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Speaker 1: Who you put your trust in matters. Investors have put

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Speaker 1: their trust in independent registered investment advisors to the tune

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Speaker 1: of four trillion dollars. Why learn more and find your

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Speaker 1: independent advisor dot com. Welcome to the Bloomberg Surveillance Podcast.

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Speaker 1: I'm Tom Keane. Always with Michael McKee. Daily we bring

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Speaker 1: you insight from the best in economics, finance, investment, and

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Speaker 1: international relations. Find Bloomberg Surveillance on iTunes, SoundCloud, Bloomberg dot com,

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Speaker 1: and of course, on the Bloomberg I'm now joined by

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Speaker 1: the vice Chairman of the Fellow Reserve System, Stanley Fisher,

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Speaker 1: Professor Fisher. Wonderful to speak to you again. I want

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Speaker 1: to get out of the way the September December dance.

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Speaker 1: I'm not gonna ask you what you're gonna do here

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Speaker 1: in a few weeks, because you're not going to give

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Speaker 1: me an answer. What I want to know it's not

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Speaker 1: the if. But when there is a rate increase, can

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Speaker 1: you ensure yell and frame a one off event or

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Speaker 1: are you forced into a measured higher vector of rate increases?

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Speaker 1: Can you do one and done or even two and done,

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Speaker 1: or do you have to go to a measured set

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Speaker 1: of rate increases like what we saw a decade ago. Well,

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Speaker 1: the the work of the Central Bank has never done.

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Speaker 1: And I don't think you can say one and done

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Speaker 1: and that's it. Uh. We can choose the pace, but

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Speaker 1: we choose the pace on the beta basis of data

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Speaker 1: that are coming in. So I don't think we know

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Speaker 1: at the time we start whether it's one and done

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Speaker 1: or several. Uh. It depends entirely on what's happening in

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Speaker 1: the economy. It's your Aspen speech, you stated, I am

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Speaker 1: an optimists. You are surrounded by pessimists. We speak to

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Speaker 1: them every day on Bloomberg Television and Bloomberg Radio. I

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Speaker 1: want you to redefine Marvin good Friends comment at Jackson

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Speaker 1: Hall of pervasive pessimism. It's out there. Pervasive pessimism exists today.

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Speaker 1: How do you push back against that. Well, the question

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Speaker 1: is what is a pessimism about. It's not about employment.

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Speaker 1: Employment is very close to full employment. It's about growth,

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Speaker 1: and that problem is largely about productivity growth, something which

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Speaker 1: is very hard to control by policymakers. It depends enormously

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Speaker 1: on what private individuals are doing in their companies, and

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Speaker 1: it's very slow at the moment. It changes from time

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Speaker 1: to time, but we do not know when it will change.

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Speaker 1: I expect it will change somewhere down the road. There

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Speaker 1: are remarkable things going on on the technological front, but

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Speaker 1: they are not yet in the data you mentioned. Also,

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Speaker 1: the unmitigated blessings of the United States America is different,

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Speaker 1: and certainly you and cher yell And are running a

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Speaker 1: central bank distinct from the challenges that other central banks have.

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Speaker 1: Do you feel going into the September meeting, or for

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Speaker 1: that matter, the December meeting, that you are the central

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Speaker 1: bankers to the world or you can you be discreet

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Speaker 1: and look only at the United States economics? Well, they

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Speaker 1: will has become increasingly interconnected, particularly the capital markets of

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Speaker 1: the world. So what we do affects many other countries.

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Speaker 1: That was always so it's also true that what they

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Speaker 1: do affects us. So we're dealing with interconnectedness. And we

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Speaker 1: are probably the most important of the central banks. But

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Speaker 1: the European Central Bank is operating in an area of

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Speaker 1: about the same level of g d P, and what

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Speaker 1: it does matter is a great deal and so on.

