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

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Speaker 2: Single best idea, We'll get right to it, and I say,

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Speaker 2: what an eventful August. It has become part of that

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Speaker 2: is synthesizing what's going on. In my litmus paper this morning,

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Speaker 2: the key point on my Bloomberg launchpad was a ten

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Speaker 2: year real yield. We are now down at the bottom

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Speaker 2: of the range one point eighty five percent, and any

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Speaker 2: movement down would be a huge ye. It was a

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Speaker 2: major theme for me today and that centers around the

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Speaker 2: growth bet here's Paul Dunovan of UBS.

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Speaker 3: Well, it does.

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Speaker 1: Mean I think that the bond market is focusing more

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Speaker 1: on the growth concerns. So to the extent that one

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Speaker 1: believes in the far sighted ability of bond traders, then

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Speaker 1: you know that's a signal of worries about the future. Personally,

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Speaker 1: I told my face in the far fight's ability of

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Speaker 1: economists so betrayed us. But you know whatever, So there's

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Speaker 1: an element there. As you're seeing that compression of the

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Speaker 1: real yield, it does at the margin help with the

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Speaker 1: sustainability of government financing because if the real yield is

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Speaker 1: coming down, what that is telling you is that you know,

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Speaker 1: tax revenues relative to indust rate costs are sort of shifting.

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Speaker 1: The revenue does a little bit better relative to the

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Speaker 1: industrate cost. Fairly marginal thing, but it does help, particularly

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Speaker 1: with a deficit as large as the United States now

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Speaker 1: has and with the debt level that it has.

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Speaker 2: Paul Donovan of UBS and Uproar in the last three

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Speaker 2: four or five days over President Trump's firing of the

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Speaker 2: BLS Commissioner, Joe Wisenthal and Tracy Alloway speaking with William Beach,

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Speaker 2: the former commissioner. He's been a good friend of the

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Speaker 2: show back decades. We spoke with Erica Groshan, who was

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Speaker 2: there before William Beach. She said very good things about Beach.

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Speaker 2: But Erica Grosshen here on what the next BLS commissioner

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Speaker 2: should do.

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Speaker 3: I think the next BLS commissioner should follow in the

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Speaker 3: steps of all of the preceding BLS commissioners, and that

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Speaker 3: really starts with the very first BLS commissioner, Carol Wright.

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Speaker 3: And we're talking about eighteen eighty four, and I want

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Speaker 3: to read you what he said about about the commitment

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Speaker 3: that he thought was the BLS was making to the

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Speaker 3: American people. He said BLS would be devoted to and

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Speaker 3: I quote, the fearless publication of the facts, regardless, without

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Speaker 3: regard to the influence those facts may have upon any

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Speaker 3: party's position or any partisan's views. That was eighteen eighty four,

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Speaker 3: and that, I think is what we're looking for. Someone

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Speaker 3: with the technical chops and the commitment that all the

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Speaker 3: previous BLS commissioners have had.

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Speaker 2: Erica Groshen there now at Cornell and of course with

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Speaker 2: all of her work at BLS and before that the

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Speaker 2: New York Fed. On podcasts, we're just stunned by the

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Speaker 2: podcast response across the nation on Apple, on Spotify, and

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Speaker 2: on YouTube podcast Thank you. It's single best I do