tv Whatd You Miss Bloomberg March 27, 2019 4:00pm-5:00pm EDT
bonds. the trader report, investors were pretty short at the end of caroline: the year p it we have had some short covering. caroline:not today -- caroline: not today. technology with a more risky side of the equation. the s&p 500 back below that above 2817, but holding 2800. >> it is a at the industry groups and it is a pretty broad-based decline. the 11 groups of the snp on the industrials finished higher only up by 1/10 of 1%. health care leading the way down. despite the big m and a deal. caroline: interesting that that is coming amid a policy issue we are shining a light upon particularly on the affordable care act. >> s&p, 4% of all time high. all this talk about stalling
out, we are doing pretty well. let's take a closer scarlet: look at what was driving some of the ashen -- some of the action. abigail: i'm watching levels again. we looked at it many times over the last number of weeks, even months. this range, a battle between the bulls and the bears. not just right now but over this last year. macro uncertainty, 2600, 20 800, a more defined level of top. isve that 2800 level it going to depend on whether congestion breaks the upside or downside if below 2785 we will probably see a move toward what the 7.50 suggesting that could signal.issuing a sell suggesting that could be some downside ahead for stocks. homebuilding sector
as a whole lost a lot of momentum but there are some signs of stabilization. mortgage rates down, applications up and two of the largest homebuilders reporting orders that came above what analysts were expecting. 24%cally saying orders rose in the recent quarter. the quarter that ended february 28. theyme's reported while declined they were better than what analysts expected. that provided an encouraging sign for the market. we have seen a big rally in a lot of the stocks. s&p super composite, homebuilding index of about 3% today and a lot of those names i aboutned, lennar, all up 3% or 4% on the day. mike: president trump's pick to join -- stephen moore wants the fed to reverse the last two rate hikes which should be 50 basis points of rate increases. traders are starting to place
bets that he may get his wish. fed funds futures trading, now of more thanbility 30 basis point cut by the end of the year. eurodollar futures are signaling that traders believe cuts are ahead. how rightue looked at they are, these traders, when they make these bets. it turns out especially with euro dollars, they very often are correct in anticipating when a cut is coming. he looked at the implied yields on the fifth month eurodollar future, and when they fall below the front month future, pretty much every time a fed rate hike -- a fed rate cut. caroline: let's get back to jason bellecourt and sarah ponczek with as a new york. i'm interested by how much we
are hearing about the fed in what that might mean for the dollar. i'm interested in how much people are talking about what's happening in turkey and emerging markets selloffs. is that feeding into sentiment in any way? sarah: it absolutely is. we see the rollover from overseas lay in, especially because concerns are not just about the u.s., they are more so overseas and feeding over into the u.s. the worry that companies in the u.s. are going to start feeling the pain because economies overseas are slowing. while today people have not brought it up i would say largely in the past week, the past couple weeks, growth overseas and the slowdown we are seeing in other places as well, even political turmoil when you bring up brexit it is top of mind. the >> really intense buying in treasuries arguably started last week when we got the surprisingly weak german pmi number that really set there are no green shoots anywhere, going to buy any safety in duration.
at pastook back recessions and past bear markets , do they ever typically start with overseas weakness or ultimately is the u.s. to closed and too big -- too closed and too big? jason: it would be unusual but you do not want to rule it out. with respect to europe as china goes, europe goes. the big weakness in manufacturing we've seen, particularly in northern europe and the big export markets have been about china weakness. driven pretty clearly by a lot of the trade concerns. certainly one of those things you want to keep an eye on as well. if you look at ceo confidence, capex plans.
the idea of cutting corporate taxes, they started to roll over now and i think a big part of that has been in response to uncertainty in the world in a part of that is trade war and brexit. outould not want to rule that those things cannot be resolved before it's too late. scarlet: lululemon preannounced first-quarter numbers. fourth-quarter eps, dollars 55 -- $1.05. the consensus of $1.74. the revenue -- the full-year revenue will be anywhere -- full-year eps -- analysts were -- a half $1our dollar billion stock back. the stock buyback is helping to drive the announcement helping to drive the stock in after-hours trade. of would well ahead have been expected. it's about forecasting for the future.
