Bloomberg Audio Studios, Podcasts, radio news. This is Bloomberg Business Wait inside from the reporters and editors who bring you America's most trusted business magazine, plus global business, finance and tech news. The Bloomberg Business Week Podcast with Carol Messer and Tim Stenebek from Bloomberg Radio.

Bloomberg Audio Studios, Podcasts, radio news. This is Bloomberg Business Wait inside from the reporters and editors who bring you America's most trusted business magazine, plus global business, finance and tech news. The Bloomberg Business Week Podcast with Carol Messer and Tim Stenebek from Bloomberg Radio.

Economic data continues to come in just days ahead of election Day. Today no exception, the Fed's preferred measure of underlying US inflation posting its biggest monthly gain going back to April. It bolsters the case for a slower pace of rate cuts following last month's outsize reduction. Core PCE, it strips out food and energy items. It increased three tenths of one percent in September. That was in line with estimates and two point seven percent from a year earlier. Overall inflation was two point one percent, the lowest going all the way back to early twenty twenty one, and it's just above that two percent goal that the Fed had. Molly Smith is Bloomberg News Economics editor. She joins us here in the Bloomberg BusinessWeek Studio. Holistically, taken all together, pretty good print when it comes to the data that we got today.

Economic data continues to come in just days ahead of election Day. Today no exception, the Fed's preferred measure of underlying US inflation posting its biggest monthly gain going back to April. It bolsters the case for a slower pace of rate cuts following last month's outsize reduction. Core PCE, it strips out food and energy items. It increased three tenths of one percent in September. That was in line with estimates and two point seven percent from a year earlier. Overall inflation was two point one percent, the lowest going all the way back to early twenty twenty one, and it's just above that two percent goal that the Fed had. Molly Smith is Bloomberg News Economics editor. She joins us here in the Bloomberg BusinessWeek Studio. Holistically, taken all together, pretty good print when it comes to the data that we got today.

Yeah, I think it confirms a lot of what we've already known to be true, that the path to disinflation is going to be a bit bumpy, and that's what you saw from the monthly print today. But when you look at the annual figures, you still see them trending downward. And as you noted that overall PCE print coming in at two point one percent, there were some economists who had predicted it would have hit two percent today, So we're really like right there in line with where the Fed wants to be.

Yeah, I think it confirms a lot of what we've already known to be true, that the path to disinflation is going to be a bit bumpy, and that's what you saw from the monthly print today. But when you look at the annual figures, you still see them trending downward. And as you noted that overall PCE print coming in at two point one percent, there were some economists who had predicted it would have hit two percent today, So we're really like right there in line with where the Fed wants to be.

What are some areas that aren't coming down?

What are some areas that aren't coming down?

You know?

You know?

Services has been really the difficult spot associlation that. Yeah, I mean it's I mean, we did see a bit on the good side too, but it really has been more so services and that's where the bulk of spending happens in our economy as well. Housing, of course, is always going to be the big driver there. But yeah, I mean it's But the thing is is that you hear Americans obviously are very distressed by high inflation and high prices, and you would think that at some point that's got to be weighing on spending, but it hasn't happened.

Services has been really the difficult spot associlation that. Yeah, I mean it's I mean, we did see a bit on the good side too, but it really has been more so services and that's where the bulk of spending happens in our economy as well. Housing, of course, is always going to be the big driver there. But yeah, I mean it's But the thing is is that you hear Americans obviously are very distressed by high inflation and high prices, and you would think that at some point that's got to be weighing on spending, but it hasn't happened.

Yet.

Yet.

You know, we've been calling for consumer spending to slow down for a while, but as long as you still see wages and salaries growing like they did in September, it's hard to see how that spending is just going to collapse.

You know, we've been calling for consumer spending to slow down for a while, but as long as you still see wages and salaries growing like they did in September, it's hard to see how that spending is just going to collapse.

Yeah, I wanted to ask you about kind of consumer sentiment, especially ahead of the election. It does feel like a really big issue is inflation. To the numbers that we got today, how does that kind of match up with what you're reporting is showing you about how people really feel about this economy.

Yeah, I wanted to ask you about kind of consumer sentiment, especially ahead of the election. It does feel like a really big issue is inflation. To the numbers that we got today, how does that kind of match up with what you're reporting is showing you about how people really feel about this economy.

I think, you know, the way that the regular people think about the economy and the way that we reported here are two very different things. If you ask anyone what they think about the economy, I think views are largely pretty negative, and they will just say that everything's more expensive compared to how it used to be, that it's really hard to find a job if you're out of one right now. But then you look at the macro data and yes, like inflation is easing, And of course we understand though that inflation's a rate of change. It's not talking about absolute prices, So yes, prices are rising more slowly, but they are still rising. So both can be true at the same time, and unemployment is still really low. A lot of job indicators are still pretty solid, granted not nearly as you know, crazy robust as they were in twenty one and twenty two, but that's also was really unsustainable labor market and we're at one now that's more normal.

I think, you know, the way that the regular people think about the economy and the way that we reported here are two very different things. If you ask anyone what they think about the economy, I think views are largely pretty negative, and they will just say that everything's more expensive compared to how it used to be, that it's really hard to find a job if you're out of one right now. But then you look at the macro data and yes, like inflation is easing, And of course we understand though that inflation's a rate of change. It's not talking about absolute prices, So yes, prices are rising more slowly, but they are still rising. So both can be true at the same time, and unemployment is still really low. A lot of job indicators are still pretty solid, granted not nearly as you know, crazy robust as they were in twenty one and twenty two, but that's also was really unsustainable labor market and we're at one now that's more normal.

Well, we'll find out details tomorrow how normal it is, because last month came in much hotter than expected at two hundred and fifty four thousand jobs. To add a big number, it was a big number. The estimate for tomorrow's one hundred and five thousand. Is there a whisper number out there that's different unimously.

Well, we'll find out details tomorrow how normal it is, because last month came in much hotter than expected at two hundred and fifty four thousand jobs. To add a big number, it was a big number. The estimate for tomorrow's one hundred and five thousand. Is there a whisper number out there that's different unimously.

I don't, but I will tell you that the estimates on this are crazy.

I don't, but I will tell you that the estimates on this are crazy.

They're all over the place.

They're all over the place.

We've got Bloomberg Economics here is calling for a decline of ten thousand pay rights. That'd be the first drop since twenty twenty. And then on the high end and you've got a gain of one hundred and eighty thousand. So that's spread right there, is already like the biggest in estimates in about.

We've got Bloomberg Economics here is calling for a decline of ten thousand pay rights. That'd be the first drop since twenty twenty. And then on the high end and you've got a gain of one hundred and eighty thousand. So that's spread right there, is already like the biggest in estimates in about.

A year, and everybody obviously everybody's taking into account the same information. But summer can some analysts are really concerned about temporary displacement due to natural disasters.

A year, and everybody obviously everybody's taking into account the same information. But summer can some analysts are really concerned about temporary displacement due to natural disasters.

Now, yeah, that's where the payroll's number is going to be really hard to look through tomorrow, and I'm hoping that we get some good clarity from the BLS and not just saying there was quote no discernible effects from either hurricanes Hilton and Malie. Sorry, Helene and Milton always complate those two letters there, but yeah, those ones were, you know, right around when the BLS tabulates the jobs report. So it's going to be important to look at both surveys tomorrow because the one that comprises the payrolls survey, if you didn't work any time at all in that week, maybe because of weather for whatever reason, maybe you were on strike, that survey would say you were not employed. You effectively did not have a job, But the household survey would still count that person as employed. So that's a really big difference there. And the household survey will also count people who weren't at work due to bad weather. So that's where we're kind of leaning a little bit more on this survey to tomorrow, even though it is the more volatile of the two.

