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 us live on YouTube.

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 us live on YouTube.

DA Davidson and in charge of all of institutional research, Gil Laura, joins us this morning. It's on Tech and on Nvidian and you know all the rest of it. Gil, you follow thirty companies. You got a very measured out look. Fourteen buy sixteen holds off the Bloomberg this morning, What is the character of your enthusiasm on Nvidia given fourteen buy sixteen, hold zero cells.

DA Davidson and in charge of all of institutional research, Gil Laura, joins us this morning. It's on Tech and on Nvidian and you know all the rest of it. Gil, you follow thirty companies. You got a very measured out look. Fourteen buy sixteen holds off the Bloomberg this morning, What is the character of your enthusiasm on Nvidia given fourteen buy sixteen, hold zero cells.

They're doing very well and they're set up to do well this year. But this may be as good as it gets for video. Their big customers have increased spend the most into the fourth quarter of last year. They're probably going to start moderating the growth and spend this year, so this may be as good as it gets for Nvidia.

They're doing very well and they're set up to do well this year. But this may be as good as it gets for video. Their big customers have increased spend the most into the fourth quarter of last year. They're probably going to start moderating the growth and spend this year, so this may be as good as it gets for Nvidia.

Off the screen, you got a neutral on in video, neutral on Salesforce, Nutrol on Zoom. I'm loving this neutral on five to nine Away we go what's a neutral? Should I hold the stack? Do I want to find something else to do? What does neutral mean? Gilherty?

Off the screen, you got a neutral on in video, neutral on Salesforce, Nutrol on Zoom. I'm loving this neutral on five to nine Away we go what's a neutral? Should I hold the stack? Do I want to find something else to do? What does neutral mean? Gilherty?

There's better things to do, so if we're to look, last night was a great view of what the AI trade is, right and video was the AI trade a couple of years ago, and last year Salesforce is not quite ready for AI. Snowflake was a fantastic report. Infrastructure software is incredibly important for companies to be able to run AI application. They need to get their data ready and Snowflake is leading the way in terms of doing that. They have the main analytical database, the leading product, and so companies are using them to put all the data in one place so they can even start building AI applications. That's why Snowflake did well. That's why we like infrastructure software companies like Snowflake, Data Dog, Dina, trace Jyfrog. We like half the companies. We just prefer them over the other half.

There's better things to do, so if we're to look, last night was a great view of what the AI trade is, right and video was the AI trade a couple of years ago, and last year Salesforce is not quite ready for AI. Snowflake was a fantastic report. Infrastructure software is incredibly important for companies to be able to run AI application. They need to get their data ready and Snowflake is leading the way in terms of doing that. They have the main analytical database, the leading product, and so companies are using them to put all the data in one place so they can even start building AI applications. That's why Snowflake did well. That's why we like infrastructure software companies like Snowflake, Data Dog, Dina, trace Jyfrog. We like half the companies. We just prefer them over the other half.

All these names, Detroit, Lions, blue Light, all these names. Is it like two thousand reducts? It sounds like a Super Bowl list from two.

All these names, Detroit, Lions, blue Light, all these names. Is it like two thousand reducts? It sounds like a Super Bowl list from two.

Thousand exactly right?

Thousand exactly right?

Hey, Gil, we just had President Trump put out a tweet saying that these tariffs are going into place, including China.

Hey, Gil, we just had President Trump put out a tweet saying that these tariffs are going into place, including China.

Here, how does the.

Here, how does the.

Tech world view a world of increasing tariffs, Well.

Tech world view a world of increasing tariffs, Well.

It depends on if you're selling hard goods or if you're selling software. If you're selling hardware, let's say in Nvidia, this makes your life a little bit more complicated. Higher tariff borders between the US and China, between China and Taiwan, between Taiwan and where they source their materials, all those types of tariffs will add up to make the product more expensive. For the software companies, in the internet companies, it'll be more subtle. Let's not forget part of the reason we're talking about putting tariffs on Europe is that the Europeans have made a habit of charging our big technology companies billions of dollars at a time as quote unquote penalties for whatever behavior they choose to penalize. So as we escalate with Europe, those companies may suffer more. As we escalate with China, Apple may get in the crosshairs again. So it could have an impact, But it really depends on how much follow through there is in terms of tariffs and how combative our adversaries are going to be. Once we do raise tariffs.

It depends on if you're selling hard goods or if you're selling software. If you're selling hardware, let's say in Nvidia, this makes your life a little bit more complicated. Higher tariff borders between the US and China, between China and Taiwan, between Taiwan and where they source their materials, all those types of tariffs will add up to make the product more expensive. For the software companies, in the internet companies, it'll be more subtle. Let's not forget part of the reason we're talking about putting tariffs on Europe is that the Europeans have made a habit of charging our big technology companies billions of dollars at a time as quote unquote penalties for whatever behavior they choose to penalize. So as we escalate with Europe, those companies may suffer more. As we escalate with China, Apple may get in the crosshairs again. So it could have an impact, But it really depends on how much follow through there is in terms of tariffs and how combative our adversaries are going to be. Once we do raise tariffs.

So if you're a Microsoft, how much attention are you paying to what's happening in Washington, DC with tariffs?

So if you're a Microsoft, how much attention are you paying to what's happening in Washington, DC with tariffs?

A lot of attention again, especially as it has to do with Europe. Again, the Europeans have fined Microsoft many times, have extracted their penalties and fees out of Microsoft, and they'll go right back to that. Well if they decide that's a good way to retaliate against tariffs that we put on European cars. Perhaps, So for all of these companies, they're paying a lot of attention because on many of these frontiers they are right in the crosshairs of retaliation.

A lot of attention again, especially as it has to do with Europe. Again, the Europeans have fined Microsoft many times, have extracted their penalties and fees out of Microsoft, and they'll go right back to that. Well if they decide that's a good way to retaliate against tariffs that we put on European cars. Perhaps, So for all of these companies, they're paying a lot of attention because on many of these frontiers they are right in the crosshairs of retaliation.

So in the eleven o'clock hour, Gil Caroline Heide to Bloomberg Television is going to be interviewing mister Jasse from Amazon. What do you need to hear from mister Jesse in the days and weeks to come Amazon, because I know that's one of the names you have a buyer reading on.

