Josh King:
From the library of the New York Stock Exchange at the corner of Wall and Broad Streets in New York city, you're inside the ICE house. Our podcast from Intercontinental Exchange on markets, leadership, and vision in global business. The dream drivers that have made the NYSE, an indispensable institution for global growth for more than 225 years. Each week, we feature stories of those who hatch plans, create jobs, and harness the engine of cataclysm right here, right now at the NYSE, and at ICE 12 exchanges and seven clearing houses around the world. Now here's your host, Josh King, head of communications at Intercontinental Exchange.
Josh King:
A hot off the presses episode that we recorded just before the weekend in the Alexander Hamilton room of the New York Stock Exchange. The setting was the biannual gathering of the NYSE's listed company advisory board, and the front row witness that we talked to about the just concluded midterm elections was Ben White, Chief Economic Correspondent for Politico. Those who follow Morning Money, Ben awake to his take blurry eyed every morning at 5:30 in the morning, to see how the moves that leaders make in Washington will impact markets across the globe. We cover a range of topics from trade wars, to the Fed's rate making policy, to Saudi Arabia, to pending changes to the president's cabinet. Why Republicans may actually welcome working with Maxine Waters, the incoming chair of the house Financial Services Committee, spoiler alert. She's open to cutting deals. Our conversation with Ben White live from the LCA meeting at the NYSE right after this.
Speaker 1:
Arlo is the next generation smart home company that provides a super simple do-it-yourself home security solution with up to 48% market share, and plus leading internet technology. We're looking at new products and even grow internationally. The NYSE obviously has a tremendous history, the way that they actually bring the stock to market. There was a human element that stabilizes the market, and you could see that in the stock opening today. Having a strong partnership to actually bring Arlo as a public company was really important to us. You only get to do this once.
Josh King:
And it is the dramatization of the book All the Truth Is Out. It's called The Front Runner with Hugh Jackman as Gary Hart, and it shows the original scene of the media probing deeply into a candidate's life and exposing perhaps before they had complete proof, and implied affair with a woman named Donna Rice. And the distraction of Hart's candidacy is looked at today as the beginning of the media that we have now watching elections. And it was interesting as you look at the movie, because there is a tall stoic balding figure in the back of the press gaggle, in many of these scenes who seems to be scratching his head, not saying a word, not quite knowing what to make of a scene in which entertainment tonight is replacing The Boys on the Bus in 1988, just 10 years after Hunter Thompson, coined that phrase or Timothy Crouse did, right.
Josh King:
And his name was David Broder. And David was the Dean of the Washington Press Corps for many years. And the person who is our guest today, Ben White of Politico, cut his teeth working for Broder as a research assistant, and then spent nine years at the Washington Post before moving over to the Financial Times, then covering the financial crisis for the New York Times. So, I've been following Ben for a long time, always blurry eyed. First on my Blackberry, and now on my iPhone. The first edition of Morning Money comes out at 5:30 in the morning. The rest of us get it at about 8:02, 8:03, 8:04. So the dude does get much sleep, but he is with us here today. Ben White from Politico. Thanks for joining us.
Ben White:
Thank you. I just want to say, if you subscribe to Politico pro you all can get the Morning Money at 5:30 in the morning. So it's-
Josh King:
And I hope it does.
Ben White:
... it's there for you.
Josh King:
I'm putting up another picture, I think, which is showing Broder in the studio with a young Gary Hart and Chris Wallace in '88 and there's Broder in full form. What would he have thought-
Ben White:
Well, with hair, he had hair. When I knew him and worked for him, there was no hair left up there, but yeah.
Josh King:
What would've been his take on this midterm?
Ben White:
He would've obviously had an enormous amount of fun analyzing all of the results in the house and the Senate and the kind of bifurcated nature of our politics. Now he was a master looking at all the results and the exit poll data, and then analyzing it in a way that could really tell us something about where our politics are going. And I think in this one, he would've said, this is a Democrat wave, not a big one, but taking the house of representatives is a very important thing that happened and will change the nature of Washington over the next couple of years. He would've said, both parties have some issues heading into 2020 Republicans have issues in the suburbs, they have issues with women, they have issues with president Trump in those areas. But Democrats have big problems in red states that are moving more red, particularly Ohio. And in some of the states that they lost Senate seats in. Although I think once we net out all of the late breaking races, it might be Republicans gaining one in the Senate. He would say a good night for Democrats issues for them in 2020. Republicans with big problems in the suburbs.
