Markets Carry on Amid Global Political Turmoil

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This is the Bloomberg Surveillance Podcast. Catch us live weekdays at 7 a.m. 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. Stephen Shiverba. Federer. Federer is perfect to speak to you this morning. Is there a melt-up out there? I think we're headed higher. I mean, I'll start there. I mean, I think there's a couple things going on. One, you know, on the tech front. People have been waiting or worrying about when tech capex is going to peak. And I think the AM deal today is another reminder that we're not there yet. And then I think when you look at the rest of the market and we just did this exercise. earnings estimates are not only holding in and rising, but we think they're still too low and likely to head even higher. And I think that is driving markets higher when you have an environment, Tom. When rates are coming down and earnings are accelerating, equities go higher. So, okay, so equities go higher. One of the underpinnings of that bullish call here is the Federal Reserve. How do you think the Fed's going to proceed from here? We got that 125 basis point cut, which was welcomed. Where do we go from here, do you think? Well, they can't very well be data dependent right now, can they? That's right. We're not getting a whole bunch. Look, you know, what we've said is that you've had kind of two economies. You've had the high-end consumer. You've had tech, and you've had tech-gap accidents doing fine. The rest of the economy has essentially been in a recession, whether it's shipping, whether it's small business, whether it's housing, whether it's autos, whether it's the low and mid-end consumer. And I think that that is becoming the primary focus of the Fed, particularly as it's affecting labor markets and they're slowing. So, you know, we've always been of the belief that a slow, steady path to neutral made the most sense. We thought they would start that or continue that path. In the first part of this year, they took a six-month break. We think they're now resuming that path. So we expect 25 in October, 25 in December, and then 325s next year. If we state we don't see exuberance. Is it just one big overt or subtle short cover that's going on right now? And even if it wasn't blatant shorts, people that said, I'm not going to participate. And here they are in October going, damn, I got to get in. We said back in April that what we would see is a slow, soul-crushing grind hire. And what you had is you had this kind of... Perfect mix of extreme and sudden bearishness that hit in April. Kind of folks that are always bearish that finally saw comeuppance, people that are bearish for political reasons, people that were bearish on tech.

when they jumped into that bearish kind of pond in April, and then you started to see things get better. You started to see progress on one big, beautiful bill. You saw some certainty around tariffs. We said that they would slowly be drawn in as the fundamentals took over. I think that's just what we're seeing, Tom, is that you can't be wrong all year. How about this market in terms of concentration, Steve, on the equity side here? Is that a concern to you that we've had that concentration seemingly for several years now? Yes, but what I'd say is if you look underneath the hood, particularly over the last couple of months, you've seen small caps assert themselves. Small caps outperformed by 6% in August and are holding their own again. Okay. You know, here as we get into October, I think you see some of the early cyclicals, whether it's the home builders, whether it's some of the shipping names. The market is acting early cycle. It's, it's, there's elements of the market that are early cycle, beat up plays that are starting to get off the mat. So am I worried about concentration? Not now, but I do want to see it broad now. Within the core federated approach, which is the iconic images of Steve Loth and Steve Chiron. It's about free cash flow growth rate. I don't hear anybody telling me it's broken. Is the financial system that generates free cash flow still in place? It is. And I think the question is, and this is where it gets interesting, Tom, is the story for the last couple of year has been about free cash flow generation and asset light businesses. What we've seen is amongst these Mag 7, all of a sudden they're becoming CAPEX heavy, right? They're not as asset light. as they were. Now, the market's been willing to reward that right now. We'll see if that continues. It's incumbent upon them to continue to demonstrate, and they have the last couple of quarters that there's a return on that invested capital. And as long as that's the case, I think these names continue to power higher. One more question. What do the Yankees need to do to get back home? I think the Yankees need to get organizationally back to playing good baseball, moving runners over, having productive outs, getting ahead in the count. I think they need more changes than what's going to happen. The control room says this is pre-gardener, you're talking about it? I'd like to see some good old-fashioned fundamental baseball a laud the Joe Tori, Don Zimmer, years. But I don't think it's in the coming. There we go. See, he said that because he saw how I fit my boss in Red Sox jacket, like Don Zimmer. Steve Schindlerone, go away. Steve Scherer with this is federated. Stay with us. More from Bloomberg's surveillance coming up after this. Amazon Health AI presents painful thoughts. I can't stop scratching my downtown. Yeah, but I'm not itching to go downtown and tell a receptionist I'm here to talk about my downtown. Some things you'd rather type than say out loud. There's no question too embarrassing for Amazon Health AI. Chat your symptoms and get virtual care 24-7. Health care just got less painful. Thank you.