Now, yeah, that's where the payroll's number is going to be really hard to look through tomorrow, and I'm hoping that we get some good clarity from the BLS and not just saying there was quote no discernible effects from either hurricanes Hilton and Malie. Sorry, Helene and Milton always complate those two letters there, but yeah, those ones were, you know, right around when the BLS tabulates the jobs report. So it's going to be important to look at both surveys tomorrow because the one that comprises the payrolls survey, if you didn't work any time at all in that week, maybe because of weather for whatever reason, maybe you were on strike, that survey would say you were not employed. You effectively did not have a job, But the household survey would still count that person as employed. So that's a really big difference there. And the household survey will also count people who weren't at work due to bad weather. So that's where we're kind of leaning a little bit more on this survey to tomorrow, even though it is the more volatile of the two.

What does this mean for the Fed.

What does this mean for the Fed.

Mollie, Oh, wouldn't we all love to know? I mean, I think that, you know, when you have a report like this that could be as with as many caveats as we might be thinking that, I would think that, you know, the Fed is just going to take what their understanding of the labor market already is going into, you know, the meeting next week, and we have right now it seems to be a job market that is still strong by many measures, but of course has cooled in recent months. And I think it's one that they still would say is not a source of inflationary pressure, that wage growth is cooled, and that job openings have come down substantially, But it also doesn't look like we're at risk of unemployment severely rising.

Mollie, Oh, wouldn't we all love to know? I mean, I think that, you know, when you have a report like this that could be as with as many caveats as we might be thinking that, I would think that, you know, the Fed is just going to take what their understanding of the labor market already is going into, you know, the meeting next week, and we have right now it seems to be a job market that is still strong by many measures, but of course has cooled in recent months. And I think it's one that they still would say is not a source of inflationary pressure, that wage growth is cooled, and that job openings have come down substantially, But it also doesn't look like we're at risk of unemployment severely rising.

Is it just me? Or are other people putting more weight on these numbers as we get closer and closer to election day given that so many surveys show that the economy is the most important issue for voters.

Is it just me? Or are other people putting more weight on these numbers as we get closer and closer to election day given that so many surveys show that the economy is the most important issue for voters.

I mean, I think the way voters think about the economy, again, it's different than what we're talking about in the data. I don't think that the jobs report tomorrow is going to decide how somebody votes and granted a lot of people already have voted, So I think what they're more thinking about is like their own personal finances, their own you know, right now, Do they have a job, can they pay their bills? And like, does the jobs report tomorrow change that for something that happened in October?

I mean, I think the way voters think about the economy, again, it's different than what we're talking about in the data. I don't think that the jobs report tomorrow is going to decide how somebody votes and granted a lot of people already have voted, So I think what they're more thinking about is like their own personal finances, their own you know, right now, Do they have a job, can they pay their bills? And like, does the jobs report tomorrow change that for something that happened in October?

I'm not sure.

I'm not sure.

I mean, I think if we get a negative print tomorrow, then the Trump campaign, oh, they will jump all over, jump all over that.

I mean, I think if we get a negative print tomorrow, then the Trump campaign, oh, they will jump all over, jump all over that.

Of course, if the unemployment rate goes up. Sure, I mean it's I know, sometimes I think about this more like practically, as like someone who's just like, you know, a quasi economist, rather than like what actually transcends over into mainstream media and what voters are thinking about. So yeah, I mean, I for sure it's going to be a talking point from either campaign either way.

Of course, if the unemployment rate goes up. Sure, I mean it's I know, sometimes I think about this more like practically, as like someone who's just like, you know, a quasi economist, rather than like what actually transcends over into mainstream media and what voters are thinking about. So yeah, I mean, I for sure it's going to be a talking point from either campaign either way.

All right, Molly Smith, Bloomberg News Economics Editor. Here in our Bloomberg Business This Week's Studio, you're listening to.

All right, Molly Smith, Bloomberg News Economics Editor. Here in our Bloomberg Business This Week's Studio, you're listening to.

The Bloomberg Business Week podcast. Catch us live weekday afternoons from two to five pm. Easter Listen on Apple card Play and then brout Auto with a Bloomberg Business app or wants us live on YouTube.

The Bloomberg Business Week podcast. Catch us live weekday afternoons from two to five pm. Easter Listen on Apple card Play and then brout Auto with a Bloomberg Business app or wants us live on YouTube.

Stock's under Pressure today, the Nasdaq composit down two point seven percent, while the S and P five hundred down about one point six percent. If we look at how things are looking for the month, well, Stock's wiping out their October gains. Microsoft and meta platforms weigh heavily on the trade after disappointing out looks. Apple, Amazon are on deck for later today, we hear from the Fed next week, and then yeah, there's the election happening as well. So a lot for an investor to be thinking about. Let's see what Jeff Crumplman is thinking about. He's chief investment strategists and head of Equities at Mariner Wealth Advisors. They've got about one hundred and fifteen billion dollars in assets under management. He joins us here in the Bloomberg BusinessWeek studio. Did I miss anything in terms of big things that you're focused on? The FED, the election, megacap, tech earnings. What else is on your mind?

Stock's under Pressure today, the Nasdaq composit down two point seven percent, while the S and P five hundred down about one point six percent. If we look at how things are looking for the month, well, Stock's wiping out their October gains. Microsoft and meta platforms weigh heavily on the trade after disappointing out looks. Apple, Amazon are on deck for later today, we hear from the Fed next week, and then yeah, there's the election happening as well. So a lot for an investor to be thinking about. Let's see what Jeff Crumplman is thinking about. He's chief investment strategists and head of Equities at Mariner Wealth Advisors. They've got about one hundred and fifteen billion dollars in assets under management. He joins us here in the Bloomberg BusinessWeek studio. Did I miss anything in terms of big things that you're focused on? The FED, the election, megacap, tech earnings. What else is on your mind?

Well?

Well?

I think it's not just what's on our mind, but what are people going to read in the headlines? That this is a game of psychology, right, and it can push people's kind of moods around a little bit on a temporary basis. So the only thing I would add to that that I've seen more lately is there seems to be concern over this uplifting yields. And you've seen the ten year treasury a go from three six year or so, which was I think abnormally low. I think the bond mark had got a little ahead of itself, and now we're back to four twenty and I think people are extrapolating that out to what does that mean about the deficit and that kind of stuff.

I think it's not just what's on our mind, but what are people going to read in the headlines? That this is a game of psychology, right, and it can push people's kind of moods around a little bit on a temporary basis. So the only thing I would add to that that I've seen more lately is there seems to be concern over this uplifting yields. And you've seen the ten year treasury a go from three six year or so, which was I think abnormally low. I think the bond mark had got a little ahead of itself, and now we're back to four twenty and I think people are extrapolating that out to what does that mean about the deficit and that kind of stuff.

Why have we seen stocks not move as a result of the yields moving.

Why have we seen stocks not move as a result of the yields moving.