So in the eleven o'clock hour, Gil Caroline Heide to Bloomberg Television is going to be interviewing mister Jasse from Amazon. What do you need to hear from mister Jesse in the days and weeks to come Amazon, because I know that's one of the names you have a buyer reading on.

Yeah.

Yeah.

So the progress they're making across the board is very impressive. It's our favorite megacap pig because they're leading the way in terms of facilitating enterprise AI because AWS is the biggest hyperscaler. They're also going to have the biggest AI business there. On the consumer side, the introd Alexa plus yesterday have rufus on the shopping app so they're helping consumers shop through better and better AI tools. And then on the retail business they're doing well as the US consumer holds up, the European consumer can possibly pick up. And all these things feed into each other. The advertising business is getting better with AI with more volume, so that flywheel is working pretty well for Amazon right now.

So the progress they're making across the board is very impressive. It's our favorite megacap pig because they're leading the way in terms of facilitating enterprise AI because AWS is the biggest hyperscaler. They're also going to have the biggest AI business there. On the consumer side, the introd Alexa plus yesterday have rufus on the shopping app so they're helping consumers shop through better and better AI tools. And then on the retail business they're doing well as the US consumer holds up, the European consumer can possibly pick up. And all these things feed into each other. The advertising business is getting better with AI with more volume, so that flywheel is working pretty well for Amazon right now.

How is their box business? See, people like you, Gil, you never talk about you get a cardboard box? You know? Did you like the new phone ones? Paul? They little little thing you need?

How is their box business? See, people like you, Gil, you never talk about you get a cardboard box? You know? Did you like the new phone ones? Paul? They little little thing you need?

All right?

All right?

You know? What do you what do you think? I mean? Is a box business going to put the US Post Office, FedEx and everybody else out of business?

You know? What do you what do you think? I mean? Is a box business going to put the US Post Office, FedEx and everybody else out of business?

The UPS and FedEx a few years ago when Amazon came to them before it started doing its own delivery and asked them for price concessions, and they said no. And boy do they regret it, because now Amazon's already surpassed UPS and will will soon make those two companies smaller and smaller. They're they're making US postal service smaller. I know the Amazon trucks at my house at least two or three times a day.

The UPS and FedEx a few years ago when Amazon came to them before it started doing its own delivery and asked them for price concessions, and they said no. And boy do they regret it, because now Amazon's already surpassed UPS and will will soon make those two companies smaller and smaller. They're they're making US postal service smaller. I know the Amazon trucks at my house at least two or three times a day.

I mean, it's great here. But you know, one of the things you know, with Gil Lauria and d Davidson, folks, we can do this because a really holistic view on securities research. We were talking earlier to Carolina. She swears they still got one day delivery in the United Kingdom. Grant's tenzy waens. I mean at the distance from Carolina Hie to John Faraow's house now England is like forty two miles. But is one day delivery gone? That was an experiment Giloria of years ago. Have they just given that up quietly so they can profit? No, it's quite the contrary. Delivery times they are still getting shorter, and they are absolutely relentless about it. They are constantly adding more fulfillment centers, last mile operations. They're still talking about using drones. They are going to be relentless about shortening delivery times and while keeping the delivery costs lower. They're investing billions of dollars in it, and they're not going to stop until we get everything we want the same day we go to surveillance. How many boxes are at the front door, correspond at Lisa Matteo, do you, Lisa, I don't buy it. I don't see one day delivery anymore at Amazon, do you.

I mean, it's great here. But you know, one of the things you know, with Gil Lauria and d Davidson, folks, we can do this because a really holistic view on securities research. We were talking earlier to Carolina. She swears they still got one day delivery in the United Kingdom. Grant's tenzy waens. I mean at the distance from Carolina Hie to John Faraow's house now England is like forty two miles. But is one day delivery gone? That was an experiment Giloria of years ago. Have they just given that up quietly so they can profit? No, it's quite the contrary. Delivery times they are still getting shorter, and they are absolutely relentless about it. They are constantly adding more fulfillment centers, last mile operations. They're still talking about using drones. They are going to be relentless about shortening delivery times and while keeping the delivery costs lower. They're investing billions of dollars in it, and they're not going to stop until we get everything we want the same day we go to surveillance. How many boxes are at the front door, correspond at Lisa Matteo, do you, Lisa, I don't buy it. I don't see one day delivery anymore at Amazon, do you.

I get a sad Yeah. Absolutely, that's where I live.

I get a sad Yeah. Absolutely, that's where I live.

It could be just yeah, no, I mean you make a phone call when you're doing your morning, you know, run around during your morning towards by the time you get back home and right there.

It could be just yeah, no, I mean you make a phone call when you're doing your morning, you know, run around during your morning towards by the time you get back home and right there.

Okay, so that's Mayor Adam's fault. We'll talk to him about.

Okay, so that's Mayor Adam's fault. We'll talk to him about.

What's upper eastside things cans about four day delivery. It's a whole third avenue taking over.

What's upper eastside things cans about four day delivery. It's a whole third avenue taking over.

As John Tucker always reports to.

As John Tucker always reports to.

Us, Apple, Gil, you have a buy rating on Apple if I'm an, If I'm Apple, I.

Us, Apple, Gil, you have a buy rating on Apple if I'm an, If I'm Apple, I.

Still have to worry about China.

Still have to worry about China.

I get twenty percent of my revenue in China'm despite what I'm trying to do when friendshuring and on shurn, my supply chain is completely tied to China. Here, How can I buy Apple stock if I've got that China is still hanging over me.

I get twenty percent of my revenue in China'm despite what I'm trying to do when friendshuring and on shurn, my supply chain is completely tied to China. Here, How can I buy Apple stock if I've got that China is still hanging over me.

Yeah, China is the big risk. It's it's the most competitive market, it's the most dynamic market. And again it's it gets ensnared in the UI. China dispute, trade dispute. So it is a risk. It's down to fifteen percent, it may go down to even less of Apple's revenue going forward. And at the same time, Apple is investing in the next break market, which is India, and they're hoping to get over the next twenty thirty years the same type of growth they've gone out of China over the last twenty years, because China is not going to be supportive of the growth story on the product side. And then to your point, it's also a challenge in terms of the supply chain. Apple has diversified away from China largely, but again with a higher tariffs. Any goods in service, any goods that get shipped anywhere in the world, are going to be at risk of having higher costs.

