we sat down with rob davis, the chairman, president and ceo of merck. take a look.n we last talked, you had made an acquisition. people were concerned. now i'm reading it pulled people back from the brink of death. it's that strong a formulation. >> it has been an amazing drug. it has. what we are seeing is -- it's anecdotal. we have had patients on transplant lists who have been taken off almost -- a very short time after starting it. it is having an amazing affect. we need to see it grow, which we are confident it will. it's an important drug. >> i started with that because most people start with keytruda. they don't realize, maybe prostate, bladder, hold and neck. i think when you have one of the greatest drugs of all time, it does tend to blot out others that you are working on. >> i think it's a great point to raise. keytruda has been transformational in the treatment of cancer. importantly, we are now in a situation where we can literally leverage the strength of keytruda to go well beyond. we now have a much broader pipeline in tissue targeting agents, with a

if you were in health care now, you'd be saying what -- if you're rob davis at merck, listen, thingster because it's all caught up with bonds. >> apollo today, torstin has a chart on 100 basis points of cuts, long end, up 100 basis points. what is that telling us about either the economy or foreign demand -- >> bond issuance -- >> and expectations for the coming administration. >> ariffs. we know the deportations are radically inflationary. >> right. >> but the country wants it. the country voted for that. >> tariffs and deportations, both potentially inflationary. some will argue otherwise on tariffs or talk about their only one time in nature and then you get over it. the deportations if, in fact, we get deep and significant levels, the wage inflation, many -- it's going to be significant. >> wage inflation went down when -- biden had a period where there were people coming through, and look -- they do service jobs, the restaurant, it's just that -- it's well-known that that's -- they start there, and they put the -- spent a lot of time with the families of people work -- it's amer