Josh King:
Morning Money never sleeps.
Ben White:
Sometimes.
Josh King:
Breaking news this morning 5:30. Two big items at the top of your newsletter in if you receive it. Linda McMahon for Commerce, and Morning Money runs into former New Jersey, Governor Chris Christie on Acela 6:30 yesterday morning. And you're talking about Chris Christie for attorney general.
Ben White:
Yeah. That was just happenstance. So I happened to be going down to go to the white house yesterday for something. And there's Governor Christie getting on the train from Newark all by himself, if you don't know anymore. He's not the governor. He doesn't have the aids. So it was just him by himself. He was in first class, I was in regular business class. So, I had to wait until the train got to Washington to kind of button the hole in him. But here he comes off the train and there's an enormously tall guy next to him. I'm like, wow, who's this with the Governor christie? It was Dikembe Mutombo from the Georgetown Hoyas. I was a big Mutombo fan when he was with the Hoyas and then later in his pro career. So anyway, I caught up to them. We chatted with Dikembe for a bit about Georgetown.
Ben White:
And then I talked to Christie a little bit about what he was doing in Washington. And I asked him if he was going to the white house. He said, no, I later in the day saw him at the white house. So, this is just to say that people in politics will not always tell you the truth. In any event, christie is in fact, a possible candidate for attorney general. He's not guaranteed to get it. He would like to have it. He wanted it to begin with and didn't get it when Jeff Sessions got it. But there are number of people who Trump might consider, who are having issues with taking the job because the Mueller thing is so fraught right now, and they don't want to get in the middle of that. They don't want to be the person who shuts down Robert Mueller at Trump's behest. So, issues around who the next AG is going to be. Trump's interim AG right now is in all kinds of trouble for stuff that he said about the probe. And then Linda McMahon, Trump is thinking about getting rid of Wilber Ross at Commerce.
Josh King:
Says he lost a step to Dikembe Mutombo?
Ben White:
Yes. He hasn't made a final decision on that, but he's worried about Ross's finances and Democrats investigating them. And he kind of went south on him a little bit. Linda McMahon, WWE long time friend of the Trump family, both her and her husband. So, she is definitely high on the list for Commerce. And she's a little more pro free trade than Wilber. So from a market's perspective, that would be interesting.
Josh King:
So you come to the New York Stock Exchange this morning, full of news. This compares with your old mentor, Mr. Broder, who would file a column at the Savery Hotel in Des Moines. Hit the bar, maybe get a stake and wait another 24 hours before he was really responsible for something else. You have to press that button. I don't know what time it is, but go through how your process compares to The Boys on the Bus.
Ben White:
Yeah. Well, I'm certainly jealous of The Boys on the Bus and the old news cycle, which was file your newspaper story in the evening. And then you're kind of free until the next round. There's no Twitter, there's no Facebook, there's no none of that. The world has moved on, we're in a 24/7 news cycle, there's nothing we can do about that. But I do sort of envy when it was a slower news cycle and everybody relied on the morning papers and the evening 6:30 news broadcast, and that was where you got most of your news. Not the case anymore. My process is I report during the course of the day as best I can. I'm often, either I live in the New York area. So I'm out and about in New York sometimes, so I've been in Washington a lot, hence the Sally back and forth. And then I write generally from 6:00 PM to hopefully not later than 10:00 or 11:00, sometimes it's later if something's late breaking or if something's going on in the markets, file the column around midnight and then start it all over again the next day.
Josh King:
Is your email inbox your best friend. Are you working the phones? I mean, you might think I might give you a tip now and then or John Tule might, but usually I'm asking you for favors, but how are you working your sources these days?
Josh King:
Yeah. Emails, a lot of it. Certainly a lot of stuff comes in that way. Text messages a lot now, particularly people in the white house and then we'll connect by phone on occasion. People don't work the phones as much as they used to, is much more digital communication, but there's plenty of information that people don't want to put into text format in any way. And that's where conversations come in, and that's where face to face meetings come in. I'm still a big believer in having relationships with sources who you know and can see. I see people when I'm down in Washington when they come up here. That's also a very good source of information for me, is when people who work in Washington, either on Capitol Hill, or in the white house, or the agencies, they feel a little more free when they're in New York and away from their bosses and everything else to have conversations. So, if somebody's coming up from the white house or somewhere else, I'll have coffee with them and get the relationship going.