Yeah, China is the big risk. It's it's the most competitive market, it's the most dynamic market. And again it's it gets ensnared in the UI. China dispute, trade dispute. So it is a risk. It's down to fifteen percent, it may go down to even less of Apple's revenue going forward. And at the same time, Apple is investing in the next break market, which is India, and they're hoping to get over the next twenty thirty years the same type of growth they've gone out of China over the last twenty years, because China is not going to be supportive of the growth story on the product side. And then to your point, it's also a challenge in terms of the supply chain. Apple has diversified away from China largely, but again with a higher tariffs. Any goods in service, any goods that get shipped anywhere in the world, are going to be at risk of having higher costs.

All right, So stepping back, GIL, looking across all your coverage and again cover you know thirty some odd names in broad tech. Have we seen peak AI.

All right, So stepping back, GIL, looking across all your coverage and again cover you know thirty some odd names in broad tech. Have we seen peak AI.

That's come up a couple of times today.

That's come up a couple of times today.

Yeah, it's important, not at all, not at all. We're just getting started. AI is going to make all of us more productive. It's going to be a contributor to GDP growth. It's just not going to happen overnight. There's going to be different waves of benefit. Again, the last wave was Microsoft and Nvidia. Now the wave is infrastructure software. Again, I highlighted Snowflake, but there's others. And then in two or three years there's going to be a wave of applications that take off and drive a lot of activity there, including through the Apple ecosystem, which will make the iPhone more valuable. Eventually, it'll be becomes so big that it'll make all of us more productive. We'll all have personal assistance that can help us at work, can help with our personal lives. This future is coming, it's just not going to happen overnight. And unfortunately we had some companies raise expectations as if it's imminent, when in fact it'll take a few more years before we see it in everyday life all the time.

Yeah, it's important, not at all, not at all. We're just getting started. AI is going to make all of us more productive. It's going to be a contributor to GDP growth. It's just not going to happen overnight. There's going to be different waves of benefit. Again, the last wave was Microsoft and Nvidia. Now the wave is infrastructure software. Again, I highlighted Snowflake, but there's others. And then in two or three years there's going to be a wave of applications that take off and drive a lot of activity there, including through the Apple ecosystem, which will make the iPhone more valuable. Eventually, it'll be becomes so big that it'll make all of us more productive. We'll all have personal assistance that can help us at work, can help with our personal lives. This future is coming, it's just not going to happen overnight. And unfortunately we had some companies raise expectations as if it's imminent, when in fact it'll take a few more years before we see it in everyday life all the time.

Yeah, that's absolutely brilliant. I mean, that's a very nice summary, Gilory. That's why we're having you on here. But I don't where's the proof of concept. I mean, give me one infrastructure thing in the New York Tri state area. I mean, is AI helping them land airplanes at EWR, is AI helping with the building of the many tunnels under the Hudson River, the Sweeney Tunnels. We're calling though mean where Giloria is the first proof of concept of AI doing that.

Yeah, that's absolutely brilliant. I mean, that's a very nice summary, Gilory. That's why we're having you on here. But I don't where's the proof of concept. I mean, give me one infrastructure thing in the New York Tri state area. I mean, is AI helping them land airplanes at EWR, is AI helping with the building of the many tunnels under the Hudson River, the Sweeney Tunnels. We're calling though mean where Giloria is the first proof of concept of AI doing that.

Software code. Software engineers were, if you look two three years ago, were in such short supply that the main reason we didn't have advances in softwares we didn't have enough software engineers. What's happening now is Generator of AI is actually perfectly suited for software because it's a language that easy to understand and easy to translate to. And so we're having an explosion of software code development. It's going to take a couple of years before we see the results of it, but it's already starting to happen. And those are the infrastructure software companies that we're talking about again, names like get lab and JFrog are helping develop more code. Snowflake is helping store these new applications. That's already happening. That's why those companies are doing better than other software companies right now. But it's going to take time before we see it in our everyday life. For now, we just have chatbots and Alexa plus ordering April towels when you ask it to don't.

Software code. Software engineers were, if you look two three years ago, were in such short supply that the main reason we didn't have advances in softwares we didn't have enough software engineers. What's happening now is Generator of AI is actually perfectly suited for software because it's a language that easy to understand and easy to translate to. And so we're having an explosion of software code development. It's going to take a couple of years before we see the results of it, but it's already starting to happen. And those are the infrastructure software companies that we're talking about again, names like get lab and JFrog are helping develop more code. Snowflake is helping store these new applications. That's already happening. That's why those companies are doing better than other software companies right now. But it's going to take time before we see it in our everyday life. For now, we just have chatbots and Alexa plus ordering April towels when you ask it to don't.

Be a stranger. This is really informative. Thank you so much, gil Loria, with a nice mix of uys and neutrals. We like to see that. On the sell side.

Be a stranger. This is really informative. Thank you so much, gil Loria, with a nice mix of uys and neutrals. We like to see that. On the sell side.

You're listening to the Bloomberg Surveillance podcast got us Live weekday afternoons from seven to ten am Eastern Listen on Applecarplay and Android Otto with the Bloomberg Business app, or watch us Live on YouTube.

You're listening to the Bloomberg Surveillance podcast got us Live weekday afternoons from seven to ten am Eastern Listen on Applecarplay and Android Otto with the Bloomberg Business app, or watch us Live on YouTube.

This is a joy in an important day to speak to Wendy Schiller's professor at Brown University, but far more nationally, and forget about the Republican Democrat thing. Just here is our civics second paragraph. This happens to be from the Washington Post, Professor Schiller. The brief administrative order, which did not address the underlying legal issues, will allow time for a full Supreme Court review. Professor Schiller, what should our listeners either pro Trump, anti Trump, anti Democrat pro this da What should we expect from Justice Roberts in the Supreme Court?

This is a joy in an important day to speak to Wendy Schiller's professor at Brown University, but far more nationally, and forget about the Republican Democrat thing. Just here is our civics second paragraph. This happens to be from the Washington Post, Professor Schiller. The brief administrative order, which did not address the underlying legal issues, will allow time for a full Supreme Court review. Professor Schiller, what should our listeners either pro Trump, anti Trump, anti Democrat pro this da What should we expect from Justice Roberts in the Supreme Court?

