When you get your news from Bloomberg, you don't just get the story. You get the story behind the story.

How your Evie's battery may not be as green as it seems.

Why a decrease in global birth rates could send countries scrambling to increase immigration.

You get context.

And context changes how you see things, how you change things, because context changes everything. Go to Bloomberg

dot 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, Bloomberg.com, and of course, on the Bloomberg. Francine, let's bring in our guest Julia Coronado with us to make us

smarter as well. We've been talking through the morning Julia about the

Fed.

How important is the Vice Chairman job?

Dr. El Arian was vetted to be Vice Chairman.

Is it like a big deal to people like you?

It can be a big deal.

Yeah, I think who the Vice Chair is will very much set the tone for the committee.

We know and the other important position is of course the president of the New York Fed

which we know that President Dudley will be, you know, stepping down

and handing over the reins to somebody in mid-year, next year.

So there's going to be a lot of change in the key leadership positions and yes it does matter.

Matters a lot in terms of how they will work with Chairman Powell

and what their views will be on monetary policy.

...