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1:00

So we've been calling the

1:02

Trump era unprecedented for a while

1:04

now. But these past few weeks,

1:06

there's no comparison. Are we still

1:08

in the great unknown? I mean...

1:10

This China -U .S. situation is kind

1:12

of indescribable. This is huge. This

1:15

is a massive, massive

1:17

drag on global trade

1:19

as the United States

1:21

unilaterally rewrites the rules.

1:25

The fallout from President

1:27

Trump's so -called Liberation Day with

1:29

its on again, maybe off again,

1:31

no, actually still on again

1:33

global tariffs and the resulting rising

1:35

tensions with China. It all

1:38

has the financial markets bouncing like

1:40

a yo -yo and the rest

1:42

of us wondering what is

1:44

happening. Of

1:46

course, some say the answer couldn't be simpler. I

1:49

don't know how to say it politely. mean, we're

1:51

just getting screwed. You know I mean? There's no

1:53

way around it. OK, this is a coffee

1:55

shop owner in L .A., Matthew

1:57

Schodorf. I'm not sure if this is specifically our

1:59

coffee or not, but we work with this importer a

2:01

lot. He spoke last week with CNN reporter

2:03

Julia Vargas -Jones, one of my many colleagues reporting

2:05

on tariffs here. And

2:08

those price increases you haven't passed on

2:10

to your consumers, to your customers

2:12

at your coffee shop? No. Are

2:14

you reconsidering that now with the tariffs?

2:16

I mean, we have to at some point in time,

2:18

right? I mean, we need to make a living. We

2:21

lost one of our shops

2:23

in the fires in Altadena in

2:25

January. So we've already lost

2:27

a significant amount of our income,

2:29

our personal income from that.

2:31

I kind of understand on some

2:33

level, like we're going to

2:35

raise prices on imports so that

2:37

we try to guide people

2:39

towards buying domestic, right? You can't

2:41

do that with coffee. There

2:44

is no domestic version. It's just

2:46

tariffs on top of price hikes.

2:49

Like he said, tariffs on top

2:51

of price hikes. Shocks that are

2:53

also hitting with... Home builders. So here's

2:55

a man named Dan Mitchell. We

2:57

work between the 5 % and 8 % margin

2:59

on all the construction that we do. And

3:02

so if there's any impact at all on

3:04

that margin, it makes it less affordable for

3:06

us to even be able to put homes

3:08

on the market. A farmer, Ryan

3:10

Marquardt. We could lose an entire generation

3:12

of farmers if this continues. And small

3:14

business owners like Case and Crane. Big

3:17

businesses have the resources and access to

3:19

capital to wait it out. But

3:21

a small business like mine... We'll

3:23

be out of business before the end of the

3:25

year if things continue on this path. So,

3:27

yeah, what exactly is this path

3:29

that we're on? What does this mean

3:31

for you and your finances? And

3:33

is it possible to get clarity

3:36

in the chaos? I'm Adi Cornish, and

3:38

this is The Assignment. Okay,

3:45

here's the state of play. We are

3:47

about a week into the president's

3:49

90 -day pause on tariffs, which, despite

3:51

the name, didn't actually suspend all tariffs.

3:54

It just reduced most of them

3:56

to 10 % across the board on everyone

3:58

except China. The president

4:00

has slapped a 145

4:02

% tariff there, and

4:04

the Chinese have responded

4:06

with a 125 % tariff

4:08

of their own. It's

4:11

a lot to process. And to help

4:13

us make sense of all this is

4:15

CNN senior business writer, Alison Morrow. She's

4:17

the author of the Business Nightcap newsletter.

4:19

Hey there, Alison. Welcome to the assignment. Thank

4:22

you. So you are like technically the busiest

4:24

person in the office right now, which is

4:26

saying something. I'm one of the busier ones.

4:28

Yes, I think that's fair. I

4:30

feel like this is the

4:32

kind of gig that nobody is.

4:34

like clamoring, you know, to

4:36

hear what you have to say

4:38

until it's like a crisis.

4:40

And then they're like, please explain all of

4:42

this to me. I don't

4:44

find it to be a boring beat,

4:47

but it can be a less general

4:49

interest beat until

4:51

there's a crisis. And then we're called

4:53

in and it's a five alarm

4:55

fire. Then it's everyone's interest. Right.

