Transcript

Wall Street Jolted By Trump-Fed Fight | Bloomberg Businessweek Daily 1/12/2026

From Bloomberg Television · Episode page · Watch on YouTube

· 52 min · 7,529 words · 82 timestamped sections

This is the full, timestamped transcript of "Wall Street Jolted By Trump-Fed Fight | Bloomberg Businessweek Daily 1/12/2026", an episode of Bloomberg Television published January 12, 2026 (52 min, about 7,529 words). It mentions 14 people, works and ideas, including Bloomberg, Donald Trump, J.P. Morgan Healthcare Conference, Acadia Pharmaceuticals, Predium.

What is discussed, and when

  1. – 5:00: Bloomberg, Donald Trump, Carol Massar, Bill Pulte
  2. – 10:00: Donald Trump, Bloomberg, Jay Powell
  3. – 15:00: Donald Trump, Bloomberg, Richard Bernstein Advisors
  4. – 20:00: Bloomberg, Donald Trump, Richard Bernstein Advisors
  5. – 25:00: Bloomberg, J.P. Morgan Healthcare Conference
  6. – 30:00: Donald Trump, J.P. Morgan Healthcare Conference
  7. – 35:00: Acadia Pharmaceuticals, Bloomberg, Charlie Pellett, Donald Trump
  8. – 45:00: Donald Trump, Acadia Pharmaceuticals, Bloomberg, J.P. Morgan Healthcare Conference
  9. – 50:00: Predium, Bill Pulte, Pulte Homes
  10. – 51:50: Bloomberg

Notable quotes from "Wall Street Jolted By Trump-Fed Fight | Bloomberg Businessweek Daily 1/12/2026"

  • THIS IS BLOOMBERG BUSINESS WEEK DAILY.
    about Bloomberg · at
  • CERTAINLY CENTRAL BANK INDEPENDENCE, A MAJOR THEME TODAY. JUST GETTING WORD THAT TREASURY SECRETARY SCOTT BESSENT REPORTEDLY TOLD PRESIDENT TRUMP LATE YESTERDAY THE POWELL…
    about Donald Trump · at
  • THE PRESIDENT FACING SOME RARE OPPOSITION FROM KEY REPUBLICAN LAWMAKERS AFTER FED CHAIR JAY POWELL ACCUSED THE D.O.J.
    about Jay Powell · at
  • AND CONTINUE WITH THIS UNPRECEDENTED MOVE BY THE TRUMP ADMINISTRATION. FOR MORE, WE’RE JOINED BY THE DEPUTY CHIEF INVESTMENT OFFICER AT RICHARD BERNSTEIN ADVISORS.
    about Richard Bernstein Advisors · at
  • A HUGE WEEK FOR ANYONE IN HEALTHCARE, OR ANYONE WHO FOLLOWS HEALTHCARE. IT’S THE 44TH ANNUAL J.P.
    about J.P. Morgan Healthcare Conference · at
  • THE KEY THEMES SHAPING THE GLOBAL HEALTHCARE INDUSTRY RIGHT NOW. ONE PUBLICLY TRADED COMPANY EMERGING AS A KEY PLAYER IN THE SPACE IS $4.5 BILLION ACADIA PHARMACEUTICALS, WHICH…
    about Acadia Pharmaceuticals · at
  • HE’S CO-PRESIDENT OF PREDIUM. IT HAS MORE THAN $60 BILLION IN ASSETS, INCLUDING $32 BILLION IN REAL ESTATE IN MORE THAN 30 MARKETS. ALSO JOINING US, BLOOMBERG NEWS CHIEF WALL…
    about Predium · at
  • COME AS A SURPRISE TO YOU. BILL PULTE OF FHFA WAS ON EARLIER TODAY ON SURVEILLANCE, HE SAID I WAS ON THE BOARD OF PULTE HOMES FOR FOUR YEARS, I UNDERSTAND WHAT INSTITUTION A.M.
    about Pulte Homes · at

Who and what is mentioned in this episode?

People

  • Donald Trump — Person · 13 mentions · first at
  • Carol Massar — Person · 2 mentions · first at
    AHEAD, WITH INSIGHT ON THE PEOPLE, COMPANIES, AND TRENDS SHAPING TODAY’S COMPLEX ECONOMY. BLOOMBERG BUSINESS WEEK DAILY WITH CAROL MASSAR AND TIM STENOVEC, LIVE ON BLOOMBERG…
  • Charlie Pellett — Person · 2 mentions · first at
    KATHERINE OWENS ADAMS, C.E.O. OF ACADIK PHARMACEUTICALS. TIM: CHARLIE PELLETT HAS AN UPDATE. CHARLIE: HELLO THERE, AND HAPPY MONDAY TO YOU BOTH. LOTS GOING ON.
  • Jay Powell — Person · 2 mentions · first at
  • Bill Pulte — Person · 2 mentions · first at
    VOWED QUICKLY LAST NIGHT TO OPPOSE ANY TRUMP NOMINEES FOR THE FED THIS WILL THIS MATTER IS RESOLVED. FRED PULTE, FHFA DIRECTOR BILL PULTE, HERE HE IS ON SURVEILLANCE RESPONDING TO THAT ACCUSATION.
  • Albert Bourla — Person · 2 mentions
  • Tim Stenovec — Person · 1 mention · first at
    AHEAD, WITH INSIGHT ON THE PEOPLE, COMPANIES, AND TRENDS SHAPING TODAY’S COMPLEX ECONOMY. BLOOMBERG BUSINESS WEEK DAILY WITH CAROL MASSAR AND TIM STENOVEC, LIVE ON BLOOMBERG…
  • Katherine Owens Adams — Person · 1 mention · first at
    KATHERINE OWENS ADAMS, C.E.O. OF ACADIK PHARMACEUTICALS. TIM: CHARLIE PELLETT HAS AN UPDATE. CHARLIE: HELLO THERE, AND HAPPY MONDAY TO YOU BOTH. LOTS GOING ON.

Companies & orgs

Concepts & topics

Full transcript with timestamps

THIS IS "BLOOMBERG BUSINESS WEEK DAILY." REPORTING FROM THE MAGAZINE THAT HELPS GLOBAL LEADERS STAY AHEAD, WITH INSIGHT ON THE PEOPLE, COMPANIES, AND TRENDS SHAPING TODAY’S COMPLEX ECONOMY. BLOOMBERG BUSINESS WEEK DAILY WITH CAROL MASSAR AND TIM STENOVEC, LIVE ON BLOOMBERG RADIO, TELEVISION, YOUTUBE, AND BLOOMBERG ORIGINALS. TIM: GOOD AFTERNOON, EVERYONE, ON THIS WEDNESDAY MONDAY. DID I SAY WEDNESDAY, EMILY? EMILY: YOU WERE TRYING TO SPEED UP THE WEEK, BUT IT IS, IN FACT, MONDAY. TIM: IT FEELS LIKE THE NEWS FLOW IS SUCH THAT WE HAVE AN ENTIRE WEEK’S WEEK’S WORTH OF NEWS TO GET THREE. EMILY: I’M FILLING IN FOR CAROL MASSAR.

TIM: GLAD TO HAVE YOU. I WANT TO TALK ABOUT WHAT’S GOING ON IN THE MARKETS. CHARLIE WILL JOIN US WITH MORE DETAILS. STOCKS ARE UP, BONDS BOUNCING BOUNCING FROM SESSION LOWS. A CAUTIOUS TRADE TODAY AFTER THE TRUMP ADMINISTRATION ESCALATED ITS ATTACK ON THE FED, RAISING CONCERNS ABOUT THE INDEPENDENCE OF THE CENTRAL BANK. WE GOT GOLD AND SILVER CLIMBING TO RECORDS. WE’LL HAVE MORE ON THE TRADE IN JUST A MINUTE. BUT THOSE ATTACKS ON THE FED, A BIG FOCUS. EMILY: YEAH, OUR GLOBAL ECONOMY REPORTER JOINS US FOR THE WHAT, AND THEN WE’RE GOING TO TALK ABOUT WHAT IT MEANS FOR INVESTING IN THE U.S. TIM: ALSO, A BIG STORY THAT WE’VE BEEN FOLLOWING, WITH EVERYTHING HAPPENING WITH RESIDENTIAL REAL ESTATE, WE’RE GOING TO HEAR FROM THE C.E.O. ONE OF THE BIGGEST INSTITUTIONAL BUYERS OF SINGLE FAMILY HOMES IN THE COUNTRY.

HE’S GOING TO JOIN US LATER THIS HOUR. EMILY: AND A DOUBLE DOSE OF PHARMA EXECUTIVES. WE’LL HEAR FROM PFIZER, THAT WAS GOOD, TIM. JUST IN THE LAST HOUR, THEY SAID THEY’LL DO MORE TRIALS THIS YEAR AND SCALE A.I. ACROSS THE BUSINESS. KATHERINE OWENS ADAMS, C.E.O. OF ACADIK PHARMACEUTICALS. TIM: CHARLIE PELLETT HAS AN UPDATE. CHARLIE: HELLO THERE, AND HAPPY MONDAY TO YOU BOTH. LOTS GOING ON. FAST-MOVING MARKETS TODAY. WE CAME INTO A LOT OF NEWS. THE DOW, S&P, NASDAQ, THEY’RE ALL HIGHER. CERTAINLY CENTRAL BANK INDEPENDENCE, A MAJOR THEME TODAY. JUST GETTING WORD THAT TREASURY SECRETARY SCOTT BESSENT REPORTEDLY TOLD PRESIDENT TRUMP LATE YESTERDAY THE POWELL PROBE CREATES A "MESS," ACCORDING TO REPORTING BY AXIOS. THE S&P RIGHT NOW HIGHER BY 10, VERY CLOSE TO SESSION HIGHS AFTER EARLIER LOSSES.

