Author: admin

We’ve noted from the start of the Biden presidency that despite his best efforts to cast himself as somehow radically different from Trump on foreign policy, there’s an increasing number of fronts where he’s clearly opted to continue on with the prior Republican administration’s policies. 

Nicolas Maduro for one was among those embattled leaders hoping for a new Washington trajectory in Latin America. In an interview last week he urged Biden to lift all Trump-era sanctions and to immediately normalize relations with Venezuela. 

While there’s no longer currently talk of a US Navy-imposed blockade on Venezuela’s coast to prevent all oil and fuel exports and imports (a plan floated by Trump to his admirals during his last year in office), the US-led oil embargo is still in place, keeping the Venezuelan economy crushed on top of an already collapsed system and persisting widespread corruption. 

Washington’s economic war which it should be recalled during Trump’s time saw a couple of failed and very short-lived military coup attempts, has also come in the midst of the COVID-19 pandemic, resulting in accusations from Caracas that the US is actively thwarting access to the vaccine. 

Maduro during the Bloomberg interview urged the Democratic administration for an end to the “demonization of Venezuela”. 

But on Sunday a US State Department statement was firm in rejecting Maduro’s call for normalization:

Responding to Maduro’s comments, a State Department spokesman said a U.S. policy shift would require major changes by the Venezuelan president. They’d have to include engaging with opposition leader Juan Guaido to resolve the country’s political crisis and pave the way for free and fair elections, as well as restoring economic and political freedoms.

As long as “repression and corrupt practices” by Maduro and his supporters continue, the U.S. will work with its partners and allies to keep up the pressure, including sanctions against those who undermine democracy, the spokesman said by email.

So there it is: the Biden administration has now adopted the language of Trump’s “pressure campaign” on Venezuela, albeit stopping short of keeping up the mythology of calling Juan Guaido ‘Interim President’. 

Biden as Trump II. If we starve the people, maybe Maduro will quit. Or they will overhrow him? Nah! https://t.co/Gjtr7wzRVm

— Doug Bandow (@Doug_Bandow) June 21, 2021

Complicating matters is that America’s ‘official enemies’ have continued to assist the Maduro government, particularly Russia and Iran – the latter which is increasing efforts of military cooperation as well as fuel imports.

China has also over the past year or so appeared willing to defy the US stance on Venezuela, reportedly in the form of limited military assistance. 

Claudette regained strength early Monday and is expected to return to tropical storm status later today in eastern North Carolina after it wreaked havoc in the Southeast – resulting in the deaths of 13 people.  

Claudette is expected to produce torrential rains and flash flooding risks from southeastern Georgia into the Carolinas during the morning, according to the National Hurricane Center (NHC). Tornadoes are possible across parts of the coastal Carolinas. Tropical Storm Warnings are in effect for the Carolinas today as the storm is expected to head up the East Coast and make its way towards Nova Scotia by mid-week. 

The bulk of the deaths over the weekend occurred when eight children died in a multi-vehicle crash. A van carrying the children hydroplaned on Interstate 65 about 35 miles south of Montgomery, Alabama when it crashed and erupted in flames. 

The 2021 Atlantic hurricane season is three weeks in as Claudette is the third named storm. It dumped up to 15 inches of rain on Saturday in southeastern Louisiana, southern Mississippi, southern Alabama, and western Florida Panhandle. 

Readers may recall our past note on the increasing possibilities the 2021 hurricane season would be active. 

California Gov. Gavin Newsom (D) says the state will make landlords whole whose tenants have accumulated past-due rent amid the pandemic.

The state is also weighing whether to extend the eviction moratorium for unpaid rent beyond June 30, a pandemic-related order which was supposed to be temporary, according to the Associated Press. Federal eviction protections are set to expire on the same date, however California’s protections expanded the number of tenants covered by the moratorium.

Newsom and legislative leaders are meeting privately to decide what to do, part of the negotiations over the state’s roughly $260 billion operating budget. An extension of the eviction ban seems likely to give California more time to spend all the money to cover unpaid rent. But landlords and tenants’ rights groups are arguing over how long that extension should last. –AP

“The expectation for people to be up and at ’em and ready to pay rent on July 1 is wholeheartedly unfair,” said Kelli Lloyd, a 43-year-old single mother who hasn’t worked consistently since the pandemic began in March 2020.