Get the news you need in just 15 minutes. Start your day with Bloomberg Daybreak, the podcast with a global view on the stories that matter. I'm Nathan Hager. And I'm Karen Moscow. Join us each morning for curated stories on current events, politics, business, and foreign relations. Plus one conversation on the day's biggest developments, all in just 15 minutes. Subscribe to Bloomberg Daybreak for a precise, thoughtful take on the stories that matter. Listen to Bloomberg Daybreak each morning on Apple, Spotify, or anywhere you listen. You're listening to the Bloomberg Surveillance Podcast. Catch us live weekday afternoons from 7 to 10 a.m. Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg business app or watch us live on YouTube. First name I requested here with a blowup in Japan of LDP. Shocking with a reaffirmation of Abe politics. Yes, she's the first woman, but far more. She loves Iron Maiden and Black Sabbath. Wow. and conservative uh uh members uh looks like they'll be appointed here in a couple weeks as prime minister sannie tachichi uh Jim Jordan rochester joins us with a brief Jim Jordan let me get this out of the way uh as quick as i can can you give a target on yen right now is this an opportunity for strong yen at 150 I think that is a good question, Tom. I think it is. So this is going to be counterintuitive to many people who've been listening to analysts probably. Sanay Takeuchi is a disciple of Arbenomics, and Arbenomics typically means higher dollar yen. However, she's been neutralized in terms of her policy views because the LDP have lost a lot of seats. The Arbe faction itself has lost a lot of seats. So I don't think she's going to be the big fiscal spender, the big monetary easer that Arbe was. because Japan has an inflation problem. So I think we actually go back down to 142 in Dolly. And the timing of that has been delayed, of course. But I think that that's still going to be a late Q4, Q1 story. Okay. So there's the FX. We're going to switch gears here today and talk about the politics of Japan and what it means for Americans. And I equate Jim Jordan Rochester of Mizzou with Robert Feldman and Morgan Stanley with an extraordinary perspective on Japan. The bottom line, Jim Jordan, is I see price down in... Yield up. What does that mean for the financial system of Japan? Well, it's the ultra long end where the yields have gone up the most. This is the part of the JGB curve, which has probably the least amount of demand now from domestic investors. For the first time in the history, I've been watching this part of the curve. And who's buying it, Tom? It's actually foreign investors, a large amounts of American investment into this long end. Over 50 to nearly 60% of the trading volume in the ultra long end, which is anything from around 20 to 30 year JGBs, is traded by foreigners. demand when they have this uncertainty. They demand a high yield, lower price. So that's been a big driver of that. But for the front end of the curve and for the Japanese financial stability, I don't think it's going to be a too big of a risk right now because the sort of front end has been much more well behaved. And the market is treating this as a cautious Bank of Japan hiking cycle rather than being.

