Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene along
Speaker 1: with Jonathan Ferrill and Lisa A. Brownowitz jay Leie, we
Speaker 1: bring you insight from the best an economics, finance, investment
Speaker 1: and international relations. Find Bloomberg Surveillance and Apple Podcast SoundCloud,
Speaker 1: Bloomberg dot Com and of course on the Bloomberg terminal.
Speaker 1: Joining us now Andrew Griffith, the UK Finances Financial Secretary
Speaker 1: to the Treasury and the City Minister. Andrew fantastically catch
Speaker 1: up with you, sir. We understand the Chancellor and the
Speaker 1: Prime Minister is meeting with the o b R today
Speaker 1: the Bank of Engle's guilt market operation and in the
Speaker 1: middle of October. Should those forecasts from the o b
Speaker 1: R be published before then? Well, the key thing to
Speaker 1: take away is that the Government, the o b R
Speaker 1: and the Bank of England are all working coorp in
Speaker 1: a coordinated fashion, each doing their respective job. So the
Speaker 1: Banks doing its job on monetary policy and market conduct,
Speaker 1: the o b R its job on forecasts and bringing
Speaker 1: forward though the forecasts when they're ready to be able
Speaker 1: to wrap in the recently announced Government Growth Plan. And
Speaker 1: then of course the Government Growth Plan which has features
Speaker 1: about energy, protecting households and businesses, how we're going to
Speaker 1: go forward on energy security, building clean energy going forward,
Speaker 1: and also a lot of supply side measures in the UK.
Speaker 1: It's a very growth orientated plan. So what you've seen
Speaker 1: over the last week is each of those players do
Speaker 1: their job. It's good that the Chancellor and the Prime
Speaker 1: Minister are joined up with the o b R. I
Speaker 1: think that meeting finishes shortly. But you've seen a lot
Speaker 1: of coordinated activity over the last coordinated action at all.
Speaker 1: I've seen a mess. So you come out last week
Speaker 1: with a mini budget, the Bank having the follow up
Speaker 1: with unprecedented intervention in the guilt market, and the o
Speaker 1: b R. Now you visit the o b R and
Speaker 1: look for some forecasts after the fact. Why weren't these
Speaker 1: forecasts published alongside this many budget last week? Because the
Speaker 1: growth plans got lots of components to it. There was
Speaker 1: an imperative to act this time last week. It's tomorrow,
Speaker 1: you know, this is the quarter end. It's tomorrow that
Speaker 1: energy prices would have gone up across the United Kingdom,
Speaker 1: real uncertainty for businesses and households, so it was right
Speaker 1: to do that. Then there's a lot of detail in
Speaker 1: terms of how the UK government wants to see growth
Speaker 1: going forward, and that wouldn't have been available to the
Speaker 1: O b R to factor into their forecast. Indeed, some
Speaker 1: of that we're still waiting to announce over the coming weeks,
Speaker 1: plans for infrastructure, to the housing market, for childcare, some
Speaker 1: of the deep seated challenges that probably all of our
Speaker 1: major economies have with growth. So you know, look, it's
Speaker 1: been a it's been a busy week, but each of
Speaker 1: those players are doing their job in a coordinated fashion.
Speaker 1: How concerned are you about the increase in borrowing class
Speaker 1: with some people citing it's and in a half percent
Speaker 1: mortgage cost at a time when the Bank of England
Speaker 1: is being tasked with offsetting a proposal that has not
Speaker 1: been put out there, but the market is responding. Yeah. Look,
Speaker 1: of course, of course rising rates are a concern. We've
Speaker 1: seen that obviously, you know, going into last week, I
Speaker 1: think you've seen more tightening in the US that's now
Speaker 1: happened in the UK as well. We've seen figures out
Speaker 1: of Europe as well today indicating that they've got exactly
Speaker 1: the same sort of issues around inflation. What the Energy
Speaker 1: package measures do is actually reduced the headline rates of inflation,
Speaker 1: and that's something that's going the other way to the
Speaker 1: tread birrel seeing. But Andrew, there is this discussion about
Speaker 1: not releasing the o BR report earlier than the November
Speaker 1: twenty three deadline at a time when the markets moving,
Speaker 1: it's having real term effects. Now, why not just release
Speaker 1: it earlier to give people a sense of what's going on. Yeah, well, Lisa, look,
Speaker 1: I was a finance director for eleven years. You know
Speaker 1: my board wanted me to release my figure as early
Speaker 1: as I could, but they also wanted them to be credible,
Speaker 1: to take the time to reflect all the information in
Speaker 1: a very fast moving world that's available, so everyone to
Speaker 1: have their own view on that. I think you just
Speaker 1: have to recognize there is a balance between speed and
Speaker 1: velocity and being able to wrap in information. Some of
Speaker 1: that information, as I say, will be coming forward. The
Speaker 1: growth plan itself is a forty page document and some
Speaker 1: of that detail will still be released over the coming weeks.
