s. we are joined by terry simpson, multi-asset investment strategist for blackrock.out the u.s. economy. first of all, do you take any information out of these initial jobless claims? terry: it is hard to tell when you look at this. we try to look at the four-week moving average. number,een a very flat as jonathan mentioned. at this point, we are trying to look for other indicators they give us a picture of how much has been eroded. pull toothink you can much from the weekly jobless claims now. david: some sort of inflation with wages -- are you struck by the fact that we have such an apparently tight job market, yet we are not seeing the wage growth we normally would say? terry: if you think about no one a wages, it is definitely a function of inflation, also definitely a function of productivity. inflation is still subdued below to thinkl -- we have about that. broadly what it shows is that it leaves markets slack in the economy. one of the things i try to look at is beyond the you three number, which is what the median number talks about -- look at what janet yell

blackrock. bring up the transatlantic divide chart. it's a real simple chart. the five year out, five-year view of their inflation. and s. grand granted, it's rolling over in the united kingdom, but gap here in inflation outcomes. where's the opportunity in this? i think the opportunity is staring you in the face, which is to kind of -- those two are going to come together some point. i think the u.s. has been the really interesting thing. in arket now is pricing some big deflationary signals, downside s now, surprises. you've got oil, which i think is now testing the bottom of his new range. my incollision asian is if you believe in economic momentum, a ight labor market is eventually going to lead to pressure, you want to fade those moves. so there is opportunity on the break evens.s. also, the market is pretty long u.s. treasuries now. a change from a few months go, so potentially scope for a reversal. tom: where do you fit in on friday that he really cares p.m.i.'s and the efo institute is, frankly, the pmi's?of all do you care about behavior or litmus tests of manufacturing nthusiasm? rupert: absolutely. that stuff

faster than the average s&p company, would you have dramatically different -- >> you friends with fink >> yes >> blackstone 1985, 1988, trying to come up with a name comes up with blackrockflattery to me it's always been -- larry i'm blackstone and i got this great going. you got to name your company blackrock after i named mine back stone did that ever irritate you >> it's a wonderful story. we started in business together. we put up the initial capital. >> i would be irritated, copycat. >> no, we love it. i'mtation is the highest form of flattery >> it's a wonderful story. we started the business together around 1988, '89 and they wanted to sell it four or five years later and so we had to figure out when we were separated -- because they used to be called blackstone financial and needed a new name and we each had advice jobs so larry and i were talking what the outside advisers saying make sure you don't have a name that's similar, it will completely confuse people. >> it still does >> and that's purposeful larry and i were sitting down and he said what do you think sort of about having a family name withblack in it and i said that's, i think that's a good idea i thin