EU Warns That Trump’s New Tariff Policy Breaks Trade Agreemet

19:41Carol Massar:All right. One step forward, two steps back, it feels like. Greg, I do want to get to what your note you wrote and you put out specifically on this. And you do, and this is some of what you just covered. You say the Supreme Court's decision materially reduces the economic drag associated with IEPA-based tariffs. Effective tariff rates have fallen. Fiscal revenues will decline. Growth headwinds have eased. and inflation pressures moderate at the margin. However, tariff risk has not been eliminated and policy uncertainty remains elevated. You just talked about all of this and I just go to this idea of uncertainty, whether it's over AI spend, whether it's over tariffs, you know, what have you, this is never good for an economy.

20:26Tim Stenovec:Yeah, that's right. In general, business leaders across various sectors always want to know what's going to happen next. even if that means there is a tax increase on the horizon or a tariff increase on the horizon, as long as they know that there is going to be stability in the environment they're going to evolve in, they are able to plan. Without that stability, they're much less able to plan. And you were just talking, Carol, about inflation. And I think it's important to remind everyone that even if there is an easing in the average tariff rate, it's an open question as to how much of that easing in input cost will be passed on to consumers because we know a lot of businesses have been compressing their margin as a result of these tariffs to avoid passing on the cost to consumers.

21:11Tim Stenovec:So it's very realistic that even with some easing of the tariff rate, there's not going to be much relief on the price front because businesses are not necessarily going to pass on these reduced costs onto consumers. Yeah, let's talk about the consumer and what this all means for household incomes.

21:30Tim Stenovec:Yeah, I think that's a very important component of economic activity, and we tend to forget it. If you think about how the Fed is conducting monetary policy, it has two mandates. It has an inflation mandate. It has an employment mandate. But the reality is that we're forgetting about the income component of economic activity. And when you look at developments in terms of the labor market, there has been fewer job growth, less job growth. We're talking about a jobless expansion. And wage growth is under pressure. You combine the two and you have a trajectory for real disposable income growth that is gradually cooling.

22:04Tim Stenovec:And adjusted for inflation, real disposable income is below 1%. What does that mean for the average person? It means that they're less able to spend freely. And so we're seeing this deceleration in consumer spending activity as a result of this slower trajectory for income. And I think that's a key risk that we have to be increasingly focused on in a jobless environment.

22:25Carol Massar:It makes me a little nervous. It makes me think of something Emily talked about on Friday about for a while we were talking, was it last year, the year before, a lot about stagflation of slower growth, but higher prices, inflationary pressures. And, you know, even Fed's Chris Waller says the March rate call depends on the labor market. He's watching the weakness in the labor market. Should we be talking or even thinking about stagflation at this point, Greg?

22:54Tim Stenovec:I don't think it's the right time to be talking about stagflation in the sense that if you look at growth numbers, they're actually quite strong. And inflation, yes, is slightly above 2%, but it's not alarmingly so. We're not in a stagflationary environment in the purest definition of the sense where inflation would be at 5 % and growth would be zero. We are seeing an economy that's growing at 2.5%, and we are seeing inflation slightly above the 2 % target. One thing that I'm increasingly concerned, though, is this notion that not everybody is benefiting from this economy. We have an environment where a lot of the growth is productivity-driven, and we have an environment where a lot of the growth is driven by AI investment.

23:32Tim Stenovec:Not everybody benefits from these gains, and that means that the income for some may be really strong, but the income for a majority is under pressure. And that, in turn, is a key constraint in terms of economic activity. So I'm not as concerned about stagflation as I am potentially about downside risk to growth because of this slowdown in real disposable income growth.

23:53Carol Massar:Right. And I do think about the gaps. Right. And if some don't feel the benefits of that growth, their income not growing for them, it maybe doesn't feel so good. Greg, thank you so much. I know it's a busy event. So glad we could check in with you. Greg Dacco, he's chief economist at EY Parthenon there at the NABE event in Washington. Stay with us. More from Bloomberg Businessweek Daily coming up after this.