this company can do no wrong. >> obviously on a tear with this after-hours move getting to its all-time highs. granted it is in a niche but it does not look like what you would expect to see in a consumer -- scarlet: is trying to go beyond overseas, toexpand menswear as well. jason, jump in in terms of earnings. we are nearing the end of the quarter and we will soon get earnings in the middle of april. what are you going to be looking for? jason: i think we will be looking for what's going on in the core businesses and trying to discern how much of the bump in earnings last year was driven by corporate tax cuts and how strength underlying and weakness. that is one of the key things as the calendar year rolls that will be important to keep an eye on. become a buybacks have hot button political topic. i think to the extent that u.s.
companies are generating strong free cash flow we will be keeping an eye on what they intend to do with that cash flow in concert with potentially paying down debt and repairing balance sheets. scarlet: jason ballin, thank you so much. sarah ponczek as well. lululemon shares surging. the announcement of a buyback. that does it for the closing bell and for me. we will be keeping a close eye on the u.k. parliament as brexit debate rolls on. this is bloomberg. ♪
>> live from bloomberg world --dquarters in new york here's what happened to new york stocks. a down day money going into bonds again. briggs it means exit. theresa may says it she plans to step down once a divorce --eement with brussels is driving down yields but are we recession?to we discussed this with academics and analysts weighing in. currency crunch, turkish asset tank. it backfires before an election that will -- president or wants -- let's talk about prime minister may's decision in her last-ditch briggs it deal. let's get out the guy johnson. we understand she is going to step down.
she has got to get her withdrawal agreement through first and will the speaker allow that? guy: a number of questions surrounding theresa may's withdrawal deal. it has already been voted down twice. finalng the dice for a time this evening saying she will step down when brexit is delivered. she hopes that will move the dial enough to get enough mps to back her deal. still looking very difficult from the mathematical point of view. it doesn't seem as if some of the big brexit members of parliament such as boris johnson may back her deal now. the math looks to be stacked up to get that deal across the line. it looks as if the dup is going to hold out on her. it looks as if a number of hard brexiteers will hold out as well. increasingly looking like the more moderate mps in her party may not back her deal. they do not want a hard brexit are to take over, someone like
boris johnson. it looks like we are going to have a long extension on article 50. joe: looking forward to lots more potentially on the brexit story. thank you, guy johnson. let's get a different perspective. joining us is the chief eurozone economist at pantheon macro economics. thank you for joining us. amid all of the chaos of brexit and the uncertainty when you look at the data in the u.k. it does not seem that terrible. some numbers are weak but that could be the same everywhere. what is the connection between the headlines in what is going on in the day-to-day economy? >> i think what is happening in the u.k. economy am a business investment and business confidence have taken a knock from brexit.
consumers are kind of oblivious and interest rates are still low. even lower now. is low.ment an you have that two tier system going on. businesses are feeling the strain in terms of their long-run decisions. consumers are doing well. forcensumer is a powerful in the economy and that is keeping the economy going. joe: i found interesting price waterhouse cooper and a few others have basically said they are expecting a slowdown in economic growth even if we do get a brexit deal. i'm wondering how much damage in your view has been done to the economy so far. damage has been done on the investment and business confidence side. this is going to persist in so far it goes as if you look at the political machinations at the moment it looks like more uncertainty is the only thing we can say with guarantee that that is going to be the case. as that goes on i think there
will be -- the business investment side of it will be affected. i think that is going to take its toll on the economy. as for the consumer, rates will probably remain low as long as uncertainty goes on. we still think the bank of england is going to raise rates later this year as brexit gets resold -- gets resolved. this prolonged uncertainty will start to get a bigger impact on business investment. the u.k. your house is your castle. stunning to see real estate stagnate significantly. that usually affects the consumer. i'm surprised in many ways consumers held on this long. when i speak to family and friends they are exhausted by it emotionally. whether or not they are from their pocketbook. claus: i think there are two stories. there might be a laggard between the fact that housing markets
have slowed down. that could be a downside risk. i also think there's dichotomy in the u.k. between housing market in london, that has taken a big hit from brexit uncertainty, and then housing market in the rest of the u.k. which is probably not doing much. more or less oblivious to what's happening in brexit in being driven by local conditions. i think that is what's going on in the housing market. joe:joe: obviously can't talk about any economy without talking about its neighbor, the eu. the eurozone, i guess the u.k. is still in the eu. germany seems to be decelerating rapidly. do you see signs of a turnaround in the big euro area companies? any signs that the stimulus measures done by the ecb are gaining traction? or do they need to try some other approach? claus: in the eurozone at the moment you have a two-tier
economy. a manufacturing sector that has hit applicable -- hit a brick wall and that will hit investments. and you have construction and domestic services sector that is doing alright. the eurozone is a one to 1.2% frommy which is different a 1.5% to 2% economy. i think it takes a while for markets to get used to that. ecb, especially not doing anything knew. in the last month they been rates, negative deposit those things are here to stay for a while. i think we are in an adjustment markets terms of adjusting expectations to a eurozone economy which is growing more closely to where it is supposed to be in terms of trend. romaine: thank you for your insight.
