# Inflation Is Cooling. Why Are Americans Still Sweating?

An episode of [Big Take](https://invisiblenetwork.ai/podcast/1578096201), 16 Jul 2026, 19 min.

Audio: https://podtrac.com/pts/redirect.mp3/tracking.swap.fm/track/UVBrz8bN8aM2Xe47PEPu/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/825d4e29-b616-46f4-afd7-ae2b0013005c/a0afbd83-c55e-4ba5-b3f1-b48901553276/audio.mp3?utm_source=Podcast&in_playlist=8b1dd624-a026-43e9-8b57-ae2b00130066

A slate of new data this week painted a tepid but slightly optimistic picture of the US economy: Consumer prices declined in June for the first time in six years, jobless claims ticked down and retail sales rose modestly. So why doesn’t the data match up with how Americans are feeling? On today’s Big Take podcast, host Sarah Holder talks to Bloomberg’s Reade Pickert and labor economist Kathryn Anne Edwards about what the data does (and doesn’t) tell us about the state of the US economy. Read more: How’s Inflation? Depends How It’s Measured We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Julia Press; Reported by Reade Pickert; Edited by Aaron Edwards. Fact-checking by Victor Swezey, Rachael Lewis-Krisky; Engineering by Sean Carter. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
[0:08] Speaker 2: This week, we got a lot of new indicators about
[0:10] Speaker 2: the state of the US economy. The headline it's doing
[0:15] Speaker 2: pretty well.
[0:17] Speaker 3: Stocks rose on Wall Street after a report showed that
[0:19] Speaker 3: inflation wasn't as bad as expected last month. Consumer prices
[0:23] Speaker 3: fell zero point four percent last month from May, the
[0:27] Speaker 3: biggest So.
[0:28] Speaker 1: This week has been a mix of data that's been
[0:30] Speaker 1: surprising and some that hasn't been so surprising.
[0:33] Speaker 2: That's Reed Picker, who leads the US economy team at Bloomberg.
[0:37] Speaker 1: And lists were anticie hitting a slight rise in first
[0:39] Speaker 1: time claims for jobless benefits. Instead, the number has fallen.
[0:43] Speaker 2: Inflation is cooling, consumers are spending, the job market is
[0:47] Speaker 2: showing signs of stability, but still the vibes are off.
[0:55] Speaker 2: Consumer sentiment reached a record low in May and looked
[0:59] Speaker 2: only a little better by June, and a Pew survey
[1:02] Speaker 2: ahead of the country's two hundred and fiftieth anniversary in
[1:05] Speaker 2: July found that over fifty percent of Americans expected the
[1:09] Speaker 2: economy to get weaker in the coming decades.
[1:12] Speaker 3: There is something particularly unsatisfying about the economy right now,
[1:17] Speaker 3: even though unemployment's not that high, and even though inflation
[1:21] Speaker 3: is not as high as it was.
[1:22] Speaker 2: Catherine Ann Edwards is a labor economist and the host
[1:25] Speaker 2: of the Optimist Economy podcast. This week, she argued in
[1:29] Speaker 2: a piece for Bloomberg Opinion that one way to make
[1:32] Speaker 2: sense of the gap between official data and how Americans
[1:35] Speaker 2: actually experience the economy isn't to discount how people feel,
[1:40] Speaker 2: but to look closer, measure more, and read between the lines.
[1:46] Speaker 2: And she says that's becoming even more important as the
[1:49] Speaker 2: overall picture of the economy gets more complex.
[1:53] Speaker 3: We rely on statistics as economists because we're like doctors
[1:56] Speaker 3: gauging the vital signs of the economy. But for people,
[1:59] Speaker 3: for advocates, for those of us who in the economy
[2:02] Speaker 3: who are having a hard time, it is a validation
[2:05] Speaker 3: to be seen, to be able to point to a
[2:08] Speaker 3: number and say, see, I told you it's hard right now.
[2:13] Speaker 2: I'm Sarah Holder, and this is the big take from
[2:15] Speaker 2: Bloomberg News today. On the show, we take stock of
[2:18] Speaker 2: the US economy, what the official data tell us and
[2:22] Speaker 2: what other markers could reveal about americans financial reality. Some
[2:31] Speaker 2: of the economic data we got this week we're in
[2:33] Speaker 2: line with expectations but Reed Pickert, who leads the team
[2:37] Speaker 2: at Bloomberg covering the US economy, said one indicator in
[2:41] Speaker 2: particular stood out.
