Bloomberg Money: 'Fed Needs Clear Inflation Target and Messaging'

**Alison Schrager** (0:02)
Bloomberg Audio Studios. Podcasts, radio, news.

**David Gura** (0:07)
Bloomberg Money.

**Tom Keene** (0:12)
This is the Bloomberg Money podcast. I'm Tom Keene with Scarlet Fu. Join us each week for a smart look at the forces shaping your financial life on personal finance, on retirement, and wealth management. We will explore how people are earning, investing, and building wealth. We are live Fridays at noon Eastern on Bloomberg Television. Subscribe to the podcast wherever you listen, and as always on the Bloomberg Terminal and the Bloomberg Business App.
We hit it out of the park today. Gur is here for Bloomberg this week. It's wonderful to see David Gur of Bloomberg this weekend. Alison Schrager here with an important story. This is a real pleasure. Hannah Elliot, what you do is you go to Baylor. And if you do Baylor, you do autos. Hannah Elliot or is this working with Matt Miller on an esteemed auto podcast? Let's get it started. I walked by Elucid. Elucid?
$200,000 or something. Are they selling? Are we going to buy fancy overpriced EVs with our wealth management?

**Alison Schrager** (1:16)
Apparently not.
The sales say no. The sales say Americans don't want EVs, unfortunately, for companies like Elucid and Tesla and other companies that are struggling and also for our domestic automakers that are actually pulling back on a lot of EVs they had planned.

**Tom Keene** (1:32)
Money question. Scarlett probably has this. I'm going to steal it from her. Should the Chinese be let into America to sell us cheap EVs?

**Scarlet Fu** (1:40)
You know what?

**Alison Schrager** (1:41)
I'm not an economist.
Jim Farley at Ford thinks that EVs from China will be here in the next five years or so. A lot of people, Keith Naughton, our esteemed automotive reporter, came on the podcast yesterday, agrees it's only a matter of time.

**Scarlet Fu** (1:56)
It's only a matter of time, but under this president, unlikely, right, David Gura, because he is all about trade wars and tariffs and making sure that he seeks vengeance on those who have wronged him in the past. You see this across the policy spectrum.

**David Gura** (2:10)
That's absolutely correct. He's somebody who loves tariffs. As he says time and time again, I would have a hard time imagining him welcoming Chinese autos into the United States as he invites American automakers to the lawn of the White House over and over again.
We saw him put these new tariffs in place just a few days ago. So that's very much the direction of travel.

**Tom Keene** (2:27)
You got kids at camp. We also have a president of the United States at camp. He's at Camp David right now, 60 miles north of the White House. The history of this cabinet room is extraordinary. I guess of everything I remember, Menachem Begin and Annmar Sadat with Carter in 79 Why is the president there?
It's a place where they talk about war, isn't it?

**David Gura** (2:48)
It's a great question. Were I the president, I wouldn't go for the day and leave as he's going to do. He's headed to Bedminster after this, but yet it's in the Catoctin Mountains in Maryland. As you say, 60 miles outside of Washington DC. We saw FDR go there during his presidency, which was called Shangri-La back then. Dwight Eisenhower didn't like the name. He thought that was a little too a feat. So he changed it to Camp David in honor of his grandson. He went there for many weeks after he had a heart attack in Denver. There was some talk of this being the first cabinet meeting at Camp David. No, this one is not. Eisenhower convened them while he was there.

**Tom Keene** (3:17)
There is a photo, Scarlett, I saw of President Obama playing pool. I can see President Trump bowling.

**Scarlet Fu** (3:24)
President Trump bowling?

**Tom Keene** (3:25)
There is a bowling alley.

**David Gura** (3:26)
There is a bowling alley.

**Scarlet Fu** (3:27)
OK, that would be an image. I don't know if we will get that on Truth Social.

**David Gura** (3:30)
But this is really just a venue change. It's the same kind of cabinet meeting we've seen. He's invited the press. And I'll say lastly on your point about the significance of this venue. Presidents have liked this place in the past because the press hasn't been able to go. And we see President Trump kind of turning that on its head.
He's got a live filmed cabinet meeting taking place at Camp David.

**Scarlet Fu** (3:47)
He's being true to his spirit. Allison, I want to bring you into the conversation because you recently had a column on how Americans are richer than ever before. But they're also angrier than ever before as well. The top 1% is richer or is everyone getting richer? Because you wonder how much of this is kind of relative gains.