4:57

I was thinking about the

4:59

last time I covered an economic

5:01

crisis. It was coming out

5:03

of the 2008. presidential campaign. And

5:05

that sense of like, can

5:08

I sell my home? What's happening

5:10

to my retirement? What's going on?

5:12

There was a real kind of panic. And

5:14

even with banks collapsing,

5:16

it really felt like

5:18

this very striking moment. In

5:22

this situation, it also is

5:24

striking. But you have someone

5:27

like Janet Yellen saying, hey,

5:29

this was self -inflicted. Basically,

5:31

this was a self

5:33

-own. So talk about

5:35

what's the difference between

5:37

what happened then in terms of leading us

5:39

to this moment and what has happened now. It's

5:42

a really interesting historical

5:44

comparison because you could

5:46

argue that the 2008

5:48

crisis was a bit of a

5:50

self -own in the way that

5:52

a lack of regulations and

5:55

a kind of laissez -faire political

5:57

attitude toward huge financial institutions. allowing

6:00

them to kind of... dip

6:02

into very complex, you

6:04

know, the words collateralized

6:06

debt obligation. I never want

6:08

to hear them again. I covered it. And I

6:10

remember. But yeah, it was like the

6:13

idea was like the banks are lending too

6:15

much. Everyone says it's good to buy a

6:17

home, but no one seems to be like

6:19

on the up and up about how much

6:21

money you should be able to take out

6:23

to do that. They stepped on a financial

6:25

rake and it threatened the economy. But

6:27

this is weird. Like Trump brought his

6:29

own rake. He brought his

6:31

own rake, and this is not

6:33

a systemic problem that's built over

6:36

years. The economy was in really

6:38

technically good shape nearing the

6:40

end of the Biden administration. Inflation

6:42

was a little higher than we liked, and

6:44

there were some cracks starting to form in

6:46

the labor market. But in general, the

6:49

labor market was good. Unemployment was

6:51

low. We're still growing at

6:53

a solid clip. Consumers are spending

6:55

money. There was good confidence in

6:57

the economy and all of

6:59

that. almost overnight

7:01

has shattered. And we're

7:04

starting to see those cracks

7:06

widen. And it's causing a lot of

7:08

alarm. You know, we've seen recession forecasters

7:10

say the odds of

7:12

a recession have gone up tremendously

7:15

since Trump came into office.

7:17

And these tariffs that he was

7:19

campaigning on have been so much

7:21

worse than anyone could have predicted.

7:24

Worse in how he...

7:26

Put them in place. Worse in

7:29

just how high they were.

7:31

Worse in market reaction. Yes.

7:33

All of the above. Oh,

7:36

my God, Elsa. Not

7:38

to alarm you. Yeah.

7:40

You know, we knew going

7:42

in what Trump says his tariff

7:44

plan is going to be and

7:46

how he views tariffs as a kind

7:48

of economic catch -all policy. And he's

7:51

going to bring industrialization back to

7:53

America while also bringing other nations to

7:55

heel. Never mind that

7:57

those two goals are completely

7:59

in contradiction to one another. But

8:02

once they were actually announced,

8:04

and that was just two weeks ago, if you

8:06

can believe that, the levies

8:08

were higher than

8:10

analysts, economists, investors expected. That's why

8:12

we've seen the markets freak out the

8:14

way they have. And the

8:17

haphazard nature, not only of the way

8:19

they were calculated, but the way they've been

8:21

implemented and communicated from the White House. markets

8:24

are hanging on every word the

8:26

White House says, and they are

8:28

getting conflicting messages every other day

8:30

from trade advisors, from the Commerce Secretary,

8:32

from the president himself. I

8:35

actually got a letter from

8:37

the company that deals

8:39

with my 401k that was like,

8:41

hello, you may have heard there

8:43

are tariffs. And it was like explaining

8:45

the volatility in the economy because

8:47

I think it was a little bit

8:49

of saying like, look, it's not

8:51

our fault that when you open this

8:53

letter, It's going to be bad. A

8:55

lot of people were getting those letters.

8:57

Yes. And that was not talked about enough.