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Speaker 1: Different economists. Paul Krugman at Princeton and your colleague Oliviable

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Speaker 1: and chartedt M I t have a primal screen to

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Speaker 1: go back to simpler economic models, to move from the

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Speaker 1: modern mumbo jumbo back to simpler models more hooked into

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Speaker 1: the real economy. The debate at Jackson Hall and the

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Speaker 1: debate you're having at the FED, does it need to

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Speaker 1: go back to simpler models that you taught years ago

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Speaker 1: at M I T, well, we don't love simplicity. Uh.

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Speaker 1: The question is I think DSG models is they're called

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Speaker 1: those which are fundamentally forward looking, uh, and the future

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Speaker 1: matters and the expectations matter, or those which are more

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Speaker 1: traditional but maybe very big. The basic model that the

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Speaker 1: FED uses, the so called furbus f R b U

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Speaker 1: S model, is actually large and quite complicated, but it's

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Speaker 1: structure is one that one could explain to economic students. Well,

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Speaker 1: I would actually explain it out to bankers, because what

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Speaker 1: I would suggest, respectfully, sir, is I saw a lot

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Speaker 1: of economists talking to each other at Jackson Hall. There's

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Speaker 1: a whole another system out there. When we look at

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Speaker 1: negative rates, when we look at tepid, subpar economic growth

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Speaker 1: and the productivity that you mentioned, I don't see the

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Speaker 1: economists addressing the dysfunction to the financial system within the

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Speaker 1: debate that you're having for September in December. Are you

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Speaker 1: sensitive and aware to global finance and global banking having

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Speaker 1: to deal with negative interest rates? Just as one example, Well,

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Speaker 1: we're sensitive to what's going on. One he has about it,

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Speaker 1: one he has and reads about and talks about what.

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Speaker 1: Look at their stock prices in Europe's happening in Japan

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Speaker 1: for instance. Um, yes, we take all that into account.

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Speaker 1: The United States is fortunate that when not in a

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Speaker 1: position where interest rates are negative, have to be negative.

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Speaker 1: And we're not planning to do anything in that direction,

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Speaker 1: but we certainly follow the debates and we certainly follow

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Speaker 1: the theory of negative interest rates within negative rates. I

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Speaker 1: spoke to you the Council on Foreign Relations in New

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Speaker 1: York pretty much when it was starting, and then we

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Speaker 1: had a conversation with you a number of months ago,

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Speaker 1: maybe it was half a year ago, I can't remember.

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Speaker 1: Now and here we are today. What have you learned

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Speaker 1: about negative rates in the crucible of the markets? What

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Speaker 1: have you learned in the last number of months. Well,

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Speaker 1: we've learned that the central banks which are implementing them,

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Speaker 1: there are four or five of them, basically think they're

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Speaker 1: quite successful and or staying with that approach, possibly with

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Speaker 1: the exception of Japan, although they're thinking it's through and

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Speaker 1: they have said they'll come back to try and make

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Speaker 1: negative rates work work better. So we're in a we're

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Speaker 1: in a world where they seem to work. I think

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Speaker 1: one of the most interesting developments I've seen in theory

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Speaker 1: is a paper that says, yes, they work up to

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Speaker 1: a certain point, and then they become counterproductive. Precisely, you

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Speaker 1: know that's a critical point. I mean, we have within

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Speaker 1: the interviews of Bloomberg, surveillance of Francine Loque, I have

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Speaker 1: had Olivier Blanchard calls them an outright scam. Granted he's

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Speaker 1: not a public official anymore. I understand that there is

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Speaker 1: a raging debate about the effocacy of negative interest rates

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Speaker 1: for central banks, for governments, and again for banking itself.

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Speaker 1: What about the efficacy of negative rates for savers and

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Speaker 1: the people of these different nations. Well, clearly there are

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Speaker 1: different responses to negative rates. If you're a saver, they're

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Speaker 1: very difficult to deal with and to to accept allow

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Speaker 1: typically they go along with quite decent equity prices. But

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Speaker 1: we consider all that and we have to make trade

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Speaker 1: offs in economics all the time, and the idea is

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Speaker 1: the lower the interest rate, the better it is for investors.

