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Bloomberg Audio Studios. Podcasts, Radio, News.

This is the Bloomberg Surveillance Podcast.

Catch us live weekdays at 7 a.m. Eastern on Apple CarPlay or Android Auto with the Bloomberg business app.

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We are thrilled to get you started in the 7 o'clock Wall Street time hour with David

Rosenberg of Rosenberg Research, absolutely definitive at Merrill.

Let me explain why David Rosenberg was definitive years ago.

He would put out a report, Paul, and it wasn't

page one. It was like the new, you know, like build in Germany with half-dressed women on page

three is where you got the real Rosenberg, not half-dressed women, you got his inflation

dissection. He would have every single line item of inflation lined up. That became famous

Rosenberg, and he joins us this morning on the quality of our new inflation. David, what is

the character of this inflation in 2025? Well, it's a real dichotomy, Tom, and a bit of a head scratcher, especially from the numbers that we got in July from the CPI and the PPI, because, you know, we're all expecting that the tariff impact is going to hit the good sector,

but was really puzzling in both reports was the fact that service sector inflation isn't going

away. And I think that's a bit of a problem for the Fed. I still think that, you know, the trend, the trend in inflation will be

heading lower. I wrote a report talking about something very nebulous, otherwise known as the

...