1 00:00:02,520 --> 00:00:07,040 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:07,800 --> 00:00:10,440 Speaker 2: We begin this hour in Washington, President Trump leaving the 3 00:00:10,440 --> 00:00:13,080 Speaker 2: door open for trade talks and piling on the pressure 4 00:00:13,400 --> 00:00:15,160 Speaker 2: for the Fed to cut interest rates. 5 00:00:16,239 --> 00:00:17,880 Speaker 3: We're still willing to talk. 6 00:00:18,040 --> 00:00:20,919 Speaker 1: Literally every country wants to make it dew we have 7 00:00:20,960 --> 00:00:23,680 Speaker 1: no inflation or stock market hit record highs. 8 00:00:23,680 --> 00:00:25,800 Speaker 3: With no inflation, we should be at one percent. 9 00:00:25,960 --> 00:00:30,440 Speaker 2: Thanks as well to Treasure Secretary Scott Besson, who's doing 10 00:00:30,440 --> 00:00:34,080 Speaker 2: a fantastic job. He goes on television, he calms the market. 11 00:00:35,000 --> 00:00:37,360 Speaker 3: I go on television. I rile the market. 12 00:00:37,720 --> 00:00:40,120 Speaker 2: It's time for some calm. Joining us now the seventy 13 00:00:40,240 --> 00:00:43,680 Speaker 2: ninth Secretary of the Treasury, Scale Besson. Mister secretary, welcome 14 00:00:43,720 --> 00:00:46,120 Speaker 2: to the program sir. Let's pick up on that theme, 15 00:00:46,280 --> 00:00:48,559 Speaker 2: not you calm in the markets, but on inflation and 16 00:00:48,600 --> 00:00:51,080 Speaker 2: where rates should be. As I'm repointed out, we've had 17 00:00:51,120 --> 00:00:54,280 Speaker 2: a string of softer and expected inflation reads in this country. 18 00:00:54,320 --> 00:00:56,920 Speaker 2: We've had four, we might get five at a thirty 19 00:00:56,960 --> 00:01:00,320 Speaker 2: Eastern time. Why do you believe that signal and non noise? 20 00:01:01,880 --> 00:01:05,759 Speaker 1: Well, I mean there's some persistence there, Jonathan, And look, 21 00:01:06,200 --> 00:01:09,360 Speaker 1: I do have access to the number of the night 22 00:01:09,400 --> 00:01:11,720 Speaker 1: before but when I'm coming on TV, I don't look 23 00:01:11,720 --> 00:01:13,400 Speaker 1: at it. So I don't know what the number is 24 00:01:13,440 --> 00:01:17,480 Speaker 1: going to be at eight thirty, and I wouldn't. I 25 00:01:17,480 --> 00:01:20,600 Speaker 1: don't know whether it's going to be down, up or flat, 26 00:01:21,040 --> 00:01:25,000 Speaker 1: but I wouldn't put too much emphasis on one number. 27 00:01:25,560 --> 00:01:29,240 Speaker 1: I think it's the trend. And I think one thing 28 00:01:29,520 --> 00:01:34,160 Speaker 1: that Wall Street, a lot of economist market in general 29 00:01:34,200 --> 00:01:38,319 Speaker 1: got wrong early on was that tariffs were going to 30 00:01:38,319 --> 00:01:42,600 Speaker 1: cause a substantial price level rise, which just hasn't happened. 31 00:01:42,280 --> 00:01:44,440 Speaker 2: And there are some people on the FMC the Federal 32 00:01:44,440 --> 00:01:47,160 Speaker 2: Reserve still worried about the prospect of that happening. Through 33 00:01:47,160 --> 00:01:49,800 Speaker 2: the summer, We've all sensed the frustration from the White 34 00:01:49,800 --> 00:01:52,800 Speaker 2: House across the administration with FED Chair J Powell, and 35 00:01:52,880 --> 00:01:54,440 Speaker 2: a lot of confusion. I think at this point that 36 00:01:54,520 --> 00:01:57,600 Speaker 2: maybe we can address in this conversation, is firing the 37 00:01:57,600 --> 00:02:01,360 Speaker 2: Federal Reserve Chair under active consider in the White House 38 00:02:01,360 --> 00:02:03,280 Speaker 2: and the Treasury in your administration. 