Single best idea. Thank you for your comments here as we get this out. As I've said out on LinkedIn and Twitter, it is a work in progress. Thank you to Apple. The smoothness of getting the podcast up on the Bloomberg Podcast through Apple has really been a joy as well. It's in additional Women's Day in the hallmark of what we do in economics, finance, investment, and I'm really going to give a major shout out to Sally Crawcheck who really got his jump started on this with Abby Joseph Cohen is Yes, we're really interested in all the talking about it, but we're much much more interested in the doing of it. What Abby Joseph Cohen did at Gouldyn Sachs, what Sally Crawchack did years ago. It's Sanford Bernstein to say they were brave, maybe overplays it, but they just got up, they went to work and they did excellence. Here are two voices who've done excellence. Claudia Som will join us in a bit here off of the jobs report today, and this is a perfect example of what surveillance is about. When you see a very young economist and they get something special, and the case of Ellen Zanner. Folks, her work on the American consumer when she was just out of school was really extraordinary. It's right about when she started diving in rivers in the West like the late great Ken Pruitt and did fly fishing, Ellen Zanner of Morgan Stanley.

Single best idea. Thank you for your comments here as we get this out. As I've said out on LinkedIn and Twitter, it is a work in progress. Thank you to Apple. The smoothness of getting the podcast up on the Bloomberg Podcast through Apple has really been a joy as well. It's in additional Women's Day in the hallmark of what we do in economics, finance, investment, and I'm really going to give a major shout out to Sally Crawcheck who really got his jump started on this with Abby Joseph Cohen is Yes, we're really interested in all the talking about it, but we're much much more interested in the doing of it. What Abby Joseph Cohen did at Gouldyn Sachs, what Sally Crawchack did years ago. It's Sanford Bernstein to say they were brave, maybe overplays it, but they just got up, they went to work and they did excellence. Here are two voices who've done excellence. Claudia Som will join us in a bit here off of the jobs report today, and this is a perfect example of what surveillance is about. When you see a very young economist and they get something special, and the case of Ellen Zanner. Folks, her work on the American consumer when she was just out of school was really extraordinary. It's right about when she started diving in rivers in the West like the late great Ken Pruitt and did fly fishing, Ellen Zanner of Morgan Stanley.

When I started doing radio in two thousand and three with you, Tom, you and Ken, Ken and I would talk fly fish.

When I started doing radio in two thousand and three with you, Tom, you and Ken, Ken and I would talk fly fish.

You talked about it.

You talked about it.

He also loved it, and you gave us the stink guy because you did not like that, right, I don't know. I don't know if folks have noticed, but Tom does not like the attention being taken away from him.

He also loved it, and you gave us the stink guy because you did not like that, right, I don't know. I don't know if folks have noticed, but Tom does not like the attention being taken away from him.

So, Ken, Lisa, the size of your leg Are they really that big? Oh?

So, Ken, Lisa, the size of your leg Are they really that big? Oh?

They can be, yeah, they can.

They can be, yeah, they can.

Like, what's the biggest fish you've ever caught?

Like, what's the biggest fish you've ever caught?

Oh, gosh, I've only I've caught up to twenty four inches, but you can get up to thirty two, which would be a really trophy size. Yeah.

Oh, gosh, I've only I've caught up to twenty four inches, but you can get up to thirty two, which would be a really trophy size. Yeah.

She's the only market economist. It begs the Kansas City Fed to go to Jackson Hall so she can get out there and fly fish. And of course what's so important. We talked about the Jellystone River up in Montana, where she really thinks that's a place that next to go in America to fly fish. Of course, so much of this was wrapped her on a conversation on the jobs report today. It always is a surprise. Today it was FED moving. We'll get to that with Claudia sam But here, Ellen Zettner, the present tense on the Fed.

She's the only market economist. It begs the Kansas City Fed to go to Jackson Hall so she can get out there and fly fish. And of course what's so important. We talked about the Jellystone River up in Montana, where she really thinks that's a place that next to go in America to fly fish. Of course, so much of this was wrapped her on a conversation on the jobs report today. It always is a surprise. Today it was FED moving. We'll get to that with Claudia sam But here, Ellen Zettner, the present tense on the Fed.

The Fed has had to raise rates much further and faster than I think anyone had expected. We have survived that, and largely because of the gradual transformation of household balance sheets into a very low fixed rate from years and years and years of near zero interest rates. And so this is just this confluence of factors that means that the cycle can lengthen. And I didn't even mention productivity, which is, you know, all of this is culminated into twenty twenty three that was much stronger growth than expected, a larger deceleration and inflation than expected, and that can continue to a lesser degree.

The Fed has had to raise rates much further and faster than I think anyone had expected. We have survived that, and largely because of the gradual transformation of household balance sheets into a very low fixed rate from years and years and years of near zero interest rates. And so this is just this confluence of factors that means that the cycle can lengthen. And I didn't even mention productivity, which is, you know, all of this is culminated into twenty twenty three that was much stronger growth than expected, a larger deceleration and inflation than expected, and that can continue to a lesser degree.

