kriti: have to wait through the trading day in new york but all eyes are on fridays u.s. jobs report. this is bloomberg markets. ♪ kriti: read on the screen when you look at the s&p 500, 3982 on the benchmark and lower by 0.2% but the funds are going into the bond market with the tenure bond pulling away from the 10% level. chris verrone joins me, 393 on

the 10 year, how much of this is positioning ahead of the jobs report, i will argue all of it. as those yields come down, the dollar falls by 0.2 percent. by the same margin as the s&p 500 and nymex crude is not far behind, down 0.3 percent which screams lack of conviction and volume and a lot of caution ahead of the major economic data. let's get to the real story as we talk about the economy, we spoke with brian moynihan a bank of america about the likelihood of recession. >> the u.s. has a huge economy which moves along so if you think about our team, our research team which is one of the best in the world, they basically have a recession predicted in the third quarter of this year.

it's a slight recession. it goes down 1% or two and goes back up and then it gets back to 1.5% growth getting of next year but still below trend. kriti: with a possible recession looming, u.s. jobless claims rose to the highest level since december. the market was jumping off the data point thinking that -- the market thinking that's a good thing. steve matthews joins us in the market reaction was interesting because no one should be cheering for higher unemployment but it seemed as a positive for the federal reserve. >> it is seen as a positive in that we got the jolt data earlier this week which is job openings and one thing the fed is looking at his job openings compared to the number of unemployed. it's running nearly 2:1 to each unemployed worker and the fed sees that is unbalanced and

would like to see closer to one which is what it was before covid. you see some pickup of unemployment, not that they are cheering for people to be thrown out of work but they would like to see more balance in the market and this is just one week. it's interesting there is any market reaction at all because there may have been some special factors. who knows? who knows of its noise or something is really going on? kriti: as we were talking about chairman powell during this testimony, you are seeing the 50 basis point rate hike priced in. what is the threshold to get to the half-point hike? >> tomorrow we get the employment number for last month and that will be critical. the economists surveyed by bloomberg are predicting 225,000. if you get something like that, that is probably enough to tip

the fed into doing a 50 basis point hike. the fed's goal right now is to see below trend growth and if you get 200-200 50,000, that suggests the economy is picking up, that you have a strong economy going into the first quarter and that's not exactly what their goal is right now. kriti: what happens if we get a soft jobs report? the first after 10 consecutive payroll beats? how does the fed approach that? >> if we get a soft report, that basically leave the door open for 25 basis point hikes later this month but it really shifts the attention to next tuesday when we get the consumer price index report and cpi will be all important. if the jobs report is ambiguous

or weak, that will really put a lot of emphasis on the cpi next week. kriti: steve matthews walking us through the important data point we will get tomorrow, we thank you as always but joining us now is chris verrone from's strategsa. congratulations. let's game this out. if we get a hot payrolls report after 10 straight beats, it's pretty easy what the equity reaction will be, equities up and yields lower. >> what's the utility in thinking about the whole year coming down to one week of data or one data point. i'm always a little skeptical when the consensus gets focused on one print. the trend in the yield is up whether it's a soft number or a hot number, i'm not sure that

changes here. what i would be curious bout after a week of pretty hawkish language from the fed is what the two year yield will be. all you need to know about the direction of monetary policy is the two year yield. my suspicion is we have not seen the high here but at the end of the day, if the terminal rate is five .25 or 5.70 five, the diet is already cast. things don't change with the long-term outlook. kriti: soft labor jobs report, what do we get in terms of an immediate reaction? >> i don't like boiling down a market to one level, 3940 on the s&p 500 over the last couple of weeks. the banks are making 52 week lows. let's say what is the message of bank of america on the lows?

