Bloomberg Money: 'Fed Needs Clear Inflation Target and Messaging'

Summary

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Podcast Summary: Bloomberg Intelligence – "Fed Needs Clear Inflation Target and Messaging"

Date: August 1, 2026
Hosts: Tom Keene & Scarlet Fu
Key Guests: Richard Clarida (former Fed Vice Chairman), David Gura, Alison Schrager, Hannah Elliott, Suzanne Woolley, Laurie Calvasina, Elena Popina

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Episode Overview

This episode delivers an in-depth analysis of the current state of U.S. monetary policy, market dynamics, and personal finance trends. The main focus is the importance of clear inflation targeting and communication from the Federal Reserve amidst economic uncertainty and public confusion. The hosts, joined by notable guests including former Fed Vice Chairman Richard Clarida, discuss the Fed’s evolving messaging, wealth trends, retail vs. institutional investor behavior, housing affordability, and practical personal finance advice.

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Key Discussion Points

1. Electric Vehicles, Policy, and Wealth Perceptions (03:14–07:31)

• EV Market Trends: Hannah Elliott notes declining U.S. appetite for high-end EVs, with domestic automakers pulling back and Chinese EVs expected to enter the U.S. market eventually (“The sales say Americans don't want EVs. Unfortunately for companies like Lucid and Tesla and Rivian that are struggling." – Hannah Elliott, 03:17).
• Trade Policy: David Gura discusses the unlikelihood of Chinese EVs arriving soon due to current administration's tariffs (“He loves tariffs...I would have a hard time imagining him welcoming Chinese autos into the United States.” – David Gura, 04:08).
• Wealth & Anger: Alison Schrager observes that despite Americans being wealthier, dissatisfaction persists, especially as wealth concentration in the top 1% grows (“Everyone is getting richer. The top 1% has gotten way, way richer...even lower income people are by most metrics better off.” – Alison Schrager, 06:02).

2. Financial Literacy & Risk Appetite (06:33–08:16)

• Financial Nihilism: Scarlet Fu highlights Gen Z’s embrace of high-risk investing (“They really adopted this financial nihilism where they bet the house on crypto, prediction markets...Everything doesn't look good for them anyway.” – Scarlet Fu, 06:33).
• Risk Disconnect: Hannah Elliott comments on young investors' misunderstanding of risk-reward and lack of real-world risk-taking (“I don't think this of that relationship has been well understood...Maybe they won't invest in S&P 500, but they'll invest in, you know, Kelsey or whatever.” – Hannah Elliott, 06:53).

3. Federal Reserve Messaging and Monetary Policy (10:44–18:31)

Interview: Richard Clarida (Former Vice Chairman, Federal Reserve)

• Bond Market Turbulence: Clarida explains recent bond market moves and the significance of “break-even” inflation expectations (“So far Kevin Warsh has been chair really only six, seven weeks, but...break-even inflation...is at or below where it was at least after 10 years when he became chairman.” – Richard Clarida, 11:31).
• Fed’s Focus: The administration is paying closer attention to the bond market, especially 10-year yields, as these affect borrowing costs across the economy (“So much of the economy people borrow long for car loans or mortgages or corporate loans.” – Richard Clarida, 12:14).
• Communication Dilemma: Discussion of whether Fed should clarify its inflation gauge (PCE, CPI, etc.), referencing the Lucas Critique and the ‘hall of mirrors’ between Fed and market signals (“An inflation targeting central bank needs to be clear about what it is targeting...that will be important.” – Richard Clarida, 14:27; “It's called sometimes called the hall of mirrors problem in central banking...” – Richard Clarida, 16:06).
• Forward Guidance Debate: Clarida argues for a balance—being clear about the Fed’s reaction function without excessive forward guidance (“In the CGG model there’s actually not a role for forward guidance...If you’re not going to do forward guidance, then...markets [must] have a broad understanding of how the central bank will react to data.” – Richard Clarida, 17:11).
• K-Shaped Economy: Clarida details widening inequality, as homeowners and stock owners prosper but renters and non-investors struggle (“We do and have had a K-shaped economy for some time...[for] 60% of Americans...the top of that K is doing pretty well.” – Richard Clarida, 18:31).

4. Personal Finance: Multigenerational Living (23:05–25:37)

• Boomerang Kids: Suzanne Woolley outlines the rising phenomenon of adult children returning home post-college and its financial implications (“Financial planners talk about an average of 15, $1500 a month...$18,000 a year. So it’s more significant than you might think.” – Suzanne Woolley, 23:43).
• Boundaries & Retirement Risk: Advice on setting rent expectations and safeguarding retirement savings when adult children return home (“If it's coming at the expense of your retirement security, you really have to think twice because your kids will have a long runway...Your runway, if you’re closer to retiring, is not.” – Suzanne Woolley, 24:53).

5. Equity Markets & Investor Behavior (26:35–34:43)

Interview: Lori Calvasina (RBC Capital Markets)

• Market Sentiment: Calvasina projects gains over the next 12 months, but warns of potential for 5–10% pullbacks (“We’re going to be higher over the next 12 months, but it’s not going to be linear...at least one, maybe more drawdowns of 5–10%.” – Lori Calvasina, 26:35).
• Retail vs Institutional Investors: Retail investors are more sophisticated and less panicked by volatility, influencing the market’s resilience (“I do think retail investors have gotten much more sophisticated...that's very different from early on in my career.” – Lori Calvasina, 28:23).
• Buying the Dip: Retail investors are adept at buying declines; institutions are adapting to this new pattern.
• Drawdown Memory: Tom Keene points out a lack of collective memory of severe drawdowns, hinting at potentially dangerous complacency (“We haven't woken up on a Monday being down 22% or being down 30.” – Tom Keene, 32:40).

6. Apple, Supply Chains & Financing Innovation (37:20–40:20)

• Apple’s Supply Issues: Elena Popina discusses Apple’s struggles stemming from memory chip shortages and the resultant dip in share price (“Tim Cook said that memory chip shortage is similar to [a] 100-year [flood]...this supply shortage is going to weigh on sentiment.” – Elena Poppina, 37:40).
• Innovative Financing: Apple introduces leasing options for devices, encouraging customer loyalty and upgrade cycles ("Apple's way of saying, listen, just keep staying with us forever and keep upgrading." – Elena Poppina, 38:29).

7. Book Recommendations & Cultural Discussion (40:41–42:51)

• "Chip War" by Chris Miller: Tom Keene’s foundational read on semiconductor history.
• "How to Rule the World: Education and Power at Stanford University" by Theo Baker: Scarlet Fu highlights the interplay of education, privilege, and VC culture at Stanford.

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Notable Quotes & Memorable Moments

• On Forward Guidance:
  “I feel like the Fed sort of started to box itself in a little bit too much with forward guidance.” – Hannah Elliott (07:47)

• On the ‘Hall of Mirrors’ in Markets:
  “It’s called sometimes called the hall of mirrors problem in central banking which is the central bank looks at the market. The market looks at the central bank. It gets circular.” – Richard Clarida (16:06)

• On Inequality:
  “We do and have had a K-shaped economy for some time...the top of that K is doing pretty well. If you're in the other part of the K, you don't own your house, you don't own a lot of stocks...It's been a tough six years.” – Richard Clarida (18:31)

• On Risk and Resilience:
  “Retail investors have gotten much more sophisticated...There’s a lot of innovation in the industry that’s helping people out.” – Lori Calvasina (28:23)

• On Tech and Education Culture:
  “Stanford’s a place where...coding or hacking clubs they join have access to slush funds provided by tech companies so they can party on yachts and socialize with billionaires.” – Scarlet Fu (41:39)

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Important Segment Timestamps

• EV Discussion & Wealth Trends: 03:14–07:31
• Risk Literacy Among Young Investors: 06:33–08:16
• Fed Policy & Warsh’s Messaging (Richard Clarida): 10:44–18:31
• Boomerang Kids & Personal Finance: 23:05–25:37
• Stock Market Psychology & Institutional Trends: 26:35–34:43
• Apple’s Supply Challenges: 37:20–40:20
• Book Recommendations: 40:41–42:51

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Tone & Language

The conversation is lively and collegial, mixing expert insight with practical advice and anecdotal humor. Panelists balance deep dives into macroeconomic theory (e.g., Lucas critique, forward guidance) with real-world impacts on households and investors.

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Summary Takeaways

• The Fed must clarify its inflation target and communicate more effectively to stabilize markets and public expectations.
• Wealth inequality remains a defining feature of the post-pandemic economy, with wealth increasing overall but disparities growing.
• Younger investors are more willing to take risks, often without a full understanding of financial fundamentals.
• Retail investors play a growing role in market resilience, while institutions adapt to their presence.
• Apple, emblematic of broader supply chain issues, continues to innovate in product financing to retain customer loyalty.
• Personal finance trends reflect multigenerational challenges, as more adult children rely on parental support.
• Book recommendations offer deeper context on technology, markets, and socio-economic dynamics.

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For further details, listen to the episode or check out supporting resources at bloomberg.com/money.

Transcript

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[Scarlet Fu]

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[Charity Lawson]

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[Scarlet Fu]

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[Charity Lawson]

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[Scarlet Fu]

Bloomberg Audio Studios Podcasts Radio News Bloomberg Money.

[Tom Keene]

This is the Bloomberg Money Podcast. I'm Tom Keene with Scarlet Fu. Join us each week for a smart look at the forces shaping your financial life. On personal finance, on retirement and wealth management, we will explore how people are earning, investing and building wealth. We are live Fridays at noon Eastern on Bloomberg Television. Subscribe to the podcast wherever you listen and as always on the Bloomberg Terminal and the Bloomberg Business app. And we get it out of the park today. Gurs here for Bloomberg this week. Wonderful to see David Gura of Bloomberg this week and Alison Schrager here with an important story and this is a real pleasure. Hannah Elliott what you do is you go to Baylor and if you do Baylor you do autos. Hannah Elliott or is this working with Matt Miller on an esteemed auto podcast. Let's get it started. I walk by a lucid, elucid, $200,000 or something. Are they selling? Are we going to buy fancy, overpriced EVs with our wealth management?

[Scarlet Fu]

Apparently not.

[Alison Schrager]

The sale.

[Hannah Elliott]

The sales say no, the sales say Americans don't want EVs. Unfortunately for companies like Lucid and Tesla and Rivian that are struggling and also for our domestic automakers that are actually pulling back on a lot of EVs. They had my question.

[Tom Keene]

Yeah, I'm Scarlet, probably is this. I'm going to steal it from her. Should the Chinese be let into America to sell us cheap, evil EVs?

[Scarlet Fu]

You know what?

[Hannah Elliott]

I'm not an economist. Jim Farley at ford thinks that EVs from China will be here in the next five years or so. A lot of people, Keith Naughton, our esteemed automotive reporter, came on the podcast yesterday, agrees it's only a matter of time.

[Scarlet Fu]

It's only a matter of time. But I mean, under this president, unlikely, right? David Gura, because he is all about trade wars and tariffs and making sure that he seeks vengeance on those who have wronged him in the past. And you see this across the policy spectrum.

[David Gura]

That's absolutely correct. I mean, he's somebody who loves tariffs, as he says time and time again. I would have a hard time imagining him welcoming Chinese autos into the United States as he invites American automakers to the lawn of the White House over and over again. We saw him put these new tariffs in place just a few days ago, so that it's very much the direction of travel camp.

[Tom Keene]

We also have a President, the United States, at camp. He's at Camp David Right now, 60 miles north, north of the White House. The history of this Cabinet room is extraordinary, I guess, of everything. I remember Menachem Begin and Anwar Sadat with Carter in 79. Why is the President there? And it's a place where they talk about war, isn't it?

[David Gura]

It's a great question. And were I the President, I wouldn't go for the day and leave as he's going to do. He's headed to Bedminster after this. But yeah, this is in the Catoctin Mountains in Maryland, as you say, 60 miles outside of Washington, D.C. we saw FDR go there during his presidency, which called Shangri La back then. And Dwight Eisenhower didn't like the name. He thought that was a little too effete. So he changed it to Camp David in honor of his grandson. He went there for Many weeks after he had a heart attack in Denver, there was some talk of this being the first cabinet meeting at Camp David. No, this one is not. Eisenhower convened them while he was there.

[Tom Keene]

There's a photo, Scarlett, I saw of President Obama playing pool. And you could go, I could see President Trump bowling.

[Scarlet Fu]

President Trump bowling.

[David Gura]

There is a bowling alley. There is a bowling alley.

[Scarlet Fu]

There's a Namibian image. I don't know if we'll get that on Truth Social.

[David Gura]

But this is really just a venue change. It's the same kind of cabinet meeting we've seen. He's invited the press and then all. Lastly, on your, your point about the significance of this venue. I mean, presidents have liked this place in the past because the press hasn't been able to go. And we see President Trump kind of turning that on. Instead he's got, he's got a live, filmed cabinet meeting taking place.

[Scarlet Fu]

Well, he's, he's being true to his spirit. Alison, I want to bring you into the conversation because you recently had a column on how Americans are richer than ever before, but they're also angrier than ever before as well. The top 1% is richer or is everyone getting richer because you wonder how much of this is, you know, kind of relative gains?

[Hannah Elliott]

Well, everyone is getting richer. The top 1% has gotten way, way richer. Even if you look at the income distribution, it's true the middle class is smaller, but because more people have entered the upper middle class, but even lower income people are by most metrics better off than they used to be. But it's sort of extraordinary because all we hear is people feel like the economy is not working for them. So, you know, there's a lot of reasons why that could be. It could be some, like, necessary services are still expensive. Yeah, could be. Relative gains are what matters.

[Scarlet Fu]

You know, I wonder whether how much of this is tied to fundamental misunderstandings about how investing or financial markets work. You think about Gen Z and they really adopted this financial nihilism where they bet the house on crypto, prediction markets, all these other things and you know, because why not? Everything's. Everything doesn't look good for them anyway. They feel like everything's rigged regardless. Yeah, it's.

[Hannah Elliott]

There is more this feeling that success is sort of randomly rather than, you know, or. I'm also seeing, seeing this sort of disconnect and understanding risk. That risk comes from taking, you know, from risking more. Like you get higher rewards for more, taking more risk. And I don't think this of that relationship has been well understood also I feel like there's a dearth of risk taking in a lot of their lives in other ways. So I feel like it's expressing themselves through taking sort of outside risks in other ways. Like maybe they won't invest in S&P 500, but they'll invest in, you know, the, you know, Kelsey or whatever. So it might be sort of also a lack of financial literacy or a lack of good risk training.

[Tom Keene]

Well, you mentioned financial literacy. You own the high ground on this with your book and with your academics as well. We're going to have the former vice chairman of the Fed on and with your heritage to Manhattan Institute and all that. What did you think of the press conference?

[Hannah Elliott]

You know, there's two things I've changed my mind about in the last five years. One is drug legalization and the other is monetary policy transparency, which I was like a big fan of. You know, actually Rich was chair of the department when I was at Columbia, so I learned all this stuff from him. And it's just, I feel like the Fed sort of started to box itself in a little bit too much with forward guidance.

[Tom Keene]

Okay.

[Hannah Elliott]

So to some degree, I think, you know, well, maybe we're just not communicating so well right now.

[Tom Keene]

Okay.

[Hannah Elliott]

You know, maybe a little mystery and a little like, hey, we think inflation

[Tom Keene]

use that word the other day, the mystery. Or how does he pull away from too much mystery?

[Hannah Elliott]

Well, you want a clear reaction function, you want clear rules, but you also don't want to say, hey, we're going to probably increase rates in five years or there. So you kind of want to straight

[Tom Keene]

that the Bloomberg money angle. And this is the yield. I'm sorry, where are mortgage rates in 2 weeks?

[Scarlet Fu]

Weeks mortgage is now 6.66%. That's a one year high.

[Tom Keene]

7%. You're going to love it.

[Scarlet Fu]

We're not at 7% yet, but it does make homeownership a lot more expensive. And David, there's a lot of talk about the affordability crisis. Has DC Come up with any solutions that will, I don't know, resonate with voters before the midterm elections?

[David Gura]

No, not really. I mean, there was this housing bill that the president liked until he didn't like. And so I think that there's been some lip service to it. But we're at a point now as we approach the middle midterms, where I think the prospect of there being any kind of real landmark legislation coming together seems pretty unlikely. But I think that, you know, you going back to the meeting that's taking place right now the president has his difficulties overseas in the US and this is certainly something.

[Tom Keene]

I think that's 30 seconds. Hannah gave you the last word. Is everybody leaving California?

[Hannah Elliott]

Oh, gosh, if you're rich, maybe.

[Richard Clarida]

Yes.

[Tom Keene]

Yeah. Talk about personal finance. It's really tricky.

[Hannah Elliott]

Everybody's watching the mayoral race. This is a really in L. A

[Scarlet Fu]

specifically, you're going to Texas, you're going to Florida.

[Tom Keene]

Do you have Red Sox Dodgers tickets this weekend?

[Hannah Elliott]

I do not. I'm a Knicks fan, Tom.

[Tom Keene]

Oh, okay.

[Hannah Elliott]

Nice.

[Tom Keene]

You can stay.

[David Gura]

All right.

[Scarlet Fu]

I want to thank our panelists. Thank you so much, everyone. David Gura, co host of Bloomberg this weekend. And of course, be sure to tune in because they will be hosting their next episode at 7am Eastern Time tomorrow. And on Sunday, Alison Schrager, Bloomberg opinion columnist. You can check out her latest work on Bloomberg, bloomberg.com/opinion. And Hannah Elliott, her hot pursuit podcast with one Matt Miller comes out every Friday at noon. Just tune in after the show. Tom.

[Tom Keene]

Coming up, a conversation and after that press conference, an important conversation for global economics. Richard Clarida, the former vice chairman of the Federal Reserve, his academics is directly involved in the uproar. The chairman war started here on Wednesday. Richard Clarida, Next from New York City, it's Bloomberg Money. You studied under clarity.

[Scarlet Fu]

Can EV become collectibles? That's a great question.

[Tom Keene]

Did you pass the math? Welcome back at Bloomberg Money. Thrilled you're with us. Tom Keene and Scarlet Fu. It was going to be an important interview but well, maybe it's a little more important than it was Wednesday at 1pm Richard Claire is with us with Pimco of Columbia University. Always and always the vice chairman, former vice chairman, I should say, of the Federal Reserve System. And I think, you know, we're going to straddle here between Bloomberg Money and everything else.

[Scarlet Fu]

Yeah. And we got to start with what we saw in the bond market this week because we had a sell off in the 30 year yield this week reached a 19 year high, 5.26%. Rich Clarita, does the sell off in the long bond tell us anything about the US Economy and therefore how people's prospects might change?

[Richard Clarida]

Well, there are a lot of reasons bond yields can go up and down, not just the Fed, the Fed's an important part of it. What I would point to is that so far Kevin Warsh has been chair really only six, seven weeks, but an important measure in the bond market which is break even inflation. So sort of traders expectation of inflation is at or below where it was at least after 10 years when he became chairman. But certainly the reaction during the press conference was probably not one that was welcome.

[Alison Schrager]

Right.

[Scarlet Fu]

We know the first Trump administration cared a lot about the stock market and the second one seems to have added the bond market to its list of things that it's watching. Which part of the bond market does this administration care Most about? The 30 year yield, the 10 year yield?

[Richard Clarida]

Oh my goodness. I'm not sure. I would defer probably to Secretary Bess and I do think at one point, point he may have said that he's focused more on the 10 year yield than he is on the fed funds rate. Well, so much of the economy people borrow long for car loans or mortgages or corporate loans. And so that's probably what he had in mind.

[Tom Keene]

So what we're going to do here, it's Bloomberg money. We do personal finance, we do wealth management, we do retirement. But we also have Richard Claire to where this is in the heart of this debate over the chairman of the Fed. So it's going to be a little bit sort of like Scarfu and Tom doing Bloomberg surveillance. Like more protect the children.

[Scarlet Fu]

The lines are blurry.

[Tom Keene]

Protect the children at home. Okay, so, so former vice chairman, with great respect, I don't want to turn this into a history lesson, but you have Warsh, nominally of Stanford, talking about the Lucas critique and then going over what people don't know is you're directly involved with this. Let's first listen to Chairman Warsh on Wednesday.

[Richard Clarida]

Some version of the Lucas critique should

[Tom Keene]

remind us that when we talk about

[Richard Clarida]

measures of inflation or something else and

[Tom Keene]

we describe those measures as being consistent

[Richard Clarida]

with our objectives, we might make them such that they're not very good measures

[Tom Keene]

or very good objectives. The chairman before he had the questions from Michael Mc Key of Bloomberg. The world lit up. Anna Wong with legit cred out of Lucas. Chicago was fiery. The news conference was rich in philosophy, process and institutional aspirations, but poor in operational guidance. The absence of clarity like analytical specificity appears to have spoken louder than washes words. So Lucas did what he did, did cgg, Claire, Golly and Gertner reinvented modern economics with something called dynamic stochastic goal general equilibrium theory. We come out now in as Claudia Sahm says, we have a chairman who's not sure what he's looking at in inflation. How does he get the rails back on? Does he need to reaffirm PC is the inflation series?

[Richard Clarida]

Well, I think what he said at the press conferences is, is for now until next January at least that's going to be correct. The Fed adopted that again in January. He left open the possibility that the task forces could recommend other measures. They could go to an average instead of picking one index. They could look at cpi, ppi. There are a lot of things they could do. But I think as usual raises an important point is that an inflation targeting central bank needs to be clear about what it is targeting. It can, it may evolve resolve. And so I think that will be important.

[Tom Keene]

Very, very importantly then here if we need to get the system back with a confidence about the Fed. How does he do that at Jackson Hole? Does he have to reaffirm, as Saab says, that inflation is the appropriate measurement and not a policy?

[Richard Clarida]

Well, I think Jackson Hole may serve a couple of purposes. Historically as we've seen chairs have used Jackson Hole as sort of a sneak preview of coming attractions at the September, November and December meetings. Chairman Warshinned he may do that. He's also interested in what he called some big question, big picture questions that he sort of previewed at this meeting and he's also talking to the task forces. I think it's too early to tell what he'll do at Jackson Hole but he may, he may do that as well.

[Scarlet Fu]

I find it really interesting that he doesn't want to tell the bond market a whole lot of things and he's kind of waiting to take his cue from the bond market. From a layperson's point of view it feels very circular.

[Charity Lawson]

Right.

[Scarlet Fu]

The central bank sets a benchmark interest rate. The bond market takes its cue from that. What's the rationale for the Fed to take its cue from the bond market? That's relying on the Fed to set policy. Help me understand that.

[Richard Clarida]

So, so here's the way I would express it. The Fed is a very important part of 10 year treasury yields. It's not the only thing that drives yields. So I think the chairman was important important to emphasize that the Fed does want to step back and interp movements in bond yields. It could be inflation, it could be global growth, Middle east hostilities. But certainly the chairman and the Fed understands that an important part of 10 year yields is the expected path of the funds rate and to Scarlet's point. And I actually Ben Bernanke gave a speech on this, as did I as vice chair. It's called sometimes called the hall of mirrors problem in central banking which is the central bank looks at the market market. The market looks at the central bank. It gets circular.

[Tom Keene]

Let's go back to your paper galley and Gertler didn't know this. Richard Clarida channeling Alan Blinder. Having looked at monetary policy from Joni Mitchell's Both Sides now I can testify that central banking in practice is as much an art is a science. How does WARSH get back to science? Declarative silence versus some mom and pop philosophy you learned at Stanford?

[Richard Clarida]

Oh well I think Kevin Wash and the committee understand that. Look, I Kevin came in, Chairman Wash came in with an ambitious agenda and I think that they're going to both focus on implementing that agenda as well as getting to where they need to be on policy. I guess where I would try to relate Clara, to Galley Gertler to the current conversation is perhaps specific specifically in the domain of forward guidance. And so in the CGG model there's actually not a role for forward guidance because the market understands the Fed's reaction function and the Fed understands the market. If you're not going to do forward guidance, then it's incumbent for the markets to have a broad understanding of how the central bank will react to data. If we had six bad months in a row of inflation data, would they hike and by how much? They're not committing to that. But they're saying if the data comes

[Tom Keene]

out this way for everybody, Bloomberg money and I got goosebumps, this is like the real deal. I mean this is what the adults in the room are arguing about right now.

[Scarlet Fu]

Well, for people who are watching this and don't quite know all the names that you and Rich are throwing out there, I want to bring it back to the real economy and real people's concerns. Do you agree with those people who say that we have a K shaped economy where the higher income and asset owners are doing well and everyone else is kind of struggling that downward arm and if so, how do we solve for that?

[Richard Clarida]

Well yes, broadly we, we do and have had a K shaped economy for some time. But the K, the branches of the K have been diverging more widely in the last six or seven years. The way I like to think about it Scarlett, is roughly 60% of Americans live in a in a house that's owner occupied housing, sometimes with their parents, but it's owned by about 40% rent. Most of that 60% own stocks, most of the other 40% doesn't. So we've been in an economy for some time but especially in the last six years when stocks have gone up, house prices have gone up. So the top of that K is doing pretty well. If you're in the other part of the K, you don't own your house, you don't own a lot of stocks, you're living paycheck to paycheck. It's been a tough six years and so there's, there's no doubt we're in a K shape.

[Scarlet Fu]

Yeah. Those services costs just keep getting more expensive as well.

[Richard Clarida]

Yeah.

[Tom Keene]

From New York City on a Friday, Bloomberg Money, Tom Keene and Scarlet Fu. And with Scarlet Fu, Richard, Claire.

[Scarlet Fu]

And you know, Bloomberg Money is about how you invest and make your money, but it's also about how you spend your money. So rich. Claire, I want to ask you on this Friday, what's your splurge, first of all? And how do you save? What do you save?

[Richard Clarida]

Well, I leave the saving to my wife. She, she's, she's pretty good at it. My splurge is on. My hobby is music. So I buy guitars, I buy recording equipment.

[Alison Schrager]

Really?

[Richard Clarida]

I spend money on recording my album. So, yeah, that's my splurge.

[Scarlet Fu]

Didn't you record an album in 2016?

[Richard Clarida]

I did. Available Spotify, Apple music stream for free on YouTube. The new albums coming out later this year. Maybe we'll do a rollout party on this show.

[Scarlet Fu]

Oh, it's a follow up.

[Richard Clarida]

Yeah, yeah.

[Scarlet Fu]

Oh, what's it called?

[Richard Clarida]

It's going to be called Take Two.

[Scarlet Fu]

Take Two. Okay. And what folk music like, what's your vibe?

[Richard Clarida]

Folk rock. Yeah, folk rock. Someone who listened to too many Beatles albums.

[Tom Keene]

And I will editorialize. As I have heard it, it is not a vanity album. It is exquisite. I was shocked.

[Elena Poppin]

Well, thank you.

[Tom Keene]

Really, really quite.

[Hannah Elliott]

Thank you.

[Scarlet Fu]

And you're the solo star? Like, I don't hear a band name in there.

[Richard Clarida]

I write the songs and do the vocals, but I work with professional studio musicians in London, LA and Nashville. So all the music you hear is really good playing. And then I do some singing on it.

[Suzanne Woolley]

All right.

[Scarlet Fu]

Richard Clarita's new album coming out. What day?

[Richard Clarida]

Well, by December 31st.

[Scarlet Fu]

By December 31st. Richard Clarita, thank you so much. Pimco Global economic adviser, the former Federal Reserve vice chairman and of course, Columbia University professor as well. Coming up, a conversation with Laurie Calvert of RBC Capital Markets on your retirement fund. This is Bloomberg money.

[Alison Schrager]

That is

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[Tom Keene]

painful thoughts I I can't stop scratching my downtown.

[Richard Clarida]

Yeah, but I'm not itching to go downtown and tell a receptionist I'm here to talk about my downtown.

[Tom Keene]

Some things you'd rather type than say out loud.

[Creative Planning Announcer]

There's no question too embarrassing for Amazon Health AI. Chat your symptoms and get virtual care 24. 7 Healthcare just got less painful.

[Scarlet Fu]

This is Charity Lawson from Bachelor Happy Hour.

[Charity Lawson]

Charity I was thinking about this the other day. What's something that you'll always say yes to?

[Scarlet Fu]

That's easy. Seeing my friends last minute girls trip. Basically making memories you'll talk about for years.

[Charity Lawson]

Same. And somehow every one of these memories comes with some something to plan.

[Scarlet Fu]

That's so true.

[Charity Lawson]

That's why Klarna stands out. It's about smarter tools that help you manage your money without taking away from the moments that matter.

[Scarlet Fu]

Exactly. With flexible ways to pay cash back that builds automatically and everything in one place, Klarna helps you feel more confident making everyday money decisions.

[Charity Lawson]

Because when you have the right tools, everything feels more manageable.

[Scarlet Fu]

Download the Klarna app today or visit klarna.com to learn more.

[Charity Lawson]

California Resident Loans made or arranged pursuant to California finance law, license NMLS number 1353 or 190-Clarinet- balance account required to be eligible for cashback points. Limitations, terms and conditions apply.

[Scarlet Fu]

Bloomberg Money is your new destination for personal finance. It's a cross platform effort that extends beyond your television, including at our new digital hub at bloomberg.com/money. And this week's story I saw on that site is focused on boomerang kids. It used to be that after the kids graduated from college, they were out on their own, off your payroll, out of your house in 2026. That is no longer a safe assumption. Suzanne Woolley joins us now to discuss how to protect your money and maybe your sanity when an adult child requires support. Suzanne, great to see you. And I guess the first question is how much does it cost? What is the cost financial cost of letting a grown child move back into your home?

[Suzanne Woolley]

Financial planners talk about an average of 15, $1500 a month, which comes out to about 18,000 a year. So it's more significant than you might think.

[Scarlet Fu]

And it's not just recent graduates either. I mean your adult children could be separating or divorcing and have kids have pets on their own and bring them back home. How do you plan for this? What are the planners saying you can do to Kind of get ahead of this.

[Suzanne Woolley]

Well, I say, I mean, an important part is to set expectations. So when your adult child wants to, wants to come live back home, talk about, you know, will they pay some rent?

[Alison Schrager]

Sure.

[Suzanne Woolley]

You'll give them below market rent, of course, you know, which. But it may increase over time, you know, so they have sort of incentive to not make this arrangement last forever.

[Hannah Elliott]

Yeah.

[Suzanne Woolley]

So setting expectations about rent and about privacy and just how things are going to work is just really important.

[Tom Keene]

To answer your question, please, I'm asking for a friend. How do you get them a. Out the door once they move back in?

[Suzanne Woolley]

Well, Tom, you must have made it a little too comfortable for them.

[Tom Keene]

That's the major thing, is to make it too comfortable.

[Scarlet Fu]

Yeah. You definitely don't want to be raiding your retirement account or drawing down on your savings and perhaps not retiring because they've come home to live.

[Suzanne Woolley]

Exactly. I mean, that's the key. If it's coming at the expense of your retirement security, you really have to think twice because your kids will have a long Runway, you know, for earnings. Your Runway, if you're closer, tiring is not.

[Tom Keene]

I'm going to get upset now. I remember sitting on the bed with my father. I came home from school and all that, and he said, you got four weeks to move out. That was the Runway. The Runway was four.

[Scarlet Fu]

Are you giving your kids four weeks?

[Tom Keene]

No, they've been very good about it, actually. But I admit, just like you say, we're all writing checks.

[Suzanne Woolley]

Yeah, you're writing checks. And I mean, and sometimes it's great to have your kid move back, you

[Scarlet Fu]

know, for a while, at least the next a while.

[Suzanne Woolley]

And if they're contributing rent and maybe doing chores, empty the dishwasher, walking the

[Scarlet Fu]

dog, all of that. Suzanne, thank you so much. Suzanne Woolley is a member of our Bloomberg Money team.

[Tom Keene]

Laura Calvin is over here taking notes. She's got young cherubs and she says, is this what, this is what I had with COVID Cena Money. We are thrilled to bring in our Laurie Covid Cena, head of US equity strategy at RBC Capital Management Markets. Scary PowerPoints. In a view of the equity market, there's a lot of people to be invested given their fears. Let's do this. Let's bring it up right now as we can. Our money must read here from Calvin Cena. It's from 480 page PowerPoints. It's like Mary Meeker on steroids. Lori Covid, our main sentiment model points to a gain of 10.8% over the next 12 months. Months. You look here at the drawdown, 50%, great financial crisis, World War II, 40%. And then you got to get out front and still be optimistic. Do you fear the big drawdown?

[Alison Schrager]

So our base case has been we're going to be higher over the next 12 months, but it's not going to be in a linear fashion. And we assume that we're going to have at least one, maybe more drawdowns of 5 to 10%. We call that tier one on our tiers of fear frame.

[Suzanne Woolley]

Yeah.

[Alison Schrager]

What we do, you know, as sort of things come up in the market. Right. We'll look at what we call tier 2, tier 3, tier 4, and sort of evaluate. Is there a risk of falling into one of those? Not because we're telling everybody, you know, especially sort of in retail investor land to sell, but to be prepared for what might.

[Tom Keene]

Your job is to go out and talk to people and say to them, let the fear go, let it go, let it go, let it go. They're frozen because they're worried about that big drawdown. What percentage of us are worried about a negative 35% bear market?

[Alison Schrager]

So if you look at the conference board survey that just came out, they actually have a question that gets very, very little attention. But I like it a lot. And it's on stock market optimism going forward. I forget the exact number, but it's still extremely elevated. And it actually ticked up just a little bit. It hit a new high in late 2024 and it's been kind of hovering around that level ever since. So when we look at that as a gauge of retail investors, we think that they're not too worried. Now, if I talk about institutional investors, you know, we might look at something, say the CFTC futures positioning data, which is easing, you had seen sort of one standard deviation above the long term average. Basically that's, you know, complicated speak for saying people were feeling good and well positioned, but not crazy, not euphoric. And that's easing down. It doesn't look under owned. And I would say there's some nervousness, business creeping into the institutional community, but I don't think there's panic there either.

[Scarlet Fu]

So you serve institutional investors. But I know that one thing that comes up a lot in those conversations is the role of the retail investor and how they influence the market. Overall retail stock ownership I think is at a 20 year high. How do you think that's changed the stock market over your time covering it?

[Alison Schrager]

You know, it's interesting because when I started, I started back in 2000 at a different firm. And I remember being taught, you know, by a very seasoned, extremely bright strategist that you would look at the retail funds flow data and do whatever the opposite was. Right. So if they were all buying, you'd sell and if they were all selling, you'd buy. And I don't think it quite works that way anymore. I do think retail investors have gotten much more sophisticated in their understanding of financial markets. There's a lot of innovation in the industry that's helping people out. We were talking earlier about how I travel. I run into people in airports. I run, run into, you know, people who are driving me places and, you know, and, you know, talk to people on airplanes and people sometimes, you know, will start talking about the stock market and they know a lot. And I think that's very different from early on in my career when sort of the purview of all the intricacies of our industry were really just limited to the institutional community.

[Scarlet Fu]

Okay, so it's changed a lot in your 20 plus years, but is it going to look like Korea? You look at the Korean stock market and it was had, it had bananas week, right? It was down 10% on Tuesday, so 16% overnight year to date, it's up massively. Retail investors are huge presence there. They love the trade. They love these leveraged single stock ETFs. Is that what the US stock market is headed towards?

[Alison Schrager]

You know, it's hard to say. I don't see that right now. I feel like we have more guardrails in place. But the reality is that if you look at sort of this theme of democratization of the equity market, I mean, we got a lot of color on that from financial companies in this reporting season talking about new instruments and why they might be doing one thing or another thing. Did retail want it? Did institutions want it? Was it something, you know, they should be doing, you know, sports. Right. For example, in prediction markets was something we saw a few companies say we're not going to do, even though there might be appetite for it. But I do think this trend of getting typical Americans engaged in the stock market, I don't think that's changing.

[Tom Keene]

What would you do as a retiree now? The old rule is take 4%, be happy, move on, buy an annuity, whatever. What's the RBC advice for someone with an equity pot and how to manage it, given that retirees never die?

[Alison Schrager]

Well, I think the first thing you always do is, and this is always my first advice for people is work with a financial advisor. And I think even in my purview as sort of an equity person, you know, I would want sort of that device, that advice on diversification, the distance. I think that I know a certain corner of the market very well, and there's a certain corner of the market I don't know very well. So I would want some advice, frankly, to come in and sort of balance me out. But I do think staying diversified is something that just makes sense. And not trying to play the short term, not trying to play every little twist and turn, how do you not

[Tom Keene]

play the short term? If you're watching Bloomberg surveillance or 5 of Scar's media properties religiously, but you're supposed to be long term, how do you do that with modern media?

[Alison Schrager]

This goes back to our tears of fear, right? And so typical drawdowns are 5 to 10%. Be prepared for those. And there's always a big test. Once you kind of get to 9%, 10%, are you going to go lower? And what we tell the institutions, and I tell this to, you know, FAs I talk to as well, is if you don't think that there's a serious chance of a recession or these days, we're all also talking about interest rate shocks, then you're probably going to bottom out at 10%. But if there is something that's unknown, that happens in the market, right. If you looked back at 2018, we had tariffs for the first time. We had some concerns about the Fed. We had a 20% drawdown. We have these growth scares that can go to like the 15 to 20% range, but just kind of know what's coming, be educated ahead of time, be prepared, and don't overreact in the moment. If you don't think that there's sort of a serious chance of a recession, and we talked a lot to hedge funds about, about this last year around tariffs, then you're probably not going to have like a 25 or 33% type drawdown, which is what you see in recessions. Kind of 20% might be the worst. And so it's really just being educated and knowing that markets can be volatile and what do these different levels signify? And just, again, not overreacting in the moment.

[Scarlet Fu]

Individual investors seem to have mastered the art of buying the dip. They come in, they are kind of, you know, they don't get rattled by stock market declines. They come in, they're like, I'm buying, I'm buying. Have institutional investors looked at that and kind of adjusted their behavior as a result?

[Alison Schrager]

One thing We've noticed is that there are certain valuation gauges, you know, we can look at PS and where they typically bottom out at. And on certain charts they make higher and higher lows. And I think that's because of these dip buyers coming in. So you do have to have it in the back of your mind.

[Tom Keene]

You just said, I disagree with. Not you, but I disagree with the zeitgeist that we've learned something new. We haven't woken up on a Monday being down 22% or being down 30.

[Scarlet Fu]

Is the government going to let that happen?

[Tom Keene]

Well, that may be. That's an Eric Bell shooters question. But Laurie, I think we don't have a collective memory of a massive drawdown anymore. And our behavior will change if we get that.

[Alison Schrager]

Well, you know, I take your point. We have a lot of conversations, you know, I would just say in the financial community about when did you start? So I started in 2000. I didn't see the tech bubble melt up, but I saw, certainly saw the other side.

[Tom Keene]

You enjoyed 2008? Nine.

[Alison Schrager]

Yeah, I lived through it. Right. I remember.

[Scarlet Fu]

Didn't enjoy. She lived through it.

[Alison Schrager]

I lived through it. I remember being in conference rooms, I want to say, like in 2006, with mice running across the floor and home building companies talked to packed rooms, you know, and you couldn't, you were violating some fire code. Right. Because there were too many people. And so I remember the height of that bubble, you know, very clearly. And I do think there's a lot of people in the institutional community who weren't around for the, the gfc. Right. Who weren't around for the tech bubble. So I take Tom's point. But remember, we did have a massive drawdown around Covid, which was a typical recession type drawdown. And it was, it was interesting. I mean, we've done a lot of work around that, especially, you know, as kind of the Middle east situation has flared back up. And I reminded people, I said, you know, we did a recession's worth of decline in about a month.

[Scarlet Fu]

Good.

[Alison Schrager]

And you know, and I think people have kind of forgotten about that one. But you can see fair how fast and steep and, and you know, difficult, frankly, you know, those kind of declines.

[Scarlet Fu]

2022 wasn't pretty either.

[Alison Schrager]

No, no, that was a, that was a weird one. We've had trouble classifying that one, you know, in sort of our tiers. We think what essentially happened was the misery index spiked because of inflation. It felt like a recession. It wasn't. You got a recessionary type drawdown in the market. And you also had a massive interest rate shock. Just expectations of Fed hikes piled in and you threw a war on top of that, right? It was. It was a little bit worse than a growth scare. Not quite as bad as a recession, but pretty darn close.

[Tom Keene]

Laurie, thank you so much. Really appreciate you coming in on a Friday. Really, really appreciate. RBC Capital markets get your PowerPoints. Exquisite. Get it from RBC Capital Markets Amazon Health AI presents painful thoughts I I can't stop scratching my downtown.

[Richard Clarida]

Yeah, but I'm not itching to go downtown and tell a receptionist I'm here to talk about my downtown.

[Tom Keene]

Some things you'd rather type than say out loud.

[Creative Planning Announcer]

There's no question too embarrassing for Amazon Health AI. Chat your symptoms and get virtual care 24. 7 Healthcare just got less painful.

[Scarlet Fu]

This is Charity Lawson from Bachelor Happy Hour.

[Charity Lawson]

Charity, I was thinking about this the other day. What's something that you'll always say yes to?

[Alison Schrager]

That's easy.

[Scarlet Fu]

Seeing my friends last minute girls trip. Basically making memories you'll talk about for years.

[Charity Lawson]

Same. And somehow every one of these memories comes with something to plan.

[Scarlet Fu]

That's so true.

[Charity Lawson]

That's why Klarna stands out. It's about smarter tools that help you manage your money without taking away from the moments that matter.

[Scarlet Fu]

Exactly. With flexible ways to pay cash back that builds automatically and everything in one place, Klarna helps you feel more confident making everyday money decisions.

[Charity Lawson]

Because when you have the right tools, everything feels more manageable.

[Scarlet Fu]

Download the Klarna app today or visit klarna.com to learn more.

[Charity Lawson]

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[Alison Schrager]

All

[Scarlet Fu]

right, we're looking at shares of Apple down as much as 11% right now after component shortages weighed on the company's sales forecast. Elena Pulpit of Bloomberg News joins us now to discuss. When we're talking about shortages, it's really the memory chips. And we've seen prices for those things spike up and a company like Apple needs to contend with it.

[Hannah Elliott]

Yeah.

[Elena Poppin]

And CEO Tim Cook said that memory chip shortage is similar to 100 year flat. The demand is so high and the shortage is, is so widespread that in the coming quarter there will be more shortages and some wait times for some of the key products, including MacBook Mini. So that may weigh on the revenue outlook. Now we're talking about the outlook for the quarter ending in September. This is the quarter when the key iPhones usually go out. This is the quarter when, you know, mom and pop investors buy apples and then your iPhones for their kids, they go back to school. So that supply shortage is going to weigh on sentiment, and this is what is driving shares lower today.

[Scarlet Fu]

Okay. Apple also came out with this new, innovative way of funding your iPhone purchases, or maybe purchase is the wrong word. You're now going to be able to lease your iPhone the way that you can lease a car.

[Elena Poppin]

Yeah, that's pretty much the case. And not just your Apple. You can release your iPad, you can lease your MacBook Mini, MacBook Pro for up to three years. And then after that point, you can decide if you want to keep it, if you want to return it, if you want to just, you know, upgrade to a new cycle. So that's pretty much, you know, Apple's way of saying, listen, just keep staying with us forever and keep upgrading.

[Tom Keene]

But from a consumption standpoint, somebody had this out on Twitter this week where everybody's, omg, they don't have the chips of this supply. This. The reason they don't have the supply is they have massive demand. Do we see within our reporting, Mark Gurman and you and everybody else, do we see, see any way on a unit basis that they're stumbling?

[Elena Poppin]

They're not, they're not really stumbling. I mean, China remains a weak spot, but it's always been a weak spot. So we cannot demand any strong numbers out of China. But, you know, when you look at the sales of the wearables, they were in line with expectations.

[Tom Keene]

I mean Scarlet needs a blush Neo, right? I mean that's really what this is.

[Elena Poppin]

If you look at the sales for MacBooks, this matched expectations expectations by landslide, you know. So the iPhone expectations also were above estimates. So across the board people kept buying. So consumers, your retail traders, they had nothing to do with that weak forecast. It's more of a supply constraint issue rather than a demand issue.

[Scarlet Fu]

Apple has had to raise prices as well. And you wonder how much these new foldable iPhones that they're going to release are going to end up costing.

[Tom Keene]

Why do I need a foldable iPhone?

[Scarlet Fu]

That's so you can fit it into your pocket, won't fold fall out.

[Elena Poppin]

It's the next goal.

[Scarlet Fu]

Your pockets are bigger mind than the

[Tom Keene]

came out as a joke and it's the hottest thing going right? Yeah, it's a talk about Bloomberg Money. Everybody watching this show on personal finance. To get a kid I need a blue. I guess I like my my air but I really need a new to go back.

[Scarlet Fu]

Well the parents want to pay for the Neo, not the air.

[Elena Poppin]

Also the new is a low cost model so that's part of the appeal.

[Scarlet Fu]

That's a selling point. Thank you so much, Elena Popina of Bloomberg.

[Alison Schrager]

All right.

[Scarlet Fu]

And you know it's Friday, it's Bloomberg Money. So we always talk about books. I know that I've got a huge reading list on my phone that I got to get to. Do you read books or do you like use the Kindle?

[Tom Keene]

No, no, I tried the Kindle and I've tried other things and now I'm very much back to just reading hardcover books.

[Scarlet Fu]

Only hardcore though.

[Tom Keene]

Old school. Yes, sometimes I can but you know, old school books. How about the mustard books that we've got right now?

[Scarlet Fu]

What yours?

[Tom Keene]

My mind is a foundation read. If you care about Elena Poppin as technology. Chip War is my book of the year. Two years ago. Chris Miller's out of tufts up in Boston and this is absolutely, absolutely the seminal read on the history of semiconductors. And he just captures beautifully the turf wars, whether it's obviously Silicon Valley Valley or Charles river in Boston or even over to the Netherlands at asml. Or Taiwan. Or Taiwan. Excuse me. The Taiwan story is actually the invention of Taiwan. Semiconductors may be the most emotional story in the book.

[Scarlet Fu]

Yeah, I can't wait to get to that point. I'm really excited about it. My book kind of ties into that. It's how to rule the world and education and power at Stanford University by Theo Baker. This book is a lot of things.

[Tom Keene]

Oh yeah.

[Scarlet Fu]

But what, what I enjoy the most is the picture that it paints of Stanford. For super bright and ambitious kids. Stanford's a place where the coding or hacking clubs they join have access to slush funds provided by tech companies so they can party on yachts and socialize with billionaires. VCs hang out there on campus at the cafe, I think it's called the Cooper Cafe to scout future talent which leads to offers of funding their startups later on for billions of dollars.

[Tom Keene]

With the non I take issue issue with the romance of this and that. Mostly what the kids do is work. They're particularly undergraduate. They're working on first principle heavyweight mathematics their operational research. I mean so much of this is Michael Spence the laureate's invention but I think it's underplayed how much the bright kids at these bright schools on the west Coast, Harvey Mudd, Caltech, Stanford. I'd mentioned Cornell on the east coast foundation. Frankly the kids work. I mean Scarlet slid through just in

[Scarlet Fu]

case, you know there is that. But the ones that get farther are the ones who are hobnobbing with the billionaires.

[Tom Keene]

Absolutely.

[Scarlet Fu]

You know they're getting the like deals with those guys.

[Tom Keene]

I like hobnobbing better than sounds a

[Scarlet Fu]

little bit like you know, friendlier. Right.

[Elena Poppin]

All right.

[Scarlet Fu]

For the latest reviews and recommendations from Bloomberg be sure to subscribe to the on books newsletter.

[Tom Keene]

Bloomberg Money from New York City on a Friday, a summer Friday. The streets are just. It's a summer Friday. It's easier to get to work and get home.

[Scarlet Fu]

Yeah, there's no traffic whatsoever.

[Tom Keene]

There's no, no question about it. So I guess we're going to look ahead here. Can we look back?

[Scarlet Fu]

Yeah, let's do that to this hour, right?

[Tom Keene]

Yeah, this hour. Richard Claire's with us the vice chairman we ripped it up and did a much you know Federal Reserve conversation surveillance and the excitement of that was was Anna Wong's work of Bloomberg Economics. She was on fire. Here is Richard Clarida.

[Richard Clarida]

He left open the possibility that the task forces could recommend other measures. They could go to an average instead of picking one index they could look at cpi, ppi. There are a lot of things they could do but I think as usual raises an important point is that an inflation targeting central bank needs to be clear about what it is it's is targeting. It can, it may evolve and so I think that will be important and

[Tom Keene]

published this morning as well. Look for that at Bloomberg Economics across the weekend and we'll get our videos will be out as well.

[Scarlet Fu]

All right, well it's great to have Richard Clarity here with us, but it is Friday so we need to look ahead to the weekend and next week as well. This Saturday and Sunday, BTS will be holding their first headline performance concert in New York since they got to be sold out.

[Tom Keene]

Mental Mental Soldier.

[Scarlet Fu]

I was checking on StubHub. You can still get stage right tickets for 1800 dollars for a pair each and then the nosebleed is at 176 so that's a huge spread. But I thought maybe you would be more interested in Rush that right? Yeah. They have a reunion tour. They're now halfway through their four night residency at msg. The OG band members Gaddy Lee and Alex Lyson will be there minus drummer Neil Peru who passed away sadly in 2020.

[Tom Keene]

The they did a bang up job on this. They went out and they just really look for a new drummer which is incredibly hard for any bands. They will all say that Annika Nas is from Germany and she's like legit classical rock train. Jeff Picaro was a huge hero from Toto and the answer is she's the real deal and literally ran an academic department at a university.

[Scarlet Fu]

I know that it's a woman of many talents.

[Tom Keene]

I would suggest is that non Rush fanatic. It's been hugely successful.

[Scarlet Fu]

All right, well they are playing at MSG again this four night concert residency that they're they're calling it. Also of course next week we've got the jobs report for the month of July and the consensus estimate right now is for 88,000 jobs added in the month of July versus 57,000 in June.

[Tom Keene]

I'm still not used to the new jobs number with immigration being under 100,000. To me, 88,000 is terrible and yet Anna Wong would tell you that's actually

[Scarlet Fu]

pretty well you look at the unemployment rate, it's going to stay unchanged at 4.2% and average hourly earnings pretty much staying in line.

[Tom Keene]

And that's brilliant that you do that Through August through September For Bloomberg Money, the inflation adjusted wage got to be front and center as well.

[Scarlet Fu]

And don't forget earnings Space X reports its first set of results as a listed company.

[Tom Keene]

That's worked out so far. This is the Bloomberg Money podcast bringing you a smart look at the forces shaping your financial life. I'm Tom Keene with Scarlet Fu. You can watch the show live on Bloomberg TV every Friday at noon, Wall street time. Subscribe to the podcast on Apple, Spotify or wherever you listen and as always on the Bloomberg terminal and the Bloomberg business,

[Scarlet Fu]

Healthcare doesn't always work great. If you've ever waited on a refill or couldn't schedule an appointment, you get it. That's the kind of stuff Optum is changing. They're using data and technology to integrate patient care, pharmacy and everything else. So healthcare is connected, not complicated. What's that look like? Cheaper prescriptions that are easier to get and care that looks at the whole person how you need it. Optum is helping make health care work as one for everyone.

[Charity Lawson]

Learn [e-mail] the Hulu original Series Furious is now streaming on Hulu and Hulu on Disney. Starring Emmy Rossum as Alice Black, Furious follows a rookie FBI agent on the hunt for Catherine, played by Lola Petticrew, a mysterious and calculating female serial killer. While Alice upholds justice, Catherine kills for it, terrorizing the rich and powerful men of New York in her pursuit of vengeance. With secrets that change everything, Alice discovers there's a thin line between hunter and prey. Watch the Hulu Original Series Furious, now streaming on Hulu and Hulu on Disney for bundle subscribers Terms apply.

[Richard Clarida]

Now more than ever, America needs a laugh. Enter the Super Troopers to the rescue. Vermont's finest and most shockingly offensive mustachioed highway patrol officers return to the big

[Creative Planning Announcer]

screen in Super Troopers 3 with more

[Richard Clarida]

pullover pranks and more over the top shenanigans than ever.

[Tom Keene]

In this latest installment of the cult

[Richard Clarida]

comedy classic, Rod Barva's wildly over the top Indian engagement to Thorny's sister spirals out of control. A debaucherous bachelor party, a wedding that Thorny is desperate to stop and a dangerous drug smuggling ring all threaten the troupe's friendships and future.

[Tom Keene]

Fill your liter of cola, grab your

[Richard Clarida]

buds and roll up to the multiplex

[Tom Keene]

for Super Troopers 3, only in theaters August 7th.

[Creative Planning Announcer]

Get tickets me.