RUSH TRANSCRIPT Different countries ░░░░░░░░ Germans are interested in ░░░░░░░░ the French are interested ░░░░░░░░ agriculture I m not ░░░░░░░░ what the span yards ░░░░░░░░ interested in Cheryl raphael ░░░░░░░░ is warning inflation is ░░░░░░░░ a one time blip ░░░░░░░░ want to bring in ░░░░░░░░ capital management chief investment ░░░░░░░░ Peter Anderson There s ░░░░░░░░ headline crossing here obviously ░░░░░░░░ EU is one of ░░░░░░░░ really important deals that ░░░░░░░░ participants like yourself are ░░░░░░░░ and we re getting ░░░░░░░░ headline that from an ░░░░░░░░ spokesperson that the EU ░░░░░░░░ going to continue to ░░░░░░░░ on July 9th deadlines ░░░░░░░░ the U S And ░░░░░░░░ tariff fight Your reaction ░░░░░░░░ that sounds certainly very ░░░░░░░░ especially the quotes that ░░░░░░░░ just announced earlier Those ░░░░░░░░ wait seem to be ░░░░░░░░ much more of a ░░░░░░░░ than those that step ░░░░░░░░ and are expressing themselves ░░░░░░░░ to make a deal ░░░░░░░░ so I think that ░░░░░░░░ probably a good sign ░░░░░░░░ think the bad signs ░░░░░░░░ those that you just ░░░░░░░░ t hear from and ░░░░░░░░ re going to wait ░░░░░░░░ the very end because ░░░░░░░░ Trump has said those ░░░░░░░░ wait will probably be ░░░░░░░░ more penalized than those ░░░░░░░░ step forward and show ░░░░░░░░ good faith in negotiations ░░░░░░░░ I want to take ░░░░░░░░ look at yields because ░░░░░░░░ staying with this inflation ░░░░░░░░ and the tariff story ░░░░░░░░ right now the yield ░░░░░░░░ is obviously where you ░░░░░░░░ going to see the ░░░░░░░░ market which has been ░░░░░░░░ the biggest check if ░░░░░░░░ think about it on ░░░░░░░░ tariff fight and right ░░░░░░░░ as you can see ░░░░░░░░ re at 4 358 ░░░░░░░░ s the 11010 year ░░░░░░░░ is up 1 and ░░░░░░░░ h basis points Do ░░░░░░░░ think the bond market ░░░░░░░░ telling us something I ░░░░░░░░ the bond market is ░░░░░░░░ responding to this incredible ░░░░░░░░ of stable economic data ░░░░░░░░ we ve had rather ░░░░░░░░ the tariffs I mean ░░░░░░░░ re all trying to ░░░░░░░░ with a moving target ░░░░░░░░ out the tariffs That ░░░░░░░░ a much harder puzzle ░░░░░░░░ solve I think and ░░░░░░░░ have to be sad ░░░░░░░░ a wait and see ░░░░░░░░ but all the economic ░░░░░░░░ has provided a wonderful ░░░░░░░░ for the big beautiful ░░░░░░░░ and the tariffs so ░░░░░░░░ m not at all ░░░░░░░░ that the 10 year ░░░░░░░░ instance is going to ░░░░░░░░ extremely unpredictably to what ░░░░░░░░ tariffs might present to ░░░░░░░░ over the next 30 ░░░░░░░░ I think it s ░░░░░░░░ dependent upon the economic ░░░░░░░░ which looks in my ░░░░░░░░ fantastic Cheryl I want ░░░░░░░░ ask you about debt ░░░░░░░░ deficits because President Trump ░░░░░░░░ sign the big beautiful ░░░░░░░░ that cuts taxes boosts ░░░░░░░░ spend you ve got ░░░░░░░░ money for the border ░░░░░░░░ there cracks down on ░░░░░░░░ immigration Oil prices though ░░░░░░░░ saw a little bit ░░░░░░░░ pressure on brent this ░░░░░░░░ and we still do ░░░░░░░░ slightly higher OPEC plus ░░░░░░░░ surprised the markets with ░░░░░░░░ bigger than expected output ░░░░░░░░ for August so they ░░░░░░░░ putting out more oil ░░░░░░░░ the world market That ░░░░░░░░ keeping a floor on ░░░░░░░░ obviously right now At ░░░░░░░░ same time oil could ░░░░░░░░ inflationary if that changes ░░░░░░░░ It could be But ░░░░░░░░ does seem to be ░░░░░░░░ stable and you know ░░░░░░░░ deficit Cheryl has been ░░░░░░░░ since the dawn of ░░░░░░░░ frankly and we always ░░░░░░░░ about that and there ░░░░░░░░ endless analysis about it ░░░░░░░░ if you ve noticed ░░░░░░░░ cases it makes for ░░░░░░░░ good topic for economists ░░░░░░░░ in terms of the ░░░░░░░░ I think they re ░░░░░░░░ much more practically to ░░░░░░░░ incentives that are placed ░░░░░░░░ the big beautiful bill ░░░░░░░░ instance encouraging investments now ░░░░░░░░ you can write off ░░░░░░░░ equipment in one year ░░░░░░░░ a usual depreciation schedule ░░░░░░░░ the companies can write ░░░░░░░░ the cost of building ░░░░░░░░ new factory in a ░░░░░░░░ that is marvelous in ░░░░░░░░ of an incentive to ░░░░░░░░ the U S economy ░░░░░░░░ more super charged than ░░░░░░░░ appears to be now ░░░░░░░░ before you run 10 ░░░░░░░░ 3 7 trillion in ░░░░░░░░ debt from the bill ░░░░░░░░ that worry you or ░░░░░░░░ I m more focused ░░░░░░░░ the positives of this ░░░░░░░░ and I think that ░░░░░░░░ deficit is more of ░░░░░░░░ abstraction and people should ░░░░░░░░ focus on that I ░░░░░░░░ they should focus on ░░░░░░░░ s ahead in the ░░░░░░░░ investments that the bill ░░░░░░░░ encouraged Cheryl thank you ░░░░░░░░ techs appreciate it You ░░░░░░░░ Peter, appreciate