24:20Tim Stenovec:Hello, hello. I'm Malcolm Gladwell, host of the podcast Smart Talks with IBM. I recently sat down with IBM's chairman and CEO, Arvind Krishna. and I asked him, how can companies use AI to its fullest potential to create smarter business? My one advice to them, pick areas you can scale. Don't pick the shiny little toys on the side. For example? If anybody has more than 10 % of what they had for customer service 10 years ago, they're already five years behind. if anybody is not using AI to make their developers who write software 30 % more productive today with the goal of being 70 % more productive.

25:08Carol Massar:Yeah, wow.

25:09Tim Stenovec:So we are not asking our clients to be the first experiment on it. We say, you can leverage what we did. We are happy to bring out all our learnings, including what needs to change in the process, because the biggest change is not technology. It's getting people to accept that there's a different way to do things. To listen to the full conversation, visit ibm.com slash smarttalks.

26:03Tim Stenovec:Learn more at adobe.com slash do that with Acrobat.

26:12Tim Stenovec:With Bali from iShares, you get access to both monthly income and growth potential in one simple ETF. It's the best of both worlds. Discover Bali, iShares large cap premium income active ETF. iShares, the market is yours. Visit www.iShares.com to view perspectives for investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. Risks include principal loss and the use of derivatives, which could increase risks and volatility. Monthly income is not guaranteed. Prepare by BlackRock Investments, LLC. This is the Bloomberg Business Week Daily Podcast.

26:43Tim Stenovec:Listen live each weekday starting at 2 p.m. Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app. You can also listen live on Amazon Alexa from our flagship New York station. Just say, Alexa, play Bloomberg 1130.

26:57Carol Massar:Hey, speaking of a lot of stuff going on, there's a batch of items we're watching in the GLP-1 space on this Monday. We've got hims and hers reporting after the closing bell today. And then earlier today, Nova Nordisk ADR is dropping around 17 % intraday, lowest since 2021. Some disappointing data. We're going to get into that. The news sent shares of Eli Lilly rallying, which we'll get into. They also got some news from the FDA. So let's get to a roundup on the space. Back with us as someone who tracks us, the ins and outs constantly. Bloomberg News Health reporter Madison Muller. She's here in our Bloomberg Interactive Broker Studio.

27:31Carol Massar:There is a lot of stuff. But let's start with Novo, what their news was. And again, kind of another disappointing batch of news for them.

27:39Tim Stenovec:Exactly. It was another rough start to the day here for Novo, which we've seen over the last couple of weeks. You can't help but feel bad for them. I just feel like the bad news doesn't stop coming right now for Novo, a company that created the weight loss drug market over a decade ago and really pioneered this field is now really falling behind Eli Lilly. So what we saw this morning was that Novo's next generation drug, Cagrosemma, which is not yet on the market, it's sort of supposed to be Novo's answer to Lilly's ZepBound, which has been extremely popular. It's extremely effective, more effective than Novo's drugs, Ozempic and Wegovi.

28:15Tim Stenovec:So Cagrosemma was supposed to be the next thing for Novo to help but compete with ZepBound. And so they ran this head-to-head trial between ZepBound and Cagrosemma. And Cagrosemma, the expectations were that they would maybe be on par with each other. But what we saw was that Cagrosemma actually wasn't as effective as ZepBound, which sort of dashes Novo's hopes for this next generation drug.

28:35Carol Massar:Can I just ask you, why is Novo stumble after stumble? As you said, they created this category. So why do they continue to have problems? Or is that just the way drug development goes?

28:45Tim Stenovec:I mean, it's not supposed to go like this. I mean, drug makers are aware that these patent cliffs come, that more effective medicines are developed, and they're supposed to be always investing in R &D to sort of get ahead of this problem. One of the issues was that Novo has really relied on Ozempic and Wegovi, which the molecule, the active ingredient is called semaglutide. And they sort of were like, nothing's going to get better than this, and pinned their hopes on that. So this next generation drug, Cagrocema, also has semaglutide in it. And instead of really branching out and exploring other types of molecules and drugs, they've really focused their efforts and their investments on this molecule over the last few years.