Josh King:
A favorite phrase of Politico is, be smart, which means you got to read a lot of people. So beside the men and women who are in the Politico newsroom and yourself, who are the people that you think are the smartest politico takes out there that you like to follow?
Ben White:
Yeah. There's a bunch. The Washington Post is unfortunately hired away a lot of our reporters. So has the New York Times, Maggie Haberman is a good friend and colleague of mine at Politico. Now at the New York Times, she's obviously critical to read on all things. Trump, given that she has a relationship with him in a way that a lot of reporters don't. I think he respects her a lot, even though she drives him nuts and she's tough. So her, Josh Dossey, at the Washington Post was also an incredibly in the fatigable reporter when he was at Politico, now the same at the Washington Post. So in terms of Trump coverage, those are a couple of them. And then kind of markets and politics there are some good ones. I like Neil Irwin on the economy. I like Jim Tankers Lee on the economy. There are not a lot of people who kind of combine the two, which is what I try to do is like talk economics and politics all in one place.
Josh King:
That is your niche. And that's where I want to spend the next few minutes, because in anticipation of you coming here this morning, I went back and read really closely the two week runup of Morning Money is heading into to the midterm elections and only Ben White is going to touch on some of these as they relate to the elections. So I just want to do a quick round robin of some of these things. If we go back to Friday, October 26th, here comes the third quarter, GDP Friday morning brings the first look at economic growth. The president back in August suggested growth could be in the fives. In fact, it was 3.5 in the context of the midterm results, should the booming economy have reflected better for the president of the ballot box.
Ben White:
Probably should have. One problem he has is the expectations game, which he sets really high, particularly on the economy. He did it on the campaign trail when he said we could have sustained growth of four or 5% or more, very hard to do in our economy and the structural issues with the economy. So, he kind of over promised a little bit on the economic front. And then you would think in a midterm where we are growing that fast and unemployment's at 3.7% that Republicans wouldn't lose the house. They traditionally the out of power party in the midterms loses some seats less so in booming economies. But this, he made this election a referendum on himself on his immigration policies, and he alienated a lot of people in suburbs that used to go Republican. So you would think the Republicans would've done better given this economy, but Trump wanted the election to be about Trump, and it was.
Josh King:
Next. Monday was October 29th, trade war hits hard. You quote, business insiders, Bob Bryan. It was the largest negative contribution to GDP growth for trade in 33 years in the second quarter of 1985 trade subtracted 1.191 points. We would've been up at 5.3 without the trade war.
Ben White:
Right.
Josh King:
Another problem?
Ben White:
Yeah. Another problem. And I'm sitting over here looking at my phone and listening to the people before that. But probably I was watching my phone because Peter Nevaro at the white house today saying how the trade war has been super successful. And the white house is winning and still aluminum tariffs had been successful and it's just not supported by the data. It wasn't supported by the data, the GDP report, the subtraction in exports and higher prices for domestic producers. It's hurt the GDP numbers, and I think at the margins, it hurt Republicans in the midterms. So it wasn't an overarching factor, but I think there are people in the white house now who realize they have to find an end of the trade war with China over the next few months and not get to 25% tariffs on 500 billion in Chinese imports or you're really talking about a hit to GDP.
Josh King:
So the president's going to Mar-A-Lago, going to spend a lot more time there this holiday season. You think more chocolate cake and another visit from president G?
Ben White:
Well, he is got the G meeting at the G20 in Buenos Aires at the end of the month. I think that's November 30th to December 1st. There's a lot of hope that meeting sets the table for real serious talks. The problem has been with the Chinese that we've asked for all these very important things and he is not wrong about all the things that Chinese do that are detrimental to our economy, but there's been no structure. There's been no set of talks to get this done. So he sits down with G in Buenos Aires. Everybody hopes they have a good meeting and the Chinese agree to formal talks and perhaps those go to Mar-A-Lago where Trump will be a lot of the time in December. And that sometime early in the next year, they can come to an agreement that stops the next round at tariffs. So there could be some Mar-A-Lago diplomacy coming up.