Lloyd owes $30,000 in back rent for her $1,924 per month two-bedroom, two-bathroom rent-controlled apartment in the Crenshaw district of south Los Angeles. She says she had to forego work for most of last year to take care of her two children due to closed daycare centers and schools halting in-person learning.

Lloyd, a member of the advocacy group Alliance of Californians for Community Empowerment, says she recently lost a job at a real estate brokerage and has yet to find another one.

“Simply because the state has opened back up doesn’t mean people have access to their jobs,” she said.

Developing…

As The PPT heads to The White House, Friday’s plunge in stocks and bond yields is magnificently erased ahead of a smorgasbord of FedSpeak this week…

Nasdaq is lagging but Dow and Russell 2000 are roaring higher this morning, and along with the S&P have erased Friday’s ‘Bullard Bomb’ drop…

And yields are surging off overnight lows, erasing Friday’s plunge also…

“Financial Stability” restored!

Authored by Steve Watson via Summit News,

Senator Rand Paul warned this past weekend that scientists dismissing the Wuhan lab leak theory have extensive conflicts of interest and that all the evidence points to this hypothesis being the most likely.

Appearing on Fox News, Paul said “When you look at COVID-19, it doesn’t even seem to infect bats very well. It doesn’t infect an intermediate animal. They checked 80,000 animals at the wet markets in Wuhan. None of the animals at the wet market would accept COVID-19 or were positive for it.”

“It looks like it’s most well-adapted for humans. So this is worrisome, and yet more evidence that this, in all likelihood, came from the lab,” Paul added.

“I think if you look back at the last year and you look at the people who are discounting the theory that it originated in a lab, they are precisely the same scientists that were sending the funding to the lab. So, there is a real possibility that they have a conflict of interest,” Paul further noted.

The Senator has continually pushed back on anti-scientific statements regarding the pandemic made by Anthony Fauci and others including Peter Daszak, who not only funded gain of function research, but has continually pushed for the lab leak theory to be dismissed by the scientific community while being appointed by both the World Health Organisation and The Lancet journal to investigate the origins of the outbreak.

“This may be the biggest scientific error that Dr. Fauci has made so far and continues to make. He’s completely discounting natural immunity – the immunity you get after you’ve had an infection. All of the scientific studies, and I emphasize that ‘all,’ hundreds of studies now show that you do have immunity,” Paul, who has demanded “all records” be released from the NIH, urged.

The Senator continued, “If you discount that and you don’t count it, then Dr. Fauci says ‘Oh no, we don’t have enough people vaccinated, we’re not at herd immunity.’ Now we have to have mandates on the children, and we must force children of all ages to have the vaccine even though they don’t get sick from COVID very often and they almost never die from it.”

“He wants to force the vaccine on them because he makes a scientific error and doesn’t count natural immunity,” Paul emphasised.

Watch:

Paul’s comments come as Joe Biden’s security adviser Jake Sullivan stated that China must allow another investigation of the pandemic origins to be conducted or “face isolation in the international community.”

Sullivan intimated, however, that the Biden administration wants the World Health Organisation to once again lead the investigation, despite the fact that it absolved the Wuhan lab’s possible involvement in a leak after just three hours during its first ‘investigation’.

Watch:

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Iranian negotiators in Vienna confirm that they plan to continue pressing toward a deal after Iran’s presidential election weekend, which saw ultraconservative judiciary chief Ebrahim Raisi emerge victorious: “we’ve reached a clear text on all the issues and what remains requires the decision of all parties. It’s not unlikely that the next round of talks will be the last,” the foreign ministry optimistically stated. But this has been the constant refrain for weeks – still with no firm end in sight.

But with a more pessimistic tone, the West is warning there’s nothing ‘open ended’ about the talks: “Western officials warned Tehran on Sunday that negotiations to revive its nuclear deal could not continue indefinitely, after the sides announced a break following the election of a new hardline president in Iran,” according to Reuters. For the past month there’s been intensifying prediction-making over just what the impact a “done deal” – if things in Vienna finally get there – will be on global oil prices, which would immediately see at least 2.5 million barrels of Iranian crude per day come flooding back to the market. 