to behind the curve. At one point, the market might start to say that. And indeed, the long end might be implying that. But right now, the market's been very kind to the BOJ and Japan. And yes, we've lowered the pricing for BOJ rent mics, but you've got the Nikai at the historical highs. I was shocked at the reporting today on the immigration into Japan. The Delta, thank you, CFR, Sheila Smith, over its Council on Foreign Relations. Is there a seismic? immigration, migrant change in Japan that underpins this, Jim Jordan Rochester? You've actually seen a big increase in the number of foreign workers in Japan. So it's close to 3.8%, 4% of total employees in Japan are foreign born. And this is because of the demographic problem. Roughly around 600,000 people less in Japan due to more deaths than births is happening. right here and now. And that could be rising to a million in a decade or so. So Japan needs immigration to fix that gap. But you have now elected a conservative PM. She's conservative in her ideals. And there's also another party called the San Sato Party in Japan, which is essentially a position which is not as pro-immigration as the other parties are. So there is a backlash to the rise in immigration. There is a backlash to the rise in tourism as well, culturally. And that's taking place in Japanese politics. So, Jim Jordan, I'd love for you to just to kind of summarize or synthesize for our listeners, our viewers, who aren't really familiar with Japanese politics, what this win by Ms. Takeichi means for Japan. Pretty much, for most of Japanese modern history, the LDP party, which is she is now the leader of, has been in charge. Only for a few periods have they not. And it's usually between the different factions of the LDP that policy agendas are determined, which faction is larger in the vote share. And Takashi stands out as someone who's quite different. She's not from a political dynasty. She is more of an ordinary person in terms of she doesn't naturally belong to any of those factions. So she has the ability to negotiate between them all. But she does have very strong opinions on her political policy front, such as higher fiscal spending. She said it was essentially going to be inevitable that there'll be high levels of deficit financing bonds. She also is more dovish on monetary policy. She said it was foolish last year for the bank Japan to raise rates. So you have a leader who regards herself now as the Iron Lady of Japan. She's a big fan of Margaret Thatcher in the UK as a result. Sane Takaichi, so Saneonomics, you'll hear a lot more about, is very similar to Arbenomics, but she doesn't have a mandate. So the LDP is actually struggling in the polls. They had an election last year. They had an upper house election this year. They lost a lot of seats. So their usual ability to pass policy based on the leader who's in charge, it's not possible.

without a coalition partner. So they're looking at all these smaller parties who are much smaller in size than the LDP to try and find a sort of cohabitation. But I think the end game really is that Takeichi will hope that she has a bounce in her polling and she will probably look to call an election. Probably not this year, but if the polls bounce for her, it will be next year. And hopefully she gets that majority will be the aim for that. Prime Minister Ashiba, the outgoing Prime Minister. tried the same trick, and failed. Unfortunately, they lost seats in that snap election that was called. So it's not guaranteed that election equals seats gained, but Taki, should be following the polls to see if that could happen. Let's go to the other side of the world here, Jim Jordan. What's going on in France? We see the euro a little bit weaker here. Kind of what are you hearing from your clients about maybe some of the turmoil or just unsettled nature of the French politics? It's a mess. In French, you'd say, Alapubel. Okay. In the trash, goes one prime minister, and here comes another. We don't know who the next prime minister will be. I think France is now on their fifth prime minister in just a few years. I'm struggling to keep count. We're having a mixture of ideas being floated around by clients and in the markets. There is obviously the idea that another prime minister will be chosen, another technocratic choice. The problem is that the parliament is very divided. The public is very divided. And it feels like this is boiling up to the need to have another election. And that's what's adding to the risk premium in the French OATs. This parliament doesn't really have a mandate. The parties within the parliament can't agree with each other. You need the public to decide. And whilst the frustrating thing is we look at opinion polling and the opinion polling suggests that we'll roughly get the exact same outcome for the parliament. But that's now. It might be the case that once this election is triggered, the polls change and we do get a sort of direction in which way they want to lean. Do they want to lean centre left or centre right? But in answer to the question, I think that it's very difficult for OATs to perform here when you don't know who the prime minister is and you don't know if there's going to be an election. And I think there will be down the line. Brilliant. Jim Jordan is just brilliant. Thank you so much. Greatly appreciate it. Stay with us. More from Bloomberg surveillance coming up after this. Amazon Health AI presents painful thoughts. Why did I search the internet for answers to my cold sword problem? Now I'm stuck down a rabbit hole filled with images of alarmingly graphic sores in various stages of ooze. I can clear my search history, but I can never unsee that. Don't go down the rabbit hole. Amazon Health AI gets you the right care fast. Health care just got less painful. As markets move and headlines break, what matters most is context. A Bloomberg subscription gives you unmatched reporting, sharp analysis, and powerful tools that help you connect the dots. Visit Bloomberg.com slash podcast offer to learn more.

