tumbling around 3%, as you can see here. the dow slipped over a thousand points. bbc�*s ritika gupta says the central bank's cautious outlook for 2025 rattled wall street. i was a bit surprised because they made a very clear that they would cut, that they were concerned that inflation is not coming down as rapidly as they would like, economy still strong and robust so that suggest that they were going to revise the number of cuts that they had forecast. less than the september forecast, they would do a four quarter point cuts, now they said they will do two of those. it doesn't surprise me at all given what they said, i'm surprised the market said, gosh, what are they talking about? even though i think that's what they've been saying

in the last few weeks. how are you weighing up the inflation, potentials for next year especially with the trump presidency and the tariffs that is flat? so i think that you will see a lot of robust economic activity, that you will see an extension of the tax reforms in tax cuts that the president—elect trump put in when he was president. and perhaps even further cuts or giving more incentives for investment. the tariffs will move prices up on a 1—off basis, they will be an ongoing inflation, the price level up a bit will move but i think the fed will look through that most likely but i think the fed is seeing most likely a more robust economy, more investment, more optimism and so, reasonably, they are saying well, we should slow down the number of cuts we should do. talking about the relationship between the fed and president—elect trump, there has been some icy words exchanged between the chair jerome powell and trump, there was thought that one point that trump may try

and remove him, how do you see this shaping up? i think president—elect trump said he doesn't plan to remove jerome powell. and he made it clear that if he did try, he wasn't going. and now they seem to be on the same page. they did cut interest rates and president trump — president—elect trump is a low interest—rate guy and is consistent with whether president wants the fed to go but he will get as much next year as i think he might like but my hunch is that the economy was doing reasonably well and the economy is doing well relative to the rest of the world, he probably won't focus on the fed too much. i wanted to ask you, christmas is coming, is the us consumer out spending, what do we know about that? so, the consumer is optimistic because retail sales have been stronger than had been expected. the consumer does not have as much savings as they once

had because of the all government programmes are put money into people's pockets. they've been putting down over time so the savings rate is around 4%—4.5%. that's not especially high but it's not terribly low but there seems to be a lot of optimism and the consumer keeps consuming and a lot of optimism both for tech investments like ai as well as because the prospects for deregulation and so i think that will be really helping to maintain demand. but on investment side and consumer side. amazon workers are said to walk out on strike on thursday. the union which represents 10,000 workers said the industrial action is in response to amazon's refusal to recognise the union and negotiate with them on labor contracts. crucially, the strikes are occurring during the christmas season, one of amazon's busiest period here. the us supreme court has agreed to hear tiktok�*s appeal against a nationwide ban. the court will hear arguments on the 10th of

january, just nine days before the law targeting the app is set to take effect. judges have so far sided with congress and the supreme court will be tiktok�*s final opportunity to revoke the looming band. ford is appointing a new quality chief, a person in charge of catching defects on vehicles before they are sold to customers. it's been a major issue for the us automaker this year. after a government investigation found that it failed to recall vehicles with defective review cameras in a timely manner. as a result, for pay $165 million in penalties. the new quality chief will be appointed early in the new year. you might remember online investing platform robin hood, a key player in the stock frenzy we saw back in 2021. these days, the online training platform is expanded into cryptocurrency�*s and wealth management to stop the bbc�*s sedan with the company's chief executive and asked him what an incoming trump administration will mean for businesses like

his. ~ ., ., ~ ., his. we have worked to diversified _ his. we have worked to diversified business - his. we have worked to | diversified business and his. we have worked to - diversified business and make sure that we are a strong, growing company across all market environments regardless of whether it is a democratic administration or republican regardless of its high interest rates or low but yes, sometimes, there are things that the business and i think having a clear revelatory framework behind crypto where we are one of the leaders in the us is going to be very helpful, notjust for us as a business but for the industry which has been under linda assault from the current administration.- assault from the current administration. , ., administration. they said that ou are administration. they said that you are one — administration. they said that you are one of— administration. they said that you are one of the _ administration. they said that you are one of the biggest - you are one of the biggest winners from the trump election when an understanding about who donald trump is bringing into his administration, the likes of the department of government efficiency led by elon musk and how do you see that? i efficiency led by elon musk and how do you see that?— how do you see that? i think it's strong — how do you see that? i think it's strong for _ how do you see that? i think it's strong for our— how do you see that? i think it's strong for our business. |

it's strong for our business. generally speaking, efficiency and making the government run more smoothly, i'm huge believer in that and i think that he could not on the save costs and the cost have been increasing tremendously but it's notjust the cost, introducing the friction to the us being the market leader in new innovative industries. crypto, we mention but also ai and ultimately, it will be the combination of cutting costs but also putting in place policies that make america the best place to do business which ultimately will drive gdp growth and i think we can do both in this country. i don't think we have to pick one or the other. think we have to pick one or the other-— think we have to pick one or the other. .,, , , ., ~ the other. robinhood speaking there. the other. robinhood speaking there- 2024 — the other. robinhood speaking there. 2024 was _ the other. robinhood speaking there. 2024 was quite - the other. robinhood speaking there. 2024 was quite a - the other. robinhood speaking there. 2024 was quite a year l there. 2024 was quite a year for concert fans and there was no big event in taylor swift's pterosaur. from march last year until last week in vancouver, the popstar performed 150 shows in the us, europe, asia and canada. all the hard work