29:23Tim Stenovec:And that's, you know, blinded them to kind of what else is out there. I mean, there are other dynamics at play for Novo just in terms of the U.S. health care market, some of the pressures now that they're seeing with President Donald Trump. So there's a lot of issues that are going on for them. But what we're seeing here in terms of R &D and investment and falling behind on the science is something that sort of has been brewing for a few years. So Morgan Stanley said that the data readout for Novo is a worst case scenario. Now, I know you guys talk about health and GLP-1 drugs a lot. So forgive me if this is kind of like a basic question, but people treated with the dose of this drug achieved a 20.2 % weight loss.

30:03Tim Stenovec:Like, that's not terrible, right? It's really good, actually. It's not nothing, right? Yeah, yeah, yeah. I mean, it's great. It's better than Wagovi and Ozempic. The problem is that the expectations for this weight loss market have gotten so high. I mean, in order to compete with a company like Lilly that has a drug, you know, that Zetbound is so effective, so popular, you need to come up with something better. And if it's not better, it has to be really different. Maybe a pill, maybe a less frequent injection. The problem is that Kegrocema is the same weekly injection as the shots that are currently available.

30:36Tim Stenovec:and it's not much better in terms of efficacy. So why would you put all of your investments, all of your eggs in this basket for a drug that isn't any better than one that's already on the market?

30:45Carol Massar:I kept thinking that there were going to be different classes of patients who were going to have to take one drug over another just because everybody's a little bit different in how they deal with drugs. Is that really not the case? No, that is what's happening. That's totally it. Yes. Okay. Yeah. But Eli Lilly's version is really good for a lot of people.

31:00Tim Stenovec:Exactly. So there's different buckets. There are the people that maybe don't need to lose 20 % of their weight. Maybe they need to lose 15 % or less, or they want to. And those are the people for whom pills will be really good, the people that are in maintenance that have already lost their weight and just need to keep taking something to keep that weight off, pills. That's sort of the market where pills will come into play. Then you have these really effective injectable drugs like ZepBound that you can lose up to 20 % of your body, you know, more than 20 % of your body weight on. That's good for a broad swath of the population.

31:30Tim Stenovec:I mean, I think it's like 90 % of people respond well to these drugs. And then you have people on the higher end of the obesity spectrum, people who are more sick, who might have other comorbidities like liver disease or heart disease. And even though Zepan and Wagovi do address some of those other comorbidities, there are drugs that these companies are trying to develop that are even more effective. So that will help people lose 25 % plus of their weight. And that's sort of another segment of this market. And then there's a bunch of in-betweens of people that don't want to take an injection every week.

32:02Tim Stenovec:But you're right that the market is segmenting and that what we're seeing is there's just more options for patients that are better targeted to their specific needs. Shares of Eli Lilly, Madison, up about 4 % right now. That's not just because of Novo's setbacks today, though, right? Eli Lilly also has some other new drug developments coming in the future. Exactly. And on this same topic of options, what Lilly did this morning was they launched a new formulation of their drug set bound. So right now, if you have ZetBound, you can get it in a vial form, which is, you know, you take a syringe and you inject the drug yourself.

32:37Tim Stenovec:Or you have a shot, an auto-injector pen that you do a weekly shot. You have four pens and, you know, you change them out each week. What they launched today is a single pen that has a month's worth of the drug in it. And so each week you just turn a dial and you sort of control the amount of medication that you give yourself. It's not revolutionary. I mean, Lily's used this for insulin or for their diabetes drugs. So they already had this technology. But what it does do is it gives patients another option. If they prefer to use one pen instead of four, if they're conscious about waste, or it also gives them a little bit of flexibility with controlling the dose, which is something that Lilly doesn't necessarily promote, but that a lot of patients and doctors have sort of been doing themselves.

