GDP and US Economic Outlook

Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg Surveillance Podcast. Catch us live weekdays at seven am Eastern on Apple CarPlay or Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts, or watch us live on YouTube.

And the Eastern Mediterranean. Ethan Browner, iconic at the New York Times and our Israeli Bureau chief and studio with US today. Admiral Bullen, thirteenth Joint chiefs of Staff, was piercing yesterday with us. He was just brutal about moving away from the Pentagon Dance and saying America is prepared in your Tel Aviv and in the greater levant up to Airdawan and Donda Lcci. Is there a perception of an America military that is failed or diminished.

It's a great question. Tom.

It's nice to see both you and Paul in person.

I would say there is.

There is definitely a sense that.

Also that they feel that they can't rely on the United States.

Now, you know, there's plenty to talk about about who can rely on whom and who we'd like to rely on. But the sense in the region is that a Israel has become unchained and out of control, and that the US is behind it and not doing its job to force it to stop attacking and to force a greater sense of peace regionally.

That is, certainly the people of.

Israel want to be forced. I think of Robert Caplan's work, my Book of the Year a couple of years ago, the Loom of time from Morocco over to Persia. Does Israel want to be forced south the America?

So my first answer had to do with, actually, everyone except Israel, and now for we're talk talking about Israel, it's split. The government and those who support it absolutely do not want to be forced. And those who oppose the government's policies and who'd like it to stop its attack in Gaza and to reach out to the Saudis and so on, are praying that this government in the United States will force its hand.

Yes, it seems like not just in the Middle East, in other parts of the world. President Trump is at a point now where he's kind of washing his hands and saying, you guys, maybe Europe, for Ukraine, maybe just the reason you guys take care of it.

We're kind of done here.

Is that a feeling that's in the Middle East as well.

I mean, I think that it does seem that way.

It feels from that President Trump is someone who likes to make big pronouncements and expect that the words will create reality, and when they don't, he acts as if they do.

We'll have to see what's going on right now.

I mean, we're here him saying, well, we're about to end this war in Gaza any minute. We've got all kinds of plans for peace, and the hostages must come home or they'll be hell to pay.

And nothing's changed so far.

I mean, is there a Hammas with which Israel could really negotiate something meaningful? Is there Hamas left in terms of real leadership?

So there is a Hammas leadership, But that's not the same thing as saying that it's an organization that you could negotiate with on terms that mean anything to Israel.

The table to some extent.

And I think.

That this government is something conclusion, that is Honyau government that it can only get out.

So many of these hostages and now it needs to go to war.

Ethan Bronner with this driving our Levon coverage of course out of Israel. He's Israel bureau chief for Bloomberg. We welcome all of you across the nation. I'm embarrassed to say I literally got a wave off the Jacob Frenkel at Jackson Hall, the former governor at the Bank of Israel. He's a giant in American economics, the stewardship for JP

I mean, it is a very different country.

Israel has grown much more religious, much more nationalistic, much less generous in its attitude toward its neighbors. And of course that's partly to do with the exceptional trauma that October seventh and twenty three caused the Israeli so Frankel, who I've also known but I can't I don't want to speak in his name, understands that trauma. But he also believes it's time to do something about it in

My hallmark with Israeli diplomacy is a million years ago. Lisa I threw a snowball at Golden my ear's car when I was like eight years old or something. She was a junior officer of the Israeli Experiment then, and you know, it was a privilege to grow up in Rochester, New York with a huge Jewish contingent. Great from where you are, how does Israel perceive the legislative branch of the United States of America? Is it traditional Senate House politics in Washington with Israel or is it shattered?

It's shattering, and there is a concern, especially.

The Democratic side, that it has lost its support for Israel. It has only the republic ends and the Democrats that I forget which what number, but a surprising number of them voted to pose an impose an arms embargo for offensive arms toward Gaza, and that's they're quite worried about that.

I got to get this question in Paul's two important side from Long Island emails in would President Harris do anything different?

Oh?

I think she would have done many things differently. I don't think she would have unleashed Israel. Now, I think the more interesting question is what Israel have done what it wanted to do anyway, And I think it's a decent possibility that it would have been nearly as militarily aggressive as it has been because it came to the conclusion that it had no choice.

Whether or not you agree with that, but.

I'm certain that president a President Kamala Harris would have acted very differently towards this government.