Well, I mean, I think, Tom, I go all way back to John Marshall. I mean, I really do think about Marvey v. Madison. I think about crucial decisions that the Court has made in history that shift the balance of power across branches. And that's certainly what MARVV Medicine did, elevating this I courts power and reducing president's power. Thomas Jefferson was not happy about that. I think in this case, this isn't just a one off. This isn't there's a whole series of cases that will, in fact, you know, affirm or restrain or expand the president's discretionary power over the money that Congress appropriates across the board. It's not just about aid, it's not just about DEI, It's not about just a single thing. So this is a real moment for Roberts, who's had a number of these really important moments. The immunity decision obviously, but even going back to Obamacare, you know, affirming the you know, Obamacare is a program, but then also limiting the federal government's power to be coercive in how it distributes money. And that's this balancing act that Roberts is facing.

Well, I mean, I think, Tom, I go all way back to John Marshall. I mean, I really do think about Marvey v. Madison. I think about crucial decisions that the Court has made in history that shift the balance of power across branches. And that's certainly what MARVV Medicine did, elevating this I courts power and reducing president's power. Thomas Jefferson was not happy about that. I think in this case, this isn't just a one off. This isn't there's a whole series of cases that will, in fact, you know, affirm or restrain or expand the president's discretionary power over the money that Congress appropriates across the board. It's not just about aid, it's not just about DEI, It's not about just a single thing. So this is a real moment for Roberts, who's had a number of these really important moments. The immunity decision obviously, but even going back to Obamacare, you know, affirming the you know, Obamacare is a program, but then also limiting the federal government's power to be coercive in how it distributes money. And that's this balancing act that Roberts is facing.

I think right now, let's take a given justice. I'm going to go with Wizard White, Byron White, hugely respected with the our Supreme Court history, legitimate college you have to lead at Colorado, legitimate baseball draftee with the Pittsburgh Pirates. He got to the Supreme Court, and he surprised those people that thought Wizard White would do this, do this, do this. Are we going to get the same surprise from the more conservative members of the court or do you suggest they'll go lockstep with a president.

I think right now, let's take a given justice. I'm going to go with Wizard White, Byron White, hugely respected with the our Supreme Court history, legitimate college you have to lead at Colorado, legitimate baseball draftee with the Pittsburgh Pirates. He got to the Supreme Court, and he surprised those people that thought Wizard White would do this, do this, do this. Are we going to get the same surprise from the more conservative members of the court or do you suggest they'll go lockstep with a president.

I think they're probably literally starting to think about middle ground. I don't know that they'll go completely lock step, but there's a lot of room in this structure Articles one, two, and even three of the Constitution to have the president exert power. The difference today from any other Roman history is the size and scope of the federal government. That's the big new factor in the sense of this constitutional arrangement. You know, they were writing Constitution for a president that was overseeing a very tiny federal government, and that stayed tiny for on more than one hundred years. So now we've got something that affects everybody's daily life. You know, what does that mean? How much responsibility does the president have in power and how much does Congress have a say in it? And this is going to be crucial going forward because of the scope of the federal government. It really does affect everybody's life. And that's where the Court now has so much more at stake, not just for the separation powers, but for its own survival. If you give the president, you know, free reign over everything, what's to say he's not going to want changes in the Court or ignore the Court. So the Court's survival in terms of influential here is also on the line.

I think they're probably literally starting to think about middle ground. I don't know that they'll go completely lock step, but there's a lot of room in this structure Articles one, two, and even three of the Constitution to have the president exert power. The difference today from any other Roman history is the size and scope of the federal government. That's the big new factor in the sense of this constitutional arrangement. You know, they were writing Constitution for a president that was overseeing a very tiny federal government, and that stayed tiny for on more than one hundred years. So now we've got something that affects everybody's daily life. You know, what does that mean? How much responsibility does the president have in power and how much does Congress have a say in it? And this is going to be crucial going forward because of the scope of the federal government. It really does affect everybody's life. And that's where the Court now has so much more at stake, not just for the separation powers, but for its own survival. If you give the president, you know, free reign over everything, what's to say he's not going to want changes in the Court or ignore the Court. So the Court's survival in terms of influential here is also on the line.

Professor.

Professor.

We had President Trump's first cabinet meeting yesterday, Tellwes, and we had mister Musk there. What did you take away from that cabinet meeting?

We had President Trump's first cabinet meeting yesterday, Tellwes, and we had mister Musk there. What did you take away from that cabinet meeting?

Well, I mean it's something you could not even imagine, even like in a movie, you know, like you wouldn't even you know, Wag the you know, Wag the Dog, that movie about sort of a fake war. And we thought, oh, these things can't ever happen. I never, in my days teaching every thought this would be the first photo of a major cabinet meeting. I thought Trump was doing Trump. He was sort of giving Elon Musk a little bit you know, of shade at some point, but then also reaffirming Musk's authority. He clearly wants to walk away with a definitive, visible cut in the size of the federal workforce, and whoever can get there first will be Trump's favorite, and so right now it's Musk. But if it starts to cause some backlash and problems, He'll just instruct all of his cabinet members to do that and literally say do it or you're fired. I mean, this is the way he will run the cabinet. So it was a bit surreal, but you could see that Trump was power playing even within his own cabinet, which every president does.

Well, I mean it's something you could not even imagine, even like in a movie, you know, like you wouldn't even you know, Wag the you know, Wag the Dog, that movie about sort of a fake war. And we thought, oh, these things can't ever happen. I never, in my days teaching every thought this would be the first photo of a major cabinet meeting. I thought Trump was doing Trump. He was sort of giving Elon Musk a little bit you know, of shade at some point, but then also reaffirming Musk's authority. He clearly wants to walk away with a definitive, visible cut in the size of the federal workforce, and whoever can get there first will be Trump's favorite, and so right now it's Musk. But if it starts to cause some backlash and problems, He'll just instruct all of his cabinet members to do that and literally say do it or you're fired. I mean, this is the way he will run the cabinet. So it was a bit surreal, but you could see that Trump was power playing even within his own cabinet, which every president does.

By the way.

By the way.

It's interesting.

It's interesting.

I mean, I think you know, you looked around the table when you saw mister Musk, and I figure, if you're a cabinet person, this is kind of the.

I mean, I think you know, you looked around the table when you saw mister Musk, and I figure, if you're a cabinet person, this is kind of the.

Peak of your political career. You've become.

Peak of your political career. You've become.

You know, you have your heading up a big department within US government, but I guess you kind of have to report to mister Musk. Is that kind of the vibe taken from yesterday?

