of the milken institute, and not just the fed, we are impressed. it took 38 minutes to discuss the fed, and it was you and not me or lisa. >> do we do ok? he said we were spot on. he also told you to bite your tongue. >> i know. i am trying. >> out of italy, 12.8%. cpi in italy this morning. year-over-year, the estimate, the estimate was 9.9. that is a big upside surprise. >> it's a bunch of elite stuff. i pulled out one of my ancient bowties. it's a bunch of elite stuff with fancy bowties and beards that need to be shaved, and the bottom line is that you need to know about elite idiots like us. italy is flat on its back it take us south of rome. no one goes south of rome except sicily. what is it like? they are flat on their back. >> my family is in a very tough time. it has always been it needs to get a whole lot better. >> 12% inflation. >> is a cost-of-living crisis. this is the key difference between now, lisa, and 10 years ago. the weak spot is germany. i'm looking at the breakdown of the regional stuff, and it gets a headline and about an ho