39 00:02:04,560 --> 00:02:08,400 Speaker 1: President Trump said numerous times he's not going to fire J. Powell. 40 00:02:08,840 --> 00:02:13,520 Speaker 1: You know, he's working the refs. And I've said before 41 00:02:13,840 --> 00:02:16,200 Speaker 1: I'm a basketball fan. There are two schools of working 42 00:02:16,240 --> 00:02:19,440 Speaker 1: the refs. There's the Bobby Knight school, and there's the 43 00:02:19,760 --> 00:02:23,239 Speaker 1: Dean Smith School. President Trump seems to prefer the Bobby 44 00:02:23,320 --> 00:02:26,000 Speaker 1: Knight school. And I'll tell you, I went back over 45 00:02:26,040 --> 00:02:30,160 Speaker 1: the weekend and looked, and Bobby Knight won three NCAA championships. 46 00:02:30,800 --> 00:02:32,560 Speaker 1: My hero Dean Smith only won two. 47 00:02:33,120 --> 00:02:35,720 Speaker 2: The NCAT director, Kevin Hasset, I'm not sure what you'd 48 00:02:35,760 --> 00:02:38,120 Speaker 2: call him, but he was asked over the weekend, can 49 00:02:38,160 --> 00:02:40,480 Speaker 2: the FED chair be fired? He said, that's the thing 50 00:02:40,919 --> 00:02:43,880 Speaker 2: that's being looked into. How should we understand those comments? 51 00:02:45,400 --> 00:02:50,880 Speaker 1: Look, and I will point out Kevin was a collegiate 52 00:02:50,880 --> 00:02:56,959 Speaker 1: basketball player, and I think, as President Trump said, he's 53 00:02:57,120 --> 00:03:01,880 Speaker 1: not looking to fire a chair. And as I've said, 54 00:03:02,040 --> 00:03:04,760 Speaker 1: I'm not going to come I'm not going to comment 55 00:03:04,880 --> 00:03:08,760 Speaker 1: on future policy or future mistakes the federal make. I'll 56 00:03:08,800 --> 00:03:12,440 Speaker 1: only comment on past mistakes. And look, they've had some 57 00:03:12,520 --> 00:03:16,040 Speaker 1: big forecasting errors and this may be one. Now. 58 00:03:16,560 --> 00:03:18,679 Speaker 2: Is there a reason for not firing Kim? And I 59 00:03:18,720 --> 00:03:21,400 Speaker 2: asked that question because the President's also said that his 60 00:03:21,520 --> 00:03:23,880 Speaker 2: term is about to expire in May of next year. 61 00:03:24,000 --> 00:03:26,600 Speaker 2: Is that the reason to ultimately just wait? Or is 62 00:03:26,600 --> 00:03:29,519 Speaker 2: it something cal so you convinced by the negative consequences 63 00:03:29,520 --> 00:03:31,280 Speaker 2: associates it with such a move. 64 00:03:32,440 --> 00:03:37,360 Speaker 1: Look, I think an independent central bank is very important 65 00:03:37,400 --> 00:03:41,440 Speaker 1: for the conduct of monetary policy, and we can see 66 00:03:41,440 --> 00:03:45,680 Speaker 1: that in terms of both the financial markets, the term 67 00:03:45,760 --> 00:03:48,040 Speaker 1: premium and longer term debt. 68 00:03:48,720 --> 00:03:51,760 Speaker 2: You said previously the interview process would begin later on 69 00:03:51,760 --> 00:03:53,960 Speaker 2: in the fall. There's been plenty of speculation as to 70 00:03:54,000 --> 00:03:56,800 Speaker 2: whether that process would be brought forward, mister Secretary, Do 71 00:03:56,840 --> 00:03:59,480 Speaker 2: you still, as far as you understand, believe that's when 72 00:03:59,520 --> 00:04:01,920 Speaker 2: the INTERVIEWSS to replace the FED chair will begin in 73 00:04:01,960 --> 00:04:04,720 Speaker 2: the fall, or as a formal process already started. 