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Single best idea and lots to talk about here. The market's a real movement a couple of days ago off of maybe the Supreme Court questioning and up and back and vacillating that, trying to set up to get to the end of the fourth quarter, and of course arching over all of this is the government shut down. Ana Wong just absolutely brilliant today with their direct knowledge of how these institutions run, Doctor Wang of Bloomberg Economics, really really quite good. What a joy and sometimes you make
your luck. Holgersch meeting with us and our team new to get Holger schmeting a Barrenberg bank in is the Bank of England news was released and I'm like, yeah, okay, so what Bank of England? Nobody cares guess what for American For everybody within economics, finance, investment, in international relations today the Bank of England matter why it was a
five to four decision. I can't say enough about the nakedness of their approach versus the choreographed ballet of the Washington Fed a five to four decision there, Governor Bailey's headlines were absolutely riveting. Holger Schmiding of Behrenberg Bank and the Bank of England on the FED.
I would say it's a good talking point, but descent on its own is not always good. It depends on what the arguments are. And in a way this descent shows that we are in rather uncertain times. The Bank of England really is having in a quandary. Inflation very high, but the economy likely to slow. So what do they do in the.
Reset to a higher inflation rank going from one point ninety two percent out to two point x Dare I say three percent? There's a culture for that in America. Maybe there's a culture for that in pre Brexit England. In Germany, to pocote the economist Bart Simpson, they're going to have a cow. How is Germany going to react to a new higher inflation regime?
Well, Germany will probably be part of the higher inflation regime for a simple reason. We have labor shortages coming across most of the advanced world, especially in the US thanks to well net immigration dropping to zero over here, and in Europe demography plays a road.
What a joy to have Holger Schmidding in our studios in New York. He is just absolutely definitive on the continent. There's an assumption here, folks that at some point out there, for any number of reasons, including Chinese dynamics, that we see the opposite of inflation or disinflation. The win of that is a huge mystery. Brian Belski with us today, a legendary BMO Capital Markets. Here is someone who has said participate in the market, have the courage to believe
in the American experiment. He sets up shop out of Tampa in Minnesota. Brian Belski and his team Humillis Investment. Here is Belski on the moment at hand for the stock market.
I think we're in kind of this conundrum right now. Markets actually have held in there a little bit better than we thought. We thought we'd actually get a little bit more of a pullback here. I think one of the problems with the market is there are too many bulls here at the end of this big bull cycle, or at least the end of the big move this year, and we really believe that Macro has really done a
disservice to investors really since two thousand and nine. Now, your question is what happens when we get a flood of all this data. Again, it could be information overload, and at the end of the day, we're kind of looking forward with respect to the with the what's going to be in terms of these job losses that we keep hearing about in what the Fed is going to do in twenty twenty six back up and yields to five percent clearly has put a dampening on the broadening out trade on a near term basis.
Brian Belski of humillis, what am I going to do? And there's a shutdown, and there's any number of opinions on this. Anna Wog was brilliant about if we get to I believe it's next Saturday, like eight nine days away, then it's a mystery to December. I don't know anything
about that. What I do know is I'm going to really pay attention to Jason Furman's wonderful work at Harvard where he teaches X ten on annualized rates of inflation once we get the data in, and I'm also going to look to Anna Wong and her wonderful work with Bloomberg Economics. The granularity. You know, we make jokes about it. We talked to Anna Wog about McDonald's and all that, the work, the granularity of what all of our guests
do is just is not to be underestimated. We're out on Apple, on Spotify, thank you particularly to the Pacific rim for a big Spotify presence, and on YouTube podcasts. It's single best idea