[2:45] Speaker 1: To start with the surprising side. We started our week
[2:48] Speaker 1: with much better than expected inflation data. We saw consumer
[2:51] Speaker 1: prices fall last month by the most the onset of
[2:54] Speaker 1: the pandemic. And you know, we knew and expected that
[2:57] Speaker 1: inflation would fall to some extent on a month a
[3:00] Speaker 1: month basis, just because gasoline prices fell so much in June.
[3:04] Speaker 1: But it was more than that. It was also when
[3:06] Speaker 1: you stripped out gasoline and energy prices and food prices,
[3:10] Speaker 1: you saw this so called core gage of inflation, which
[3:14] Speaker 1: the FED looks at as a sign of underlying inflation.
[3:19] Speaker 1: You saw that it was unchanged in the month as well.
[3:22] Speaker 2: So one of the biggest headlines was that the US
[3:24] Speaker 2: consumer price index had fallen for the first time since
[3:29] Speaker 2: twenty twenty. Give us a little refresher, what is that
[3:32] Speaker 2: index and what does that milestone really mean?
[3:34] Speaker 1: Yeah, so the consumer price index is one of the
[3:38] Speaker 1: major indicators that we look at in terms of gauging
[3:41] Speaker 1: inflation in the US. So the Bureau of Labor Statistic
[3:44] Speaker 1: looks at a basket of goods and services. And so
[3:48] Speaker 1: when we think about what the last five six years
[3:51] Speaker 1: have looked like, you know, at the beginning of the pandemic,
[3:53] Speaker 1: we saw this sharp decline in prices, and that was
[3:57] Speaker 1: because we saw this pullback and demand as the broader
[4:00] Speaker 1: US economy and global economy shut down. But we all
[4:03] Speaker 1: remember as the economy started reopening, people started spending again
[4:08] Speaker 1: and there were all of these different supply chain snarls,
[4:10] Speaker 1: there was this massive ramp up in inflation. And while
[4:15] Speaker 1: the pace of inflation has slowed a fair bit since
[4:18] Speaker 1: peaking back in twenty twenty two, it's been this persistent
[4:22] Speaker 1: problem where inflation has been well above the fed's target
[4:26] Speaker 1: for a long time now.
[4:27] Speaker 2: So since the CPI measures that market basket of goods,
[4:33] Speaker 2: when you really peek inside that basket, prices are rising
[4:37] Speaker 2: at different rates.
[4:38] Speaker 1: Yeah, and one one to point out, because this has
[4:41] Speaker 1: come up a lot, is really how AI is playing
[4:44] Speaker 1: a role in this inflation picture. So when we look
[4:47] Speaker 1: at the leadst CPI report, for instance, computer software prices
[4:51] Speaker 1: were up more than seventeen percent from a year earlier.
[4:54] Speaker 1: That's the most on record, and that's really getting into
[4:57] Speaker 1: this challenge that we have right now of this to
[5:00] Speaker 1: invest in AI and how much demand is growing but
[5:03] Speaker 1: supply is struggling to keep up. We've seen this be
[5:07] Speaker 1: something that Federal Reserve officials are talking about and thinking
[5:11] Speaker 1: about whether this is something that is a temporary factor
[5:15] Speaker 1: at play, or if this is a more sustained pressure
[5:19] Speaker 1: on inflation that the Federal Reserve may need to respond to.
[5:22] Speaker 2: As you mentioned, read inflation is not rising, but it's
[5:26] Speaker 2: still at three point five percent annually, which is above
[5:30] Speaker 2: the annual target of two percent. How do you read
[5:34] Speaker 2: that overall inflation rate?
[5:37] Speaker 1: Inflation is too high right now, And when it comes
[5:40] Speaker 1: to what Americans are experiencing, it's hard to make financial
[5:43] Speaker 1: decisions when you don't know where prices are going. And
[5:46] Speaker 1: I think all of this needs to also be in
[5:48] Speaker 1: the context of the news moment that we're in right
[5:52] Speaker 1: now with the war. You know, this sharp decline was
[5:56] Speaker 1: when there was an interim deal between the US and Iran,
[6:01] Speaker 1: and July has totally shook up that picture. So we're
[6:05] Speaker 1: back to oil prices rising. We've started to seeing gasoline
[6:08] Speaker 1: prices start ticking up again, and this uncertainty on the
[6:12] Speaker 1: outlook is just still hovering here.