romaine: investors dumped turkish bonds and stocks after the country orchestrated a currency crunch to prevent the lira from sliding days before municipal election this weekend that will test support for president erdogan's rule. let's bring in damien sass our . the most alarming thing, the rate on the turkish lira and joe's neckwear. let's start with the turkish lira. i've never seen anything like this at least for a major
economy to put these types of controls in such a severe manner. damian: this is turkey one of the few constituents in the major in marking market index for us to see a move from 23% to 1300%, i don't know what that means. it does not mean anything really. anybody who was a foreign investor with assets in turkey will have a lot of trouble hedging that currency risk. joe: probably no one is really trading at that 1000% overnight rate. because no one can trade the lira directly, what is the long-term consequences for the country when they pull a move like this? does this cause investors to say i'm washing my hands of the whole thing? damian: you would think that. if you look at turkey on an annual basis what the currency returns are they are pretty poor. most investors to invest in turkey, they are looking at --
10% percy cushion of year. whatever their local investment is you have to assume you need to overcome the 10% drawdown. it's kind of an interesting thing. in general, after the march 31 of elections, what happens next? it really depends on the ak party and whether they win, i'm not going to say anything about the elections but let's say they win. they will try to roll back prescriptions. we will get a sense of if investors are coming back. it's going to take some time. caroline: what's so amazing, erdogan really played to the foreign market and seemed very open to capital markets and now seems to have completely you turned. people have gone all in for turkey to an extent. particularly larger european banks. you have analysis on how it has rippled across the developing world. bbva,: you look at
unicredit, they are directly exposed. insurershsbc, a lot of and banks that have tremendous turkish exposure. ? who's really getting hit is going to be the proxy hedges. -- was really getting hit? it is going to be the proxy hedges. if you look at currency volatility, its biggest move since august of last year. it we are looking at how this is going to play into the next few sessions. my guess is em currency volatility will get higher. joe: damien sass our, thank you -- damien sassower, thank you very much. let's welcome hanh's humes. we were just talking about this. what is the effect long-term on investors or for investors when they see an incident like the way the government is playing the market right now?
much i think it is pretty over the last two years whenever i've appeared on your shows i've said sort of the same thing. erdogan has been playing for power. he uses economics to enhance his grip on power and the country. sooner or later there is a cost to that. if your focus is on maintaining political power, things start to crack at the seams on the economy. hardhard to make a long-term call. at a certain point i think has a real economy and things will have to stabilize in some form. over the median term you could see a lot more damage to this economy. romaine: i want you to expand on that a little bit. i feel like a lot of the actions we've seen out of erdogan were sort of a reaction to broader issues going on in the economy that were maybe a little outside
of his control or maybe not a direct result of his behavior. i wonder if there is a way that we revert back to a more stable turkish economy after we have been through what we've been through. hans: i think there probably is a way. 2019 is theuarter market -- if they lose confidence at a certain point they may have to turn to the imf . that is probably the quickest way to return to more orthodox approach the economy. i think that is what it's going to take. erdogan, left to his own devices , is getting further away from the free market system. i think his bag of tricks is starting to look a little cheesy. the last go around, if you are not going to scare off investors or have investors doubt your ability to manage things i don't know what else you can do.