Josh King:
This is an interesting item from Tuesday, October 30th. Why Republicans like Maxine Waters, the incoming chairman of the House Finance Committee is a person who you think is actually can really get deals done?
Ben White:
She can, I mean, there's going to be two tracks for her and house financial services. There's going to be the investigative go after Trump on the Deutsche bank loans and be tough on big banks. There's that stuff. She has to do that for the base. But I think about some of you might go to the milking conference in LA. I was out there at one of the parties beforehand. It was Maxine and Jeb Hensarling just talking to each other, having a good time. I wanted to get a picture of the three of us together. And Hensarling was like, nope, that's not good politics for me. I'm not doing a picture with Maxine Waters. But the fact is that, she did work with him on the jobs act, which passed with a huge margin. She is willing to engage on reforms that people agree with to financial services law. The question is everything is going to be colored by the 2020 race and Democrats wanting to position themselves for that. And can you actually work with Republicans to do stuff or will base say, no, we got to fight him at every level. But there are good personal relationships between Maxine and some of the committee Republicans.
Josh King:
Next day was Halloween. Trump tries to spook voters about the markets and you write, I write at some length here about president Trump's efforts to blame the recent stock market declines on the Fed and concerns that Democrats could take back some power on Capitol Hill and roll back economic gains. And as I often read from you and your colleagues, they always will go back several years and say, there is a tweet for everything.
Ben White:
Yeah.
Josh King:
In this case, here's President Trump from earlier this year. "The United States should not be penalized because we are doing so well, debt coming down and we are raising rates." Really? So Fed did not raise yesterday, although it showed that it... Signaled that it would continue, but will this sort of ted tote with Jay Powell continue in 2019?
Ben White:
I spoke to some senior people in the white house about that yesterday, and they're hoping it doesn't, they're hoping that he is dialed back a little bit, but you never know with Trump. I mean, when there is another interest rate increase, he's going to go after Powell again, and there will be one in December and there will be some market reaction to it, and Trump will get angry about it. He is not taken to the point where he is calling Jay Powell on the phone and saying, I'm going to try to fire you if you raise interest rates. But that's an issue and that'll be an issue going forward on the markets front. I just never bought the idea that markets selling off because of this great fear of Democrats taking over the house and somehow reversing all the Trump could do. A, they can't do that. And B, split power at gridlock has always been mostly fine for markets. And I think there is to some degree, a relief that we have a system where we'd still have to check some balances, and we have a party that can exercise some oversight over Trump, no matter how you feel about him personally or Republicans personally. And I don't think markets were upset about that idea, that it's no longer all Republican control in Washington. You have a party with some power that can act as a check on the white house.
Josh King:
Interesting little sidebar. Then we're now into the month of November, you start out an item with happy birthday Bitcoin kind of, we are 10 years out from Satoshi Nakamoto's original essay that launched Bitcoin. But you note at the bottom of your item that a year ago, it was at its all time high of 19,000 and it's trading around 6,300 today. There's some interest in that here in the Intercontinental Exchange is going to be launching back to one day, physically traded future contract in December. But what are people saying about digital currencies when we look at that?
Ben White:
Yeah. One interesting thing is I tweeted, I think five years ago, something very skeptical about Bitcoin. Just because I'm sort of old and a ludite and skeptical of all of this stuff. And I was like I'm tired of hearing Bitcoin. It's going to go to zero. It was a joke basically. And somebody discovered it within the last six months and retweeted it's from 2013. And then all of the cryptocurrency world came after me and said, what an idiot I was and how I lost out on all this money. How I got wrecked and all this stuff. I thought it was kind of amusing that I don't know who found it and put it back up there, but I got a lot of heat for that. Obviously there's going to be a lot more action. The regulatory space on cryptocurrency it's a big issue at the CFTC, but yeah, I mean, it's not dying. There's lots of interest in cryptocurrency and in the blockchain technology and there'll be more regulatory oversight, and it'll shake out one way or another, but it did not go to zero as I said it might.
Josh King:
On the topic of ESG, which we've spent time on this morning earlier, you had the item on November 2nd, which is a week ago. BlackRock CEO talks Davos in the desert before Davos last year, Larry Fink was talking a lot about corporate social responsibility and on the surface, the killing of Jamal Khashoggi, the optics were stay away from the conference in Riyad. But also if you add in the conversation that BlackRock and other private equity companies have had about manufacturing of assault weapons, and the recent spade of violence that we've had, even over the last two weeks, the challenge that companies have with corporate social responsibility based on foreign policy and domestic policy at home.
