Speaker 1: Bloomberg Audio Studios, podcasts, radio news, A.
Speaker 2: Single best idea, I'll be quick. A terrific news day,
Speaker 2: and thank you so much to the team for our
Speaker 2: coverage of the breaking story on gambling with that press
Speaker 2: conference in the ten o'clock hour with the FBI and
Speaker 2: Judicial Downtown. Just an extraordinary story on high high stakes gambling,
Speaker 2: I guess is what I would call it our high
Speaker 2: stakes today, were to have in the studio together Jeffrey
Speaker 2: de Graph and Neil Dudda. They are Renaissance Macro. Neil
Speaker 2: Dudda my Economist of the Year two years ago or so,
Speaker 2: with this huge optimism, much more cautious now. Neil Dudda
Speaker 2: of Renaissance Macro. He's watching housing right now.
Speaker 3: We have sort of a housing centered view of the
Speaker 3: world out and I think what's interesting is, you know,
Speaker 3: interest rates have been coming down, but you haven't really
Speaker 3: seen housing demand improve in any meaningful way. And to me,
Speaker 3: that's sort of a yellow flag on the outlook. You know,
Speaker 3: builders seem to have sort of hit their pivot point
Speaker 3: on margins, and I think that's going to mean less
Speaker 3: construction activity, and I think that's going to bleed into employment.
Speaker 3: I do and if you start seeing construction workers, let
Speaker 3: go in an environment where you're not really creating much
Speaker 3: jobs growth to begin with, I think that's sort of
Speaker 3: another potential source of upward pressure on the unemployment rate.
Speaker 3: So I would, I do think the FED is a
Speaker 3: little bit behind here. You know, the fact that they're
Speaker 3: kind of taking a meeting by meeting approach as opposed
Speaker 3: to just giving guidance into the first half of next year,
Speaker 3: I think is a little you know, it's a bit
Speaker 3: of a mistake.
Speaker 2: An important comment there. And of course, in the comments
Speaker 2: of Christopher Waller at the Console on Foreign Relations last week,
Speaker 2: he had an overt sentence with the speech calling for
Speaker 2: numerous race cuts. Dare I say four or five traditional
Speaker 2: rate cuts, Neil Dunna dragging in Jeffrey de Graph as
Speaker 2: well of renmac looking at the markets, looking at trends
Speaker 2: that are out there. With Jeffrey de Graph, we went global.
Speaker 4: There's a global bull market happening, right. So all the
Speaker 4: concern about tariffs and I get it, I mean, you know,
Speaker 4: we all know it that just is not is not
Speaker 4: resonating with markets which are saying there's something else here
Speaker 4: that's happening, right, And this isn't this isn't just the
Speaker 4: G seven or even the G twenty. Look at the
Speaker 4: frontier markets, they look fabulous, right, So I think, you know,
Speaker 4: to put the narrative on it. We try not to do.
Speaker 4: We're trying to be purest and how we look at
Speaker 4: things in the world. Now, I'm a little concerned about gold.
Speaker 4: We entered bubble territory, but the rest of it looks
Speaker 4: pretty good to us. So look, I'm in the camp
Speaker 4: that we get a consolidation. But if Neil's world ends
Speaker 4: up developing, I think that's extraordinarily bullish for EQUI.
Speaker 2: Together in studio Neil Gutta and there Jeffrey de Graph
Speaker 2: of Renaissance at Macro. It's a podcast on Apple, on
Speaker 2: Spotify and look at YouTube podcast as well. It's single
Speaker 2: best idea.