Speaker 1: And it's not for you to decide how long the
Speaker 1: o b R nates is it. Let's get real about this.
Speaker 1: We're reporting now that you haven't sought to accelerate the
Speaker 1: watchdogs ECO forecast at all, that's our latest report. According
Speaker 1: to officials familiar with the comments after the o BR
Speaker 1: Treasury meeting, why haven't you asked them to accelerate it. Well,
Speaker 1: I've just talked about how there's a lot of different detail.
Speaker 1: How familiar are with all of the growth plan? People
Speaker 1: have heard some of the headline measures. They've been widely rewarded,
Speaker 1: perhaps less so about the plan for interest structure, the
Speaker 1: plan for immigration housing. You know, these elements really important
Speaker 1: elements of the growth Plan. That is how we're going
Speaker 1: to finance the fiscal announcements that were made last Friday.
Speaker 1: So I think you've just got to look at it
Speaker 1: as a package. When the Chancellor asked the bar to
Speaker 1: report on the twenty three November, it was in contemplation
Speaker 1: of being able to take into account the whole of
Speaker 1: that package. You in the media, BR tell you what,
Speaker 1: have you asked the o b R to bring forward
Speaker 1: those forecasts as soon as possible or have you told
Speaker 1: them that you want them at the end of November. Well,
Speaker 1: the chance that will read out on on his meeting
Speaker 1: in due course, but in the meantime, you know, don't
Speaker 1: don't lose sight of the fact that the fundamentals here
Speaker 1: were strong coming in We started this with some of
Speaker 1: the lowest rates of the lowest jet debt to GDP
Speaker 1: and the G seven. The economy is still growing or
Speaker 1: bit we acknowledge that. Andrews time Keenan New York comes
Speaker 1: sorry about you. As we speak. The Bloomberg Financial Conditions
Speaker 1: Index for the United Kingdom is a negative four standard deviations.
Speaker 1: You have seen a seven standard deviation move and the
Speaker 1: blended guilt price move. You have a derivative disaster. You
Speaker 1: are the city minister. What are the regulators gonna do
Speaker 1: finally to amend the derivative shell game that caused the
Speaker 1: Bank of England to bail out the marketing industry of
Speaker 1: l d I. Yeah, and you'll be aware Tom about
Speaker 1: the independence of the regulators. So one of the things
Speaker 1: that you learn a city minister is the regulators have
Speaker 1: their job to do. What my time did? They feel
Speaker 1: that we have the most competitive environment in which to
Speaker 1: do business. Okay, you have a competitive environment that on
Speaker 1: a seventh standard deviation move, blew up. Fine, what does
Speaker 1: the United Kingdom do off of the scandals of of
Speaker 1: two thousand seven and two thousand and eight to five
Speaker 1: only control the natural greed of the derivative business. You're
Speaker 1: at the heart of this, is City Minister, how do
Speaker 1: we finally get our every eight year derivative blow up fixed? Well,
Speaker 1: the Bank of England is taking the actions that they
Speaker 1: need to in the market right now. In the long term,
Speaker 1: of course, we look at the getting the right the
Speaker 1: right regulatory structure and that's a shared objective of ourselves
Speaker 1: and the bank and the prudential regulators. So you know,
Speaker 1: of course one will always look at wherever there are
Speaker 1: there are the points in the regulatory structure that there
Speaker 1: needs to be looked at, but that's not but that's
Speaker 1: not the focus for today. The Bank's made its its
Speaker 1: judgment and it's into the markets and the thing the
Speaker 1: thing to your to your point earlier, Tom in terms
Speaker 1: of the politics, is that we need to communicate how
Speaker 1: this country is going to grow. That's what's going to
Speaker 1: give people the confidence to invest, the confidence to hold
Speaker 1: the currency, and the ability for us as government to
Speaker 1: find the high quality in all of the instruction that
Speaker 1: we need to Mr Ferrell's questions earlier, what do you
Speaker 1: need to do on this Friday evening to give confidence
Speaker 1: Monday that the different experts are advising the Trust government
Speaker 1: of the outcomes of their Reaganomics like policy. Well, I
Speaker 1: wouldn't accept that characterization. What what you need to know
Speaker 1: and the markets need to understand, is that we are
Speaker 1: working absolutely in lockstep. You've seen a number of coordinated
Speaker 1: announcements from both the Government and the Governor of the
Speaker 1: Bank of England over the course of this week. I
Speaker 1: spend my time meeting investors, talking to regulators, talking to
Speaker 1: the fancial markets. But these are volatile times um and
Speaker 1: we're seeing that in every market, sometimes a different different
Speaker 1: speeds and pace, but it's a macro trend that is
Speaker 1: seeing and some of the things that we are asked
Speaker 1: to do is to bring forward supply side reforms to
Speaker 1: improve the UK's energy security situation because the aberrant here
Speaker 1: is the strength of the US economy and the strength
Speaker 1: of the US dollar as a function of your greater
Speaker 1: energy overnight. It's I just want to make this clear, John,
Speaker 1: I believe the Minister just told us it's our fault.
