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

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Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along

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Speaker 2: with Paul Sweeney. Join us each day for insight from

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Speaker 2: the best in economics, finance, investment, and international relations. You

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Speaker 2: can also watch the show live on YouTube. Visit the

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Speaker 2: Bloomberg Podcast channel on YouTube to see the show weekday

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Speaker 2: mornings from seven to ten am Eastern from our global

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Speaker 2: headquarters in New York City. Subscribe to the podcast on Apple, Spotify,

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Speaker 2: or anywhere else you listen and always I'm Bloomberg Radio,

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Speaker 2: the Bloomberg Terminal, and the Bloomberg Business App. It's Quiet

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Speaker 2: Economic Day, which really gives us time to step back

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Speaker 2: or to go up to sixty thousand feet, which is

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Speaker 2: the purview of Betsy Stevenson out of Willesley College, the

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Speaker 2: land of Carl Case long ago rigid economics, to Harvard

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Speaker 2: and then to really holding court and building a huge

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Speaker 2: public policy franchise at the University of Michigan. We're honored

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Speaker 2: to bring you, Professor Stevenson to start things this morning.

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Speaker 2: Betsy Gerald Ford had an inflation scare and he put

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Speaker 2: out buttons that said whip inflation. Now that really didn't work.

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Speaker 2: Betsy Stevenson, what should be the policy prescription for our

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Speaker 2: next president of the United States to whip inflation? Now?

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Speaker 1: Well, you know, I think we've actually done a pretty

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Speaker 1: good job whipping inflation.

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Speaker 2: Now.

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Speaker 1: You know, it's interesting, the honesty, So what should the

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Speaker 1: president do? You know, most people think that it's really

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Speaker 1: the purview of the Federal Reserve to handle inflation, and

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Speaker 1: they do that by trying to make sure that demand

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Speaker 1: is in line with supply. And what we saw in

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Speaker 1: the United States and frankly around the globe was demand

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Speaker 1: got ahead of supply, and we've seen that normalization start

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Speaker 1: to happen in a way that you know, we did

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Speaker 1: see rates rise all over the globe, but we've also seen.

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Speaker 3: Inflation come down, and it's come down much with.

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Speaker 1: A lot less pain than and then people anticipated. And

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Speaker 1: I think that that was because supply expanded. We didn't

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Speaker 1: just need to bring down demand, but we got to

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Speaker 1: expand supply. So I give you that whole long answer

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Speaker 1: because I think it does bring us back to what

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Speaker 1: can presidents do well.

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Speaker 3: Presidents can make sure that.

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Speaker 1: We have an environment that allows new businesses to thrive,

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Speaker 1: that allows you know, new businesses to form to expand.

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Speaker 1: That allows hiring to continue in a way that is

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Speaker 1: being additional people into the labor market. I think that's

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Speaker 1: one of the things that people get confused about. They

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Speaker 1: see a hot labor market and they say, oh, maybe

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Speaker 1: that's bad for inflation.

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Speaker 2: Right, it's male only that for.

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Speaker 3: Inflation if we can't find the people to hire.

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Speaker 2: BET's see the mail that Paul Sweeney and I get

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Speaker 2: is simple. They have fixed costs. America has to eat

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Speaker 2: an America has to find a place to sleep, and

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Speaker 2: housing is a disaster. Rent increases for a lot of people.

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Speaker 2: I understand in the West, particularly rents are coming down,

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Speaker 2: but the combination of housing and food leads to an

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Speaker 2: American public buried from twenty nineteen. Can we establish a

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Speaker 2: policy to assuage that pain?

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Speaker 1: You know, I think there are two separate things here.

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Speaker 1: So when we think about housing, you know, the main

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Speaker 1: issue with housing is always going to be why are

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Speaker 1: we building enough housing? Prices go up for housing when

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Speaker 1: there's more people who want housing than there are houses

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Speaker 1: out there. You know, I sort of laugh because I

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Speaker 1: literally got an email from a neighbor in the last

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Speaker 1: couple of days, uh, telling me about a horrible policy

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Speaker 1: that the city wants to pass in ann Arbor, Michigan,

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Speaker 1: that would increase density for the horrors increase density, and

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Speaker 1: you know the reality is we need to increase density.