8:59

It wasn't just like, I'm seeing something

9:01

bad on the news. Even if you ignored

9:04

it. And so many more. I

9:06

think I was reading in Gallup, two

9:08

-thirds of Americans have

9:10

some kind of stock investment

9:12

of some kind, right? Whether it

9:14

be through their pension, through a

9:16

401k, and even just the introduction of

9:18

apps like Robinhood, that people who

9:20

are dabbling in the market. While

9:23

the wealthy own the majority

9:25

of the wealth in the market,

9:27

it's not like the average person

9:29

isn't participating. Truly.

9:32

And the average person works

9:34

for a company that is in

9:36

the S &P 500. You know,

9:38

like these market movements can often

9:40

seem remote, especially if you're wisely

9:42

not looking at your 401k right

9:44

now. I should not have. No,

9:47

yeah. Should have stopped at the

9:49

letter. The letter told me, and

9:51

still, yeah. I never give financial

9:54

advice. The only thing I will

9:56

tell people is, especially if you

9:58

are not about to retire, just

10:00

don't look at your 401k right

10:02

now. Set it and forget it.

10:04

But yeah, everyone is exposed in

10:06

some way, whether it's owning

10:09

stocks or working for a

10:11

company that may have to

10:13

scale back its growth. and

10:15

potentially do layoffs. You know, we

10:18

don't need to get into the

10:20

details of the bond market because

10:22

that is a murky and complicated

10:24

place. But the upshot for most people

10:26

is that it affects your credit card

10:28

rate, what you get charged for

10:30

a car loan, your mortgage rate. All

10:32

of those things are influenced by

10:34

the long -term U .S. Treasury market.

10:36

And that is the market that

10:39

is flashing the biggest warning signs

10:41

right now saying, hey, we don't like

10:43

this. And U .S. assets

10:45

are getting scary. And that's why

10:47

we're seeing rates go up. You

10:50

talked about the bond market. There's other kinds

10:52

of tea leaves that people pay attention to

10:54

when they look at the stock market. But

10:56

here's the thing. I'm one of those people

10:58

that's like, the stock market is not the

11:00

economy. It may be,

11:02

I think, the pain nerves.

11:05

It's particularly sensitive, but

11:07

it is not the economy.

11:10

But one of the things we do

11:12

here at CNN that I found

11:14

fascinating is a fear and greed index,

11:16

which is this, it looks kind

11:18

of like, you know, the car meter.

11:20

And it's either all the way

11:22

on extreme fear or all the way

11:24

on extreme greed, which is amazing

11:26

because neither of those sound good. But

11:29

this is the chart you have

11:31

given us. Talk about this chart.

11:33

First of all, what goes into it? And

11:35

why would this be a way to

11:37

understand what's happening? in terms

11:39

of the mood of the market at any given

11:42

time. I'm so glad you asked

11:44

about the fear and greed index because I

11:46

love More people don't ask. Every time I

11:48

see it, I'm like, how is this not

11:50

a thing? Well, I actually just wrote a

11:52

story about it two weeks ago because it's

11:54

gotten so much attention on social media and

11:56

elsewhere lately. And I was like, where

11:58

did this, like it's been around for a

12:00

while, but it's important to

12:02

note fear and greed are not

12:04

our construction. That is like

12:06

a... a common measure of market

12:08

sentiment, but I think they're

12:10

instructive. When you think about greed,

12:13

okay, people are buying. Investors want

12:16

more and more and more. That

12:18

is driving the market forward. And

12:20

when people are scared, they're fearful,

12:22

they're selling, selling, selling. So those two

12:24

kind of opposing forces are often

12:26

the thing pulling stocks one way

12:28

or another. And lately,

12:31

it's been very firmly in

12:33

the extreme fear territory

12:35

because we've seen tariffs take hold

12:37

and make investors really scared

12:39

of a recession. Is

12:43

the recession thing real? The

12:45

fears? I ask because

12:47

a few years ago, we were

12:49

waiting and waiting and waiting and

12:51

waiting for a recession that everyone

12:54

said would come during the Biden

12:56

administration, and it didn't. It never

12:58

came. Yeah, we were

13:00

a lot more, the economy was a

13:02

lot more resilient in 2022

13:04

than a lot

13:06

of people estimated. By a lot of people,

13:09

I mean the people whose jobs it

13:11

is to predict recessions. They

13:13

are notoriously hard to predict. Yeah,

13:16

so now you know I'm casting

13:18

doubts on your assertion here. Yeah.