On Sunday at a moment negotiators adjourned a sixth round of meetings yet still with no deal reached, Bloomberg observed, “Oil held near $72 a barrel as inconclusive nuclear talks between world powers and Iran — which has elected a new hardline president — allayed prospects for a swift revival of the Islamic Republic’s crude exports.” Into Monday morning it’s still climbing, with Brent Crude hovering just under $73.5 a barrel.

Brent crude starting a week ago has held at its highest price level in nearly 3 years, pushing up gas prices in the United States, also amid continued projections of the distinct possibility of $100 oil – especially should US-Iran indirect talks in Vienna drag on with no clear culmination on the horizon.

Bloomberg comments on this uncertain point as follows by noting “The failure to clinch an agreement puts additional pressure on other members of the OPEC+ coalition, which meets next week to consider restoring more oil output.” Further the report observes:

Crude is up almost 50% this year as major economies emerge from restrictions and lockdowns after the rollout of Covid-19 vaccinations worldwide. Demand has rebounded, especially in the U.S., Europe and parts of Asia. Consumption in China has exceeded pre-pandemic levels and India is showing signs of recovering from a deadly second virus wave that decimated its economy.

Recall that earlier in June oil rapidly dumped then jumped again on the mere hint of official news that the US had relieved sanctions on Iran – which it turned out was a US Treasury move only impacting one lone Iranian oil official. 

As we noted at that time, Iran has previously said it intends to raise oil output by at least 3.3mln barrels within a month after the lifting of US sanctions, and as much as 4mln BPD within three months. Naturally, should that happen, the oil market will see a surge in new supply but even with millions of new barrels coming online, Goldman last month said that Iran would not have a major impact on the price of oil and wrote that “with growing evidence of the demand rebound, and imminent clarification on the likelihood of an Iranian return, we now see a clearer path for the next leg higher in oil prices, with the sell-off offering opportunities to position for the rally to $80/bbl.”

But adding yet further to the unpredictability that the Iran factor will have on oil markets this summer, the Islamic Republic’s sanctions busting “ghost armada” is still going strong apparently, with a little help from China:

A ‘ghost armada’ of sanctions-busting tankers carrying black-market oil to China is bankrolling Iran’s secret nuclear programme, The Mail on Sunday can reveal.

The rogue state has almost doubled its fleet sailing under other countries’ flags to 123 in the past year, letting China smuggle in up to a million barrels of oil per day – or two-thirds of the UK’s daily use.

The Daily Mail further cites intelligence officials who “warn that the expanded fleet shows Iran, which announced hardliner Ebrahim Raisi as its president yesterday, is boosting development of its nuclear capability despite international curbs.”

While such tactics including tankers switching of their transponders or even deceptively sailing under other countries’ flags are nothing new, what is new is the likely hesitancy of the Biden administration to crack down on the practice – as was attempted under Trump.

However, as of March the Biden administration was quietly telling Beijing “There will be no tacit green light,” according to reporting in FT at the time; however it remained that enforcement would only utilize “secondary sanctions” targeting Chinese companies caught transferring Iranian oil. It’s as yet unclear the degree to which the Biden White House has followed through with its threat of “no green light”. 

“We’ve told the Chinese that we will continue to enforce our sanctions…There will be no tacit green light,” said a US official, indicating sanctions could be waived during potential #JCPOA talks.

Trying to see the difference on #Iran btw Biden & Trump!https://t.co/BHHJQyffkF

— Maysam Behravesh میثم بهروش (@MaysamBehravesh) March 17, 2021

“China was reportedly buying an average of 700,000 barrels of illegal Iranian oil a day up to April, peaking at a million barrels, making it Tehran’s main customer,” the report continues. “Ghost armada ships carrying 18 million barrels are currently thought to be in the South China Sea.” 

Closer to home, Iran has meanwhile been actively prepping to get its global exports flowing once again via official means following years of Trump-imposed biting sanctions which particularly targeted Iran’s oil exports, and with in some cases Iranian tankers even being seized.

Given last week’s extreme moves in the market, one of the most important things this week will be Fed speakers responding to the meeting and subsequent market according to DB’s Jim Ried, who adds that the big highlight – at least on paper – will be Fed chair Powell’s testimony tomorrow before the House select subcommittee on the Covid-19 crisis. However, Powell’s discussion is expected to center on the Fed’s policy response and we may not get too much FOMC insight.

