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Single best idea usually six minutes long. We want to fit it in as something you can listen to around your other longer podcasts like David Gura and The Big Take, among others, but today we could do a three hour single best idea. The news flow today was absolutely extraordinary in all my years of doing this, the number of stories, the coverage, the video tied into our radio product was just absolutely extraordinary. We're not going to touch it all today,
but we'll try to get there. The ECB today cut their interest rate. They put out it's very different than when the Fed puts out their headlines. The Feds are fewer headlines, more obtuse. The ECB wants to tell you everything, and they're headline dump So they told us everything, including inflation and GDP forecasts and then regards to get up and reinterpret it. The Euro was pretty stable, but within it was inflation that refuses to come down. Maybe twenty
twenty six in a far more tepid growth. We spoke to Jeffrey U of bny Mellon about the unique ECB calculus.
Animal spirits in Eurozone I think need to work off again, where your financing costs are real rates. What's the other side of a nominal GDP how high is your deflator? So if it's going to be driven by a high deflator and companies have pricing power, then they will be willing to move as well. Either that or you begin to reduce cost animal spirits. I think two factors. One, financial conditions need to lose some more, but secondly, reliant
on some degree of industrial policy fiscal support. That's what the US and China have right now made in China twenty twenty five, the IRAA Europe is still lacking that.
Jeffrey, you and when you course talked to him about China is well. I thought he was somewhat constructive on it, and somewhat constructive on a global lift, but again he was very cautious on establishing a disinflationary tendency. Over the rake cuts we've seen in Sweden, Canada and in the ECB. Will a FED cut next week? Nobody's talking about that. I don't think I'm going to editorialize there on that D Day was extraordinary today. Some good perspective there from
Bloomberg News in Paris. Thank you to all for the covers of that. Particularly major shout out to Michael Barr, who had to juggle an extraordinary amount of newsflow for those, of course in New York was the bombshell by the Governor of New York of ending the debate over a congestion at tax. That was a shock yesterday afternoon. And it's a local story, but it's got some national ramifications
as well. One of the stories was in engineering and space, and we made a commitment to actually cover the miracle of space. And I'm not going to mince words. When I heard about this, say three years ago, for it, SA say really, we really need to do this. I mean it's you know, the guy over at Virginaire and the rich guy from Amazon and this Tesla guy and PayPal all that, and then Boeing got involved. They had I guess a successful list finally the other day, and
it becomes a blur. And the one thing that's not a blur is the engineering miracle that Elon Musk is trying to do. And I'm not going to go into it now because of the brevity of the podcast, but when the thing takes off SpaceX, you look up and it looks like a comic book in the nineteen fifties. Because there are thirty three rocket engines among the entire base engine. It's not Saturn. We need to talk to an expert NASA.
Watch to be a nerd about it. It's asymptotic. You're getting closer and closer to perfection. You never really get there, but you have to get closer in order to have something that's reliable. And in this case here, I mean you see some of the shots before the launch, and you see they have the next couple of rockets and it's stacked like corn silums. I mean, they're making these things like consumer products. It's not the handmade, one off
things that NASA does. This is designed to be launch test, launch test, launch test. Every launch brings down the risk, gives you more confidence than what you thought to what you're doing right is oh boy, it's watching the lifeat now. This is really.
Something beautifully explained and I think, very different from our perception. And I can remember when James Mentioner wrote the book Space, he was so upset at the presumed perfection of the Apollo program after the terrible deaths of Apollo one, and it's just it became too perfect almost with the moon landings and everything you know with Apollo thirteen and getting
those guys back to Earth. But there was a perfection, and the early space mission of Ranger, which crashed into the Moon directly, was just a whole series of failures. And we have forgotten that the way you engineer in America is to fail along the way. And I don't know, I frankly have not been briefed a This morning's flight was considered success or failure, but it was certainly something to cover. Thank you Keith coming of NASA, watch for
that perspective. Maybe tomorrow will be less newsflow. I think, just maybe, I believe the president is a state dinner in Paris. Lisa monteil be covering that in its entirety, but far more there will be jobs day tomorrow. We'll go beneath the headline data at eight thirty, as we always do. Thank you, Commonwealth for your support of all of our economic indicators. Look for us at Apple CarPlay.
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