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Speaker 3: If we're not increasing density, we're not going.

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Speaker 1: To bring down prices because the only way to bring

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Speaker 1: down prices is to build more supply, and that involves

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Speaker 1: having higher density. So I think housing is one of

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Speaker 1: these things where honestly progressives get themselves really worked up

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Speaker 1: about it, and then progressives also push policies that reduce

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Speaker 1: uh that reduce housing supply. So we've gone to face

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Speaker 1: the music on that one. I think it's very very

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Speaker 1: different from grocery price inflation. I think grocery play price inflation,

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Speaker 1: it is really the price. The grocery prices aren't going

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Speaker 1: to come down, but they are going to stabilize, and

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Speaker 1: they already have stabilized, and I think that that's we're

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Speaker 1: just going to have to adjust.

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Speaker 4: So, Professor, can you talk to us about the labor

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Speaker 4: market here.

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Speaker 5: We've seen some really strong labor data recently.

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Speaker 4: I mean, the labor market has been so resilient here.

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Speaker 5: Can you give us your thoughts on kind of how

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Speaker 5: you view the US labor market particularly as it relates

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Speaker 5: to immigration and how that may be impacting the numbers

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Speaker 5: because labor is obviously something that the Federal Reserve is

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Speaker 5: looking at.

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Speaker 1: Well, that's what I was saying earlier, is that what

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Speaker 1: the Fed cares about is we think that the labor

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Speaker 1: market could be inflationary if the companies are trying to

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Speaker 1: hire and there aren't any additional people to hire, so

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Speaker 1: what will they do instead, Well, they'll start competing over

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Speaker 1: each over employees, and that competition will push up wages.

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Speaker 1: And then pushing up of wages will you know, spur inflation,

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Speaker 1: because if you're paying your workers more, ultimately you're going

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Speaker 1: to charge your customers more. Now if instead, when you

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Speaker 1: go to hire, there's some new people who are enter

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Speaker 1: the labor market, in other words, the labor markets expanding

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Speaker 1: along labor supply is expanding along with labor demand, then

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Speaker 1: we don't get any inflationary pressure. We actually get the opposite.

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Speaker 1: It actually reduces inflationary pressure. How do we get the

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Speaker 1: labor markets supply to expand there's only two ways. The

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Speaker 1: people who are already here become more likely to work,

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Speaker 1: or we bring in new people who are willing to

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Speaker 1: take the jobs. And what we've seen are both of

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Speaker 1: those things have happened. But really immigration has been important.

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Speaker 2: Betsy, I got one minute left. I got Michigan out

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Speaker 2: of state. It's seventy seven thousand dollars a year. We

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Speaker 2: just published Vanderbilt near one hundred thousand dollars a year.

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Speaker 2: When are we going to get a handle on the

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Speaker 2: madness of college cost?

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Speaker 1: You know, I think again it's a really complex issue.

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Speaker 1: The question on college costs are you.

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Speaker 3: Know, what are they paying for, what are they getting

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Speaker 3: and how are we going to fund that?

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Speaker 1: It? So, you know, there's tuition and then there's you know,

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Speaker 1: all sorts of things that people do on campus.

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Speaker 3: You know, I think we got to decompose that.

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Speaker 1: And then the last thing to not is remember those

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Speaker 1: sticker prices do not reflect what most people actually pay.

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Speaker 1: So as long as we have rising inequality, we're going

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Speaker 1: to have higher sticker prices so that we can have

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Speaker 1: the people are paying the most help subsidize the people

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Speaker 1: who can't afford that.

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Speaker 2: But never enough time. Betsy Stevenson, thank you so much.

