is going
(20:39):
to have to start cutting rates starting next month and
by how much it's always torn?
Speaker 6 (20:44):
But you know, I'm kind of lying.
Speaker 10 (20:45):
I kind of lean toward, you know, I want a
stronger economy, more resilient economy. And the retail sales numbers
approved that it wasn't wall to wall strength. We saw
some pullback and play in things like eating out, dining out,
for example, which is something I like to keep an
eye on all the time. But there's more spending on
things like sporting goods and on clothing and things like that.
So cannot write off the US consumer just yet. You know,
(21:07):
we should almost never write right off the US consumer.
But it shows that again, the US economy is still
holding up there. The backward revisions, by the way, show
that there's a lot more momentum coming in into the
second half. But what happens at this point on with
signs of higher inflation bubbling, You know, this is where
everything hits the fan.
Speaker 5 (21:26):
My summary, Paul is simple, what now we wait? Watch exactly?
Speaker 7 (21:31):
So, Jennifer, what do you think or how do you
think the FED interpreted this week's inflation data in today's
retail sales? How do you think that may or may
not affect kind of what they do in September.
Speaker 6 (21:43):
I think it potentially makes them dig in their heels
a little bit.
Speaker 10 (21:47):
And you know, there is talk about a fifty basis
point cut, perhaps maybe from just one individual with the
initials s B, but I think the inflation reports this
week sort of put that under the put that on
the side, at least.
Speaker 6 (22:02):
Off the table for now. On twenty five basis places.
Speaker 10 (22:05):
Still looks like the way we looks like what we're
going to be seeing come come the next meeting in September.
Speaker 6 (22:12):
Again, we still have I mean, we just had like
the two pretty.
Speaker 10 (22:15):
Scary you know, inflation reports this week for July, but
we still have And then of course this morning is
hotter than expected import price report that you've already mentioned.
So we've got one of each, by the way, one
more CPI, one more PPI, one more import.
Speaker 6 (22:28):
Price report before the September seventeenth PEN meeting.
Speaker 10 (22:31):
We also have a couple of ISM surveys and I
always love to read those because I like to see
what the respondents of there are doing or what they're
seeing in terms of prices. And those are like the
boots on the ground, right, It's not these numbers that
are being calculated in whatever format and whatever fashion. These
are actually talking to the people out there who are
making their purchases, on actual purchasing managers, and we wanted
to see what they are seeing out there.
Speaker 7 (22:52):
What do you make of the US labor market here?
That was the discussion point a week ago. This week's
been all about inflation. Last week was about labor. What's
your on the guest labor market?
Speaker 10 (23:01):
So this is I mean, obviously the last report was
a little shocking showing like slowing demand, but there is
still demand for jobs and we still have you know,
well over seven million jobs job openings out there across
the country, so you know, it depends on what sector
we're talking about, but clearly the demand is slowing. But
it's also interesting, just given from what we've seen from
some of these surveys, from what some of the hiring
(23:23):
managers have been saying, you know, they're basically holding off
to see what happens with the economy, what happens with tariffs.
Is this trade war worth trying to going to continue
dragging on or not. So that's going to determine whether
not they're going to be starting to get rid of
people or if they're going to lay people off or hire.
Everyone is on hold right now until there is more clarity.
We have a little bit more clarity now, but there's
(23:44):
still not one hundred percent. It's still a little fussy
to short of.
Speaker 5 (23:47):
Visit Jennifer Lee. I promise I will wait and I
will watch.
Speaker 2 (23:51):
Jennifer Lee, Senior Economist, beam A Capital Markets.
Speaker 1 (23:55):
This is the Bloomberg Surveillance podcast, available on Apple's Spotify
and anywhere else you get your podcasts. Listen live each weekday,
seven to ten am Eastern on Bloomberg dot Com, the
iHeartRadio app, tune In, and the Bloomberg Business app. You
can also watch us live every weekday on YouTube and
(24:16):
always on the Bloomberg terminal
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My Favorite Murder with Karen Kilgariff and Georgia Hardstark
My Favorite Murder is a true crime comedy podcast hosted by Karen Kilgariff and Georgia Hardstark. Each week, Karen and Georgia share compelling true crimes and hometown stories from friends and listeners. Since MFM launched in January of 2016, Karen and Georgia have shared their lifelong interest in true crime and have covered stories of infamous serial killers like the Night Stalker, mysterious cold cases, captivating cults, incredible survivor stories and important events from history like the Tulsa race massacre of 1921. My Favorite Murder is part of the Exactly Right podcast network that provides a platform for bold, creative voices to bring to life provocative, entertaining and relatable stories for audiences everywhere. The Exactly Right roster of podcasts covers a variety of topics including historic true crime, comedic interviews and news, science, pop culture and more. Podcasts on the network include Buried Bones with Kate Winkler Dawson and Paul Holes, That's Messed Up: An SVU Podcast, This Podcast Will Kill You, Bananas and more.
The Joe Rogan Experience
The official podcast of comedian Joe Rogan.