74 00:04:05,520 --> 00:04:08,920 Speaker 1: Well, look, there's a formal process that's already starting. There 75 00:04:08,960 --> 00:04:12,880 Speaker 1: are a lot of great candidates, and we'll see how 76 00:04:13,160 --> 00:04:17,960 Speaker 1: rapidly it progresses. It's President Trump's decision and it will 77 00:04:18,000 --> 00:04:19,880 Speaker 1: move at his speed. 78 00:04:20,200 --> 00:04:22,920 Speaker 2: Do you see any merits at all and selecting maybe 79 00:04:22,920 --> 00:04:25,919 Speaker 2: a candidate that's already on the committee on the FMC 80 00:04:26,120 --> 00:04:29,080 Speaker 2: versus taking a look at someone outside of the Federal Reserve. 81 00:04:30,520 --> 00:04:33,440 Speaker 1: Again, there are a lot of good candidates inside and 82 00:04:33,480 --> 00:04:34,640 Speaker 1: outside the Federal Reserve. 83 00:04:34,720 --> 00:04:38,560 Speaker 2: Jonathan has the chairman himself, the FED Chair, Jake pal 84 00:04:38,680 --> 00:04:41,840 Speaker 2: given you any indication whatsoever as to what he would 85 00:04:41,880 --> 00:04:45,320 Speaker 2: do once his term has expired, will if a as 86 00:04:45,320 --> 00:04:46,839 Speaker 2: the governor at the Federal Reserve. 87 00:04:48,000 --> 00:04:54,040 Speaker 1: Well, traditionally the FED chair also steps down as a governor, 88 00:04:54,279 --> 00:04:57,080 Speaker 1: and there's been a lot of talk of a shadow 89 00:04:57,200 --> 00:05:02,039 Speaker 1: FED chair causing confusion in it events of his or 90 00:05:02,080 --> 00:05:04,760 Speaker 1: her nomination, And I can tell you I think it'd 91 00:05:04,760 --> 00:05:08,000 Speaker 1: be very confusing for the market for a former FED 92 00:05:08,080 --> 00:05:09,760 Speaker 1: chair to stay on. 93 00:05:10,000 --> 00:05:13,280 Speaker 3: Also, mister Treasury Secretary, I love to talk to you 94 00:05:13,320 --> 00:05:16,279 Speaker 3: about what's going on in Video. This morning, Jensen Wang, 95 00:05:16,279 --> 00:05:19,359 Speaker 3: the CEO, out in a blog statement saying that the 96 00:05:19,400 --> 00:05:22,680 Speaker 3: company has quote provided an update to customers, noting that 97 00:05:22,720 --> 00:05:26,440 Speaker 3: in Nvidia is finding applications to sell the H twenty 98 00:05:26,520 --> 00:05:30,159 Speaker 3: GPU again. The US government has assured the company that 99 00:05:30,279 --> 00:05:33,000 Speaker 3: licenses will be granted and then Video hopes to start 100 00:05:33,000 --> 00:05:36,800 Speaker 3: deliveries soon. Can you a test whether that that's true 101 00:05:36,880 --> 00:05:39,640 Speaker 3: or not? The United States is willing to let Nvidia 102 00:05:39,720 --> 00:05:42,560 Speaker 3: sell H twenties once again in China? 