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ANNA EDWARDS, BLOOMBERG ANCHOR: Let's put some thoughts around this IMF downgrade then, Kokou Agbo-Bloua, he's Global Head of Flow Strategy and Solutions at Societe Generale. Kokou, good to see you as always on the program. Let me ask you about what the IMF has done here then. They brought down their estimates for global growth and they're talking about trade tensions and emerging market turmoil. Are you turning more negative on those subjects in conjunction with the IMF or do you see things differently?
KOKOU AGBO-BLOUA, GLOBAL HEAD OF FLOW STRATEGY & SOLUTIONS, SOCIETE GENERALE: Well, we are pretty much in line in terms of the business cycle. So you have to remember that we are one of -- in one of the longest business cycle which started in 2009. And if you look at by historical (inaudible) in terms of progression of all business cycle since 1949, we estimate that we're roughly at 80% through the current business cycle, and as a result to what we expect the next slowdown to be in 2019-2020. And as a result, clearly, the tightening by the fed and the increasing leverage on small cap balance sheet is, in our mind, the triggers for a slowdown (inaudible).
MATT MILLER, BLOOMBERG ANCHOR: Do you -- I mean if I see a weather report that I don't necessarily like, Kokou, or that is concerning in some way, I look at other sources. When you see a forecast from the IMF does their track record mean that you can count on that to be accurate? How does that compare with, say, forecast from the OECD, from the fed, from other institutions?
AGBO-BLOUA: Well, I think you have to remember that a lot of these forecasts are dynamic. So as the incoming data is self-reinforcing to their view, then obviously they'll adjust accordingly. And if it sort of stays away, then they are sort of correct on a quarterly basis. So I think ultimately, a lot of these forecasts correlate and relatively close to each other. You're really unlikely to see someone expressing a super bull market and then the other institution forecasting a massive recession. So I...