You know, you have your heading up a big department within US government, but I guess you kind of have to report to mister Musk. Is that kind of the vibe taken from yesterday?

Well, I mean, certainly it's the public visible vibe, but of course underneath, you know, behind the scenes, you're gonna see cabinet members now they're confirmed, and the FBI is an awfully powerful place, the Treasury is an awfully powerful place. I think these people will assert themselves behind the scenes constantly. With Trump trying to sort of minimize Musk's capacity to tell them what to do. But we have real things happening. Sadly, somebody died. I think at least one person has died of measles in Texas. That's something that RFK has to deal with as a cabinet member. You know, there are things that will happen that will affect people that will be negative. What does Trump do then? Does he blame Musk or does he blame Kennedy? You know, and they're all trying to like basically avoid blame for the backlash and the bad things that will happen from making such drastic, you know, visible cuts so quickly.

Well, I mean, certainly it's the public visible vibe, but of course underneath, you know, behind the scenes, you're gonna see cabinet members now they're confirmed, and the FBI is an awfully powerful place, the Treasury is an awfully powerful place. I think these people will assert themselves behind the scenes constantly. With Trump trying to sort of minimize Musk's capacity to tell them what to do. But we have real things happening. Sadly, somebody died. I think at least one person has died of measles in Texas. That's something that RFK has to deal with as a cabinet member. You know, there are things that will happen that will affect people that will be negative. What does Trump do then? Does he blame Musk or does he blame Kennedy? You know, and they're all trying to like basically avoid blame for the backlash and the bad things that will happen from making such drastic, you know, visible cuts so quickly.

One final question, what do you glean is a relationship between the leadership of the GOP Senate and the GOP House.

One final question, what do you glean is a relationship between the leadership of the GOP Senate and the GOP House.

I knew you were going to ask me this. I did some homer before I came on. Ye, so are we the Senate Republican majority leaders are saying, Yeah, that House resolution that barely passed, that was lauded as a political victory twenty four hours ago, Yeah, we're not taking that. We're not interested in that one. That's not going to do it for us. We want lots of changes, in particular Medicaid. This is where senators represent entire states. They deal with governors much more frequently, and they understand that all the people in the state are affected. Medicaid effects states. So this is where you see the institutional design of the House and Senate really coming through a particularly on Medicaid. On this Budgy resolution, they said the tax cuts weren't permanent enough. I'm not sure what that means. George W. Bush wanted permanent tax cuts. It's hard to do. So the Senate is already planting its flag and telling the House that there's a lot of work to be done.

I knew you were going to ask me this. I did some homer before I came on. Ye, so are we the Senate Republican majority leaders are saying, Yeah, that House resolution that barely passed, that was lauded as a political victory twenty four hours ago, Yeah, we're not taking that. We're not interested in that one. That's not going to do it for us. We want lots of changes, in particular Medicaid. This is where senators represent entire states. They deal with governors much more frequently, and they understand that all the people in the state are affected. Medicaid effects states. So this is where you see the institutional design of the House and Senate really coming through a particularly on Medicaid. On this Budgy resolution, they said the tax cuts weren't permanent enough. I'm not sure what that means. George W. Bush wanted permanent tax cuts. It's hard to do. So the Senate is already planting its flag and telling the House that there's a lot of work to be done.

Professor, you get an a thank you so much, Wendy Schuler Brown University. I really appreciate her input.

Professor, you get an a thank you so much, Wendy Schuler Brown University. I really appreciate her input.

This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on Apple Corplay and Android Auto with the Bloomberg Business app. Also listen live on Amazon Alexa from our flagship New York station. Just say Alexa, play Bloomberg eleven thirty.

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Join us right now.

Join us right now.

Huge response in Julia Pollocks on she's a ZipRecruiter? Really is a chief US Economists A starkly different take on the labor economy. Julia, we had not ZIP recruiter. He's from a small internet firm City Group. Andrew Hollenhorst was just on saying there seemed to be a little bit of cracks in the employment armor. Do you agree.

Huge response in Julia Pollocks on she's a ZipRecruiter? Really is a chief US Economists A starkly different take on the labor economy. Julia, we had not ZIP recruiter. He's from a small internet firm City Group. Andrew Hollenhorst was just on saying there seemed to be a little bit of cracks in the employment armor. Do you agree.

I think it's too soon to tell. So on the one hand, you have consumer confidence falling, there's so many new things happening. We know that uncertainty can be a drag on investments and hiring as companies wait for clarity, so it's possible that that is happening. We also know that some specific companies are concerned about tariffs and the effect on their businesses. But we also know that there are many many employers who are basically euphoric. They expect far fewer investigations from the government, They expect looser, more favorable regulation, a better business environment. So it's really mixed bag at the moment, and we don't know how it's going to work out. And the aggregate figures, I expect this job support will still be a pretty strong one.

I think it's too soon to tell. So on the one hand, you have consumer confidence falling, there's so many new things happening. We know that uncertainty can be a drag on investments and hiring as companies wait for clarity, so it's possible that that is happening. We also know that some specific companies are concerned about tariffs and the effect on their businesses. But we also know that there are many many employers who are basically euphoric. They expect far fewer investigations from the government, They expect looser, more favorable regulation, a better business environment. So it's really mixed bag at the moment, and we don't know how it's going to work out. And the aggregate figures, I expect this job support will still be a pretty strong one.

So what drives just stepping back here from a corporation, what drives my hiring strategy on a kind of a six to twelve month basis, do.

So what drives just stepping back here from a corporation, what drives my hiring strategy on a kind of a six to twelve month basis, do.

You look at the market, you see the products and services that you are producing, You see how much you are able to make for them. If you see an opportunity to expand into a new product line or a new service and make money, you know, if the profit is going to be positive, the revenue will exceed the costs, then you go for it. You know, there are lots of reasons that people hold back and try to hire fewer people. One, the tax code encourages it. You hire a person, you pay payroll tax, you get a machine, you get a full tax right off. So we have a couple of things that we need to do in this country to you know, make sure that's what's not inevitable. It doesn't happen because we force it to. So, you know, people are worried that robust will take over jobs. Well, our policies kind of encourage that. There are also states with very very tough label laws where employers are terrified of hiring someone because they're worried they won't be able to terminate them without being sued. So there are lots of things that make employers hold back.