103 00:05:42,640 --> 00:05:46,120 Speaker 1: Well again, I emrie. I think that'd be a judgment 104 00:05:46,560 --> 00:05:54,080 Speaker 1: that the Chinese indigenous manufacturers, namely Huawei and some others 105 00:05:54,200 --> 00:05:58,520 Speaker 1: already have an equivalent chip. So if there's an equivalent chip, 106 00:05:58,680 --> 00:06:02,440 Speaker 1: then the DAH twenty could be sold because I can 107 00:06:02,480 --> 00:06:05,880 Speaker 1: tell you the one thing that we do not want 108 00:06:06,200 --> 00:06:12,000 Speaker 1: is a digital Belton road springing up around the world 109 00:06:12,120 --> 00:06:19,000 Speaker 1: because other countries or China are substituting for our American 110 00:06:19,080 --> 00:06:20,160 Speaker 1: chip manufacturers. 111 00:06:20,760 --> 00:06:23,520 Speaker 3: This is the same chip though, that the Trump administration 112 00:06:23,839 --> 00:06:27,760 Speaker 3: blocked with export controls in April. So why the change 113 00:06:27,760 --> 00:06:29,040 Speaker 3: in policy now. 114 00:06:30,680 --> 00:06:36,120 Speaker 1: Emery, You might say that that was a negotiating chip 115 00:06:36,240 --> 00:06:39,320 Speaker 1: that we used in Geneva and in London. 116 00:06:40,200 --> 00:06:42,240 Speaker 3: So this was part of the trade talks when it 117 00:06:42,279 --> 00:06:46,200 Speaker 3: comes to Washington and Beijing. Yes, was it a quid 118 00:06:46,240 --> 00:06:49,680 Speaker 3: pro quo then, as you said, it wasn't, But was 119 00:06:49,720 --> 00:06:51,719 Speaker 3: it potentially to make sure that you can get the 120 00:06:51,800 --> 00:06:54,600 Speaker 3: licenses when it comes to rare earths. 121 00:06:55,160 --> 00:06:58,840 Speaker 1: I think it was all part of a mosaic. They 122 00:06:58,920 --> 00:07:02,000 Speaker 1: had things we wanted, we have things they wanted, and 123 00:07:02,360 --> 00:07:05,120 Speaker 1: we're in a very good place. I expect to meet 124 00:07:05,160 --> 00:07:09,320 Speaker 1: my Chinese counterpart, the Vice premiere, in the next few weeks. 125 00:07:09,680 --> 00:07:13,280 Speaker 3: So when and where will that meeting take place. 126 00:07:14,880 --> 00:07:18,040 Speaker 1: We're still working on that. The Chinese leadership has a 127 00:07:18,240 --> 00:07:21,800 Speaker 1: big conclave at the beginning of August, so we're trying 128 00:07:21,840 --> 00:07:24,280 Speaker 1: to work out whether that could be in a third 129 00:07:24,320 --> 00:07:26,640 Speaker 1: country before or after that conclave? 130 00:07:27,080 --> 00:07:31,000 Speaker 3: Well, the administration released the framework of the Geneva and 131 00:07:31,080 --> 00:07:31,880 Speaker 3: London talks. 132 00:07:33,120 --> 00:07:37,880 Speaker 1: Well, we have released some of it, and I'll tell 133 00:07:37,920 --> 00:07:44,840 Speaker 1: you that now having settled on tariffs on the export controls, 134 00:07:45,120 --> 00:07:47,840 Speaker 1: we can move on to the next stage of talks. 135 00:07:47,920 --> 00:07:51,760 Speaker 1: And I think it's very important both for the global economy, 136 00:07:51,800 --> 00:07:55,400 Speaker 1: for the US economy and for the Chinese economy, for 137 00:07:56,160 --> 00:08:00,760 Speaker 1: US to move on and talk about China opening its 138 00:08:00,840 --> 00:08:06,000 Speaker 1: markets and the increase domestic and consumer production. 139 00:08:06,080 --> 00:08:06,360 Speaker 4: There. 140 00:08:06,840 --> 00:08:09,320 Speaker 3: Are you hoping to get to that next phase before 141 00:08:09,440 --> 00:08:14,440 Speaker 3: August twelfth, when that's currently the day taunt between these 142 00:08:14,440 --> 00:08:15,280 Speaker 3: two economies. 143 00:08:16,440 --> 00:08:19,720 Speaker 1: Yeah, Look, I think we're in a very good place. 