Yes, how secure is mister Netanyahu in his position here today? It seems like the tide continues to turn against Israel broadly. I mean, I was just traveling on holiday through Italy and I saw so many Palestinian flags hanging from windows across the country. I didn't expect that. How secure is he in his position?

I mean, the two aren't necessarily contradictory, although eventually they could become. The world has decided that Israel is out of control, and that's it needs to be sanctioned and it needs to accept a Palestinian state. The Prime Minister in Israel has a majority of the population on his side opposed to a Palestinian state, and generally in what

So democracy is still in place and he could win again.

Just that's correct, That's correct.

I mean a lot of people are fed up with him, but they also have this sense that they need someone like him, that they who is and he, after all, had an enormous number of victories last year militarily against Iran and against his belog and this week.

Of Jewish celebration in America, the simplistic analysis we have. And I'm as guilty as this as anyone is Reform conservative Orthodox. I know it's way more sophisticated ethan Browner. In your Israel, who do you study within the religion of Israel? Is the tip point to netnya democracy?

The tip point meaning with that will cause to end. I'll let it go there, cause it to end, or cause it.

To I see.

I mean the Orthodoxy is on the rise in Israel.

The number of kids in first grade in Israel in religious schools now outnumber those in secular for the first time ever in the seventy seven years of the country's history.

So they have six or seven children.

Each, the ultra Orthodox and then the national Religious have four, and they are on the way to essentially running the country in the next twenty years.

Would it Zak have been recognize this modern Israel?

He would, he would weep.

So I probably speak for most Americans my age, like we've been living this our whole life.

We've been observing it a whole.

Life, and I think I speak for a lot of people. I have no idea how a solution even comes about.

I share your sense of wonder.

I mean, it's almost.

Like we there's nothing we can do.

Really, it's true.

I mean part of it is as Americans, we have this roller verse leaves notion that you know, a solution is there and we're going to find.

It and we're going to put it into place.

And actually, bad stuff and unpleasant stuff and complicated stuff goes on for generations. And I think that's what we're facing. And I also think that we in our age group grew up at a time of a sense of international order which started to fall apart in the last twenty years, and the world has returned to its normal.

Arc of history, which is chaos.

One question, then, who in the continent of Europe when the leaders speak, does Ethan Browner listened to went Crow with all the Dreyfusts and all the heritage of the French in Syria and Arabia? Is it a different country? Who are you studying right now?

I'm sorry, in Europe?

In Europe?

Yes, I mean I think that Europe is also at wits end about what to do about itself. I mean, none of these countries is well off economically, and I think that Macron is trying through this to return France to an important position diplomatically and globally.

And I don't think it's going to work.

This has been a treat. Come more off, try ethan broader with this. Usually we speak from his thr illness that rushed five or six minutes. This has been a wonderful treat. Stay with us. More from Bloomberg Surveillance coming up after this.

You're listening to the Bloomberg Surveillance podcast. Catch us live weekday afternoons from seven to ten am Eastern Listen on Applecarplay and Android Otto with the Bloomberg Business app, or watch us live on YouTube.

We have win thin with us today. Chief conn is a bank of NASA. He didn't know this was happening. But with his Columbia cred and all his other academics, I can't think of anyone. T Taylor Rule John Taylor Stanford t a wild on the Bloomberg I've got a complete layout of the tailor rule plus the adjustment for policy inertia. That's like the Toronto Blue Jays have policy inertia right now. I got seven plug ins on the tailor rule. I got another plug getting on the policy inertia.

Yeah, well, first of all, thanks, thanks so much for having me. It's always a pleasure. I think I got a somewhat backhand compliment.

I am.

I haven't accused of being a jargon free nerd in the past. I'm very proud of that, and.

We're going to try to do that. I mean, there's a lot of mathematics going on here, but a plug in is a variable equation where there's a lot of mystery.

So so I think Paul Samerson had one of the best posts and economics.

It's it's not exact science.

There's more art to it than one would one expect than one would expect.

Discovernor Myron know that. I think every economist knows that.

Any economics who does not meant that is simply lying because we know that things are uncertain. You know, neoclassical economists it assumed perfect rationally rational markets.

We know that's not true.

We know behavior economics, irrational markets, those are all really what's what's driving to me a modern economic thought of this century. And so there's so much art into it, which is you know to me, you know you want to bet the house on something that's you know, such a so subjective.