Speaker 1: The UK is blown up. I think that's what I heard.
Speaker 1: We don't have time and that's not that's not that
Speaker 1: is not what you heard. What you heard, is that
Speaker 1: we've got a job to do to try and improve
Speaker 1: our energy security. And if anyone thinks that this isn't
Speaker 1: ultimately a macro issue that flows in part from Pugeon's
Speaker 1: invasion of Ukraine, this is bloomberg. What we do know
Speaker 1: is from the moment it was known that Jane Foley,
Speaker 1: a rubber bank would speak with US pounders weaken from
Speaker 1: one twelve to a one ten handle as well. Jane Foley,
Speaker 1: I rarely do this, but I've got to get exceptionally
Speaker 1: narrow here right down in the g I P function
Speaker 1: and some of the technicals and Sterling give us your
Speaker 1: key support and key resistance levels for cable, Well we
Speaker 1: see huge ranges right now, so that's really difficult to
Speaker 1: do what we are targeting one oh four. Certainly cable
Speaker 1: remains really very vulnerable because you've got to ask the question, well,
Speaker 1: what happens when the Bank of England takes away this
Speaker 1: extraordinary support of the guilt market. You know, the cracks
Speaker 1: of the problem is still there, which is what is
Speaker 1: this government going to do in terms of it's its
Speaker 1: fiscal policies. Now it's one thing during the pandemic to
Speaker 1: to wish you more debt when you have the Bank
Speaker 1: of England hoovering up some of that depth through quantity
Speaker 1: of easing. But to try and do that when the
Speaker 1: Central Bank has reversed course, it's clearly very difficult to
Speaker 1: do a Now the Central Bank again is going through
Speaker 1: its quantity of visa program. That is a credibility issue.
Speaker 1: Is is it supporting that the government's discal stands. Jane
Speaker 1: explained to us the efficacy of foreign ex ange analysis
Speaker 1: right now, when I look at fancy ratio and financial
Speaker 1: conditions indexes and fixed income spreads that are grim, does
Speaker 1: foreign exchange really tell me what's going on? I think
Speaker 1: it does. I think Sterling has been saying all year
Speaker 1: that UK fundamentals are grim. Sterling has been a poor
Speaker 1: performer all year. The Bank of England has been failing
Speaker 1: to turn Sterling around with interest rate hikes and that's
Speaker 1: certainly been the case since the spring um. And that
Speaker 1: tells you that investors don't like what they see, and
Speaker 1: they don't like what they see even more because of it,
Speaker 1: because of the budget last week. And you know, even
Speaker 1: if even if you know some of those measures were
Speaker 1: to be at reverse, and there's no sign at all
Speaker 1: that the government wants to do that. There is still
Speaker 1: being a dirty stain now on the credibility perhaps of
Speaker 1: the Bank of England, but certainly the credibility of dis government.
Speaker 1: And and you know the government's talking about the necessity
Speaker 1: of this budget because it wanted to improve growth. Well actually,
Speaker 1: you know, for many, many people, a lot of those
Speaker 1: subsidies on the energy price it's going to be taken
Speaker 1: away in the form of higher mortgage payments. Anyway, people
Speaker 1: are going to be poor as a consequence of this,
Speaker 1: and also maybe because of the way guilts look in
Speaker 1: their pension portfolios. So no wonder We've got the latest
Speaker 1: opinion polls saying that Labor has got a thirty three
Speaker 1: point lead over the Tories at this point. The United
Speaker 1: Kingdom has unique circumstances some ways but others not so much.
