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Single best idea out an Apple podcast. Thank you Apple for inventing podcasts. It's a boom industry. Our theory is not like when we started this decades ago, which was really exciting to do that with Apple at the time. But to give you something short like six minutes, and today I may even make it a little shorter. I'm fighting a plague. You can hear it throughout the tapes that we've got today. Thanks to the team, particularly Paul Sweeney for putting up with it. But you know, like
everybody else, I'm medicated. Thank you to David Gera for tea from Brooklyn is different. It was sacred or some of the sacred vibe apothecary. It's very you know, I don't know what was in it. Maybe been some you know, beverage of my choice in it. Anyways, thank you David Gerr for bringing in tea today. A joy to speak to Richard Clarita. He was the dean of Columbia Economics. He brought Joe Stiglitz to Colombia. Just to give you an idea of what really matters in bringing in faculty.
It's where a Dean could say, hey, come in and was vice chairman of the FED. He's this legit academic with his work on DSGE. But we talked to Richard Clarina now at PIMCO today about the path forward for the FED theory underlying let's listen.
My sense, obviously from public comments of not only the Chair but the committee is that they've understood Tom for some time that the shock was sufficiently unusual and substantial that they need they can, and they are relying less on models and more on the way the data evolves. You know, Tom, on one hand, you know, the models were telling him that to get inflation down from five and a half to two points something, they need to
have a big increase in the unemployment rate. And both Governor Waller, Serpell and others said, look, the economy may be different this time.
We don't have to.
Assume a big cratering in the labor market.
Richard Clarita and the FED out of the pandemic certainly a historic moment. I really can't say enough about the coverage of our team, Scottlandman leading our coverage in Washington through this really historic period. Moving right along to what we do, which is equities, bonds, currencies, commodities, and being in New York and not in London. John Ferrell tells me this all the time. London's really where the commodities are.
JOHNA happens to be correct. But with that said, out of London are all sorts of ability, not just in oil or you know a couple other commodities that matter, but in what it's called the safts is the metals, copper, industrial, gold and all that, but the sauce is a huge part of the world. ConA Haik owns a high ground here. She's with ed f and Man, which literally goes back, I believe, to the American Revolutionary War. But ConA Haik is encyclopedic on what's going on in the cocoa boom
and all that. And overlaying all of this, including in coffee, is the drought. John Tucker today had a superb news item us early in the day about the warm April, the hot April, so many are feeling. I saw that it's going to be ninety six today in Manila. Just as one example. It's very hot in Vietnam as well. Here's Coda Hak on coffee.
Coffee prices have risen sharply and they were thinking, oh, is this the next cocoa and rightfully though again it's fundamentals in the coffee supplied Amon situation is very tight. We have Vietnam, which again heat dress and dryness has caused a shortage of robusta, which is the stuff you eat for US drink in espressos. So robusta coffee is definitely tied in terms of supplied Amon fundamentals. Arabica is produced in Brazil, but they also had, you know, a
couple of years of bad crops following by frost. You don't get frost in Brazil. That's very abnormal. We've recovered from them, but then you had a bout of droughts and you've just not had perfect weather. And this is the recurring theme.
Connor Hey of Ed and f Man, they're on coffee. We're a really good conversation. Speaking of that conversation, just out we have the full replay of the show two hours and fifty six minutes. You'll see that two ish, three ish in the afternoon Wall Street time. We've had a huge request for this, particularly for those in the Mountain in the Pacific time zones. But there's a replay now of the entire three hour show, and look for that. Now, where do you look Bloomberg Podcasts. It's just as simple
as that. It's a building site in the new world of digital digital audio and media. We're building it out Bloomberg Podcasts, and look there each every day on YouTube for all of our different efforts. On Apple car play as well and Android play, download the Bloomberg Business app. To be clear, it is free to get Bloomberg on your radio from New York. This is single best idea