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

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Speaker 2: A single best idea and the worst idea was basically

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Speaker 2: all of us worked all weekend across the three day

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Speaker 2: We tried to do things here as we all do,

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Speaker 2: but we're all glued to our phones doing the social media,

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Speaker 2: reading the zeitgeist. If you would major shout out William

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Speaker 2: Rhodes's iconic at City Group of Brown University, his Brown

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Speaker 2: University Bill Rhods writing up a wonderful essay in Project

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Speaker 2: Syndicate on the moment at hand for Europe. He is

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Speaker 2: of ninety one years old. We celebrate the Bill Rhodes

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Speaker 2: published this weekend. Mark Champion published as well. Really can't

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Speaker 2: say enough about his work definitive in Europe with a

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Speaker 2: truly wonderful Transatlantic perspective, Iconic at the Wall Street Journal

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Speaker 2: and now writing for Bloomberg Opinion. Champion on the moment

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Speaker 2: at hand.

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Speaker 1: This is going to be incredibly hard for Europe. They

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Speaker 1: all understand they need to hang together. The problem is

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Speaker 1: finding that common denominator that allows them to hang together.

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Speaker 1: And so long as you know, this is what Mattz

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Speaker 1: has been hinting that he's going to be saying to

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Speaker 1: Maccai is that you need to ease off a little

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Speaker 1: bit because you just can't take us all with you. Now.

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Speaker 1: You know, if there is method to what Trump is

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Speaker 1: doing here, you know one way that you could explain

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Speaker 1: this is to say what he wants, and it's what

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Speaker 1: he said he wants is to divide the EU, in

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Speaker 1: particular on trade. He really cares about trade.

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Speaker 2: My champion there and of course will continue to speak

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Speaker 2: to mister Champion and others across all of Bloomberg Opinion. Again,

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Speaker 2: the President speaks tomorrow at the meetings of the World

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Speaker 2: Economic Forum. A good way to start here with the

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Speaker 2: markets and turmoil. Michael Purvis joined us on the move inequities,

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Speaker 2: the moving gold up to forty seven hundred plus as

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Speaker 2: well the bond market move price is lower here Michael

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Speaker 2: Purvis on a unique Tuesday.

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Speaker 3: Oh, I think what's really idiotsymnocratic with Japan right now,

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Speaker 3: with the fact that they're thirty year bond is this

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Speaker 3: you know that yield is a surgeon, right. And it's

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Speaker 3: an interesting contrast because in the United States, for all

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Speaker 3: the time we talk about the Fed and the Chair

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Speaker 3: and inflation and all this interest rate stuff, the reality

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Speaker 3: is that rate volatility in the US has been extraordinarily low,

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Speaker 3: perhaps until last night, and rape volatility overseas is doing

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Speaker 3: in Japan particularly, is doing very interesting things.

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Speaker 2: Michael Purvis there on how to interpret all that we

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Speaker 2: see in the market. So here's a little bit of

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Speaker 2: nerd fest on a Tuesday. It's so cold now, I mean,

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Speaker 2: all you can do is go to logarithms. So we

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Speaker 2: all quote yield. And you heard mister Purvis say there

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Speaker 2: yield surged in Japan. So it's yield up and that

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Speaker 2: means in price down. So on the Bloomberg and this

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Speaker 2: is rarely rarely quoted in the zeitgeist. Are the price

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Speaker 2: of a bond, a note, a bill, And in the

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Speaker 2: case of the ten year or twenty or forty year Japan,

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Speaker 2: we can get a price farther out you go, the

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Speaker 2: bigger the price move for drama. So I bring up

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Speaker 2: the forty year Japan bond forty year in price, not

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Speaker 2: yield in price, and basically it's going ninety to eighty,

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Speaker 2: just as a general idea. So then I look at

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Speaker 2: the movement the volatility as mister Purvis was just talking about,

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Speaker 2: which is a standard deviation right now that forty year

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Speaker 2: piece is at eighty three. If it goes to eighty

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Speaker 2: two or eighty one and a half, something like that,

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Speaker 2: it's a four standard deviation move that is really really

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Speaker 2: critical to the kind of math that leads to emotion

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Speaker 2: and the unexpected. In Japan, again, the T function, the

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Speaker 2: trading envelope function modeled out logarithmically is a four standard

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Speaker 2: deviation move. We're really getting here quickly on some of

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Speaker 2: the Japanese debt on podcasts out at Spotify, at Apple

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Speaker 2: Music as well, and YouTube podcasts single best Idea