[6:16] Speaker 2: And let's turn now to jobs. We saw jobless claims
[6:20] Speaker 2: fall modestly this week. The US labor market has been
[6:23] Speaker 2: kind of a confusing place over the past year. It's
[6:26] Speaker 2: been described as unexpectedly resilient. Hiring has been slow, but
[6:30] Speaker 2: the unemployment rate has also been slowly dropping. So what
[6:33] Speaker 2: do the latest jobs numbers add to this picture?
[6:36] Speaker 1: Heading into this month, there was this moment where we
[6:39] Speaker 1: thought we'd been talking about the labor market slowly gaining
[6:42] Speaker 1: its footing this year because hiring was really uneven last year.
[6:46] Speaker 1: You'd have a month where hiring was up and then
[6:48] Speaker 1: a month when hiring was down, and we have all
[6:51] Speaker 1: heard kind of this low higher, low fire environment. Twenty
[6:55] Speaker 1: twenty six, we started to see the labor market gain
[6:58] Speaker 1: that footing again and really stabilize out. And then we
[7:02] Speaker 1: saw this blockbuster jobs report, and we're like, well, is
[7:05] Speaker 1: the labor market actually heating back up? Like our things
[7:08] Speaker 1: picking up again? That would be very good news for
[7:10] Speaker 1: job seekers, That could be great news for wage growth.
[7:13] Speaker 1: But what the latest jobs report showed us was that
[7:16] Speaker 1: June hiring was about half of what economists had expected.
[7:20] Speaker 1: And it wasn't just that hiring was half, it was
[7:23] Speaker 1: also that the prior month's blockbuster report, while still good,
[7:28] Speaker 1: was revised lower, so it took a little bit of
[7:30] Speaker 1: the shine off of this excitement around momentum and the
[7:34] Speaker 1: labor market.
[7:35] Speaker 2: Another consumer indicator we got this week was that retail
[7:39] Speaker 2: sales ticked up slightly. What did you make of that.
[7:42] Speaker 1: One of the disclaimers I always have to remind folks
[7:45] Speaker 1: on retail sales is that it's one of the things
[7:47] Speaker 1: that we get that's not inflation adjusted. It's not price adjusted.
[7:51] Speaker 1: And when I started in this job, that didn't matter
[7:54] Speaker 1: because we weren't seeing a lot of inflation. But now
[7:56] Speaker 1: big price wings can really change the picture. And so
[8:00] Speaker 1: what we saw with retail sales data was that this
[8:03] Speaker 1: big drop in gasoline prices that we were talking about
[8:05] Speaker 1: that influenced the CPI as well, really pulled down how
[8:10] Speaker 1: much people were spending at gasoline stations. But when you
[8:13] Speaker 1: look outside of gasoline stations, you continue to see this
[8:17] Speaker 1: picture of consumer resilience underneath the hood.
[8:21] Speaker 2: Read You're painting a really interesting picture here, right. Even
[8:25] Speaker 2: though Americans have felt prices go up, they felt that
[8:29] Speaker 2: this job market is a little hard for a lot
[8:32] Speaker 2: of people. The unemployment rate isn't rising inflation is pretty flat.
[8:36] Speaker 2: What do these figures mean for the Fed, which has
[8:40] Speaker 2: this dual mandate as it sets future rates.