That can continue this year, Ellen Zenner, Morgan Stanley, and now your Friday geek fest. Productivity is without question the hardest thing to get your hands around. A word of always used in it in lectures as efficiency. It's the efficiency of economy. Maybe that captures it. There's academics with the high ground, Heredale Jurgensen up at Harvard, and certainly a gentleman we lost this year, Robert Solo at Massachusetts Institute of Technology. Productivity is a measurement of your use of capital. That's one ratio, and then it's a measurement of your use of labor that's another ratio. And right next to it is this thing that Robert Solo codified. And good morning to Chad Jones out on the West coast. I think he's at Stanford, Barbara Berkeley, he went across the pond, but I don't know which way he went across the bay. I think he's at Stanford this week, and someone like Chad Jones, I'm kidding out at Stanford. There's a third ratio called total factor productivity. I have no idea to this day what it is. Here's what you need to know. The three ratios all have moving parts. So the dynamics of productivity in real time are far more complex. And the way it's spun in the media, and what Ellen Zentner's talking about there in productivity is about the mystery that we have. And here's the key thing to focus on. We won't really know our present efficiency in productivity to five years out, ten years out, twenty years, and this is almost the religion of what we do. We really don't know what technology's doing, and we don't know what capital's doing, the financialization of our system. We really you don't know about labor. Maybe that's a little more simplistic than the others, but this is a major thrust of the show throughout all this year, understanding we're not going to know where we are till five years or ten years out. We knew where we were at eight thirty. It was a jobs report. It came in with a big, big number, with a big, big recision, and Claudia Sam, she was sitting there with her cat down in Washington, and I was going on blah blah blah, and doctor Sam puts up a sign, remain calm here, Claudia Sam on today's jobs report.

That can continue this year, Ellen Zenner, Morgan Stanley, and now your Friday geek fest. Productivity is without question the hardest thing to get your hands around. A word of always used in it in lectures as efficiency. It's the efficiency of economy. Maybe that captures it. There's academics with the high ground, Heredale Jurgensen up at Harvard, and certainly a gentleman we lost this year, Robert Solo at Massachusetts Institute of Technology. Productivity is a measurement of your use of capital. That's one ratio, and then it's a measurement of your use of labor that's another ratio. And right next to it is this thing that Robert Solo codified. And good morning to Chad Jones out on the West coast. I think he's at Stanford, Barbara Berkeley, he went across the pond, but I don't know which way he went across the bay. I think he's at Stanford this week, and someone like Chad Jones, I'm kidding out at Stanford. There's a third ratio called total factor productivity. I have no idea to this day what it is. Here's what you need to know. The three ratios all have moving parts. So the dynamics of productivity in real time are far more complex. And the way it's spun in the media, and what Ellen Zentner's talking about there in productivity is about the mystery that we have. And here's the key thing to focus on. We won't really know our present efficiency in productivity to five years out, ten years out, twenty years, and this is almost the religion of what we do. We really don't know what technology's doing, and we don't know what capital's doing, the financialization of our system. We really you don't know about labor. Maybe that's a little more simplistic than the others, but this is a major thrust of the show throughout all this year, understanding we're not going to know where we are till five years or ten years out. We knew where we were at eight thirty. It was a jobs report. It came in with a big, big number, with a big, big recision, and Claudia Sam, she was sitting there with her cat down in Washington, and I was going on blah blah blah, and doctor Sam puts up a sign, remain calm here, Claudia Sam on today's jobs report.

The FED is going to look at one month and just kind of take it in context of what we've seen recently. Yeah, this month, you know, these are not great numbers. It's a disappointment. I certainly looked at that unemployment rate, and yet we have seen solid gains. This does not change the story. And honestly, at the FED and a lot of places, all eyes are still on the CPI and the inflation prints. We still have an economy that's really moving labor markets that's still working well, although not in the way that we've seen last year where it was still just going really strong.

The FED is going to look at one month and just kind of take it in context of what we've seen recently. Yeah, this month, you know, these are not great numbers. It's a disappointment. I certainly looked at that unemployment rate, and yet we have seen solid gains. This does not change the story. And honestly, at the FED and a lot of places, all eyes are still on the CPI and the inflation prints. We still have an economy that's really moving labor markets that's still working well, although not in the way that we've seen last year where it was still just going really strong.

Tiffany Wild and Pimco really underscored what we heard from doctor sm in real time at eight thirty one. One of the toughest thing to do is to provide wisdom right when the report comes out, because, as you can imagine, it's way more complex, way more voluminous than just two or three media headline numbers, single best idea. We're working towards this. We're gonna do it all next week as well out on Apple Podcasts on Economics, Finance, investment. The goal here is to give you little vignettes. I mean, we could have had six, seven, eight people. I could have done Paul Sweeneyboup today on UNC Duke Basketball. That would have been a single best idea. There are a lot of people we could have talked to, but we chose Ellen Zettner and Claudia Sam will make it up again on Monday,

Tiffany Wild and Pimco really underscored what we heard from doctor sm in real time at eight thirty one. One of the toughest thing to do is to provide wisdom right when the report comes out, because, as you can imagine, it's way more complex, way more voluminous than just two or three media headline numbers, single best idea. We're working towards this. We're gonna do it all next week as well out on Apple Podcasts on Economics, Finance, investment. The goal here is to give you little vignettes. I mean, we could have had six, seven, eight people. I could have done Paul Sweeneyboup today on UNC Duke Basketball. That would have been a single best idea. There are a lot of people we could have talked to, but we chose Ellen Zettner and Claudia Sam will make it up again on Monday,