This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at 7 a.m. Eastern on Apple CarPlay and Android Auto with the Bloomberg business app. You can also listen live on Amazon Alexa from our flagship New York station. Just say, Alexa, play Bloomberg 1130. We digress here to a really important interview, and I would suggest an important national interview. If we assume. that we have fractured politics. Is it worse in France or Japan? I don't know, man. Okay, maybe New York City is a template for us. Joining as someone who has the attention of all within New York City, Curtis Sliwa joins us now, candidate for mayor, always, always forever affiliated with the GOP and the Republican candidate. First of all, I look at any kind of polling, and I'm sort of surprised that you're just sub 20%. Have you ever polled this high? Is this a normal polling? I think at this point, I think at this point of the election cycle, yes, because they're just polling Republicans who are only 10% of the electorate. So we're talking independents that they don't poll. Sometimes they do, and I do incredibly well with them, some moderate Democrats. And then remember, I have an independent line that nobody has factored in, protect animals, no-kill shelters, animal abusers in jail. very popular with women who rescue animals. Right. And actually, they're not heard from in the polls. I look at the New York Times. They've got fancy buttons I can press. I'm not as sophisticated, Curtis like Paul Sweeney. That is. But if I X Adams, they give a tab where I can take them out. Yes. And I do the math. Curtis Sliwa plus Andrew Cuomo, guess what? It doesn't equal Zerunandami, but it comes pretty close. What's the tension you see now of the summation of the governor and you with the upstart candidate of the left? We all know the polls have been wrong every step of the way. Been totally wrong. Remember, two months. Go back to Iowa. I don't know. Let's just two months into the Democratic primary. They were preparing the coronation of Andrew Cuomo as our next mayor. 40 points ahead is Rohan Zohran Mamdani. He lost by 13 points. I look at my mentor in this race, George Bataki. On November 2nd of 1994 against the better Andrew Cuomo Mario, they had him down by 12 points. He won by three points. The day before the election, there was no early voting back then. It was either you vote November 4th or I've seen the team valor or that's it. Look at the Trump election over Harris. It was supposed to be neck and neck. He not only won the popular vote, he won the seven battleground states. I don't put any, any trust in these polls. I know what I feel in the streets. I'm in the outer boroughs. You look, I have 10 headquarters. I have signage everywhere. I don't see signage at all for Andrew Cuomo. So Andrew Cuomo's whole vote is based on fear. Nobody likes this guy. Everybody knows he was the author of No Cash Bail, Raised the Age. He wants to Close Rikers. He and Zohran Mamdani when it comes to law and order are two peas in a pod. And then he talks about prostitution. Zohran Mamdani is in favor of legalized prostitution. But the governor at the time, Andrew Cuomo, signed the legislation to enable people to go out into the streets and sell their bodies. So I don't see any differentiation at all between Andrew Cuomo and Zohran Mamdani. What is your message to New York City residents these last days of the campaign?

I am the only candidate, GOP candidate, that wants to slash taxes. corporate tax, income tax, especially the property tax, which a mayor does, hold sway over. And the Citizens Budget Commission said, I'm the only one who's talking about fiscal constraint. $118 billion billion budget for the city. And there are no cuts. Andrew Cuomo and Zohran Mamdani would actually increase it. I would take $10 billion right out of the Department of Education, which is all being spent on the bureaucracy, start cutting the Department of Buildings. and get fiscally reliant on people like Larry Cudlow, who's my advisor, George Pataki, who did that as governor. Right. And then Rudy Giuliani, who is the best law and order of mayor we've ever had in the city of New York. Now, those are three titans. This came up this weekend. I said, I got to ask him his question. Mayor Curtis Sliwa with the city council. Can you get along with the city council to get things done? Well, the benefit of my life is that I spent 13 years raising two boys with Melinda Katz, who was a city council person for 12 years, head of land use. She's now the Queens Democratic DA. She taught me how you get along with city council. How do you do that? It's called discretionary funds. You go into the district, they beat you up. You meet with the staff because the staff does all the work. Remember, the elected officials. It's the same with Bloomberg surveillance. Always, because the electeds are always dialing for dollars, shaking people down for political contributions. And then you say, I just want one vote from you. And I get you your discretionary funds. You're looking for a new park. You're looking for a new playground. You're looking for capital. Oldstar politics. A trade. I get one vote that I desperately need to show that there is dialogue, even with those who are considered liberal, progressive, democratic socialists of America. If you don't do that. No matter who the mayor is, you're not going to be able to get the city council in a majority way to back any of your initiatives. You'll be impotent as Eric Adams is now because Adrian Adams, the speaker of the council, is the real mayor of the city of New York. What do you, what's your policy for, which is an issue that's very closely intertwined, homelessness and crime in New York City. What's your policy? Well, homelessness I deal with emotionally disturbed in the subways because I'm the only candidate that actually rides the subway's campaigns.

