1
00:00:02,520 --> 00:00:14,480
Speaker 1: Bloomberg Audio Studios, podcasts, radio news, A single best idea.

2
00:00:14,720 --> 00:00:17,520
Speaker 2: Here's the number one best idea, and I'll be straightforward

3
00:00:17,560 --> 00:00:20,919
Speaker 2: about it. I did not know this three hours ago,

4
00:00:21,360 --> 00:00:25,680
Speaker 2: five days ago. Wednesday's jobs report is a big deal.

5
00:00:25,960 --> 00:00:29,320
Speaker 2: I did not know that until Claudia Sam to talk

6
00:00:29,400 --> 00:00:33,120
Speaker 2: to us today. There was no jobs report today because

7
00:00:33,120 --> 00:00:35,319
Speaker 2: of this brief government shutdown. We only get it three

8
00:00:35,360 --> 00:00:37,800
Speaker 2: or four days later, which in the scope of things

9
00:00:37,920 --> 00:00:39,760
Speaker 2: is not a big deal. This is not like the

10
00:00:39,800 --> 00:00:44,559
Speaker 2: previous shutdown. But doctor some made very clear that we're

11
00:00:44,600 --> 00:00:48,400
Speaker 2: going to see revisions and maybe a real adjustment to

12
00:00:48,440 --> 00:00:51,800
Speaker 2: what a normal non farm payrolls rate is. To review.

13
00:00:52,200 --> 00:00:54,320
Speaker 2: One hundred and fifty thousand used to be normal. We

14
00:00:54,440 --> 00:00:57,360
Speaker 2: brought that down because of immigration and such, under one

15
00:00:57,440 --> 00:01:00,760
Speaker 2: hundred thousand. But are we going to revive herself down

16
00:01:00,800 --> 00:01:05,160
Speaker 2: to where twenty five thousand job growth is normal? All

17
00:01:05,200 --> 00:01:09,160
Speaker 2: of a sudden, I'm focused on Wednesday. Claudia Som has

18
00:01:09,160 --> 00:01:12,960
Speaker 2: written up a storm on our FED chairman nominee from

19
00:01:12,959 --> 00:01:16,440
Speaker 2: New Century Advisors. Claudia Som on doctor Worsh.

20
00:01:16,920 --> 00:01:21,160
Speaker 3: Kevin Worsh may need to start with an apology. He's

21
00:01:21,200 --> 00:01:25,360
Speaker 3: been pretty tough on the staff and on current FED officials.

22
00:01:25,480 --> 00:01:28,119
Speaker 3: You know, it's maybe the campaign to get the job.

23
00:01:28,400 --> 00:01:31,880
Speaker 3: And I am wholeheartedly agree the FED can always do

24
00:01:32,000 --> 00:01:34,280
Speaker 3: better and has made mistakes in the past, and there's

25
00:01:34,319 --> 00:01:37,400
Speaker 3: ways to change the institution. But he said some pretty

26
00:01:37,400 --> 00:01:40,760
Speaker 3: fiery stuff about people whose help he's going to need

27
00:01:40,840 --> 00:01:43,240
Speaker 3: very soon, and I suspect he'll come in and be like, hey,

28
00:01:43,280 --> 00:01:46,199
Speaker 3: you know, we were colleagues ones, we're colleagues again. Let's

29
00:01:46,240 --> 00:01:48,200
Speaker 3: get to it, and I think the page will turn

30
00:01:48,240 --> 00:01:52,800
Speaker 3: and off we go if some of his campaign promises

31
00:01:53,040 --> 00:01:55,840
Speaker 3: of you know, breaking heads and laying off a bunch

32
00:01:55,880 --> 00:01:57,760
Speaker 3: of people, If that happens, I think you'll have a

33
00:01:57,800 --> 00:01:59,320
Speaker 3: pretty tough first six months.

34
00:02:00,040 --> 00:02:02,920
Speaker 2: Claudia Summer and Kevin Walsh, I misspoke. I said doctor

35
00:02:02,960 --> 00:02:05,440
Speaker 2: Worsh And of course that's part of the tension when

36
00:02:05,480 --> 00:02:09,160
Speaker 2: you have Powell or Worsh who are not PhD economists,

37
00:02:09,600 --> 00:02:11,800
Speaker 2: and then you give them butchersed up against people like

38
00:02:11,840 --> 00:02:15,400
Speaker 2: doctor Some who are PhD economists, of which there are

39
00:02:15,520 --> 00:02:19,919
Speaker 2: many at the FED. It was a real joy today

40
00:02:19,919 --> 00:02:21,799
Speaker 2: to get the different opinions on the FED, and one

41
00:02:21,800 --> 00:02:24,600
Speaker 2: of them was the gentle lady from Texas, Daniel de

42
00:02:24,720 --> 00:02:27,960
Speaker 2: Martino Booth joined us. She had all her work with

43
00:02:28,240 --> 00:02:32,120
Speaker 2: President Fisher at Texas years ago, her academics within the

44
00:02:32,280 --> 00:02:36,640
Speaker 2: University of Texas system. Daniel di Martino Booth here on

45
00:02:36,760 --> 00:02:38,840
Speaker 2: the Doves and the future Hawks.

46
00:02:39,400 --> 00:02:43,080
Speaker 4: We have seen a much more hawkish tilt come out

47
00:02:43,200 --> 00:02:48,360
Speaker 4: of the Central Bank District presidents. Lori Logan Bloomberg did

48
00:02:48,360 --> 00:02:50,560
Speaker 4: a great feature on her recently. She's kind of got

49
00:02:50,560 --> 00:02:53,160
Speaker 4: her own market's desk that I started in Dallas. She

50
00:02:53,280 --> 00:02:55,200
Speaker 4: keeps that up and running and she has some very

51
00:02:55,200 --> 00:02:58,320
Speaker 4: definitive ideas about the balance sheet. I think she would

52
00:02:58,400 --> 00:03:02,520
Speaker 4: be a the same mind as a future Chareash. We

53
00:03:02,600 --> 00:03:05,480
Speaker 4: need to shrink that balance right. I think that most

54
00:03:05,520 --> 00:03:10,240
Speaker 4: Testice presidents would concur with that. The trick will be execution.

55
00:03:10,440 --> 00:03:15,040
Speaker 2: Tom Daniel di Martino Booth there on the path forward

56
00:03:15,120 --> 00:03:18,080
Speaker 2: for a FED and again a critical jobs report coming

57
00:03:18,160 --> 00:03:23,320
Speaker 2: up Wednesday with revisions on a podcast run Spotify. We

58
00:03:23,400 --> 00:03:25,880
Speaker 2: say good morning to all of you out in the

59
00:03:25,919 --> 00:03:30,000
Speaker 2: Pacific room where Spotify is very popular, on Apple Music

60
00:03:30,280 --> 00:03:36,040
Speaker 2: and of course on YouTube. Podcast It's single best idea