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A single best idea on a huge day for technology. Thank you Caroline Hyde for coming in with Bloomberg Technology and providing wisdom on this open AI Microsoft thing. I don't pretend to get it, but it's really like it's almost like a sea change day for AI. We saw that with a Microsoft lift, Apple going above for trillion as well in marketcap, but really really interesting that sort
of overwhelmed the newsflow through the day. Robert Kaplan with us, a former president of the Dallas Fatties, back at GOLDBN Sachs as vice chairman. Robert Kaplan, of course, on tomorrow's meeting, I.
Don't know they're going to be surprises. They're going to cut tomorrow, they're going to announce. I would guess they're going to end quantitative tightening. Those aren't surprises. I think the only possible surprise is I think J Powell, I believe, should leave the door open to cutting in December. The markets are pricing into they're going to cut in December, but he's going to want to leave some optionality just
in case they're getting closer to neutral. Inflation is still running seventy five hundred basis points above target, so it might be taken some as a little bit more independent, wanting optionality, although I don't think they should be surprised by that.
Robert Capln, the former president of a Dallas Fed, we had a brilliant, extended discussion about what we're going to do with the people left behind by AI. It was truly one of our conversations of the year. Our conversation in the last three years with Edward yard Denny has been simple. When everyone was gloomy. Yard Denny said, corporations will adapt, they will adjust, and he looked for higher
prices in shares of American companies. He nailed this bullmarket and your Denny of your Denny research, the bull market continues.
I think the bullmarket continues here. We've still got some good news ahead. Some of it's been discounted, of course, but the Fed is expected to lower the Fed funds rate two more times this year, so that would get us down to three point five percent. By the way, I don't think the economy really needs it, so a lot of this stimulus is probably going to feed the bullmarket. And I'm looking for the S and P five hundred to get to seven thousand by the end of the
year or by the end of the week. I mean things are moving pretty quickly here, and then seventy seven hundred by the end of next year.
Your Denny there, of your Denny research, and please to inform you that Max, the dog who sleeps on the couch behind Ed, never woke up throughout the entire interview. We hope you're awake, of course. On a podcast, it's on an Apple and Spotify and a YouTube podcasts a single best idea