takes the buses, the express buses, that's 6 million New Yorkers and others who at one point of the day or night are using mass transit. I've been dubbed by the Staten Island Advance, the mayor of mass transportation. We need to get the homeless into the shelters, but we have to make the shelters safe now. They're not. It's like Darwinian survival of the fittest, and we need to get the emotionally disturbed in state mental hospitals. The very hospitals that Andrew Cuomo cleared from 40,000 beds down to 4,000 before he fled fearing impeachment to the Hampton. For you, Curtis, for all of you across America, good morning. He is a Republican candidate in a fractured New York City mayoral contest. Let me quote exactly from AI, because that's the way we roll, Curtis. In the 2021 New York City mayoral election, Curtis Sliwa received 21% of the vote in the Bronx. I would suggest President Trump stunned the nation with his minority success in the last election. Do you need that to win? How are you going to get the minority vote? Everybody thinks they don't go near you. Come on, you get 21%. in the Bronx. Look, how do you improve that? Everybody knows that Curtis Sliwa is a Republican who can go into 350 neighborhoods in some of which the only Republican they've ever seen is Abraham Lincoln on a $5 bill. I've led a group of guardian angels that are predominantly black and Hispanic. I'm polling now at about 30% in the Bronx. Remember, Eric Adams was supposed to be the new face of the Democratic Party that I ran against. Is Zohran Mamdani the new face of the Democratic Party? Well, let's face it, the Democrats allowed the Fox into the chicken coop, first with Bernie Sanders, then Alexandria Ocasio-Cortez, and now Zohran Mamdani. I blame Adams. I blame Andrew Cuomo. I blame the Democratic establishment because they have surrendered their party to socialism. And I am the only one who is advocating capitalistic policies, cutting taxes, cutting the budget, law and order. We live in a city where we're best known around the world for locking up toothpaste. and not locking up criminals. Now, who does that? That's the Democrats. You've got to run like 15 times to get a line like that. I mean, that's great, locking up toothpaste. Immigration, what's your views on immigration here? This is a city that's got a history of supportive of immigration. We've got a statue out there in the bay there. What's your view? Well, many of the migrants now are essential workers in the restaurant industry and the hospitality industry. If you start snatching them up, because they're not wanted for crimes committed, either the country or origin or here, then you're going to be depleting that workforce. I have three sons. None of my three sons would do that kind of work. Now, you go after, as Trump called them the bad hombres, the drug dealers, the sex traffickers, the cartel runners. Yes, and ICE was being applauded when they first did that. But your card here, maybe Adams could say the same thing, I don't buy it, but your card is you've got a special relationship. with President Trump. With what we see in Chicago, Portland, L.A. Give me some other towns, Paul. They're out there. Baltimore, Memphis. People in New York, I know from personal experience, are scared if they're migrants, immigrants, green card holders to go out in the street. What's your relationship with President Trump?