THEY’RE UP BY.1%. THE DOW UP 19, UNDER.1%. NASDAQ IS HIGHER BY 91 FOR THE NASDAQ COMPOSITE INDEX, A GAIN OF.4%. THE BLOOMBERG MAG 7 INDEX UP .3%, WITH THE 10-YEAR YIELDING 4.17%. THE TWO-YEAR, 3.53%. GOLD IS SURGING $100 AN OUNCE. GOLD IS AT A RECORD 2.2%. SILVER, BIG STORY THERE, 8548, UP 7%. WEST TEXAS INTERMEDIATE CRUDE UNCHANGED ON THE DAY, 5913 FOR A BARREL OF W.T.I. AND BITCOIN, UP.8%, $91,363 ON BITCOIN. LET’S TALK CREDIT CARDS. J.P. MORGAN CHASE, CAPITAL ONE FINANCIAL, AND SHARES OF OTHER AMERICAN BANKS ALL LOWER AFTER PRESIDENT TRUMP WANTED TO CAP RATES AT 10% FOR A YEAR.

AMONG THOSE BANK NAMES, J.P. MORGAN CHASE AHEAD OF EARNINGS TOMORROW, DOWN 2.1%. CAPITAL ONE FINANCIAL DOWN 6.5%. AMONG SOME OF THE CHARGE CARD COMPANIES, VISA DOWN 1.4%. MASTERCARD DOWN 1.6%. AMERICAN EXPRESS DOWN BY 4.3%. THEY’RE ALL MOVING HIGHER. S&P UP NINE, A GAIN THERE OF .1%. THAT IS A BLOOMBERG BUSINESS FLASH. TIM: THANKS, CHARLIE, DO APPRECIATE IT. AS I MENTIONED, THE TOP STORY WE’RE FOLLOWING THIS AFTERNOON IS PRESIDENT TRUMP AND THE DEPARTMENT OF JUSTICE AND THE FEDERAL RESERVE. THE PRESIDENT FACING SOME RARE OPPOSITION FROM KEY REPUBLICAN LAWMAKERS AFTER FED CHAIR JAY POWELL ACCUSED THE D.O.J.

OF A PRESSURE CAMPAIGN, AFTER THE DEPARTMENT OF JUSTICE SUBPOENAED THE FED. SENATOR THOM THEY WILL US FROM THE BANKING COMMITTEE, NOT RUNNING FOR ARE YOU ELECTION, VOWED QUICKLY LAST NIGHT TO OPPOSE ANY TRUMP NOMINEES FOR THE FED THIS WILL THIS MATTER IS RESOLVED . FRED PULTE, FHFA DIRECTOR BILL PULTE, HERE HE IS ON SURVEILLANCE SURVEILLANCE RESPONDING TO THAT ACCUSATION.

THIS IS OUT OF MY PURVIEW. I DON’T KNOW ANYTHING ABOUT IT, AND I WOULD REFER YOU TO THE D.O.J. MY MAIN FOCUS HAS BEEN ON REDUCING MORTGAGE RATES TO THE EXTENT THAT WE CAN DO IT, AND INCREASING HOUSING AFF AFFORDABILITY. TIM: I WANT TO BRING IN OUR BLOOMBERG NEWS GLOBAL ECONOMY REPORTER, JOINING US FROM OUR WASHINGTON, D.C. BUREAU. DOES JAY POWELL HAVE ANYTHING TO BE CONCERNED ABOUT? DOES HE HAVE CAUSE FOR LEGAL CONCERN HERE?

OH, DEFINITELY PUSHING TO THE NEXT LEVEL, NO DOUBT ABOUT IT. AS YOU WELL KNOW, ESSENTIALLY ON PAPER AT LEAST SUGGESTING POTENTIAL CRIMINAL CHARGES AGAINST FEDERAL RESERVE ECONOMIC POLICY MAKERS, IF NOT THE CHAIR HIMSELF. SO LOTS OF UNKNOWNS ABOUT ALL OF THIS. AT THE VERY LEAST, IT SPEAKS TO THE IDEA, AND THIS IS WHAT A LOT OF FED WATCHERS ARE SAYING, PRESIDENT TRUMP REALLY IS DEADLY SERIOUS NOW ABOUT PASSING HIS IMPRINT, REMOLDING THE FED IN HIS WORLD VIEW AS MUCH AS POSSIBLE. AND THAT INVOLVES PRESSURE ON CHAIR POWELL TO LEAVE THE FED WHEN HIS TERM OF CHAIR IS UP IN MAY, BECAUSE ONE OF THE SUB PLOTS OF ALL OF THIS IS WHILE THE TERM OF CHAIR IS OPEN, MR. POWELL CAN REMAIN ON THE BOARD UNTIL EARLY 2028, AND THE THINKING IS IF HE STAYS ON THE BOARD, THEN HE MIGHT REMAIN, CONTINUE TO DEFEND THE FED’S INDEPENDENCE AGAINST THE WHITE HOUSE AND PUSH BACK, AND THAT’S WHY PEOPLE ARE SAYING THE PRESSURE IS RIGHT HERE AND NOW.

CERTAINLY IT SETS UP A VERY PRO TRACTED FEW MONTHS AHEAD. EMILY: WHAT KIND OF RESPONSE DO YOU EXPECT FROM CONGRESS OR THE TREASURY IN TERMS OF MAKING AN OFFICIAL RESPONSE HERE?

WELL, WE’VE HAD A VERY INTERESTING EVENT FROM SENATOR TILLIS. THIS IS INTERESTING, BECAUSE HE’S ON THE COMMITTEE RESPONSIBLE FOR CONFIRMING THE NEXT FED CHAIR. THEY’RE FINALLY BALANCED, AND HE SAID, LOOK, I’M NOT GOING TO VOTE FOR ANYONE UNTIL THIS LEGAL ISSUE IS SORTED OUT. AND THAT SUGGESTS THAT NO MATTER WHO TRUMP ADMINISTRATION NOMINATES TO BE FED CHAIR OVER THE COMING WEEKS AND MONTHS, AS LONG AS THE LEGAL ISSUE PLAYS OUT, THEN THEY’RE GOING TO STRUGGLE TO GET IT THROUGH THE COMMITTEE FOR APPROVAL. AND THEN YOU’RE IN A SCENARIO, IF YOU STEP BACK, YOU GO, HANG ON, ON ONE HAND THE FED IS LOCKED IN A LEGAL BATTLE WITH ADMINISTRATION, QUESTION MARKS OVER CURRENT CHAIR JEROME POWELL’S FUTURE.

AND ON THE OTHER SIDE, ON A PARALLEL TRACK, IT’S GOING TO BE POSSIBLE THAT THE FED CHAIR MAY NOT BE CONFIRMED, A NEW FED CHAIR MAY NOT BE CONFIRMED OR IT WILL BE A VERY UGLY PROCESS OF RUNNING ALONGSIDE IN TANDEM. THIS IS WHERE THINGS START TO GET VERY COMPLICATED, VERY UNCERTAIN IN TERMS OF HOW IT PLAYS OUT. TIM: WHY ARE WE SEEING MORE OF A MARKET REACTIONS? IF INDEED THE FED’S INDEPENDENCE IS BEING THREATENED RIGHT NOW, WHY AREN’T WE SEEING MARKETS REACT?

TOUGH TO SAY. MARKETS REALLY HAVE BEEN BRUSHING OFF A LOT OF MAJOR WORLD EVENTS IN RECENT TIMES AS WELL. YOU KNOW, A BENIGN TAKE IS THIS IS SUCH AN ESCALATION THAT SOME PEOPLE BELIEVE THERE HAS TO BE A OFF RAMP. THE VIEW IS THIS IS UNCOORDINATED FOR THE ADMINISTRATION. PRESIDENT TRUMP HIMSELF SAID HE DIDN’T KNOW ABOUT IT TO NBC LAST NIGHT. AND MAYBE THEY LOOK FOR A WAY TO DE-ESCALATE IT. BUT THERE ARE PLENTY OF THOSE BECAUSE PRESIDENT TRUMP, AGAIN, HAS PREVIOUSLY WARNED HE WAS CONSIDERING A LAWSUIT AGAINST CHAIR POWELL. WE KNOW HE’S DEADLY SERIOUS ABOUT HIS PRESSURE ON THE FED. THAT KIND OF THINGS TELLS YOU IT’S GOING TO BE MORE OF A SLOW BURN.

NOT A BIG BANG, GEE WHIZ, ALL THE PRESSURE ON THE FED. BUT OVER TIME, THEY START TO LOSE CONFIDENCE, START TO SEE THE INDEPENDENCE BEING CORRODED, AND THEN BY EXTENSION THAT GOES INTO THE PORTFOLIO DECISIONS. SO I THINK THE SLOWER BURN LONGER TERM PLAYS OUT, AND I THINK WE’RE IN THAT DEBATE AT THE MOMENT. EMILY: THERE WAS A NOTE FROM WELLS FARGO SAYING THE MARKETS ARE ON ALERT BUT SEEM TO BE WAITING FOR TANGIBLE ACTION, AND THE ANALYSTS NOTED THAT THE SUPREME COURT RULING THE TRUMP CAN FIRE LISA COOK WOULD QUALIFY AS THAT TANGIBLE ACTION.

I’M WONDERING IF WE CAN LEARN ANYTHING FROM JUST THE EVENTS THAT HAVE UNFOLDED TODAY ABOUT HOW THE SUPREME COURT IS GOING TO RULE ON COOK.

