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

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Speaker 2: Single best idea which was that we worked all weekend

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Speaker 2: and particularly coming out of Monday evening on a changeable

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Speaker 2: news flow. It was just extraordinary. Massive shout out to

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Speaker 2: Amandolineum and Kathy Jones at black Rock and Schwap for

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Speaker 2: getting as started this morning on a bond market which

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Speaker 2: is globally priced down yield up. This will be a

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Speaker 2: huge focus into September, and of course all of us

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Speaker 2: wrapped around titanic economic data this week into the jobs

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Speaker 2: report and then revision announcements into I believe it's September

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Speaker 2: ninth as well, where we have a real commitment to

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Speaker 2: a study of the labor market. When we can get

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Speaker 2: market breaking news out of the way. We couldn't do

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Speaker 2: that today led by merger frenzy. It was Merger Tuesday

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Speaker 2: instead of Merger Monday. And again thanks to all of

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Speaker 2: our team for just really adapting spur of the moment

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Speaker 2: to a changeable news landscape. With that was a discussion

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Speaker 2: over tariffs. We went academic and then political here from

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Speaker 2: the Budget Lab at Yale. Ernie Tedesky from.

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Speaker 3: The one hand, like the textbook will tell you that

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Speaker 3: this is a one time price adjustment. On the other hand,

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Speaker 3: when the given the chaotic rollout of the tariffs and

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Speaker 3: the gradual rollout of the tariffs, even if it is

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Speaker 3: a one time price adjustment, because it's so you know, incremental,

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Speaker 3: it feels like true inflation to people because they get

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Speaker 3: a little bit one month, they get a little bit

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Speaker 3: more the next month, and so it doesn't feel like

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Speaker 3: one time. It feels like it's this ongoing thing. Plus,

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Speaker 3: there is the FED concern that this is going to

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Speaker 3: spill over into supply chains and actually be more persistently inflationary.

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Speaker 3: We haven't seen evidence of that yet, but you know,

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Speaker 3: like I said, we're wait, it's not the beginning anymore.

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Speaker 3: But it's not you know, it's not the late game still,

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Speaker 3: so we're still looking for more evidence.

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Speaker 2: Ernie Tedesky at the Budget Lab at Yale, whatever your politics,

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Speaker 2: I just can't say enough about how they publish. Oh

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Speaker 2: they'll publish once every ten days on a given topic.

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Speaker 2: But the Budget Lab at Yale, whatever your politics, has

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Speaker 2: a clarity of information about what is going on. I'm

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Speaker 2: sure there'll be a flurry of stuff this week of

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Speaker 2: September start to the new season. If you will from

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Speaker 2: the Budget lab at Yale and Ernie Tedesky on the

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Speaker 2: political moments for tariffs in Washington. Henrietta Tre's veda partners.

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Speaker 1: In my world, which is very much tariff world. It

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Speaker 1: shows you the negative consequences of tariffs. You penalize our

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Speaker 1: global allies, NATO allies, You push India, who we've tried

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Speaker 1: to foster a relationship with for thirty years, that have

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Speaker 1: made incredible strides considering their neighboring China. Is really really telling.

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Speaker 1: And the part that's really striking is how personal the

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Speaker 1: President makes his relationships with all of these men, whether

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Speaker 1: it's President She, President Putin, or Mody. The President has

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Speaker 1: gone out of his way to explain that he can

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Speaker 1: fix the US the Ukraine Russia war on day one,

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Speaker 1: Gaza on day one. He has an incredible relationship with

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Speaker 1: President She, an incredible relationship with Mody, and yet we

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Speaker 1: see precisely the opposite, this relationship actually not being valid

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Speaker 1: and driving those men together because of the tyrifs. It's

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Speaker 1: a obvious consequence, but nonetheless unintended from the administration.

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Speaker 2: Henrietta Trees, who's just helped us so much special things

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Speaker 2: also to Terry Haynes a Pangaea for his perspective, and

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Speaker 2: an exceptional Tuesday to begin the September season. Again, We're

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Speaker 2: really going to focus over the next number of days

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Speaker 2: on the American labor economy. Huge economic data for Wednesday Thursday,

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Speaker 2: into the jobs report Friday, all sorts of revision analysis

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Speaker 2: up into the second week of Stember. And with all that,

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Speaker 2: the discussion among experts about a potential government shutdown the

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Speaker 2: end of September into October one on your podcast on Apple,

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Speaker 2: on Spotify, on YouTube podcasts. It's single best idea