33:21Tim Stenovec:And they launched it at a$2.99 cash pay price, which is the same as what they offer their vials for in terms of cash pay. So it's an option for people that don't have insurance coverage for weight loss drugs or that just want this option and are willing to pay for it out of pocket.

33:38Carol Massar:All right. So we've got hims and hers after the closing bell. Anything that you're watching out when they report? Yeah.

33:43Tim Stenovec:I mean, this is a big day for hims, just given all of the recent news with the lawsuit with Novo Nordisk, the FDA saying that they're going to crack down more on this copycat weight loss drug market. Which they could do when there were shortages, correct? Exactly. But now they can't because there aren't shortages. Exactly. And HIMSS hasn't stopped. I mean, they launched a copycat version of Novo's new weight loss pill just a few weeks after Novo launched it. Novo came back and sued them, even though HIMSS took it off the market. So there's a lot of drama around this company and investors haven't really heard yet what the path forward looks like for their weight loss drug business.

34:16Carol Massar:Is there a path? I mean, the stock's down 52 % year to date, 37 % of the float is short. Investors are super negative. Is there a way forward when it comes to these drugs? I mean, it depends on the level of a

34:27Tim Stenovec:regulatory risk that HIMSS is comfortable with, which they've always sort of skirted or pushed that boundary and been comfortable in the gray regulatory area. But this is a little bit different. The FDA is signaling that they're serious about this. This is the most that we've seen from the FDA in terms of signaling that they're interested in taking enforcement actions. So the risk scenario has changed and we'll have to see what HIMSS thinks about that. I love this space.

34:55Carol Massar:Are we three years in? I was trying to remember. Yeah, I think three years in. This is our third, right? The third year. And so much has happened even in the last one year. It's hard to keep track. Winners, losers.

35:03Tim Stenovec:But him's really getting crushed. Yeah. He's down 70 % over the last 12 months.

35:08Carol Massar:Yeah. I mean, unbelievable. All right. Madison, thank you. Thank you. Always getting us up to speed on this. Bloomberg News, health reporter. Stay with us. More from Bloomberg Business Week Daily coming up after this.

35:22Tim Stenovec:You're listening to the Bloomberg Business Week Daily Podcast. Catch us live weekday afternoons from 2 to 5 Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg Business app. Or watch us live on YouTube. So as delivery payments and software stocks right now are sliding, there was a report out this morning that has been picked up by Bloomberg News and pretty much every other media outlet. It's from Centrini Research. So they're a macro research shop. And they walk through, essentially what it is, is a hypothetical report that is coming in 2028. And so it takes place in 2028. And it's all about the, quote, weird economy that's going to come.

36:07Carol Massar:Hence the 2028 global intelligence crisis. They're saying, if this was coming out in 2028, here's what we'd be talking about. Here's what we would be talking about.

36:14Tim Stenovec:and they mention 10 % unemployment rate and a labor market that has just been completely upended by AI, Carol. It's quite bearish.

36:26Carol Massar:I do recommend it. So here we are in 2026. So now what the trick is for all of us and all of investors is to figure out how much might they be right about in terms of predictions. It's definitely playing out in the trade though. We've seen shares of DoorDash, American Express, Blackstone all slumping more than 7 % during the day. You've seen names like Uber, MasterCard, Visa, Capital One, Financial, Apollo Global, and KK are also taking some hits. Let's bring in our own Ryan Vestelica. He is Bloomberg News Equities reporter, and he's out there in our Chicago bureau. This report, Ryan, definitely having an impact on the trade today.

37:02Carol Massar:And is it just because there's nervousness in the market or because investors, you know, we've been thinking about this, this AI scare trade a lot over the last few weeks?

