What The Bond Selloff Means For Your Wallet & Simplifying Finance For Your Family

Scarlet Fu (0:02)

Bloomberg Audio Studios.

Christina Ruffini (0:04)

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.

Good noon, everyone. Bloomberg Money here, Scarlett Foo and Tom Key. Thank you for being with us. What an odd, what an exhausting week we have had here with the traffic. You went cross-town. Did it take 20 minutes or an hour to get here?

Scarlet Fu (1:07)

I had to get out. I had to walk. I mean, I had to wait behind barricades.

Tom Keene (1:11)

Junior's Pro, Miles Miller, record, five different taxi cabs to get over to the Dolce & Gabbana Center.

SPEAKER_5 (1:18)

How much did that whole thing cost?

Tom Keene (1:19)

It was, I don't know, Redo Gregori's Keeper of the Amex is the only one who knows that. Information, it's a really twisted and special Bloomberg Money today, but we have to go to it. The back end of the show, Taylor Swift will join us.

Scarlet Fu (1:32)

Oh, that's a good piece.

Tom Keene (1:33)

Out with a new single.

Scarlet Fu (1:34)

That's a good piece.

Tom Keene (1:35)

That's a zeitgeist right now.

Scarlet Fu (1:37)

That's how people are spending their money.

Tom Keene (1:39)

We've got a great, great show for you. Jeffrey Rosenberg holds on to Florida BlackRock. Really good out of Carnegie Mellon and Tepper Institute. Jeff Rosenberg, the high yields. Forget about the math. What does it mean for your personal finance, your retirement, your wealth management?

Scarlet Fu (1:53)

And we've got Barry Ritholtz. He's founder and chairman of Ritholtz Wealth Management. He's host of Masters in Business on Bloomberg Radio. He's going to talk about how wealth is actually created in America and, hint, it involves taking risks.

Tom Keene (2:06)

Stop the show. His book is phenomenal.

What's the name of it? How not to screw up. That's the name of the book. It's done really well. It deserves to be. We're thrilled that Barry with us, given the tumult that we've seen this week. Data check. Scarlett's going to go across the asset. I've got the stock data check for you here. And Friday was the next uptick. I think more than a normal August Friday. We're in the market now. The Dow 356 points. To me, the story is a VIX, which goes against surging dollar, surging interest rates, surging into the weekend. What do you do with your 401k? I have no idea.

Scarlet Fu (2:41)

Big question, Mark. All right. Speaking of surging interest rates, yields on the 10-year are at the highest since 2007

You can see they're 5.16 percent. The five-year yield is trading above 5 percent. We're going to get into bonds a little bit later on. Stocks are set to close out the week with a modest gain. The dollar is somewhat weaker and look at that oil price is down 2 percent for the week but it doesn't feel like it.

Tom Keene (3:02)

Audible off this. We're going to do an audible here with a remote camera here. Get over here. I got to fix my bow tie. That's the first thing. There we go. Nikki Waller with us today running all of our personal finance just doing a superb job of timely stories. There, Miles Miller is with us. Just say he's a senior reporter doesn't even describe. He covers all sorts of things, yes. He's a handle on this great metropolitan, Thighboro, New York City and also down in Washington as well. Can you bring the camera over here? I mean, could you look at Carol Masters' notes? What do you think this is like? We don't have any notes.

Christina Ruffini (3:35)

This is my world.

Carol Masters (3:37)

I'm a note and a paper girl.

Tom Keene (3:39)

What are you and Tim doing this afternoon?

Carol Masters (3:40)

What are we doing? We're going to do a little bit of China. We're going to be talking a little bit about Cuba.

Still staying with the UN. I feel like it's been such a good time.

Tom Keene (3:47)

I agree. Eric Martin's Marco Rubio story, Bloomberg Business Week, world class on the secretary.

Scarlet Fu (3:53)

Yeah, he's been covering national politics, national security.

Tom Keene (3:56)

Let's jump into it right now. Nikki Waller with us on personal finance here. I have no idea how you start your Monday morning meeting given the present chaos. Is your world turned upside down?