Well, you know, it depends on why yields are going up and if we had a wild card risk that was out there. While everybody else is talking about election and geopolitical and speculation about the FED and the items that you mentioned, we're really focused on that rise in yields. And back in October twenty three, we had a moment where they went from four to five, and five is kind of a, you know, a threshold that you don't want to cross in a surge. I think they're going up because the economic data has actually been very good in October. We've had some positive surprises across the board, whether you're talking about service activity and the PMI, if you're talking about retail sales. We did a GDP report coming into two point eight percent with contributions from consumer, business, and government, you know, all three. Labor productivity is on the rise. You know, labor costs are down in net net. While everything's not perfect, it never is, it's better than expected and that tends to keep stocks holding in even though you have this fear. So if yields are going up because things are stronger, that's way better than if you have yields going up because people are scared hab to death about reaccelerating inflation and a deficit that's just out of control. And I don't think that's why what's going on.

Well, you know, it depends on why yields are going up and if we had a wild card risk that was out there. While everybody else is talking about election and geopolitical and speculation about the FED and the items that you mentioned, we're really focused on that rise in yields. And back in October twenty three, we had a moment where they went from four to five, and five is kind of a, you know, a threshold that you don't want to cross in a surge. I think they're going up because the economic data has actually been very good in October. We've had some positive surprises across the board, whether you're talking about service activity and the PMI, if you're talking about retail sales. We did a GDP report coming into two point eight percent with contributions from consumer, business, and government, you know, all three. Labor productivity is on the rise. You know, labor costs are down in net net. While everything's not perfect, it never is, it's better than expected and that tends to keep stocks holding in even though you have this fear. So if yields are going up because things are stronger, that's way better than if you have yields going up because people are scared hab to death about reaccelerating inflation and a deficit that's just out of control. And I don't think that's why what's going on.

So does that mean then if we have a FED meeting next week and we don't get a cut, or we see traders really pricing back how many cuts we're going to get over the next few months, stocks will be just totally fine with that.

So does that mean then if we have a FED meeting next week and we don't get a cut, or we see traders really pricing back how many cuts we're going to get over the next few months, stocks will be just totally fine with that.

No, I won't say that. You know, whenever we do our forecasts, we're looking out twelve fifteen months. And like I said, this is this is a game of facts and psychology, and there are disconnects between those two from time to time. So if people want to freak out, you know, I think there's there's valid reasons for the FED going slow. I mean, if we're heading in a recession, you got to act. But what's so bad about two point eight percent growth and inflation that is back to two to two and a half percent level targets. I don't care what they do. They said at the beginning of the year, we got to cut six to seven.

No, I won't say that. You know, whenever we do our forecasts, we're looking out twelve fifteen months. And like I said, this is this is a game of facts and psychology, and there are disconnects between those two from time to time. So if people want to freak out, you know, I think there's there's valid reasons for the FED going slow. I mean, if we're heading in a recession, you got to act. But what's so bad about two point eight percent growth and inflation that is back to two to two and a half percent level targets. I don't care what they do. They said at the beginning of the year, we got to cut six to seven.

This is what I heard, Jeff.

This is what I heard, Jeff.

If the FED doesn't cut six or seven times, we're going to have a meltdown. And now you can kind of say, well, how many times did they cut over?

If the FED doesn't cut six or seven times, we're going to have a meltdown. And now you can kind of say, well, how many times did they cut over?

Yeah, melt down one?

Yeah, melt down one?

Where's meltdown? That was at forty seven hundred. Now we're fifty eight hundred. So you know, I take it easy, you know.

Where's meltdown? That was at forty seven hundred. Now we're fifty eight hundred. So you know, I take it easy, you know.

Okay, uh, speaking of people freaking out, yeah, Cava okay, yeah, yeah, yeah, Yeah, people freak out about Kava. This is a stock that's up two hundred and ten percent so far this year. Yeah, when it comes to consumer discretionary, it's one of your picks. Yeah, there's still room to run here, you know what, there's evaluation people say that there's some analysts out there who say this valuation is a little bonkers.

Okay, uh, speaking of people freaking out, yeah, Cava okay, yeah, yeah, yeah, Yeah, people freak out about Kava. This is a stock that's up two hundred and ten percent so far this year. Yeah, when it comes to consumer discretionary, it's one of your picks. Yeah, there's still room to run here, you know what, there's evaluation people say that there's some analysts out there who say this valuation is a little bonkers.

So I was here a couple months ago in stock.

So I was here a couple months ago in stock.

With it eighty.

With it eighty.

It's a one thirty three. So I'll take that side of.

It's a one thirty three. So I'll take that side of.

The trade all day. You're not done with it.

The trade all day. You're not done with it.

Though not done with it, I think it has hired. And here's what's not appreciated. They have thirteen percent same store sales growth. Let me repeat that. The economy's growing, you know, two point eight percent. They're growing thirteen percent same store sales. They're opening new units at a pace of fifteen percent annually. Their margins are going up because they are operating efficiently. They're introducing digital, they're introducing steak and all these things, and they're gonna be able to cut back on their marketing spend. That's a real I love stocks that have great catalysts, and I think there's a long runway here that's unappreciated. And they don't have a lot of competition in Mediterranean. You know, they've kind of got the category.

Though not done with it, I think it has hired. And here's what's not appreciated. They have thirteen percent same store sales growth. Let me repeat that. The economy's growing, you know, two point eight percent. They're growing thirteen percent same store sales. They're opening new units at a pace of fifteen percent annually. Their margins are going up because they are operating efficiently. They're introducing digital, they're introducing steak and all these things, and they're gonna be able to cut back on their marketing spend. That's a real I love stocks that have great catalysts, and I think there's a long runway here that's unappreciated. And they don't have a lot of competition in Mediterranean. You know, they've kind of got the category.

Are you a big cove a person?

Are you a big cove a person?

I feel like I almost can't even comment here because I'm a customer.

I feel like I almost can't even comment here because I'm a customer.

You're just like you have to you know, we appreciate that.

You're just like you have to you know, we appreciate that.

Yeah, but I personally think it tastes really good. There's no location of the office though. What about tech? What kind of tech stocks do you like? Because obviously big tech today is selling off quite a bit.

Yeah, but I personally think it tastes really good. There's no location of the office though. What about tech? What kind of tech stocks do you like? Because obviously big tech today is selling off quite a bit.

You know, we have six different strategies ranging from conservative to aggressive, and so we have some purely growth strategies that are bench that Russell one thousand growth. And what I love about that particular strategy that we run, and I don't want to talk, you know, too much about it. It's just simply that we believe growth still has a place. The day's not over. But the Mega seven, the Magnificent seven or eight, whatever you want to call it. You know, they're getting a little tired. They're their fundamentals are fine, but they've made a big move. So we as the market has broadened out, we own them. But we're underweight and have been underweight, and we've been able to do really well because there's a lot in tech. And I give you some of the picks today, like Oracle, like Synopsis, Oracle is AI you know, at a reasonable price. Maybe that's a new, you know, stock strategy that will develop. But I think that AI is not going away, and Cloud's not going away. So therefore you need to be there, and there's a lot of companies that can benefit from that. By the same token. We just bought PNC a couple of weeks ago, and you know, the younger guys on the team are looking at me like, what are you talking about a regional bank. You've got to be kidding me.

You know, we have six different strategies ranging from conservative to aggressive, and so we have some purely growth strategies that are bench that Russell one thousand growth. And what I love about that particular strategy that we run, and I don't want to talk, you know, too much about it. It's just simply that we believe growth still has a place. The day's not over. But the Mega seven, the Magnificent seven or eight, whatever you want to call it. You know, they're getting a little tired. They're their fundamentals are fine, but they've made a big move. So we as the market has broadened out, we own them. But we're underweight and have been underweight, and we've been able to do really well because there's a lot in tech. And I give you some of the picks today, like Oracle, like Synopsis, Oracle is AI you know, at a reasonable price. Maybe that's a new, you know, stock strategy that will develop. But I think that AI is not going away, and Cloud's not going away. So therefore you need to be there, and there's a lot of companies that can benefit from that. By the same token. We just bought PNC a couple of weeks ago, and you know, the younger guys on the team are looking at me like, what are you talking about a regional bank. You've got to be kidding me.

