Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: Single best idea on a crazy week. One week ago,
Speaker 2: early in the morning, the VIX was at twenty eight,
Speaker 2: which is not crisis, but is a benchmark. Anything over
Speaker 2: thirty is OMG. And we're at twenty eight, and there's
Speaker 2: a little angst out there. And once again, whatever the
Speaker 2: reason and whatever your rationalization, down we go into a
Speaker 2: pristine bull market breaking through seventeen today to what's called
Speaker 2: a sixteen handle on the volatility index of the equity market.
Speaker 2: Extraordinary and really shows a resiliency here that whole fear
Speaker 2: of missing out thing. We were very fortunate today with
Speaker 2: a great set of conversations Kit Jukes joined from Society General.
Speaker 2: Kit Jokes is confused.
Speaker 3: I think the market's betting on rate cuts, but it's
Speaker 3: also betting on resilient growth. That keeps me confused. And
Speaker 3: I should add this is the most dollar centric, US
Speaker 3: centric economic cycle that I can remember in ages, because
Speaker 3: the uncertainty around the US GDP numbers, retail sales numbers,
Speaker 3: consumer pride numbers is much bigger than the uncertainty about
Speaker 3: the lack of growth in Europe or in Asia. So
Speaker 3: it's all about you guys, and we're getting no information.
Speaker 3: So when we get some we think we think the
Speaker 3: label markets weakening, but not knowing more where I think
Speaker 3: collectively assuming that we shouldn't be revising down GDP forecasts,
Speaker 3: so that there's lots of productivity, there's lots of ail,
Speaker 3: there's lots of good things. The equity market's still strong,
Speaker 3: so US exceptionalism is still in place. That bet is there.
Speaker 3: Today's soft CPI prints will encourage rate cuts, but they
Speaker 3: won't change that optimism about the economy is my bet.
Speaker 2: Kitchooks of suction and just to give you an idea, folks.
Speaker 2: One of the most twisted interviews of the week Jeffrey
Speaker 2: Schumacher with us from e Y Parthenon, and it was
Speaker 2: on like, what are companies actually doing with AI? Not
Speaker 2: me using it as a Google search alternative for you,
Speaker 2: Good morning to all of perplexity, love it, forget about
Speaker 2: that what a company's actually doing And with the layoffs
Speaker 2: this week announced, are we really replacing jobs? And jeff
Speaker 2: Schumacher was just brilliant on the actual process consultants like
Speaker 2: e Y are using when they go out to companies
Speaker 2: to say, here's what artificial intelligence can do. For you.
Speaker 2: That was absolutely fascinating. Some of that wraps around the
Speaker 2: global market. Jordan Rochester started as strong today with Mazuo.
Speaker 2: Here Jordan Rochester on his United Kingdom.
Speaker 4: How Trump is for j well, he doesn't have the
Speaker 4: same trying to think of the word for it, god
Speaker 4: like persona amongst the public.
Speaker 1: It's not.
Speaker 4: It's not the sort of it's religious in a way
Speaker 4: that of Maga movement. The reform is more of a
Speaker 4: brand new thing and it is around Farage himself, but
Speaker 4: it is a little bit less about how great he is,
Speaker 4: but it's more about the policies he stands for, and
Speaker 4: so he's a little bit more sort of careful with
Speaker 4: his words, where I do believe Trump gets away with more.
Speaker 4: So I'll leave it there because there's so many different
Speaker 4: things to untangle. But in terms of policy, I think
Speaker 4: it will be harder for him to get things done
Speaker 4: compared to Trump because he hasn't got the same I
Speaker 4: think with Trump he had the first term to learn.
Speaker 4: You might remember how the chaos of the first administration
Speaker 4: of different cabinet ministers they went through, and this time around,
Speaker 4: Trump's learned his lessons, got a stronger team around him,
Speaker 4: Farage hasn't got that strong team around him just yet,
Speaker 4: and there's no other name recognition amongst the people who
Speaker 4: work for him.
Speaker 2: Jordan Rochester there and of course we spent a lot
Speaker 2: of time with him with Missul of Tokyo talking about
Speaker 2: the incredible politics and markets of Japan. As we end
Speaker 2: the week, yen weaker out near a one fifty three.
Speaker 2: That has been a surprise. We do not yet see
Speaker 2: a strong yen on our podcast. We're out at Apple,
Speaker 2: We're out at Spotify and YouTube podcasts at single best
Speaker 2: idea