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

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Speaker 2: Single best idea and across three hours of broadcasting this

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Speaker 2: morning seven to ten am Wall Street Time. What a

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Speaker 2: set of cross currents. Yes, we're looking at tech earnings,

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Speaker 2: Tim and Carol will have that this afternoon across all

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Speaker 2: of our properties, Microsoft and Google. But all of a sudden,

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Speaker 2: economics can get in a way. That's the power of economics.

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Speaker 2: Something will come out and there'll be a big decision.

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Speaker 2: And I want to take thirty seconds here to nuance this. Clearly,

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Speaker 2: the consensus of the people that we spoke to was

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Speaker 2: this report was not as grim as a positive one

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Speaker 2: point six percent statistic. That's sort of there's been different

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Speaker 2: phrases for it over the decades, but it's sort of

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Speaker 2: edge of recession. It's not. And the answer is is

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Speaker 2: that all those imports coming in from abroad to a

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Speaker 2: buoyant American economy, buying those imports coming in from abroad

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Speaker 2: in the algebra of GDP diminished the number and the

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Speaker 2: domestic numbers were actually much better than positive one point

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Speaker 2: six percent. So that's the backdrop here. We're going to

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Speaker 2: talk to Aniwong here in a moment of Bloomberg economics.

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Speaker 2: But before that and before the GDP report, Ben Laidler,

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Speaker 2: excuse me, I'm gasping his exhausting morning. Ben Laidler of

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Speaker 2: ETRO has just been outstanding about rationalizing your desire to

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Speaker 2: stay in the stock market. Here is Ben Ladler, a

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Speaker 2: little bit on Europe, but much more on a faith

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Speaker 2: in equity investment.

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Speaker 3: Talked about Europe fantastic cynical story, less good structural story.

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Speaker 3: I think the US and big tech remained fantastic structural stories.

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Speaker 3: You know, we may have baked in high valuations and

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Speaker 3: high earnings right now, but I think they will continue

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Speaker 3: to deliver as we use more tech, as they have

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Speaker 3: these huge motes, as they have these sort of strong

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Speaker 3: balance sheets, and so yes, I will be trimming back

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Speaker 3: on big tech to look at the more economically sense,

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Speaker 3: the cheaper bits of the world. But I think the

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Speaker 3: US and big tech is absolutely fine.

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Speaker 2: Many views on that towards what Ben Ladler's saying, and

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Speaker 2: I sh'd mention there's others going the other way. Phil

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Speaker 2: Comer was in well timed futures or I think now

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Speaker 2: futures are negative two hundred on their way to negative

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Speaker 2: six hundred, and phil Comer really takes a different view,

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Speaker 2: just saying enough of the huge rally in big tech.

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Speaker 2: I'll let you decide. We don't have an opinion here

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Speaker 2: of what to do. We just bring you the different voices.

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Speaker 2: Anna Wong is out of the Chicago Combine in this

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Speaker 2: head of US economics for Bloomberg. She's done some really

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Speaker 2: nuanced stuff. She's like everybody else, She's been right, she's

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Speaker 2: been wrong. But what's interesting about Anna Wong is she'll

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Speaker 2: turn on a dime and here is the single best

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Speaker 2: idea from Anna Wong. She has to recalibrate given the

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Speaker 2: nuances of pretty good GDP, but also this really concerning

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Speaker 2: higher service sector inflation, and along of Bloomberg.

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Speaker 4: I think after having four months of data, we have

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Speaker 4: decided that even though we did see from yesterday's revised

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Speaker 4: data that payroll is like the negative in the third quarter,

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Speaker 4: I think Powell's pivot in December was so powerful that

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Speaker 4: it staunched a lot of the emergence recessionary dynamics in

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Speaker 4: the third quarter.

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Speaker 1: And right now we have revised up our first half

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Speaker 1: of growth path and also inflation path to be stronger,

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Speaker 1: and I think what we need to see from Powell

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Speaker 1: next week is a bigger hawkish pivot in order to

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Speaker 1: get inflation back on a path of disinflation, given that

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Speaker 1: the strength right now is due to his pivot.

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Speaker 2: There it is, Eric, I'm sorry. All we're going to

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Speaker 2: about for the next five days is hawkish pivot. Hawk

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Speaker 2: aduvish pivot, hawkish pivot. That's a phraser. Animal uses a phrase,

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Speaker 2: so to a lot of other people. What does it

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Speaker 2: come down to? Go back? Important? One of the advantages

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Speaker 2: of single best idea is you can go back and

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Speaker 2: I will commend to you. I believe it was yesterday

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Speaker 2: or the day before. Lindsey Piegs of Steefel was brilliant

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Speaker 2: on the hawkish pivot in mincing no words that this

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Speaker 2: is a fed that has to raise rates. She meants,

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Speaker 2: I can't wait to see what Lindsay Piegsa publishes at

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Speaker 2: Stifel over the next coming days, maybe out one week

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Speaker 2: or so. Of course, the important inflation numbers that we

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Speaker 2: see tomorrow. We'll have this for you at eight thirty

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Speaker 2: tomorrow morning. But the point here is, maybe that's the

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Speaker 2: new phrase. Off of the debris that we saw today.

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Speaker 2: Hawkish pivot is well in play. A buoyant domestic economy,

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Speaker 2: interesting trade dynamic and service sector inflation that is not transitory.

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Speaker 2: There I said the dreaded T word. All I can

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Speaker 2: say is Apple car Play, Android Play. We're out there.

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Speaker 2: Download the Bloomberg Business app. It's free. This has been

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Speaker 2: a huge confusion. Do I have to pay for Apple CarPlay? No,

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Speaker 2: it's free. It's really building out. Well, there's so much

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Speaker 2: more you can do there across all of the Bloomberg

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Speaker 2: podcast world on YouTube. Superb audience today, thank you so

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Speaker 2: much for the live chat out on YouTube. Brand new.

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Speaker 2: You go to Bloomberg Podcasts on YouTube and precisely at

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Speaker 2: seven o'clock the computer gods bring up our list of

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Speaker 2: guests for the next coming hours. That's very cool. We've

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Speaker 2: had a lot of requests for that. We're trying to

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Speaker 2: listen to what you want here out on YouTube at

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Speaker 2: Bloomberg Podcasts. Thanks so much to Ben Laidler. Thank you

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Speaker 2: so much, Doctor Wang. Thank you so much to Jim

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Speaker 2: Carron and others on short short notice, single best idea

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Speaker 2: on Apple podcasts