there used to be a time when you could say banks down does not for bode great things for the equity market. kriti: let's go to the bond market because we are seeing price action here. 4% on the 10 year, 5% on the two-year and use of those rituals get crossed but wasn't sustainable. how can they sustainably be above that? >> my suspicion is that rates up, the market can tolerate its when rates start to fall that you have to ask what does that say about the economy? the window were risk has worked has largely been with rates going up. i would get more worried if you begin to see the short and start to fall which would steepen the curve. you don't want curve steepeners. that is when all the bad bets are happening. we've gone back and looked at this historically. when the car begins to steepen, that's typically when the trouble begins to emerge.

kriti: you said 52 year lows for a lot of the banks and financial sector. yet we are anticipating higher yields. it feels that's contradictory. shouldn't that be a positive for net interest income on higher yields and the stock? >> you would think so and it brings us back to the price action versus the news. i think about the three things that have driven rates -- nin i wouldn't say all three are in good shape, there is competition for deposits and we see that with the two-year treasury. why do i need a deposit when i can get 5% on a treasury? when you look at the shape of the curve, the yields may be up but in an inverted curve is not the framework for domestic banks to do well. you look at the decades low,

these banks have some exposure to that. kriti: what's the upside? kriti:>> it's probably 4350 which is the largest -- one of the largest rallies we have ever had. as weak as banks are, industrials are not that great. i'm not sure this is a year that lends itself to one call. last year was about hitting home runs come along energy, short tech. this year's pick your spot and don't get picked off first base. kriti: you heard it here first. we appreciate it as always in time for first word never -- news. jennifer: a train carrying toxic

chemicals derailed in east palestine, ohio. that's from the chairman of the senate committee during the first congressional hearing about last month's accident. norfolk southern ceo opened his remark to the panel with an apology. >> i want to begin today by expressing how deeply sorry i am for the impact this to roman has had on the residence of east palestine and the surrounding communities. i am determined to make this right. jennifer: the railroad has committed to $20 million in reimbursements and other payments in east palestine and is working to remove waste from the area. in ukraine, russia launched a devastating barrage against cities thursday, at least five people were killed, hundreds of thousands more will plunge into blackouts and the russians were said to use a new mix of weapons that mostly evaded air defenses and j.p. morgan chase has been ordered to turn over more

records from jamie dimon in a lawsuit filed by the u.s. virgin islands it accuse the bank of facilitating jeffrey at steen sex trafficking. jp morgan is blaming their former executive for ties the financier and demanding that all of the compensation is returned for eight years, more than $80 million. staley has denied knowing about epstein's crimes. global news, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ it's easy to get lost in investment research. introducing j.p. morgan personal advisors. hey david! connect with an advisor to create your personalized plan. let's find the right investments for your goals. okay, great. j.p. morgan wealth management.

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because as we work toward a lower caon future, it's only human to keep moving forward. kriti: this is bloomberg markets. we are getting breaking news -- excellent banker roger ng getting 10 years related to the

1mdb scandal. walk us through the significance of this. sonali: prosecutors had initially sought 15 years but he had gotten 10 which is the sentencing after the jury found him guilty on several counts. he was not the only former goldman banker, there has been eyes on tim weisner as well. this scandal had struck the globe. there are photos of him from earlier. it really turns the page for a lot of this trial and finally, we know the verdict. kriti: something we will keep an i on. we want to talk about the wall street of it all, specifically in the context of the news coming out of washington. president biden making his official budget now known. a lot of that includes major tax plans that could have a big effect on wall street and some of the biggest players.