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Speaker 1: And that's where one of the great disappointments of the

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Speaker 1: reaction to very low interest rates is to be found.

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Speaker 1: I know that if I speak currency, everybody at the

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Speaker 1: photos serve stands up and says, you can't speak. That's

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Speaker 1: all tread carefully here within the currency dynamics and again

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Speaker 1: the heart the belief of going back to simpler models

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Speaker 1: and something like Moundel Fleming. We're living currency adjustments right

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Speaker 1: now that I would suggest President Tryche would call brutal

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Speaker 1: moves just looking at strong Yen, tell me about dollar

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Speaker 1: dynamics within greater macroeconomics. Now, we've had a great move

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Speaker 1: in the dollar. You've mentioned this within your asthment speech.

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Speaker 1: Can we withstand any more strong dollar moves? We're growing

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Speaker 1: it around two percent? Uh, And the problem we face

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Speaker 1: is that of productivity. I don't think that the dollar

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Speaker 1: is fundamentally the most important factor affecting the rate of

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Speaker 1: growth of productivity. Obviously, a stronger dollar has an impact

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Speaker 1: on the profitability of American companies and on how much

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Speaker 1: we want to import But the bottom line on this

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Speaker 1: is we have seen an appreciation of the dollar, and

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Speaker 1: the American economy continues at full employment, was moved towards

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Speaker 1: full employment, and so in in a fundamental sense, we've

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Speaker 1: withstood much of that challenge. It has had an impact

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Speaker 1: on inflation, reducing inflation, but we have to deal with

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Speaker 1: the world as it is. To final thoughts, Mr Simms,

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Speaker 1: Professor Sims of Princeton, was quite adamant about a greater

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Speaker 1: fiscal thrust. We're exhausted from nine years of monitors alone,

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Speaker 1: central bankers alone. How do you link the need for

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Speaker 1: fiscal policy into the actions you take in September and December.

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Speaker 1: The fiscal policy debate to me is two thousand seventeen

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Speaker 1: or even two thousand eighteen. It's really not part of

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Speaker 1: the calculus, now, is it. Well, it's very difficult to

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Speaker 1: take into account something with that much uncertainty. I'm sure

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Speaker 1: there will be changes in fiscal policy in two thousand

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Speaker 1: and seventeen or eighteen, as you suggest, but we don't

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Speaker 1: know what they will be, we don't know who will

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Speaker 1: implement them. So we get on with the world that

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Speaker 1: we see and with the data that come in and

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Speaker 1: with the data that we expect to come in. I've

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Speaker 1: tried to look forward here I need to look back.

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Speaker 1: What was the symbolism at Jackson Hole? The Worthies walk

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Speaker 1: out of the lodge and gaze at the elk in

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Speaker 1: the mountains. Usually it would beach are yelling. Was some

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Speaker 1: foreign dignitary? This time around, she's surrounded by Dudley and Fisher.

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Speaker 1: What was the symbolism of New York the vice chairman

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Speaker 1: propping up the chair. I don't think we were propping

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Speaker 1: up the chair. It's a pleasure to work with a chair,

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Speaker 1: but propping up is not something she was shown that

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Speaker 1: everybody's on the same page. I don't know what it

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Speaker 1: was about. I was. I was asked if I'd like

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Speaker 1: to go out and see the the scenery, and I

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Speaker 1: suddenly enjoyed it. I was in the middle of a

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Speaker 1: cup of coffee and I was allowed to take it

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Speaker 1: out with me. That's important and so so it was fine,

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Speaker 1: and I think it sent a message that some of

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Speaker 1: the that the people within the system are thinking and

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Speaker 1: along similar lines, Mr Vice Chairman, thank you so much.

