Tom Keene

So one sentence that's very important here is that this AI thing better work out because we still- [laughs] ... need some very significant tailwinds coming from AI because it is a very critical reason why the economy does so well.

Tom, you know I love to drive up and down the Jersey Shore on my Vespa, and I always see these thousands, tens of thousands of homes, usually on the bays, the river, $2 million homes.

They got a million-dollar boat behind them.

I'm like, "Who are these people?" And I've come to find they're small business owners.

... and the rest of the world, including US, is the AI adopter.

Right.

And that becomes important, because you may be the producer, especially if the models become commoditized, but really it's about who is most smart at having, in our language, Tom, capital and labor work together.

Because if capital and labor work together, you also therefore-

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Right.

Looking at Brent, Tom, sitting right at $100 a barrel.

It's come back.

Yeah.

Uh, I, on, on the first point, I think that it was a, a better press conference that we finally have a pretty c- clear view of, of how Warsh is thinking.

He thinks the economy's okay, and he made it clear that that, uh, monetary policy w- was accommodative.

In terms of bond expectations and what investors should think, y- you're right, Tom, in that the more coupon you get, that serves as a, as a cushion.

So if you're getting 5% on a 10-year Treasury...

Discuss that.

Yeah, it, it could be a one and done, Tom.

So if, if you, if you'd perhaps looked at the Fed Chair's view of inflation, he, he would share what many people say about the near-term inflationary, inflationary impulse that comes from the AI and, and the, the infrastructure build-out, all this kind of stuff.

Uh, but, but, but his view would be that in the longer run, and this is going into next year, you start to get some of the disinflationary, uh, pressures coming through.

Yep

... uh, cool.

Alicia Levine, "How should our listeners and viewers maintain their holdings in Mag Seven given the uproar that Tom Friedman, uh, and Parmeet Olson and others describe?"

Look, I think two things are true at the same time.