TRICKY TO SAY. AGAIN, A LOT OF COUNTING WITH BOTH, BUT THE HEARINGS HAVEN’T BEEN HEARD YET. WE DON’T KNOW WHAT KIND OF STANCE THE SUPREME COURT WILL TAKE ON THE LISA COOK CASE. AND EVEN IF THEY DO ISSUE AN RULING, LET’S JUST SAY BROADLY FAVORABLE TOWARDS MS. COOK AND THE FED, A LOT OF QUESTIONS ABOUT -- WHAT ARE THE DETAILS OF THE RULING? IS IT A REPRIEVE AND THEY’LL COME BACK FOR ANOTHER SWING BY FOLLOWING A ROAD MAP THE SUPREME COURT SETS UP, OR DOES THE SUPREME COURT REALLY KNOCK THAT WHOLE IDEA OUT OF THE CIRCLE TOGETHER, IN WHICH CASE TO YOUR POINT THEY’LL BE SEEN AS A RESOUNDING VICTORY FROM THIS FIND OF INTERFERENCE. WE DON’T KNOW.

BUT WHAT WE DO KNOW IS WE HAVE A SITUATION WHERE THE FED IS AT THE WHEN I AM OF THE COURTS -- AT THE WHIM OF THE COURTS. YOU HAVE THE POTENTIAL FOR CRIMINAL CHARGES AGAINST CHAIR POWELL OR THE BUILDING RENOVATION. NO ONE KNOWS, OTHER THAN IT’S CERTAINLY A LONG WAY TO GO AND WILL LIKELY HAVE MUCH MORE UNEXPECTED TWISTS BEFORE IT DOES CONCLUDE. TIM: I THINK IT ALSO MAKES THE NEXT FED CHAIR’S JOB INCREDIBLY CHALLENGING. FRONT-RUNNER HAS CERTAINLY BEEN WIDELY REPORTED KEVIN HASSETT. THE PRESIDENT HAS SAID HE HAS MADE UP HIS MIND.

WHAT ARE THE CHALLENGES THE NEXT FED CLARE FACES -- FED CHAIR FACES APART FROM THE DUAL MANDATE, STABLE PRICES AND MAXIMUM EMPLOYMENT?

YEAH, IT’S GETTING TO THE POINT WHERE THE ECONOMY FEELS SECONDARY TO THIS LEGAL AND POLITICAL DEBATE WITH THE FED. BUT LET’S JUST SAY THE NEXT FED CHAIR DOES GET CONFIRMED, IT LOOKS LIKE IT WILL BE AN OPEN PROCESS NOW, BUT LET’S SAY THEY GET CONFIRMED. WHEREVER IT IS, WHEN SHE OR SHE COMES INTO THE OFFICE, REALLY HAVE TO DOUBLE DOWN AND PROVE TO FELLOW FED POLICY MAKERS AND THE INVESTOR COMMUNITY AND THE REST OF THE ECONOMY THAT THEIR NUMBER ONE INTERESTS ARE PULLING THE ECONOMY FIRST, BUT THEY’RE DEDICATED CONSERVE THE FED AND THE PEOPLE IN THE BROADER ECONOMY.

WHOEVER COMES IN AS AN APPOINTEE OF TRUMP WAS ALWAYS GOING TO WORK HARD TO PROVE THEY’RE NOT JUST BEHOLDEN TO THE PRESIDENT TRUMP WHITE HOUSE AND NOT JUST BEHOLDEN TO POLITICS. THAT WAS ALWAYS GOING TO BE THE CHALLENGE. BUT WHOEVER DOES COME IN NOW WILL REALLY HAVE TO DOUBLE DOWN AND WORK HARD TO GAIN THE TRUST AND CONFIDENCE FROM THE MARKET, OR THEY WILL BE LITERALLY AN AGENT OF THE WHITE HOUSE AND WILL BE SEEN TO BE DOING THE WHITE HOUSE BIDDING. SO I THINK IN TERMS OF OPTICS, THAT WILL BE A CHALLENGE FOR WHOEVER TAKES OVER. TIM: ENDA, THANK YOU. I WANT TO STAY ON THIS STORY AND CONTINUE WITH THIS UNPRECEDENTED MOVE BY THE TRUMP ADMINISTRATION. FOR MORE, WE’RE JOINED BY THE DEPUTY CHIEF INVESTMENT OFFICER AT RICHARD BERNSTEIN ADVISORS.

THE FIRM HAS MORE THAN $17 BILLION IN A.U.M. MICHAEL JOINS US HERE IN THE "BLOOMBERG BUSINESS WEEK" STUDIO. YOU WERE ARGUING THAT THERE WAS A MOVE AWAY FROM U.S. EXCEPTIONALISM EVEN BEFORE WE GOT THIS NEWS LAST NIGHT. DOES THIS JUST MARK THIS IS THE END OF U.S. EXCEPTIONALISM?

WELL, I THINK WE ARE DEFINITELY IN A TRANSITION PERIOD. IT’S HARD TO SAY WE’RE MARKING THE END OR JUST A DIFFERENT PHASE OF U.S. EXCEPTIONALISM. BUT I THINK A LOT OF THINGS, AS I LOOK OUT OVER THE NEXT ONE TO SIX MONTHS, BUT WHEN I LOOK OUT OVER THE NEXT ONE TO SIX YEARS, I THINK THERE ARE A LOT OF SIGNS POINTING TOWARD A LOT OF OPPORTUNITIES THROUGH THE REST OF THE WORLD. YOU’RE TRANSITIONING FROM A WORLD OF QUANTITATIVE EASING AND ZERO INTEREST RATE POLICY, AND THE CREATION OF SO MUCH CAPITAL AND LIQUIDITY THAT DROVE U.S. EXCESS, YOU’RE SEEING A BIG TRANSITION AWAY FROM THAT. I THINK THAT’S GOING TO BE A STORY THAT WE SEE FOR QUITE SOME TIME GOING FORWARD. TIM: WHY DON’T YOU THINK THE SO-CALLED BOND VIGILANTES HAVE COME OUT IN FULL FORCE TODAY?

WELL, I THINK THERE’S STILL SOME HOPE HERE THAT THE MARKET IS GOING TO BE ABLE TO ABSORB A LOT OF THIS VOLATILITY AND ULTIMATELY BE THE FINAL SAY ON FED INDEPENDENCE AND THINGS OF THAT NATURE. I’M OF THE OPINION THAT, YOU KNOW, MARKETS ARE ULTIMATELY GOING TO DECIDE WHERE RATES ARE, NOT THE FED. AND BECAUSE OF THAT, A LOT OF THIS NOISE AROUND, SAY, CHAIR POWELL TODAY AND AROUND SOME OF THE RECENT ANNOUNCEMENTS BY PRESIDENT TRUMP IS REALLY A SIDESHOW. SO I DON’T THINK MARKETS, I THINK MARKETS CAN READ THROUGH A LOT OF THIS NOISE AND NAVIGATE THE NOISE PRETTY EFFICIENTLY. EMILY: DOES THE END OF U.S. COMPENSATIONALLISM MEAN SELL AMERICA? ARE YOU LOOKING FOR 2026 TO BE THE YEAR THAT YOU ACTUALLY SELL YOUR U.S. EQUITIES?

OBVIOUSLY U.S. EQUITIES LAST YEAR DID QUITE WELL. INTERNATIONAL EQUITIES EVEN DID BETTER IN MANY PARTS OF THE WORLD. YOU’VE SEEN THAT. I THINK IT’S MORE ABOUT ROTATION THAN U.S. THE PROBLEM IS THAT MUCH OF THE U.S. EQUITY MARKET IS DOMINATED BY SUCH A SMALL HANDFUL OF COMPANIES, YOU CAN HAVE UNDERPERFORMING OR WEAK U.S. EQUITY MARKETS AND STRONG INTERNATIONAL MARKETS WITHOUT THE REST OF THE U.S. MARKET DOING POORLY. SO IT’S NOT NECESSARILY THAT. I THINK THIS IS A BIG WHOLESALE SELL AMERICA TRADE IN 2026, BUT I THINK, RATHER, A ROTATION TO OTHER AREAS THROUGHOUT THE WORLD AND AWAY FROM EXCESS AND LIQUIDITY-DRIVEN BUBBLES. TIM: ONE MORE ON THE FED, BECAUSE AXIOS IS REPORTING SCOTT BET INCIDENT TOLD THE PRESIDENT LATE YESTERDAY THE FED INVESTIGATION, OR THE FEDERAL INVESTIGATION INTO THE FEDERAL RESERVE CHAIR "MADE A MESS AND COULD BE BAD FOR FINANCIAL MARKETS."

IS THERE A WAY TO COME BACK FROM THIS? IS THERE SOMETHING THE PRESIDENT COULD SAY? IS THERE SOMETHING THE JUSTICE DEPARTMENT COULD SAY THAT SAYS, WAIT A SECOND, ACTUALLY WE’RE PULLING THE REINS IN A LITTLE BIT?

YEAH, I THINK WE’VE ALL SEEN THE TACO TRADE BEFORE, WHEN THE HEAT GETS A LITTLE BIT TOO HIGH, PRESIDENT TRUMP IS MORE THAN WILLING TO BACK AWAY FROM POLICIES OR STATEMENTS OR RHETORIC. I DON’T SEE WHY THIS IS ANY DIFFERENT. SAY YOU SAW THE 10-YEAR BACK UP TOWARDS 5%, OR IF YOU SAW EQUITY MARKETS START TO TANK, ABSOLUTELY YOU’LL MAGICALLY SEE THIS GO AWAY, AND A LOT OF QUIET AROUND CHAIR POWELL. TIM: IF THE BOND MARKET GOT UPY, LIKE THE PRESIDENT SAID IN APRIL.

I THINK THAT’S RIGHT. WE CAN’T LET YOU GO WITHOUT ASKING ABOUT CREDIT MARKETS, BECAUSE YOU STARTED YOUR CAREER AS A BOND GUY, EVEN THOUGH NOW YOU HAVE A BROADER MANDATE HERE. LAST WEEK, WE HAD BOND SALES. IT WAS ONE OF THE BUSIEST WEEKS ON RECORD. ARE YOU BUYING?

