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

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Speaker 2: A single best idea. The news flow this August is extraordinary.

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Speaker 2: Of course, Ann Marie Horden in Anchorage. We'll have really

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Speaker 2: special coverage tomorrow from Alaska on a summit, or as

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Speaker 2: Tina Fordham said, maybe it's a non summit. We'll have

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Speaker 2: to see on that. Lindy Fox was wonderful with CFR

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Speaker 2: in Germany as well, but you know, it'll be interesting

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Speaker 2: day at tomorrow. It has been an interesting week as well.

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Speaker 2: One of the high points with Jonathan Ferrell's really informative

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Speaker 2: interview which let us see a snapshot, if you will,

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Speaker 2: a movable feast almost of how the Secretary of Treasure

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Speaker 2: he is thinking, this is mister Bessant, and he was

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Speaker 2: really quite something about cutting interest rates. There has been

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Speaker 2: a firestorm of response on Wall Street. Here's Jim Bianco

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Speaker 2: Bianco Research.

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Speaker 1: He basically said, any model suggests that that interest rates

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Speaker 1: should be cut by one and a half to one

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Speaker 1: and three quarter percent, I'll come back and say to

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Speaker 1: you that there's no model that says that if you

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Speaker 1: have a three percent interest rate, that you should be

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Speaker 1: cutting interest rates by that much. And John Author's authored

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Speaker 1: does something about that yesterday, and he'll talk more about that.

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Speaker 1: That the idea that interest rates should go below the

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Speaker 1: inflation rate when the inflation rate is this high is unprecedented.

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Speaker 1: It's never been there when it's been above three percent.

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Speaker 1: It should stay above the inflation rate by some premium.

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Speaker 1: And that's why I think that the current funds rate

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Speaker 1: at four and a quarter to four and a half

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Speaker 1: is very close to neutral. And that's why I was

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Speaker 1: saying earlier. If you want to cut interest rates and

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Speaker 1: the fedies looks like they're going to, you're not going

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Speaker 1: to get the desired economic growth outcome. You're going to

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Speaker 1: get an inflationary outcome.

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Speaker 2: Biancle there with one view. Let us remind ourselves that

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Speaker 2: eighteen months ago, almost two years ago, he was courageous

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Speaker 2: in calling for resilient inflation. He was very lonely in

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Speaker 2: that call. Since we taped that, we got the PPI

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Speaker 2: report and it was really something. I can't say enough

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Speaker 2: about the heat of the research notes coming out after

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Speaker 2: eight point thirty this morning, high point of the day.

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Speaker 2: We're going to rip up the script here. Scott Ladner

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Speaker 2: joined us. He has an incredible career in derivative mathematics

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Speaker 2: and in trading investment at WA Covia and now on

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Speaker 2: the Horizon and he came in and I said, what's

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Speaker 2: up and he said, you know his interns and AI.

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Speaker 2: This is riveting for every parent battling the modern technology

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Speaker 2: with their kids. On your children and the effect of

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Speaker 2: artificial intelligence Scott Ladner Horizon.

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Speaker 3: It doesn't look like it actually. That's that's sort of

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Speaker 3: the peril of AI right now that we're we're starting

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Speaker 3: to trying to figure out is like like how much

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Speaker 3: like how much below the surface are some of these

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Speaker 3: kids getting and are they using it as a crush

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Speaker 3: the sort of like hide how little they actually know?

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Speaker 1: You know?

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Speaker 3: This is like it's it's a real thing, and we're

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Speaker 3: figuring it out in real time, and it's like what

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Speaker 3: we've seen so far is it's a little bit scary,

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Speaker 3: Like I don't I don't love what I see right

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Speaker 3: now out of really really young ones like that twenty

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Speaker 3: four to twenty five year old. You know, they're still kids,

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Speaker 3: but they but they know enough still to use it

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Speaker 3: to be productive. But they're really young ones. I'm worried

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Speaker 3: right now they're using it too much, too much of a.

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Speaker 2: Crouch and Aside there for August and back to school.

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Speaker 2: We're on podcasts, We're on Apple, we're on Spotify, on

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