WEBVTT - Single Best Idea with Tom Keene: Claudia Sahm & Danielle DiMartino Booth

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news, A single best idea.

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<v Speaker 2>Here's the number one best idea, and I'll be straightforward

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<v Speaker 2>about it. I did not know this three hours ago,

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<v Speaker 2>five days ago. Wednesday's jobs report is a big deal.

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<v Speaker 2>I did not know that until Claudia Sam to talk

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<v Speaker 2>to us today. There was no jobs report today because

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<v Speaker 2>of this brief government shutdown. We only get it three

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<v Speaker 2>or four days later, which in the scope of things

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<v Speaker 2>is not a big deal. This is not like the

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<v Speaker 2>previous shutdown. But doctor some made very clear that we're

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<v Speaker 2>going to see revisions and maybe a real adjustment to

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<v Speaker 2>what a normal non farm payrolls rate is. To review.

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<v Speaker 2>One hundred and fifty thousand used to be normal. We

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<v Speaker 2>brought that down because of immigration and such, under one

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<v Speaker 2>hundred thousand. But are we going to revive herself down

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<v Speaker 2>to where twenty five thousand job growth is normal? All

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<v Speaker 2>of a sudden, I'm focused on Wednesday. Claudia Som has

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<v Speaker 2>written up a storm on our FED chairman nominee from

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<v Speaker 2>New Century Advisors. Claudia Som on doctor Worsh.

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<v Speaker 3>Kevin Worsh may need to start with an apology. He's

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<v Speaker 3>been pretty tough on the staff and on current FED officials.

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<v Speaker 3>You know, it's maybe the campaign to get the job.

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<v Speaker 3>And I am wholeheartedly agree the FED can always do

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<v Speaker 3>better and has made mistakes in the past, and there's

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<v Speaker 3>ways to change the institution. But he said some pretty

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<v Speaker 3>fiery stuff about people whose help he's going to need

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<v Speaker 3>very soon, and I suspect he'll come in and be like, hey,

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<v Speaker 3>you know, we were colleagues ones, we're colleagues again. Let's

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<v Speaker 3>get to it, and I think the page will turn

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<v Speaker 3>and off we go if some of his campaign promises

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<v Speaker 3>of you know, breaking heads and laying off a bunch

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<v Speaker 3>of people, If that happens, I think you'll have a

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<v Speaker 3>pretty tough first six months.

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<v Speaker 2>Claudia Summer and Kevin Walsh, I misspoke. I said doctor

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<v Speaker 2>Worsh And of course that's part of the tension when

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<v Speaker 2>you have Powell or Worsh who are not PhD economists,

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<v Speaker 2>and then you give them butchersed up against people like

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<v Speaker 2>doctor Some who are PhD economists, of which there are

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<v Speaker 2>many at the FED. It was a real joy today

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<v Speaker 2>to get the different opinions on the FED, and one

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<v Speaker 2>of them was the gentle lady from Texas, Daniel de

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<v Speaker 2>Martino Booth joined us. She had all her work with

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<v Speaker 2>President Fisher at Texas years ago, her academics within the

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<v Speaker 2>University of Texas system. Daniel di Martino Booth here on

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<v Speaker 2>the Doves and the future Hawks.

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<v Speaker 4>We have seen a much more hawkish tilt come out

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<v Speaker 4>of the Central Bank District presidents. Lori Logan Bloomberg did

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<v Speaker 4>a great feature on her recently. She's kind of got

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<v Speaker 4>her own market's desk that I started in Dallas. She

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<v Speaker 4>keeps that up and running and she has some very

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<v Speaker 4>definitive ideas about the balance sheet. I think she would

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<v Speaker 4>be a the same mind as a future Chareash. We

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<v Speaker 4>need to shrink that balance right. I think that most

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<v Speaker 4>Testice presidents would concur with that. The trick will be execution.

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<v Speaker 2>Tom Daniel di Martino Booth there on the path forward

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<v Speaker 2>for a FED and again a critical jobs report coming

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<v Speaker 2>up Wednesday with revisions on a podcast run Spotify. We

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<v Speaker 2>say good morning to all of you out in the

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<v Speaker 2>Pacific room where Spotify is very popular, on Apple Music

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<v Speaker 2>and of course on YouTube. Podcast It's single best idea