And what do you say to them?

And what do you say to them?

I say, well, let's see, you're going to be able to unleash some reserves. As the credit markets are holding up pretty well, you've got a resteepening in the curve. Let's see what banks do. Oh yeah, yeah, they borrow short and they lend long and so you get that steepening and that's where you make your margin. And they're growing in the sun Belt and loan loan growth is solid. They're cheap. So this is a good day for you know, some good old dinosaur like you know, thinking and you balance the two. I like cloud, but I also like, you know, some good value stories.

I say, well, let's see, you're going to be able to unleash some reserves. As the credit markets are holding up pretty well, you've got a resteepening in the curve. Let's see what banks do. Oh yeah, yeah, they borrow short and they lend long and so you get that steepening and that's where you make your margin. And they're growing in the sun Belt and loan loan growth is solid. They're cheap. So this is a good day for you know, some good old dinosaur like you know, thinking and you balance the two. I like cloud, but I also like, you know, some good value stories.

Very briefly, we only have less than a minute left. Yeah, the election on Tuesday. Yeah, short term risk around election day. Well again, on the outcome.

Very briefly, we only have less than a minute left. Yeah, the election on Tuesday. Yeah, short term risk around election day. Well again, on the outcome.

I would go right back to psychology, and our advice has been pretty consistent, and it's boring. It doesn't make headlines. It is simply so many people want to sound smart and they come out and they tell you, all, we've studied all the policy differences, and this person is going to do this, and this person's going to do that, and so as a result, this is what you need to do. That is a fool's errand don't do it. You got plenty of time. What people campaign on is seldom what they propose. What they propose seldom gets passed. And you can't even if you're perfect on those two factors, you don't know how investors are going to react.

I would go right back to psychology, and our advice has been pretty consistent, and it's boring. It doesn't make headlines. It is simply so many people want to sound smart and they come out and they tell you, all, we've studied all the policy differences, and this person is going to do this, and this person's going to do that, and so as a result, this is what you need to do. That is a fool's errand don't do it. You got plenty of time. What people campaign on is seldom what they propose. What they propose seldom gets passed. And you can't even if you're perfect on those two factors, you don't know how investors are going to react.

Jeff, Jeff compliment. Good to see you, Thanks for swinging by our studio normally in Cincinnati. The Jeff's here in our Bloomberg BusinessWeek Studio, chief investment and strategists and head of Equities at Mariner Wealth Advisors.

Jeff, Jeff compliment. Good to see you, Thanks for swinging by our studio normally in Cincinnati. The Jeff's here in our Bloomberg BusinessWeek Studio, chief investment and strategists and head of Equities at Mariner Wealth Advisors.

You're listening to the Bloomberg Business Week podcast. Listen live each weekday starting a two pm Eastern on Apple car Play and Android Auto with the Bloomberg Business App. You can also listen live on Amazon Alexa from our flagship New York station, just Say Alexa playing Bloomberg eleven thirty.

You're listening to the Bloomberg Business Week podcast. Listen live each weekday starting a two pm Eastern on Apple car Play and Android Auto with the Bloomberg Business App. You can also listen live on Amazon Alexa from our flagship New York station, just Say Alexa playing Bloomberg eleven thirty.

Well, the CDC is now linked ninety cases of E. Coli to McDonald since the first case was discovered more than a week ago. And in Iowa, health officials are investigating a suspected case of loss of fever after a resident died on Monday. Safe to say, public health is everywhere in our lives and it's crucial to keeping safe. It's also the subject of the new documentary The Invisible Shield. Say four part series it reveals a little known truth. This series is made possible by Bloomberg Philanthropies and Radical Media, and the finale airs on Bloomberg Television tonight at six pm Wall Street Time. We should note Bloomberg Philanthropies is the philanthropic arm of Bloomberg LP, the parent company of Bloomberg Radio. We got with us doctor Amy Acton. She's former director of the Ohio Department of Health. She was the first woman physician to ever hold that position. She participated in The Invisible Shield. She joins us from Columbus, Ohio. Doctor, good to have you with us this afternoon. I think with the pandemic in twenty twenty, in the aftermath, people start to start to see public health differently, but I think for a lot of us it's kind of faded into the background the pandemic. There's so much more to public health than just monitoring potential pandemics.

Well, the CDC is now linked ninety cases of E. Coli to McDonald since the first case was discovered more than a week ago. And in Iowa, health officials are investigating a suspected case of loss of fever after a resident died on Monday. Safe to say, public health is everywhere in our lives and it's crucial to keeping safe. It's also the subject of the new documentary The Invisible Shield. Say four part series it reveals a little known truth. This series is made possible by Bloomberg Philanthropies and Radical Media, and the finale airs on Bloomberg Television tonight at six pm Wall Street Time. We should note Bloomberg Philanthropies is the philanthropic arm of Bloomberg LP, the parent company of Bloomberg Radio. We got with us doctor Amy Acton. She's former director of the Ohio Department of Health. She was the first woman physician to ever hold that position. She participated in The Invisible Shield. She joins us from Columbus, Ohio. Doctor, good to have you with us this afternoon. I think with the pandemic in twenty twenty, in the aftermath, people start to start to see public health differently, but I think for a lot of us it's kind of faded into the background the pandemic. There's so much more to public health than just monitoring potential pandemics.

There really is. You know.

There really is. You know.

One of the things people don't realize is that we gained thirty years life expectancy.

One of the things people don't realize is that we gained thirty years life expectancy.

In the last country.

In the last country.

When my grandfather was born in nineteen hundred, on average, you were expected to live to about forty eight years of age. Some of us would do better, some worse. You were also expected to lose at least one out of three of your children sometime during their childhood. That was the way of life for almost all of our history. But we gained thirty years, and only five of those years were due to everything I learned in med school as a doctor, the stuff we need in the one case. But twenty five years came from things that we can only solve collectively. It began with clean water, save food, child labor laws to everything we think of today, traffic safety laws. You know, it goes on and on, but that is such an important thing we gained. You know, we live on average, my grandfather made it to eighty four, but we know for the first time we started going backwards even before COVID hit. Our country is living on average five years less than most other advanced countries.

When my grandfather was born in nineteen hundred, on average, you were expected to live to about forty eight years of age. Some of us would do better, some worse. You were also expected to lose at least one out of three of your children sometime during their childhood. That was the way of life for almost all of our history. But we gained thirty years, and only five of those years were due to everything I learned in med school as a doctor, the stuff we need in the one case. But twenty five years came from things that we can only solve collectively. It began with clean water, save food, child labor laws to everything we think of today, traffic safety laws. You know, it goes on and on, but that is such an important thing we gained. You know, we live on average, my grandfather made it to eighty four, but we know for the first time we started going backwards even before COVID hit. Our country is living on average five years less than most other advanced countries.

Is that because of the opioid crisis? Is it because of drug overdoses? Or is it because of a multitude of things.

Is that because of the opioid crisis? Is it because of drug overdoses? Or is it because of a multitude of things.

It's a multitude of things, you know.

It's a multitude of things, you know.