144 00:08:19,920 --> 00:08:24,680 Speaker 1: And I tell market participants not to worry about August twelfth. 145 00:08:24,880 --> 00:08:27,400 Speaker 4: Should they worry about what's happening with Europe with respect 146 00:08:27,400 --> 00:08:29,360 Speaker 4: to the thirty percent teriff rate. They don't seem to 147 00:08:29,400 --> 00:08:31,800 Speaker 4: be worrying. But I'm just curious whether that's the final 148 00:08:31,880 --> 00:08:34,240 Speaker 4: rate or whether the letter was part of a negotiation 149 00:08:34,760 --> 00:08:36,880 Speaker 4: that Europe received from President Trump. 150 00:08:38,280 --> 00:08:41,920 Speaker 1: Well, Lisa, you know what I would say is President 151 00:08:41,960 --> 00:08:45,120 Speaker 1: Trump's able to create a lot of leverage here, A 152 00:08:45,160 --> 00:08:49,920 Speaker 1: lot of leverage because he's indifferent. He's indifferent whether we 153 00:08:50,080 --> 00:08:54,040 Speaker 1: take in the thirty percent rate or whether the Europeans 154 00:08:54,080 --> 00:08:57,440 Speaker 1: come to us with a much better deal. As I've 155 00:08:57,440 --> 00:09:02,560 Speaker 1: been saying for a while that if countries or trading 156 00:09:02,600 --> 00:09:05,880 Speaker 1: blocks don't come with their best deals, then the rates 157 00:09:05,880 --> 00:09:11,560 Speaker 1: could boomerang back. So President Trump's leading this, and what 158 00:09:11,600 --> 00:09:14,439 Speaker 1: I will tell you is that a lot of the deals, 159 00:09:14,520 --> 00:09:18,000 Speaker 1: and this is where his leadership has been invaluable, A 160 00:09:18,040 --> 00:09:20,640 Speaker 1: lot of the deals that I thought were excellent deals 161 00:09:20,880 --> 00:09:23,920 Speaker 1: keep getting improved upon every time he takes up the 162 00:09:23,960 --> 00:09:25,320 Speaker 1: maximum pressure strategy. 163 00:09:25,600 --> 00:09:28,040 Speaker 4: There is a theory in markets, and you don't even 164 00:09:28,080 --> 00:09:30,679 Speaker 4: have to calm them. They're pretty calm. They're watching all 165 00:09:30,679 --> 00:09:33,480 Speaker 4: of these rates and they're not freaking out in parlance 166 00:09:34,000 --> 00:09:36,880 Speaker 4: on Wall Street, They're taking this in stride. We're close 167 00:09:36,920 --> 00:09:39,280 Speaker 4: to all time highs, if not at all time highs. 168 00:09:39,640 --> 00:09:41,600 Speaker 4: Do you see this as giving a green light to Trump? 169 00:09:41,679 --> 00:09:45,119 Speaker 4: To President Trump to keep going, to take hardline approaches, 170 00:09:45,160 --> 00:09:47,679 Speaker 4: and to keep trying to get better and better deals. 171 00:09:48,920 --> 00:09:53,559 Speaker 1: Look, I think this narrative of this subsessive focus on 172 00:09:53,600 --> 00:09:57,320 Speaker 1: the market isn't right. President Trump views this as a 173 00:09:57,480 --> 00:10:02,760 Speaker 1: generational opportunity to reset trade in a fair and sound 174 00:10:03,000 --> 00:10:09,000 Speaker 1: manner for the American people. So the idea that some 175 00:10:09,120 --> 00:10:12,640 Speaker 1: market ups or downs are going to be the deciding 176 00:10:12,720 --> 00:10:18,600 Speaker 1: factor here. What we are concerned about, and President Trump 177 00:10:18,720 --> 00:10:22,720 Speaker 1: is laser focused on, is getting the best deals