37:12Tim Stenovec:Hey, thanks for having me. So what I would say is that investors haven't really needed any excuse to sell stocks broadly, especially in the tech sector over the past several weeks. It seems like this report is just sort of the latest example of people being concerned about AI disruption and using really any catalyst like this, any negative headline, as an opportunity to really just sell things broadly. We had on Friday, Anthropic came out with a new security tool that sent cybersecurity stocks lower. They came out with another report today talking about ways to modernize the COBOL programming language.

37:46Tim Stenovec:You see IBM is down quite sharply today. So there's all kinds of concerns related to AI disruption, and people are just selling things en masse, very cautious, a lot of concern. What is this going to mean for growth, for profit margins, for pricing power going forward? This is a real long-term issue that people are starting to grapple with in a very more pronounced way. What do you make of the fact that investors are basically just looking for a reason to sell, though? Because that just seems like an excuse, right? Right. It must be backed by some fundamental reason that investors are finally sniffing out, right?

38:25Tim Stenovec:Well, I'm going to be watching out. We get some pretty major earnings reports this week from a lot of software companies, including Salesforce, Workday, Intuit, Snowflake, Autodesk. A lot of companies that have been sort of in the crosshairs of AI, it's going to be very interesting to see what these companies say, what the management teams say about not only what they're expecting for the rest of the year, but if they have any sort of longer term thoughts about what AI could mean for their businesses. You know, are they going to be able to introduce AI services that get their own demand? Or are they really facing this kind of existential competition from these AI labs like Anthropic, like OpenAI, like Alphabet?

39:02Tim Stenovec:that companies are just very hard to compete with is the fear.

39:07Carol Massar:So how do you take a research report like this that is looking into the future, right? Two years from now, as we know, if you just think about the last year or last two years, a lot has happened in our universe, even in the first couple of months here of 2026. Especially, you know, Ryan, you, Emily, you guys are constantly reporting on the markets and different sectors of the market or segments of the market. Everybody, when it comes to AI, I feel like there is one, though, common denominator or narrative, and that is we're early in on this. We don't really know ultimately how this impacts our world and who are ultimately the winners and losers.

39:45Tim Stenovec:Yeah, I'd absolutely agree with that. It does seem like adoption is still pretty low relative to what people are expecting for the coming years. It seems like AI technology itself, it seems like it's advancing at a pretty rapid clip. So the idea of, you know, there's certain things that it doesn't seem like AI can replace right now. Who knows what the next model is going to bring? Who knows what we can expect, you know, a couple of quarters from now, a couple of years from now, you know, and even extend out to even longer. Which is why you have these companies, really you have sort of the worst case scenario out there, is pretty bleak for them.

40:15Tim Stenovec:Just the idea that they could be completely usurped and replaced by these newer services from these AI labs. It's something that is very hard for people to grapple with. And so far, we haven't really seen estimates moving too much for the rest of 2026 or even 27 for a lot of these kinds of companies. People are still expecting growth in software revenue and earnings. But when you get further on past that, it becomes a lot harder to model. And that makes it a lot harder to determine, have these stocks come down too much? Do they still have more room to go? What does fair value look like? What is growth going to look like?

40:48Tim Stenovec:These are major questions that right now it seems like you have a huge, wide range of potential outcomes. So when you have a wide range of outcomes like that, it makes it very difficult to value stocks. And I think in the presence of that kind of uncertainty, people are just selling.

41:04Carol Massar:Yeah, and I mean, safe to say that whether it's Salesforce or Snowflake or Workday or whatever, these software companies, Emily, can come out with a good report, can be upbeat. But it doesn't mean that in a year or two years or three years from now that they could be disrupted. Like this is kind of this Netherlands we're in right now.

41:20Tim Stenovec:Well, Ryan, I feel like you've set us up really nicely to talk about NVIDIA earnings. Is there one key metric that you and your sources are watching? For NVIDIA? Yes. Yeah, that's a great question. It's sort of an interesting company to be reporting right now because on one hand, we just had all the hyperscalers. So Microsoft and Meta and Alphabet and Amazon, they really affirmed pretty aggressive CapEx spending. They continue to invest very aggressively in AI. And that really should read down to NVIDIA's benefit in a pretty pronounced way. It has obviously been really the main beneficiary of AI spending over the past several years.