Within thin with this in ten minutes Myrone with John Ferrell, looking forward to that conversation. Okay, I'm going to go to the output gap. I resurrected out of conservative Richmond Hrzel paper from years ago, vamping Anthony or Finet's who was Wonderful, and it basically said, would everybody get a dose of humility? Do you detect here a certitude on the part of Trump economics? It's way out of.

Line, yes, And I think we've seen that time and time again. And he's certain that tariffs are great for the nation. He's certain that mainful conscious solve everything. So you know, to me, as the biggest thing about being in a commoss is really to be humble and realize that the world is very complicated. You know, many of these observations that Princess Myron and I was making, it's in to me a very partial like living world. Say okay,

Again, it's very humbling.

So what is your view of this US economy here? I mean a lot of folks say, hey, we're still in good shape, don't worry about it. Other people say, boy, if you look underneath, whether it's a labor economy, see some areas of weakness.

What's your view?

Yeah, So, Paul, that's there literally a million dollar question right now is how what is what's really going on with US economy? Because out of that you can draw, well, what's the FED going to do? So facing we started this year and very strong. We came in almost three percent last year, mentum strong. All of a sudden we got hit with uh deflationary sort of impulses. I remember

Commercial free for Global Wall Street, win Thin, the Bank of Nanessa into Governor Myron Jonathan Farrell speaking of Stephen Myron here in about eight minutes Paul Sweeney.

So when terrorists that was for the first six months of the year. That's all we talked about. That's Taylor rule.

That is not stay a little. It's kind of going to the back burner.

Here.

We've got equity markets setting new all time highs every day. Yes, the dollar's still low, it has not recovered. But where where are we terriffs? Is it in fact a drag on this economy? Is it in fact inflationary?

We Yeah, So I mentioned this before that the delay is what I think it's key.

Remember, I think we saw some some of the earnings reports, a lot of the companies were eating the terrifs because say, we don't where they end up going. We got certainty in August, and I think all of a sudden, you're getting this pass to And this is what Chair Powell and some of the other sort of hawks are afraid those is that, Okay, we've got some tariff certainty. Now we're going to start seeing a lot more pass to.

Predominant right now, and that is focusing on within Thinn with this this morning. Was that great yesterday talking to one of the founders of Oracle Sudrey. Yeah, Larry Ellison, Yep, yep, yep. That was really really good, good conversation at the Plaza Hotel Bloomberg surveying us today and we thank them for their support for a bunch of by Oracle attention growing businesses. Oracle is offering to cut your current cloud bill in half if you moved to Oracle Cloud infrastructure for new

It, No, I would say unquickly, we are not. Again, we were coming off several years of two three percent growth.

I mean, Richard Claren is aged over this. I'm kidding.

So look again, I'll circle back.

You know, I think the really one of the issues I have with with sort of academic you know, constructs. The economist, it's whatever assumption you make. You can make whatever sumption you want to get the results you want. I think that was to me the sort of disheartening thing I found out in writing my thesis and talking to my colleagues is that.

You build a model, and you make you building.

Allso these sorts of assumptions, and if you don't get the results you want, then well you kind of tweak some assumptions you kind of get what you want. And it sounds very cynical, but that's sort of I think the way the world works, and that works with policy makers too.

They're they're seeing what they want to see, you know.

To me, look the output gap, the tailor rule, the naturate of unemployment. These are all sorts of constructs, academic constructs that we posso makers want to sort of use as guideposts. But there's no no sure answer. To me, there's sort of clues to what's going on in the cold, but there's no one thing you can look at and say, hey, this is what we need to do. So, you know, Governor Myron is to me speaking to an audience one who wants lower rates.

Chair Powell is tracket. Nobody agrees with him, is that what you're saying?

Well, I think that many people within his administration agree with him, Paula.

I just took the tailor rule, yep, and I just plugged in as a complete hack and amateur two or three jakes. I'm not even gonna bore our audience, so people drive off the road in the Garden State Parkway. And I modeled a tailor rule that is Steve myron ish okay by making assumptions forward, which I'm sorry. It's like Stevie. It's like a Stevie Nick song. They just they just remastered Buckingham Nix. It's like Crystal, you know, Crystal Pyramids and all that they were singing about thirty

I'm curious, what's the magic When you get out of that, I came up.