that will make New York City, not Chicago, not L.A. First of all, I'm leader of the Guardian Angels with groups in every one of those cities you mentioned. And they need the National Guard. We don't. Kathy Hochul, the governor, sent 1,000 National Guardsmen into the subway last year when we had a crime crisis. We're okay in that regards. Focus on the really crime-ridden cities. I would have dialogue when not only President Trump, respectfully, but the members of his cabinet preemptively. When you see something is coming in your direction, you've got to meet. You're not going to win. You're going to try to sort of, as we would say, an Italian medicine, medsia, poco, poco, half and half. The Trump administration will get some of what they want. Hopefully the city will get some of what they want. But when you have Zohran Mamdani and Andrew Cuomo saying, I'm going to fight Donald Trump, guess what? You're going to lose if you fight the President of the United States because he holds the purse strings. What do you make of the rise of Mr. Zohran Mamdani here? It is simply because the Democrats were asleep like Rumpel Stilskin. I saw Zohran Mamdani. He was out organizing votes for Democratic Socialist candidates. They know how to get their vote out. The moderate Democrats are now dependent on Republicans, conservatives, and independents. It's over for the moderate Democrats. They've sacrificed. They've waived the white fleck. They don't even primary. The liberals, progressives, and the Democratic Socialists of America, they're afraid of them. I'm not afraid of them. I stand up to them. If we assume that Mr. Zohran Mamdani is getting out an original vote, I mean, he's getting out people, you know, as a stereotype, have never voted before. How do you get out the Curtis Sliwa vote? of Democrats. You can't do this. Just how do you get out that vote like Zohran Mamdani's getting out these first-time voters? Because I'm out in the streets. You see the headquarters in 10 neighborhoods. You see the placates everywhere. I'm the law and order candidate. A lot of moderate Democrats are for law and order. They're not for Andrew Cuomo. I was in. I want you to do this. 10010th Street, Spanish Harlem, that post office between 3rd and Lex. You walk in that post office. Everybody in there is some form of first or second generation immigrant. What do you say to those people to get them to vote for Lincoln's party? Wow. Law and order, right? They're against no cash bail. They want the raise the age lowered back to 16 because now we have all these juveniles doing drive-by shootings and they want Rikers Island kept open. Why is Andrew Cuomo and Zohran Mamdani wanting to close Rikers Island? Where are they going to put inmates? They're going to be cut loose and they're going to just terrorize people in the streets. And remember, the number one number of workers in New York City of women.

Talk to the women. They go on the subway. They're being sexually harassed. They're being purved on. They're afraid to go out at night. They can't afford taking yellow cabs, ubers, and lifts. And nobody is talking about what women have to go through in New York City. I know because my wife, who's an e-attorney, has explained it and has done my very first commercial about the plight of women being victims of random attacks. What random attacks? This is being directed at women, and they're not being protected. There's a lot of talk about financial support. What financial support do you have for the next 20-day dash to the election? I have collected, actually, in the last three quarters, average donation, $119, more matching funds than Zohran Mamdani, Andrew Cuomo, and Eric Adams combined. We're talking about donations from New York City residents. The others are getting their money from out of state. I would take the money of the local New Yorker. who obviously is putting their reputation on the line when I'm getting an 8 to 1 match and I'm on TV and I'm in the neighborhoods and have the money to run a campaign. Are you going to drop out? Our news reporters want to know, are you even considering dropping out to shift this campaign? You know what? Talk to the dropout king. Who dropped out against Carl McCall running for governor? Andrew Cuomo. Who dropped out and fled to the Hamptons because he feared impeachment? Andrew Cuomo. Did Donald Trump flee to Marilago because he feared impeachment? Did Donald Trump flee to Mara Lago because he was the victim of lawfare by Alvin Bragg and Letitia James? No, he showed up in court each and every day. Andrew Cuomo is a coward. He's the only one who's ever dropped out. Thank you for joining Bloomberg this morning. Curtis Sliwa, of course, mayoral candidate here. We hope to get all of the candidates in here as we dashed the first Tuesday of November. Stay with us. More from Bloomberg surveillance coming up after this. Amazon Health AI presents painful thoughts. I can't stop scratching my downtown. Yeah, but I'm not itching to go downtown and tell a receptionist I'm here to talk about my downtown. Some things you'd rather type than say out loud. There's no question too embarrassing for Amazon Health AI. Chat your symptoms and get virtual care 24-7. Health care just got less painful. Thank you. If you enjoy Bloomberg Podcasts, you'll love listening to Bloomberg 991 FM in the DMV. Hi, this is Kaylee Lines. Here in the district, the story is always changing. From the White House and Capitol Hill to K Street, Wall Street, and the Fed, Bloomberg 991 keeps you connected to the news that's driving decisions in the nation's capital and around the globe. Check us out at 991 or stream us anytime on the Bloomberg business app. Bloomberg 991, the district's number one source for the news shaping our economy, our government, and the world.