because 178 00:10:23,880 --> 00:10:30,040 Speaker 1: we were not having fair trade and now we're seeing 179 00:10:30,520 --> 00:10:34,160 Speaker 1: with these countries coming to the table, the quality of 180 00:10:34,160 --> 00:10:36,640 Speaker 1: the deals gets better and better. So we're not going 181 00:10:36,679 --> 00:10:39,880 Speaker 1: to rush just because of some market deadline. Now. I 182 00:10:39,920 --> 00:10:43,400 Speaker 1: think what the market's seeing is market's willing to look 183 00:10:43,440 --> 00:10:47,400 Speaker 1: forward three, six, twelve months and this is going to 184 00:10:47,400 --> 00:10:49,120 Speaker 1: be good for the US, is going to be good 185 00:10:49,160 --> 00:10:50,240 Speaker 1: for the global economy. 186 00:10:50,520 --> 00:10:52,280 Speaker 4: If you do get some sort of signal from the 187 00:10:52,320 --> 00:10:54,000 Speaker 4: market though that this isn't going to be good for 188 00:10:54,040 --> 00:10:56,439 Speaker 4: the US economy, Is there a trigger point? Is there 189 00:10:56,480 --> 00:10:58,719 Speaker 4: sort of a sense at which it acts as a 190 00:10:58,720 --> 00:11:02,280 Speaker 4: gut check of pulls back some of the negotiating tactics. 191 00:11:03,600 --> 00:11:06,640 Speaker 1: Look, I think that the market understands what we're doing. 192 00:11:06,679 --> 00:11:12,640 Speaker 1: Sometimes individual market people don't, sometimes the television personalities don't. 193 00:11:12,679 --> 00:11:16,640 Speaker 1: But good thing about President Trump is he always tells 194 00:11:16,679 --> 00:11:18,800 Speaker 1: you what he wants and what he wants his fair 195 00:11:18,840 --> 00:11:19,280 Speaker 1: trade here. 196 00:11:19,679 --> 00:11:21,720 Speaker 3: I won't take that as a slight on me and 197 00:11:21,800 --> 00:11:25,080 Speaker 3: my colleagues around the table, mister Treasury Secretary. But you 198 00:11:25,320 --> 00:11:28,320 Speaker 3: did tell me on April second, on Liberation Day, that 199 00:11:28,400 --> 00:11:31,160 Speaker 3: this was the ceiling when it comes to those rates. 200 00:11:31,200 --> 00:11:35,000 Speaker 3: But since then we have actually had some tariff rates 201 00:11:35,000 --> 00:11:38,520 Speaker 3: the President announced in letters higher than those rates he 202 00:11:38,559 --> 00:11:41,800 Speaker 3: announced on that big chart on April second. So is 203 00:11:41,840 --> 00:11:44,680 Speaker 3: there no longer a ceiling when it comes to tariff 204 00:11:44,760 --> 00:11:47,120 Speaker 3: rates when you are dealing with trading partners. 205 00:11:48,400 --> 00:11:53,000 Speaker 1: I think that I said, if they come and they 206 00:11:53,200 --> 00:11:57,240 Speaker 1: negotiate in good faith in those are ceilings. And some 207 00:11:57,280 --> 00:12:01,240 Speaker 1: of the talks got off to very very slow starts. 208 00:12:01,559 --> 00:12:04,280 Speaker 3: So who's negotiating good faith at this moment? Who's not? 209 00:12:06,160 --> 00:12:10,760 Speaker 1: Again? I congratulated the UK the other day, as I 210 00:12:10,840 --> 00:12:13,679 Speaker 1: told many of our trading partners, and Anne Marie I 211 00:12:13,720 --> 00:12:16,000 Speaker 1: may have said on that day or a few days 212 00:12:16,080 --> 00:12:19,720 Speaker 1: after April second, I'd advise countries to move quickly because 213 00:12:19,720 --> 00:12:22,680 