You look at the market, you see the products and services that you are producing, You see how much you are able to make for them. If you see an opportunity to expand into a new product line or a new service and make money, you know, if the profit is going to be positive, the revenue will exceed the costs, then you go for it. You know, there are lots of reasons that people hold back and try to hire fewer people. One, the tax code encourages it. You hire a person, you pay payroll tax, you get a machine, you get a full tax right off. So we have a couple of things that we need to do in this country to you know, make sure that's what's not inevitable. It doesn't happen because we force it to. So, you know, people are worried that robust will take over jobs. Well, our policies kind of encourage that. There are also states with very very tough label laws where employers are terrified of hiring someone because they're worried they won't be able to terminate them without being sued. So there are lots of things that make employers hold back.

Julie, and we're going to do the economic data here in a moment, Julia Pollock with us a zip recruiter. Let's go back to first principles. What do you see distinctive Zip recruiter? Fossils like us look at it and go, oh, it's Internet. It's people you know on a laptop at Starbucks trying to find their jobs so they can work from home four days a week. That's a stereotype, Julia Pollock. What do you see at zip recruiter? What's unique your website effort?

Julie, and we're going to do the economic data here in a moment, Julia Pollock with us a zip recruiter. Let's go back to first principles. What do you see distinctive Zip recruiter? Fossils like us look at it and go, oh, it's Internet. It's people you know on a laptop at Starbucks trying to find their jobs so they can work from home four days a week. That's a stereotype, Julia Pollock. What do you see at zip recruiter? What's unique your website effort?

So the difficulty in the labor market is that this is the most heterogeneous market on the planet. No jobs are the same and no workers are the same, and so there's a tremendously difficult matching problem. And that's where zippercruiter comes in. We help connect the right employers with the right jobs at the right moment. And that is not a trivial problem.

So the difficulty in the labor market is that this is the most heterogeneous market on the planet. No jobs are the same and no workers are the same, and so there's a tremendously difficult matching problem. And that's where zippercruiter comes in. We help connect the right employers with the right jobs at the right moment. And that is not a trivial problem.

It's not just about wages here, Julia. I mean, it seems like wage growth is pretty darn solid. Yes, inflation's a big, big issue for all consumers out there, but wage growth has been pretty darn good. Is that seemed solid to you?

It's not just about wages here, Julia. I mean, it seems like wage growth is pretty darn solid. Yes, inflation's a big, big issue for all consumers out there, but wage growth has been pretty darn good. Is that seemed solid to you?

You? Wage growth has exceeded inflation now for about two years and I think workers are trying to are starting to feel that after twenty five months of negative real wage growth in twenty twenty one twenty two made them feel pretty gloomy. Many are feeling less financial strain now. In our job seeker confidence surveys, we've seen the financial index go up a lot in the last few months.

You? Wage growth has exceeded inflation now for about two years and I think workers are trying to are starting to feel that after twenty five months of negative real wage growth in twenty twenty one twenty two made them feel pretty gloomy. Many are feeling less financial strain now. In our job seeker confidence surveys, we've seen the financial index go up a lot in the last few months.

Right, Let make you the economic data. We do this for Julia Pollock and ZIP recruiter. We say good morning to all of you futures. We're up thirty thirty five. We're watching right now. Seems to be a lift this morning. GDB comes in level two point three percent on a second look, but far more consumption and tick up four point two percent. Critically, the GDP Price Index. Julia, let me give you this exactly. It was a two. It's a wow statistic two point two percent prior the second look GDP is not two point two percent. It's such a lift. I wonder if it's a typo. We'll have to watch that four point two percent. On a simplistic basis, you take a two three and a four to two, add them together, and you got a six point five percent nominal GDP. That's an amateur take but that gives you the shock of this GDP price index statistic from the survey was two point two percent, and it's a true jump condition to four point two percent. Durable goods right now, I'm going to say with a lift as well an x aircraft. What Julia Pollack looks at is again sprightly zero point three is larger zero point eight and on claims we finally get the weakness here. Two twenty one comes in at two forty two, so it's market moving equities don't do much. But I'm going to go down here. We've been talking all morning. The Sweeney yield actually churns at a four point zero nine up percent. The ten year real yield comes in ever so slightly one point ninety one percent. Julia Pollock did the nominal GDP amateur take. But just to be safe here, do we still see a run rate of animal spirits in the nation of five percent plus?

Right, Let make you the economic data. We do this for Julia Pollock and ZIP recruiter. We say good morning to all of you futures. We're up thirty thirty five. We're watching right now. Seems to be a lift this morning. GDB comes in level two point three percent on a second look, but far more consumption and tick up four point two percent. Critically, the GDP Price Index. Julia, let me give you this exactly. It was a two. It's a wow statistic two point two percent prior the second look GDP is not two point two percent. It's such a lift. I wonder if it's a typo. We'll have to watch that four point two percent. On a simplistic basis, you take a two three and a four to two, add them together, and you got a six point five percent nominal GDP. That's an amateur take but that gives you the shock of this GDP price index statistic from the survey was two point two percent, and it's a true jump condition to four point two percent. Durable goods right now, I'm going to say with a lift as well an x aircraft. What Julia Pollack looks at is again sprightly zero point three is larger zero point eight and on claims we finally get the weakness here. Two twenty one comes in at two forty two, so it's market moving equities don't do much. But I'm going to go down here. We've been talking all morning. The Sweeney yield actually churns at a four point zero nine up percent. The ten year real yield comes in ever so slightly one point ninety one percent. Julia Pollock did the nominal GDP amateur take. But just to be safe here, do we still see a run rate of animal spirits in the nation of five percent plus?

Well, this is sort of interesting, isn't it. I mean, GDP is coming in lower than previously estimated and inflation higher, and that's consistent with the change which is in the Fed's projections recently. And I think that is consistent with the shift and sentiment recently as well. The economy is still growing at a robust rate. I mean, people didn't expect two percent GDP growth now given our demographic shifts, So that's still fairly strong, but it's not as strong as we once thought. Employment growth also, we saw those huge revisions, the big benchmark revisions was not as strong in twenty twenty three and twenty twenty four as we initially thought. And inflation is proving more stubborn.

Well, this is sort of interesting, isn't it. I mean, GDP is coming in lower than previously estimated and inflation higher, and that's consistent with the change which is in the Fed's projections recently. And I think that is consistent with the shift and sentiment recently as well. The economy is still growing at a robust rate. I mean, people didn't expect two percent GDP growth now given our demographic shifts, So that's still fairly strong, but it's not as strong as we once thought. Employment growth also, we saw those huge revisions, the big benchmark revisions was not as strong in twenty twenty three and twenty twenty four as we initially thought. And inflation is proving more stubborn.