let's bring in david westin to walk us through the take away here. there is a lot in here we knew was going to come about, the tax implications going hard on wall street. how much success will this get in congress? david: how about zero? there is a lot of takeaway but you don't take away much taxes. none of this will happen, personal taxes, corporate taxes but you've got a majority of republicans in the house and a lot of this up president biden would've liked to have done when he had a majority in the house. the bigger issue for those subject to the taxes is not this plan the perfect the president is proposing this as a political matter because he thinks there's political support for this sort of move of taxing the rich across the country. kriti: is this flag-waving ahead of 2024 from a political perspective? david: i think there are two things, number one is the debt ceiling, this is the beginning

of the real negotiation because the president put out its plan and time for kevin mccarthy to connect with his plan. that's short-term but long-term, this is positioning for 2024 assuming the president runs which it looks likely. he is saying i tried to tax the rich. they complained about the deficit and i had a plan to fix it but they want to take care of their cronies. kriti: it's a fascinating story in washington. you are out front about how important that debt ceiling is to the wall street players, how was wall street responding? sonali: the positioning against the debt ceiling and for president biden to come out so strongly, there is anxiety already going into the summer about the debt ceiling itself but the wrangling going on around it and the longer-term issue beyond the debt ceiling, the idea that the net interest payments are set to quadruple through 2050 anyways with an interest rate rising

environment. on the tax front, there is a lot of things that president biden had tried to put forth that were wrought back that are now put forward again including variable interest in stronger capital gains taxation. the outlays in terms of they think they will save from each of these measures are interesting. i would include real estate as well which is likely to highlight just to be highly fought especially the attack on oil and gas as well which is suspect to save $31 billion. kriti: something we will keep an eye on, wall street meets washington. thank you both for walking us through that important story. watch david westin tomorrow night on wall street week at 6 p.m. tomorrow. it's day four of weekend shell says they are going to be

providing all sorts of energy. alix: joining me now is the shell ceo, somewhat new to the job. it's great to talk to you. i was in houston for the last three days. one of my biggest takeaways was the conversation that continues to revolve around the carrot and the stick with the u.s. offering the carrot when it comes to energy transition and europe given the stick. what is the most successful policy? what will the u.k. do? >> i think you are right, there is a carrot and a stick but the critical piece is long-term stability. what the u.s. has done well with the inflation reduction act is given a 10 year window about some of the investments we are doing and it has given regulatory support. what europe has done well is to look at that incentivizing demand and the supply so that's something europe as. what we need to stability and

long-term stability because these investments are long-term investments. alix: are you changing how you allocate capital based on a different approach in different regions? >> we continue to invest heavily in the u.s. which is our single investment market. we do see more of the investment coming into the u.s. because of the inflation reduction act. more on our exact allocation to come in january. alix: do you think we will enter into some kind of subsidy war between europe, the u.k. and the u.s.? >> i really hope not. i hope we rise upwards altogether and we need these incentives to be able to create investable opportunities. i think there is a real space for europe to be able to match some of what the u.s. is doing but also for marcus to continue to work together on this.

alix: there was some reporting that shell was considering relocating to the u.s.. i'm wondering if you can take me behind some of the discussions that might have taken place or why that might be a viable thesis. doesn't have to do with some of the treatment in the ira? >> i think the story that came out is when we were going through our headquarter moved to relocate after the netherlands to the u.k.. it's only natural we looked at all the alternatives and very quickly landed on the u.k. as being an option we wanted to go to. that does not in any way reduce our appetite to invest in the u.s. and beyond. we are ultimately an international energy company. the inflation reduction act will attract more of our capital as will other opportunities in other markets as well. alix: you talked about how

europe got by with a lucky strategy meaning it got warmer over the winter so it survived the winter even with the energy crisis. can i in for that you think europe should be getting into more longer-term lng contracts to avoid the luck strategy? >> it wasn't the luck strategy, i said it was a combination of self-help and lot. luck came from the weather which was milder than other winters and china was not taking liquefied natural gas which it would nationally -- it would naturally do. those dimensions meant that europe was able to attract more of the thanlng the opportunity to put more structural measures and around term contracts, absolutely, there needs to be term contracts so you are not subjected to the volatility that comes with the spot market. alix: that seems like a yes. >> absolutely.

