Trudy. It's an amazing story. Give us the details on why these pension decisions are really giving Chicago a much worth of a time now at raising money.So Chicago already is facing what early estimates indicate is $1,000,000,000 deficit in 2026. And its long term financial outlook also is weighed down by the net unfunded pension liability that it carries. Now, this new pension law that was just signed by Governor Pritzker last week potentially adds another $11 billion to roughly $36.5% billion long term liab ...

Day 200 and the tariffs take effect. I guess they'll start there. Is this it.Are we here. This is the tariff regime. Realizing you've got an extension with Mexico, you're working on a deal with China.These are the numbers that we've been waiting for. Yes, well, they will they stay in place the way they are. First of all, thank you for having me.It's great to be back. Look, you know, I think that the restructuring of the global trading system that the president has undertaken and successfully executed has be ...

Switzerland is now the most heavily taxed developed economy in the US trade reset. A 39% tariff, Washington's highest on any nation has now taken effect. Trump honed in on Switzerland's $38.5% billion surplus with the US in 2024.By comparison, other countries with trade surpluses Japan and South Korea accepted 15% duties on their products. Switzerland's neighbouring European Union, of which it's not a part of, was also taxed 15%. Now Trump's Swiss tariff hits luxury exports like watches, Nespresso, cheese a ...

Why is it that you think there is a new structural regime for benchmark rates that's going to make it a lot more difficult to get them lower over the next ten, 20 years. So it's a great question, Lisa. So let's cast our minds back briefly to the early 2000, to Ben Bernanke and to the famous savings glut hypothesis.So back then, the Fed was hiking, but long term Treasury rates weren't going up. And Bernanke said is because there's a glut of global saving. All of this money coming from China and Saudi into th ...

And then Eli Lilly losing 14%. Katie, I just can't believe how bad the market is taking this. I mean, just because the pill only gives you 11% weight loss, 11% is a lot of percent of your entire body.Right. Is a lot of percent. And you're right.That is Eli Lilly's biggest decline since October. You have at least one sell side analysts saying that this is an overreaction. Gerard hails from Mizuho, saying that the magnitude is high given what we learned this morning.So let's wrap it all together with Bloomber ...

What do you think about Friday was a whole mess of crazy news, starting with the jobs number, but then firing the BLS chief And yeah, how bad is the labor situation. So we felt and I've been saying for some time that hiring is down to stall speed. That's been true, I think, for the last few months.The reason the unemployment rate is so low is not that businesses are are firing. They're not, but they're not hiring either. And so and we're losing labor supply because of the immigration policies.So I agree wit ...

Everyone always talks about four names in the running. Although President Trump has told us Scott Bessant asked him to stay at Treasury. So that leaves the Kevins one of whom is normally hawkish.WARSH Right. And then Chris Waller, who's been telling the Trump line, really, Waller has always been seen as sort of the insurance policy for the president, because he's already on the board and he is already confirmed. He would have to undergo another confirmation process to become chair.But it is likely very like ...

This gets back to our overall thesis, Matt, which is that we believe we've been in sort of a three year rolling recession and that the end of that recession ended in April with the tariffs. That was the final capitulation. So we think that's a new bull market, right.We think the bear market ended in basically April. It was a pretty nasty one. There were several, you know, along the way.And that that was the final the final flush. And now we're in a new bull market and capital markets activity is just anothe ...

He would fire people that don't give him good news. He would change congressional districts just to get rid of people that have challenged him. We will bring him down.He will be impeached. ...

Well, I think they've abandoned the state. Nobody's seen anything like it, even though they've done it twice before. And uh in a certain way, it almost looks like they've abandoned the state.It looks very bad. Yeah. Go ahead, please.The FBI get involved. Should the FBI get involved. Well, they may have to. They may have to. ...