WEBVTT - Single Best Idea with Tom Keene: Kit Juckes & Jordan Rochester

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Single best idea on a crazy week. One week ago,

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<v Speaker 2>early in the morning, the VIX was at twenty eight,

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<v Speaker 2>which is not crisis, but is a benchmark. Anything over

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<v Speaker 2>thirty is OMG. And we're at twenty eight, and there's

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<v Speaker 2>a little angst out there. And once again, whatever the

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<v Speaker 2>reason and whatever your rationalization, down we go into a

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<v Speaker 2>pristine bull market breaking through seventeen today to what's called

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<v Speaker 2>a sixteen handle on the volatility index of the equity market.

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<v Speaker 2>Extraordinary and really shows a resiliency here that whole fear

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<v Speaker 2>of missing out thing. We were very fortunate today with

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<v Speaker 2>a great set of conversations Kit Jukes joined from Society General.

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<v Speaker 2>Kit Jokes is confused.

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<v Speaker 3>I think the market's betting on rate cuts, but it's

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<v Speaker 3>also betting on resilient growth. That keeps me confused. And

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<v Speaker 3>I should add this is the most dollar centric, US

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<v Speaker 3>centric economic cycle that I can remember in ages, because

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<v Speaker 3>the uncertainty around the US GDP numbers, retail sales numbers,

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<v Speaker 3>consumer pride numbers is much bigger than the uncertainty about

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<v Speaker 3>the lack of growth in Europe or in Asia. So

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<v Speaker 3>it's all about you guys, and we're getting no information.

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<v Speaker 3>So when we get some we think we think the

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<v Speaker 3>label markets weakening, but not knowing more where I think

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<v Speaker 3>collectively assuming that we shouldn't be revising down GDP forecasts,

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<v Speaker 3>so that there's lots of productivity, there's lots of ail,

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<v Speaker 3>there's lots of good things. The equity market's still strong,

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<v Speaker 3>so US exceptionalism is still in place. That bet is there.

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<v Speaker 3>Today's soft CPI prints will encourage rate cuts, but they

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<v Speaker 3>won't change that optimism about the economy is my bet.

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<v Speaker 2>Kitchooks of suction and just to give you an idea, folks.

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<v Speaker 2>One of the most twisted interviews of the week Jeffrey

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<v Speaker 2>Schumacher with us from e Y Parthenon, and it was

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<v Speaker 2>on like, what are companies actually doing with AI? Not

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<v Speaker 2>me using it as a Google search alternative for you,

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<v Speaker 2>Good morning to all of perplexity, love it, forget about

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<v Speaker 2>that what a company's actually doing And with the layoffs

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<v Speaker 2>this week announced, are we really replacing jobs? And jeff

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<v Speaker 2>Schumacher was just brilliant on the actual process consultants like

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<v Speaker 2>e Y are using when they go out to companies

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<v Speaker 2>to say, here's what artificial intelligence can do. For you.

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<v Speaker 2>That was absolutely fascinating. Some of that wraps around the

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<v Speaker 2>global market. Jordan Rochester started as strong today with Mazuo.

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<v Speaker 2>Here Jordan Rochester on his United Kingdom.

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<v Speaker 4>How Trump is for j well, he doesn't have the

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<v Speaker 4>same trying to think of the word for it, god

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<v Speaker 4>like persona amongst the public.

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<v Speaker 1>It's not.

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<v Speaker 4>It's not the sort of it's religious in a way

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<v Speaker 4>that of Maga movement. The reform is more of a

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<v Speaker 4>brand new thing and it is around Farage himself, but

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<v Speaker 4>it is a little bit less about how great he is,

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<v Speaker 4>but it's more about the policies he stands for, and

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<v Speaker 4>so he's a little bit more sort of careful with

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<v Speaker 4>his words, where I do believe Trump gets away with more.

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<v Speaker 4>So I'll leave it there because there's so many different

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<v Speaker 4>things to untangle. But in terms of policy, I think

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<v Speaker 4>it will be harder for him to get things done

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<v Speaker 4>compared to Trump because he hasn't got the same I

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<v Speaker 4>think with Trump he had the first term to learn.

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<v Speaker 4>You might remember how the chaos of the first administration

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<v Speaker 4>of different cabinet ministers they went through, and this time around,

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<v Speaker 4>Trump's learned his lessons, got a stronger team around him,

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<v Speaker 4>Farage hasn't got that strong team around him just yet,

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<v Speaker 4>and there's no other name recognition amongst the people who

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<v Speaker 4>work for him.

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<v Speaker 2>Jordan Rochester there and of course we spent a lot

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<v Speaker 2>of time with him with Missul of Tokyo talking about

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<v Speaker 2>the incredible politics and markets of Japan. As we end

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<v Speaker 2>the week, yen weaker out near a one fifty three.

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<v Speaker 2>That has been a surprise. We do not yet see

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<v Speaker 2>a strong yen on our podcast. We're out at Apple,

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<v Speaker 2>We're out at Spotify and YouTube podcasts at single best

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<v Speaker 2>idea