I lowered the neutral real rate. Listen to him, what is this to do? It was a pop quiz with doctor Thin. I lowered the neutral rate. I lowered the inflation target, and critically, I know I lowered Neyhrew Lisa Nehru's not the jacket you're buying for your daughter for the fall prem I lowered Neyrow. Okay, I came up with a I don't know, doctor thinn I came up the number that's like four rate cuts.

There you go.

You know, I like it.

It's all smoking mirror. Yeah, you know.

But again you'd be plugging really the most, you know, sort of the numbers that you wanted to see to get the lower rate.

You make up your numbers. This is great. John Taylor, who was one of my biggest supporters, Professor Taylor Stanford, would say exactly what doctor finn Is would say, Paul, A little humilities in order. Paul saved the interview.

Please listen, if you're an economist on Wall Street, and if you don't have humility, do something wrong, because you know, I'm wrong almost as many times as I'm right. It's a humble profession. I mean, so many things that can go wrong.

Here's humility. John Taylor dresses up as a raisin for freshman economics at Stanford. He goes the end of the lecture hall dressed up, you know, to put some humility into it.

That'll work, And that's what you do that'll work.

Hey, here's something we don't talk about, and I don't think of like twenty or thirty years, are we back in the business of billiant ladin America?

What's going on with the ARGD I know, I'm dying to ask somebody that's just stuff for a living. It's like my youth.

It's amazing.

So when I first started my career and we had the tequila crisis in Mexico and it was, boy, it was real welcome to you know, welcome to the machine.

It was.

It was really an eye open experience. And I feel since then, we've had so many crisis by the Asian crisis, you know, Argentina default.

Several times already.

So I look, to me, this is this is politics sort of overwhelming economics, because let's face it, Argentina isn't always been a basket case.

You know.

They they just got an IMF dealers in April, just the third im I deal since twenty eighteen to twenty third overall, and six months later the running out of cash and coming to the US for help.

So to me, that's a pretty shaky bet. What I think is.

Going on is, you know, President trumpet is administration and views Argentina's an ally They're not structurally important. Look back in nineteen ninety three Mexico US very economic ties, financial ties and commercial bank loans, et cetera. Sure you can make a big reason for the US to get involved. Argentina is really stuff, you know, sort of flyespack from the US radar. They've been a sort of prior for years. We're only kind of going back into it and all

Thank you so much. Stay with us. More from Bloomberg Surveillance coming up after this.

This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on Applecarplay and Android Auto with the Bloomberg Business app. You can also listen live on Amazon Alexa from our flagship New York station, Just say Alexa Play Bloomberg eleven thirty In.

The Eastern Mediterranean, Ethan Browner, iconic at the New York Times and our Israeli Bureau Chief and Studio where this today, Admiral Bullen, thirteenth Joint chiefs of Staff was piercing yesterday with us. He was just brutal about moving away from the Pentagon dance and saying America is prepared in your Tel Aviv and in the greater levant up to Airdawan and down to LCCI. Is there a perception of an American military that has failed or diminished.

It's a great question.

Tom, It's nice to see both you and Paul in person.

I would say there is.

There is definitely a sense also that they feel that they can.

Rely on the United States.

Now, you know, there's plenty to talk about about who can rely on whom and.

Who we'd like to rely on.

But the sense in the region is that a Israel has become unchained and out of control, and that the US is behind it and not doing its job to force it to stop attacking and to force a greater sense of peace regionally.

That is, certainly the.

People of Israel want to be forced. I think of Robert Kaplan's work, my Book of the Year a couple of years ago, the Loom of Time from Morocco over to Persia. Does Israel want to be forced South America?

So my first answer had to do with, actually everyone except Israel, and now if we're talking about Israel. It's split the government and those who support it absolutely do not want to be forced. And those who oppose the government's policies and who'd like it to stop its attack in Gaza and to reach out to the Saudis and so on, are praying that this government in the United States will force its hand.

Yes, it seems like not just in the Middle East, but other parts of the world. President Trump is at a point now where he's kind of washing his hands and saying, you guys, maybe Europe, for Ukraine, maybe just the reason you guys take care of it.

We're kind of done here.

Is that a feeling that's in the Middle East as well?

I mean, I think that it does seem that way.

It feels from that President Trump is someone who likes to make big pronouncements and expect that the words will create reality, and when they don't, he acts as if they do. We'll have to see what's going on right now. I mean, we're hear him saying, well, We're about to end this war in Gaza any minute. We've got all kinds of plans for peace, and the hostages must come home, where they'll be hell to pay and nothing's changed so far.