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Speaker 2: Truly one of America's best thinkers about our fractured political

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Speaker 2: economic policy. I have tried for over three weeks to

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Speaker 2: get this guy on. This is the single best gold

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Speaker 2: analyst on the culture and fabric of gold worldwide. I

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Speaker 2: know to the small bank, the Hong Kong, Shanghai and

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Speaker 2: Banking Corporation, and we are honored to bring global Wall

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Speaker 2: Street James Steele. James. The back of the postcard analysis

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Speaker 2: is China. China at the margin is buying up all

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Speaker 2: the gold. Who are they buying it from?

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Speaker 6: Well, good morning, Tom, and thank you, thank you for

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Speaker 6: having me. I think much of the reason is not

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Speaker 6: just China, but abroad, and it's the same reason. It's

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Speaker 6: a default play. In the case of China, specifically, the

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Speaker 6: property markets have been very weak, the equity markets have

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Speaker 6: been very weak, and this narrows the universe that investors

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Speaker 6: but you know, big and small, are likely to look for,

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Speaker 6: and gold is a great safe haven. Now we're seeing

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Speaker 6: the same thing abroad, but the equity and property markets

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Speaker 6: haven't fallen abroad. And in the case of Western markets,

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Speaker 6: I think what we've seen is asset managers, portfolio managers

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Speaker 6: and the like have recognized that equities are very high.

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Speaker 6: They have no choice in many cases but to be

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Speaker 6: in the equity markets. But they have a choice about

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Speaker 6: how they hedge that exposure, and and they've chosen gold.

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Speaker 2: When when the Chinese buy gold as a general statement,

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Speaker 2: is it bars of gold? Is it old krugar reads?

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Speaker 2: Is it bracelets? Are they down at Tiffany's in Shanghai

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Speaker 2: buying some gold? Babble? What what do you buy when

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Speaker 2: you buy gold in China?

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Speaker 6: Well, it's a it's a mix between China and India.

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Speaker 6: Fifty percent of all the jewelry gold, jewelry in the

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Speaker 6: world is bought, and roughly it's a two thirds jewelry

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Speaker 6: and one third barn coin. So and the investors who

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Speaker 6: are looking specifically to hedge themselves more from equity market

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Speaker 6: and property market weakness, you will will favor the barn coins.

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Speaker 5: So do we have a sense here where gold should be?

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Speaker 5: I mean, it just is set all time highs every day.

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Speaker 5: I'm not sure people have a sense of how to

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Speaker 5: value this thing.

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Speaker 6: Well, yes, I would agree, and I think that's a universal.

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Speaker 2: Problem.

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Speaker 6: Certainly, to look at costs of production won't help you

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Speaker 6: at all, because the market is well above the average

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Speaker 6: or in sustaining costs of production or any measure that

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Speaker 6: you want to look at with maybe except for one

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Speaker 6: or two gold mines in the whole world what you

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Speaker 6: would and some of the traditional barometers also are not

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Speaker 6: working very well. For example, we were looking for one

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Speaker 6: hundred and fifty one hundred and sixty basis points. When

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Speaker 6: I say we, I mean Wall Street in January. That's

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Speaker 6: contracted to below seventy five basis points of cuts that

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Speaker 6: would normally have led you to think that gold recalibrate

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Speaker 6: lower between January and now, but the opposite has happened.

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Speaker 6: Real rates are positive, that should be providing headwinds, and

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Speaker 6: the dollar has been reasonably firm. None of those things

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Speaker 6: seem to be making a huge impact. And what I

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Speaker 6: would add is I think the geopolitical element has been

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Speaker 6: very strong. We've seen a lot of geopolitically led safe

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Speaker 6: haven buying coming in, and there's academic studies to show

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Speaker 6: that gold hedge as well against geopolitical risk as well

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Speaker 6: as it does against financial market risk. So I would

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Speaker 6: say right now we are in a bit of a

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Speaker 6: no man's land here where where the traditional issues are

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Speaker 6: not having what would not provide you with the guidance

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Speaker 6: that you would normally think now over time, physical demand

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Speaker 6: outside of China is suffering it was down last year.