41:59Tim Stenovec:Now, that trade has started to evolve a little bit. We've seen more interest going into, say, memory and storage names, for example. especially this year, companies like SanDisk and Micron and Western Digital have done extremely well. So I don't think there's a ton of concern about NVIDIA's near-term results just because we've already had these pretty aggressive spending targets laid out. But further on, there's a lot of questions now about when is all this AI spending going to start paying off for these companies? You have all this AI disruption. Just so many questions out there and where that leaves NVIDIA I think right now remains to be seen.

42:31Carol Massar:Yeah, and it's interesting to see that this stock is little changed on the year, just up about 2%, and it's down, I think, about 7 % from kind of a late October high. So we'll see what happens, right? Ryan Vlastelikov, thank you so much. Really appreciate it. Equities reporter at Bloomberg News.

42:48Tim Stenovec:Stay with us. More from Bloomberg Businessweek Daily coming up after this.

42:57Tim Stenovec:Hello, hello. I'm Malcolm Gladwell, host of the podcast Smart Talks with IBM. I recently sat down with IBM's chairman and CEO, Arvind Krishna, and I asked him, how can companies use AI to its fullest potential to create smarter business? My one advice to them, pick areas you can scale. Don't pick the shiny little toys on the side. For example, if anybody has more than 10 % of what they had for customer service 10 years ago, they're already five years behind. If anybody is not using AI to make their developers who write software 30 % more productive today with the goal of being 70 % more productive.

43:44Carol Massar:Yeah, wow.

43:45Tim Stenovec:So we are not asking our clients to be the first experiment on it. We say, you can leverage what we did. We are happy to bring out all our learnings, including what needs to change in the process, because the biggest change is not technology. is getting people to accept that there's a different way to do things. To listen to the full conversation, visit ibm.com slash smarttalks.

44:14Tim Stenovec:Adobe Acrobat Studio, your team's home base. Collaborate within a shared PDF space. You've got your docs, your plans, your specs. And then invite the crew to build what's next. They talk off the teamwork. Here's an update render. They think that this design Be a contender.

44:28Carol Massar:When somebody wonders. What's the next step? AI helps you finish the rest.

44:34Tim Stenovec:Bolts are tight. Now your plans are fine. Run a smoother business when you're all aligned. Do that with Acrobat. Learn more at adobe.com slash do that with Acrobat.

44:48Tim Stenovec:With Volley from iShares, you get access to both monthly income and growth potential in one simple ETF. It's the best of both worlds. discover bali iShares large cap premium income active etf iShares the market is yours visit www.iShares.com to view perspectives for investment objectives risks fees expenses and other information that you should read and consider carefully before investing risks include principal loss and the use of derivatives which could increase risks and volatility monthly income is not guaranteed prepared by blackrock investments llc you're listening to the bloomberg business week daily podcast catch us live weekday afternoons from 2 to 5 p.m eastern listen on apple carplay and Android Auto with the Bloomberg Business app.

45:26Tim Stenovec:Or watch us live on YouTube.

45:29Carol Massar:Carol Masser, along with Emily Grafeo, here in our Bloomberg studio in New York City, a snowy New York City. On that, it is actually one of the most read stories on the Bloomberg. It has to do with this Northeast blizzard.

45:42Tim Stenovec:It's a powerful winter storm, buried New York City in one of its 10 snowiest days on record, Carol, and poised to rank among one of the worst blizzards in almost 50 years, over 600 ,000 or almost 600 ,000 homes and businesses lost power and more than 10 ,000 flights canceled through Tuesday.

