This is Scarlett Foo.

And I'm Paul Sweeney, inviting you to join us for the Bloomberg Intelligence Podcast.

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Single best idea is if you're in the equity market follow bonds. You learn this always the hard way by enjoying losing money. It's an inverse relationship. Price up, yield down. Price down, yield up. And this morning decidedly, it was price up, yield down. There's some real tension in the market in the 5, 6, 7 a.m. hour.

It got a little bit better, but frankly, as the market's open as we tape this,

not so nice out there.

We'll have to see.

We had some good voices to talk to.

The first one we talked to was Holger Schmeeting, just definitive at Berenberg Bank with a wonderful transatlantic perspective.

Holger Schmeeting on tariffs.

...