caroline: also scaring off analysis. taking on jpmorgan for saying that you should be looking for the lira to fall opening investigations against j.p. morgan and other unnamed banks, are we going to get some avoid in terms of information coming out about the country? is that something you worry about? hans: i don't take it that seriously. it just reminds me of the accusations malaysia was making back in 1997. point of traditional attack for authoritarian leaders who get caught with their pants down on the economy. they blame somebody else. turkey fallingee completely off the back of the truck. it is a big component of the mb . as long as things don't blow apart you have a natural did for assets. , for maybescenario
10 points above in price where you would have to be for actually replug filing -- we profiling the debt to make it sustainable. said this is8i short-term a good buying opportunity. tomorrow would be a good buying opportunity. in terms of short-term trading, there's a lot of fear out there. over the medium to long-term we have to see how it goes. hans humes. great to get your take. trading bonds is not for the fainthearted. we are talking rates and recession risks ahead. this is bloomberg. ♪
foreignitain's former secretary boris johnson, a longtime critic of theresa may's eu divorce deal, says he plans to vote for it. the shift came after may told conservative lawmakers that she will step down if her twice rejected deal is approved and the u.k. leaves the eu. johnson is among pro-brexit lawmakers who opposed the deal because they think it keeps britain too closely tied to the -- called the deal
a constitutional humiliation. president trump and vice president pence lavished praise , athe wife of juan guaido prominent figure in her husband's campaign to bring change to venezuela. at the start of a oval office meeting, president trump said, "we are with venezuela." have is a great honor to the first lady of venezuela. she has been through a tremendous, she has been through a lot, let's put it that way. she has been through what people want want to go through and should never have to go through. her husband is a tremendous man who is working so hard and it is very dangerous, it is dangerous if you hear what is going on. : she told reporters, "today in venezuela it is freedom or -- dictatorship dictatorship, it is life or death. it is the children who are paying the price." lawmakers are criticizing the trump administration proposal to slash
funding for the state department and the u.s. agency for development. mike pompeo testified on capitol hill about the plan to cut his agency's budget by 23%. he says difficult choices were made when crafting the 20 proposal but he argues the is enough to achieve the administration's foreign-policy goals. how -- the house appropriations chairwoman this agrees. >> our national security is strongest when development, diplomacy, and defense are all well-funded and equally prioritized. to workwoman, i intend with my colleagues to reject the insufficient request and maintain responsible investments in foreign aid. panela republican on the says the administration's plan seemed "detached from reality." stephen moore, the man is it and
says he will nominate for a seat on the federal reserve, owes more than $75,000 it -- in federal taxes and other penalties. a tax lien filed in the circus -- the circuit court in montgomery, maryland, says the government won a judgment against him for unpaid taxes from 2014. his wife says she and her husband are disputing the tax bill. mobile news 24 hours a day, on air and onto talk on twitter, powered by more than 2700 journalists in over 120 countries. this is bloomberg. joe: a race to the bottom. after a plunge in bond yields across the globe, our next guest says bond trading is for the blade. the brave. i said what is going on with bonds? >> 11 basis point drop in the new zealand bond yield.
10 year yields below to 40, the yield curve is inverted for the fourth straight day so was looking more like a true signal of a potential recession coming down the pipeline. goingd say there is a lot on and the rally continues even the people are saying maybe this has gone too far. behind the rally? i saw a theory today on the bloomberg terminal that some of this has to do with mortgage tod investors taking a turn cover the positions they have. >> that is a good piece. it is a testament, it started off as a dovish turn by central banks. it feeds into these other pockets of the market that don't get as much attention as recession or slowdown. mortgage investors, if payments come in faster than they expect, they need to hedge. similarly, if you are betting on the options market volatility isn't going to go anywhere, you
are wrong and have to cover yourself. these things feed into each other and exacerbate the rally on the question is, will this continue through the end of the month and then stop, or where it will go from here. caroline: you talked about the basis swap, the fact that , when youhe u.s. factor in currencies, it is not more attractive to buy u.s. treasuries than it is your negative yielding german or swiss. but people have been doing it. brian: the idea of going in unhedged is your only option. there was a strong and direct bid for the two-year option, which was surprising given how low the outbreak yields are but there might be some expectation that foreign investors are coming in, maybe japanese buyers ahead of the fiscal year end. joe: when people try to ascertain the signal from the yield curve, they say there is a lot of factors.