You know, I was obviously trained in healthcare originally, but we put about three point six trillion dollars into healthcare, but less than three percent of that amount actually goes to preventing the expensive, bad things. That is one thing we do a little differently before even COVID hit.

You know, I was obviously trained in healthcare originally, but we put about three point six trillion dollars into healthcare, but less than three percent of that amount actually goes to preventing the expensive, bad things. That is one thing we do a little differently before even COVID hit.

You know that that trend had started backwards.

You know that that trend had started backwards.

Actually saw three years lost in the years right before COVID hit, and obviously that set us back more. But it was due to things that are often chronic illnesses diabetes, heart disease, but also intentional and unintentional injuries.

Actually saw three years lost in the years right before COVID hit, and obviously that set us back more. But it was due to things that are often chronic illnesses diabetes, heart disease, but also intentional and unintentional injuries.

We have at a higher rate than our peer countries.

We have at a higher rate than our peer countries.

What's the connection between public health and social media and information? It seems like nowadays there's so much information online about how to live a healthy life, and maybe not all of it is accurate.

What's the connection between public health and social media and information? It seems like nowadays there's so much information online about how to live a healthy life, and maybe not all of it is accurate.

You know, our wanting to live a quality of life.

You know, our wanting to live a quality of life.

I think of blue zones how we all sort of now aspire to live to one hundred. That is something that is actually not all a bad thing that is happening, but in terms of the information, you know, it's really important. This documentary takes you through all the way back to the fourteen hundreds, thet Black Plague, and takes us.

I think of blue zones how we all sort of now aspire to live to one hundred. That is something that is actually not all a bad thing that is happening, but in terms of the information, you know, it's really important. This documentary takes you through all the way back to the fourteen hundreds, thet Black Plague, and takes us.

Up through the modern era of communication.

Up through the modern era of communication.

One of the things that I think about in communication is our Surgeon General who did an advisory that the epidemic underlying so much of what we're experiencing here, including the unmooring that is going on, is due to loneliness and isolation. And if you think about it, in some ways, we're more hyper connected as a world and a community, and one health means that viruses also interc us in a whole community instantly. But we're also feeling more disconnected, and that perhaps is why we're seeing so many of these diseases of a despair. Other countries are actually creating czars. They have twenty years of data that shows and I really recommend people check out the Surgeon General's advisory on Human Connection and Loneliness because it talks about ways that we as individuals and relationships can be more connected.

One of the things that I think about in communication is our Surgeon General who did an advisory that the epidemic underlying so much of what we're experiencing here, including the unmooring that is going on, is due to loneliness and isolation. And if you think about it, in some ways, we're more hyper connected as a world and a community, and one health means that viruses also interc us in a whole community instantly. But we're also feeling more disconnected, and that perhaps is why we're seeing so many of these diseases of a despair. Other countries are actually creating czars. They have twenty years of data that shows and I really recommend people check out the Surgeon General's advisory on Human Connection and Loneliness because it talks about ways that we as individuals and relationships can be more connected.

Doctor Acton got to leave it there. Thanks so much for joining us. Doctor Amy Acton, former director of the Ohio Department of Health. She was the first woman physician to ever hold that position. Once again, The Invisible Shield by Bloomberg Philanthropies and Radical Media. The finale airing tonight on Bloomberg Television at six pm Wall Street Time.

Doctor Acton got to leave it there. Thanks so much for joining us. Doctor Amy Acton, former director of the Ohio Department of Health. She was the first woman physician to ever hold that position. Once again, The Invisible Shield by Bloomberg Philanthropies and Radical Media. The finale airing tonight on Bloomberg Television at six pm Wall Street Time.

You're listening to the Bloomberg Business Week podcast. Catch us Live weekday afternoons from two to five pm Eastern Listen on Apple Cardplay and then brout Auto with a Bloomberg Business app, or want us Live on YouTube.

You're listening to the Bloomberg Business Week podcast. Catch us Live weekday afternoons from two to five pm Eastern Listen on Apple Cardplay and then brout Auto with a Bloomberg Business app, or want us Live on YouTube.

Investors looking ahead to the all important non farm Pills report tomorrow morning. It's the last big data point policymakers will watch before their meeting next week. Also a huge data point before the election. On Tuesday, we got with us Jane Oats, senior policy advisor at Working Nation. It's a media company that focuses on the future of work. Jane also a former Assistant Secretary of Employment and Training in the Obama administration. She joins us from New Orleans. Jane, good to have you with us. Expectations as we heard from Molly Smith a little earlier in our program really range from in fact a negative print of ten thousand jobs lost to up to one hundred and eighty thousand jobs added. The media and according to the survey of economists from Bloomberg, one hundred and five thousand. What are you watching?

Investors looking ahead to the all important non farm Pills report tomorrow morning. It's the last big data point policymakers will watch before their meeting next week. Also a huge data point before the election. On Tuesday, we got with us Jane Oats, senior policy advisor at Working Nation. It's a media company that focuses on the future of work. Jane also a former Assistant Secretary of Employment and Training in the Obama administration. She joins us from New Orleans. Jane, good to have you with us. Expectations as we heard from Molly Smith a little earlier in our program really range from in fact a negative print of ten thousand jobs lost to up to one hundred and eighty thousand jobs added. The media and according to the survey of economists from Bloomberg, one hundred and five thousand. What are you watching?

I'm I'm really more optimistic. I'm one hundred and fifty to two hundred thousand, especially after the strong ADP numbers this week, you know, adding two hundred and thirty three thousand, that's the highest since July of twenty three in the private sector job count. So I'm pretty optimistic.

I'm I'm really more optimistic. I'm one hundred and fifty to two hundred thousand, especially after the strong ADP numbers this week, you know, adding two hundred and thirty three thousand, that's the highest since July of twenty three in the private sector job count. So I'm pretty optimistic.

What sectors specifically are you expecting to see the most robust gains in?

What sectors specifically are you expecting to see the most robust gains in?

So you know, we've gotten spoiled. We all think healthcare, healthcare, healthcare, So I think that will that will continue to get us where we want to be. I mean the most disappointing one, I think will be manufacturing because I think we're really starting to see the impact and the supply chain of a seven week strike at Boeing.

So you know, we've gotten spoiled. We all think healthcare, healthcare, healthcare, So I think that will that will continue to get us where we want to be. I mean the most disappointing one, I think will be manufacturing because I think we're really starting to see the impact and the supply chain of a seven week strike at Boeing.

Talk a little bit about that.

Talk a little bit about that.

Oh, you know, it's hard for me. I mean you're not on the inside. You want to you want the best for those workers. You want them to get their old pension planned back. But boy, the small the smaller manufacturing manufacturing suppliers in that chain I think are really starting to hurt. And you know what's him This is not just a Pacific Northwest issue. Those suppliers are probably all over the country, definitely into the Midwest. I don't know how much more they can take, you know what I mean, especially the small guys. You think the people that make things like screws, you know what I mean, And nails, Well, that's a big client. And seven weeks with no new business is tough.

Oh, you know, it's hard for me. I mean you're not on the inside. You want to you want the best for those workers. You want them to get their old pension planned back. But boy, the small the smaller manufacturing manufacturing suppliers in that chain I think are really starting to hurt. And you know what's him This is not just a Pacific Northwest issue. Those suppliers are probably all over the country, definitely into the Midwest. I don't know how much more they can take, you know what I mean, especially the small guys. You think the people that make things like screws, you know what I mean, And nails, Well, that's a big client. And seven weeks with no new business is tough.