Ben White:
Yeah. This is a tough one. I mean, obviously it was a tough one for Fink, it was a tough one for Steve Schwartzman, and others who were signed up to go to the Davos in the desert. And ultimately they really had no choice, but did not go given. We were in the midst of that horrific murder of Khashoggi and a series of completely ridiculous denials by the Saudi government about it. It's going to continue to be challenging and difficult to manage that, to recognize that's a huge source of money and investment and management fees and deal fees and Saudi Ram going all the rest of it. But it's risky to be very exposed right now to the Saudi regime. And it's going to continue to be challenging. The one thing that... And this is not a great reason for people to be less concerned about it, but we live in a new cycle that is so compressed and everybody moves on to the next thing so quickly that I think things will sort of get back to business as usual in dealings between U.S. investment firms and Saudi relatively soon. But there's headline risk there all the time, and there will continue to be you.
Josh King:
Bunch of talk earlier about what's happening in Washington at the SEC. Large piece over the weekend in the New York Times. I mean, I think what does it say, interviews with more than 60 former and current federal officials. So if you look at the changes in terms of SEC enforcement during the Mary Jo White years versus the Jay Clayton years, how will that change after the midterms?
Ben White:
I don't think it's just changed very much. I think the most of the regulatory policies from the Trump administration, they have their regulators in place. They have their agendas in place at the Fed, at the SEC, the CFTC. I don't think because of articles like this, you'll see a great increase in white collar enforcement. I think Democrats will try to run on that, but these guys went easy on Wall Street and make that an issue in 2020. I think the truth is very different that there were areas where the Trump administration did the right thing in terms of not making it impossible to do business and getting regulation in the way of everything. There will be more oversight of the regulators. That's, what's going to be different in Washington next year. There'll be regulators from the Fed like Randy Quarrels and others call the Capitol Hill to talk about what they're doing in the financial regulatory space. There'll be efforts to protect the CFPB, and the CFPB's budget. So some of the stuff that's been happening in the regulatory space will be more open to public scrutiny. It won't necessarily change the way any of these regulators operate, but it will make them, I think, a slightly more hesitant to pursue a very strongly deregulatory bent. They might twist the needle back a little bit, because they know they're going to have to go up to the Hill and explain it to people.
Josh King:
So on election day, Tuesday, November 6th, one of the things you always provide your readers is what you call, the fly around. And you can talk about how you develop that idea, but you're basically quoting, I think here the Wall Street journal with hats off to Amazon for the public relations campaign of the year, the creation headquarters two, which ends up to be headquarters two and three in cities you might have predicted from the very outset. But in 2019, are we going to get close to more of a standoff between Donald Trump and Jeff Bezos?
Ben White:
Yeah. It's certainly possible. I mean, he is not a fan of Bezos obviously. And he talked, I think the press conference the day about more oversight over companies. I mean, he was talking about social media, but Amazon fits in there to a degree. And I think there will still be tension between the administration and Amazon because he just associates Bezos with the Washington Post, and thinks he's using the Post to further Amazon's business interest, which is just not the case. So there will be more of that. I do think the Amazon thing and this incredible media storm around where they're going to put these two headquarters was way, way overdone. I didn't do a whole lot on it, but it was important to note where they're actually going to put these things in outside of Washington, outside of New York, not a huge shock to anybody. But there will be going forward, continued back and forth between the administration or Trump himself and Bezos and the Washington Post that relationship. And you can see Trump's entire relationship with the media over the last couple of days has gotten even more fraught than it was before, kicking out a Costa. Talking today about kicking out other people from the white house. This is just something we've never seen before from a president.
Josh King:
Another example of how Ben White is a very different media animal than David Broder. On election day it's your 60 second take of what to watch and how will the midterms impact the 2019 legislative agenda? You can actually go to GZERO Media and watch Ben's 60 second take. Or you can give it to us like how you set from your front porch. Maybe that's New Jersey, and how it actually turned out New Jersey.
