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Speaker 1: Bloomberg Audio Studios, podcasts, radio news, single best idea on

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Speaker 1: a two hour broadcast, that's what we could do today.

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Speaker 1: There was so much material and the newsflow just overwhelming

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Speaker 1: through the Thank you to the Bloomberg News team a

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Speaker 1: sleepless night covering this horror in Utah. We greatly appreciate that.

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Speaker 1: Of course, the FBI with a conference and I'm sure

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Speaker 1: there'll be more news through the day. The President of

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Speaker 1: the United States speaking on this eleventh of September at

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Speaker 1: the Pentagon. Go to Wikipedia and go down flight seventy

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Speaker 1: seven and the paragraphs of what was lost at the

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Speaker 1: Pentagon is just heartbreaking. I think it's a lot of

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Speaker 1: things Americans don't know. There's New York, and there's all

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Speaker 1: sorts of your images of the horror in New York.

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Speaker 1: But I'll tell you the Pentagon was really something with

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Speaker 1: huge loss. At our Department of Navy, we tried to

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Speaker 1: prosecute a normal show on a very non normal day

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Speaker 1: to day. What a noninative griston distant Feld with us

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Speaker 1: with Alliance Bernstein, truly a giant and fixed any in

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Speaker 1: fixed income. He gave us his reminiscence of his eleventh

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Speaker 1: of September here Gristen distant Feld on the worry of

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Speaker 1: higher yield.

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Speaker 2: We've been focused so much on what the Fed's going

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Speaker 2: to do in the latest CPI print and stuff, and

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Speaker 2: we seem to have forgotten about the budget deficit and

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Speaker 2: what's weally going to drive the long end of the curve.

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Speaker 2: So I think that sometime that's going to become an

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Speaker 2: issue that's not going away. It's hard to talk about

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Speaker 2: politics in a day as as solemn as not just

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Speaker 2: nine eleven, but you know, the political assassination of Charlie Kirk,

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Speaker 2: which probably the largest one in the past fifty years.

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Speaker 2: It's a very solemn day to talk about things like this.

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Speaker 2: But you know, it's there's going to be a time

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Speaker 2: where we're going to have to come half to have

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Speaker 2: a reconing. You know, I've been on I've been on

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Speaker 2: record saying and you know this is not a prediction,

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Speaker 2: but it wouldn't shock me if we woke up two, three,

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Speaker 2: five years from now and we had a very normal

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Speaker 2: curve out to ten years, goal to ten, you would

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Speaker 2: have a three hand on it, and the and the

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Speaker 2: thirty year would be six or seven percent. I think

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Speaker 2: there's going to be a reckoning where especially foreigners are

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Speaker 2: not going to want to lend.

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Speaker 1: Us Kristen Distanfeld. They're really hearkening back to our conversation

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Speaker 1: with kind of Througoff of Harvard University a number of

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Speaker 1: days ago. Anna Wong has been extraordinary an important essay

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Speaker 1: in the last seventy two hours on the revisions of jobs, saying, yes,

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Speaker 1: there was a recession like job economy in twenty twenty four.

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Speaker 1: She's more optimistic about a nascent improvement a better business cycle.

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Speaker 1: Anna Wong on today's inflation statistics.

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Speaker 3: Three point six percent is actually the one of the

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Speaker 3: highest sins for over six months now, so I think

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Speaker 3: the contour of three months annualized, and this is a

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Speaker 3: measure that Chris Waller has said he looks at. It's

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Speaker 3: basically it has troughed a couple months ago and it's

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Speaker 3: now on a rebound. And I think that what.

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Speaker 4: It is that the I think the rate hikes in

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Speaker 4: the last couple of years in the level of that

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Speaker 4: fund's right is only sufficient to bring inflation back down

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Speaker 4: to about two point seven or two point eight percent,

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Speaker 4: and thereafter it installed and it's now going right.

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Speaker 1: Just extraordinary analysis from doctor Walrong. Let me explain three

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Speaker 1: months to annualized units. The biggest problem with surface analysis

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Speaker 1: within the financial media is everybody looks on the y

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Speaker 1: axis at price change. Far more important is what unit

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Speaker 1: is taken. For example, an ancient Wall Street people had

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Speaker 1: a real predilection to look at weekly charts and not

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Speaker 1: daily charts, and find value in monthly charts or units

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Speaker 1: of a longer time, even quarterly or yearly charts, just

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Speaker 1: to get a scope away from the day to day,

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Speaker 1: hour to hour tick of the modern Wall Street. Annualized

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Speaker 1: takes the given data over one month or typically three

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Speaker 1: months ninety days, and we say three months annualized, or

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Speaker 1: we say what was the change over ninety days, and

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Speaker 1: then we take that out and pretend it was over

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Speaker 1: twelve months. There's flaws in it, to be honest, you know,

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Speaker 1: sometime misused. But I'm sorry, I put very heavy weight

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Speaker 1: in the three month annualized statistic. Jason Ferman leading a

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Speaker 1: charge on this up at Harvard along with doctor Wong

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Speaker 1: of Chicago and Bloomberg. But the three monthly annualized statistics,

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Speaker 1: I haven't seen them yet. On goods and services, they're

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Speaker 1: not pretty. It's a podcast on Apple, on Modify, on

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Speaker 1: YouTube podcasts. It's single best idea.

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Speaker 4: H m hm