I know you said that you are maybe more optimistic than what the consensus is expecting just for tomorrow. But you know what about just zooming out here? We have seen the unemployment rate ticking to, you know, around historically low levels. What is your kind of overall gauge of just the exact strength here of the labor market in America right now?

I know you said that you are maybe more optimistic than what the consensus is expecting just for tomorrow. But you know what about just zooming out here? We have seen the unemployment rate ticking to, you know, around historically low levels. What is your kind of overall gauge of just the exact strength here of the labor market in America right now?

Look, the consumer is keeping this economy humming. They keep spending, right so you see you know, moderate to really kind of optimistic gains in leisure and hospitality every month. You know, that's a good sign. People are traveling, they're eating out, they're buying things. That's what's powering this economy, and especially when you look at the wage games so far, you know, we're looking at a four percentage game year year to year, and with inflation going down, there's no indication that people are going to stop spending.

Look, the consumer is keeping this economy humming. They keep spending, right so you see you know, moderate to really kind of optimistic gains in leisure and hospitality every month. You know, that's a good sign. People are traveling, they're eating out, they're buying things. That's what's powering this economy, and especially when you look at the wage games so far, you know, we're looking at a four percentage game year year to year, and with inflation going down, there's no indication that people are going to stop spending.

How do you kind of square the wage gains and also inflation, because of course, we got data today that was showing that the Fed's preferred gauge of inflation is ticking a little bit hotter than economists had expected.

How do you kind of square the wage gains and also inflation, because of course, we got data today that was showing that the Fed's preferred gauge of inflation is ticking a little bit hotter than economists had expected.

Yeah, I mean I think, look, I think we still have terrible prices from pre COVID, right in regular everyday grocery items. You know, people are paying much more now than they were before COVID, and guess was horrible. It's starting to come down, but it's still more than people would like to pay. So I think those those along with other big ticket items like housing and you know, like things like even health insurance. I mean, all these things are going up. People are having a hard time, but they it's amazing to me they keep spending, and you know, that's just great for the economy to.

Yeah, I mean I think, look, I think we still have terrible prices from pre COVID, right in regular everyday grocery items. You know, people are paying much more now than they were before COVID, and guess was horrible. It's starting to come down, but it's still more than people would like to pay. So I think those those along with other big ticket items like housing and you know, like things like even health insurance. I mean, all these things are going up. People are having a hard time, but they it's amazing to me they keep spending, and you know, that's just great for the economy to.

About watch what consumers do, not what they say. That said, how that manifests in the election on Tuesday because you served in the Obama administration. You understand the connection between voters politics, and of course what's happening with the economy. Jane, we see time and time again the economy is the most important factor too many voters out there. We also, at the same time see according to a lot of research Gallup yesterday, I cited this yesterday on the show. A Gallup poll from earlier this month says that the majority of Americans don't necessarily feel like the economy is on the right track. How do you balance that with what we're seeing in the economy.

About watch what consumers do, not what they say. That said, how that manifests in the election on Tuesday because you served in the Obama administration. You understand the connection between voters politics, and of course what's happening with the economy. Jane, we see time and time again the economy is the most important factor too many voters out there. We also, at the same time see according to a lot of research Gallup yesterday, I cited this yesterday on the show. A Gallup poll from earlier this month says that the majority of Americans don't necessarily feel like the economy is on the right track. How do you balance that with what we're seeing in the economy.

Yeah, I think it's really hard to him you get right to the heart of it. I mean, God forbid, let's never get back to where it was when I was in the Obama administration, you know, during the Great Recession. But it's really hard because people everyday, people real people who aren't policy nerds and aren't you know, nerds like you guys listening to this every day, they judge the economy by what things cost, and as I said, things still cost more than they're comfortable with. But I do think, you know, people, you look at that Job's number from last month, You look at the Jolts number from this week, still seven point four million open jobs. You know, a lot of people still unemployed were not done that job. But that's that's the kind of stuff that we're looking at big picture. I think getting people to understand that it's a mixture of what you're feeling at your kitchen table and what we're seeing. Because those same people at their kitchen table, if they're in a four to oh one k, they made money on the stock market in the last year. You know, they've been doing really well. It's not just people that we think of as investors. So I think we have to get people to understand it's a bigger picture than just the cost of eggs and game.

Yeah, I think it's really hard to him you get right to the heart of it. I mean, God forbid, let's never get back to where it was when I was in the Obama administration, you know, during the Great Recession. But it's really hard because people everyday, people real people who aren't policy nerds and aren't you know, nerds like you guys listening to this every day, they judge the economy by what things cost, and as I said, things still cost more than they're comfortable with. But I do think, you know, people, you look at that Job's number from last month, You look at the Jolts number from this week, still seven point four million open jobs. You know, a lot of people still unemployed were not done that job. But that's that's the kind of stuff that we're looking at big picture. I think getting people to understand that it's a mixture of what you're feeling at your kitchen table and what we're seeing. Because those same people at their kitchen table, if they're in a four to oh one k, they made money on the stock market in the last year. You know, they've been doing really well. It's not just people that we think of as investors. So I think we have to get people to understand it's a bigger picture than just the cost of eggs and game.

I'm wondering how, if you're a politician running for office, what do you say to get your voters to kind of understand that message that you just unpacked.

I'm wondering how, if you're a politician running for office, what do you say to get your voters to kind of understand that message that you just unpacked.

You know, I think it's so hard because you know that most people get their news in a flash, you know, in fifteen thirty second bites, and it's really hard to get into the weeds there. I think this is the time, if you're running for public office, that you have to do things like town hall so you can dig deeply into these issues. You can't do it in commercials, you know, you can't do it just in sound bites. It has to be really sitting with people, not only telling them the facts, but listening and trying to understand what are the costs that maybe we could control a little bit. You know, what are some things that local communities could do, whether it's you know, in Northern Virginia they have a free bus route so people don't have to pay to get to work. That's a really interesting thing. So I think we have to listen to and look at what communities are doing of this problem and really to get at the things that are causing people to really struggle in what should be a really good, strong economy.

You know, I think it's so hard because you know that most people get their news in a flash, you know, in fifteen thirty second bites, and it's really hard to get into the weeds there. I think this is the time, if you're running for public office, that you have to do things like town hall so you can dig deeply into these issues. You can't do it in commercials, you know, you can't do it just in sound bites. It has to be really sitting with people, not only telling them the facts, but listening and trying to understand what are the costs that maybe we could control a little bit. You know, what are some things that local communities could do, whether it's you know, in Northern Virginia they have a free bus route so people don't have to pay to get to work. That's a really interesting thing. So I think we have to listen to and look at what communities are doing of this problem and really to get at the things that are causing people to really struggle in what should be a really good, strong economy.

So, Jane, it raises the question about the messaging that we've heard from Vice President Harris, because she is the incumbent, the Democrats are the incumbent party. You served in the Obama administration in the Labor Department. How is her messaging in your view? How's your messaging in your view been good? On the economy? Has it been? Where could it be improved? How would you grate it?

So, Jane, it raises the question about the messaging that we've heard from Vice President Harris, because she is the incumbent, the Democrats are the incumbent party. You served in the Obama administration in the Labor Department. How is her messaging in your view? How's your messaging in your view been good? On the economy? Has it been? Where could it be improved? How would you grate it?

Well, you know, working nation concentrates on solutions, So I'm going to be on the positive side here, I think talking about things like childcare really resonates not only with the parents of children, but with the grandparents because a lot of times those grandparents are being called into active duty when their daughter or son can't get you know, quality childcare. So I think concentrating on health care costs, concentrating on childcare costs, I think that's really important.