NO. I ACTUALLY DID A SHOUT OUT TO JAMES AND DID A PODCAST WEEK TO TALK ABOUT THIS, AND WE ARE NOT BUYING CREDIT MARKETS AT THE MOMENT. I THINK THEY’RE INCREDIBLY, RICHLY VALUED. SOME OF THE RICHEST I’VE EVER SEEN IN MY CAREER. THERE’S VERY LITTLE UPSIDE WHY CORPORATE CREDIT RISK, WHY THE UNCERTAINTY AROUND PAYMENT OF PRINCIPAL WHEN YOU CAN OWN UNIS. AND YEAH, YOU CAN EVEN OWN SHORT DATA TREASURIES AND SHORTER TERM DEBT FOR A FRACTION OF THE RISK. AND SIMILAR, IF NOT BETTER UPSIDE. SO NO, WE’RE NOT BUYING CORPORATE CREDIT HERE. WE’RE COMFORTABLE HOLDING ZERO AND WAITING FOR MUCH BETTER ENTRY POINTS, HOPEFULLY THIS YEAR, AND IF NOT THIS YEAR, WE’LL WAIT UNTIL THERE IS ONE.

TIM: THE EVERYTHING BUBBLE, OFTENTIMES WE TALK ABOUT A SO-CALLED BUBBLE IN A.I. BUT YOU SAY THERE’S A BUBBLE OUT THERE EVERYWHERE. WHAT DO YOU SEE AND HOW DO YOU STAY SAFE?

FIRST OF ALL, I THINK MUCH OF THE BUBBLE IS ACTUALLY STARTING TO DEFLATE, AND THAT’S REALLY HELPFUL TO SEE. SINCE OCTOBER 31, MEME STOCKS, CRYPTO, MAG 7, THEY’VE ALL MEANINGFULLY UNDERPERFORMED. SO NOW WE’RE TALKING 2 1/2 MONTHS OF UNDERPERFORMANCE, AND I THINK THIS IS GOING TO CONTINUE IN 2026. THE OPPORTUNITIES ARE PLENTIFUL THOUGH. I THINK ALMOST EVERYTHING OTHER THAN THE MAG 7 WITHIN THE UNITED STATES OFFERS A GREAT OPPORTUNITY. I THINK AGENCY MORTGAGES AND CREDIT OFFER GREAT OPPORTUNITY. I THINK INTERNATIONAL DEVELOPED OFFERS A GREAT OPPORTUNITY. WHEN YOU LOOK AT EUROPE, WHEN YOU LOOK AT JAPAN, YOU HAVE MUCH MORE REASONABLE VALUATIONS WITH REALLY STRONG EARNINGS GROWTH AND STRONG DIVIDENDS.

THAT’S A GREAT TOTAL RETURN PICTURE WITH LESS VOLATILITY AND BETTER VALUATIONS THAN THE UNITED STATES AT THE MOMENT. EMILY: JUST IN THE LAST COUPLE OF SECONDS HERE, IF YOU HAD TO LOOK AT THE KIND OF CROSS-ASSET TRADE TODAY AND POINT TO A SIGN THAT INVESTORS ARE NERVOUS ABOUT FED INDEPENDENCE, WHAT WOULD YOU POINT TO? BECAUSE I’M LOOKING AT EQUITIES RIGHTS NOW, AND WE ARE TRADING HIGHER TODAY.

YEAH, WE ARE TRADING HIGHERMENT RATES AREN’T MOVING VERY MUCH. I DON’T THINK IT’S TELLING YOU EXACTLY WHAT IT’S TELLLING YOU. THE MARKET IS NOT THAT WORRIED ABOUT RHETORIC. I THINK WE’VE BECOME A LITTLE BIT AS MARKET PARTICIPANTS DESENSITIZED TO THE DAILY NEWS FLOW. MAYBE THAT’S A GOOD THING, AND MAYBE IT WILL COME BACK TO BITE MARKETS. I THINK LOOKING AT RATE VOLATILITY, LOOKING AT FUNDING MARKETS, LOOKING AT ALL THE NORMAL AREAS OF STRESS ARE THE RIGHT ONES TO LOOK AT. RIGHT NOW IT WILL TELL YOU THAT WE DON’T HAVE, THE MARKETS DON’T HAVE ANYTHING TO WORRY ABOUT, AND THIS IS REALLY JUST NOISE FOR THE TIME BEING. TIM: MICHAEL, DEPUTY CHIEF INVESTMENT OFFICER AT RICHARD BERNSTEIN ADVISORS, JOINING US HERE IN THE "BLOOMBERG BUSINESS WEEK DAILY" STUDIO.

HAVE A GOOD WEEK. JUST TAKING A LOOK AT WHAT’S GOING ON IN THE S&P 500 RIGHT NOW, IT IS HIGHER BY.2%. FINANCIALS UNDERPERFORMING, PERHAPS UNSURPRISINGLY, GIVEN WHAT PRESIDENT TRUMP SAID LAST WEEK. WE’LL TALK ABOUT THAT DURING OUR 3:00 HOUR. IN THE MEANTIME, COMING UP NEXT ON "BLOOMBERG BUSINESS WEEK DAILY," THE C.E.O. OF PFIZER IS NEXT.

CHARLIE: IT’S 2:21, WE CHECK MARKETS ALL DAY LONG HERE AT BLOOMBERG. WE ARE LOOKING AT RECORDS FOR BOTH THE DOW JONES INDUSTRIAL AVERAGE AND THE S&P 500 INDEX. ANY ADVANCE TODAY WILL BE ANOTHER RECORD. THE S&P RIGHT NOW UP 13, UP BY.2%. THE S&P CURRENTLY AT 68979-- 6979. STOCKS, BONDS AND THE DOLLAR ALL BOUBOUNCING FROM SESSION LOWS. CAUTION IS PREVAILING AFTER THE TRUMP ADMINISTRATION ESCALATED ITS ATTACK ON THE FEDERAL RESERVE, RAISING CONCERN ABOUT CENTRAL BANK INDEPENDENCE. AGAIN, THE S&P UP.2%, KEEPING IT ALL IN CONTEXT.

NASDAQ UP BY.5%. 4.17%, THE TWO-YEAR AT 3.53%. GOLD IS UP $103 AN OUNCE TO $46.13. WEST TEXAS BARREL UP. A MOVE FOR BITCOIN, UP 1.2%, $91,703 ON BITCOIN. PARAMOUNT IS RATCHETING UP THE STAKES IN ITS MONTHS-LONG BATTLE FOR WARNER BROTHERS DISCOVERY, SAYING IT PLANS TO NOMINATE DIRECTORS TO THE BOARD TO THWART A MERGE WE ARE NETFLIX. PARAMOUNT SKY DANCE UP.6%. SHARES OF WARNER BROTHERS DISCOVERIES DOWN. NETFLIX UP.1%. RECAPPING, STOCKS ARE HIGHER. S&P AT A RECORD. FOR ON-DEMAND NEWS 24 HOURS A DAY, SUBSCRIBE TO BLOOMBERG NEWS NOW WHEREVER YOU GET YOUR PODCASTS. THAT IS A BLOOMBERG BUSINESS FLASH. TIM: THANKS, CHARLIE. DO APPRECIATE IT.

A HUGE WEEK FOR ANYONE IN HEALTHCARE, OR ANYONE WHO FOLLOWS HEALTHCARE. IT’S THE 44TH ANNUAL J.P. MORGAN HEALTHCARE CONFERENCE. IT’S UNDERWAY IN SAN FRANCISCO. THIS IS THE LARGEST INVESTMENT SYMPOSIUM IN THE INDUSTRY. IT’S GOT EVERYONE, PHARMACEUTICAL LEADERS, BIOTECH INNOVATORS, INVESTORS, POLICY MAKERS. THEY’RE ALL THERE. SO IS KATIE GREIFELD, CO-HOST OF "THE CLOSE," STANDING BY WITH THE PFIZER C.E.O. KATIE: THANK YOU, TIM. YOU’RE RIGHT, SITTING BESIDES ME IS THE C.E.O. OF PFIZER. DOCTOR, GREAT TO SEE YOU.

THANK YOU. KATIE: LET’S START BROAD HERE, BECAUSE WHEN THE AVERAGE PERSON OR UNINITIATED INVESTOR THINKS OF PFIZER, THEY PROBABLY THINK ABOUT YOUR COVID VACCINE, AND NOW IN 2026, THE COVID PERIOD IS LARGELY BEHIND US. YOU HAVE NUMEROUS PAT INCIDENT EXPIRATIONS COMING UP, AND PFIZER IS ALSO ENTERING NEW INTO NEW MARKETS. WHEN YOU ADD IT ALL TOGETHER, WHAT IS THE NEXT ERA FOR PFIZER?

THERE’S SIGNIFICANT ACQUISITIONS, BUT ALSO ONCOLOGY. THIS PORTFOLIO IS PERFORMING EXTREMELY WELL. WE CONTINUE THROWING DOUBLE DIGITS. I THINK AFTER THE PERIOD WHERE WE’RE NOT TOP-LINE GROWTH STORY, WE WILL HAVE EXPENSIVE GROWTH, KATIE: SO 2028, IT SOUNDS LIKE THINGS IMPROVE, ESPECIALLY WHEN YOU THINK ABOUT THE GROWTH FORECAST THERE. BUT UNTIL THAT TIME, YOU THINK ABOUT WHAT YOU RECENTLY SAID AT THE FIRESIDE CHAT EARLIER TODAY, NO PLANS FOR BUYBACKS. YOU HAVE PAT NOT EXPIRATIONS COMING UP, AND YOU DON’T EXPECT TO PUT A PLP1 ON THE MARKET UNTIL 2028.

HOW DO YOU KEEP INVESTORS ENGAGED AND ATTRACT NEW INVESTORS DURING THAT PERIOD?