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Speaker 2: In India.

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Speaker 6: A ten grand bar in India is now seventy one

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Speaker 6: thousand rupees double what it was just a few years ago.

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Speaker 6: Jewelry demand is declining. Most people that bought coins have

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Speaker 6: already wanted to buy coins, have already done so. And

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Speaker 6: I would suspect that if we get in equities correction,

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Speaker 6: and I'm not saying that we will, that's well outside

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Speaker 6: my pay grade, but that itself could bring an end

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Speaker 6: to some of the safe haven portfolio led buying that's

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Speaker 6: coming into gold.

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Speaker 2: So those things, that's a Chinese central bank. That's a

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Speaker 2: Chinese central bank on the line in order to steal.

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Speaker 2: Being sure he understands they're buying. This morning, Paul jump

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Speaker 2: in with a.

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Speaker 4: Question, Hey, James, just looking again.

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Speaker 5: Gold's had a great run here, up fourteen percent or

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Speaker 5: so year to date, but silver up over sixteen percent.

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Speaker 5: I'm looking at my GLCO page on the Bloomberg Terminal

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Speaker 5: Global Commodities prices, and I see that silver's up over

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Speaker 5: sixteen percent.

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Speaker 4: What's the driver there?

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Speaker 6: Well, there, I think we have more of a fundamental reason.

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Speaker 6: The industrial demand is very good for silver, particularly photovol

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Speaker 6: tak Now there has been a catch up with gold

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Speaker 6: for many many months. Silver did not rally in the

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Speaker 6: wake of gold, and I think it's been recognized that

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Speaker 6: it's undervalued compared to gold, So visa v gold, there's

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Speaker 6: also a bit of catch up to do. But even here,

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Speaker 6: as we get above twenty seven dollars, you do there's

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Speaker 6: a lot of silver in the world, and there's a

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Speaker 6: lot of it above ground, and we're going to see

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Speaker 6: more recycling. And we see very heavy recycling, particularly when

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Speaker 6: we get to the thirty dollars mark, as we did

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Speaker 6: back when during the Reddit fiasco and the silver ran

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Speaker 6: up to thirty dollars, we saw a lot of recycling,

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Speaker 6: and I think we can expect the same thing if

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Speaker 6: silver gets up there again.

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Speaker 2: Help me here right now. I mean, Lisa and I

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Speaker 2: were talking this morning and she's got her irony Alsa Peretti,

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Speaker 2: a g and necklace in Tiffany's in silver for five

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Speaker 2: four hundred dollars. To Paul's good question in Lisa's interest

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Speaker 2: in the Alsa Peretti a Gia necklace. Is silver is

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Speaker 2: silver investible or emotional?

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Speaker 6: Like gold, silver has a much greater industrial component. Fifty

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Speaker 6: five percent of silver demand is in industry goes to

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Speaker 6: industry and manufacturing, whereas it's just six or so percent

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Speaker 6: in gold. But it is a smaller market in the

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Speaker 6: sense of on the financial end of it, and that

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Speaker 6: so it can be moved very quickly and typically in

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Speaker 6: bull and bear markets, silver will outperform gold, both to

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Speaker 6: the up and the downside. But it hasn't done that

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Speaker 6: this time.

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Speaker 2: Gold has led the way right.

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Speaker 1: It is.

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Speaker 6: It is an investible medal, and it is a precious medal,

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Speaker 6: but it doesn't have the financial market purview that goldhouse.

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Speaker 2: James Steele honored to have you one, James Steele. He'll

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Speaker 2: be on single best idea today. Have to have him on.

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Speaker 2: He's a legend with HSBC. There we see you again anytime. Well,

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Speaker 2: James Steele, We'll see you again at gold four thousand

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Speaker 2: and ounce. How about that right now? Liz Ane Saunders

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Speaker 2: on the equity markets. Lizzy, we got to be quick

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Speaker 2: here this morning. But it's simple we've been talking about

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Speaker 2: we just can't correct. Why do we not go down

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Speaker 2: ten percent is a normal and healthy market event.

