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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Single best idea Dominic

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Speaker 1: Constant of Missoulo with a special guest on the back end.

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Speaker 1: I really can't say enough about this, and I think

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Speaker 1: the heritage and the mathematics and the work of all

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Speaker 1: of our guests are really important. Constum was extraordinary. He

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Speaker 1: really drove forward the quantitative economic thinking of Credits Suite

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Speaker 1: and an absolute heyday. That was the leadership of Meil Sauce.

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Speaker 1: And they had just to just Mark Flannery and an

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Speaker 1: oil and guest pipelines and they just a fabulous team going.

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Speaker 1: And Dominic Constant was at Credit Sweee with Ira Jersey

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Speaker 1: iras now at Bloomberg Intelligence, driving all her fixed income.

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Speaker 1: And the reason you read each house is different. You

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Speaker 1: read Golden Sachs for this reason and was for this reason,

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Speaker 1: be and be paired about whatever you read each different house.

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Speaker 1: And you read Credit Sweets fixed income economics for one

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Speaker 1: chart and it was called the hair chart, and what

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Speaker 1: it was was where interest rates are now, and then

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Speaker 1: they would overlay the guesstimate of what interest rates would do.

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Speaker 1: And it was a beautiful graphic representation of how wrong, wrong, wrong,

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Speaker 1: all of global Wall Street was within the Great Moderation.

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Speaker 1: All of that was due to the expertise of the

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Speaker 1: team around Dominique constem Now decades on with Missouo dominic

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Speaker 1: constem On, your inflation.

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Speaker 2: Inflation was really insidious this time. I mean people try

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Speaker 2: and compair it with the nineteen seventies. Nineteen seventies inflation

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Speaker 2: was not nearly as insidious, not only as people remember it,

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Speaker 2: but also economically when you look at it and where

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Speaker 2: it came from was basic companies checking up prices and

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Speaker 2: setting the same stuff for more but less. I mean

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Speaker 2: it was really kind of like supply driven controlling it.

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Speaker 2: And in economics we call that things like price discrimination.

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Speaker 2: It's all this sort of dynamic pricing which now is

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Speaker 2: all over the place, you know where basically consumers are

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Speaker 2: are being having their sort of airline tickets. Yeah, exactly,

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Speaker 2: consumer That's where it came that's right at.

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Speaker 1: London School of Economics, the price discrimination question right all

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Speaker 1: is airline tickets.

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Speaker 2: Yeah. Inflation is always in everywhere a monetary phenomenon. Absolutely not.

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Speaker 2: I mean that's what it isn't It isn't always and

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Speaker 2: everywhere from monetary phenomenon. It's partly due to corporate pricing acts.

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Speaker 1: A firestorm of response to the statement by doctor Constum

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Speaker 1: like YouTube. The live chat lit up like a candle,

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Speaker 1: people saying he doesn't remember the seventies. But for dominic

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Speaker 1: Constem to make those statements on consumer inflation in America,

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Speaker 1: can you imagine him testifying to Congress on that it

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Speaker 1: would be a firestorm, to say the least. We continued

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Speaker 1: with Dominic Constem about just a simple idea of moving

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Speaker 1: this economy forward.

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Speaker 2: Let's listen absolutely, and the good news is interest rates

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Speaker 2: are so high that they can come down a lot.

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Speaker 2: There's also the good news that balance sheets pretty much

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Speaker 2: across sectors, household and corporates are actually in pretty good shape.

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Speaker 2: The government is obviously in a slight issue, but basically

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Speaker 2: that means you don't have the sort of hangover that

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Speaker 2: you've had in previous a significant downstannds. So this is

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Speaker 2: what I would call a regular cycle. You just need

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Speaker 2: to get rates down and things will be basically fine.

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Speaker 1: Thank you Dominic Constant for attendance today. John Farrah, Lisa Bramowitz,

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Speaker 1: and Amory Horden spent a good amount of time with

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Speaker 1: doctor Olarian. We shangheid him coming out of the studio.

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Speaker 1: He gave us three or four minutes before the Sikorski

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Speaker 1: left the roof. Here at seven thirty one at Lexington,

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Speaker 1: quiz doctor el Arian about his New York Jets, his

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Speaker 1: optimism for the season. He may attended j'll hat Stadium

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Speaker 1: here in the Patriots coming up. But then Muhammad Olrian

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Speaker 1: on a measured FED.

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Speaker 3: I think we will be measured forward, meaning we will

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Speaker 3: go at twenty five basis points. We won't get dramatic

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Speaker 3: series of fifties, but we will be measured for the

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Speaker 3: wrong reason. Will be measured because the FED will remain

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Speaker 3: over reactive, meaning it will be two data dependent and

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Speaker 3: will not be in front of forwarding. I think the

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Speaker 3: key issue about Greenspan, Bernanke and Yellen when they were

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Speaker 3: willing to lean forward and take a view of the economy.

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Speaker 3: Chap Powell is not there yet.

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Speaker 1: Doctor Laron a brief visit with us. We'll get him

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Speaker 1: in for a much longer time here within his schedule.

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Speaker 1: He has to head back to the University of Cambridge.

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Speaker 1: On our distribution today and the people that helped me

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Speaker 1: with us every day try to explain to me the

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Speaker 1: multiple platforms were on it's not just Bloomberg eleven three. Oh,

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Speaker 1: it's frankly not just YouTube. Thank you so much to

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Speaker 1: Jamie out at TCW Los Angeles for listening in serious XM.

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Speaker 1: She was listening in serious this morning before her appearance

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Speaker 1: with this mentioned Dominique, a constant but nationwide excuse me.

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Speaker 1: We thank you on sirious, on Apple CarPlay and Android Auto,

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Speaker 1: all the different new ways in the digital landscape. Summing

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Speaker 1: up to her, we're just absolutely humbled by a record

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Speaker 1: audience in August. We move into the fall with confidence

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Speaker 1: of good conversations for you out on YouTube. For Lisa Mateo,

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Speaker 1: please subscribe to Bloomberg Podcasts on Apple Podcasts. This is

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Speaker 1: single best idea.