Speaker 1: And we are seeing fiscal spending around the euroregion to
Speaker 1: try to grapple with what is going to be a
Speaker 1: difficult winter. How much does this just accelerate the dollar
Speaker 1: dominance at a time when the US faces a different picture.
Speaker 1: Isn't necessarily engaged in the same kind of fiscal band
Speaker 1: aid for a problem that has a longer lasting kind
Speaker 1: of timeframe. I think it does accelerate the outlook of
Speaker 1: the dollar. Mean, like you said, the market was already
Speaker 1: worried about global growth, it was already worried about UK fundamentals,
Speaker 1: which of course is why the time in all this
Speaker 1: BUDGECT was so particularly so bad, the chance of failing
Speaker 1: to read those market conditions. But it does accelerate the
Speaker 1: the the movement into say favor for the dollar. But
Speaker 1: you know, would really like just to state that I
Speaker 1: don't think that US fundamentals operate on the on the
Speaker 1: dollar in the same way that fundamentals of say that
Speaker 1: the UK operate on on sterling. And this is because
Speaker 1: the dollar has his own set of fundamentals. It is
Speaker 1: a huge invoicing currency. It is a massive reserve currency
Speaker 1: because it's a huge invoicing currency. And the long the
Speaker 1: short of it, the simplicity of it is that when
Speaker 1: there is crisis, when there is uncertainty, people just need dollars.
Speaker 1: They need it to cover their liabilities, to pay their invoices,
Speaker 1: perhaps to cover their dollar debt liabilities, depending on where
Speaker 1: you are. So the dollar operates to his own set
Speaker 1: of fundamentals, which are pretty quite distinct from the fundamentals
Speaker 1: of the of the US and Jane Foley, Jane just
Speaker 1: wantedfull to catch up with you in London and then
Speaker 1: back here in New York as well. Jane Foley, thank
Speaker 1: you Rather Bank for John, Lisa and I and all
Speaker 1: of our team. We are going to continue to monitor
Speaker 1: this through the weekend as well, and it is across equities, bonds, currencies,
Speaker 1: and hydrocarbons. Given a war in Ukraine. Expert on this
Speaker 1: is Regina Mayor, Global Head of Energy at KPMG, which
Speaker 1: barely describes the nexus of our military experience with the
Speaker 1: study of hydrocarbons at Rice University. Regina, thank you so
Speaker 1: much for joining today. What are you watching in the
Speaker 1: oil and gas market when you begin your day? What
Speaker 1: is the thing we need to focus on right now?
Speaker 1: So when I'm thinking about what's happening in Europe, because
Speaker 1: that's where there's a lot of attention these days, I
Speaker 1: am looking at three things at every daytime. That is,
Speaker 1: what is the natural gas stocks supply look like, what
Speaker 1: are the spotting forward natural gas prices in Europe? And
Speaker 1: what do we think the weather projections will be? Both
Speaker 1: but today, tomorrow and the coming winter the near term.
Speaker 1: I'm near term optimistic because European gas docks are at
Speaker 1: nine of normal for this time. They were at fifty
Speaker 1: percent over the summer, so I think the EU has
Speaker 1: done a great job of rebuilding that stock. Short term
Speaker 1: prices are down fifty percent from their highs over the summer,
Speaker 1: though there's still two higher than they were at this
Speaker 1: time last year, but they have by the summer, and
Speaker 1: I think we're hoping that the weather stays more in
Speaker 1: our favor. So near term optimism, But those are some
Speaker 1: of the things I look at near term. What about
Speaker 1: longer term? Yeah, well, longer term, there's so much volatility.