ranked in $200 billion in sales. tickets for taylor swift's concert went quicker than coldplay, around the same time. american university economic professor explains what's behind the success of the swift torah. so, it's twice as big as any other tour, she famously was the first billion—dollar tour. you mentioned since surpassed $2 billion, 150 shows but also it was $14 million per show so, she is a hard worker, she went everywhere but also, she was getting a lot of money per seat as well. you'd teach swiftonomics class in the university, what are the economics at work behind taylor swift? yes, so, we talk a lot about the music — economics of the music industry, one thing that's happened in the music industry, more generally is the cost of listening of music and streaming music has come down, the cost of going

to live music has gone up, the artist are turning to touring to make all the revenue so that part of what's going on but the other part is really about market power, we spend a lot of time talking about the market power of taylor swift and how she is able to use that to charge higher prices for her tickets but also to negotiate some of the big music players like spotify and we also talk about the market power on the ticket distribution sales infamously, ticketmaster who is the us distributor of tickets is under investigation by the department ofjustice now for and anti—trust violation and competitive that is also pushing up the price of tickets. and so, all this market power is increasing prices for consumers. lots of topics to discuss. you mention spotify, does this suggest that the model for making money as a musician has changed with the idea

of labels and selling music labels and things have changed and people instead of going towards concerts and gigs? i think that's right, in some ways, the album has become almost a side, a way to drum up business for the tour and that's where you're going to make all of your money. is she a unique entity or could we see the likes of the oasis tour replicating some of the success? so, coldplay also hit $1 billion this year so because ticket prices are higher, we will see more big towards and i'm sure that a lot of artists are going to take some pages out of her playbook, she ran that tour so well. but in some sense, she is very singular in terms of how her artists and fans are. she also had the highest grossing concert film this year, she had the fastest selling book in 2024 so, it will be a hard act to follow up. i don't know that anyone will quite reach a level anytime soon.

we saw here in singapore where the city or bus stop. a quick look at the markets before we go. we are seeing them raise hurley —— earlier gains. asx 200 almost 2% and japan's new kay dunne 1% expecting a rate spent left on hold. —— nikkei. thanks for watching.

tonight on the catch up, teenager gels for dangerous driving. the let us on the southport stabbings and of positive news. first tonight, a 19—year—old who was filmed in loving us while driving just before a high—speed scratch has been jailed for nine years. after pleading guilty to causing the death of his three friends by dangerous driving. thomasjohnson friends by dangerous driving. thomas johnson was friends by dangerous driving. thomasjohnson was driving up to 100 mph before his cartridge he. he was injured and the passengers were killed. in a split second, it could be your reality. so do not drive dangerously and do not consume drugs while driving because it's never worth that for this outcome. a lot of you will

remember the stabbings that happen in southport injuly. these girls were at a dance class when they were killed. today, the man suspected pleaded not guilty to murder and attempted to murder ten other people. he refused to speak when asked to confirm his name and enter his place. and we know how the news can feel heavy so we are relieving 100 of the years most positive stories. it was really hard to pickjust stories. it was really hard to pick just one stories. it was really hard to pickjust one but of course, we chose ten seconds of acute animal story. this is a charity that makes wheelchairs for dogs, the founder says seeing the beautiful dogs adapting and proving that this ability does not hold you back is rewarding. and you can see loads more of those stories on the bbc news app, those stories on the bbc news app, just scan this code and that's it from us, have a good one.

hello and welcome to sportsday — i'm gavin ramjaun. could rashford wave goodbye to old trafford? his new head coach wants him to stay. we'll explore what could be next for the united forward. the holders progress, but liverpool are given a scare against strugglers southampton in the league cup quarter finals. late drama for arsenal in the womens champions league as they beat bayern to win the group.

and we'll show you how tyson fury kept fight fans guessing, ahead of his rematch with 0lyksandr usyk. welcome to the programme. we'll bring you up to speed, on a busy evening on the efl cup, and the women's champions league in a moment. but first, to the man, who very recently was the golden boy at old trafford and very much one of the most in—demand forwards in the world. marcus rashford has been at manchester united since he was a child — he could now be on the verge of leaving the club — but his coach wants him to stay. joe lynskey reports. the next train to arrive on platform one... as manchester united caught the train to london, one player wasn't there. they had to face spurs on thursday with marcus rashford, for now, missing. absent from the platform with

a career now at a junction. he still has four years left on his contract