alix: let's turn to oil for a moment. bp recently made adjustments to its strategy by spending more on oil and gas more than they expected to an shell has a commitment to allow out but to decline about one or 2% and you announced that in 2019. are you sticking to that were readjusting? >> more on that in capital markets day in june. what we have done over the past few years is we have really been able to high great our portfolio of assets upstream. that has resulted in a lot higher margin than we had in the past. a lot of what we had anticipated to do across the decade, we were able to do in a shorter time and achieved that high grading in shorter time than what we otherwise would have. in june, we will be able to guide the market as to what happens from here on in.

alix: could you give me a sense of where you may be interested in trying to grow production? the ceos that i talk to are talking about much more about deepwater and offshore in a way they haven't in years. alix: i am biased so absolutely, i see more in the deepwater space but also other markets. we continue to invest in places like malaysia and kazakhstan and others. in essence, where we see running room and these opportunities, the u.s. and mexico is a big one as well as brazil. we have a set of eight court assets in her upstream business and significant investment opportunities in our guest business such as copper in canada. alix: where do you think in that portfolio it will allow your valuation to re-rate? your share price is no caught up

with exxon and outperformed recently but on a price to earnings multiple, you are have of what exxon is so how do you get that higher and better credit for what you have? >> great question, one is performance and to his discipline. performance in the sense we know we left money on the table and we need to have a track record of consistent performance and that's what i am focused on. discipline and how we allocate capital, whether that's allocating capital to deleveraging or shareholder distributions or the choices we make on what we invest back into our business. we will be looking at that to deliver the returns that our shareholders expect. alix: will that mean investing more in the stuff that has higher returns versus alternative energy where the returns are unknown? >> more to come on that in the way we split it but it's fair to say this is a balanced strategy.

we are investing for short term but we are also positioning ourselves to be able to create the longer-term returns with the right low carbon and zero carbon opportunities. alix: it very much echoes what bp has been saying but you haven't gotten credit for it yet. before i let you go, do you think we see $100 oil before we see 60 or vice versa? >> oof, the one thing i've always gotten wrong is guessing oil prices. the fundamentals show a tight market at the moment. it's more likely to be on the higher side than the lower side. the biggest questions in my mind or what happens to the economies of this world. there was some recessionary looks into the end of last year and that has eased which is an upside. the second big one is how quickly will the chinese demand,. those two big ones are the big ones.

on the supply side it typically what happens with opaque -- with opec in the shale interests. that's what we watched. >> that's what bp said. you guys are on the same page, thank you so much and we appreciate your time. the shell ceo joining us there from houston. kriti: we thank you as always for that conversation. coming up, we will speak to the ireland finance minister about multinational investments in the recent trade deal between northern ireland and britain. i want to check on these markets because you are seeing red on the screen with the s&p 500 with selling accelerating, down 0.5% and the nasdaq is lower as well about 0.7%. what's distinct is the money is going into the bond market, the 10 year yield at 392 fully -- pulling back from 4% ahead of the jobs report tomorrow and we

got a 30 year option which is throwing a wrench into the bond trade the moment. it's taking the bloomberg dollar index with it. more markets coverage ahead and we have an exciting lineup and a lot to discuss across the board. we will talk about eco-data, this is bloomberg. ♪ alarahhh ahhh get help reaching your goals with j.p. morgan wealth plan, a new tool in the chase mobile® app. use it to set and track your goals, big and small... and see how changes you make today... could help put them within reach. from your first big move to retiring poolside and the other goals along the way wealth plan can help get you there. j.p. morgan wealth management.