THIS IS A YEAR, BUT THEY’RE SIGNIFICANT. TWO OF THEM WILL BE IN SPECIFIC. IT WILL COME IN THE FIRST HALF OF THIS YEAR. BUT THERE ARE MANY MORE. THEY DOUBLE, BUT WE ARE GOING AFTER THEM. IT’S A VERY BIG DISEASE, BUT THERE ARE NO VACCINES SO FAR FOR LYME DISEASE. OF COURSE WE START, SO INVESTORS ARE WATCHING. KATIE: LET’S TALK SPECIFICALLY ABOUT NEXTERA, BECAUSE YOU WON THE HARD-BADING WAR WITH NOVARTIS. WHEN YOU THINK ABOUT THE OBESITY MARKET, YOU MENTIONED THAT THIS WOULD BE ONCE MONTHLY, WHAT DO YOU SEE IS THE KEY DIFFERENTIATING FACTOR WHEN IT COMES TO WHAT METSERA IS DEVELOPING?

THERE’S EXPERIENCE, BUT ALSO IN PRODUCTION AND ALL THAT. THE SECOND IS THE COMBINATION. WE ARE LOOKING FOR SUPERIOR RESULTS. HOPEFULLY IT CAN DELIVER BETTER WAY. BETTER ABILITY. AND OF COURSE THERE IS THE AURA. BUT IT IS VERY GOOD, PARTICULARLY WHEN IT COMES TO PRODUCTS THAT ARE VERY MUCH CONSUMER DRIVEN. KATIE: LOOKING FORWARD TO THE READOUTS. I DO WANT TO TALK ABOUT M&A OVERALL AND WHAT THE STRATEGY S. LAST YEAR YOU EARMARKED UP TO $15 BILLION FOR DEALS TO REPLENISH THE PIPELINE. WHERE ARE YOU NOW? DO YOU FEEL PRETTY SATISFIED WITH THE PORTFOLIO AT HAND?

ARE YOU STILL LOOKING FOR MORE DEALS? WE DON’T HAVE TO INVEST, BUT WE TRY TO MAKE SURE THAT WE WILL FIND THE RIDE. KATIE: LAST MONTH YOU SAID YOU’RE GOING TO REINVEST ABOUT $500 MILLION FROM SAVINGS, FROM YOUR COST CUTTING EFFORTS, INTO R&D. I’M CURIOUS TO KNOW, WHERE DO YOU SEE THAT INVESTMENT GOING? SHOULD WE BE FOCUSING ON THE OBESITY PORTFOLIO OR ARE THERE OTHER AREAS OF PFIZER WHERE YOU PLAN TO FUNNEL THAT?

LET’S START WITH THE PORTFOLIO RIGHT NOW, ABSORBING 40% FOR INVESTMENTS. BUT WE’LL CONTINUE GOING. BUT THE NEWCOMERS ARE OBESITY. THIS IS A SIGNIFICANT INVES INVESTMENT. KATIE: I DO WANT TO TALK ABOUT THE POLITICAL LANDSCAPE AS WELL, BECAUSE YOU WERE THE FIRST DRUG MAKER TO STRIKE A PRICING DEAL WITH PRESIDENT TRUMP LAST YEAR. I KNOW THAT THIS IS PRETTY MUCH AN IMPOSSIBLE QUESTION, BUT DO YOU FEEL LIKE YOU’RE OUT OF THE WOODS WHEN IT COMES TO SURPRISING TARIFF THREATS, PRICE CUTS, ETC.? WHAT HAVE YOUR CONVERSATIONS WITH THE WHITE HOUSE INDICATED SO FAR?

IT’S A VERY DIFFICULT QUESTION. BECAUSE OF THE UNCERTAINTY. THIS IS GOOD FROM THE WHITE HOUSE TO REQUEST AND TO HELP US. YOU CAN’T BE THE MOST VISIBLE. THEY WILL INVEST WAY MORE. I’M OPTIMISTIC.

AND I AM CURIOUS, YOU THINK ABOUT HOW LONG YOU’VE BEEN AT THE HELM OF PFIZER. WHEN YOU COMPARE AND CONTRAST JUST THE FREQUENCY OF COMMUNICATIONS THAT YOU’RE HAVING WITH THE TRUMP ADMINISTRATION, HOW DOES THAT COMPARE TO PAST PRESIDENTS AT THIS POINT?

I WAS VERY CLOSE WITH THE TRUMP ADMINISTRATION. I WAS VERY CLOSE WITH THE BIDEN ADMINISTRATION BECAUSE WE WORKED TOGETHER WITH COVID. WE WORKED TOGETHER TO DEVELOP IT. BUT TO INVEST IT, I WOULD SAY THAT WE WERE ALWAYS VERY CLOSE TO CONGRESS. I SPENT A LOT OF TIME IN WASHINGTON MYSELF. KATIE: IVAN YOU DO SPEND SO MUCH TIME IN WASHINGTON, GIVEN THAT YOU WERE THE FIRST DRUG MAKER TO SIGN ON TO THE PRICING DEALS, WHAT TAKEAWAYS WOULD YOU GIVE TO OTHER C.E.O.’S WHO ARE CURRENTLY IN CONVERSATION WITH THE WHITE HOUSE?

I THINK ENGAGED. I’M VERY PROUD. PROBABLY ALREADY TO SIGN UP, AND IT IS THE SAME MODEL AND IT IS SURPRISING. NOW IT’S PROBABLY RESULT IN GRADUAL. AND THEY’RE THE SAME. KATIE: ALBERT, I HAVE 10 MORE QUESTIONS FOR YOU, BUT UNFORTUNATELY WE’RE UP AGAINST THE CLOCK. SO APPRECIATE YOUR TIME.

THANK YOU VERY MUCH. KATIE: THAT WAS THE C.E.O. OF PFIZER. BACK TO YOU IN NEW YORK. TIM: KATIE, THANKS SO MUCH FOR THAT. THAT WAS KATIE GREIFELD OF "THE CLOSE" OUT THERE WITH THE PFIZER C.E.O. WE APOLOGIZE FOR SOME OF THE AUDIO ISSUES. WE’LL WORK ON CLEARING THAT MIC UP AND HEAD BACK TO SAN FRANCISCO FOR THE J.P. MORGAN HEALTHCARE CONFERENCE A LITTLE BIT LATER IN THE PROGRAM. BUT EMILY, WE DID HEAR FROM PFIZER’S C.E.O., THEY’RE LOOKING FOR "SUPERIOR RESULTS" ON WEIGHT LOSS DRUGS. THE COMPANY ALSO SAID THAT THEY’RE "VERY SATISFIED" WITH THE EXISTING PORTFOLIO, THE NEW GLP1 STORIES ARE SHOWING CONFIDENCE.

JUST SOME OF THE STORIES WE’RE FOLLOWING. IT’S BEEN INTERESTING TO WATCH HOW EVERY SINGLE HEALTHCARE COMPANY OUT THERE IS LOOKING TO GET IN ON THE GLP1 OR WEIGHT LOSS DRUG TREND. PFIZER SPECIFICALLY IS A NAME THAT IT SEEMS LIKE EVERYONE ON WALL STREET KNOWS, BUT ALSO THE CONSUMER KNOWS AS WELL, AS KATIE GREIFELD WAS TALKING ABOUT. THE COMPANY IS NOW KNOWN, FEELS LIKE IN POP CULTURE FOR THE COVID VACCINE, SO NOW THE QUESTION IS HOW CAN THEY PIVOT AWAY FROM THAT. TIM: AND THAT’S BEEN TO THE DETRIMENT THE LAST FEW YEARS,Y SEEN COMPANIES LIKE ELI LILLY, COMPANIES LIKE NOVO NORDISK JUST SURGERY -- SURGE PAST THEM. WE SAW WHAT HAPPENED AT THE BEGINNING OF COVID WHEN IT WAS A HUGE BOON FOR THE COMPANY, BUT LOOK AT MODERNA SINCE THEN AND CHALLENGES AT PFIZER SINCE THEN, TOO. LIKE YOU SAID, IT’S ALL ABOUT THE PIPELINE. EMILY: SHARES OF PFIZER RIGHT NOW, YEAR TO DATE THEY ARE HIGHER, BUT IT’S THE BEGINNING OF THE

YEAR. SO DOWN ABOUT 5% ON A PRICE CHANGE BASIS FROM ABOUT 12 MONTHS AGO. IT’S BEEN SIGNIFICANTLY UNDERPERFORMING THE S&P 500. TIM: WE’RE EMPLOYING TO BE BACK AT THE J.P. MORGAN CHASE HEALTHCARE CONFERENCE. THE C.E.O. OF ACADIA WILL JOIN US. WE’LL HEAR FROM HER. IN THE MEANTIME, I WANT TO LOOK AT WHAT MARKETS ARE DOING ON THIS MONDAY AFTERNOON. WE’RE SEEING THE S&P MARCH HIGHER. THE NASDAQ COMPOSITE HIGHER BY HALF A PERCENTAGE POINT. THE DOW HIGHER. IN THE S&P 500, EVERY SINGLE INDUSTRY GROUP IN THERE IS ACTUALLY IN THE GREEN TODAY. CONSUMER STAPLES LEADING THE PACK, UP 1.5%. INFORMATION TECHNOLOGY UP.8%.

MATERIALS UP.6%. FINANCIALS, EMILY, DOWN ABOUT 1%. KATIE -- EMILY: OF COURSE, IT’S HARD TO ARGUE IT’S A SELL AMERICA TRADE. WE STARTED THIS MORNING IN THE RED, BUT MARKETS HAVE REBOUNDED. TIM: SHRUGGING IT OFF. EMILY: THE RECORD MOVES IN GOLD, PERHAPS INVESTORS LOOKING FOR SAFETY. TIM: COMING UP NEXT, WE’LL STICKING OUT THERE IN SAN FRANCISCO. THE C.E.O. OF ACADIA PHARMACEUTICAL ASSUME CASSS ♪. CHARLIE: IT’S 2:40 ON WALL STREET. WE CHECK MARKETS ALL DAY LONG HERE AT BLOOMBERG. WALL STREET STAGING A CAUTIOUS BOUNCE RIGHT NOW, THIS AFTER THE TRUMP ADMINISTRATION EARLIER ESCALATED ITS ATTACK ON THE FED, RAISING CONCERN ABOUT CENTRAL BANK INDEPENDENCE.

