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Bloomberg Audio Studios. Podcasts, radio news.

A single-best idea with a bonus explanation today.

We're going to talk about what's going on in Europe, and we're going to talk about what's going on America, this strange

thing, uncertainty. And instead of diving right into the absolute brilliance of Catherine Nice,

of Pigeum, out of Queen Victoria, out of London, I should say, she was in our studios in New York,

and she's just absolutely definitive on the continent of Europe. A little bit of

explanation. Europe in the modern form has a monetary union, the European Central Bank. It's

like the Fed. It's not, but it is like the Fed. All agree that what is missing in Europe,

much like a modern system, is some form of fiscal union. Mississippi

and Michigan are on the same page. Finland and Spain are not on the same fiscal page.

And with all that's going on, pushed by the Trump administration on Ukraine, with a needed budget expansion in Europe, they don't have

the apparatus in place to affect whatever the fiscal outcome is. And that was the heat of the

discussion today. I want to emphasize the Bloomberg coverage, the German yields did move out, price down, yield higher, but it wasn't in an inflammatory manner.

The entry Europe spreads did not move.

This is critical.

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