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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Single best idea of picking up the pieces off the

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Speaker 2: FED meeting yesterday and intercourse onto Apple earnings, onto a

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Speaker 2: jobs report tomorrow. It's Thursday, and we've barely barely begun

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Speaker 2: to touch on two hundred and forty thousand non farm payrolls.

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Speaker 2: This is statistic. Tomorrow we'll get to that. The jobs report,

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Speaker 2: some would say, is more important than the FED meeting

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Speaker 2: that we just observed. And of course what's so important

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Speaker 2: about this is great FED conversation on the FEDA sides.

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Speaker 2: Thank you Mohammed Alarian for heated comments about the overarching

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Speaker 2: theme here that wasn't captured in the press conference. And

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Speaker 2: Bob Michael of JP Morgan I thought was just brilliant,

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Speaker 2: just saying, look, rates are coming down. Just wait wait,

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Speaker 2: wait for the data and you'll see that. And his

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Speaker 2: colleague Michael Feroli with US today made it very clear

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Speaker 2: that the sum of their research at JP Morgan as

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Speaker 2: you are going to get back on some form of

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Speaker 2: disinflationary tendency. My single word yesterday, the single best word,

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Speaker 2: if you will, for the FED meeting was it was

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Speaker 2: drowning and hopium and analong at Bloomberg Economics. I thought

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Speaker 2: was just brilliant yesterday and today with us about the

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Speaker 2: tone of the press conference in terms of hope versus

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Speaker 2: the reality of the data out there. Anamong made some

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Speaker 2: controversial comments today. Let's listen.

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Speaker 3: As a FED watcher, my goal is to predict what

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Speaker 3: he does, so I actually disagree with what he did yesterday, though,

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Speaker 3: you know, because from the first perspective, they have a

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Speaker 3: dual mandate, and he perhaps has seen some data that

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Speaker 3: is not suggesting to him that the economy is super strong.

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Speaker 3: You see downside for us. But that's why he's trying

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Speaker 3: to be more dovish also. But I think he made

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Speaker 3: a mistake honestly, because I think a lot of Americans

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Speaker 3: are really feeling the pain of inflation. And while the

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Speaker 3: FEDS deadline for bringing inflation to two percent might be

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Speaker 3: the end of twenty twenty five, so they have time,

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Speaker 3: I think Americans really want to get it down immediately.

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Speaker 2: And the whole there's a point in the social context

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Speaker 2: where Americans are on this raging debate. That's an understory here.

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Speaker 2: I talked about it yesterday on the FED sides continuing Suthorn,

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Speaker 2: excuse me of fighting the plague is I think everybody

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Speaker 2: is I got it fro America. But the answer is

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Speaker 2: you look at the social context of the FED. And

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Speaker 2: I thought Diane's swank yesterday with KPMG was absolutely brilliant

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Speaker 2: on this. In the FED meeting, she just got going

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Speaker 2: on how they don't see what's out there. One of

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Speaker 2: the people on YouTube chat from Houston saying Houston's just

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Speaker 2: slowed down. There's just one anecdote from one of our

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Speaker 2: good listeners. Linda Dissel has been a listener of the

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Speaker 2: American economy into equities for decades. It federated her men.

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Speaker 2: She's out of Pittsburgh and it really gets out there

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Speaker 2: talking to the Federated world, and that gives her a

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Speaker 2: chance to look across the nation. She's really quite keated

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Speaker 2: about what the public thinks of what the FED is doing.

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Speaker 1: As we're going through this earning season. On what you

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Speaker 1: just announced about Peloton, I was reading the comment that

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Speaker 1: the President made We're laying off fifteen percent of our

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Speaker 1: workforce because there is simply no other way to bring

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Speaker 1: spending in line with revenues. This is where we are

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Speaker 1: in the cycle, and this is where it gets a

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Speaker 1: lot more interesting. To be a stock picker, because some

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Speaker 1: companies can maintain their profit margins and others are going

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Speaker 1: to suffer their profit margins, and then there's nothing else

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Speaker 1: to do but cut people, because well, look how the

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Speaker 1: stocks react. The stocks love it when you're cutting costs.

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Speaker 1: And I think that's where we are in the cycle

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Speaker 1: and that's going to play out. And that's why I'm

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Speaker 1: not particularly worried about them raising rates. It's more like

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Speaker 1: a question of the next catalyst being an unemployment noticeable

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Speaker 1: unemployment acceleration pro.

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Speaker 2: Tip, whatever anyone's view is, and we heard this yesterday.

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Speaker 2: I believe Bob Michael really underscoring and this, but others

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Speaker 2: pro tip. When the job market deteriorates, it deteriorates quickly, rapidly.

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Speaker 2: The charts are fast. That's what David Malpas would say

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Speaker 2: years ago at bear Stearns. Things happen fast when a

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Speaker 2: job economy finally deteriorates. We did not see that in

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Speaker 2: claims today. We will look forward tomorrow to the jobs

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Speaker 2: report with some service statistics. Again, I'll be looking at

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Speaker 2: the revisions of the previous two months, but at two

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Speaker 2: hundred and forty thousand, and we'll see what the revisions are.

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Speaker 2: It's a mystery. There's no other way to put it.

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Speaker 2: But the answer is people are saying, look, this is

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Speaker 2: a proretty much fully employed America. There is maybe good

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Speaker 2: solid wage growth, but some of these whispers that are

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Speaker 2: out there is really what we're gonna address here through

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Speaker 2: the month of May and into the summer. It's eighty

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Speaker 2: degrees in New York today, so I think we're almost

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Speaker 2: on the edge of the summer. We're on the edge

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Speaker 2: of digital success. I am a humbled my Apple car Play,

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Speaker 2: Android Play, thank you so much for this habit. This

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Speaker 2: is in new cars. Some cars they have wires and

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Speaker 2: it's sums built right into the dashboard. It's free. You

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Speaker 2: download the Bloomberg Business app and it's everything on there.

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Speaker 2: You can get Carol Masser on Apple car Play. How

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Speaker 2: about that. It's a miracle, I say. On YouTube, excuse me,

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Speaker 2: search Bloomberg Podcasts. That's probably the best way to get

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Speaker 2: us on YouTube. And there now the full replay, huge

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Speaker 2: demand for this, the full replay of the show. It'll

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Speaker 2: be out, you know, we're trying to get it out

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Speaker 2: earlier two three pm. Maybe we'll try to get that

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Speaker 2: out earlier as uh well, so today, just two real

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Speaker 2: post fed voices in the jobs Day tomorrow it's single

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Speaker 2: best idea.

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Speaker 3: H m m yeah,