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The single best idea, here's the single best idea of super Bowl sixty. It was not Bloomberg Surveillance day after super Bowl sixty, but we've been doing this for a few years. Today's show is the strongest post super Bowl show we've ever ever had, and it was so because of always our guests and always the news flow. A huge economic week had What a joy to have the Vice Chairman of the Federal Reserve of the former Vice chairman, I should say for Chairman Powell, Richard Clareda of Columbia
Richard Clarina, now of Pimco. Brilliant question Paul Sweeney asked Vice Chairman Clarida about nineteen fifty one and FED independence.
This is what they call in DC, very big tent language. It means different things to different people. The one accord that we do know about, which is the one that was struck in nineteen fifty one between the Treasury and the FED, was a signal moment and FED independence because it got the FED out of the business of essentially
camping treasure yiels. In fact, as I like to teach my students, we all know that world War two ended in nineteen forty five, but the FED didn't get the memory till nineteen fifty one because the Truman administration pressured the FED to keep a cap on rates. The FED declare independence in the accord. I think now, if there is a Treasury Fed accord, it would not be so much focused on that. It would be focused on for example, should the FED a whole two trillion dollars of mortgage
backed securities? Should the FED the composition of the Fed' portfolio really be tilted toward tea bills unless from holding ten and thirty year treasury So I think there are a lot of conversations.
To have ricer Claire to there of a PIMCO. So yesterday we're in a game and I'm drifting off because it was, you know, it was such an offensive, you know, sort I like, not boring, but it's great defense and all. But I'm just thinking about I'm thinking about tech, and my question was, Okay, there's a bond offering last week, there's got to be another one sometime soon, and after that another one. Well like six hours later, we get this deal from Alphabet Google including thirty two and one
hundred year bonds. Bloomberg wrote it up brilliantly in London. The one hundred year bond is in Sterling. It's going to be fascinating. We dragged in Robert Shiftman, expert on tech credit. Robert Schiffman on these bond deals by hyperscalers.
I actually think this is pure genius. Weight at average cost of debt capitals near zero. You've got some of the smartest, wealthiest businessmen in the country making a long term bet on AI. They don't care about what the stock is doing tomorrow. They know that their balance sheets are pristine and they are building for long term success. I think, you know, people always ask us, why are these balance sheet double A and triple A. They've got so much cash, Why don't they buy back more stock,
Why don't they give up bigger dividends. It's because they have vision, and this is some of the vision. You want to be able to put capital to work whenever you want, in whatever size you want, and they're doing it now, and quite frankly, I think is genius.
Can't say enough about his work. Robert schiff And on the terminal on the Bloomberg. You have to have, you know, you have to have a Bloomberg terminal, but writing up on tech and credit he is just absolutely definitive. We're in a podcast. We're on Apple Well all that they did at the Super Bowl. We're on Spotify, on YouTube podcasts, single best idea.