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Single best idea on a crazy week. One week ago, early in the morning, the VIX was at twenty eight, which is not crisis, but is a benchmark. Anything over thirty is OMG. And we're at twenty eight, and there's a little angst out there. And once again, whatever the reason and whatever your rationalization, down we go into a pristine bull market breaking through seventeen today to what's called a sixteen handle on the volatility index of the equity market.
Extraordinary and really shows a resiliency here that whole fear of missing out thing. We were very fortunate today with a great set of conversations Kit Jukes joined from Society General. Kit Jokes is confused.
I think the market's betting on rate cuts, but it's also betting on resilient growth. That keeps me confused. And I should add this is the most dollar centric, US centric economic cycle that I can remember in ages, because the uncertainty around the US GDP numbers, retail sales numbers, consumer pride numbers is much bigger than the uncertainty about the lack of growth in Europe or in Asia. So it's all about you guys, and we're getting no information.
So when we get some we think we think the label markets weakening, but not knowing more where I think collectively assuming that we shouldn't be revising down GDP forecasts, so that there's lots of productivity, there's lots of ail, there's lots of good things. The equity market's still strong, so US exceptionalism is still in place. That bet is there. Today's soft CPI prints will encourage rate cuts, but they won't change that optimism about the economy is my bet.
Kitchooks of suction and just to give you an idea, folks. One of the most twisted interviews of the week Jeffrey Schumacher with us from e Y Parthenon, and it was on like, what are companies actually doing with AI? Not me using it as a Google search alternative for you, Good morning to all of perplexity, love it, forget about that what a company's actually doing And with the layoffs
this week announced, are we really replacing jobs? And jeff Schumacher was just brilliant on the actual process consultants like e Y are using when they go out to companies to say, here's what artificial intelligence can do. For you. That was absolutely fascinating. Some of that wraps around the global market. Jordan Rochester started as strong today with Mazuo. Here Jordan Rochester on his United Kingdom.
How Trump is for j well, he doesn't have the same trying to think of the word for it, god like persona amongst the public.
It's not.
It's not the sort of it's religious in a way that of Maga movement. The reform is more of a brand new thing and it is around Farage himself, but it is a little bit less about how great he is, but it's more about the policies he stands for, and so he's a little bit more sort of careful with his words, where I do believe Trump gets away with more. So I'll leave it there because there's so many different
things to untangle. But in terms of policy, I think it will be harder for him to get things done compared to Trump because he hasn't got the same I think with Trump he had the first term to learn.
You might remember how the chaos of the first administration of different cabinet ministers they went through, and this time around, Trump's learned his lessons, got a stronger team around him, Farage hasn't got that strong team around him just yet, and there's no other name recognition amongst the people who work for him.
Jordan Rochester there and of course we spent a lot of time with him with Missul of Tokyo talking about the incredible politics and markets of Japan. As we end the week, yen weaker out near a one fifty three. That has been a surprise. We do not yet see a strong yen on our podcast. We're out at Apple, We're out at Spotify and YouTube podcasts at single best idea