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♪ ♪ jon: kriti: welcome to bloomberg markets. kriti:let's dive into the price action because we are seeing a selloff that is accelerating on low volume but a lot of this is due to positioning within s&p 500 down about 0.6%. the nasdaq is lower as well. it's going to the bond market, 392 on the 10 year yield accelerated by the 30 year auction, six points lower and with it taking the dollar.

the greenback is about zero point 2% down. with that weakness, nymex crude is not going in the other direction. jon: in this kind of environment , it's interesting what companies say about the road ahead is crucial to performance on a daily basis. we have seen some encouraging commentary of general electric particularly in the aerospace business and ge shares are still up but a 6.5% lift. a similar outlook from the retail player bj's, up about 5% and spit -- and sector specific stories. the parent of silicon valley bank had a crash crowns -- crash crunch. we've been tracking the wind down of silver date and we are talking about the yes they with shares down another 25%. kriti: it's kind of scary to be

watching the coffers getting pulled out of the equity markets, specifically related to the crypto space. the macro trend is still a major driver in u.s. jobs are out tomorrow and the federal reserve is paying close attention to wage growth which is a determining factor of lower inflation but how do you trade it? i want to walk through the positioning because i'm not concerned about tomorrow, i'm concerned about monday. talk to us about how people are preparing for tomorrow? jess: the positioning this week wasn't quite what you thought it would be so citigroup had interesting data when you look at implied volatility. we are sitting around 26. it was in the low 30's. if you are looking at open

interest, that's rising which shows going into tomorrow's jobs number, a lot of pressure to see what that looks like especially on the back of the january strong data that was 517,000 jobs created. what does the revision look like for that data so pressure on the jobs numbers and cpi. jon: you mentioned the month of january. we saw that strong start to the year for equities. i wonder how much of the strategy talk right now considers the fact that you had a relatively up beat start to the year when clearly, as jay powell said, the fed is not finished with rate hikes. jess: another important topic is looking at there-we datai and because itg hashting will see that pressure there especially

seeing maybe more of a boost in the third quarter toward the core number. when you look at last year's laggards, technology, discretionary in january, what does that mean going forward. there is a potential tech rally so if somebody's job numbers were cpi comes in cooler than expected. jon: thank you very much. let's keep the conversation going. a lot of tension right now on where the fed will go with rates. there was another quote that says --

let's get more perspective from the president of u.s. economics research at barclays. nice to have you with us. i want to get your perspective on rates but let's start with tomorrow's jobs report and your own expectations. >> thanks for having me on the show. tomorrow's jobs report is going to be unusually important. we have all seen how the market has moved. for tomorrow, we expect non-come payrolls to come in at 225,000 so that would be a substantial slowing from the blockbuster january print but a number above the 200,000 handle would still be a job -- a strong jobs report. what we will be looking out apart from the headline payrolls number is what happens to average hourly earnings.

our expectation is we are expecting 0.3% which is in line with january. our models tell us that we might be in store for another fairly strong jobs report tomorrow. kriti: 225 and a lot of people are already saying that that is enough to hit that 50 basis point hike in a few weeks. citibank and goldman sachs are pointing to that is the base case. what do you need to see to stick to 225? >> based on what chair powell said in his testimony, the bar is for a 50 basis point hike which is lower. the burden of proof is that we need to see a weak payrolls data tomorrow followed by maybe some softening in cpi next week to expect the fed would go to 25

basis points and not 50. jon: against that backdrop, what is your outlook for where the economy is as we go through the year? everyone is talking about everything from a hard to a soft landing to know landing but what is your own outlook for where the economy ends up through this year? >> there is a plausible data path for all the scenarios you mention. our baseline is we think we are at a point where the cumulative effect of monetary tightening should start to show through in the data. we have had negative growth in the second half of this year. we are looking for what we would call a mild recession. it's around the same time we expect the inflation to start cooling and that's the shelter story you mentioned earlier where we think we should see some cooling and shelter costs and this should make for a

softish landing and that's our baseline. there is a lot of uncertainty given how much macro economic data has surprised to the upside at the beginning of this year so it's something to watch. kriti: disinflation is a trend we see across the cpi print and across the border in canada. what happens if we are to see an uptick in spain and france and the emerging markets? what are the odds of seeing an uptick in inflation in the states? >> i wouldn't completely rule out the possibility. it depends on where the uptick comes in what is the source. the components we are looking at and that the federal reserve has focused on is the core services component excluding shelter which talks to how pressures are evolving. if inflation proves to be sticky in that part and the labor market does not cool, that's