[8:43] Speaker 1: It really erased any kind of bets from investors that
[8:47] Speaker 1: the Fed would be raising rates later this month. But
[8:52] Speaker 1: when we look out further than this month, there's a
[8:55] Speaker 1: lot still going on. I mean, we heard Kevin worsh say,
[8:59] Speaker 1: you know, we can't look at these numbers and think
[9:01] Speaker 1: mission accomplished. Right now, Investors do think that we'll see
[9:05] Speaker 1: a rate hike by the end of this year, and
[9:08] Speaker 1: there's a lot of things to factor in for the FED,
[9:11] Speaker 1: so they not only have the uncertainty of the war,
[9:14] Speaker 1: but they also really need to think about this AI
[9:16] Speaker 1: question because in the long run, most folks believe that
[9:21] Speaker 1: AI to some extent will boost productivity. But in the
[9:25] Speaker 1: short run, we do have this mismatch that's putting upward
[9:28] Speaker 1: pressure on prices. And typically when the FED views something
[9:32] Speaker 1: as temporary, they can look through it, they don't have
[9:35] Speaker 1: to act. But if you think that this is something
[9:37] Speaker 1: that's more persistent and will keep upward pressure on inflation
[9:42] Speaker 1: for a while and keep you from reaching your two
[9:44] Speaker 1: percent goal, that's when you have to start thinking about
[9:47] Speaker 1: potentially raising rates to combat that.
[9:50] Speaker 2: Coming up, I sit down with labor economists Catherine Ann
[9:53] Speaker 2: Edwards to talk about the story this economic data could
[9:57] Speaker 2: be missing and how to better capture the economic reality
[10:00] Speaker 2: for different groups across the US. Catherine Ann Edwards, you're
[10:13] Speaker 2: a labor economist, the host of the Optimist Economy podcast,
[10:17] Speaker 2: and you recently wrote a piece for Bloomberg Opinion about
[10:19] Speaker 2: the difference between people's perception of how the economy is
[10:23] Speaker 2: doing and what traditional economic data sources are telling us.
[10:28] Speaker 2: You focused on the Consumer Price Index specifically. Tell me
[10:33] Speaker 2: about your argument. What does the CPI miss about how
[10:36] Speaker 2: people are feeling about and experiencing prices right now?
[10:40] Speaker 3: I think where there's a gap is in how this
[10:43] Speaker 3: data is compiled and presented. I mean, if you think
[10:46] Speaker 3: of it as taking the economy's vital signs. We have
[10:50] Speaker 3: dozens of measures of unemployment rates that we look at
[10:53] Speaker 3: every month, you know, every job's day. It comes out
[10:55] Speaker 3: and we can immediately look at, you know, what's the
[10:57] Speaker 3: unemployment rate for prime age female work right like it
[11:00] Speaker 3: just we can have it on hand. On the price side,
[11:05] Speaker 3: we've typically monitored prices from the point of view of
[11:08] Speaker 3: a single good or service. What I think would be
[11:10] Speaker 3: helpful is to have instead indices that reflect household types.
[11:15] Speaker 3: What's the consumer price index for single women, for a
[11:18] Speaker 3: married couple without kids, for a retired couple, for a
[11:22] Speaker 3: family with three children, and to break that down by
[11:25] Speaker 3: things like gender, or income or race, so we can
[11:29] Speaker 3: get more of a heat map of who is suffering
[11:31] Speaker 3: from price increases as opposed to a heat map of
[11:34] Speaker 3: prices kind of on the shelf.
[11:37] Speaker 2: And how might the Bureau of Labor Statistics do that?
[11:39] Speaker 2: What other data could they collect or present to get
[11:42] Speaker 2: this better picture of how different kinds of households experience
[11:46] Speaker 2: inflation and prices.
[11:48] Speaker 3: Well, they actually have all of the data they need
[11:51] Speaker 3: to do it in hand, So it's really just a
[11:53] Speaker 3: matter of taking the information we have and compiling it
[11:57] Speaker 3: in the best way possible, which is something that the
[12:01] Speaker 3: BLS economists themselves are the most poised to do. They
[12:05] Speaker 3: have done this kind of for one off investigations. They
[12:08] Speaker 3: produced a few years ago a report on inflation as
[12:12] Speaker 3: experienced by income quintile and what kind of inflation the
[12:15] Speaker 3: highest income households feel versus the lowest income households based
[12:19] Speaker 3: on the baskets that differ across them, and they found
[12:22] Speaker 3: that over about a twenty year period, inflation is higher
[12:26] Speaker 3: for people at the bottom because the goods that they
[12:28] Speaker 3: purchased tend to see faster price increases. This was one
[12:31] Speaker 3: way to say, like, we're in the same economy, but
[12:34] Speaker 3: we're not on the same path.
[12:35] Speaker 2: Running these reports, creating new ways of visualizing and understanding
[12:42] Speaker 2: this data does take time, It takes money, it takes staff.