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Speaker 1: Stanley Fisher, as the vice chairman of the Fellows, are

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Speaker 1: who you put your trust matters. Investors have put their

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Speaker 1: trust in independent registered investment advisors to the tune of

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Speaker 1: four trillion dollars. Why they see their role is to serve,

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Speaker 1: not sell. That's why Charles Schwab is committed to the

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Speaker 1: success of over seven thousand independent financial advisors who passionately

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Speaker 1: dedicate themselves to helping people achieve their financial goals. Learn

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Speaker 1: more and find your independent advisor dot com. Adam posing

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Speaker 1: continues with us giving us wonderful perspective before the conversation

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Speaker 1: with the vice chairman um Dr Posen. When I look

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Speaker 1: at the beginning of that interview, I think a lot

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Speaker 1: of simplistic analysis. It's done on the ease of doing

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Speaker 1: one and done and grizzled prose and policymakers. Let you go.

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Speaker 1: It's not that easy. The vice chairman clearly alluded to that,

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Speaker 1: he did, Tom, but your interview was great and you

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Speaker 1: got he was saying. I think two things with that message. First,

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Speaker 1: literally signaling to the markets that he doesn't rule out

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Speaker 1: to hikes before the end of the year. I'm not

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Speaker 1: sure it's a good idea, but he's making it clear

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Speaker 1: that that's on the table in his view. But secondly,

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Speaker 1: what you're saying that there's never going to be a

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Speaker 1: commitment to do nothing, that the FED has to constantly

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Speaker 1: be on guard, has to be reactive, in fact, ideally

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Speaker 1: forward looking. Within forward looking is this scary phrase exogenous shocks,

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Speaker 1: which is where guys like you get hit blindsided by policy.

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Speaker 1: Every policymaker is aware of the exogenous shocks. Are we

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Speaker 1: more susceptible to more exogenous shocks now because of the

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Speaker 1: weakness of global GDP? I think that's overdone. Uh. There

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Speaker 1: is this notion of stall speed, uh, that if you're

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Speaker 1: not moving far enough fast enough, you can get taken

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Speaker 1: down more easily. I don't think there's any statistical evidence

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Speaker 1: for that. What is worrying in terms of exogenous shocks

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Speaker 1: is the fact that there's less room for monetary policy

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Speaker 1: reaction that we had in two thousand eight, two thousand nine,

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Speaker 1: and there seems to be less Appy's still less appetite

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Speaker 1: for fiscal policy than we need, as was Erisi said

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Speaker 1: Jackson home the David, I want you to jumping here,

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Speaker 1: but let me close the loop on this. There's an

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Speaker 1: immediacy here to do something fiscal. Do you see any

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Speaker 1: indication and he will get done I don't. Japan is

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Speaker 1: doing it, Canada is doing it, There's a good chance

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Speaker 1: the UK will do it in October, and then I

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Speaker 1: think actually people are underpricing no matter who wins the election,

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Speaker 1: the likelihood we're going to actually get fiscal stimulus in

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Speaker 1: the US. David Garrol jump in place. Yeah, you know, Adam,

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Speaker 1: I want to get your thoughts on that conversation about

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Speaker 1: negative rates. Stand Fisher telling Tom we follow the theory

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Speaker 1: of negative interest rates. I think he said, we're not

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Speaker 1: planning to do anything in that direction. In the context

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Speaker 1: of the conversation he and Tom we're having about the

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Speaker 1: role of the FED in the global economy, how closely

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Speaker 1: he pays attention to what's happening to other central banks.

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Speaker 1: What did you make of what he had to say

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Speaker 1: about negative rates today, Well, David, I actually took a

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Speaker 1: slightly different spin from it. I thought his point He

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Speaker 1: did say exactly the quote you said, obviously, but he

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Speaker 1: was talking mostly saying rightly that as representative Jackson Hole,

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Speaker 1: there were four central banks of the five that are

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Speaker 1: doing negative rates, and they all moved in the Bank

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Speaker 1: of Japan feel they're largely working as expected, So saying

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Speaker 1: that the FED isn't looking to do that is the

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Speaker 1: same as saying the FED isn't looking to cut rates

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Speaker 1: right now. But it was actually I thought more of

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Speaker 1: a balanced endorsement looking globally at negative rates, and then

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Speaker 1: combined with that, he didn't He professed not to worry

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Speaker 1: much about the dollar, which WHI also suggests he's not

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Speaker 1: worried about negative rates in other countries. Yeah, he said,

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Speaker 1: I I don't think the dollar is the most important

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Speaker 1: factor affecting the rate of growth and productivity. He brought

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Speaker 1: up technology, which he acknowledged isn't reflected in the data

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Speaker 1: right now as you see it. How how important is

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Speaker 1: that strengthening dollar. Do you have any disagreement with him

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Speaker 1: there about the the importance of the role of the

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Speaker 1: strengthening dollar around the economy right now on right now?