certainly a possibility and that would be a cause for concern. stepping back, if we have idiosyncratic moves and goods prices driven by something based on domestic practice, i wouldn't rule out the possibility but that's not air baseline, we still expect some disinflation to come through in the second half of this year. kriti: first time on our show and we are having her back, we thank you for your time and insight. we have a double-dip in our stock of the hour and we focus on gap and oracle. both the reporting earnings after the bell and that conversation is next. this is bloomberg. ♪

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kriti: this is bloomberg markets. time for our stock of the hour and we are focused on two names, we will start with cap but we will get to oracle in a moment with both reporting earnings and both the game changers for sentiment. investors are looking at gap and whether it's looking past last year's job cuts. always a pleasure to have you on the show. gap was supposed to be a star in every corner and then it hit different snacks. are we finally in the clear? john: they made some progress last quarter they reported, bringing their inventory down a bit or at least not expanding as quickly as it had. they got some of their costs in order and they saw some gains at banana republic as people

started looking for back to work clothing. the big? question is old navy which has been their driver and that has had missteps lately. they had a problem with a sizing change last year and some of their assortment mix was off. we will be looking to see if they get that ship in the right direction again. jon: just a few years ago, they were possibly going to spin off that business and it was seen as a sign of strength and there have been challenges in big management questions as well. we are still waiting for more clarity on the future ceo leadership at this company, is that correct? john: they've been waiting for a new ceo since their last one was ousted in july. we are still waiting to see if they will have a new permanent leader.

we will see if they have anything to say about that along with earnings. the interim ceo did manage to come up with a pretty good quarter for the third quarter. we will see if he has managed to keep things moving in the right direction. jon: we will watch that closely and thank you very much. staying with earnings after the bell, let's bring in our bloomberg analyst tracking the story of oracle a couple of hours away from reporting its quarterly results. if we had to be watching for one key metric in these numbers, what's on your list? >> any comments about macro, i think this will be closely followed because this company is reporting between two major quarters. this is a very large company that has exposure to enterprise

tech spending and there's been a slow down in that area the last couple of months. we need to see what kind of impact it has on different units. that's really the front and center for us. kriti: oracle for me is now becoming a cloud name, a household cloud name but it's not there to the level that microsoft or amazon web services is. talk about the trajectory in terms of claiming market share in the cloud. >> the cloud has been a big story for the past 15 years. the big just the first big shift was applications moving to the cloud and now infrastructure is moving there. oracle provides very critical work for legacy technologies and what we are seeing is some of those databases moving to the cloud and that's oracle's strength. their product is smaller than the large companies but i would

think it's growing faster and that's another area we think will be talked about quite a bit. we have seen some weakness when it comes to amazon and microsoft. jon: thank you very much helpful preview and we will watch for the oracle results later after the bill. time for a quick break but coming up, we will speak with michael mcgrath. this is bloomberg. ♪

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questions around the status of northern ireland. a new deal known as the winds are from work hopes to address those trade complications which ireland's finance minister is monitoring. he is also keeping tabs on economic ties in north america. he is in toronto today as part of a north american trip and joins us in the studio, thank you your time. >> good to be jon: here with you. jon:the windsor framie diveswork us from your perspective, your vantage point and how you feel about where things stand? >> we are delighted the agreement has been reached between the european union and the united kingdom government in relation to the protocol dealing with northern ireland and how northern ireland is to be dealt with in the context of brexit. the focus and priority is to ensure we can have trade between

ireland and great britain and we can ensure there is no hard border and be fully protected in the european single market. what this deal does is it ensures northern ireland the best support and access to the internal u.k. market and has access to the single market in the european union, 450 million people and protects the good friday agreement so we think it's a good deal overall. we hope it can be implemented soon. jon: perhaps resolving the issues with the earlier protocols. as part of your trip in north america, it is a reminder that ireland itself has been a multinational investment. walk us through the importance of some of those relationships. >> these relationships are absolutely crucial for us to volunteer in the lead up to st.