[12:45] Speaker 2: Does the Bureau of Labor Statistics have those resources right
[12:48] Speaker 2: now after federal budget cuts, Trump's attacks on BLS data
[12:53] Speaker 2: changes in leadership there No.
[12:55] Speaker 3: They have basically been starved for funding since the sea
[12:59] Speaker 3: questration of twenty twelve. They've been basically being asked to
[13:03] Speaker 3: do more with less. And then after Dose, I think
[13:06] Speaker 3: the latest number I've seen it they lost about a
[13:08] Speaker 3: fifth of their staff. I mean, we took one of
[13:10] Speaker 3: the most successful and high performing, high functioning agency within
[13:15] Speaker 3: the federal government that carries enormous a weights in the economy,
[13:19] Speaker 3: and we attacked it. What I argue in the piece,
[13:22] Speaker 3: and what I think most people who rely on things
[13:26] Speaker 3: like Jobs Day and CPI Day would acknowledge, is that
[13:29] Speaker 3: this is hardly a risky endeavor. To give money to
[13:32] Speaker 3: economists and statisticians to help us measure the economy when
[13:35] Speaker 3: they have a track record of doing so. I mean,
[13:37] Speaker 3: keep in mind, the Bureau of Labor Statistics is older
[13:40] Speaker 3: than the Department of Labor.
[13:41] Speaker 2: What do you think having this better breakdown of how
[13:44] Speaker 2: inflation impacts different households and different demographics differently would tell
[13:48] Speaker 2: us what could economists and policymakers really do with those
[13:51] Speaker 2: insights that say families with kids are seeing their costs
[13:54] Speaker 2: rise at a different rate than single adults.
[13:57] Speaker 3: I mean, the types of things that you could learn
[13:58] Speaker 3: from this are there have been price spikes that have
[14:03] Speaker 3: affected people with infants, and so being able to say, okay,
[14:06] Speaker 3: well we've seen that. You know, for households that have
[14:09] Speaker 3: multiple kids, their cost of living is going up much
[14:12] Speaker 3: faster and it's because of food. You can do more
[14:15] Speaker 3: interventions to say, have packed lunches sent home with kids
[14:19] Speaker 3: at school, backpacks of food sent home on Friday afternoon.
[14:22] Speaker 3: So I think being able to draw attention to who
[14:27] Speaker 3: is struggling helps them organize to attack the source of
[14:30] Speaker 3: the struggle.
[14:31] Speaker 2: Well, another way that economists try to capture different consumers
[14:34] Speaker 2: feelings about the economy, not just their spending and prices
[14:39] Speaker 2: and those kinds of impacts. Is through the Consumer Sentiment
[14:42] Speaker 2: Survey from the University of Michigan. May's number was the
[14:46] Speaker 2: lowest ever. June's was the second lowest. On Friday, will
[14:49] Speaker 2: get the latest number. What's your reaction to that?
[14:52] Speaker 3: Sure? So, yeah, I mean, let's you know, step back.
[14:54] Speaker 3: This number goes back. It's a series that goes back
[14:57] Speaker 3: to the seventies. So this is the lowest number on
[15:00] Speaker 3: and it's seen six recessions, the financial crisis, the oil
[15:04] Speaker 3: price spike, and the pandemic, and this is the lowest
[15:07] Speaker 3: it's ever been. There are two kind of like very
[15:10] Speaker 3: kind of auspicious aspects of the consumer price index right now.
[15:14] Speaker 3: One is, you know, we have re engaged in hostility
[15:17] Speaker 3: in Iran and oil prices are going back up. And
[15:20] Speaker 3: the other is that the producer price index, which is
[15:23] Speaker 3: kind of like the price index for what producers are
[15:26] Speaker 3: buying as opposed to consumers, that is running much hotter.
[15:30] Speaker 3: It's around five to five as opposed to the three
[15:32] Speaker 3: to five for consumers. And the general rule of thumb
[15:36] Speaker 3: is if producers are paying more for goods that they're
[15:38] Speaker 3: selling you, you will eventually pay for it too, and
[15:40] Speaker 3: that that also augurs higher CPI down the line. I
[15:44] Speaker 3: think the larger question is why is now so much
[15:48] Speaker 3: worse than horrible periods we've been through in the past, Like,
[15:51] Speaker 3: what is it about today's economy that is particularly unsatisfying
[15:56] Speaker 3: to Americans? My take is that the US economy has
[16:02] Speaker 3: had structural weaknesses for decades and these are a lot
[16:06] Speaker 3: of bills coming due.