What's a character of inflation you see at ZIP recruiter.

What's a character of inflation you see at ZIP recruiter.

So this is not wage driven inflation. For the most part, productivity growth is strong and employers do have pretty substantial wage setting power, even though yes, there are industries with labor shortages where where employers are sort of boxed in. The issue here really is housing. That's the biggest source of inflation in the United States, and then of course energy goes up and down with geopolitical swings. So housing is the big one though, and the FED has proven somewhat ineffective at dealing with it because when the FED raises interest rates, we see inventories shrink, and so prices remain high and price growth rough and strong.

So this is not wage driven inflation. For the most part, productivity growth is strong and employers do have pretty substantial wage setting power, even though yes, there are industries with labor shortages where where employers are sort of boxed in. The issue here really is housing. That's the biggest source of inflation in the United States, and then of course energy goes up and down with geopolitical swings. So housing is the big one though, and the FED has proven somewhat ineffective at dealing with it because when the FED raises interest rates, we see inventories shrink, and so prices remain high and price growth rough and strong.

Julia, thank you so much, particularly during this economic data, really really appreciated.

Julia, thank you so much, particularly during this economic data, really really appreciated.

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.

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.

This is a joy in an important day to speak to Wendy Schiller, professor at Brown University, but far more nationally, and forget about the Republican Democrat thing, Jess. Here is our civics second paragraph. This happens to be from the Washington Post, Professor Schiller. The brief administrative order, which did not address the underlying legal issues, will allow time for a full Supreme Court review. Professor Schiller, what should our listeners either pro Trump, anti Trump, anti Democrat pro this d D. What should we expect from Justice Roberts in the Supreme Court?

This is a joy in an important day to speak to Wendy Schiller, professor at Brown University, but far more nationally, and forget about the Republican Democrat thing, Jess. Here is our civics second paragraph. This happens to be from the Washington Post, Professor Schiller. The brief administrative order, which did not address the underlying legal issues, will allow time for a full Supreme Court review. Professor Schiller, what should our listeners either pro Trump, anti Trump, anti Democrat pro this d D. What should we expect from Justice Roberts in the Supreme Court?

Well, I mean, I think, Tom, I go all the way back to John Marshall. I mean, I really do think about Marve v. Madison. I think about crucial decisions that the Court has made in history that shift the balance of power across branches. And that's certainly what Marvey v. Madison did, elevating this report's power and reducing president's power. Thoma Jefferson was not happy about that. I think in this case, this isn't just a one off. This isn't there's a whole series of cases that will, in fact, you know, affirm or restrain or expand the president's discretionary power over the money that Congress appropriates across the board. It's not just about AID, it's not just about DEI, It's not about just a single thing. So this is a real moment for Roberts, who's had a number of these really important moments. The immunity decision obviously, but even going back to Obamacare, you know, affirming the you know, Obamacare is a program, but then also limiting the federal government's power to be coercive in how it distributes money. And that's this balancing act that Roberts is facing.

Well, I mean, I think, Tom, I go all the way back to John Marshall. I mean, I really do think about Marve v. Madison. I think about crucial decisions that the Court has made in history that shift the balance of power across branches. And that's certainly what Marvey v. Madison did, elevating this report's power and reducing president's power. Thoma Jefferson was not happy about that. I think in this case, this isn't just a one off. This isn't there's a whole series of cases that will, in fact, you know, affirm or restrain or expand the president's discretionary power over the money that Congress appropriates across the board. It's not just about AID, it's not just about DEI, It's not about just a single thing. So this is a real moment for Roberts, who's had a number of these really important moments. The immunity decision obviously, but even going back to Obamacare, you know, affirming the you know, Obamacare is a program, but then also limiting the federal government's power to be coercive in how it distributes money. And that's this balancing act that Roberts is facing.

I think right now, let's take a given justice. I'm going to go with Wizard White. Byron White, hugely respected within our Supreme Court history, legitimate college athlete at Colorado, legitimate baseball draftee with the Pittsburgh Pirates. He got to the Supreme Court and he surprised those people that thought Wiz or Wight would do this, do this, do this. Are we going to get the same surprise from the more conservative members of the court or do you suggest they'll go lockstep with a president.

I think right now, let's take a given justice. I'm going to go with Wizard White. Byron White, hugely respected within our Supreme Court history, legitimate college athlete at Colorado, legitimate baseball draftee with the Pittsburgh Pirates. He got to the Supreme Court and he surprised those people that thought Wiz or Wight would do this, do this, do this. Are we going to get the same surprise from the more conservative members of the court or do you suggest they'll go lockstep with a president.

I think they're probably literally starting to think about middle ground. I don't know that they'll go completely lock step, but there's a lot of room in this structure Articles one, two, and even three of the Constitution to have the president exert power. The difference today from any other Roman history is the size and scope of the federal government. That's the big new factor in the sense of this constitutional arrangement. You know, they were writing Constitution for a president that was overseeing a very tiny federal government, and that stayed tiny for more than one hundred years. So now we've got something that affects everybody's daily life. You know, what does that mean? How much responsibility does the president have in power and how much does Congress have a say in it? And this is going to be crucial going forward because of the scope of the federal government. It really does affect everybody's life. And that's where the Court now has so much more at stake, not just for the separation powers, but for its own survival. If you give the president and then you know, free reign over everything, what's to say he's not gonna want changes in the court or ignore the court. So the Court's survival in terms of influential here is also on the line.

I think they're probably literally starting to think about middle ground. I don't know that they'll go completely lock step, but there's a lot of room in this structure Articles one, two, and even three of the Constitution to have the president exert power. The difference today from any other Roman history is the size and scope of the federal government. That's the big new factor in the sense of this constitutional arrangement. You know, they were writing Constitution for a president that was overseeing a very tiny federal government, and that stayed tiny for more than one hundred years. So now we've got something that affects everybody's daily life. You know, what does that mean? How much responsibility does the president have in power and how much does Congress have a say in it? And this is going to be crucial going forward because of the scope of the federal government. It really does affect everybody's life. And that's where the Court now has so much more at stake, not just for the separation powers, but for its own survival. If you give the president and then you know, free reign over everything, what's to say he's not gonna want changes in the court or ignore the court. So the Court's survival in terms of influential here is also on the line.