13:20

So given that track record, now

13:22

are all these same people, again,

13:25

looking at us and saying winter is here. Whether

13:28

it's here or not, and you

13:30

will find people who say we're already

13:32

in it or it's

13:34

coming or whatever,

13:37

the market is behaving

13:39

as if we are

13:41

slowing down significantly.

13:43

It may not be a recession

13:45

ultimately, but the behavior is

13:47

one guided by

13:49

an anticipation of a slowdown,

13:52

which can have a self -fulfilling

13:54

prophecy element to it. If

13:56

the market continues to slow down,

13:59

economic growth will stagnate

14:01

as a result. Businesses

14:03

will grow less because they'll have

14:05

less capital investment. You will see

14:07

economists being a bit conservative and

14:09

saying, well, it's basically a coin

14:11

flip at this point. It went

14:13

from maybe at the start of

14:15

the year, a remote 15 %

14:17

chance or 20 % chance, depending on

14:20

who you ask. A

14:22

lot of mainstream economists, they're saying it's

14:24

basically a coin flip. It's like 45,

14:26

50 percent. We're

14:29

talking with Alison Morrow, senior business

14:31

writer at CNN. Stay with us. You

14:41

know, in The Atlantic, somebody was

14:43

writing that this whirlwind, right,

14:45

of all of these different tariffs,

14:48

that it's paralyzed businesses, rattled

14:50

markets, etc. But the line that

14:52

drew me was most of

14:54

the damage will not be undone

14:56

by Trump's tariff pause, referring to

14:58

the fact that he put a

15:00

90 -day pause on these tariffs. It

15:02

says the world has seen things

15:04

it cannot unsee. What

15:08

do you hear when you hear that sentence? Because

15:10

you've been in this business world for

15:13

a long time covering what has been

15:15

revealed in this moment that was startling

15:17

for everyone about the, you know, the,

15:19

I don't know whether the American financial

15:21

emperor, you know, has no clothes. The

15:24

word unprecedented gets overused so

15:27

much in this administration. But

15:29

it's not

15:32

just the tariffs. It

15:34

is also the perception of

15:37

an erosion of the rule

15:39

of law. in

15:41

this country. And it is

15:43

hard to overstate how

15:46

important stability and predictability

15:48

is for global

15:50

investment and how

15:52

much the U .S.

15:54

has benefited from America

15:56

historically being the responsible

15:58

adult who always pays

16:00

its bills, who manages its economy

16:02

responsibly. The turmoil

16:05

that we saw in the bond

16:07

market, again, without getting into the technicalities

16:09

of it, was a

16:11

shaking of trust with

16:13

the world. Suddenly

16:15

the world doesn't trust that America knows what it's

16:17

doing. And that's

16:19

not just like a partisan talking

16:21

point. You're saying that they're showing

16:24

with their money that that's how they feel. Yeah,

16:27

I think markets have

16:29

political elements, but...

16:32

Globally, the U .S. Treasury

16:34

bond market is so massive.

16:36

Its size effectively makes it apolitical

16:38

because it's just people looking

16:40

to put their money in the

16:42

smartest place. I don't think

16:44

that you can call that

16:46

reaction just a rebuke of

16:49

Trump's politics. It's really a

16:51

rebuke of his policies and

16:53

really like the management of

16:55

the American economy. All right.

16:57

So let me move to one

17:00

more headline from CNN Business. Trump has

17:02

90 days to do 150 trade

17:04

deals. Financial markets aren't buying it. So

17:06

let's talk about this, because now

17:08

this is when we hear about the

17:10

various meetings. between the Trump

17:12

White House and other countries and

17:15

what that's supposed to mean for their

17:17

tariffs. But like when you guys

17:19

put it that way, I was like,

17:21

oh, yeah, that's a lot of

17:23

deals to make one on one. And

17:25

what are you again seeing that

17:27

shows like people don't have faith he can

17:29

do it or that they do? Because

17:31

a lot of people, Trump

17:33

supporters, left to his defense

17:35

to say, you don't understand. This has

17:37

brought everyone to us, everyone to the

17:39

table. They all want to make a deal.

17:42

He's doing what he said he would do, and

17:44

it's working. 90 days is

17:46

just not that long of a time.

