Are you rich? That's a good question. Is it about what you have in the bank or your 401k?

Should you buy a place where you live or hold off?

And if you build, could sand shortages in Singapore impact prices in Connecticut?

At Bloomberg, we see wealth as more than just money. Our coverage looks at wealth from every angle so you can make smarter decisions.

Bloomberg wealth, all you need to know about wealth, who has it, who's making it, and how you should think about yours.

Learn more at bloomwork.com slash wealth.

Hello and welcome to another episode of The All-Lots Podcast. I'm Tracy Alloy.

And I'm Joe Wyzenthal.

Joe, we are here at Jackson Hole. And I know that so much of the focus is on the short-term outlook for rates.

But really, this is a gathering to talk about the longer-term framework of monetary policy.

Yeah, it's so funny because it is an academic conference. And there are all these big think

sort of conversations going on about the changing nature of the global economy.

Something like that, I think it's actually the theme. The structural changes in the global economy.

But 99% of the media interest in this whole event is like, are we going to get to rate hike in November or December?

But there is so much more.

Right. And one of the big themes that is emerging is this idea of living in a world where there is

more debt outstanding. And we've seen that sort of pop up a number of times in recent months.

Of course, you had Fitch downgrading, credit rating because partly of the public finance

trajectory, you've had volatility in the treasury market. You've had questions over whether or not

investors are still going to want to buy bonds at a time when there's enormous supply and also

the Fed out to raise rates and potentially bring down inflation.

Yeah, I would say there's sort of two dynamics that I think is really interesting here with

...