Bloomberg Audio Studios, podcasts, radio news. Single best idea here before an important speech by Jerome Powell that will be at the Kansas City Fed meetings in Jackson Hall. I'll be there with Lisa Bramwitz, Joe Wisenthal, Tracy Alloway, all of the wonderful coverage of Michael McKee. We'll get to Mike McKee here in a moment. We got a briefing
from David Rosenberg from Toronto. Rosenberg still looking for some form of disinflationary vector, and all of it wrapped around an American economy on stall speed.
Well, you know, everybody is, I guess, redefined what reasonable is or what J. Powell describes as solid when we're barely running the economy so far this year, barely over a one percent annual rate. I mean, when I started the business in the mid eighties, you got down to a one handle on real GDP growth, and people were talking about reasonable, people were talking about stall speed and then asking when's the recession going to start? So the economy,
I think, is sputtering. It's uneven, you know, without the proliferation of AI data centers and all the technology spending related to general AI the economy would actually be in recession right now. That's been really the only underpinning, the only impetus to growth so far this year.
David Rosenberg a good backdrop there on his call for a slower economy and a less resilient inflation. That'll be one of the themes that Jackson hole. It'll be an interesting day, and of course it's scripted. The guests are planned, and then there's the un planned. Today the President of the United States goes after a governor of the FED saying that Lisa Cook of Michigan State and Berkeley, Lisa Cook should resign. We got perspective from our Michael McKee.
Well, you have to figure that in this case, what he's looking for is to get a resignation so he would have another seat to fill. Cook by herself isn't going to make any difference in terms of whether the Fed lower's interest rates. But this seems to be part of the ongoing Trump revenge tour here where he has asked people to go after certain folks and try to
get them in legal trouble. Bill Polti, the head of the Federal Housing Finance Administration, said a letter to Attorney General Pam Bondi yesterday asking her to investigate Cook for possibly taking out two mortgages that contain fraudulent statements. We don't know for sure if there is anything wrong or any charges could be filed, but the President today posting Bloomberg's story on Truth's social and saying that Lisa Cook must resign immediately.
Always, in every case there is a plan to Jackson Hole that becomes unplanned. I want to draw your attention to Jennerendo's wonderful European based essay here on Laguarde in Bailey, flying into Wyoming to support Chairman Powell. We'll be there on Friday, and of course still huge news flow in this August week. On a podcast, It's on Apple and Spotify and on YouTube podcasts. It's single best idea