17:48

And a lot of investors that I spoke

17:50

to last week said, well,

17:53

what's going to happen in 90 days when they

17:55

haven't secured trade deals with all of these

17:57

countries that they say they're going to have trade

17:59

deals with? We're just

18:01

going to sit this one out. Like,

18:03

investors, put your pencils down. We

18:05

are taking our money out. of the

18:07

stock market. We are not making any

18:09

big moves because we don't know where

18:11

the risk is here. And we don't

18:13

have a lot of confidence that the

18:15

Trump administration can pull off what it

18:17

claims to be trying to pull off. One

18:21

of the things I have come

18:23

to understand about U .S. history is

18:25

that post -World War America,

18:27

there were lots of like deals

18:30

we made sort of societally. And

18:33

one of them

18:35

was We're going to

18:37

buy like we have more

18:39

money. We're going to buy more things.

18:41

And over time, that is actually

18:44

going to become part of our

18:46

economy to the point where when I

18:48

was like in my 20s and 9 -11 happens

18:50

and the president comes out to speak, like

18:52

one of the things he says is like,

18:54

keep shopping. We cannot

18:56

let the terrorists achieve

18:58

the objective of frightening our

19:00

nation to the point where we

19:03

don't. We

19:05

don't conduct business. Where

19:08

people don't shop. Right. Like

19:10

in this epic moment of

19:12

like terror and military, you know,

19:14

like the thing was like,

19:16

oh, no, actually, if we want

19:18

to make sure everything is

19:20

OK, you got to keep shopping.

19:23

And that is so built

19:25

into what our economy is and

19:27

what makes it strong

19:29

is like every one

19:31

of us just. buying

19:33

stuff and when trump

19:35

and his treasury

19:37

secretary talk about i

19:39

think it's scott besant basically

19:42

said like the american dream

19:44

is not cheap goods and i

19:46

was thinking like yeah it is actually i

19:48

think like that is how this has all been

19:50

sold like you can't buy a house but you

19:52

can get a tv

19:55

you know what i mean you you can't

19:57

like maybe it's going to take you a while to

19:59

buy a car but you will have a

20:01

nintendo And we were

20:03

all like okay with that social contract.

20:05

And is there something about this

20:07

moment that is actually disruptive to that

20:10

very contract? I think

20:12

that's such a good point because

20:14

it is true that buying

20:17

stuff is not only

20:19

like something that

20:21

we culturally identify, but it is

20:23

also quite literally an engine.

20:25

It's the biggest engine of the

20:28

U .S. economy. Something

20:30

like two -thirds of GDP. is

20:33

tied to consumer spending. So

20:36

when that falters, it's

20:39

a real problem. And

20:41

governments historically have bent over backwards

20:43

to try to prevent Americans from

20:45

losing confidence so much that

20:47

they, you know, I think during

20:49

COVID was a great example.

20:51

In some ways, it felt like the world

20:53

was ending and everything was chaotic, but

20:55

we kept shopping. Send

20:57

it to the house. Keep it rolling.

21:00

Keep it rolling. Yeah. We got on Amazon

21:02

and we bought our cheap baubles made

21:04

overseas, which had all kinds of supply shocks

21:06

that were later bad for inflation. But

21:08

that's another story. And now

21:11

it's interesting to

21:13

hear the government actually say

21:15

we need to culturally shift

21:17

our perspective about what

21:19

value is and how

21:22

we want to conduct our affairs.

21:24

You know, the cheap baubles line.