46:01Carol Massar:I am grateful not to have lost power, but we feel for those that are. And it's not over yet. And we know the streets have to be cleaned up, certainly in this area. We want to start there because kind of want to know when this is all over, the tallies and dare we even ask, might there be more snow coming this week? Because it sounds like there might be. Let's get to it with Bloomberg News weather reporter Lauren Rosenthal joining us here in New York City. Lauren, good to have you here. So where are we right now in the storm? Because if we look outside, it does look like I'm looking out the windows.

46:30Carol Massar:It looks like things are calming down here in New York City slowly.

46:34Tim Stenovec:Yes, we could still see another few inches through early evening hours. We are definitely through the worst of it. So don't be surprised if you see some light snowflakes if you're in the northeast, but you don't need to fear another two feet dumping on you in the middle of the night like we had overnight Sunday. And how has New York City's response been so far? I did see some buses running, a couple folks saying they're taking the subways. The transit system seems to be working smoothly. Yeah, we've had reports of, you know, subways operating on local schedules. And I've seen buses where I'm based in Brooklyn with chains attached.

47:11Tim Stenovec:I think the system's operating slowly, but it is still up and running in places. Amtrak, On the other hand, canceled all service between Boston and New York's Moynihan train hall today. And there are cancellations that have cascaded into New England. So air travel has become impossible over the last day or so. We've seen thousands of flights canceled.

47:32Carol Massar:Lauren, I want to go back to what you said. The two feet, we're probably not going to get the two feet that's already dumped on us. Is that the official tally? And I know from shoveling, and I live just across from lower Manhattan, I would shovel. And then within the next hour, they're like four inches back. You know, it was unbelievable how fast it was coming down. So is it official that we're close to two feet here in and around the New York City area? Yeah, in Central Park, we're at 19.7 inches as of just about an hour ago.

48:01Tim Stenovec:If you're on Long Island, yes, totals have inched up above two feet. There are reports of up to 30 inches, you know, in some parts of the Northeast. So I'm not quite sure that we'll reach two feet in New York City proper, but it may come close. And so this is one of the 10 snowiest days on record, or have we passed that tally so far? I'm just looking at what your colleague Brian Sullivan had put out on Bloomberg News earlier this morning with some superlatives. Yeah, it's a 24-hour measurement, and when all is said and done and the measurements are verified, we'll have a better idea. We're far short of the snowiest day on record for Central Park.

48:37Tim Stenovec:But this morning we did crack the top 10 24-hour snowfalls observed in Central Park, And those records go back to the 1800s.

48:45Carol Massar:All right. It's been a pretty snowy start to 2026. Are we done yet? Somebody, we were sitting in their makeup room this morning and people are like, yeah, there's more snow coming this week. Is there more snow coming this week?

48:58Tim Stenovec:Unfortunately, it is a possibility, depending on how you feel about winter. There are chances of some sort of slippery winter mix later in the week. And some forecast models have hinted at the possibility of another nor 'easter next week. However, this far out, it's difficult to say with certainty whether we will see another significant snowstorm.

49:18Carol Massar:Well, and I guess it all depends on the weather. We know that first one that hit us, it was so cold, stayed so cold for so long, which is why that snow, which just disappeared in my neighborhood on Saturday, and is now we're full of snow once again. But we'll see whether or not the temperatures start to kick up a little bit so that maybe it doesn't stick around as much. Having said that, is it too early to say 2026 in terms of how it stacks up in terms of snowfall?

49:43Tim Stenovec:Yeah, we have a ways to go before winter is over. I think, you know, a lot of the forecasters we talk to on a regular basis have cautioned us. We may not be out of the woods until April. So we have a ways to go before we know exactly how bad it was this winter. All right, we're going to leave it there.

50:00Carol Massar:Hey, Lauren, thank you so much. Appreciate the update. Lauren Rosenthal, Bloomberg News weather reporter.

50:04Tim Stenovec:This is the Bloomberg Business Week Daily Podcast. Available on Apple, Spotify, and anywhere else you get your podcasts. Listen live weekday afternoons from 2 to 5 p.m. Eastern on Bloomberg.com, the iHeartRadio app, TuneIn, and the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg Terminal.

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