you mentioned the technical factors relating to hedging and mortgages. ultimately, is there any reason to think it is different this time? if we went back to previous inversions, would there be a host of technical factors? brian: it remains to be seen how long this inversion will last. there has been talk about how thecurve inverts before three-month 10 year. that hasn't happened so maybe there is disconnect. people bring up the idea that there is this mystical term premium in the market that is keeping the 10 year yields low. people say there is a range of factors. we have an unprecedented qe. it is hard to say this time will like 20 or 30 years ago when central banks were less involved in the market. thanks, brian. let's welcome a professor of
academics and public policy and finance at princeton university. professor, we talk a lot about what low interest rates mean, specifically whether this is the futureg either growth or whether it may be a harbinger of something wrong. thatroposed a theory persistently low interest rates are necessarily expansionary but they could have a negative effect on the economy. right. is thank you for having me. when we think of interest rates as responding to the growth projections and the growth outlook, what we try to point out in our paper is that very low interest rates by themselves can also have a negative impact on growth potential, productivity growth in particular.
as long-term rates decline, they are typically expansionary. everyone wants to invest more, holding everything else constant. however the incentive, the willingness to invest more is stronger for market leaders than market followers. ana result of that, you have increase in market concentration . as interest rates become extremely low. that increase in market concentration raises monopoly power, and as a result, you actually see a slowdown because makes theower, it economy less dynamic and that monopolization of the industry, monopolization of the economy leads to a contractionary effect . what we showing the paper is, as rates go towards zero, the contractionary effect dominates
the more traditional expansionary effects people have in mind when they think about lower interest rates. joe: obviously someone can say this sounds like maybe uber or something like that, thanks to the cheap money they are able to run losses for a long sign -- a long time and become a meyer get leader -- a market leader without making money. for are the implications policy? does that mean central banks shouldn't necessarily use the interest rate lever to re-stimulate the economy or doesn't mean that we should engage in more fiscal policy so that rate policy isn't the main lever we are using? atif: more the latter than the former. in this view of the world, you can't fault the central banks. central banks control the short end of the yield curve. they don't directly control the long end. when we think about the market
forces that are influencing the long and of the yield curve, that is traditionally more like the structural elements, the fundamentals. central banks don't have much control over them. as a result, one can't really fault the central bankers and the monetary policy for very low long-term interest rates especially for such a long time. i think as a solution to the problem, one has to look elsewhere, in particular on the fiscal policy side, as well as on the more structural elements. one issue that is related is growth that has been nonuniform. equal to thes not rise in the top 1% share, for example, as well as the rise in the double savings. those kinds of distributional changes are also contributing to this very low interest rate environment and for the long-term, from a policy perspective, those structural changes, as well as fiscal
changes, have to be looked at. caroline: talking about the rise of the huge private startups, we ist got breaking news, lyft pricing at $72 per share. boosting the price range on those 30.7 7 million shares to $72 per share am a so clearly the demand is such they are able to raise the pricing and be able to raise more money. returning to the ecosystem where you said because of low rates, we have had a monopolistic power built by certain companies, i am interested in what part of the fujian you are talking about. are you talking about juggernauts like amazon that are already listed in are they using low rates to buy up other stock to get in their space? perfect not be the thing for those companies, rather than becoming $100
billion companies themselves, but it is fostering startups. every tech at of system over the last 10 years has been driving, it is just whether or not we have created enough companies to take on the likes of amazon. at went point -- what point are we cutting off activity? the question is at what point in the cycle the young startups get bought out, and if the amazons of the world have a lot of market power, that means they are going to buy them out too early. billion ingaining $1 market value for myself as a startup, i have to sell at $10 million or $20 million because it is not possible for me to compete with amazon. i am forced to sell at a much lower value. that is the idea, that is the problem that very low interest
rates can create. people talk about the kill zone around google and amazon, that that becomes larger and startups are forced to sell out too early. when they anticipate that we won't have as many startup says we should have. caroline: great analysis. interesting insight coming from n. speakingtif mia with the recession fears, an economist is struggling to forecast them. let's welcome peter. you have a new story in business week debating if all these signals we are getting about investing means a recession is eminent. should we be surprised? wrote this with simon kennedy in london. the conclusion of the article is , we are bad at forecasting
recessions. the yield curve is a better indicator than anything the economists might say. a group in london looked back at every recession that has occurred in the database going back to 1988, 4 hundred 69 recessions, and of those, only 4 were predicted in the spring of the year preceding when the recession hit. joe: how much is it that economists are afraid to make a call? peter: that is part of it. i give them a little bit of a break in that it is hard. it is hard work to predict recession. i compare it to meteorology. the molecules of rain and wind don't watch television and find out what the meteorologist are saying and react. but people do. people watch us and get ideas and they think, the economies --
the economy is going to thrive. they keep making the predictions. i watch the weather every night and it is always wrong. the point is, the economists have models and these are fairly well thought out models. they continually are wrong. they missed the great recession. they missed past recessions. when did we get the point where we either throw out the current models or supplement them with something else that is going to be a little more accurate? peter: if you have something better -- romaine: i don't. -- i: seriously, i can't can tell you it is 50 degrees outside. are things like measuring the yield curve. and amazons of the world are throwing out in norma's amounts of data about consumer behavior.