Before that Bullard (non-voter, dove) who sparked Friday’s selloff with his uber-hawkish comments, and Kaplan (non-voter, hawk) discuss the economic outlook today. They both have expressed a preference for liftoff in 2022, though for somewhat different reasons. As noted above, Bullard rocked markets on Friday by suggesting his 2022 core PCE inflation forecast of 2.5% as justifying a hike in late 2022, whereas Kaplan has recently focused on financial stability concerns. So there might not be much more for these guys to say today but New York President Williams (voter, dove) later this afternoon might have fresh views especially on the taper given the responsibility for the Fed’s balance sheet that his region has.

Before Powell tomorrow, San Francisco’s Daly (voter, dove) and Cleveland’s Mester (non-voter, hawk) will be speaking at separate events while on Wednesday, we will hear from Fed Governor Bowman (neutral), Atlanta President Bostic (voter, neutral) and Boston’s Rosengren (non-voter, hawk). Bostic will appear again on Thursday alongside Philadelphia’s Harker (non-voter, hawk), the latter of which has also been a proponent of tapering asset purchases sooner rather than later. We’ll also have repeat performances from Williams, Bullard, Kaplan and Mester over the week.

So, as Reid wraps up, plenty of potential market moving jawboning: the Fed were very coordinated in playing down inflation risks after the first mega CPI print six weeks ago so it’ll be interesting if they all sing from the same song sheet this week. I can’t help thinking that the debate is starting to liven up at the Fed now but will the last few days of market moves scare them?

Moving onto the data the biggest highlight will be the release of the June flash PMIs on Wednesday from around the world, which will give us an initial indication of how the global economy has performed into the end of Q2. The final May PMIs showed that growth was still maintaining decent momentum, with the Euro Area composite PMI coming in at 57.1, the strongest in over 3 years, while the US composite PMI was at 68.7, which is the strongest since the data goes back to in October 2009. Another release of note will be the German Ifo’s business climate indicator for June (Thursday), which rose to a 2-year high last month of 99.2.

Friday will be a key day with inflation being dissected within the US personal income and University of Michigan releases. Clues to Core PCE will be the key in the former with the 5-10 year inflation expectations important on the latter. On this, May’s number dipped 0.2% from April’s 3%. So all eyes on this.

The main monetary policy decision this week comes from the Bank of England on Thursday, where economists generally expect the MPC to remain cautiously optimistic around the recovery, keeping the policy rate on hold at 0.1% and maintaining the target stock of QE at £895bn – stronger growth, labor market and inflation data thus far should tilt the policy statement in a slightly more hawkish direction than in May. Nevertheless, something else to watch out for in the UK will be the latest data on Covid-19, as the spread of the delta variant has led to a noticeable rise in cases and hospitalizations over recent weeks, albeit still at relatively low levels compared to earlier in the year. Russia, Germany and Portugal have now also reported an increasing spread of Delta with a big story in the FT today about the variants small but growing footholds across Europe. This will capture some attention. The rest of the week’s main events will be in the day by day list at the end.

Turning to politics, French President Macron and far-right leader Marine Le Pen both are likely to have fared poorly in a regional election in France where the turnout was at an all-time low of c. 33% (vs. c. 50% in last election). According to an Ifop poll, Le Pen’s National Rally got 19%, c. 10 points behind her performance in the last election while, Macron’s party took only 11% and is not expected to win any regions. Better performances came from the Conservative party that likely received 27% of votes while the Greens are likely to be at 12%. To know more on how the outcome of regional elections can have an impact on the French Presidential election in 2022 read this note from our European economists (link here).

Day-by-day calendar of events for the coming week courtesy of Deutsche Bank

Monday June 21

• Data: US May Chicago Fed national activity index
• Central Banks: ECB President Lagarde, ECB’s Centeno and Fed’s Bullard and Williams speak

Tuesday June 22

• Data: UK May public sector net borrowing, Euro Area advance June consumer confidence, US May existing home sales, June Richmond Fed manufacturing index
• Central Banks: Fed Chair Powell, Fed’s Daly, Mester and ECB’s Rehn speak

Wednesday June 23

• Data: Flash manufacturing, services and composite PMIs for June from Australia, Japan, France, Germany, Euro Area, UK and US, Japan final April leading index, US Q1 current account balance, May new home sales
• Central Banks: ECB Vice President de Guindos, Fed’s Bowman, Bostic and Rosengren speak