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Speaker 1: I probably have a bit of a difference. I think

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Speaker 1: the dollar has gone up quite a bit, and except

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Speaker 1: for the end uh and even there has gone up

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Speaker 1: more than other economies. The US can take it, but

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Speaker 1: it's not entirely clear that the U s should take

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Speaker 1: all of it the way we did at various times

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Speaker 1: in the past. But the broader point that the dollar

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Speaker 1: should not be a substitute for monditary policy, and that

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Speaker 1: the US can withstand dollar movements better than most countries.

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Speaker 1: I think he's right, obviously. One of the things I

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Speaker 1: got in imposted was the was the idea of the

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Speaker 1: US standing alone. I mean, you see that when you

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Speaker 1: speak to the Vice German about how discreet we are

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Speaker 1: within our policy making versuss every other central bank, the

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Speaker 1: aloneness is remarkable. Yeah, you you you got that out

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Speaker 1: of him in the interview Tom, it was clear that he,

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Speaker 1: you know, he said, obviously the ECB has economics own

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Speaker 1: as big as ours, but now that the FED still

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Speaker 1: has a degree of autonomy that goes with the faith

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Speaker 1: in the dollar, and it goes with the fact that

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Speaker 1: the U s economy is still stronger and bigger than

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Speaker 1: anybody else. He added, though, that you know, what they

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Speaker 1: do also affects US. I was particularly taken by Tom's

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Speaker 1: question about his awareness of how what he does, what

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Speaker 1: the FOMC does, affects folks in the markets. Tom, noting

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Speaker 1: that we've just come on the heels of a conference

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Speaker 1: in Jackson Hole populated almost entirely by academic economists and

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Speaker 1: professional central bankers, what did you make of what he

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Speaker 1: had to say about the degree to which he's watching

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Speaker 1: market reaction, thinking about market reaction, thinking about how this

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Speaker 1: affects UM investors. Yes, but also savers. Well, I think

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Speaker 1: in all these things and I should not pretend to

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Speaker 1: project into the Vice chair's head or intentions. I don't know.

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Speaker 1: Only we could write in order, well, it's not my

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Speaker 1: place to do so, no one should um. But just

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Speaker 1: speaking from my experience at Bank of England, you always

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Speaker 1: have people who are savers who are saying, oh, you're

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Speaker 1: hurting us because you're doing X, or you have people

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Speaker 1: saying I'm an exporter and you're hurting us because the

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Speaker 1: dollars going up. There's always going to be that, and

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Speaker 1: it's important for central bankers to acknowledge the legitimacy of

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Speaker 1: citizens and democracy saying I don't like this. At the

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Speaker 1: same time, the whole point of having an independent central

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Speaker 1: bank is that they don't have to listen to that,

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Speaker 1: and I think the Vice chair was quite reasonable and

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Speaker 1: quite clear in suggesting that that should not be the

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Speaker 1: constraint on whether or not you do a policy. I

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Speaker 1: look at him the step forward here and the September meeting.

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Speaker 1: The markets certainly are miles apart from central bankers looking

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Speaker 1: at the dots, Yeah, looking at dots. Go at the

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Speaker 1: September meeting, would you assume a recalibration of FED dot

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Speaker 1: guestimates lower? I do we just wait? I think we've

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Speaker 1: you and I've talked about this before. Tom. I've been

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Speaker 1: saying for several years now the dots should be ignored.