Professor.

Professor.

We had President Trump's first cabinet meeting yesterday, Tellwies, and we had mister Musk there. What did you take away from that cabinet meeting?

We had President Trump's first cabinet meeting yesterday, Tellwies, and we had mister Musk there. What did you take away from that cabinet meeting?

Well, I mean it's something you could not even imagined, even like in a movie, you know, like you wouldn't even you know, Wag the you know, Wag the Dog, that movie about sort of a fake war, and thought, Oho, these things can't ever happen. I never, in my days teaching, ever thought this would be the first photo of a major cabinet meeting. I thought Trump was doing Trump. He was sort of giving Elon Musk a little bit you know, of shade at some point, but then also reaffirming Musk's authority. He clearly wants to walk away with a definitive, visible cut in the size of the federal workforce, and whoever can get there first will be Trump's favorite. And so right now it's Musk. But if it starts to cause some backline problems, he'll just instruct all of his cabinet members to do that and literally say do it or you're fired. I mean, this is the way he will run the cabinet. So it was a bit surreal, but you could see that Trump was power playing even within his own cabinet, which every president does. By the way.

Well, I mean it's something you could not even imagined, even like in a movie, you know, like you wouldn't even you know, Wag the you know, Wag the Dog, that movie about sort of a fake war, and thought, Oho, these things can't ever happen. I never, in my days teaching, ever thought this would be the first photo of a major cabinet meeting. I thought Trump was doing Trump. He was sort of giving Elon Musk a little bit you know, of shade at some point, but then also reaffirming Musk's authority. He clearly wants to walk away with a definitive, visible cut in the size of the federal workforce, and whoever can get there first will be Trump's favorite. And so right now it's Musk. But if it starts to cause some backline problems, he'll just instruct all of his cabinet members to do that and literally say do it or you're fired. I mean, this is the way he will run the cabinet. So it was a bit surreal, but you could see that Trump was power playing even within his own cabinet, which every president does. By the way.

It's interesting.

It's interesting.

I mean, I think you know, you looked around the table when you saw mister Musk, and I figure, if you're a cabinet person, this is kind.

I mean, I think you know, you looked around the table when you saw mister Musk, and I figure, if you're a cabinet person, this is kind.

Of the peak of your political career. You've become.

Of the peak of your political career. You've become.

You know, you have, you're heading up a big department with a US government, But I guess you kind of have to report to mister Musk. Is that kind of the vibe taken from yesterday?

You know, you have, you're heading up a big department with a US government, But I guess you kind of have to report to mister Musk. Is that kind of the vibe taken from yesterday?

Well, I mean, certainly it's the public visible vibe, but of course underneath, you know, behind the scenes, you're gonna see cabinet members now they're confirmed, and the FBI is an awfully powerful place, the Treasury is an awfully powerful place. I think these people will assert themselves behind the scenes constantly, with Trump trying to sort of minimize Musk's capacity to tell them what to do. But we have real things happening. Sadly, somebody died. I think at least one person has died of measles in Texas. That's something that RFK has to deal with as a cabinet member. You know, there are things that will happen that will affect people that will be negative. What does Trump do then? Does he blame Musk or does he blame Kennedy? You know, and they're all trying to like basically avoid blame for the backlash and the bad things that will happen from making such drastic, you know, visible cuts so quickly.

Well, I mean, certainly it's the public visible vibe, but of course underneath, you know, behind the scenes, you're gonna see cabinet members now they're confirmed, and the FBI is an awfully powerful place, the Treasury is an awfully powerful place. I think these people will assert themselves behind the scenes constantly, with Trump trying to sort of minimize Musk's capacity to tell them what to do. But we have real things happening. Sadly, somebody died. I think at least one person has died of measles in Texas. That's something that RFK has to deal with as a cabinet member. You know, there are things that will happen that will affect people that will be negative. What does Trump do then? Does he blame Musk or does he blame Kennedy? You know, and they're all trying to like basically avoid blame for the backlash and the bad things that will happen from making such drastic, you know, visible cuts so quickly.

One final question, what do you glean is a relationship between the leadership of the GOP Senate and the GOP House.

One final question, what do you glean is a relationship between the leadership of the GOP Senate and the GOP House.

I knew you were going to ask me this. I did some homer before I came on. Yeah. So already the Senate Republican majority leaders are saying, yeah, that House resolution that barely passed, that was lauded as a political victory twenty four hours ago, Yeah, we're not taking that. We're not interested in that one. That's not going to do it for us. We want lots of changes, in particular Medicaid. This is where senators represent entire states. They deal with governors much more frequently, and they understand that all the people in the state are affected. Medicaid effects states. So this is where you see the institutional design in the House and Senate really coming through, particularly on Medicaid. On this Budgy resolution, they said the tax cuts weren't permanent enough. I'm not sure what that means. George W. Bush wanted permanent tax cuts. It's hard to do. So the Senate is already planting its flag and telling the House that there's a lot of work to be done.

I knew you were going to ask me this. I did some homer before I came on. Yeah. So already the Senate Republican majority leaders are saying, yeah, that House resolution that barely passed, that was lauded as a political victory twenty four hours ago, Yeah, we're not taking that. We're not interested in that one. That's not going to do it for us. We want lots of changes, in particular Medicaid. This is where senators represent entire states. They deal with governors much more frequently, and they understand that all the people in the state are affected. Medicaid effects states. So this is where you see the institutional design in the House and Senate really coming through, particularly on Medicaid. On this Budgy resolution, they said the tax cuts weren't permanent enough. I'm not sure what that means. George W. Bush wanted permanent tax cuts. It's hard to do. So the Senate is already planting its flag and telling the House that there's a lot of work to be done.

Professor, you get an a thank you so much, Wendy Shler Brown University. I really appreciate her input.

Professor, you get an a thank you so much, Wendy Shler Brown University. I really appreciate her input.

This is the Bloomberg Surveillance podcast, available on Apple, Spotify, and anywhere else you get your podcasts. Listen live each weekday, seven to ten am Easter and 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 always on the Bloomberg terminal.

This is the Bloomberg Surveillance podcast, available on Apple, Spotify, and anywhere else you get your podcasts. Listen live each weekday, seven to ten am Easter and 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 always on the Bloomberg terminal.