Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Single best idea here
Speaker 1: before an important speech by Jerome Powell that will be
Speaker 1: at the Kansas City Fed meetings in Jackson Hall. I'll
Speaker 1: be there with Lisa Bramwitz, Joe Wisenthal, Tracy Alloway, all
Speaker 1: of the wonderful coverage of Michael McKee. We'll get to
Speaker 1: Mike McKee here in a moment. We got a briefing
Speaker 1: from David Rosenberg from Toronto. Rosenberg still looking for some
Speaker 1: form of disinflationary vector, and all of it wrapped around
Speaker 1: an American economy on stall speed.
Speaker 2: Well, you know, everybody is, I guess, redefined what reasonable
Speaker 2: is or what J. Powell describes as solid when we're
Speaker 2: barely running the economy so far this year, barely over
Speaker 2: a one percent annual rate. I mean, when I started
Speaker 2: the business in the mid eighties, you got down to
Speaker 2: a one handle on real GDP growth, and people were
Speaker 2: talking about reasonable, people were talking about stall speed and
Speaker 2: then asking when's the recession going to start? So the economy,
Speaker 2: I think, is sputtering. It's uneven, you know, without the
Speaker 2: proliferation of AI data centers and all the technology spending
Speaker 2: related to general AI the economy would actually be in
Speaker 2: recession right now. That's been really the only underpinning, the
Speaker 2: only impetus to growth so far this year.
Speaker 1: David Rosenberg a good backdrop there on his call for
Speaker 1: a slower economy and a less resilient inflation. That'll be
Speaker 1: one of the themes that Jackson hole. It'll be an interesting day,
Speaker 1: and of course it's scripted. The guests are planned, and
Speaker 1: then there's the un planned. Today the President of the
Speaker 1: United States goes after a governor of the FED saying
Speaker 1: that Lisa Cook of Michigan State and Berkeley, Lisa Cook
Speaker 1: should resign. We got perspective from our Michael McKee.
Speaker 3: Well, you have to figure that in this case, what
Speaker 3: he's looking for is to get a resignation so he
Speaker 3: would have another seat to fill. Cook by herself isn't
Speaker 3: going to make any difference in terms of whether the
Speaker 3: Fed lower's interest rates. But this seems to be part
Speaker 3: of the ongoing Trump revenge tour here where he has
Speaker 3: asked people to go after certain folks and try to
Speaker 3: get them in legal trouble. Bill Polti, the head of
Speaker 3: the Federal Housing Finance Administration, said a letter to Attorney
Speaker 3: General Pam Bondi yesterday asking her to investigate Cook for
Speaker 3: possibly taking out two mortgages that contain fraudulent statements. We
Speaker 3: don't know for sure if there is anything wrong or
Speaker 3: any charges could be filed, but the President today posting
Speaker 3: Bloomberg's story on Truth's social and saying that Lisa Cook
Speaker 3: must resign immediately.
Speaker 1: Always, in every case there is a plan to Jackson
Speaker 1: Hole that becomes unplanned. I want to draw your attention
Speaker 1: to Jennerendo's wonderful European based essay here on Laguarde in Bailey,
Speaker 1: flying into Wyoming to support Chairman Powell. We'll be there
Speaker 1: on Friday, and of course still huge news flow in
Speaker 1: this August week. On a podcast, It's on Apple and
Speaker 1: Spotify and on YouTube podcasts. It's single best idea