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Speaker 7: Well, let me give you the actual stats. Tom. You've

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Speaker 7: had no more than a two percent draw down in

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Speaker 7: the SMP year to date at the index level only

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Speaker 7: three percent for the NASDAC, but the average member maximum

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Speaker 7: draw down for the SMP is negative ten. For the

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Speaker 7: Nasdaq it's negative twenty eight percent. So you've had corrections

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Speaker 7: under the surface. It's just happened via a process of rotation.

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Speaker 7: That's not a bad thing. I think everybody would probably

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Speaker 7: choose that version of a correction, whether it's just correcting

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Speaker 7: accesses or correcting concentration, not a bad backdrop.

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Speaker 4: Can this market work higher if tech is not leading?

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Speaker 7: Yeah? In fact, tech hasn't been leading. Over the past

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Speaker 7: month or so. You've seen Energy at the top. Energy's

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Speaker 7: got one hundred percent of its stocks trading about fifty

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Speaker 7: day moving averages, and behind that are sectors like materials

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Speaker 7: and industrials, financials, even to some degree in utility. So yeah,

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Speaker 7: we're seeing it.

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Speaker 2: Away from your remit. But what does CPI matter tomorrow,

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Speaker 2: liz En Saunders.

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Speaker 7: It shouldn't matter just at the flash of the level,

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Speaker 7: either on headline or core. I think what's important now,

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Speaker 7: given that the fed's focus is on PCE, Core, PCE,

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Speaker 7: core services, X housing, is how CPI, and in addition,

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Speaker 7: PPI kind of maps to what the PCE reading. So

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Speaker 7: I think what will be more important is economists in

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Speaker 7: then figuring out what does that mean for the next

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Speaker 7: PCE print. I think that's what stuff should be focused on.

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Speaker 2: If we have resilient it's like an alphabet soup CP I,

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Speaker 2: p P I PCE. If we have a resilient inflation

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Speaker 2: Lizenne Sanders, does that suggest higher revenues due to a

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Speaker 2: more buoyant nominal GDP.

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Speaker 7: Well, that's certainly what we got during the higher inflation area,

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Speaker 7: so a very strong top line growth. You didn't see

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Speaker 7: it in terms of bottom line growth because there was

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Speaker 7: that larger differential that brought real change much lower. But yeah,

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Speaker 7: well Lseql, I think it boosts top line, but the

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Speaker 7: margin story is what comes into play as it relates

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Speaker 7: to the bottom line.

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Speaker 5: Lizzie, and we get earnings kicking off in Earnest later

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Speaker 5: this week.

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Speaker 4: What do you expect to see? What do you think

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Speaker 4: the market needs to see?

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Speaker 7: Well, expectation is around five percent and then a trends higher.

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Speaker 7: The consensus right now for calendar you're twenty twenty four

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Speaker 7: is about ten percent. But I think it's not just

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Speaker 7: things like the beat rate and the percent by which

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Speaker 7: companies a beat, but what the outlook is for the

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Speaker 7: latter part of twenty twenty four, because that's embedded in

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Speaker 7: forward pe and I'm not sure there's a lot of

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Speaker 7: confidence in the out quarters. So it's not just the

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Speaker 7: current season, but the outlook not just for earnings for share,

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Speaker 7: but also the profit margin story.

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Speaker 2: You've been doing this a few years. What do you

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Speaker 2: make for liz Anne Sanders of James Diamond's sixty two

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Speaker 2: page m DNA and MDNA When you study the CFA

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Speaker 2: was like two pages long and it was written by

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Speaker 2: four people in PR. I think it's a jewellism. What

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Speaker 2: do you think of the value of a sixty two

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Speaker 2: page m DNA.