Well, you know, working nation concentrates on solutions, So I'm going to be on the positive side here, I think talking about things like childcare really resonates not only with the parents of children, but with the grandparents because a lot of times those grandparents are being called into active duty when their daughter or son can't get you know, quality childcare. So I think concentrating on health care costs, concentrating on childcare costs, I think that's really important.

You know.

You know.

I think the idea about trying to control costs. Look, we're a free country. We're you know, we're a capitalistic society, and thank God for that. We want businesses to stay strong. So I think when it gets into this like cost control and price gouging and things like that, it's a little unclear to me what could actually be done. But there are clear things that can be done. In childcare. We could make permanent the childcare tax credit. There are clear things that can be done. When we talk about healthcare, we could make sure that the state systems in the Affordable Care Act are providing the most affordable options for every family to make sure they can get it. I mean, so, I think sometimes I think the message is too large, but overall, I think the Vice President has been really clear on those two issues. That I think from my conversations and my colleagues at work the nation, as we talk to people, really, child's care is really a major issue, and you know, so is so is some of this stuff about making sure we're able to control the prices that we can control. I mean, I don't know what we can release more oil, reserve gas.

I think the idea about trying to control costs. Look, we're a free country. We're you know, we're a capitalistic society, and thank God for that. We want businesses to stay strong. So I think when it gets into this like cost control and price gouging and things like that, it's a little unclear to me what could actually be done. But there are clear things that can be done. In childcare. We could make permanent the childcare tax credit. There are clear things that can be done. When we talk about healthcare, we could make sure that the state systems in the Affordable Care Act are providing the most affordable options for every family to make sure they can get it. I mean, so, I think sometimes I think the message is too large, but overall, I think the Vice President has been really clear on those two issues. That I think from my conversations and my colleagues at work the nation, as we talk to people, really, child's care is really a major issue, and you know, so is so is some of this stuff about making sure we're able to control the prices that we can control. I mean, I don't know what we can release more oil, reserve gas.

Hey, we only have thirty seconds left. But on the childcare thing. One thing that just blows my mind is that dependent care FSA has not changed since nineteen eighty six, the limit five thousand. Perhaps, what is going on here? We only have thirty seconds left? What is going on here?

Hey, we only have thirty seconds left. But on the childcare thing. One thing that just blows my mind is that dependent care FSA has not changed since nineteen eighty six, the limit five thousand. Perhaps, what is going on here? We only have thirty seconds left? What is going on here?

Tim?

Tim?

It's crazy, Like, let's light a fire under Congress and get them to activate because the same thing, you know, employers are doing so much training for their incumbent workers that fifty two fifty was in the same set of bills in nineteen eighty six. Fifty two to fifty bought you a college degree, you know, in nineteen eighty six. Yeah, it ad buys you barely a semester right now.

It's crazy, Like, let's light a fire under Congress and get them to activate because the same thing, you know, employers are doing so much training for their incumbent workers that fifty two fifty was in the same set of bills in nineteen eighty six. Fifty two to fifty bought you a college degree, you know, in nineteen eighty six. Yeah, it ad buys you barely a semester right now.

Oh for the dependent care FSA, it buys you a couple months of daycare a little while.

Oh for the dependent care FSA, it buys you a couple months of daycare a little while.

Yeah, that is really not enough for me.

Yeah, that is really not enough for me.

It's not enough. Hey, Jane, thanks so much for joining us. I always appreciate you coming on the program. Janet Senior policy advisor over at Working Nation. It's a media company. It focuses on the future of work. She's also a former Assistant Secretary of Employment and Training in the Obama administration. As I mentioned that payrolls report coming tomorrow, one hundred and five thousand is what economists surveyed by Bloomberg expect Last month it was two hundred and fifty four thousand.

It's not enough. Hey, Jane, thanks so much for joining us. I always appreciate you coming on the program. Janet Senior policy advisor over at Working Nation. It's a media company. It focuses on the future of work. She's also a former Assistant Secretary of Employment and Training in the Obama administration. As I mentioned that payrolls report coming tomorrow, one hundred and five thousand is what economists surveyed by Bloomberg expect Last month it was two hundred and fifty four thousand.

You're listening to the Bloomberg Business Week podcast. Listen live each weekday starting at two pm Eastern on applecar Play and Android Auto with the Bloomberg Business App. You can also listen live on Amazon Alexa from our flagship New York station, Just Say Alexa playing Bloomberg eleven thirty.

You're listening to the Bloomberg Business Week podcast. Listen live each weekday starting at two pm Eastern on applecar Play and Android Auto with the Bloomberg Business App. You can also listen live on Amazon Alexa from our flagship New York station, Just Say Alexa playing Bloomberg eleven thirty.

Ian Rodgers has been at the forefront of the transition from analog to digital, particularly when it comes to music. Pretty much his entire career. He was the founding webmaster of beastieboys dot com. He was at the company behind at win app. You guys remember win app. If you're over forty like me, that was how you listened to music on your computer for the first time. Then he was CEO of Beats Music about a year and a half before it was sold to Apple for three billion dollars. Then chief Digital Officer over at LVMH, the parent company of Louis Baton so Fororah Hennessy and more. He's now Chief Experience Officer over at Ledger. It's the Paris based digital asset security company. He joins us here in the Bloomberg Interactive Brokers studio. Welcome back, Thank you, Happy Halloween, Happy Halloween, a little spooky in today's trade. I want you to give us an update on Ledger, because last time you were here, we spent a lot of time talking about big picture where we are when it comes to Web one, Web two, Web three, Where are we in Web three? And what are you doing at Leger to harness.

Ian Rodgers has been at the forefront of the transition from analog to digital, particularly when it comes to music. Pretty much his entire career. He was the founding webmaster of beastieboys dot com. He was at the company behind at win app. You guys remember win app. If you're over forty like me, that was how you listened to music on your computer for the first time. Then he was CEO of Beats Music about a year and a half before it was sold to Apple for three billion dollars. Then chief Digital Officer over at LVMH, the parent company of Louis Baton so Fororah Hennessy and more. He's now Chief Experience Officer over at Ledger. It's the Paris based digital asset security company. He joins us here in the Bloomberg Interactive Brokers studio. Welcome back, Thank you, Happy Halloween, Happy Halloween, a little spooky in today's trade. I want you to give us an update on Ledger, because last time you were here, we spent a lot of time talking about big picture where we are when it comes to Web one, Web two, Web three, Where are we in Web three? And what are you doing at Leger to harness.

That that's a great question because I think it's one of these things where like the dot com boom and then bust and then so that's Web one, that's Web one and slow growth. You know, we had I think we spent you know, twenty one and twenty two teaching people about the promise of digital ownership, and you know, then we had f and the fallout that came after it, and people you end up with that sort of trough of disillusionment. But there is a real invention behind that. This you know, invention of digital scarcity will be.

That that's a great question because I think it's one of these things where like the dot com boom and then bust and then so that's Web one, that's Web one and slow growth. You know, we had I think we spent you know, twenty one and twenty two teaching people about the promise of digital ownership, and you know, then we had f and the fallout that came after it, and people you end up with that sort of trough of disillusionment. But there is a real invention behind that. This you know, invention of digital scarcity will be.

A part of our lives.

A part of our lives.

