WEBVTT - Single Best Idea with Tom Keene: Drew Matus & Myles Miller

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news, single best idea on

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<v Speaker 1>an extraordinary Thursday, David Gura emailed me, oh tennis last night.

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<v Speaker 1>It was after the Detroit Tigers had won. I remember

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<v Speaker 1>that clearly. But Gurra emailed me and he said, the

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<v Speaker 1>newsflow is just extraordinary. And then when we were in

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<v Speaker 1>the surveillance beauty rest it got more extraordinary. And we

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<v Speaker 1>greeted Thursday, not even know where to begin, at seven am.

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<v Speaker 1>Action out of China, the Swiss National Bank cutting interest

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<v Speaker 1>rates to defend their currency from too much appreciation. News

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<v Speaker 1>out of Germany as well, and just all that was

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<v Speaker 1>going on, and it all centers back to the US

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<v Speaker 1>economy with GDP statistics today with PC edamor and we'll

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<v Speaker 1>have that coverage for We were fortunate to have Drew

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<v Speaker 1>Matis with us, with met life, with decades of experience

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<v Speaker 1>here somewhat cautious on a certitude of a soft landing,

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<v Speaker 1>cautious on the path to lower inflation. And I did

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<v Speaker 1>what I would have done with Maury Harrison Drew Mattis

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<v Speaker 1>years ago at UBS. What's a single chart that matters.

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<v Speaker 1>Here's Drew Mattis on the nexus of job openings with

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<v Speaker 1>the unemployment rate.

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<v Speaker 2>What I consider to be the most interesting chart right

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<v Speaker 2>now is the linkage between the job openings, unemployment ratio,

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<v Speaker 2>and where wages go six months from that time. And

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<v Speaker 2>when I look at that, we're actually hitting a part

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<v Speaker 2>of that curve. If you draw it and put all

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<v Speaker 2>the little dots and then you draw your little curve there,

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<v Speaker 2>we're on the part of the curve that's the steepest.

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<v Speaker 2>And so a small change in that job opening is

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<v Speaker 2>unemployment ratio, which is what we're seeing because unemployment's gone

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<v Speaker 2>higher and job openings that come down means a pretty

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<v Speaker 2>rapid deceleration in the rate of wage growth, and that

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<v Speaker 2>should be good news for the FED. If there were

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<v Speaker 2>about inflation, it does point to inflation going lower over time.

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<v Speaker 2>That's why I'm not really worried about inflation in six months.

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<v Speaker 2>But that doesn't mean inflation tomorrow. Couldn't be bad news

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<v Speaker 2>for everybody.

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<v Speaker 1>Drue Madis at MetLife the story on the Mayor of

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<v Speaker 1>New York and of course is a movable story by

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<v Speaker 1>the time you hear single best idea of this story

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<v Speaker 1>could be changed in many different ways, but the mayor

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<v Speaker 1>of New York City Mayor Adams indicted last night in

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<v Speaker 1>an unseiling of the indictment expected on this Thursday. As well.

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<v Speaker 1>We are so advantaged to have great Bloomberg News coverage,

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<v Speaker 1>Patricia Hurtado, I would shout out to particularly on this

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<v Speaker 1>read Bloomberg News for detailed coverage of this tension of

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<v Speaker 1>a number of investigations. We are also advantage that Miles

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<v Speaker 1>Miller is with us. He has served the Fire Department

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<v Speaker 1>of New York in communications. He has done so much

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<v Speaker 1>within local cover with NBC. Miles Miller are managing editor

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<v Speaker 1>at Bloomberg Television. His perspective on Mayor Adam's future.

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<v Speaker 3>Well, they've got to figure out who is their commander, right.

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<v Speaker 3>Mayor Adams came in with a mandate that he was

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<v Speaker 3>a general and he was leading his troops, and so

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<v Speaker 3>they're wondering what does this mean about our commissioner, What

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<v Speaker 3>does this mean about promotions? What does this mean for us?

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<v Speaker 3>So city operations will continue, and there is obviously a

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<v Speaker 3>lot of secession if he is to step down. But

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<v Speaker 3>for the people that day to day people who work

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<v Speaker 3>in city government, their worries are what does this mean

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<v Speaker 3>for me? And will I continue to be work in

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<v Speaker 3>the ways that like cops, can I continue to drive

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<v Speaker 3>down crime? Will we still have the support of whomever

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<v Speaker 3>is in office or you know, will we still have

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<v Speaker 3>the support of the of the mayor if he's facing

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<v Speaker 3>these charges.

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<v Speaker 1>Miles Miller on the coverage of the indictment of Mayor

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<v Speaker 1>Adams of New York City and exceptionally busy Thursday, Friday,

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<v Speaker 1>no letup as well with important inflation statistics. We're out.

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<v Speaker 1>You can watch us rather I'll get the words out.

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