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Speaker 7: Well, I can't actually answer that because I haven't read

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Speaker 7: the sixty two pages yet, so I've just seen headlines

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Speaker 7: only provided a pretty wide range in terms of inflation

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Speaker 7: and rates. I think I saw some reference, you know,

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Speaker 7: to two to eight percent. So I got to start

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Speaker 7: talking in wide ranges like that, because it basically, you know,

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Speaker 7: sets up that you're not wrong. You can say I

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Speaker 7: nailed it. It's on my reading list.

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Speaker 2: It's on a reading list. But she's actually dead on

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Speaker 2: about CEOs of Paul yeah, taking a wide view to sit.

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Speaker 2: Why did you get one.

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Speaker 5: Morning, Lizanne. How about valuations in this market? We've had

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Speaker 5: that big move off of the October lows. Here I'll

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Speaker 5: be really running up against some vaguation parameters.

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Speaker 7: Yeah, I mean you got twenty one on forward pe.

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Speaker 7: It's less if you take some of the megacap names out.

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Speaker 7: The rub is that valuation is stretched, it's rich, whatever

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Speaker 7: term you want to use. But it's a terrible market

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Speaker 7: timing tool, just like sentiment. Sentiment's frothy, it's a terrible

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Speaker 7: market timing tool. So sinema can be frothy, and valuations

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Speaker 7: can be rich, and they can stay there for years,

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Speaker 7: as we all learned in the late nineties. So as

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Speaker 7: a backdrop, I think it's a risk factor, but it

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Speaker 7: doesn't tell you anything about timing.

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Speaker 2: Saunders thinking so much. Greatly great, and I appreciate Bloomberg

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Speaker 2: surveillance in our newspaper, the Lisa Mateo our Lisa has

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Speaker 2: survived the eclipse.

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Speaker 4: I did, but I didn't get to see it.

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Speaker 8: One I didn't have the glasses, and two the clouds

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Speaker 8: rolled in, all kids outside looking up and there was

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Speaker 8: nothing to speak.

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Speaker 5: I thought of you yesterday because in my little area,

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Speaker 5: a bunch of people came out and they did not

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Speaker 5: have glasses. Fortunately I had extras, So I was the

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Speaker 5: glass of the day bearer here and I was thinking,

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Speaker 5: who would not get glasses or who would get the

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Speaker 5: wrong kind of glasses?

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Speaker 4: Could ever like that would be?

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Speaker 8: Well, it has to do with that, because how are

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Speaker 8: people's eyes feeling this morning?

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Speaker 4: You know?

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Speaker 8: So do you have dry eyes from kind of looking

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Speaker 8: too long? Or is it something a little bit more

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Speaker 8: severe like retinal damage. This was actually from the Washington Post.

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Speaker 8: Pretty interesting. Experts are saying, if you use the glasses,

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Speaker 8: you're fine, but there were the fakes out there too

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Speaker 8: that you also have to be wary of. But if

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Speaker 8: you have symptoms like soreness, pain, blurriness of vision, if

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Speaker 8: you see gray spots that don't go away, they're saying,

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Speaker 8: check with your doctor. And it doesn't happen right away.

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Speaker 8: This can take a few days a few hours to

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Speaker 8: emerge after kind of looking at the sun for a

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Speaker 8: long time. But the thing to consider is how long

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Speaker 8: your symptoms laugh So if you these things persist over

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Speaker 8: after using eye drops, if you still see blurry, if

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Speaker 8: you still see things like that, definitely call your eyes.

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Speaker 2: This is really helpful. Thank you for doing this, Lisa

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Speaker 2: one tale. But the answer is it's not right away.

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Speaker 2: It can happen now. It can be two days out,

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Speaker 2: three days out, a week out.

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Speaker 8: No, definitely, So just consider this also has to do

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Speaker 8: with the eclipse. So Airbnb bookings, they surge during the

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Speaker 8: eclipse a lot of people. Airbnb says twenty five percent

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Speaker 8: of its guests in the US with bookings for Sunday

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Speaker 8: night were for a stay in that path of.

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Speaker 5: Total it's a great map in that story. Yeah, it

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Speaker 5: just shows you you're coming up from Texas, you remain unbelievable.