Thursday June 24

• Data: Germany June Ifo business climate, US third reading Q1 GDP, preliminary May durable goods orders, weekly initial jobless claims, June Kansas City Fed manufacturing activity
• Central Banks: Bank of England monetary policy decision, ECB publishes Economic Bulletin, Fed’s Bostic, Harker, Bullard and ECB’s Panetta and Schnabel speak
• Politics: EU leaders meet in Brussels for European Council

Friday June 25

• Data: UK June GfK consumer confidence, Germany July GfK consumer confidence, Euro Area May M3 money supply, Italy June consumer confidence, US May personal income, personal spending, final University of Michigan consumer sentiment index
• Central Banks: Fed’s Mester and Rosengren speak
• Politics: European Council meeting concludes

Finally, focusing on just the US, The key economic data releases this week are the durable goods report and Q1 GDP revision on Thursday, and core PCE inflation on Friday. There are many speaking engagements from Fed officials this week, including New York Fed President Williams on Monday and Chair Powell’s testimony to Congress on Tuesday.

Monday, June 21

• 09:45 AM St. Louis Fed President Bullard (FOMC non-voter) and Dallas Fed President Kaplan (FOMC non-voter) speak: St. Louis Fed President James Bullard and Dallas Fed President Robert Kaplan will discuss the economic outlook in a virtual event hosted by the Official Monetary and Financial Institutions Forum. Q&A is expected.
• 03:00 PM New York Fed President Williams (FOMC voter) speaks: New York Fed President John Williams will speak at a virtual event hosted by the Midsize Banking Coalition of America. Prepared text and Q&A are expected.

Tuesday, June 22

• 10:00 AM Existing home sales, May (GS -4.0%, consensus -2.4%, last -2.7%): We estimate that existing home sales declined by 4.0% in May after declining by 2.7% in April. Existing home sales are an input into the brokers’ commissions component of residential investment in the GDP report.
• 10:00 AM Richmond Fed manufacturing index, June (consensus +18, last +18): 10:30 AM Cleveland Fed President Mester (FOMC non-voter) speaks: Cleveland Fed President Loretta Mester will discuss monetary policy and financial stability during a virtual workshop hosted by the Norges Bank. Prepared text and Q&A are expected.
• 11:00 AM San Francisco Fed President Daly (FOMC voter) speaks: San Francisco Fed President Mary Daly will speak at a virtual event hosted by the Peterson Institute for International Economics. Prepared text and Q&A are expected.
• 02:00 PM Fed Chair Powell (FOMC voter) speaks: Fed Chair Jerome Powell will appear before a House select subcommittee hearing on the Covid-19 crisis to discuss pandemic emergency lending and the economy. Prepared text is expected.

Wednesday, June 23

• 8:30 AM Current Account Balance, Q1 (consensus -$206.5bn, last $-188.5bn)
• 09:00 AM Fed Governor Bowman (FOMC voter) speaks: Fed Governor Michelle Bowman will speak at a conference on economic resilience hosted by the Cleveland Fed.
• 09:45 AM Markit Flash US manufacturing PMI, June (consensus 61.5, last 62.1): Markit Flash US services PMI, June (consensus 70.0, last 70.4)
• 10:00 AM New home sales, May (GS +0.7%, consensus +0.9%, last -5.9%): We estimate that new home sales increased by 0.7% in May, reflecting mean-reversion and a rise in starts but a slowdown in permits and mortgage applications.
• 11:00 AM Atlanta Fed President Bostic (FOMC voter) speaks: Atlanta Fed President Raphael Bostic will discuss the impact of systemic racism on entrepreneurship. Audience and media Q&A is expected.
• 04:30 PM Boston Fed President Rosengren (FOMC non-voter) speaks: Boston Fed President Eric Rosengren will discuss the economy in a moderated Q&A hosted by the National Association of Corporate Directors. Audience Q&A is expected.

