Welcome to the Bloomberg's surveillance podcast. I'm Tom Keane, along with Jonathan

Ferrell and Lisa Abramowitz. Daily, we bring you insight from the best and economics

finance investment and international relations to find Bloomberg's surveillance, an Apple

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Steve Scherron was taking notes, had a multi-assist solutions federated our mess right

now. Steve, what do you get changed here? I mean, the dynamics now, the nudging is we

have this panel today, but really the economic data tomorrow. How has federated tweaked

the 6040 allocation significantly? You know, we've been sellers really since last September

and we took the opportunity with last week's rally, you know, growth had popped about 10%

we reduced, we reduced. So we're at 1% overweight equities, which is, you know, 61% equities

right now, which is the lowest overweight time that we've had really since 2008, 2009.

As you know, along with Steve Off and Fuller Lambda, we've been one of the most bullish

shops on the street, really, for the last decade plus, but we're as low in our allocation

equities as we've been and we mirror that on the fixed income side. We are underway almost

every major category of credit. In fact, not almost every major category of credit.

And that's really only the third time in the last 15 years. Help our radio and TV audiences

that are saying, okay, underweight, translate that. Does that mean go to cash?

It does. To a certain extent. So we've been, you know, our neutral allocation to cash

and that 64 is roughly 3%. You know, we're sitting at 8, which is, you know, darn your

three times our normal cash weight. So almost a triple levered cash fund, if you will.

I don't know. I love it. But I think, you know, there's going to be a time to buy longer

dated treasuries as the recession, which we think is more and more likely comes in the

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