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Speaker 1: Bloomberg Audio Studios, podcasts, radio news, single.

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Speaker 2: Best Idea, No not on Windsor Castle. Thank you to

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Speaker 2: Annory Hordon and Lizzie Burden for their coverage of the

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Speaker 2: President and the First Lady's visit to the United Kingdom.

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Speaker 2: Lots of as they say, pomp and circumstance today. I

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Speaker 2: read my notes dutifully so I could sound somewhat intelligent

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Speaker 2: on all of that history at Windsor Castle. It's there

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Speaker 2: when you fly into Heathrow, you come down the Thames

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Speaker 2: going you circle around and you're going west. You fly

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Speaker 2: right over Windsor Castle on the main path into Heathrow Airport.

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Speaker 2: We flew in a path of the FED today. Lots

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Speaker 2: going on with the FED decision this afternoon. Andrew Hollenhorst

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Speaker 2: joined us from City Group today and we talked about

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Speaker 2: if it was a one off FED meeting or will

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Speaker 2: we say at path.

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Speaker 3: I think the key question that I would want to

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Speaker 3: know from Chair Powell is really what you were asking Tom,

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Speaker 3: which is should we be thinking about this as a adjustment.

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Speaker 3: Are we just calibrating rate slightly lower or is this

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Speaker 3: a real rate cut cycle? Is it a rate cut

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Speaker 3: cycle that started a year ago? Pause because we had

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Speaker 3: tarif uncertainty, inflation uncertainty, and now we're picking it up again.

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Speaker 2: Andrew hollen Horse's city group today on the FED meeting,

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Speaker 2: Matthew Hornbach was with us from Morgan Stanley. Matthew Hornbach

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Speaker 2: with lots of experience with his decades of duty for

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Speaker 2: Morgan Stanley in Japan. Hornbach on Jerome Powell is central

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Speaker 2: banker to the world, he might.

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Speaker 4: Be central banker to himself, Tom in the sense that

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Speaker 4: you know, we are now in the twilight period of

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Speaker 4: his time as FED chair He has, you know, just

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Speaker 4: a handful of important meetings left in his tenure. I

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Speaker 4: imagine the close or that he gets to may the

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Speaker 4: more he will start to reflect on his own time

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Speaker 4: as Chairman of the Fed, and perhaps he will start

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Speaker 4: to think about the books that may or may not

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Speaker 4: be written about him after he bids farewell to the

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Speaker 4: Federal Reserve. In that case, he could be focused on

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Speaker 4: doing what is certainly right for the economy, but also

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Speaker 4: in doing what is right for the economy, he ultimately

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Speaker 4: is going to be helping his own reputation moving forward.

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Speaker 2: That is a brilliant insight. Get out the calendar, folks,

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Speaker 2: Matthew Hornback absolutely killed that the basic idea here is

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Speaker 2: a calendar, is marching forward to the end of the

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Speaker 2: Powell era, far more important than all the other noise

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Speaker 2: that's going on, including Zach Meider's wonderful journalism today on

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Speaker 2: Bessent and Cook for Bloomberg News. Maybe we'll talk about

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Speaker 2: that more tomorrow. Host fed meeting and podcasts on Apple

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Speaker 2: and Spotify. Good morning on Spotify, particularly across the Pacific

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Speaker 2: rim on YouTube podcasts, it's single best idea