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

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Speaker 2: Best idea, We'll be quick about it. David Sief joined

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Speaker 2: us with Mura and we talked about the economics at hand,

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Speaker 2: the economics of the moment. Here's David Seefe on the

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Speaker 2: view forward.

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Speaker 3: I think this is an increasing investor concern, and I

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Speaker 3: would say a concern of mine as well. Over the

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Speaker 3: past couple of months, we've seen i'd say, really starting

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Speaker 3: in April with the sort of post Liberation Day announcement

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Speaker 3: and then you know, events in the UK, events in

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Speaker 3: exactly we've seen, crisis happens, the back end sells off,

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Speaker 3: The crisis then is resolved, and the back end doesn't

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Speaker 3: come back, so the yield spikes, and then when the

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Speaker 3: crisis is solved, it just sort of stays there. It

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Speaker 3: doesn't get any worse. But we've seen the steady steepening

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Speaker 3: of the curve. And it's not the good kind of steepening.

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Speaker 3: It's not the kind of steepening where people are like, oh,

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Speaker 3: you know, the economy is going to be growing better,

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Speaker 3: and therefore longer longer term rate should be or yield

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Speaker 3: should be higher. It's the kind of steepening where people

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Speaker 3: are like, Oh, I'm a little worried about what inflation

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Speaker 3: is going to be. Like globally, I'm a little worried

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Speaker 3: about you know, what the future holds in terms of risk,

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Speaker 3: and therefore I demand a higher risk premium for locking

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Speaker 3: my money up, even with these very safe developed market

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Speaker 3: economies like in the US, UK, Japan.

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Speaker 2: David see if he's with n Murray as well, special

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Speaker 2: moment on the show today. We'll make this a point

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Speaker 2: of explanation, I guess is how I would put it.

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Speaker 2: You have to start somewhere and long ago and far away.

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Speaker 2: I started with the support of a small shop called

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Speaker 2: Goldman Sachs. It was Jim O'Neill in London. One day

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Speaker 2: we sat in the basement of Finsbury Square and move

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Speaker 2: the Japanese. Yet, I should say, mister O'Neill moved the Japanese. Yeah, now,

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Speaker 2: Lord O'Neill. And in America it was a tandem of

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Speaker 2: Bill Dudley and Ed McKelvey Chris. Mister Dudley went on

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Speaker 2: to the New York Fed and Associated Economic Acclaim. At

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Speaker 2: the time they had two youngsters working for them. One

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Speaker 2: was Jan Hatzias, who has just done so well with

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Speaker 2: Golden Sex Economics and Yen's Nordvig more in Foreign Exchange

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Speaker 2: from Denmark. Jan's Nordvig was on the show today and

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Speaker 2: as the President went after the leadership of Golden Sex

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Speaker 2: and the President went after Jan Hatzias of Golden Sex,

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Speaker 2: we yes Jens Nordvig to delicately comment, it's.

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Speaker 4: Rare that you have a situation where the president of

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Speaker 4: the United States, like is involved in some kind of

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Speaker 4: tension with an economist at a bank. Right, So we're

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Speaker 4: in an unusual situation. So I think Jan is gonna

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Speaker 4: continue to do his research, continue to do his forecasting,

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Speaker 4: and hopefully the management will be dealing with that appropriately

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Speaker 4: delicate moment.

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Speaker 2: That's what the management is for. It is incredibly busy August,

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Speaker 2: so much for the summer long. Really special conversation today

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Speaker 2: with Michael McKee about Rayevic and Garbage chev and Reagan

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Speaker 2: and Marie Horden traveling to Anchorage, and we thank Stephanie

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Speaker 2: Baker in her wonderful book on putinin Sanctions for being

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Speaker 2: with us as well. We're on Ample podcasts, We're on

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