Looking for more investing options. Meet Cebo, the exchange that pioneered options trading.

With exclusive trading products like VIX and SPX options, CBO can help you trade in any market environment.

There are risks associated with CBO company products. Review the disclosures and disclaimers at CBO.com slash US underscore disclaimers.

The Big Take podcast from Bloomberg News keeps you on top of the biggest stories of the day.

My fellow Americans, this is Liberation Day.

Stories that move markets.

Chair Powell opened the door to this first interest rate cut.

Impact politics, change businesses.

This is a really stunning development for the AI world and how you think about your bottom line.

Listen to the big take from Bloomberg News every weekday afternoon on the IHeart Radio app, Apple Podcasts, or wherever you get your podcasts.

Bloomberg Audio Studios.

Podcasts, Radio News.

Music. Audio Studios. Podcasts, Radio, News.

This is the Bloomberg Surveillance Podcast.

I'm Jonathan Ferro, along with Lisa Abramwitz and Anne-Marie Hordern.

Join us each day for insight from the best in markets, economics and geopolitics.

From our global headquarters in New York City, we are live on Bloomberg Television weekday mornings from 6 to 9 a.m. Eastern. Subscribe to the podcast on Apple,

Spotify or anywhere else you listen. And as always, on the Bloomberg Terminal and the Bloomberg

Business app. Francis Donald of RBC writing, for the past six years, U.S. consumers have borne of accumulating

inflationary shocks. That chapter may now be ending. Francis joins us now for more. Francis,

welcome to the program. What's changing? Well, the consumer is losing the capacity to absorb

any additional shocks. That savings rate is down. Real wages are now negative. And the capacity to absorb any additional shocks. That savings rate is down. Real wages are now negative.

...