Speaker 1: the President Trump the first deals are usually the best deals, 214 00:12:23,440 --> 00:12:27,160 Speaker 1: and the UK came in early, they got a great deal, 215 00:12:27,679 --> 00:12:31,280 Speaker 1: and everybody else is kind of dragging right now. 216 00:12:31,360 --> 00:12:33,960 Speaker 3: Well, when it comes to Japan, you're headed there at 217 00:12:33,960 --> 00:12:35,679 Speaker 3: the end of this week, do you expect to come 218 00:12:35,720 --> 00:12:36,400 Speaker 3: back with a deal. 219 00:12:37,400 --> 00:12:41,600 Speaker 1: I'm going to Japan to represent the United States government 220 00:12:41,679 --> 00:12:46,200 Speaker 1: and the American people at the International Expo, which we 221 00:12:46,360 --> 00:12:48,720 Speaker 1: used to know as the World's fairst So this coming 222 00:12:48,800 --> 00:12:51,640 Speaker 1: Saturday is going to be America's Day, and I'll be 223 00:12:51,760 --> 00:12:56,520 Speaker 1: taking a delegation includes the Labor Secretary, Deputy Secretary of 224 00:12:56,679 --> 00:13:01,920 Speaker 1: State will be representing the US. This is a celebration 225 00:13:02,000 --> 00:13:03,520 Speaker 1: of the US more than trade. 226 00:13:03,280 --> 00:13:05,880 Speaker 2: Talks, MISSUS Secretary. Before you go, just to final question, 227 00:13:06,200 --> 00:13:08,439 Speaker 2: I'm embarrassed to say that my knowledge of college basketball 228 00:13:08,480 --> 00:13:10,040 Speaker 2: is nothing like yours, but I can tell you back 229 00:13:10,080 --> 00:13:12,160 Speaker 2: in the nineties in English football, there used to be 230 00:13:12,240 --> 00:13:14,960 Speaker 2: a concept of player managers. There used to be certain 231 00:13:14,960 --> 00:13:18,040 Speaker 2: managers of football teams that also put themselves on the field, 232 00:13:18,280 --> 00:13:21,040 Speaker 2: and they play too effectively. They had two jobs. And 233 00:13:21,120 --> 00:13:24,120 Speaker 2: I'm wandering from your perspective whether that's something you'd be 234 00:13:24,160 --> 00:13:26,640 Speaker 2: interested in. We've seen that throughout the administration. Is that 235 00:13:26,720 --> 00:13:29,400 Speaker 2: something you think that you could pursue both the Treasury 236 00:13:29,440 --> 00:13:31,120 Speaker 2: Secretary and the Fed chet. 237 00:13:32,559 --> 00:13:35,880 Speaker 1: Look, I think I have the best job in town. 238 00:13:36,600 --> 00:13:39,719 Speaker 1: I will do what President Trump wants. We got a 239 00:13:39,800 --> 00:13:45,080 Speaker 1: lot of great FED candidates and I'm confident it's going 240 00:13:45,120 --> 00:13:46,679 Speaker 1: to be a robot process. 241 00:13:46,760 --> 00:13:50,960 Speaker 2: Jonathan, has he asked you, what's that? Has he asked you? 242 00:13:51,240 --> 00:13:52,400 Speaker 2: Are you part of the process. 243 00:13:54,000 --> 00:13:56,680 Speaker 1: I am part of the decision making process, but again 244 00:13:56,880 --> 00:13:58,360 Speaker 1: it's the final decision. 245 00:13:58,440 --> 00:14:01,560 Speaker 2: Is going to be President Trump's secretary. I appreciate your time. 246 00:14:01,760 --> 00:14:04,240 Speaker 2: Thank you. The Treasury Secretary there Skyll Beson on a 247 00:14:04,320 --> 00:14:07,160 Speaker 2: range of issues, including trade and the future of this 248 00:14:07,200 --> 00:14:07,800 Speaker 2: federal Reserve.