21:26

I was like. It's the bulk of

21:28

what most Americans are buying. You

21:31

know, I think it's interesting from

21:33

the millionaires and billionaires in

21:35

the Trump administration to lecture Americans

21:38

about cheap baubles

21:40

and not prioritizing cheap goods

21:42

over American industry. Because we

21:44

keep throwing around this phrase, cheap

21:46

goods, and it's really rolling

21:48

around in the back of

21:50

my mind. The idea that

21:52

like, OK. That is

21:54

no small thing. And to

21:56

say you're going to rearrange

21:58

that agreement and that social contract

22:00

is actually a really different

22:03

question to me than whether or

22:05

not a factory is going

22:07

to be built here. And I

22:09

think, just to be very frank

22:11

about it, what they're talking

22:13

about with reindustrialization,

22:15

no serious economist believes

22:17

can actually be done. administration

22:24

to work on it exclusively,

22:26

it still wouldn't

22:28

undo the decades of

22:31

globalization that we

22:33

have witnessed that's put our

22:35

manufacturing overseas. And is hinged

22:37

on our buying. Right. Like

22:39

it's a machine, like it

22:41

is a snake eating its

22:43

tail. Right. Right. I

22:45

just think it's good to be

22:47

candid about the likelihood of that

22:50

happening is more or

22:52

less non -existent. And it's unclear

22:54

that the administration

22:56

understands the rupture that will

22:58

take place in American homes

23:00

over not being able to

23:02

afford basic necessities. Okay,

23:05

we're coming to the end of

23:07

the conversation. And here's where the rest of us

23:09

are going to get some advice, Allison. I'm

23:11

sure you have friends and family

23:13

who are wondering what they should be

23:16

doing. And some of the things

23:18

we joked about, don't look at your

23:20

401k, you know, fair. But

23:23

people are starting to, for instance,

23:25

there were more people buying cars, I

23:27

think, last month. You saw that

23:29

in the retail sales numbers because they

23:31

heard cars are going to be

23:33

more expensive. What do your friends

23:36

and family ask you about? Like, what

23:38

is your group chat right now? I

23:40

was at the gym the other day and

23:42

my friend was like, oh, my God, should I

23:44

just sell my whole stock portfolio? And I

23:46

was like, no. Absolutely don't

23:48

do that. It is a scary time

23:50

when you see like the Dow, the

23:52

S &P, the NASDAQ all like plummeting.

23:55

Like on late night television, they're

23:57

showing it, right? Like it's an

23:59

inescapable conversation, though I wouldn't take advice

24:01

from someone at the gym

24:03

about just wholesale financial decisions. Yeah, I

24:06

mean, I guess she knows I'm

24:08

a business reporter. So she was

24:10

like, what should I do? And

24:12

I was like, talk to a

24:14

professional, you know, that might be

24:16

a, money manager and

24:18

or therapist, like

24:21

these are tough times. And,

24:23

you know, I would say as

24:25

like an elder millennial who my

24:27

career started at the beginning of the

24:30

financial crisis and we lived through

24:32

that and there was a lot of

24:34

pain and then there was COVID

24:36

and we don't know the

24:38

long effects. that this is

24:40

going to take. You know,

24:42

I read something this morning that

24:44

really stuck with me in

24:46

Semaphore's newsletter where Liz Hoffman talked

24:48

about the financial

24:50

shock is not

24:53

measured by its immediate impact. It's

24:55

measured by the blast radius, right?

24:57

Like in 2008, it started with

24:59

subprime mortgages, which no mainstream people

25:02

had ever heard of that. And

25:04

then it had all these ripple effects that

25:06

took months and months and even years to

25:08

play out, and it took a long time

25:10

to recover. COVID was

25:12

a much shorter, sharper

25:14

shock. Lots of externalities, but

25:16

ultimately a quick recovery.

25:19

Sometimes these things happen, and they

25:21

are massively scary,

25:23

and they ripple out

25:25

for years. And sometimes they happen. And

25:28

nothing much happens afterward. And

25:30

it's impossible to know in

25:33

the moment, in the shock,

25:35

what we're going to get at the end of it. So

25:38

I would just keep that in mind. You

25:40

know, it can be easy. Like, I

25:42

fall into it when things are so tumultuous.

25:44

It's like, oh, we're

25:46

all doomed. But

25:48

that's a bad spiral, I think,

25:51

for personal mental health and for

25:53

society at large. Well,

25:55

Alison Morrow, protect your health,

25:57

protect your peace. You too. Alison

26:02

Morrow is a senior business

26:05

writer at CNN. She's

26:07

also the author of the very

26:09

good CNN Business Nightcap newsletter. I highly

26:11

recommend that you subscribe, and there's

26:13

going to be a link in our

26:15

show notes. The assignment

26:17

is a production of CNN Audio.

26:19

This episode was produced by Jesse

26:21

and Madeline Our senior

26:23

producer is Matt Martinez. Dan

26:25

DeZula is our technical director.

26:27

And the executive producer of

26:29

CNN is Steve Liktai. We

26:32

had support from Dan

26:34

Bloom, Hailey Thomas, Alex Manassari,

26:36

Robert Mathers, John D 'Anora,

26:39

Lainey Steinhardt, Jameis Andrist,

26:41

and Nicole Pesserou, also Lisa

26:43

Namarow. I'm Audie Cornish, and and

26:45

I want to thank you for listening.