We've got you know, huge businesses that are built on effectively digital renting, and we have a new primitive which is which is digital ownership, and that leads to you know, bitcoin and a ton of other things. But just like you know with the dot com boom, there was a lot of promise and idea and then a lot of it had to be built and you know, the whole thing didn't kind of tip over into the mainstream until twenty ten, twenty twelve and onward. And that's really what we're doing, is we're building that We're building, We're building on that promise.

We've got you know, huge businesses that are built on effectively digital renting, and we have a new primitive which is which is digital ownership, and that leads to you know, bitcoin and a ton of other things. But just like you know with the dot com boom, there was a lot of promise and idea and then a lot of it had to be built and you know, the whole thing didn't kind of tip over into the mainstream until twenty ten, twenty twelve and onward. And that's really what we're doing, is we're building that We're building, We're building on that promise.

Now.

Now.

You know, today is Bitcoin's sixteenth or anniversary, the sixteen year anniversary of the Bitcoin White Paper, which is you know, I think kind of why this is Bitcoin's years It's been around long enough, it's been attacked and you know, frontwards, backwards, sideways long enough and people go, oh, wait, an uninflatable you know, scarce digit good has has you know a reason for existence, and so I think that's kind of kind of where we are for us. We just keep continuing to build around that. There's crypto and then there's more, you know, because really we are a digital security company and we secure not only digital assets but also your logins. And you know, as you kind of point to that Web one, Web two, Web three, you know, Web one was you know, all of your data behind a user name and a password. Web two is log in with Google, log in with Facebook. You know, we've all lived in that world for fifteen or so years now, and really, you know, where we are going to is a world where the user has control and can choose who I share my data with. We've all kind of seen the perils of our data just kind of being consumed by anybody who wants it. And you know, now we have a lot of backtracking.

You know, today is Bitcoin's sixteenth or anniversary, the sixteen year anniversary of the Bitcoin White Paper, which is you know, I think kind of why this is Bitcoin's years It's been around long enough, it's been attacked and you know, frontwards, backwards, sideways long enough and people go, oh, wait, an uninflatable you know, scarce digit good has has you know a reason for existence, and so I think that's kind of kind of where we are for us. We just keep continuing to build around that. There's crypto and then there's more, you know, because really we are a digital security company and we secure not only digital assets but also your logins. And you know, as you kind of point to that Web one, Web two, Web three, you know, Web one was you know, all of your data behind a user name and a password. Web two is log in with Google, log in with Facebook. You know, we've all lived in that world for fifteen or so years now, and really, you know, where we are going to is a world where the user has control and can choose who I share my data with. We've all kind of seen the perils of our data just kind of being consumed by anybody who wants it. And you know, now we have a lot of backtracking.

So that's removing the data from the cloud and storing our data on physical devices that we carry with us at all times.

So that's removing the data from the cloud and storing our data on physical devices that we carry with us at all times.

Well, I think it's a question of what data are we talking about and how do you want it? I mean, if it's healthcare data, then you know we we care a lot about you know, where it's stored. If it's you know, did I like an Instagram post? Maybe we were less concerned about the publicness of that of that little heart, right, So, and there's a lot in between. But but what we what we've kind of gone, what we have is like a lack of user control, first of all, and I don't think any of us are really comfortable with that. We all know enough about it, you know, kind of post Cambridge Analytica, et cetera, where we first thought about like, hmmm, I guess maybe it does matter where all this personal data is, but you know, it's even just inconvenient. Think about about agentic AI applications, right, Like, let's let's say you want to just ask an AI agent to book a flight to Miami for you. How is it going to do that?

Well, I think it's a question of what data are we talking about and how do you want it? I mean, if it's healthcare data, then you know we we care a lot about you know, where it's stored. If it's you know, did I like an Instagram post? Maybe we were less concerned about the publicness of that of that little heart, right, So, and there's a lot in between. But but what we what we've kind of gone, what we have is like a lack of user control, first of all, and I don't think any of us are really comfortable with that. We all know enough about it, you know, kind of post Cambridge Analytica, et cetera, where we first thought about like, hmmm, I guess maybe it does matter where all this personal data is, but you know, it's even just inconvenient. Think about about agentic AI applications, right, Like, let's let's say you want to just ask an AI agent to book a flight to Miami for you. How is it going to do that?

Right? Is it? It?

Right? Is it? It?

Does it have access to your you know, does the agent have loaded into it your payment information, your you know, your Delta log in or you know whatever it is like, you know, No, Ultimately, you the user should have that information and it should ask you, may I have this information to do this on your behalf and then you say yes or no, depending on what you as the user prefer. So I think that you know It's not something that I think the average person spends a lot of time thinking about, but I think it is something that the average person can understand when you have the conversation, you know.

Does it have access to your you know, does the agent have loaded into it your payment information, your you know, your Delta log in or you know whatever it is like, you know, No, Ultimately, you the user should have that information and it should ask you, may I have this information to do this on your behalf and then you say yes or no, depending on what you as the user prefer. So I think that you know It's not something that I think the average person spends a lot of time thinking about, but I think it is something that the average person can understand when you have the conversation, you know.

That example that you just brought up about using AI to maybe book a flight for you. In that kind of instance, it seems like what's so important is not only control, but also identity. How is your company and how are you looking at the market right now, and how it's able to kind of balance the growth in AI, but also verifying who's human, who's there, who's themselves, and then who is the machine?

That example that you just brought up about using AI to maybe book a flight for you. In that kind of instance, it seems like what's so important is not only control, but also identity. How is your company and how are you looking at the market right now, and how it's able to kind of balance the growth in AI, but also verifying who's human, who's there, who's themselves, and then who is the machine?

Yeah, I think you have you know, It's what we've been doing in crypto is verifying that you have made a transaction.

Yeah, I think you have you know, It's what we've been doing in crypto is verifying that you have made a transaction.

Right.

Right.

What we are going to need to do as humans later is one proof we're human, you know, I mean think about it. If you could just you know, prove that you are or.

What we are going to need to do as humans later is one proof we're human, you know, I mean think about it. If you could just you know, prove that you are or.

Not or are not here or human or are we dancer?

Not or are not here or human or are we dancer?

I think the if we just have the ability to prove that we are human, then there's I'm a unique human.

I think the if we just have the ability to prove that we are human, then there's I'm a unique human.

I am this unique human.

I am this unique human.

That's kind of what we do with our passports, right, you know, I think that we will need that. I mean we will need in the future to know that it is actually me that's speaking into this microphone, and it wasn't altered, you know, somewhere in the path before it got to the listener right where you know, we can see already that you know that these will be things that you will need to know, and we do have the technology to do it. It's just it's I think it's exactly where we are. It's we can see that it will be necessary. We have the technology to do it, but we don't have the systems at any scale. It'll take you know, ten, ten to twenty years to build that.

That's kind of what we do with our passports, right, you know, I think that we will need that. I mean we will need in the future to know that it is actually me that's speaking into this microphone, and it wasn't altered, you know, somewhere in the path before it got to the listener right where you know, we can see already that you know that these will be things that you will need to know, and we do have the technology to do it. It's just it's I think it's exactly where we are. It's we can see that it will be necessary. We have the technology to do it, but we don't have the systems at any scale. It'll take you know, ten, ten to twenty years to build that.

You need buy in from companies on the other side to do this. And I can share an example from today. There's somebody like spoofing me on Twitter. I went to report it, and in order to do that now on x since Elon bought it, it's it's very difficult, and I had to solve this like six part puzzle to prove that I was a human and that I wasn't a bot. The whole system crashed actually at the end, and I wasn't able to ultimately report it. But to me doing that, there has to be a better way.