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Speaker 1: And if you go to chair yelling speech in Jackson

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Speaker 1: Hall on Friday, she threw up that chart saying, Okay,

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Speaker 1: here's the rain of what interest rates would be given

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Speaker 1: the situation. And uh, it was a three basis point

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Speaker 1: plus range. So stop worrying about the dots. Your broader implication,

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Speaker 1: your broader question is right. Do we see a convergence

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Speaker 1: between markets and the Fed? I think on the narrow

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Speaker 1: issue of whether the rates go up in September December,

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Speaker 1: I don't think there is going to be one. I

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Speaker 1: think understandably there's going to continue to be uncertainty. Can

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Speaker 1: I ask you, David? Am I allowed to ask one

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Speaker 1: how ladies and gentlemen worldwide the dumb question of the

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Speaker 1: day doctor pose and what actually happens if they raise

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Speaker 1: rates in September? Markets fall apart? I don't buy it. No,

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Speaker 1: I don't buy it either, Tom. I don't think it's

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Speaker 1: the dumb question. I think it's the big question. Why

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Speaker 1: is the FEDS so intent right now? Not just Vice

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Speaker 1: chair Fisher on trying to telegraph September versus December? If

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Speaker 1: the U s economy is on a recovery path, if

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Speaker 1: the this economy is still strong, and if they think

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Speaker 1: inflation is going up, I don't know why anybody cares

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Speaker 1: that much. I mean, David worst cases yen goes you know,

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Speaker 1: yen goes up? Downside Me, yeah, I mean I've been

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Speaker 1: reading similarly, so I I uh I with Dr Foss

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Speaker 1: for sure. Adam posing has been a saint today, truan

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Speaker 1: on the edge of saint with a Peterson Institute giving

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Speaker 1: us perspective here, Adam, I want to move away from

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Speaker 1: the conversation with the Vice chairman and talk about descent.

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Speaker 1: You live descent at the Bank of England. I thought

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Speaker 1: Mike McKee's interview with Esther George, the great dissenter of

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Speaker 1: Kansas City was absolutely fantastic about her criticism. But her

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Speaker 1: criticism is extremely respectful of FED consensus. Is our descent

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Speaker 1: like Carney's descent? No, Um Tom, and thanks so much

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Speaker 1: for having me this morning. So much to talk about.

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Speaker 1: I agree Mike's interview with President and George was spot

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Speaker 1: on a great way to set up the FED FED

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Speaker 1: Kansas City conference. Uh, it is important to have the

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Speaker 1: respectful tone. It's important not to be randomly shooting your

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Speaker 1: mouth off every time. It's important to be consistent and

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Speaker 1: just as in real life, although you have to do

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Speaker 1: it more publicly, it's important to say what your assumptions

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Speaker 1: are and how you might be proven wrong. And I

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Speaker 1: give Prisident, George and others some credit wherein they've been

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Speaker 1: clear about that. There was a few meetings back, Adam

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Speaker 1: some some unanimity among the Fed, and we talked about

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Speaker 1: the importance of that of Janet Yellen's ability to cultivate

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Speaker 1: the support of the the entire committee. Would she prefer

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Speaker 1: it to be that way? What's the role of that descent?

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Speaker 1: I imagine it creates a more robust discussion in the

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Speaker 1: in the the regular meetings there. But how important is

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Speaker 1: unanimity to her going forward? I don't think unanimity is

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Speaker 1: that important, David. I think what is important, going back

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Speaker 1: to what Tom said and Mike's interview is that any

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Speaker 1: descent is data based or or explicitly theory based. You know,

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Speaker 1: you can say I'm worried about financial stability risks from

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Speaker 1: zero rights saying, but it's clearly expressed, it's on substance,

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Speaker 1: it's not about style, and that it's not constantly communicated.

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Speaker 1: I mean, I think Yelling's chairs concerned is but I

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Speaker 1: think should be more about too many people talking too often,

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Speaker 1: and not so much the fact of descent. If you

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Speaker 1: had clear communications and you had a bunch of votes

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Speaker 1: where you had two or three descents, that would not

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Speaker 1: be the end of the world, and that would probably

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Speaker 1: be better than some of the things that have gone on.