THE DOW, THE S&P, NASDAQ, NASDAQ 100 INDEX, RUSSELL 2000 INDEX OF SMALL CAP SHARES ALL MOVING HIGHER. S&P CLOSE TO THE BEST LEVEL OF THE SESSION RIGHT NOW, UP 14 AT A RECORD 6981, CLOSING IN ON 7,000. WE’RE LOOKING AT A GAIN OF.2%. ANY ADVANCE TODAY FOR BOTH THE DOW AND THE S&P WILL BE A RECORD. DOW INDUSTRIALS UP 20, LITTLE CHANGED, UP.1%. NASDAQ UP 122. FOR NASDAQ, A GAIN OF.5%. THE NASDAQ 100 INDEX UP.3% WITH A RUSSELL 2000 INDEX OF SMALL CAP SHARES UP BY.3%. 10-YEAR UP, WITH A TWO-YEAR CURRENT 8 YIELDING 3.54%.

SPOT GOLD UP $107 AN OUNCE TO $46.16, UP 2.4%. AND WEST TEXAS INTERMEDIATE CRUDE UP 1%, $51 A BARREL. PRESIDENT TRUMP SAYS HE’S LEANING TOWARD EXCLUDING EXXONMOBIL FROM HIS PUSH FOR U.S. OIL COMPANIES TO REBUILD VENEZUELA’S PETROLEUM INDUSTRY, CITING DISPLEASURE WITH THE COMPANY’S RESPONSE TO HIS INITIATIVE. AGAIN, RECAPPING, STOCKS HIGHER. S&P UP.2%. I’M CHARLIE PELLETT. TALLAHASSEE A BLOOMBERG BUSINESS FLASH. EMILY: THANK YOU, CHARLIE. SHIFTING POLICY, AFFORDABILITY PRESSURES, AND INNOVATION IN THERAPEUTICS ARE JUST SOME OF THE KEY THEMES SHAPING THE GLOBAL HEALTHCARE INDUSTRY RIGHT NOW. ONE PUBLICLY TRADED COMPANY EMERGING AS A KEY PLAYER IN THE SPACE IS $4.5 BILLION ACADIA PHARMACEUTICALS, WHICH SPECIALIZES IN NEUROSCIENCE AND RARE DISEASE AND HAS THE FIRST AND ONLY F.D.A.-APPROVED TREATMENTS FOR PARKINSON’S DISEASE AND RHETT SYNDROME.

WE’RE GOING BACK TO THE J.P. MORGAN HEALTHCARE CONFERENCE IN SAN FRANCISCO TO SPEAK WITH THE C.E.O. OF ACADIA PHARMACEUTICALS. KATHERINE, THANKS FOR JOINING US. LET’S START BY TALKING ABOUT KIND OF INVESTING IN NEUROSCIENCE AND RARE DISEASE. WHAT MAKES THIS CATEGORY AN INVESTABLE ONE?

YEAH, GREAT, THANKS FOR HAVING ME ON. I’M REALLY DELIGHTED TO BE WITH YOU TODAY. WHAT MAKES NEUROSCIENCE INVESTABLE, PRIMARY IT’S THE HUGE MEDICAL NEED THAT STILL REMAINS FOR THESE POPULATIONS. AS WE KNOW IN NEUROSCIENCE, IT’S A BIG LOAD OF DISEASE AREAS, ALZHEIMER’S, LLEWY BODY DISEASE DEMENTIA, AND RARE DISEASE, I THINK IT GOES WITHOUT SAYING, 95% OF RARE DISEASES DON’T HAVE ANY THERAPIES ASSOCIATED WITH THEM. SO FOR US, TWO THINGS TOGETHER, IT’S A GREAT PLACE TO BE IN TERMS OF BRINGING INNOVATION TO PATIENCE. TIM: ONE THING THAT WE’RE TRYING TO UNDERSTAND IS THE EFFECT OF SOME OF THE CUTS THAT THE U.S. GOVERNMENT HAS MADE WHEN IT COMES TO RESEARCH AT UNIVERSITIES ACROSS THE UNITED STATES. OFTENTIMES THE RESEARCH TAKES YEARS TO ACTUALLY THEN GO INTO SOME SORT OF MEDICATION OR TREATMENT. THAT THEN HAS TO GET APPROVED BY THE F.D.A., AND THEN HAS TO GET TO PATIENTS.

IT’S A VERY, VERY LONG PROCESS. INVESTORS ARE VERY FAMILIAR WITH THIS. HAS THE PIPELINE BEEN DISRUPT BECAUSE OF CUTTING OFF OF FUNDING BY THE U.S. GOVERNMENT?

FROM AN ACADIA PERSPECTIVE, IT HAS NOT. WE CONTINUE TO WORK WITH PARTNERS WHO ARE IN PRECLINICAL AND CLINICAL STAGES, AS WELL AS OUR OWN INTERNAL GROUPS. BUT WHAT I HAVE HEARD FROM SOME OF OUR EARLIER STAGE DISCUSSIONS IS THAT THE CUTS ARE BEING FELT. AND I DO WORRY LONGER TERM THAT THAT KNOCK-ON EFFECT WILL BE FELT, ESPECIALLY BY SMALLER BIOTECHS WHO RELY ON ACADEMIA FOR A LOT OF OUR INITIAL INNOVATION. SO I THINK FOR NOW, NO. BUT LONGER TERM I DO DEFINITELY WORRY ABOUT THAT. EMILY: WHEN YOU THINK ABOUT THE RECENT POLICY CHANGES IN WASHINGTON, DOES IT AFFECT AT ALL WHAT DRUGS OR TREATMENTS THAT ACADIA PURSUES GOING FORWARD?

I THINK THE SHORT ANSWER IS NO. WE HAVE A STRONG FOCUS ON NEUROLOGICAL DISEASE. WE CONTINUE TO BELIEVE THAT’S THE RIGHT PLACE FOR US TO FOCUS. OUR FOCUS IS ON THE PATIENTS AND THOSE COMMUNITIES WHERE THEY DON’T HAVE OPTIONS. THE CHANGES IN THE ADMINISTRATION, THEY COME AND IN GO, AND WE DEAL WITH THEM, BUT ULTIMATELY OUR FOCUS IS ON THE PATIENT NEED. TIM: DO YOU HAVE A LINE TO WASHINGTON, D.C.? DO YOU HAVE COMMUNICATION WITH EITHER THE SECRETARY OF HEALTH AND HUMAN SERVICES OR THE F.D.A. CHIEF? DO YOU HAVE THAT LINE OF COMMUNICATION?

AS A C.E.O. IN BIOTECH, I THINK IT’S IMPORTANT TO BE OUT THERE DEVELOPING THOSE LINES OF COMMUNICATION, WHICH IS WHY I’VE BEEN SO INVOLVED IN BIO. I’M ON THEIR EXECUTIVE COMMITTEE, AND I LEAD THEIR EMERGING COMPANY SECTION WITH A FELLOW C.E.O. I’M ALSO PART OF THE MID-SIZED BIOTECH GROUP OF AMERICA, AND BOTH GROUPS ARE HAVING ACTIVE DISCUSSIONS WITH ALL TYPES OF POLICY MAKERS, WHETHER IT’S ON THE HILL OR AT THE F.D.A. WE’RE ACTIVELY ENGAGING TO ENSURE THAT THEY HEAR OUR VOICE, WHEN SOME OF THESE POLICIES MOVE FROM VOLUNTARY TO ACTUAL LEGISLATION. IT’S IMPORTANT THOSE VOICES ARE HEARD, AS THE LEGISLATION IS BEING DRAWN UP, AND I’M ACTIVELY OUT THERE MAKING MY VOICE HEARD. TIM: WHAT IS YOUR VOICE SAYING RIGHT NOW? WHAT ARE YOU TELLING THEM?

WHAT ARE YOU TELLING THE GROUP? WHAT ARE YOU SAYING AS A GROUP? WHAT DO THEY NEED TO HEAR?

YEAH, I THINK WHAT WE’RE TRYING TO ENCOURAGE THOUGHT AROUND IS THAT WE APPRECIATE THAT THERE NEEDS TO BE CHANGES IN HOW WE ARE INNOVATING GLOBALLY AROUND HEALTHCARE AND COSTS ARE PRESSURING ALL GOVERNMENTS AROUND THE WORLD. BUT THAT SMALL BIOTECH IS THE LIFEBLOOD OF FUTURE INNOVATION FOR PATIENTS. THE POLICIES AND LEGISLATION THAT THEY’RE TRYING TO APPLY TO LARGE PHARMA BUSINESSES, WHERE I’VE BEEN THE LAST 30 YEARS, AND APPRECIATE THERE ARE MANY MORE TRADEOFFS THAT THOSE LARGE PHARMA COMPANIES CAN MAKE, AS A SMALL BIOTECH, OUR OPPORTUNITY TO TRADE UP IS VERY LIMITED.

SO WE’RE MAKING SURE THEY’RE HEARING OUR VOICE AROUND ENSURING THAT THERE ARE APPROPRIATE CARVEOUTS MAYBE FOR SMALLER BIOTECHS, SO THE LEGISLATION IS NOT A PEANUT BUTTER APPROACH, BUT IT’S REALLY THOUGHT THROUGH. I DON’T THINK ANYBODY IS OUT THERE TO TRY TO SHUT DOWN INNOVATION IN BIOTECH, BUT SOMETIMES THESE THINGS HAVE KNOCK-ON EFFECTS THAT AREN’T THOUGHT THROUGH INITIALLY, SO WE’RE TRYING TO GET OUR VOICES HEARD SO THAT CAN BE TAKEN INTO ACCOUNT APPEARS THE LEGISLATION HAS DEVELOPED. EMILY: TALK TO US ABOUT AFF AFFORDABILITY.