 Thursday, June 24

• 08:30 AM Advance goods trade balance, May (GS -$86.7bn, consensus -$87.7bn, last -$85.7bn): We estimate that the goods trade deficit increased by $1.0bn to $86.7bn in May compared to the final April report, reflecting the tail end of stimulus-driven import strength and inventory restocking partially offset by firming seaborne exports.
• 08:30 AM Wholesale inventories, May preliminary (consensus +0.8%, last +0.8%): Retail inventories, May (consensus +0.4%, last -1.6%)
• 08:30 AM Durable goods orders, May preliminary (GS +2.4%, consensus +3.0%, last -1.3%); Durable goods orders ex-transportation, May preliminary (GS +0.4%, consensus +0.7%, last +1.0%); Core capital goods orders, May preliminary (GS +0.4%, consensus +0.6%, last +2.2%); Core capital goods shipments, May preliminary (GS +0.6%, consensus +0.8%, last +0.9%): We estimate durable goods orders rose 2.4% in the preliminary May report, reflecting an expected rebound in commercial aircraft and defense orders. We estimate smaller gains in the core categories, including +0.4% in core capital goods orders and +0.6% for core capital goods shipments, reflecting rebounding exports but an elevated pace of orders the prior month.
• 08:30 AM GDP (third), Q1 (GS +6.4%, consensus +6.4%, last +6.4%); Personal consumption, Q1 (GS +11.3%, consensus +11.4%, last +11.3%): We estimate no revision on net in the third vintage of the Q1 GDP report (previously reported at +6.4% qoq saar).
• 08:30 AM Initial jobless claims, week ended June 19 (GS 380k, consensus 380k, last 412k); Continuing jobless claims, week ended June 12 (consensus 3,481k, last 3,518k): We estimate initial jobless claims decreased to 380k in the week ended June 19.
• 09:30 AM Atlanta Fed President Bostic (FOMC voter) and Philadelphia Fed President Harker (FOMC non-voter) speak: Atlanta Fed President Raphael Bostic and Philadelphia Fed President Patrick Harker will take part in a moderated panel discussion hosted by the Official Monetary and Financial Institutions Forum. Audience Q&A is expected.
• 11:00 AM Kansas City Fed manufacturing index, June (consensus +25, last +26)
• 11:00 AM New York Fed President Williams (FOMC voter) speaks: New York Fed President John Williams will take part in a virtual moderated discussion hosted by the College of Staten Island. Audience Q&A is expected.
• 01:00 PM St. Louis Fed President Bullard (FOMC non-voter) speaks: St. Louis Fed President James Bullard will discuss the economic outlook in a virtual event hosted by the Clayton Chamber of Commerce. Prepared text is expected.
• 01:00 PM Dallas Fed President Kaplan (FOMC non-voter) speaks: Dallas Fed President Robert Kaplan will take part in a virtual discussion hosted by the Headliners Club of Austin. Audience Q&A is expected.

Friday, June 25

• 08:30 AM Personal income, May (GS -2.4%, consensus -2.7%, last -13.1%); Personal spending, May (GS +0.6% consensus +0.4%, last +0.5%); PCE price index, May (GS +0.52%, consensus +0.5%, last +0.61%); Core PCE price index, May (GS +0.56%, consensus +0.6%, last +0.66%); PCE price index (yoy), May (GS +3.95%, consensus +3.9%, last +3.58%); Core PCE price index (yoy), May (GS +3.43%, consensus +3.4%, last +3.06%): Based on details in the PPI, CPI, and import price reports, we forecast that the core PCE price index rose by 0.56% month-over-month in May, corresponding to a 3.43% increase from a year earlier. Additionally, we expect that the headline PCE price index increased by 0.52% in May, corresponding to a 3.95% increase from a year earlier. We expect a 2.4% decrease in personal income and a 0.6% increase in personal spending in May.
• 10:00 AM University of Michigan consumer sentiment, June final (87.0, consensus 86.5, last 86.4): We expect the University of Michigan consumer sentiment index increased to 87.0 in the final June reading, reflecting stronger signals from other consumer sentiment measures.
• 11:35 AM Cleveland Fed President Mester (FOMC non-voter) speaks: Cleveland Fed President Loretta Mester will speak at a conference on economic resilience hosted by the Cleveland Fed.
• 01:00 PM Boston Fed President Rosengren (FOMC non-voter) speaks: Boston Fed President Eric Rosengren will discuss financial stability during a virtual event hosted by the Official Monetary and Financial Institutions Forum. Prepared text and audience Q&A are expected.
• 03:00 PM New York Fed President Williams (FOMC voter) speaks: New York Fed President John Williams will deliver honoree remarks at the UCEAP Distinguished Alumni Award Ceremony hosted by the University of California Education Abroad Program.

Source: DB, BofA, Goldman