Corporate Governance - Garuda Indonesia's parent company appoints a new finance director [1] Financial Strategy - The state-owned carrier aims to improve its balance sheet [1] Business Development - Garuda Indonesia intends to expand its international network [1]

Also got some breaking news on the search for Fed Chair Jerome Powell's replacement and our Steve Leeman is here with those breaking details. Steve, we don't have a single name, Dom, but what you'll hear is we still have 11 names. What we learned from two Treasury sources is that Scott Bessner, Treasury Secretary, met this week with former Fed governors Larry Lindseay, Kevin Worsh, and former St.Louis Fed President James Bullard. However, he is waiting for the Fed blackout period to end, which as you know, ...

All right, welcome back to the exchange. We've got breaking news out of Washington DC. Steve Leeman has that story.Steve, Dom, thanks. We have the opening statement for Steven Meyer. He is the candidate for a Federal Reserve job uh that is open right now.And he is going to say that independence of monetary policy is critical for its success. He pledges or he says he intends to preserve the independence of the Fed. That is a obviously a question when it comes to uh appointees of President Trump to the Federa ...

All right, let's bring in someone else in the mix. Jeffrey's chief market strategist David Zervos with his outlook. It's not surprising that Fed Governor Waller, who voted to cut last last meeting, wants to cut this meeting.I would imagine you agree. Are we you think we should see cuts. >> Sure.Absolutely. Uh been pretty clear about that and and our notes to clients as well as discussions with uh you and others on the network. I think uh there's a very cogent case for much lower interest rates.>> Much lower ...

Monetary Policy Stance - The industry suggests the current monetary policy is quite restrictive [1] - The industry believes the Fed's balance sheet has contracted to near neutral after a period of significant stimulus [1] - The combination of the balance sheet and the rate structure indicates a more restrictive environment [3] Interest Rate Considerations - The industry advocates for rates to return to a more neutral level [2] - The industry emphasizes the importance of considering both the balance sheet and the rate structure, rather than solely focusing on the Fed funds rate versus the 10-year yield [2][3] Recommendations - The industry proposes presenting a cogent case to the committee arguing that rates are more restrictive than perceived by the Fed, staff, and street economists [3]

Financial Performance - Companies holding Bitcoin are reporting significant profits due to accounting changes [1] Market Trends - Companies are expected to continue adding Bitcoin to their balance sheets in the public market [1]

Monetary Policy - The Federal Reserve should continue reducing the size of its balance sheet [1] - The Federal Reserve should shift its balance sheet composition to include more short-term assets [1] - The Federal Reserve's balance sheet likely doesn't need to fall too much [1]

Federal Reserve Leadership & Monetary Policy - The market is closely watching potential candidates to succeed Jerome Powell as Fed chair, including Hasset and Fed Governor Kevin Warsh [1][2][3] - The candidates are generally viewed as having similar thoughts on monetary policy, potentially limiting market impact [3] - The President believes rates are 3 percentage points too high [4] Monetary Policy Stance - The market views current monetary policy as restrictive, considering the balance sheet size relative to the economy's size pre-COVID [5][6] - The Fed funds rate was 100 basis points higher when the Fed previously cut rates [6] - PCE inflation was down 0.5 percentage points and unemployment was up 0.5 percentage points during the prior rate cut [7] Potential Rate Cut Controversy - A prior 50 basis point rate cut was perceived by some as being too close to the election [8][9] - A 25 basis point cut was considered more appropriate by some [8][9] - Candidates need a cogent reason for lowering rates, potentially using the balance sheet as justification [11] - Kevin Warsh has suggested using the balance sheet to push for lower rates [11]

Financial Data and Key Metrics Changes - The company reported a 4% to 6% growth guidance for the full year, despite a slow start in Q1 due to a low cold and flu season, which saw a 15% decline in the market in both the US and globally [18][19][21] - 71% of the business gained and maintained market share for the full year, indicating strong underlying performance [21] Business Line Data and Key Metrics Changes - The Oral Health division is performing well, with strong growth in brands like Sensodyne and paradontax, and the Clinical White platform is set to expand into 12 more markets this year [22][23] - The VMS category is back to expected levels, with Centrum being a unique global brand in over 68 countries [52] Market Data and Key Metrics Changes - The company noted that the US retail environment is experiencing pressure, particularly among certain drug retailers managing their cash and inventory levels [62] - The company is facing currency headwinds, with a forecasted negative impact of 1% to 2.5% on top and bottom lines due to geographical diversification and inflation in emerging markets [39][40] Company Strategy and Development Direction - The company is focused on innovation across all categories, with a 10.2% increase in A&P investment in 2024 to drive growth [27] - The company is actively investing in its sales force in India and has formed a joint venture in China to enhance market access [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year guidance despite a slow start, attributing it to seasonal dynamics and inventory levels [21][36] - The company is optimistic about the opportunities in China and the efficiencies gained from increased ownership of the China JV [74][80] Other Important Information - The company announced a £500 million share buyback program, indicating strong cash flow and confidence in its financial outlook [32][37] - The company is exploring options to mitigate currency impacts through strategic choices in supply chain and pricing strategies [42][43] Q&A Session Summary Question: Performance skewed towards the second half of the year - Management acknowledged a slow start due to a low cold and flu season, with confidence in reacceleration based on underlying business performance and innovation [18][21] Question: Sustainability of Oral Health performance - Management confirmed strong growth in Oral Health, with ongoing innovation and expansion plans for Clinical White [22][23] Question: FX headwinds and balance sheet - Management noted ongoing FX headwinds and clarified that the £500 million share buyback does not preclude M&A opportunities [32][39] Question: VMS category outlook - Management indicated that the VMS category is stabilizing and performing as expected, with a strong innovation pipeline [50][52] Question: Retail landscape in the U.S. - Management highlighted pressures in the U.S. retail environment but attributed it mainly to seasonality rather than deeper issues [62] Question: Working capital efficiencies - Management identified ongoing opportunities in working capital, particularly in inventory optimization and payment terms [66] Question: China JV and inventory revaluation - Management discussed the benefits of increased ownership in the China JV and clarified that inventory revaluation impacts were more significant in Europe [76][78] Question: M&A focus - Management stated that M&A would focus on opportunities that strategically strengthen the business, particularly in innovation [80]