SOME OF THE RARE DISEASES, AND LIKE WE SAID IN THE BEGINNING, YOU HAVE THE FIRST AND ONLY TREATMENTS FOR PARKINSON’S DISEASE PSYCHOSIS AND RHETT SYNDROME. HOW DO YOU THINK ABOUT AFFORDABILITY FOR WHERE DISEASE THERAPY IS? IS IT MORE EXPENSIVE FOR THE PATIENT THAN SOMETHING ELSE?

WE REALLY WORK HARD TO ENSURE IT’S NOT. WE HAVE A STRONG FOCUS ON PATIENT SUPPORT, NOT ONLY FINANCIALLY, BUT ALSO PEOPLE THAT THEY CAN CALL ON TO HELP THEM THROUGH THE VARIOUS STAGES OF INSURANCE AND WHETHER THOSE PROCESSES ARE GOING SMOOTHLY, AFTER THEY START THERAPY, WHETHER THEY’VE GOT PEOPLE TO TALL TO ENSURE THEY ARE UNDERSTANDING SIDE EFFECTS THEY DIDN’T KNOW ABOUT. SO WE REALLY DO A LOT TOEN SURE THAT OUR PATIENT SERVICES ARE THOROUGH, ESPECIALLY IN THE RARE DISEASE SPACE, AND WE WORK A LOT WITH THE PATIENT ADVOCACY ORGANIZATION.

THAT IS SO IMPORTANT IN OUR RARE DISEASE COMMUNITY. WE A BIG TEAM WHO’S OUT THERE GETTING THOSE VOICES INTO OUR COMMERCIAL TEAMS, INTO OUR R&D TEAMS, AND THAT’S HOW WE’VE DEVELOPED OUR NEW FORMULATION. WE HEARD FROM OUR COMMUNITY THAT THEY NEED SOMETHING DIFFERENT, AND WE GOT THAT APPROVED IN DECEMBER, SO THAT TWO-WAY COMMUNICATION IS HUGE IN TERMS OF RARE DISEASE. TIM: CATHERINE OWEN ADAMS, THANKS FOR JOINING US THIS AFTERNOON, APPRECIATE IT, C.E.O. OF ACADIA PHARMACEUTICALS. HEALTHCARE CERTAINLY IN FOCUS AS THE J.P. MORGAN HEALTHCARE CONFERENCE IS UNDERWAY IN SAN FRANCISCO. ALSO, WE’RE WATCHING CLOSELY WHAT’S HAPPENING IN THE HOUSING INDUSTRY.

THIS AFTER PRESIDENT TRUMP LAST WEEK BROUGHT THE ISSUE OF CORPORATE HOME BUYING FRONT AND CENTER WHEN HE PLEDGED TO STOP INSTITUTIONAL INVESTORS FROM BUYING MORE HOMES. SOME MAJOR OWNERS OF SINGLE FAMILY RENTAL HOMES WERE BLINDSIDED BY THE NEWS, ACCORDING TO PEOPLE FAMILIAR WITH THE MATTER. WE SAW SHARES OF INSTITUTIONAL BUYERS DIVE ON THAT. ONE OF THOSE MAJOR OWNERS OF SINGLE FAMILY HOMES JOINS US NOW. HE’S CO-PRESIDENT OF PREDIUM. IT HAS MORE THAN $60 BILLION IN ASSETS, INCLUDING $32 BILLION IN REAL ESTATE IN MORE THAN 30 MARKETS. ALSO JOINING US, BLOOMBERG NEWS CHIEF WALL STREET CORRESPONDENT. THEY BOTH JOIN US HERE IN THE "BLOOMBERG BUSINESS WEEK" STUDIO. THANKS FOR JOINING US.

THAT’S WHERE I WANT TO START. THE EDICT FROM PRESIDENT TRUMP, DID IT BLINDSIDE YOU, COME AS A SURPRISE?

YEAH, WE DID NOT EXPECT OR ANTICIPATE THAT THAT WOULD BE KIND OF AN INITIATIVE THAT THE PRESIDENT WAS GOING TAKE UP, SPECIFICALLY AS IT RELATES TO SINGLE FAMILY HOMES. HAVING SAID THAT, THE PRESIDENT IS PUTTING AND HAS PUT ON THE TABLE A CRITICALLY IMPORTANT ISSUE FOR THE INDUSTRY, WHICH IS AFFORDABILITY OF HOUSING. AND I THINK AS MUCH AS WE WERE SURPRISED BY HIS SOCIAL MEDIA POST, WE STAND READY TO BE A FORCE FOR SOLUTION, WHERE PRIVATE CAPITAL CAN PLAY A VERY ACTIVE ROLE IN THE HOUSING ISSUE. AFFORDABILITY IN AND OF ITSELF IS VERY MUCH A SUPPLY-DEMAND EQUATION. THE COUNTRY IS SHORT, ANYWHERE FROM THREE TO FOUR MILLION HOMES.

IT’S MORE ACUTE ON THE RENTAL SIDE THAN THE OWNERSHIP SIDE. WE’RE QUITE READY TO BE A PART OF THE SOLUTION. TIM: IT’S BEEN THE LAST FOUR, FIVE YEARS AT THIS POINT. I THINK EVERYBODY IS FAMILIAR WITH THE IDEA OF SUPPLY AND DEMAND BEING THE ISSUE, BUT I GUESS I’M CURIOUS ABOUT WHAT SPECIFICALLY YOU CAN DO AND WHAT PRIVATE CAPITAL CAN DO TO BE PART OF THE SOLUTION.

SURE. WELL, FOR ONE, THERE HAVE BEEN A LOT OF FITS AND STARTS AROUND RENT TO OWN PROPOSITIONS, WHERE SOMEBODY RENTS A HOME AND MIGRATES TO A PLACE WHERE THEY CAN OWN IT. WE PLAY A ROLE RIGHT NOW IN THAT PEOPLE THAT RENT HOMES WITH US AND OTHERS IN THE INDUSTRY IMPROVE THEIR CREDIT, THEIR CREDIT STANDING ACCIDENT AND IT IS A PATHWAY TO GET THERE. NOW, PRIVATE CAPITAL CAN PLAY A MORE ASSERTIVE, A MORE AGGRESSIVE ROLE IN THAT PROCESS. IMAGINE A SCENARIO IN WHICH RENT IS PAID, MONEY IS HELD BACK TO PROVIDE AGAINST A DEPOSIT ACCOUNT FOR DOWN PAYMENT ON THAT HOME.

THAT PERSON MAY HAVE ACCESS TO THAT TO BRING THE DOWN PAYMENT DOWN. IMAGINE MORTGAGES IN THE 1% OR 2% CATEGORY, WHERE BOTH BANKS AND G.S.E.’S COULD PLAY A ROLE. IMAGINE IF WE WERE TO LINK ARMS WITH HOME BUILDERS WHO COULD BUILD SMALLER, MORE AFFORDABLE HOMES THAT COULD BE AFFORDABLE. AT THE MOMENT, IF YOU LOOK AT JUST THE HOMES THAT WE RENT, 90% OF OUR RESIDENTERS ARE NOT ELIGIBLE FOR A MORTGAGE. SO YOU START THERE WITH A BIG ISSUE THAT’S IN PLAY. IN THE AFFORDABILITY QUESTION MORE GENERALLY, JUST KNOW THAT ON A BASIS, TO OWN A HOME RELATIVE TO RENT A HOME, IS ABOUT 40% MORE EXPENSIVE. MORTGAGE RATES ARE IMPLICATED BY THAT, PROPERTY TAXES, INSURANCE, SO THIS IS A LARGER ISSUE, BUT ONE WHERE, AGAIN, IF WE WERE TO COME UP WITH A METHOD BY WHICH A RENT TO OWN, A CREDIBILITY RENT TO OWN PROJECT COULD BE PUT IN PLACE, I THINK PRIVATE CAPITAL COULD BE A KEY PARTICIPANT.

YOU TALK ABOUT LINKING ARMS WITH OTHER STAKEHOLDERS, ANOTHER IMPORTANT PART OF THE CONVERSATION, AND THE ADMINISTRATION HAS HAD CONSIDERATIONS WITH A LOT OF LEADERS THERE. WHAT SPECIFICALLY CAN YOU DO WHEN YOU DO LINK ARMS WITH HOME BUILDERS AND SOME OF THE OTHER STAKEHOLDERS WHAT WHAT SHOULD YOU PUT FORWARD IF THE IDEA OF A COMPLETE BAN IS UNACCEPTABLE?

SURE, WELL, I THINK ANY SOLUTION TO THIS, WHICH IS TO MIGRATE MORE AND MORE PEOPLE INTO A PLACE WHERE THEY CAN AFFORD A HOME IS GOING TO INVOLVE A LOT OF DIFFERENT PARTIES. PRIVATE CAPITAL BEING ONE. THE HOME BUILDERS BEING ANOTHER. BANKS AND THE F.S.E. AS AROUND MORTGAGE REFORM BEING YET ANOTHER. AND OBVIOUSLY THE ADMINISTRATION HAS TAKEN SOME STEPS NOW IN TERMS OF REPURCHASES OF MORTGAGES TO SORT OF BRING THAT MORE IN LINE. SO IT’S GOING TO TAKE A LOT TO BRING IT TOGETHER. I’M CONFIDENT THAT PRIVATE CAPITAL CAN PLAY A ROLE IN IT.