patrick's day and it's an opportunity for us to reach out to our diaspora to recognize the outstanding work of the irish community leaders here in canada and also to build relationships that would benefit irish businesses and canadian businesses as well. it's a two way trading relationship. we have a significant number of canadian companies with a presence in ireland. a similar number of people are employed here in canada by irish companies with operations here so it's a mutually beneficial trading relationship and i think both of our countries have common values in terms of our belief in multilateralism and the values we have of freedom of speech, supporting democracy and a rules-based order for international trade. i think it has served as well so this is an important relationship from a perspective of the irish government. kriti: let's talk about housing for a moment. inflationary pressures have been a theme around the world and

housing is a big issue in canada and the united states from a supply perspective and that can incentivize folks moving to ireland moving to mass immigration. talk about your view on that and how you were dealing with it. >> we are working really hard to increase supply of all forms of housing. it is a challenge and we did have an interruption to supply for a number of years during covid-19 but we are now making progress. we increased output laughter by almost 50% and we have a growing population in ireland and have met inward migration and received about 75,000 people from the war in ukraine and others come to ireland seeking international protection and others coming there because they see the economic opportunity in ireland where we have almost full employment and a growing economy and a lot of opportunity there. it puts pressure on the housing system.

we have really prioritized investment in housing in all types of housing with affordable schemes, cost rental schemes with more public housing and we are working with the private sector to increase supply so it's a challenge we are making progress and it's a top priority of government to make significant inroads into that. jon: on the subject of commercial real estate, two major irish banks have talked about some uncertainty there, people have talked about this since the pandemic. the demand issue with commercial real estate is one issue and there is the interest rate issue that everyone around the world is grappling with. what are you hearing in terms of the outlook on commercial real estate? >> i think there is a degree of uncertainty there and we have been changing the dynamic in ireland in recent years. we saw major investment in commercial will estate with

offices being built. it is likely we will now see some reallocation of construction resources toward residential development which will not be a bad thing. from an irish perspective, in terms of our financial system, it's well-capitalized. the irish banks have a very diverse portfolio in terms of the loans they have offered across residential and commercial real estate and the renewable sector and indigenous businesses. it's very diverse and widespread and there will always be a place for offices and i think we will see continued investment with probably some reallocation of resources to the construction of more homes into the future. jon: you mentioned st. patrick's day is around the corner. you are wearing a green tie today and usually, that marks the start of a sizable travel season to ireland. in terms of economic benefits, what will you be watching for this year? >> tourism is a vital industry for ireland and we welcome all

of our visitors from canada and the united states and all over the world. we think the offering we have is good value people enjoy the scenery and connecting in some cases with cousins and relatives back home. ireland is an absolute beautiful country with so much to offer. we welcome all of our visitors and we think it will be a good season. many people could not come for the past couple of years but now restrictions are gone so come and enjoy our culture and our environment and the wonderful things we had to offer. jon: we appreciate your time today, thank you very much, the finance minister joining us in our studio. kriti: a great guest to have on this show. i want to start off with some deal coming from the ftc, the black night and ice deal, the merger that was supposed to happen, the ftc said they are worried about top competitors combining saying it will drive up costs and reduce innovation.

black night shares are down 1.4%. you're also seeingsvb financial which was struggling is down 54%. more markets ahead, this is bloomberg. ♪ x automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh as a business owner,

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jon: the bridge to nowhere. jay powell in the fed heading into their quiet period of market left to its own devices. romaine: happy -- day. >> looking at a busy day. we have washington news, big news coming out on the eco-data front. traders with nowhere to go but down today. romaine: in the last 30 minutes or so, we have seen deterioration in the market.