Speaker 1: Bloomberg Audio Studios, podcasts, radio news, A single best idea.
Speaker 2: Here's the number one best idea, and I'll be straightforward
Speaker 2: about it. I did not know this three hours ago,
Speaker 2: five days ago. Wednesday's jobs report is a big deal.
Speaker 2: I did not know that until Claudia Sam to talk
Speaker 2: to us today. There was no jobs report today because
Speaker 2: of this brief government shutdown. We only get it three
Speaker 2: or four days later, which in the scope of things
Speaker 2: is not a big deal. This is not like the
Speaker 2: previous shutdown. But doctor some made very clear that we're
Speaker 2: going to see revisions and maybe a real adjustment to
Speaker 2: what a normal non farm payrolls rate is. To review.
Speaker 2: One hundred and fifty thousand used to be normal. We
Speaker 2: brought that down because of immigration and such, under one
Speaker 2: hundred thousand. But are we going to revive herself down
Speaker 2: to where twenty five thousand job growth is normal? All
Speaker 2: of a sudden, I'm focused on Wednesday. Claudia Som has
Speaker 2: written up a storm on our FED chairman nominee from
Speaker 2: New Century Advisors. Claudia Som on doctor Worsh.
Speaker 3: Kevin Worsh may need to start with an apology. He's
Speaker 3: been pretty tough on the staff and on current FED officials.
Speaker 3: You know, it's maybe the campaign to get the job.
Speaker 3: And I am wholeheartedly agree the FED can always do
Speaker 3: better and has made mistakes in the past, and there's
Speaker 3: ways to change the institution. But he said some pretty
Speaker 3: fiery stuff about people whose help he's going to need
Speaker 3: very soon, and I suspect he'll come in and be like, hey,
Speaker 3: you know, we were colleagues ones, we're colleagues again. Let's
Speaker 3: get to it, and I think the page will turn
Speaker 3: and off we go if some of his campaign promises
Speaker 3: of you know, breaking heads and laying off a bunch
Speaker 3: of people, If that happens, I think you'll have a
Speaker 3: pretty tough first six months.
Speaker 2: Claudia Summer and Kevin Walsh, I misspoke. I said doctor
Speaker 2: Worsh And of course that's part of the tension when
Speaker 2: you have Powell or Worsh who are not PhD economists,
Speaker 2: and then you give them butchersed up against people like
Speaker 2: doctor Some who are PhD economists, of which there are
Speaker 2: many at the FED. It was a real joy today
Speaker 2: to get the different opinions on the FED, and one
Speaker 2: of them was the gentle lady from Texas, Daniel de
Speaker 2: Martino Booth joined us. She had all her work with
Speaker 2: President Fisher at Texas years ago, her academics within the
Speaker 2: University of Texas system. Daniel di Martino Booth here on
Speaker 2: the Doves and the future Hawks.
Speaker 4: We have seen a much more hawkish tilt come out
Speaker 4: of the Central Bank District presidents. Lori Logan Bloomberg did
Speaker 4: a great feature on her recently. She's kind of got
Speaker 4: her own market's desk that I started in Dallas. She
Speaker 4: keeps that up and running and she has some very
Speaker 4: definitive ideas about the balance sheet. I think she would
Speaker 4: be a the same mind as a future Chareash. We
Speaker 4: need to shrink that balance right. I think that most
Speaker 4: Testice presidents would concur with that. The trick will be execution.
Speaker 2: Tom Daniel di Martino Booth there on the path forward
Speaker 2: for a FED and again a critical jobs report coming
Speaker 2: up Wednesday with revisions on a podcast run Spotify. We
Speaker 2: say good morning to all of you out in the
Speaker 2: Pacific room where Spotify is very popular, on Apple Music
Speaker 2: and of course on YouTube. Podcast It's single best idea