I mean, is there a Hammas with which Israel could really negotiate something meaningful? Is there Hamas left in terms of real leadership?

So there is a Hamas leadership, But that's not the same thing as saying that it's an organization that you could negotiate with on terms that mean anything to Israel.

On the table to some extent.

And I think that this government is something conclusion that is Honyau government that it can only get out.

So many of these hostages and now it needs to go to war.

Ethan Brodner with us driving our Levon coverage, of course out of Israel. He's Israel bureau chief for Bloomberg. We welcome all of you across the nation. I'm embarrassed to say I literally got a wave off Jacob Frenkel at Jackson Hall, the former governor at the Bank of Israel. He's a giant in American economics, the stewardship for JP Morgan International, for mister Diamond. So right now, Jacob Frenkel,

No, I mean it is a very different country.

Israel has grown much more religious, much more nationalistic, much less generous in its attitude toward its neighbors.

And of course that's partly to do with the exceptional.

Trauma that October seventh and twenty three caused the Israeli So Frankel, who I've also known but I can't I don't want to speak in his name, understands that trauma. But he also believes it's time to do something about it in a way that will bring the region behind Israel. And this government believes that the only way forward is to show military strength and others will eventually come.

My hallmark with Israeli diplomacy is a million years ago Lisa I threw a snowball at Golden Myyar's car when I was like eight years old or something. She was a junior officer of the Israeli Experiment then, and you know, it was a privilege to grow up in a roch to New York with a huge Jewish contingent. Great from where you are, how does Israel perceive the legislative branch of the United States of America? Is it traditional Senate House politics in Washington with Israel? Or is it shattered?

It's shattering, and there is a concern, especially the Democratic side, that it has lost its support for Israel. It has only the republic ends of the Democrats that I forget which what number, but a surprising number of them voted to pose an impose an arms embargo for offensive arms toward Gaza.

And that's they're quite worried about that.

Going to get this question in Paul's two important sigh from long is Lett emails in would President Harris do anything different?

Oh, I think she would have done many things differently. I don't think she would have unleashed Israel.

Now.

I think the more interesting question is would Israel have done what it wanted to do anyway? And I think it's a decent possibility that it would have been nearly as militarily aggressive as it has been because it came to the conclusion that it had no choice.

Whether or not you agree with that.

But I'm certain that President President Kamala.

Harris would have acted very differently towards this government.

Yes, how secure is mister Nettan Yahou in his position here?

Today?

It seems like the tide continues to turn against Israel broadly. I mean, I was just traveling on holiday through Italy and I saw so many Palestinian flags hanging from windows across the country. I didn't expect that. How secure is he in his position?

I mean, the two aren't necessarily contradictory, although eventually they could become.

The world has decided that Israel is out of.

Control and that it needs to be sanctioned and it needs to accept a Palestinian state. The Prime Minister in Israel has a majority of the population on his side opposed to a Palestinian state, and generally in what he's doing in terms of Hamas.

It's close.

But I would say he's in no way in danger for the next year when there has to be an election, and he could win again in.

The next election.

So democracy is still in place and he could win again.

Just that's correct, That's correct.

I mean a lot of people are fed up with him, but they also have this sense that they need someone like him, that they who is and he, after all, had an enormous number of victories last year militarily against Iranan, against his.

Belog in this week of Jewish celebration in America, the simplistic analysis we have and I'm as guilty of this as anyone is reform conservative Orthodox. I know it's way more sophisticated ethan Browner in your Israel. Who do you study within the religion of Israel? Is the tip point to netnya democracy.

The tip point meaning with that will cause to end. I'll let it go there, cause it to end, or cause it to sustain.

I see, I mean the Orthodoxy is on the rise in Israel.

The number of kids in first grade in Israel, in religious schools now outnumber those in secular for the first time ever in the seventy seven years of the country's history.

So they have six or seven children.

Each, the ultra Orthodox and then the National Religious have four, and they are on the way to essentially.

Running the country in the next one year.

Would it Zak have been recognize this modern Israel?

He would, he would weep.

So I probably speak for most Americans my age, like we've been living this our whole life. We've been observing it a whole life, and I think I speak for a lot of people. I have no idea how a solution even comes about there.

