Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: Single best idea out an Apple podcast. Thank you Apple
Speaker 2: for inventing podcasts. It's a boom industry. Our theory is
Speaker 2: not like when we started this decades ago, which was
Speaker 2: really exciting to do that with Apple at the time.
Speaker 2: But to give you something short like six minutes, and
Speaker 2: today I may even make it a little shorter. I'm
Speaker 2: fighting a plague. You can hear it throughout the tapes
Speaker 2: that we've got today. Thanks to the team, particularly Paul
Speaker 2: Sweeney for putting up with it. But you know, like
Speaker 2: everybody else, I'm medicated. Thank you to David Gera for
Speaker 2: tea from Brooklyn is different. It was sacred or some
Speaker 2: of the sacred vibe apothecary. It's very you know, I
Speaker 2: don't know what was in it. Maybe been some you know,
Speaker 2: beverage of my choice in it. Anyways, thank you David
Speaker 2: Gerr for bringing in tea today. A joy to speak
Speaker 2: to Richard Clarita. He was the dean of Columbia Economics.
Speaker 2: He brought Joe Stiglitz to Colombia. Just to give you
Speaker 2: an idea of what really matters in bringing in faculty.
Speaker 2: It's where a Dean could say, hey, come in and
Speaker 2: was vice chairman of the FED. He's this legit academic
Speaker 2: with his work on DSGE. But we talked to Richard
Speaker 2: Clarina now at PIMCO today about the path forward for
Speaker 2: the FED theory underlying let's listen.
Speaker 3: My sense, obviously from public comments of not only the
Speaker 3: Chair but the committee is that they've understood Tom for
Speaker 3: some time that the shock was sufficiently unusual and substantial
Speaker 3: that they need they can, and they are relying less
Speaker 3: on models and more on the way the data evolves.
Speaker 3: You know, Tom, on one hand, you know, the models
Speaker 3: were telling him that to get inflation down from five
Speaker 3: and a half to two points something, they need to
Speaker 3: have a big increase in the unemployment rate. And both
Speaker 3: Governor Waller, Serpell and others said, look, the economy may
Speaker 3: be different this time.
Speaker 2: We don't have to.
Speaker 3: Assume a big cratering in the labor market.
Speaker 2: Richard Clarita and the FED out of the pandemic certainly
Speaker 2: a historic moment. I really can't say enough about the
Speaker 2: coverage of our team, Scottlandman leading our coverage in Washington
Speaker 2: through this really historic period. Moving right along to what
Speaker 2: we do, which is equities, bonds, currencies, commodities, and being
Speaker 2: in New York and not in London. John Ferrell tells
Speaker 2: me this all the time. London's really where the commodities are.
Speaker 2: JOHNA happens to be correct. But with that said, out
Speaker 2: of London are all sorts of ability, not just in
Speaker 2: oil or you know a couple other commodities that matter,
Speaker 2: but in what it's called the safts is the metals, copper, industrial,
Speaker 2: gold and all that, but the sauce is a huge
Speaker 2: part of the world. ConA Haik owns a high ground here.
Speaker 2: She's with ed f and Man, which literally goes back,
Speaker 2: I believe, to the American Revolutionary War. But ConA Haik
Speaker 2: is encyclopedic on what's going on in the cocoa boom
Speaker 2: and all that. And overlaying all of this, including in coffee,
Speaker 2: is the drought. John Tucker today had a superb news
Speaker 2: item us early in the day about the warm April,
Speaker 2: the hot April, so many are feeling. I saw that
Speaker 2: it's going to be ninety six today in Manila. Just
Speaker 2: as one example. It's very hot in Vietnam as well.
Speaker 2: Here's Coda Hak on coffee.
Speaker 4: Coffee prices have risen sharply and they were thinking, oh,
Speaker 4: is this the next cocoa and rightfully though again it's
Speaker 4: fundamentals in the coffee supplied Amon situation is very tight.
Speaker 4: We have Vietnam, which again heat dress and dryness has
Speaker 4: caused a shortage of robusta, which is the stuff you
Speaker 4: eat for US drink in espressos. So robusta coffee is
Speaker 4: definitely tied in terms of supplied Amon fundamentals. Arabica is
Speaker 4: produced in Brazil, but they also had, you know, a
Speaker 4: couple of years of bad crops following by frost. You
Speaker 4: don't get frost in Brazil. That's very abnormal. We've recovered
Speaker 4: from them, but then you had a bout of droughts
Speaker 4: and you've just not had perfect weather. And this is
Speaker 4: the recurring theme.
Speaker 2: Connor Hey of Ed and f Man, they're on coffee.
Speaker 2: We're a really good conversation. Speaking of that conversation, just
Speaker 2: out we have the full replay of the show two
Speaker 2: hours and fifty six minutes. You'll see that two ish,
Speaker 2: three ish in the afternoon Wall Street time. We've had
Speaker 2: a huge request for this, particularly for those in the
Speaker 2: Mountain in the Pacific time zones. But there's a replay
Speaker 2: now of the entire three hour show, and look for that. Now,
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