[16:07] Speaker 2: Are there other, possibly more informal data points you'd like
[16:11] Speaker 2: to see the US government collecting or looking at in
[16:14] Speaker 2: order to better capture the way the economy is working
[16:16] Speaker 2: for Americans?
[16:18] Speaker 3: Oh? Yes, Can I do just like pure like fantasy
[16:21] Speaker 3: draft for the bls of what I'd like them to do?
[16:24] Speaker 2: Yes, this is dream mode.
[16:25] Speaker 3: Dream mode all right. I think that we should have
[16:31] Speaker 3: regulations on the job search process, things like if you
[16:36] Speaker 3: post a job posting, you have to give people a
[16:41] Speaker 3: timeline of when they will hear back. You have to
[16:43] Speaker 3: notify people if they are not selected for the job,
[16:45] Speaker 3: and you have to give a timeline for notification. That
[16:48] Speaker 3: reporting would generate a lot of data, and that data
[16:52] Speaker 3: clearates basically a receipt of how many people applied for
[16:55] Speaker 3: a job, what kind of job I think one of
[16:58] Speaker 3: the most frustrated invisible aspects of our labor market right
[17:02] Speaker 3: now is just how hard it is to get a
[17:04] Speaker 3: job and how demeaning it is. That's like a few
[17:07] Speaker 3: regulatory changes, data generated on the back end, and now
[17:11] Speaker 3: we've got a flow of data of what it looks
[17:14] Speaker 3: like as people are applying for jobs.
[17:15] Speaker 2: Right not just how many people are looking for a job,
[17:18] Speaker 2: how many people are unemployed, but what it's like to
[17:21] Speaker 2: that job search.
[17:22] Speaker 3: Yes, we don't really see the labor that it took
[17:26] Speaker 3: to get visibility for certain aspects of our economic maagerement.
[17:29] Speaker 3: But like WB. Dubois, you know, one hundred and thirty
[17:33] Speaker 3: years ago, was trying to advocate for black people in Philadelphia,
[17:38] Speaker 3: and he wrote his Treatise to the Philadelphia Negro and
[17:41] Speaker 3: part of that was going door to door and asking
[17:44] Speaker 3: black men if they had looked for work, if they
[17:46] Speaker 3: were trying to look for work, and what their employment
[17:47] Speaker 3: status was, so that he could generate an unemployment rate
[17:51] Speaker 3: before unemployment rates even existed, to prove that black men
[17:55] Speaker 3: weren't shiftless, they were just not being given an opportunity
[17:58] Speaker 3: in the economy. And like now, we just take for
[18:01] Speaker 3: granted of like, yeah, policymakers understand not only that the
[18:05] Speaker 3: economy could be hot as hell and we have unemployment
[18:09] Speaker 3: still and there are people who will not find work,
[18:11] Speaker 3: but that that differs based on your race and your gender,
[18:15] Speaker 3: and your education and where you live, if you're urban
[18:17] Speaker 3: or rural. Like we take for granted that we know
[18:19] Speaker 3: all that, but that was like that'.
[18:21] Speaker 2: Took decade where someone had to ask.
[18:23] Speaker 3: Yeah, someone had to ask. I mean we were like
[18:24] Speaker 3: standing on the shoulders of giants when it comes to
[18:28] Speaker 3: having an agency like the BLS who could do something
[18:30] Speaker 3: like this, they just need resources and permission.
[18:38] Speaker 2: This is the Big Take from Bloomberg News. I'm Sarah Holder.
[18:42] Speaker 2: The show is hosted by me, David Gera, and Wan Ha.
[18:45] Speaker 2: To get more from The Big Take and unlimited access
[18:48] Speaker 2: to all of Bloomberg dot Com, subscribe today at Bloomberg
[18:52] Speaker 2: dot com slash podcast Offer. If you liked this episode,
[18:55] Speaker 2: make sure to subscribe and review The Big Take wherever
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[19:02] Speaker 2: Thanks for listening. We'll be back tomorrow.

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