I share your sense of wonder. I mean it's.

Almost like we there's nothing we can do.

Really, it's true.

I mean part of it is as Americans, we have this roller verse leaves notion that you know, a solution is there and we're going to find it and we're going to put it into place. And actually, bad stuff and unpleasant stuff and complicated stuff goes on for generations,

One question, then, who in the continent of Europe when the leaders speak, does East and Browner listen to went Crow with all the Dreyfists and all the heritage of the French in Syria and Arabia? Is it a different country? Who are you studying right now?

I'm sorry Europe and Europe, yes, I mean I think that Europe is also.

Wits end about what to do about itself.

I mean, none of these countries is well off economically, and I think that Macron is trying through this to return France to an important position diplomatically and globally, and I don't think it's going to work.

This has been a treat. Come more off, try ethan broader with us. Usually we speak from israel I Onnents. It rushed five or six minutes. This has been a wonderful treat, Stay with us. More from Bloomberg Surveillance coming up after this.

This is the Bloomberg Surveillance podcast. Listen live each weekday starting at seven am Eastern on Applecarplay and Android Auto with the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal.

The newspapers, finally, the acclaim. She spent all morning three am working on this. What do you have, LISATAO?

Okay, I'm taking you back to my childhood memories. The Mirriam Dictionary, the linen cover, going through it, Toby English papers, the tabs, trying to search it, a lick in the finger, you know all that.

Okay, okay.

So the last time the hardcover edition was updated was twenty two years ago. So words have been added, you know, to the website.

But this is the first time.

Yes, the twelfth edition, okay, because you have to add words like riz dad bought cold brew hard pass.

I'm a huge folks, the digital app of Miriam Wester. Good morning, Springfield, Massachusetts. Thank you, thank you, Lisa. You know I have to buy that, Yes you do. I mean it's just the doorstep. Does anyone use a dictionary anymore?

No?

But no, apparently they're selling. They still sell a lot of these. They do.

Every university has huge libraries.

What do they do with I just study.

Study, stew about it?

What Steve Schwartzman did single handedly resurrecting his like what he did at the Frick, Schwartzman resurrected the New York Public Library. Now what now? What I mean?

That was always my study hall, I always study at the library. But oh yeah, but then he did your research there too, So I don't know.

Well I do.

I take my I'm taking her, my daughter on the college tours and we go to each library. Each library there's just kids on laptop, so like, what are they doing?

But I don't know.

Gosh, oh yes I do. Okay.

So Costco is opening its books after the close, okay, so ahead of it, we had some news at an increase in foot traffic. It was from a perk that they gave to the executive members. Visa me, okay, I'm executive. Sure you are full disclosure. So early this summer, what you basically yet is the stores open an hour earlier for you. And they're saying that people shoppers have been

Are you doing that?

No, she feels cars, cars and her kids can't see over the top of the stuff from there.

But apparently it's working for them, so they're getting more if the.

Top six hundred dollars yet at Costco.

I just said normal, yeah, yeah, I did. It was kind of oof.

That one hurt, but painfully what else to you?

All Right?

So Financial Times they have this interesting look into the billion dollar quest to live beyond one hundred years old. All of these companies putting money into it. Okay, so researchers have been studying for years, but they say it kicked off in twenty twenty two. They had the launch of Alto's lab in twenty twenty two, three billion dollars

So I don't I mean give me eighty eighty good ones on the you.

Don't what a hundred plus? No?

No, I hate you for bringing up the Mirriam Webster thing. Oh I have to. I mean I'm a cute. I mean they've got it on their website right now. They got m dash. My mother used to do m dashes, which is like a long line.

Okay, to this day, I don't know how.

To use it.

You know, you know what you have to order to Taylor Swift's vinyl album.

Yep, there you go.

I don't do the vinyl.

You have to build the vinyl.

Do you have the vinyl at home?

No, Dad a huge collection.

That's a juge ju jute.

Yeah.

The kids so not the new.

The kids do the new vinyl.

No, my kids haven't got but it's it's Taylor Swifts new album, so vinyl exclusive.

I'm showing you thirty five bucks. That's what it's going to cost you.

Thank you so much.

This is the Bloomberg Surveillance podcast, available on Apple, Spotify, and anywhere else you get your podcasts. Listen live each weekday, seven to ten am Eastern on Bloomberg Dot com the iHeartRadio app tune In, and the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal