david westin set down with judd cramer, who penned an article about the trend. him why consumers are not buying the story of a strong economy, despite some of the data. judd: traditionally economists have been able to look at gdp growth, inflation, and unemployment, and from that get a good measure of where consumers will have been. but this time around something seems to have broken. and so that is what led us to really try to do again to the inflation measures. and see what might have been different now, versus how we were measuring things in the 1970's. david: how is it different now? judd: yeah, so, before 1983 housing prices, and crucially for our research, mortgage rates, were included in the cpi. when we saw mortgage rates jump last year to 7%, if we have been measuring inflation the way we did in the 1970's, instead of seeing inflation take around 10% last year we would have seen that jump all the way to 18%. we take that old methodology and apply it to current data, a kind of makes more sense to us why consumers are still in the dumps. not only did price

the host of the podcast coming back along with wall street weeks david westin.sation months into the war. thank you for joining us. pick up on where katie left off. there has been such a bond between israel and the united states housetrained is that right now? we see it fall into the public domain right now. >> in the days after october 7 the could not have a stronger statement. made it clear whose side he was on and since then he has gotten israel than military supplies even though there has been dysfunctionality and congress he has vetoed those members have that have called for immediate cease-fire. there are two issues going on now. the images of palestinian suffering, human catastrophe in gaza are unavoidable even if hamas is largely to blame. those are images that are upsetting to watch. for president biden's progressive base that he needs to turn out a november, his advisors want those images off television screens in tiktok in the only way they can get that is if they get this war over and dad. president biden realizes he cannot get that to happen. there

wall street week host david westin spoke with celaya moz and and honor -- author of paper soldier. weaponization of the dollar change the world order and what it takes to make a great treasury secretary. >> professional experience in markets whether it's wall street or some other way. you have experience in the financial regulatory sphere, in how markets work, the plumbing that's all really important. we saw that test recently in 2020 when covid blew everything up and we had an economic crisis in hand and we needed people to know how the treasury market works and how businesses run because businesses and airlines needed help. so have steven mnuchin understanding all of that is really important. these days it's really changed since bob rubin was treasury secretary compared to now you need to have a lot of national security and foreign policy interest. no one person can have all the expertise you need to be treasury secretary today from markets to budgets, to regulation, the national security. knowing what you don't know is powerful. being able to speak with gravitas is powerful. dav

katie: that was joshua bolten, business roundtable ceo and david westin.l hear from larry fink, the blackrock chairman and ceo. this is bloomberg. ♪ okay y'all we got ten orders coming in... big orders! starting a business is never easy, but starting it eight months pregnant... that's a different story. i couldn't slow down. we were starting a business from the ground up. people were showing up left and right. and so did our business needs the chase ink card made it easy. when you go for something big like this, your kids see that. and they believe they can do the same. earn unlimited 1.5% cash back on every purchase with the chase ink business unlimited card. make more of what's yours. katie: let us take a look at stocks hitting some highs. disney hitting another 52 week high after ubs raised its price target citing the strength in these parks business. it is up about 1%. you also have iag hitting highs after jp morgan put it stocked on its positive catalyst watch list. it shares -- its shares are up on a pretty quiet day overall for the equity markets. c

katie: time now for wall street week and david westin sat down with ken rogoff harvard economics professorm what the u.s. election could mean for the economy. >> trump put in his tariffs and biden has doubled down on it. legal immigration is really hard under biden and became a charter under trump. i won't speak of the over -- open border policies. they both in that respect were trying to shut out the outside world and trump is talking about expanding his tariffs and biden inflation reduction act is very protectionist and the europeans are livid about it. he does things like by american. i'm sorry you asked about the debt. washington in general has a very relaxed attitude towards debt that i think they will be sorry about. biden speaks about blowing up the dead and we have no idea of what donald trump will do. that is what he did last time he was president and a good guess that he will do it again. i have talked about it for years, you can't count on real interest rates being ultra low anymore. i think they're not going to be. the idea that it's a free lunch is passed inking. david: let's

david westin spoke with brian deese, former white house national economic council director, about the those headlines would make you more concerned that you should be that the demise of electric vehicles is greatly exaggerated. let's start with the numbers. in 2023 there were about one point 4 million electric vehicles sold in the united states. that was almost 10% of overall sales. that was up 50% from the year before. the first couple months of this year ev's, sales, are up 15% to 20%. so the rate of growth is slowing, but i think that is actually reasonably what you would expect. this is a market that, as it matures and becomes a larger share of overall vehicle sales, expecting year on year 50% growth rates was never realistic. i think the question is, where will this growth trajectory lead out? and also, when will the appetite for these but up against consumer concerns and consumer adoption? i don't think we are there yet, so a rate of growth that is 20% year-over-year would be pretty good for a lot of industries. you're certainly seeing a slowing compared to the rate of pickup in

here is scott bessent, key square capital founder and ceo and wall street we co-david westin. t of the election cycle. david: scott, looking back. we talked about what donald trump retaking the presidency might mean. what about inflation? you have concerns inflation has not gone away yet. if he's president will he have to deal with inflation and how will he do that? scott: we will see what the federal reserve does. my sense is that jerome powell failed the marshmallow test. he ate the marshmallow at the november press conference. he wanted to declare victory on inflation too soon. if he had shown a little self-restraint financial conditions would not have eased and inflation and economic activity would not be re-accelerating as we have now. i think despite their predilection to want to cut, the fed will possibly have to stay higher for longer. it all depends on what the fed does. katie: i have heard people tell me over the past few weeks that the fed wants to cut but they can't yet. why do you think they want to cut? why is that the narrative? scott: jerome powell said it in fr

katie: that was federal reserve bank of san francisco president mary daly and david westin.r more from that conversation later tonight at 6 p.m. eastern wall street time on wall street week. this is bloomberg. ♪ katie: the search is underway at vanguard for a new ceo after tim buckley announced he will retire by the end of the year. for more on this news, we are joined by eric bell bloomberg intelligence. he is the authority on vanguard. you literally wrote the book. talk us through the legacy that tim buckley leaves. he's been in this post since 2018 or so. >> tim buckley's legacy is a big one. the next ceo will have big shoes to fill. basically over so vanguard's assets grow by 4 trillion he doubled those assets. fortunately, it's bigger than most asset managers have total. it also really leaned into etf's and that was smart because etf's are the vehicle of choice for most investors especially advisors. he learned hard into etf's. a lot of investors internally switched over. he pushed the advisory service. vanguard investors are getting older so they started an advisory se

as well as david westin, in this is an interesting conversation on the heel of the house vote. at to have you back with us. we know that the house bill was overwhelmingly approved, bogged down in the senate. the bill, if it became law, what would it do? it's not a ban on tiktok as such. martin: -- arun: no, it's not. it's about divesting and making it u.s. owned. even that's ambiguous, because bytedance itself is owned by global investors, the same people who typically make big investments in successful startups. if it did become a law, if this requirement came into place, the chinese government might actually take us by surprise and not block the sale of tiktok. from the point of view of the chinese government, tiktok represents the first real big success as far as a consumer facing application that is china-based. the chinese government may think that having more of these in the future expands the country's cultural influence. it's in line with cultural objectives of the government. they don't want to scare off future tech companies from trying the same thing. if they don't --

david westin, thank you so much. let's take a look at some of the stocks hitting high this morning. first up, kroger shares hitting 52 week highs after a positive profit outlook for the year. the ceo of the diversity chain said it was lowering prices and offering personalized promotions and rewards. shares actually down a little bit, down about 1%. that's worth about half of 1% higher on procter & gamble. investing over $6 billion in brazil to boost production of a hybrid car. the latest automaker to bid on the south american nation this year. coming up, ophelia snyder joins bloomberg technology with caroline hyde and ed ludlow. that is up next, but that does it for us. this is bloomberg. okay y'all we got ten orders coming in... big orders! starting a business is never easy, but starting it eight months pregnant... that's a different story. i couldn't slow down. we were starting a business from the ground up. people were showing up left and right. and so did our business needs the chase ink card made it easy. when y

katie: that was henry mcveigh sitting down with david westin. bloomberg. ♪ okay y'all we got ten orders coming in... big orders! starting a business is never easy, but starting it eight months pregnant... that's a different story. i couldn't slow down. we were starting a business from the ground up. people were showing up left and right. and so did our business needs the chase ink card made it easy. when you go for something big like this, your kids see that. and they believe they can do the same. earn unlimited 1.5% cash back on every purchase with the chase ink business unlimited card. make more of what's yours. hey you, with the small business... ...whoa... you've got all kinds of bright ideas, that your customers need to know about. constant contact makes it easy. with everything from managing your social posts, and events, to email and sms marketing. constant contact delivers all the tools you need to help your business grow. get started today at constantcontact.com constant contact. helping the small stand tall. investment opportunities co

sonali: that was larry culp, ge ceo, with wall street david westin. street week tonight at 6:00 p.m. new york time. this is bloomberg. ♪ sonali: now, bitcoin hit $70,000 for the first time ever earlier this hour, and at the same time, investors are putting a record amount of cash into black rocks bit rowing -- bitcoin etf. it has now swelled to over $11.5 billion in assets. joining with us for more is emily ref ao. you see how blackrock has been beating the pack. how much love are you getting for the industry? emily: it is unprecedented, to see this much money pour into new etf's. we have never seen 10 funds launch at all the same time with an identical strategy, and it has not even been three months. we are already seeing $9.4 billion of net inflows into the space, despite the $10 billion that have been pulled from grayscale's etf. so every etf has taken in positive inflows for the year, which is why we are seeing people get so bullish, optimistic, and push bitcoin up to this all-time high. there is demand for these funds and it has taken a lot of pe

david westin spoke with former u.s.etary larry summers to get his thoughts. >> certainly there is been some encouraging dataflow during 2023. the last two months have not been quite as encouraging. it's great and right to hope for the best but hoping is not planning. certainly from that scenario laying out the dot plots, i think there is more room for things to surprise on the bedside than surprise on the better side. we may have the path that's described there materialize and it's gotta be recognizes a very real possibility. my sense is still that the fed is itchy fingers to start cutting rates. i don't fully get it. we've got unemployment if anything low what they think is full capacity. we've got inflation clearly even in their forecast for the next two years above target, we've got gdp growth rising if anything faster than potential. we have financial conditions, a holistic measure of monetary policy at a very loose level. i don't know why we are in such a hurry to be talking about moving toward the accelerator. dav

we are joined by the host of wall street week david westin. mes to this retirement crisis think sees -- fink sees, comes down to bloom -- two boomers. david: i said is this basically saying we are responsible. this was a subject of his annual letter to investors. it was mainly about retirement crisis as you put it. he said he is addressing it because as he goes around the world, he hears this all around the world as one of the main issues on people's minds. katie: did he have much to say about the fact humans are living longer? you are in retirement for longer. you need more savings. david: it is part of his point. we invested an awful line making sure we live longer. we have not invested in making sure we had money to live longer. we see that in social security. which about that because he loves capital markets. i said shouldn't we take all of the social security trust fund and move it to capital markets he said that might be a good idea but that is the starting point. think you have to go farther than that to encourage people to save more for

speaking with "wall street week" anchor david westin, he suggested thinking beyond traditional stocksnds. >> i believe there is some great areas of private mike krantz that will be great investments for retirement. -- of private markets that would be great investments for retirement. i would channel that more towards infrastructure because infrastructure has a higher coupon, but it has a lower profile of returns than what i would say are other areas of the private market. so it has a good corridor of returns, but higher probabilities of meeting those returns. so, yes, we need to be re- looking about how we think about investing, whether that will be private equity or infrastructure. i believe we need to be putting more along-dated assets into retirement, so you can meet the returns that you need to have the pull of money that you require during retirement. >> something else you mentioned was longevity, which has increased substantially. we benefit from that. tim: it's a blessing. >> not complaining. at the should we be making it possible -- should we frankly increase the age for socia

earlier, david westin spoke with skip newberry about the tech industry outside of silicon valley. >>really well known for having a lot of semiconductor manufacturing. over many decades, that has continued to grow. starting with intel's largest operations in the world based in oregon, they employ over 20,000 people here, do a lot of r&d. intel, plus the supplier network for semiconductors, accounts for $30 billion for gross regional product here in the state, employs over 100,000 people in terms of the tech sector broadly defined. in terms of the proliferation of tech outside the silicon valley, we have a robust startup ecosystem here in oregon, a lot of companies developing business applications, software, consumer facing applications as well. >> it is not just silicon valley. you can go to oregon, the home of chip manufacturing for several years. even in northern california, l.a. has a considerable amount of tech. boise, idaho is building itself up as a tech center. they do different things but to suggest silicon valley is the only thing out there is really a misnomer. >> what is th

david westin, that annual meeting at disney is fast approaching.i worked there for quite a while. i've worked with bob iger quite a bit so i know something about it i don't know very much about proxy fights. charles, apart from who is going to win this, in general, what determines who wins these kinds of battles? charles: it is really the large institutions in most cases. the index funds that own a good chunk of any company. in the end, they really decide this thing one way or the other. if it is really, really close, sometimes the retail base can swing it one way or the other but generally it is a large institutions that make the decisions you. katie: so ultimately the large institutions. with that in mind, what do you make of the campaign by pels so far in swaying them and how do you weigh that against disney's response? >> he just got the endorsement of iss, institutional shareholder services is really the largest proxy advisory organization. iss carries a lot of sway. they could carry 20, 30% of the vote. the other large provider i think goes t

blackstone's cohead of real estate district -- discussed it on "wall street week" with david westin.ebruary, we paid out 100% of redemption requests. all customers who have sought liquidity have received it. it has done exactly what it was designed to do, which is offer premium returns, a higher rate of return, in exchange for a measure of liquidity. sonali: we are going to discuss this with katherine chiglinsky, who leads a lot of our u.s. coverage for the real estate market. when you look at what is happening with be read, one reason we cover it is because so many other funds are looking at what is happening. what does it mean for them to start being allowing redemptions again at this scale, and how much are they seeing? >> they still see redemptions. about 961 million. but i think it does signal we are onto the next stage of the commercial real estate market saga. in 22, people were worried about borrowing cost rises. you saw them pulling out. the way they hadn't with breit since it started in 2017. now i think after 15 months of them having to enforce these limits so that people

i am david westin. we go through the last step of the restructuring of an iconic company. >> giv

this is bloomberg wall street week, i'm david westin. larry joins them newly meant in

francine: that was larry summers speaking with bloomberg's david westin on wall street week, this isns. congratulations to them for putting this altogether. a lot of the stock has been on stocks at a record high, but what we should focus our attention on is also that this is all intertwined with friendlier financing conditions and it's very clear that these financial conditions have been loosening. this means companies looking to refinance, thanks to the credit markets, it means that this comes easier. this has a huge interplay with transition of monetary mechanism but while u.s. markets have stolen much of the spotlight, financial conditions are easing in a lot of places. i'm not only looking at the u.s., but emerging markets as well. coming up, pascal, the euro group president joins us live from the euro summit. that exclusive conversation on the pulse at 9:10 a.m. that's daybreak. we will have plenty more throughout the day. ♪ you're probably not easily persuaded to switch mobile providers for your business. but what if we told you it's possible that comcast business mobile can sa

helene gayle and wall street week host david westin joins us now.you're interested in the management of universities. >> we hear so much about student debt i wonder how this will all work out. thank you for being with us. give us this perspective from your students point of view, how do they afford college these days? the price has been going up and we seen the debt has been going up as well. >> thank you very much it is such an important question. spelman college is a private college and so different than public institutions. we do not have access to some of the resources you might have at a school that had a large state appropriation. there are probably two or three ways in which you can have an impact, getting more scholarship support broadly, 40% or more of our students are pell eligible. they come from the low economic status families and do get pell grants to the federal government dollars, they have been increasing so we hope that our nation will continue to be generous when we think about federal support for college education. the other way

. >> mary daly speaking with wall street week host david westin.top geopolitical stories we are following. president biden says he is still hopeful for a temporary pause in fighting between israel and hamas, but it's unlikely to start by monday as he originally stated. the white house is by and spoke with the leaders while working with the u.s. to moderate cease fire talks. the emerging agreement calls for a six-week pause to allow for the release of hostages and prisoners, and to get a into gaza. dozens of palestinians have been killed and injured in a's shooting of convoy near northern gaza. the associated press sites hospital official saying israeli troops opened fire on the crowds. israel has denied its forces depart in the shooting but says the incident is under review. president biden threatens to setback efforts to negotiate a cease-fire. yvonne: china sacher mentis economic growth for decades but is now experiencing a slowdown, one with -- for the rest of the world. bloomberg originals as been taking a look. >> china's economic growth was l

pleased to say we have the brookings institution visiting fellow as well as wall street we coast david westinthis is all about the walled garden. david: this is your old shop and the department of justice is not the first time someone has gone after apple. why is this one different? bill: what the complaint says is this ecosystem that apple has set up and claims it's all about consumer privacy, consumer security is in fact a mechanism to lock us into iphones. i am an iphone user. i love the product but they've basically manipulated the ecosystem to make it very hard for anybody to communicate off of an android system they are engaged in a series of actions that profit the company, but serve no useful purpose to consumers. they are trying to limit competition the government says in order to maintain their dominant position in the u.s. market which is somewhere between 60% and 70%. katie: which market are we talking about here when it comes to the doj allegations and how strong is their claim here? bill: i know apple has suggested to worldwide mark but that's not how antitrust analysis works. i

david westin sat down with elizabeth economy senior fellow at the hoover institution at stanford university her about the chinese president's plan for economic growth. >> it's about investing in technology. an advanced manufacturing. when he talks about marshaling the new productive forces, he's explicit. it's about space commerce come about ev's, ai. there is a whole ai plus initiative. they will integrate ai through all the sectors of the economy. he's moving away from the traditional sectors which is been quite weak and oversubscribed. into advanced manufacturing and innovation that's i he will grow the economy, he's relying on the coastal promises where you have an incredible manufacturing ecosystem and leaving the rest of the country willing to suffer through. david: i thought the chinese theory was to replace export growth with personal consumption domestically. that doesn't sound like growing a lot of personal consumption within china. >> there were no moves made at this mpc to do that. what we would have look for is something to do with wages because back in the summer, the governme