The U.S. Is and Should Trade at a Premium, Herro Says
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 17 January 2018
⏱️ 27 minutes
🧾️ Download transcript
Summary
Yalman Onaran, Bloomberg Senior Writer, and Janet Henry, HSBC Global Chief Economist, wrap bank earnings and provide an outlook for 2018. John Hudak, Brookings Governance Senior Fellow, says we're at a crossroads in U.S. politics in regards to infrastructure spending. David Herro, Harris Associates CIO for International Equity, says there is still space for Glencore to re-rate. Kristina Hooper, Invesco Chief Global Market Strategist, says there are definitely animal spirits about tax reform still.
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| 0:00.0 | The media alone can't ease the tensions that come from the debate surrounding the issues we deal with every day. |
| 0:05.7 | However, we can create spaces where people can freely kick the tires of their preconceived notions. |
| 0:11.2 | I'm Tim O'Brien, and I'm the senior executive editor at |
| 0:13.8 | Bloomberg Opinion. On our platform we ask tough questions and solve complex |
| 0:18.1 | problems with the facts in mind. Because context changes how you see things and |
| 0:22.4 | how you change things. |
| 0:23.6 | Context changes everything. |
| 0:25.6 | Start exploring our opinion coverage and more at Bloomberg.com slash subscribe. Welcome to the Bloomberg surveillance podcast. I'm Tom Keene. |
| 0:43.5 | Daily, we bring you insight from the best in economics, finance, investment, |
| 0:48.0 | and international relations. |
| 0:49.9 | Find Bloomberg Surveillance on Apple Podcasts, SoundCloud, Bloomberg.com, and of course, on the Bloomberg. Tom Keene joining me in London today. I'm still in New York and joining us around |
| 1:08.6 | a table in New York City is Yaman Onaran. He is a Bloomberg senior writer and he joins us now on the Bank of America |
| 1:15.0 | results. What do we see, Yaman? |
| 1:17.0 | Well, you know, we were all looking at tax numbers that's what everybody's curious about so there the the one time |
| 1:24.2 | charge that they took on three billion or roughly is in line with what they said |
| 1:30.0 | before so that there was no surprise there we you, there was some concern that they could add more stuff because there's, you know, |
| 1:36.0 | repatriation tax as well as D. TAs. So there's no surprise there. I couldn't find the number for their effective tax rate going forward for this year, 2018. |
| 1:47.0 | Most of the banks have given that number reporting so far. |
| 1:52.0 | Maybe they will during the call with analysts and journalists later, but I didn't see it quickly when I did a search for attacks. |
| 2:00.0 | So we're looking for that number because that's roughly, you know, usually around 20%, you know, effective tax rates for these banks, the biggest banks have been around 30%. |
| 2:09.0 | They pay much higher than most other industries because they don't have as many deductions. |
| 2:14.0 | So we're going to look for that number. |
... |
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