The Bank of Mom & Dad; College Sports Going Pro & The Return of the Suit

Nikki Waller (0:02)

Bloomberg Audio Studios.

Nikki Waller (0:04)

Podcasts, radio, news.

Lisa Matteo (0:07)

Bloomberg Money.

Tom Keene (0:12)

This is the Bloomberg Money podcast. I'm Tom Keene with Scarlet Fu. Join us each week for a smart look at the forces shaping your financial life on personal finance, on retirement, and wealth management. We will explore how people are earning, investing, and building wealth. We are live Fridays at noon Eastern on Bloomberg Television. Subscribe to the podcast wherever you listen, and as always on the Bloomberg Terminal and the Bloomberg Business App.

Good noon, everyone. Bloomberg Money, always on personal finance, retirement, and wealth management back from the summer. Skywood Fu and Tom Keene. It does feel like New York City, like we're back from the summer.

Scarlet Fu (1:04)

Yeah, it's really crisped outside.

Tom Keene (1:06)

Traffic.

Scarlet Fu (1:06)

Of course, next week, we've got a whole world descending upon our doorstep.

Tom Keene (1:09)

We do. You can see it coming in right now on Fifth Avenue, all the security up right now, but part of it is Wall Street, and to me, away from Bloomberg Money, do you want to trade stocks 23 hours a day? I guess that's coming up. I don't buy it.

Scarlet Fu (1:22)

I mean, the argument is that people outside of the US want to trade our stocks 24-7.

Tom Keene (1:26)

I guess so, but it's like Bitcoin. I mean, Bitcoin, I can trade Sunday.

Scarlet Fu (1:29)

You almost said big dog, didn't you?

Tom Keene (1:31)

I almost said big dog, but the answer is this is a revolution, like the market moving down to Texas, maybe.

Scarlet Fu (1:36)

Oh yeah, I mean, more companies moving in that direction. I think Dillard's was the latest one.

Tom Keene (1:39)

Lots going on, and I learned today, Paul Sweeney told me Dillard's is from Arkansas.

Scarlet Fu (1:43)

Yes, Little Rock.

Tom Keene (1:44)

Learn something every day. We say good morning and good noon to you as well. With us this noon, Henry McVey will join us, partner at KKR, a really important regime change essay out, head of global macro and asset allocation.

Scarlet Fu (2:00)

And we'll be sitting down with Alicia Levine, BNY Wealth Chief Investment Officer, on what a set it and forget it investment strategy looks like when you're at the start of a new rate hiking cycle.

Tom Keene (2:09)

Right, so with good conversation ahead, let's get the stocks right now as we can. Sort of a Friday feel to it after this whole lacious week that we've had. But, you know, all in all, holding on, I would say, Scarlett, more than anything, looking at bonds, looking at commodities, looking at foreign exchange, it's a miracle where that VIX is.

Scarlet Fu (2:28)

Yeah, it's pretty subdued given what we've seen this week. The S&P 500 set for its second straight week of declines. You flip up the board and we look at the 10-year yield. We're right back at around that 5 percent level, just a hair below it. What does that mean for stocks?

Not clear. The dollar modestly higher at the moment. It's pretty much at a seven-week high. We're looking at New York crude at $101 a barrel. It is about to close out a third straight week of gains.

Tom Keene (2:53)

A third straight week of gains, but we were 109 two cups of coffee ago, and we've come in nicely. That dovetailed right with the Fed.

Scarlet Fu (2:59)

Well, before the war, we were at 65, so.

Tom Keene (3:01)

Well, there's big changes. Did you see diesel?

Scarlet Fu (3:04)

Oh, more than $6.

Tom Keene (3:05)

I figured out that, like, what Gura drives, the F450, you know, the big thing, eight tons or whatever, $312 to fill it up.

Scarlet Fu (3:13)

Eesh. I think he lives in Brooklyn.

Tom Keene (3:14)

It's painful. We'll have to see. And it's being painful. A great set of guests with us this morning to get us started. Always a wide-ranging conversation. Nikki Waller with us, driving all of our Bloomberg money and personal finance reporting story after story that I'm forced to read. I never read Janet Lauren because it's all about tuition. Nobody can afford driving all of our educational product. Janet Lauren with us this morning as well. And slipping in before a ginormous week ahead for Bloomberg this weekend. Sunday, you're at the Plaza, right?

Lisa Matteo (3:46)

Yes, I often am. No, it's the Qatar Economic Forum powered by Bloomberg. And I'm going to be there hosting the show in the morning and then a series of panels to follow that will be on Bloomberg TV.