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Single best IDEA huge newsflow going on. I'm gonna keep this wicket short today. What a great set of guests in today. Alicia Manel with us from Boston College. She is retiring from what she invented, the Center for Retirement Research. Absolutely iconic. I'm thinking about the failure of the American retirement system. What an honor to speak to Professor Manell. Also in Today, David Salem from a HEDGEI really quite scathing on alternative investments? How do you account for them?
What does the future look like for the illiquidity of alternative investments? Jim Caron in on the dynamics of the bond market. Karen with too much equity talk. I was surprised that with Morgan Stanley, Jim Karen on the Fed.
This is one of the things that the Fed has to worry about, is that we're getting these numbers like point two point three percent month over month and inflation. We need to start getting point ones. And that's the issue here because essentially we need to get not just down to that target level, but we have to believe that we're going to stay there. It has to be durable, meaning that the way the Fed would say it is that not only does inflation have to come down, but
it has to stay anchored at lower levels. And you know today's number is a friendly number in the sense that did bring down yields. You know, it didn't surprise to the upside. I think the markets were worried about that. Effectively, this keeps the Fed on track to cutting interest rates.
In December, Jim Karen of Morgan Stanley, of course, of conversation with Neil Kashkari, Michael McKee and John Farrell with that that was interesting to say the least, and an important conversation. In the last twenty four hours, sin Alli basic with Jane Fraser of City Group. My most important conversation was with the Richer Has, the former ambassador, all of his work with Northern Ireland years ago, of course the Modern Council on Foreign Relations. He's now emeritus there
and with some of you partners. Richard has on the new tightness of the American system. Richard has on our parliamentary approach.
For the first time in modern memory, we've become effectively a parliamentary system. You've got one party, indeed one individual with the lion's share of control the White House, the Senate, the House, and Supreme Court that tilts that way. So we no longer really have checks and balances to a significant degree at the federal level. So the real question is how does this president, how does this administration comport itself?
Does it respect any limits? Yes, they won the election, but forty eight to forty nine percent of America voted against them. And the real question is does our system
work with this degree of concentration of power? And what makes me a little bit uneasy, Tom, is we're beginning to see somehow would I call it exstitutional institutional things, for example, this potential board of military people to look at the political orientation of the generals, or what Elon Muskus and Vivekas are being asked to do postage possibly also a trades our position. What's interesting about all these things?
You should you're giving people the authority, but they're not really accountable, and that makes me uneasy.
Richard Haass, some of you partners there blistering. I can't say enough about his book. You want a short book to throw at the brats. You've got college kids, they're living at home, high school kids, smart and acute. Give them a civics lesson. Richard Haas's The Bill of Obligations is a spectacular one underd page read We're out on YouTube. Subscribe to Bloomberg podcast growing each day on YouTube. Can somebody? Peter kaff go Over at Business Insider said it was
a YouTube election. I don't know if it was or not. All I know is YouTube's growing each in every day we are on our podcast, YouTube podcast, Apple Podcasts. Single best idea