Speaker 1: If you just look at this week alone, Lisa Cradle
Speaker 1: price jumped around eight up and down, and so I
Speaker 1: think the market has a lot of jitters. We saw
Speaker 1: some downward price pressure with recessionary concerns UH and the
Speaker 1: strengthening of the dollar, but then we worried about demand
Speaker 1: because the market got jittery with the what's happened with
Speaker 1: the North String pipelines, even though that actually does not
Speaker 1: affect near term European gas, like is this pipeline for
Speaker 1: not serving Europe? But the EU has done a great
Speaker 1: job of reducing its short term dependence on Russian gas,
Speaker 1: and so I think that the added threats will create
Speaker 1: upward price pressure. It will continue that, but the recessionary fears,
Speaker 1: the rampant inflation that you all have been talking about,
Speaker 1: that breeds a downward price pressure that keeps US more
Speaker 1: in balanced. The analysts are are pegging average group price
Speaker 1: for to be in the seventies, which I don't think
Speaker 1: I would have expected that just three months ago. Well,
Speaker 1: sticking on the energy story in Europe, but we heard
Speaker 1: from Enery Herdering, our correspondent in Washington, d C. About
Speaker 1: how they're increasing calls from Europe for the US to
Speaker 1: lower its natural gas prices as exports to Europe to
Speaker 1: give them some assistance through the winter. Do you see
Speaker 1: that as a realistic outcome that the US is willing
Speaker 1: to provide marginal demand and somehow cap prices in some manner.
Speaker 1: I didn't think that most interesting. And that the paper
Speaker 1: that the EU is issued about creating an lergy transaction
Speaker 1: based benchmark. Uh, you know, the markets are very transparent,
Speaker 1: and you know high departments have been trading in the
Speaker 1: ways that they've been trading for almost decades, right, So
Speaker 1: I don't know how successful that will ultimately be given
Speaker 1: all this volatility that we've been talking about. I do
Speaker 1: think though, the governments are really interested in having more
Speaker 1: unified policies to protect their electorate and to secure energy
Speaker 1: supplies for the coming winter month Regina the Netherlands. Inflation
Speaker 1: in the hydrocarbon part of that, I believe is a
Speaker 1: hundred and fourteen percent, just unimaginable numbers. What are the
Speaker 1: ramifications if we get ninety days of sevent inflation in
Speaker 1: the Netherlands. Well, I'm not an economist, Tom, but I
Speaker 1: mean I think it's you're seeing major price escalation. I'm
Speaker 1: talking to a lot of senior executives that run manufacturing
Speaker 1: companies all across Europe, and their energy costs are through
Speaker 1: the roof, and that cost then has to get translated
Speaker 1: back down into goods and services that go to consumers,
Speaker 1: and that I think is what's driving some of these
Speaker 1: these crazy inflationary numbers that we're seeing. And until we
Speaker 1: can drive that overall energy cost down, you know, they're
Speaker 1: making short term decisions to cut manufacturing runs as a
Speaker 1: demand management response. But I think will continue to see
Speaker 1: a lot of upward pressure on price given these higher
Speaker 1: energy costs. Regina, thank you and thanks for making it
Speaker 1: this morning to join us. We appreciate it. Regina Mada
Speaker 1: of KPMG holding on as the expertise of the chief
Speaker 1: investment strategist at LUTH, Jim Paulson recalibrates in the fourth
Speaker 1: quarter with us this morning. What's the value of cash
Speaker 1: right now? Mr Paulson? I, UM, it's nice to see
Speaker 1: cash tom at least giving a positive yield of some merit,
Speaker 1: but I don't think it's the right asset to be
Speaker 1: in right now. UM. I think they are pretty unsustainable
Speaker 1: at the moment um, and it's all tied to police
Speaker 1: officials raising rates. Um. In this country, the tenure yield
Speaker 1: is going straight north, while commodity prices are collapsing, while
Speaker 1: inflation surprise index is falling, while while the I S
Speaker 1: M S price surveys from service and manufacturers are are
Speaker 1: falling out of bed, while inflation expectations in the bond
Speaker 1: market break even rates are collapsing. Um. The dollar is
Speaker 1: simply out of control and the upside is a reflection
Speaker 1: of yields, and I think you know, something's got to change.
Speaker 1: It's gotten too extreme and probably what changes is rates
Speaker 1: stopped going up soon? And if that's the case, I
Speaker 1: think the stock market is gonna have a good rip yet.
Speaker 1: Um And I don't think you'll be pleased by putting
Speaker 1: too much in cash, but having some in cash. It's
Speaker 1: nice to have a bond market that's yielding something, in
Speaker 1: a cash market that shielding something. It's certainly gives Asset
Speaker 1: allocators are just people, individuals and opportunity to diversify some
Speaker 1: risks that they haven't had for quite some time. What's
Speaker 1: that coon option? You've got the gym on a rip?
Speaker 1: What are you playing? What are you sitting? What's the
Speaker 1: pocket of the knocket you want to be present in? Well?
