Michael McKee

That is sort of the message coming from the S&P up a tenth of a percent.

NASDAQ still suffering a little bit down to tenths of a percent suffering, I say.

Still near all time highs in the Russell 2000, seeing that pop up six tenths of a percent.

What you are seeing in the bond space, twos, tens and thirties, is this lift to a bond price down in yield as people expect to see some sort of bond purchases as well as a rate cut coming in next year.

It really seems to me that Jay Powell really has the chance to split the difference.

Welcome to Open Interest on Bloomberg TV and Bloomberg Intelligence on Bloomberg Radio.

To our viewers and listeners around the world, I'm Michael McKee, international economics and policy correspondent.

And joining me this morning is Alberto Mussolini.

He is the president of the St.

Louis Fed.

Thank you for coming.

coming in this morning here in Washington.

And we have some news in Washington that we may be getting close to the end of the shutdown, which would release data.

But just in case that doesn't happen, based on what you know now, what do you think about the economy?

Well, we know that when the data comes out, everybody will be parsing it carefully, but is it going to add a lot to your knowledge of where the economy is and possibly change any decision you might make?

But the consumption that remains resilient, obviously at the upper ends you have the stock market wealth effect driving it.

But I know you've been worried about the lower deciles because they're taking on more debt.

Well, taking on debt to continue consumption, a cynical economist might say, where have we heard that before?

And how did that turn out?

Are you worried that we're setting up for a problem?