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

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Speaker 2: A single best idea, the single best idea is to

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Speaker 2: understand the jobs report is Thursday, not Friday. This week

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Speaker 2: a huge wall of economic data squeezed in to a

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Speaker 2: holiday lengthened work week. We start strong with Bob Michael

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Speaker 2: out with a midyear update for JP Morgan driving all

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Speaker 2: of their full faith and credit work many other duties

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Speaker 2: as well. Bob Michael here on the new regime, which

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Speaker 2: is the new normal.

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Speaker 3: We're heading into an environment that's more normal that existed

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Speaker 3: pre Great Financial Crisis, when there is a demand for

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Speaker 3: capital because there's a productive use for capital, and there

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Speaker 3: will be a cost for that capital and it won't

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Speaker 3: be zero. Does that mean the had funds rate belongs

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Speaker 3: about where that first dot was that the Fed put

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Speaker 3: out in twenty twelve, four and a quarter percent. Maybe

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Speaker 3: could be get ready for that, Get ready for markets

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Speaker 3: where you could see a surgeon inflation. The Fed may

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Speaker 3: have to go to six percent, and they may have

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Speaker 3: to apply a little stimulus and go down to three percent.

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Speaker 3: I think that's the market we're headed for, and I

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Speaker 3: think that's an exciting market.

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Speaker 2: About Michael there with JP Morgan just really interesting conversations

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Speaker 2: about the mid year review and of course the uncertainties

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Speaker 2: and the many uncertainties hard to quantify that are out there.

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Speaker 2: It was a joy to talk to bred Bechtel. He

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Speaker 2: is with Jeffries and very different in foreign exchange strategy,

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Speaker 2: with a huge trading in the sales part of it,

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Speaker 2: the mechanism, the process part of buying and selling various

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Speaker 2: and sundry foreign exchange. I asked bred Bechtel the da

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Speaker 2: here of what's the rookie mistake in foreign exchange trading.

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Speaker 4: The biggest mistake people make is they get convict they

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Speaker 4: get convinced on a trade, they jump all in, and

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Speaker 4: you have to be very careful. This is a saw

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Speaker 4: tooth market. This is not a market that's on a

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Speaker 4: forty five degree line. This is a market that likes

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Speaker 4: to wash people out from time to time. So the

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Speaker 4: moment you get convinced on the trade like I am

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Speaker 4: now with the short dollar strategy, you have to remain

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Speaker 4: nimble and you have to remain hedged and ready to

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Speaker 4: kind of reduce risk into the extreme move. So when

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Speaker 4: the positioning gets extreme, that's when you should be lightening up.

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Speaker 4: Look the reload on the snapback.

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Speaker 2: Red Bechdel with Jeffries. I can't say enough. We do equities, bonds, currencies, commodities.

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Speaker 2: There's an entire US heritage back well over one hundred

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Speaker 2: years of ignoring the dollar. We are the dollar. We

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Speaker 2: don't have to care about foreign exchange because we are

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Speaker 2: the dollar. Well, guess what, it's the modern ear where

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Speaker 2: all of these relationships matter as well. Please stay with

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Speaker 2: us again with the jobs report on Thursday, a uh

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Speaker 2: pon podcasts at Apple podcasts and Spotify too, and on

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Speaker 2: YouTube podcasts. That's a single best idea