This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at 7 a.m. Eastern on Apple CarPlay and Android Auto with the Bloomberg business app. You can also watch us live every weekday on YouTube and always on the Bloomberg Terminal. Foundation on today, Lisa Mateo doing newspapers way too early. Lisa, what do you? All right, I want to start in the weight loss drug space. Okay, did you know you can now get Ozempic and Weigovy at Costco? I'm telling you it's happening. You can get, yes, toilet paper and your weight loss drugs all in one shopping trip, okay? Their drugs are being sold at pharmacies in the U.S. at Costco below sticker prices. How much will they cost? Okay, so Costco members, you're going to pay an out-of-pocket price at about $499 a month. Now, if you go to Novo's website, you can get it for the same price. You can also get it for that price at CVS and Walmart, but this is just adding another way that people can get their hands. on these weight loss drugs. So no longer is it still prescription though, right? Yes, correct. Still prescription. Okay. Still prescription. If you come in. you can load up on six or seven hot dogs yes and then you're asking for a friend exactly maybe there would the hot dog things might go down because people are taking more as epic ovi i don't know pay attention to them next okay uh more housing could be coming to new york city this one's interesting um so new york city proposing this huge rezoning in an area western queens long island city um it was once later for this big amazon warehouse that got shot down okay so now look ahead seven years later to today, and it's a bigger project. Rezoning would allow private developers to build 15,000 apartments across 54 blocks. Right now, it's filled with warehouses and a parking lot, but a vote on the city council expected at the end of the month. So we're going to see pretty soon how much more housing can come to New York City. And the city needs it, right? I mean, it just seems like there's just every story I see is rents up, up, up, and never go down, except for like, 15 minutes during the pandemic. Right. And then that was it. Okay. All right. And this last one, it took me back to my, I guess, elementary school years. I used to love field day. Okay, it was a big thing. You pit one class against another. You go against, you know, track races and hopscotch and tugger war and duck, too. Okay, you get it now. Okay. So the Wall Street Journal is saying a lot more adults instead of happy hour. They're doing these field day events. So they're going to parks, okay? They're tossing water balloons. They're hopping around and sack races. It's a hot new thing for like birthday parties and bachelorette parties. They're happening all over. Alcohol is involved. I just want to put it out there. But the problem is a lot of people are getting hurt because they're drinking. Well, yeah, but it's like weekend warriors. Correct. Well, look at this quote here. A lot of my friends talk about how we just feel old. This person says, He's 25. 25. Sit down. Jeez. All right. Just put it on a word for jarts. Jarts? Jarts? Jarts? You don't know what Jarts is. No, what's Jarts? Oh, no. Let me. Charts is where you sit, you have two rings, and it's like you just throw the jart thing up in the air with a weight, and you try to get it in the hole. Like horseshoe? And then you take a sip of Genesee Cream Hill. Oh.

That's what they did back in the fraternity. Please squeeze one more in here. Okay, got to do it. Taylor Swift's album release party. We talked about it on a Friday. It topped the box office. The highest grossing picture in North America this weekend. 33 million ticket sales, additional 13 million internationally. Do you know what it beat out in its debut? Dwayne the Rock Johnson's the smash machine. Oh, man. Say it isn't so. I saw it three times. I couldn't even bring those tickets sales up myself. But yeah, she rocked it out. I'm telling you. Thank you for doing the newspapers. Get back to the news. The business was Lisa Mateo just extraordinary. This is the Bloomberg Surveillance Podcast. Available on Apple, Spotify, and anywhere else you get your podcasts. Listen live each weekday, 7 to 10 a.m. Eastern, on Bloomberg.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.

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