Speaker 1: I I think I look at this like coming out
Speaker 1: of a recession, uh, Jonathan, I I would. I would
Speaker 1: look at early cycle stocks. And my favorite sector is
Speaker 1: the consumer discretionary sector. I think it's the one sector
Speaker 1: that's been most harmed by inflation. It destroys UH not
Speaker 1: only their operations by squeezing their margins of the companies,
Speaker 1: but it destroys the confidence of their customer base, and
Speaker 1: so as inflation rolls over, I think those stocks come
Speaker 1: back to life. I'd also, you know, look at growth stocks,
Speaker 1: particularly small cap growth. I my favorite tilt would be
Speaker 1: towards small caps, which by the way, have held up
Speaker 1: remarkably well in this last draft in the stock market
Speaker 1: here uh since August, and I think that I would
Speaker 1: I would have some exposure there. I also think that
Speaker 1: there's cycles beyond the UH consumer discretionary that probably play,
Speaker 1: like industrials and and so forth. And I also think
Speaker 1: there could be a play on the dollar. Yet, I
Speaker 1: just think the dollar is too high, has got to
Speaker 1: come down. And I don't know if i'd have a
Speaker 1: broad based international bet right now, but I would maybe
Speaker 1: in the emerging markets excluding China, so Jim right now
Speaker 1: Nike shares down premarket trading and screaming pie Uh. No,
Speaker 1: I don't have any particular preference to Nike. Uh, Lisa.
Speaker 1: I mean, I'm not mean to put you on the spot.
Speaker 1: I know that you're you're viewing this from a more big,
Speaker 1: big picture sense. But I guess that the point that
Speaker 1: I was trying to make is what's the risk to
Speaker 1: the downside as you wait for the FED to blank.
Speaker 1: When the FED saying we're not going to blink and
Speaker 1: no things are not breaking, it looks like actually financial
Speaker 1: stabilities holding in just fine in the US. I we're
Speaker 1: getting really close to a blink and and probably a force.
Speaker 1: It could be that we get a you know, a
Speaker 1: really weak economic report. It could be that we get
Speaker 1: a really good inflation report, probably more likely as something breaks.
Speaker 1: And you guys are bringing up things this morning that
Speaker 1: are starting to show some cracks in the foundation. And
Speaker 1: right now, if something breaks in the US and it's
Speaker 1: a systemic problem, there's more downside risk in the stock market.
Speaker 1: But I think that the private balance sheets of the
Speaker 1: United States, both households and corporations, are very solid, and
Speaker 1: they're very liquid, and the banking industry squeaky clean in
Speaker 1: this country, and the chance of a systemic balance sheet
Speaker 1: break here, I think are low. So I think something breaks,
Speaker 1: but if it's not systemic, it will cause a pause
Speaker 1: in the tightening cycle across the globe, and that could
Speaker 1: be a really big positive here for the stock market.
Speaker 1: One point, you can you can you make that fun
Speaker 1: a point and then I'll come back. You just type
Speaker 1: of states you got a stage that, okay, I I
Speaker 1: just want to make a one point that you know,
Speaker 1: Powell seems bent on, you know, channelings inner inner Voker
Speaker 1: moment and the entire Voker moment that actually occurred in
Speaker 1: one there when Paul Voker took the funds rate from
Speaker 1: nine and a half percent in August I think to
Speaker 1: by December UM. The stock market after that two fell
Speaker 1: by a total of seven And I think it's important
Speaker 1: to recognize we're already down twenty in this country already.
Speaker 1: So even if we're having a Powell moment, you know,
Speaker 1: it's interesting Volker had a Voker moment after fifteen years
Speaker 1: of runaway inflation in this country. The pole fed is
Speaker 1: wanting to do a Vocer moment after fifteen months of
Speaker 1: high inflation. I don't think the two are comparable and
Speaker 1: don't need the same approach. Jim will continue this conversation
Speaker 1: at the time, so we appreciate you thoughts and kind
Speaker 1: of instructive. The hope is that imposting that the Luthal Creek.
Speaker 1: This is the Bloomberg Surveillance Podcast. Thanks for listening. Join
Speaker 1: us live weekdays from seven to ten am Eastern on
Speaker 1: Bloomberg Radio and on Bloomberg Television each day from six
Speaker 1: to nine am for insight from the best in economics, finance, investment,
Speaker 1: and international Relations and subscribe to the Surveillance podcast on
Speaker 1: Apple podcast, SoundCloud, Bloomberg dot com, and of course on
Speaker 1: the terminal. I'm Tom Keene, and this is Bloomberg