we quote their private payroll reports. as more of that is available, i have a feeling there is a chance that private economic forecasts will improve. that is the direction they need to go, find more data, do smarter modeling. --t the question, today, back to the question, today, people do the best they can. it is better than nothing. it is not what we wanted to be. peter breaking it down for us, thank you. you have to read his entire story in bloomberg businessweek. back to the breaking news, lyft coming to the market at a bigger valuation than expected, $2.2 billion in their ipo according to an amended statement. they upped their price range to
joe: it's time for smart charts. let's walk through the latest market analysis. i understand you are using the bond volatility as a starting point? is correct.t thanks for joining us. as joe mentioned, volatility stands out over the last weekend you have a chart that shows the s&p 500 and the move index, which measures bond volatility.
>> when you look at it, a lot of commentary has been around the yield curve and inversion and what does that mean for equity. the real story now is how volatile bonds have been. if you look at the u.s. 10 year, we were at a 2.8 a couple days ago and now we are at 2.4. if we do the five-day rate of change on the move index, the volatility index for bonds, we are at the highest level going back to 2014. if we zoom in, that was the fall of 2014. typically when you see volatility in asset classes, currencies,, commodities, that trickles into equities. we saw that in 2014, we had an 8%-9% pullback. but the bull market resumed so we believe over the short term, we will see a little volatility. you can see how strong the rate of changes. over the long term we should resolve equities to the upside. abigail: when you say a little
--atility, 2%, three come three, 8%? >> we don't think we will have another 10% correction from here. abigail: speaking of strength, especially if there is a dip in buying, you like the s&p 500 dividend aristocrat index. i love the name. the s&p 500 dividend paying stocks that have a long history of increasing their dividends. we think this is a great way to play offense and a defensive market. --have equity exposer and exposure and a high-quality dividend. this looks like a chart that is getting ready to break out. the s&p is 6% below its high. the aristocrat index is looking like it is ready to break out this week. highs.: it is near the >> we have the relative strengths chart versus the s&p and the relative strengths, it
was great when you had volatility in the market earlier this year and late last year. this outperformed. we were think we will see more outperformance with the upside breakout. sense if wes makes have pullback for stocks but more so in the case of rates continuing to fall. like here, at&t. a 6.5 percent dividend yield on the stock as compared to the 10 year yield at 2.4%. isthe dividend yield alone attractive. you have potential price appreciation, so if you have the longer-term downtrend, we are getting ready to break out. we think if we can get enough positive momentum going and we break about 31, we have a clear ist at the 34 area, which 9%, 10%. a six point 5% dividend yield, potentially 10% price appreciation. abigail: hard to know which one is the kicker.
or maybe a nice double play. thank you so much for joining us. back to you. check on let's have a the great british pound, trading back to flat. the wind being knocked out of the pound sales on the back of headlines saying the irish party meant to prop up theresa may's government has removed support to her withdrawal deal. the pound is affected. this is bloomberg. ♪
caroline: theresa may was hoping to bring back her withdrawal agreement a third time to british parliament but it seems like the irish part of the government that props up her minority government says it won't support the u.k. government in a brexit vote. the pound was flat. , a record headlines deal in the middle east.
a majority stake purchased in saudi basic industries. they will acquire 70% of the company from the kingdom as the worlds biggest oil firm turns its attention to petrochemicals. trouble with imports from the u.s. a web of tanks and export terminals in the u.s. supply's system missed contamination. korea was the largest buyer of u.s. oil and december last year. this is something that caught your attention. asian buyers saying no. ugs infrastructure isn't necessarily up to snuff and this is something energy companies have said for a while. joe: what was the name of the contaminant? , which soundsnate pleasant but we don't want it in the oil. caroline: the pipeline is to old? romaine: yes and they are not.
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