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Speaker 3: It's crazy.

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Speaker 8: And even holidays like Memorial Day, you know, Labor Day,

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Speaker 8: fourth and July weekend, so it was big. So it

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Speaker 8: shows that Americans like this, you know travel, Yeah, right,

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Speaker 8: we should have more eclipses more often. But they're saying

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Speaker 8: twenty twenty four travel though, looks a little bit weaker.

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Speaker 8: A lot of it depending on China, you know what's

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Speaker 8: going on in China. Airbnb bookings, holding the Expedia, they've

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Speaker 8: all said that they expect things to kind of slow

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Speaker 8: down toward the end of the year. People not traveling

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Speaker 8: as much.

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Speaker 4: Okay, I'm traveling, but say I just paid.

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Speaker 2: For economy seats across the pond and I was shocked

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Speaker 2: what it cost. Oh I just this idea that it's

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00:22:36,560 --> 00:22:40,720
Speaker 2: pulled back. I'm like, show me, please show me what

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Speaker 2: else do? Yes?

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Speaker 8: Oh this one I really like. This was from the

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Speaker 8: New York Times. A Brooklyn school is keeping its doors

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Speaker 8: open for twelve hours. This is going to help parents

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Speaker 8: who are the working families. It's going to help increase

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Speaker 8: enrollment because enrollment has been down. The kids may not

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Speaker 8: be thrilled about it all the time, but a lot

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Speaker 8: of the kids don't want to stay and they wanted

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Speaker 8: to say extra. So it's Brooklyn Charter School and Bedsteye

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Speaker 8: open seven am to seven pm, all completely free.

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Speaker 4: Okay.

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Speaker 8: The sharp decline in students in urban schools parents working

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Speaker 8: longer hours, right, you have the long waiting list for

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Speaker 8: after school programs. A lot of people can't afford it

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Speaker 8: as well, so they're testing it out. So they read

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Speaker 8: books like at seven am, you know, before school starts

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Speaker 8: at eight thirty. They go straight through school at four

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Speaker 8: and then from four to seven pm, they get meals,

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Speaker 8: they get served dinner, they do some after extra activities

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Speaker 8: and they get to sit down and do their homework too.

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Speaker 8: So they're testing it out to see how this works.

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Speaker 2: It's a home new world. I mean, it's just so different.

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Speaker 4: From and I wonder why enrollments are down just in general.

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Speaker 8: You know, Well, they're saying a lot of people, especially

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Speaker 8: in inner cities, they left during the pandemic and they

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Speaker 8: haven't haven't come come back, and that they lost thirty

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Speaker 8: percent that school.

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Speaker 2: A lot of people, people of means, moved out to

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Speaker 2: Long Island and they haven't come back. And it's just

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Speaker 2: that as simple, this sort of goes to that idea.

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Speaker 2: What is Paul, Wednesday's the busiest day of the weekend. Yeah, Manhattan.

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Speaker 5: I'm looking at people as we speak, coming down the

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Speaker 5: curved escalator at Bloomberg.

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Speaker 2: Building out to the big Wednesday.

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Speaker 4: Yes, exactly.

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Speaker 2: I think it's nuts. Don't get me going, They're gonna

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Speaker 2: get in trouble. What else? What are you?

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Speaker 8: And finally, Utah, it's become the tech hub powers of

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Speaker 8: America's job market. So this is a Wall Street Journal

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Speaker 8: study with Moody's Analytics. The rankings a termine the strongest

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Speaker 8: labor market based on five things. Okay, was the unemployment rate,

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Speaker 8: the labor force participation rate, changes unemployment levels, and also

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00:24:37,880 --> 00:24:40,720
Speaker 8: the size of labor force and wages. So here's what

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00:24:40,720 --> 00:24:43,760
Speaker 8: they found out. Salt Lake City the country's hottest job

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Speaker 8: market in twenty twenty three. You've been there, Paul, you

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00:24:46,160 --> 00:24:50,160
Speaker 8: know about it. It was followed by three cities in Florida. Jacksonville, Orlando,

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00:24:50,240 --> 00:24:54,040
Speaker 8: and Tampa. Miami also made the top ten. But they're

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Speaker 8: calling it the Silicon Slopes.