Ben White:
It was actually New Jersey, yeah. Yeah. And you're exactly right. Yeah. I do. Ian Bremer, who is a friend of mine, your Asia group asked me to do these 60 second videos. He does 60 seconds, the world in 60 seconds every week. And now I do the U.S. politics. There's a couple of other Sally project does one on the investing world. And I think there's two others. I think I haven't rewatched it, but I think it holds up pretty well. I mean, my thinking going in was Democrats would take the house probably with a 20, 30 seat gain. That's what they did. They wouldn't take the Senate and they didn't. And that they would make gains in governorships, which they did. I thought they had a shot at Florida and now we're in recount territory. I still think it'll stay. The results will stay where they are, but it pretty much played out as I anticipated that it would.
Ben White:
And I think the notion that somehow wasn't a big democratic wave when you really dig into the results. There are also a lot of suburban Republican districts that almost flipped that moved away from Republican party. They're somewhat lucky that they didn't lose more seats than they did. And they could lose more seats in 2020, depending on how everything shakes out in the Senate races. It looked at one point in the night, like they'd be plus four by the end of the night. I think once we're all done, they may be plus one. So, it wasn't an overwhelmingly great night there. And this was the hardest map in the Senate for Democrats in generations. They were defending twice as many seats as Republicans and they were defending seats in pretty deep red states. Republicans did a good job to flip those, give credit where it's due. But it's not a surprise and it's not a great Republican victory that they performed moderately well in a map that favored them hugely.
Josh King:
And so your conclusion on Wednesday, November 7th, a two word headline, everybody wins.
Ben White:
Yeah. I mean, it's the classic election result in our era where everything is kind of 50/50 and split down in the middle and everybody claims credit, no matter the facts of the matter. And this did give everybody some areas for claiming credit legitimately taking the house is a big deal for Democrat state legislature races, which you should pay attention to. A lot of state legislatures flipped. Democrat went super majority for Democrat, which matters for redistricting and how the electoral map looks down the road. But Trump could say, look, I went to these red states where Republicans were on the edge and I pushed them over and he probably did. So there is some truth to that. But I think overall, if you step back and look at it, Democrats had a much better night than Republicans.
Josh King:
And perhaps one other big winner is this is one of your own colleagues, voters send record number of women to Congress. So, as a whole where the candidate class was on both Democrats and Republicans, women did pretty well on Tuesday?
Ben White:
They did enormously well, I mean over a 100 women going to the house, it looks like you may have Kirsten Cinema wind up winning in Arizona. But this is particularly true in house races, again in suburban areas where the Republicans just have a huge problem with women voters, particularly educated women voters who traditionally might have liked Republican policies on taxes, liked economic growth and all that stuff. But they see Trump's behavior and Red Rick and they revolt against it. And particularly on immigration and seeing people in cages and all that stuff, they're moving pretty quickly to the Democratic party in ways that are really challenging for Republicans going forward and house Republicans and the leadership know that. They know they've got a real big problem. Mitch McConnell knows that they've got a real big problem. That's why he's talking about putting more Republican women on top committees. They need to do that. And they need to address that, because there was a great visceral anger that was unleashed in a lot of these places against the way Trump has governed.
Josh King:
And now the campaign 2020 is officially underway. Will you come back in two years and give us your take after election day?
Ben White:
If I'm still alive, I'd be happy to do that. When I'm still covering politics and they let me do it, I would be happy to do that. It's going to be... Anybody who handicaps 2024, we're all going to do it. I do it. But it's impossible to know a, what the Democratic fields is actually going to look like, what the economy's going to look like, where Trump is going to be in two years, what happens with all the investigations? We have absolutely no idea. But it's going to be incredibly expensive, incredibly divisive, I think unless somebody emerges, who's a great uniter, which I think the country probably wants, but I don't know who that person is.
Josh King:
Thanks very much, Ben.
Ben White:
Yeah, of course.
Josh King:
Thank you very much.
Ben White:
Sure.
Josh King:
That's our conversation for this week. Our guest was Ben White, Chief Economic Correspondent for Politico. If you like what you heard, please rate us on iTunes so other folks know where to find us. And if you've got a comment or a question you'd like one of our experts to tackle on a future show, email us at [email protected] or tweet at us @NYSE. Our show this week was produced by Pete Ash and Ian Wolf with production assistance from Ken Abel and Steven Portner. I'm Josh King signing off from the library of the New York Stock Exchange. Thanks for listening. Talk to you next week.
Speaker 2:
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