Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: The single best idea is we get ready for the
Speaker 2: FED meeting this afternoon. Francis Donald on fire today with
Speaker 2: the RBC Capital Markets. She made clear, Boy did she
Speaker 2: state a case why are we cutting interest rates?
Speaker 3: Tom? If I woke up this morning and I'd been
Speaker 3: in a coma and all I had was the data,
Speaker 3: I would think, well, this Federal Reserve must be neutral
Speaker 3: or hawkish heading into this period. They are in an
Speaker 3: environment where inflation has been above target for fifty five months.
Speaker 3: The unemployment rate is extraordinarily tight. In fact, there's only
Speaker 3: two times in history going back to the nineteen seventies,
Speaker 3: when the unemployment rate has been this tight. What happened
Speaker 3: to the concept of normalizing and growth is fine? So
Speaker 3: what I want to hear from Chair Powell today is
Speaker 3: why are you.
Speaker 2: Cutting Francis Donald their RBC Capital After that conversation we
Speaker 2: had the ECI. I really lean on this. It's the
Speaker 2: Employment Cost Index and it's a blended study of wages
Speaker 2: and benefits. It's different than all the other wage series.
Speaker 2: Some people believe in it, some people don't. I look
Speaker 2: at the year over year of the view from sixty
Speaker 2: thousand feet and the answer is from the high wage
Speaker 2: and benefit gains that we saw out of COVID, we're
Speaker 2: coming down, but we're not back down yet to normal.
Speaker 2: You really wonder if wages and benefits get down, how
Speaker 2: that would change some of the ideas. Like we just
Speaker 2: heard from Ms Donald on Netflix in update Robert Fishman
Speaker 2: definitive at Maffatt Nathanson here on mister Robert's company.
Speaker 1: Well, you think about who the natural dance partners are.
Speaker 1: It was Comcast and it still is, Paramount Skuydance now
Speaker 1: after the Skuydance deal, and Warner Brothers Discovery. Those three
Speaker 1: are the most natural players because they're all so scale
Speaker 1: in streaming. So when thinking about how to solve that
Speaker 1: streaming scale issue from a global basis, it's just natural
Speaker 1: to think that you need to see some combination of
Speaker 1: those players. And so that's essentially what's playing out in
Speaker 1: front of us. Paramount Skuidance needs these assets in order
Speaker 1: to accelerate the timing to reach the scale that they're
Speaker 1: desiring on a global scale basis for Paramount Plus.
Speaker 2: So yes, we.
Speaker 1: Very much think that the combination with Paramount Skiddance is
Speaker 1: a must.
Speaker 2: Have Robert Fisherman from Moffatt Nathansen as well. We're on
Speaker 2: podcasts on Apple and Spotify, on YouTube podcasts, it's single
Speaker 2: best idea