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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Single best idea usually six minutes long. We want to

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Speaker 2: fit it in as something you can listen to around

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Speaker 2: your other longer podcasts like David Gura and The Big Take,

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Speaker 2: among others, but today we could do a three hour

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Speaker 2: single best idea. The news flow today was absolutely extraordinary

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Speaker 2: in all my years of doing this, the number of stories,

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Speaker 2: the coverage, the video tied into our radio product was

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Speaker 2: just absolutely extraordinary. We're not going to touch it all today,

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Speaker 2: but we'll try to get there. The ECB today cut

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Speaker 2: their interest rate. They put out it's very different than

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Speaker 2: when the Fed puts out their headlines. The Feds are

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Speaker 2: fewer headlines, more obtuse. The ECB wants to tell you everything,

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Speaker 2: and they're headline dump So they told us everything, including

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Speaker 2: inflation and GDP forecasts and then regards to get up

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Speaker 2: and reinterpret it. The Euro was pretty stable, but within

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Speaker 2: it was inflation that refuses to come down. Maybe twenty

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Speaker 2: twenty six in a far more tepid growth. We spoke

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Speaker 2: to Jeffrey U of bny Mellon about the unique ECB calculus.

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Speaker 1: Animal spirits in Eurozone I think need to work off again,

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Speaker 1: where your financing costs are real rates. What's the other

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Speaker 1: side of a nominal GDP how high is your deflator?

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Speaker 1: So if it's going to be driven by a high

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Speaker 1: deflator and companies have pricing power, then they will be

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Speaker 1: willing to move as well. Either that or you begin

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Speaker 1: to reduce cost animal spirits. I think two factors. One,

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Speaker 1: financial conditions need to lose some more, but secondly, reliant

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Speaker 1: on some degree of industrial policy fiscal support. That's what

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Speaker 1: the US and China have right now made in China

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Speaker 1: twenty twenty five, the IRAA Europe is still lacking that.

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Speaker 2: Jeffrey, you and when you course talked to him about

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Speaker 2: China is well. I thought he was somewhat constructive on it,

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Speaker 2: and somewhat constructive on a global lift, but again he

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Speaker 2: was very cautious on establishing a disinflationary tendency. Over the

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Speaker 2: rake cuts we've seen in Sweden, Canada and in the ECB.

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Speaker 2: Will a FED cut next week? Nobody's talking about that.

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Speaker 2: I don't think I'm going to editorialize there on that

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Speaker 2: D Day was extraordinary today. Some good perspective there from

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Speaker 2: Bloomberg News in Paris. Thank you to all for the

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Speaker 2: covers of that. Particularly major shout out to Michael Barr,

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Speaker 2: who had to juggle an extraordinary amount of newsflow for those,

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Speaker 2: of course in New York was the bombshell by the

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Speaker 2: Governor of New York of ending the debate over a

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Speaker 2: congestion at tax. That was a shock yesterday afternoon. And

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Speaker 2: it's a local story, but it's got some national ramifications

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Speaker 2: as well. One of the stories was in engineering and space,

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Speaker 2: and we made a commitment to actually cover the miracle

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Speaker 2: of space. And I'm not going to mince words. When

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Speaker 2: I heard about this, say three years ago, for it,

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Speaker 2: SA say really, we really need to do this. I

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Speaker 2: mean it's you know, the guy over at Virginaire and

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Speaker 2: the rich guy from Amazon and this Tesla guy and

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Speaker 2: PayPal all that, and then Boeing got involved. They had

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Speaker 2: I guess a successful list finally the other day, and

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Speaker 2: it becomes a blur. And the one thing that's not

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Speaker 2: a blur is the engineering miracle that Elon Musk is

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Speaker 2: trying to do. And I'm not going to go into

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Speaker 2: it now because of the brevity of the podcast, but

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Speaker 2: when the thing takes off SpaceX, you look up and

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Speaker 2: it looks like a comic book in the nineteen fifties.

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Speaker 2: Because there are thirty three rocket engines among the entire

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Speaker 2: base engine. It's not Saturn. We need to talk to

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Speaker 2: an expert NASA.

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Speaker 3: Watch to be a nerd about it. It's asymptotic. You're

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Speaker 3: getting closer and closer to perfection. You never really get there,

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Speaker 3: but you have to get closer in order to have

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Speaker 3: something that's reliable. And in this case here, I mean

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Speaker 3: you see some of the shots before the launch, and

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Speaker 3: you see they have the next couple of rockets and

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Speaker 3: it's stacked like corn silums. I mean, they're making these

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Speaker 3: things like consumer products. It's not the handmade, one off

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Speaker 3: things that NASA does. This is designed to be launch test,

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Speaker 3: launch test, launch test. Every launch brings down the risk,

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Speaker 3: gives you more confidence than what you thought to what

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Speaker 3: you're doing right is oh boy, it's watching the lifeat now.

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Speaker 3: This is really.

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Speaker 2: Something beautifully explained and I think, very different from our perception.

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Speaker 2: And I can remember when James Mentioner wrote the book Space,

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Speaker 2: he was so upset at the presumed perfection of the

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Speaker 2: Apollo program after the terrible deaths of Apollo one, and

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Speaker 2: it's just it became too perfect almost with the moon

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Speaker 2: landings and everything you know with Apollo thirteen and getting

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Speaker 2: those guys back to Earth. But there was a perfection,

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Speaker 2: and the early space mission of Ranger, which crashed into

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Speaker 2: the Moon directly, was just a whole series of failures.

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Speaker 2: And we have forgotten that the way you engineer in

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Speaker 2: America is to fail along the way. And I don't know,

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Speaker 2: I frankly have not been briefed a This morning's flight

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Speaker 2: was considered success or failure, but it was certainly something

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Speaker 2: to cover. Thank you Keith coming of NASA, watch for

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Speaker 2: that perspective. Maybe tomorrow will be less newsflow. I think,

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Speaker 2: just maybe, I believe the president is a state dinner

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Speaker 2: in Paris. Lisa monteil be covering that in its entirety,

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Speaker 2: but far more there will be jobs day tomorrow. We'll

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Speaker 2: go beneath the headline data at eight thirty, as we

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Speaker 2: always do. Thank you, Commonwealth for your support of all

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Speaker 2: of our economic indicators. Look for us at Apple CarPlay.

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Speaker 2: your commute and I Android as well and on YouTube.

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Speaker 2: Single best idea,