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Speaker 1: I look U dr pos and this valet and of

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Speaker 1: course we're down to micro analyzing consonants and vowels and

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Speaker 1: of all this. How did we get in this mess

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Speaker 1: of micro analysis of your world? It was a similar

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Speaker 1: time with Arthur Burns. Has that a better time? No? Um,

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Speaker 1: absolutely not, Tom. I mean I think Burns and in

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Speaker 1: Lake Greenspan both show that there are problems when you

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Speaker 1: have too much faith in the chair. The chair doesn't

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Speaker 1: get challenged, the chair doesn't have enough to scent around

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Speaker 1: them and enough communication. Um, so no, those were not

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Speaker 1: deer times. Then to move it back yesterday John Taylor

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Speaker 1: of Stanford on it I just a claring call. We

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Speaker 1: know the Stanford the Taylor call for a tilt towards rules.

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Speaker 1: Maybe not New Zealand rules because we're not New Zealand,

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Speaker 1: but is there a place for a tailor FED. I

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Speaker 1: continue to disagree with that view, I think, and we've

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Speaker 1: had this debate across the profession for a long time.

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Speaker 1: There needs to be some discipline, There needs to be

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Speaker 1: some benchmarks, some accountability for the FED and other central banks.

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Speaker 1: There needs to be a clear statement of strategy and goals.

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Speaker 1: But what is being called for in rules, if you

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Speaker 1: try to do it in practice, would lead to things

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Speaker 1: like what the e c B did to Southern Europe,

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Speaker 1: would lead to things like what the fed's mistake in

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Speaker 1: thirty three UM would lead to things like the mistaken

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Speaker 1: rate hikes in Bank of Japan and ECB in recent years. This,

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Speaker 1: what they're calling rules is not rules. It's a stiff,

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Speaker 1: single minded putting away of the Feds are not ability

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Speaker 1: to the real economy, and it's an inflexibility you don't

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Speaker 1: need because, as Somers is pointing out, it's all of

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Speaker 1: us have pointed out you're not seeing spiraling inflation expectations.

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Speaker 1: So it's the wrong prescription. It's a theoretically nice thing,

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Speaker 1: but in practice it's a very bad call. Before we go,

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Speaker 1: tell me, I got to bring up your your final

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Speaker 1: question to to stand Fisher on the heels of what

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Speaker 1: Peter Cooper of Deutsche Bank said yesterday, which was notice

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Speaker 1: the imagery noticed the picture of stand Fisher deadly and

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Speaker 1: yelling at Jackson Hole looking at the Elka, as you said,

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Speaker 1: and I thought it was just such an interesting glimpse

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Speaker 1: at stand Fishery sense of himself in the FED. You know,

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Speaker 1: he tried to play it off initially. At first all

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Speaker 1: I just was invited out, got a cup of feine,

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Speaker 1: went outside them. By the end he was saying, you know,

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Speaker 1: the goal there was perhaps to to project some unimity,

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Speaker 1: to to to show that people within the system you're

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Speaker 1: thinking along similar lines. I thought that was fantastic. Is

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Speaker 1: the unanimity there, doctor poses, there's unity, unanimity, unity, and

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Speaker 1: in the core and the leadership, half the letters are

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Speaker 1: there and half are there, and and for government work,

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Speaker 1: that's pretty good. There you go, Adam posing me, thank

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Speaker 1: you you start your day in Washington. Thanks for listening

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Speaker 1: to the Bloomberg Surveillance podcast. Subscribe and listen to interviews

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00:25:30,760 --> 00:25:36,120
Speaker 1: on iTunes, SoundCloud, or whichever podcast platform you prefer. I'm

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Speaker 1: on Twitter at Tom Keane, Michael McKee is at Economy

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Speaker 1: Before the podcast, you can always catch us worldwide. I'm

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Speaker 1: Bloomberg Radio. Who you put your trust in matters. Investors

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Speaker 1: the tune of four trillion dollars. Why learn more and

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