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Speaker 5: You know who I think was kind of one of

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Speaker 5: the first major companies to move out there was Goldman

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00:24:59,680 --> 00:25:03,280
Speaker 5: Sachs about ten years. A neighbor mine was the COO

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Speaker 5: there and he was his thing to think about where

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Speaker 5: do we go with our big operations thing, and it

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Speaker 5: chose Salt Lane.

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Speaker 2: Where were ten years? Where are we for the census

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Speaker 2: of two thousand and thirty. I mean, I looked at

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Speaker 2: the list and it's not just Utah, it's Austin, Texas

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00:25:18,040 --> 00:25:20,440
Speaker 2: is up there and all the other usual names. They're

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00:25:20,480 --> 00:25:23,600
Speaker 2: all southern, they're all sun they're all away from the

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00:25:23,720 --> 00:25:27,040
Speaker 2: ridiculous rental you know dance that we do here in

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00:25:27,040 --> 00:25:29,680
Speaker 2: the Tri state area. And frankly, other major East Coast

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00:25:29,680 --> 00:25:31,720
Speaker 2: cities where are we in ten years?

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Speaker 5: Paul, I think the trend I mean our entire my

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Speaker 5: at least my entire lifetime. It's been the sun Belt,

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Speaker 5: and we've been pitching the Sunbelt for thirty or forty

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Speaker 5: years and it's and it just got another you know,

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Speaker 5: just surge here during the pandemic.

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Speaker 4: Why not so we.

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Speaker 2: Could get a cabana next thing, you know, I think

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Speaker 2: mcglon's and Coral Gables, right, and we's go about six

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00:25:52,680 --> 00:25:55,959
Speaker 2: thousand square feet and he's got the penthouse to the breakers.

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Speaker 2: But the bottom line is we can move the whole

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Speaker 2: at Lisa, can you moved to Florida with us?

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Speaker 8: I wouldn't mind.

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00:26:02,119 --> 00:26:02,800
Speaker 7: I have found there.

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Speaker 4: Let's go, let's go.

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Speaker 2: I mean, you know, what do you think, ken Fellia,

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Speaker 2: what do you think our global technical director? Can you

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Speaker 2: move to Florida?

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Speaker 4: He's not going to see him.

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Speaker 8: Well, they're saying the youngest generation is doing that because

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Speaker 8: they have this love for the outdoors too, so you

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Speaker 8: know he has that.

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Speaker 3: They have.

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Speaker 5: The think about Salt Lake is you can be at

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Speaker 5: the world class skiing in forty minutes. See none of

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Speaker 5: this crazy I seventy stuff from Denver up to the mountains,

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Speaker 5: which is like the Death March, this easy little drive

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Speaker 5: right up to the mountains.

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Speaker 2: The difference is Lisa's in Florida and the Everglades looking

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Speaker 2: for pythons. I'm on the deck of the Betsy Hotel

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Speaker 2: right for a beverage. Exactly. That's the difference, Lisa Matteo

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Speaker 2: there with our newspapers as today. This is a Bloomberg

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00:26:46,359 --> 00:26:50,800
Speaker 2: Surveillance podcast, bringing you the best in economics, finance, investment,

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00:26:50,960 --> 00:26:54,600
Speaker 2: and international relations. You can also watch the show live

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00:26:54,840 --> 00:26:59,159
Speaker 2: on YouTube. Visit the Bloomberg Podcast channel on YouTube to

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00:26:59,280 --> 00:27:02,680
Speaker 2: see the show weekday mornings from seven to ten am

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00:27:02,720 --> 00:27:06,760
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Speaker 2: and always on Bloomberg Radio, the Bloomberg Terminal, and the

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Speaker 2: Bloomberg Business App.