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A single best idea and first of all, thank you for staying with us over it. Just to the cacophony of newsflow. I don't remember the last quiet day. It's out there somewhere ten days ago or so, but every day has just been literally we're blowing up the show in real time. We did that today with a five four Supreme Court decision, and on we will go. Eric
Molla leading our coverage there. We's got like four or five interns helping out, but I'll tell you it's twenty four to seven to just try to emphasize and wait, what the ducks are? We were advantaged today. Bob Michael showed up driving all of mister Diamond's fixed income effort at JP Morgan. Hugely important job and with a great team around him. Bob Michael had a lot to say, and particularly the tariff impact in all of this killing the economy.
A month ago, everyone and the market looked at taris as an impulse to hire inflation. Today they're looking at it as a drag on growth. The material one. I tend to look at taris as economy killers. So yeah, you got a price shock higher. But that's going to dial down aggregate final demand. And that's what I think the FED will be focusing on. They're going to be laser focused on the labor market. They're going to see if businesses and households retrench.
Bob Michael there in the summary of his coupon discussion was these are attractive yields, grabbed them. Now. He didn't say so much extenduration, but just we're back to some form of normal bond market that we knew ages ago. We heard that from others today as well. With great presidential perspective from the Kennedy School of Harvard and now at Yale School of Management, got to Makunda joined us. His book Picking Presidents is really interesting. It's a twisted
book about how we go about our process. He of course listened to the Joint Session speech last night. He was really quite heated about some of the items the President spoken.
I used ginormous on a daily basis and classhops, so it's definitely Yale work. It is huge. The tariffs are going to hit and then I'll just sort of know. We just heard both the President yesterday and then the Secretary today proclaiming that Trump was going to balance the budget. I mean, like like watching the we we all know that's not actually going to happen. Like that, that's insurd that that's that's the exactly the opposite of what he did.
But the plans that the Republicans are talking about involved huge cuts to medicaid as essentially not that's not a forecast is it is the only way to make the
arithmetic work, and arithmetic yields no man. So given those consequences, the distributional effects that these are going to be very large, and the low income voters who Trump remarkably captured in twenty twenty four for the sort of the first time in the history of the Republican Party, they're the ones who are going to take this in the teeth harder than anybody else.
Professor mccunde of Yale University. We'll keep this short. Today's busy, busy, busy. We hope that you are listening to thank you for your support and your commute across the nation. Good morning to ninety nine and one FM in Washington, ninety two nine in Boston, and of course our flagship Bloomberg eleven three to zero in New York. We're on YouTube, subscribe to Bloomberg Podcasts. Humbled by the growth there, Thank you, and we are out on YouTube. Podcast It's single best idea