BY THE WAY, THAT WOULD NOT BE NEW TO THIS ADMINISTRATION. REMEMBER, IN THE FIRST TRUMP ADMINISTRATION, OPPORTUNITY ZONES WERE SIGNED INTO LAW IN 2017. THAT WAS BASICALLY TO TAKE CAPITAL, PRIVATE CAPITAL THAT WAS BEING HARVESTED FROM ONE INVESTMENT, AND PUT IT TO WORK IN OPPORTUNITY ZONE. THAT WAS A VERY SOLID PROPOSAL AND PROGRAM ABOUT $100 BILLION OF PRIVATE CAPITAL WAS PUT TO WORK. BY THE WAY, IT WAS MADE PERMANENT IN THE SECOND TRUMP ADMINISTRATION, SO THERE’S A BASIS BY WHICH PRIVATE CAPITAL CAN BE HARNESS AND HAD PUT TO WORK. I THINK THIS IS AN EXTENSION OF THAT. I THINK IF THE ADMINISTRATION WERE TO SIT DOWN WITH A GROUP OF US, WE COULD PUT A PROJECT TOGETHER.

AND AFTER THE TRUTH SOCIAL BOMBSHELL, ARE WE STILL IN SHOCK, OR HAVE SOME OF THESE CONVERSATIONS STARTED TO TAKES BEHIND-THE-SCENES?

SURE, CONVERSATIONS HAVE BEGUN AMONG ENERGY PARTICIPANTS, AMONG THE HOME BUILDERS AND THOSE THAT ARE REPRESENTED WHO ARE STEWARDS OF CAPITAL IN THE SINGLE FAMILY RENTAL. THOSE CONVERSATIONS WILL PROVE CONSTRUCTIVE AS MUCH AS ANY AND ALL OF US WERE SURPRISED BY THE ANNOUNCEMENT. THE ISSUE OF AFFORDABILITY IS NOT NEWS TO US, AND WE HAVE MADE INROADS PREVIOUSLY TO TRY TO IMPROVE THE ABILITY OF PEOPLE THAT RENT HOMES FROM US TO ULTIMATELY MIGRATE TOWARD A PLACE WHERE THEY CAN OWN A HOME, CREDIT IMPROVEMENT AND THE LIKE. TIM: WE’RE SPEAKING WITH THE CO-PRESIDENT OF PREDIUM, MORE THAN $60 BILLION IN ASSETS UNDER MANAGEMENT. EMILY: I’M CURIOUS WHAT THE INVESTMENT IMPLICATIONS WOULD BE IF WE DID SEE A BAN. WHERE WOULD THE INSTITUTIONAL CAPITAL GO IF YOU WEREN’T ABLE TO INVEST IN SINGLE FAMILY HOMES?

WELL, IT’S IMPORTANT TO NOTE, SECRETARY BESSENT NOTED THERE’S NO INTENTION HERE TO COMPEL SAILS. SO THERE ARE LARGE PORTFOLIOS OF HOMES THAT ARE STILL OUT THERE. THERE’S ALSO A MULTIFAMILY BUSINESS. IF YOU JUST LOOK AT THE BUSINESS OF PREDIUM, WE ARE BOTH ON THE EQUITY AND CONTRADICT SIGN. IT’S INVESTED WITH US, THAT WE EXPAND OUT TO SMALLER AND MITT SIZED HOME BUILDERS AND DEVELOPERS. WE HAVE A MORTGAGE BUSINESS. WE HAVE A MULTIFAMILY BUSINESS. SO THERE ARE VARIOUS ASPECTS OF OUR BUSINESS THAT WOULD NOT BE IMPLICATED EVEN BY THE PROPOSAL THAT’S BEEN PUT ON THE TABLE. BUT AS I SAID, I DON’T VIEW AN OUTRIGHT BAN AS BEING THE LOGICAL END STATE.

I THINK THERE’S AN OPPORTUNITY FOR A BIG BEAUTIFUL HOUSING BILL TO COME TOGETHER TO WHICH WE WOULD PLAY A PART. AND EQUALLY AS I’VE SPOKEN ABOUT, THE OPPORTUNITY FOR PRIVATE CAPITAL TO PLAY A VERY SPECIFIC ROLE IN IMPROVING THE ABILITY OF PEOPLE TO RENT. TIM: STILL, THE CRITICISM OF INSTITUTIONAL INVESTORS OF SINGLE FAMILY HOMES, IT DOESN’T COME AS A SURPRISE TO YOU. BILL PULTE OF FHFA WAS ON EARLIER TODAY ON "SURVEILLANCE," HE SAID I WAS ON THE BOARD OF PULTE HOMES FOR FOUR YEARS, I UNDERSTAND WHAT INSTITUTION A.M.

BUYING DOES, IT’S VERY POWERFUL. SENATOR WARREN SAID CONGRESS SHOULD WORK ON LEGISLATION TO STOP CORPORATE INVESTORS BUYING HOMES. HOW DO YOU RESPOND TO THEM SPECIFICALLY?

WELL, THEY ARE RIGHT. THE AMOUNT OF CAPITAL THAT PRIVATE CAPITAL BRINGS TO THE TABLE IS IMPORTANT, BUT IT’S IMPORTANT TO UNDERSTAND HOW. SO, FOR EXAMPLE, LARGE HOME BUILDERS ARE TAKING ON PROJECTS ALL THE TIME. IF THEY HAVE A PROJECT OF A HUNDRED HOMES AND PRIVATE CAPITAL IN THE RENTAL CATEGORY ARE SPEAKING FOR 25% OR A THIRD, THOSE HOMES WILL GET RENTED. THAT MEANS THE OTHER 2/3 IS BEING SOLD TO INVESTORS THAT WANT TO ONA HOME. IT JUST MEANS THAT THE PROJECT THAT HOME BUILDERS ARE TAKING ON IS THE RISK BY THE PROPOSITION THAT PRIVATE CAPITAL IS THERE.

I’D ALSO SAY DIRECTORY PULTE, THERE’S BEEN A TIME MIGRATION INTO HOW HOGS ARE BOUGHT IN THIS INDUSTRY. IT BEGAN MORE THAN A DECADE AGO AS SINGLE FAMILY PURCHASES ON THE MLS LISTING. THESE WERE LARGELY HOMES IN NEED OF CAPITAL CONSIDERABLE, AND COMPANIES LIKE OURS AND OTHERS PUT $30,000 A HOME IN TO IMPROVE THE HOUSING STOCK. THAT HAS MIGRATED TO WHERE SINGLE FAMILY OR SINGLE PURCHASES ON THE MLS ARE ONE COMPONENT OF WHAT’S BEING BOUGHT. THE NOTION THAT WE ARE SOMEHOW BOXING OUT INDIVIDUALS FROM OWNING A HOME, I JUST THINK IT’S NO LONGER RIGHT, IT’S NO LONGER A CONTEMPORARY OBSERVATION OF WHAT’S GOING ON.

YOU MAKE A POINT THAT THIS PROPOSAL WILL NOT PLAY OUT IN ITS MOST EXTREME FORM, BUT FOR A SECOND, CAN YOU SKETCH OUT THE WORST-CASE SCENARIO FOR THE AMERICAN PUBLIC IF SOMETHING LIKE THIS WERE TO GO INTO EFFECT, WHERE INVESTORS WERE COMPLETELY BANNED FROM BUYING SINGLE FAMILY CAPITAL?

IF PRIVATE CAPITAL WAS SIDELINED, THAT WOULD ONLY SERVE TO WORSEN THE PEOPLE, NOT MAKE IT BETTER. THIS IS AN ENORMOUS. SO THERE ARE 145 MILLION HOUSEHOLDS IN THIS COUNTRY. ABOUT A THIRD OF THEM ARE RENTAL. AND BY THE WAY, IT’S BETTER THAN A THIRD FOR A LONG TIME. THE PLACE OF PRIVATE CAPITAL TO SUSTAIN THAT, TO TRY TO ADDRESS THE SUPPLY-DEMAND IMBALANCE IS AN IMPORTANT COMPONENT. SO THE REALITY IS IF PRIVATE CAPITAL IS PULLED AWAY, THIS WOULD HAVE NEGATIVE, NOT POSITIVE EFFECT ON THE ULTIMATE SOLUTION TO CREATE AN AFFORDABLE STOCK OF HOUSING, WHICH AS I SAID EARLIER, IS MORE ACUTE ON THE RENTAL SIDE THAN IT IS ON THE HOMEOWNERSHIP SIDE. TIM: THANK YOU BOTH, JOINING US HERE IN BLOOMBERG.

Questions about this episode

What is discussed in "Wall Street Jolted By Trump-Fed Fight | Bloomberg Businessweek Daily 1/12/2026"?

In order: 0:00 Bloomberg, Donald Trump, Carol Massar, Bill Pulte; 5:00 Donald Trump, Bloomberg, Jay Powell; 10:00 Donald Trump, Bloomberg, Richard Bernstein Advisors; 15:00 Bloomberg, Donald Trump, Richard Bernstein Advisors; 20:00 Bloomberg, J.P. Morgan Healthcare Conference; 25:00 Donald Trump, J.P. Morgan Healthcare Conference; 30:00 Acadia Pharmaceuticals, Bloomberg, Charlie Pellett, Donald Trump; 40:00 Donald Trump, Acadia Pharmaceuticals, Bloomberg, J.P. Morgan Healthcare Conference; 45:00 Predium, Bill Pulte, Pulte Homes; 50:00 Bloomberg.

What is mentioned in this Bloomberg Television episode?

14 people, works and ideas are mentioned, including Bloomberg, Donald Trump, J.P. Morgan Healthcare Conference, Acadia Pharmaceuticals, Predium, Carol Massar. Each one on this page links to its own page with every episode that mentions it.

How long is "Wall Street Jolted By Trump-Fed Fight | Bloomberg Businessweek Daily 1/12/2026"?

The episode runs 52 min; the transcript is about 7,529 words in 82 timestamped sections.

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About this transcript: the episode's spoken words as captioned on YouTube, split into timestamped sections. Reclip.Me locates every person, work and idea in the text, keeps the time it is first named, and quotes the words around it verbatim. Last updated January 24, 2026.