With Bloomberg you get the story behind the story, the story behind the global birth rate,

behind your EV batteries environmental impact, behind sand. Yeah, sand, you get context.

And context changes everything. Go to Bloomberg.com to get context. Welcome to the Bloomberg surveillance podcast. I'm Tom Keene.

Daily, we bring you insight from the best in economics finance investment and international relations

find Bloomberg surveillance on Apple Podcasts soundcloud bloomer.com and of course on the

Bloomberg. Joining us, Vincent Reinhart, Standish-Mellon economist and Investment

Strategist.

Good morning to you, Vince, is that how you see this playing out a short-term win?

Good morning morning Jonathan.

So look, I think that we have to accept that the government's going to be shut down for a while,

that it was pretty clearly a distinct standoff we saw yesterday and that the Federal Reserve

is on the sidelines for a bit.

The minutes will be interesting this afternoon now.

What are you looking for from the minutes this afternoon? One thing you gotta remember

is that the minutes are supposed to be an accurate depiction of what was discussed at the

FOMC meeting, but a lot of stuff is discussed at the FOMC meeting.

The transcript runs something like 120 pages and they distill it down to 11 or 12 pages. In those minutes, therefore

there is some selectivity in the week or two after the meeting to nudge the boat in a better direction.

Chair Powell came off a little tone death in the press conference.

They'll try to fix it in the minutes.

So you'll see more responsive to financial conditions, you'll see more worried about the world

and emphasizing the range of views on appropriate monetary policy.

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