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Single best idea, the best way to get us out on Apple podcasts, whole bunch of other ways as well. But I just everything's said and done. Thank you to Apple for just how they've invented this. I go back a zillion years ago with Bloomberg on the economy in Bloomberg Surveillance and was humbled to visit Cooper Tino with Emily ages Ago and to see what Apple wrought in the podcast business. It's a whole different world now. We've got lots of exciting plans here at Bloomberg Podcasts that
you're going to hear about in the coming weeks. And it's good to do a six to seven minute little vignette of what two smart people say every day. I'm Bloomberg Surveillance. Michael Purvis is smart. We'll get to that in a moment. But first, Julia Cordinado at BMP Perry, but she really held down the court in a great financial crisis. She was way ahead on the idea that GDP would not be sprightly. That was a heck of
a call. Over thirty six months now with macro policy perspectives, with Constance Hunter and Julia Cornado, and I think the heart of the matter is how do you measure inflation. Jason Furman up at Harvard has really led the way on this and taking a sum of three monthly annualized, six monthly annualized, twelve monthly annualized, you know, a set of inflation statistics to come to some smooth average disinflation. Here is Julia Cornado on your annualized inflation.
We're looking for a point three on core. That would still bring the annual rate down a couple tips, but it would lead the three month annualized rate up, so it would be kind of neither here nor there. I think in terms of the FED, it would not be particularly worrisome because you know, year on year we're still making progress, but it would also say there's no rush. And then you take that with the Friday employment report, you know, I think that's going to matter more Tom
the jobs data. If that shows signs of you know, the perfect goldilocks labor conditions are starting to cool off a little bit, that might give the FED more urgency versus if that continues.
Julian corn out of there on trend and what's important here and this goes to a lot of technical analysis, including the equity market of the tenure yield is generally academics and market pros like to find trend and not the turn. Finding the turn is much much harder. The phrase here, and there's a fancy word stochastics people use, but the phrase here is to catch a falling knife. Jerme Powell and Julia Cornado are not trying to catch
a falling knife. They need to see a trend in data, and that is codified by the annual To take three month data and then pretend it's a twelve month statistic and that's a three month annualized I guess, I guess looked at Jason Furman out on Twitter for some real good guidance on that, as he holds the court at Harvard in X ten, holding the court for years. In
a synthesis of what we're doing is Michael Purvis. He's at tallback and with all sorts of credit heritage on Wall Street, and he and I and Damian Sassar are sitting in today for Paul Sweeney. I mean, the fact is there was bitcoin three weeks ago, there was bitcoin three days ago, there was bitcoin three minutes ago, Michael Purvis on the spike in bitcoin, What is the market structure of bitcoin?
Oh? The uh, well, I think you just gave. I was going to make a quip that, you know, bit coin going rallies to fresh time highs as it just does it make a sound you know today whereas you know just a few years ago, you know what a famously broke twenty thousand and every institutional investor had to happen a view on it.
Is it a market structure or is it contrived?
I think it's contrived.
Michael Purvis not mincing words here, here's the background in this, and I said, good morning and good afternoon worldwide to all of you in support of bitcoin. I will observe is a general statement. It's been hugely generational. The best work on this and the work that I read in Michael Purvis reads is the Bank of International Settlements in Geneva, Switzerland. The stereotype is there's the central banker to the central banks.
What you need to know is it's a huge academic combine and with the leadership of Raphael Hour, the Bank of International Settlements has the smartest eight page ten page, six page essays and the heart of the matter of their research that they've really dived into is that this is a retail speculative phenomenon, that most of the volume in bitcoin is around people trading it for a higher price or trading it for a lower price. And that's really the summary from the best and brightest, and that
alludes to what you heard from Michael Purvis. What I can tell you is each and every day bitcoin goes up at Bloomberg looked at Crypto, it's a franchise, some real smart conversations, including with bitcoin positives as well. We have Katie Greifeld and others give us the reporting here on this event of bitcoin. The last I looked in the terminal, it's seventy one thousand. We thank you for your attention to single best idea. Wonderful to have doctor
Coronado and mister Purvis with us today. Have no clue who will have tomorrow. We'll make it up tomorrow on Apple car plays, on YouTube, search Bloomberg Podcast, all of that for Bloomberg surveyor listen