1
00:00:02,520 --> 00:00:14,080
Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Single best idea here

2
00:00:14,120 --> 00:00:17,079
Speaker 1: before an important speech by Jerome Powell that will be

3
00:00:17,079 --> 00:00:21,600
Speaker 1: at the Kansas City Fed meetings in Jackson Hall. I'll

4
00:00:21,640 --> 00:00:25,599
Speaker 1: be there with Lisa Bramwitz, Joe Wisenthal, Tracy Alloway, all

5
00:00:25,640 --> 00:00:28,440
Speaker 1: of the wonderful coverage of Michael McKee. We'll get to

6
00:00:28,480 --> 00:00:31,360
Speaker 1: Mike McKee here in a moment. We got a briefing

7
00:00:31,360 --> 00:00:35,720
Speaker 1: from David Rosenberg from Toronto. Rosenberg still looking for some

8
00:00:35,840 --> 00:00:39,600
Speaker 1: form of disinflationary vector, and all of it wrapped around

9
00:00:39,600 --> 00:00:42,200
Speaker 1: an American economy on stall speed.

10
00:00:42,880 --> 00:00:46,400
Speaker 2: Well, you know, everybody is, I guess, redefined what reasonable

11
00:00:46,560 --> 00:00:49,880
Speaker 2: is or what J. Powell describes as solid when we're

12
00:00:49,880 --> 00:00:54,760
Speaker 2: barely running the economy so far this year, barely over

13
00:00:54,800 --> 00:00:57,240
Speaker 2: a one percent annual rate. I mean, when I started

14
00:00:57,360 --> 00:00:59,800
Speaker 2: the business in the mid eighties, you got down to

15
00:00:59,840 --> 00:01:02,400
Speaker 2: a one handle on real GDP growth, and people were

16
00:01:02,440 --> 00:01:05,320
Speaker 2: talking about reasonable, people were talking about stall speed and

17
00:01:05,360 --> 00:01:09,280
Speaker 2: then asking when's the recession going to start? So the economy,

18
00:01:09,800 --> 00:01:14,720
Speaker 2: I think, is sputtering. It's uneven, you know, without the

19
00:01:14,760 --> 00:01:19,120
Speaker 2: proliferation of AI data centers and all the technology spending

20
00:01:19,160 --> 00:01:23,640
Speaker 2: related to general AI the economy would actually be in

21
00:01:23,680 --> 00:01:27,240
Speaker 2: recession right now. That's been really the only underpinning, the

22
00:01:27,280 --> 00:01:29,319
Speaker 2: only impetus to growth so far this year.

23
00:01:29,959 --> 00:01:33,160
Speaker 1: David Rosenberg a good backdrop there on his call for

24
00:01:33,319 --> 00:01:37,959
Speaker 1: a slower economy and a less resilient inflation. That'll be

25
00:01:38,000 --> 00:01:41,480
Speaker 1: one of the themes that Jackson hole. It'll be an interesting day,

26
00:01:41,520 --> 00:01:44,600
Speaker 1: and of course it's scripted. The guests are planned, and

27
00:01:44,640 --> 00:01:47,240
Speaker 1: then there's the un planned. Today the President of the

28
00:01:47,319 --> 00:01:50,600
Speaker 1: United States goes after a governor of the FED saying

29
00:01:50,640 --> 00:01:54,120
Speaker 1: that Lisa Cook of Michigan State and Berkeley, Lisa Cook

30
00:01:54,560 --> 00:01:58,280
Speaker 1: should resign. We got perspective from our Michael McKee.

31
00:01:58,600 --> 00:02:00,520
Speaker 3: Well, you have to figure that in this case, what

32
00:02:00,560 --> 00:02:03,280
Speaker 3: he's looking for is to get a resignation so he

33
00:02:03,320 --> 00:02:06,400
Speaker 3: would have another seat to fill. Cook by herself isn't

34
00:02:06,440 --> 00:02:08,680
Speaker 3: going to make any difference in terms of whether the

35
00:02:08,720 --> 00:02:11,680
Speaker 3: Fed lower's interest rates. But this seems to be part

36
00:02:11,760 --> 00:02:15,399
Speaker 3: of the ongoing Trump revenge tour here where he has

37
00:02:15,480 --> 00:02:18,880
Speaker 3: asked people to go after certain folks and try to

38
00:02:18,880 --> 00:02:20,920
Speaker 3: get them in legal trouble. Bill Polti, the head of

39
00:02:20,960 --> 00:02:24,600
Speaker 3: the Federal Housing Finance Administration, said a letter to Attorney

40
00:02:24,600 --> 00:02:28,960
Speaker 3: General Pam Bondi yesterday asking her to investigate Cook for

41
00:02:29,080 --> 00:02:34,760
Speaker 3: possibly taking out two mortgages that contain fraudulent statements. We

42
00:02:34,880 --> 00:02:38,160
Speaker 3: don't know for sure if there is anything wrong or

43
00:02:38,200 --> 00:02:41,880
Speaker 3: any charges could be filed, but the President today posting

44
00:02:41,880 --> 00:02:46,040
Speaker 3: Bloomberg's story on Truth's social and saying that Lisa Cook

45
00:02:46,120 --> 00:02:47,400
Speaker 3: must resign immediately.

46
00:02:47,840 --> 00:02:51,079
Speaker 1: Always, in every case there is a plan to Jackson

47
00:02:51,120 --> 00:02:55,960
Speaker 1: Hole that becomes unplanned. I want to draw your attention

48
00:02:56,040 --> 00:03:02,200
Speaker 1: to Jennerendo's wonderful European based essay here on Laguarde in Bailey,

49
00:03:02,320 --> 00:03:07,000
Speaker 1: flying into Wyoming to support Chairman Powell. We'll be there

50
00:03:07,080 --> 00:03:10,120
Speaker 1: on Friday, and of course still huge news flow in

51
00:03:10,200 --> 00:03:13,280
Speaker 1: this August week. On a podcast, It's on Apple and

52
00:03:13,400 --> 00:03:19,680
Speaker 1: Spotify and on YouTube podcasts. It's single best idea