torsten is still with us to help answer that question.l up a chart now that shows brent prices over the last four years which came from a very high level, crashing down. now that come up somewhat. what does this mean for the world economy? this is fascinating. the timing of this decision is peculiar. you would've expected then he should've cut back when prices were really far down. foras taken quite a wild this decision to come around. that being said, it was clear the big disruption was the drop we saw in 2014. a significant impact on positions in the u.s. and anyone who was exporting energy. overall, this move is worrying in the sense that this could be something that could have an impact on the u.s. still, the move so far looks relatively modest. david: one of the things that happened was u.s. shale production. u.s. became a major oil producer in a way that it had not. torsten: the main issue becomes can opec control prices completely? the answer is no. that is very important. a coordinated cut in production across the board? will the

torsten, let's start, first of all, you say in your notes that the election of donald trump might haveis economy out of secular stagnation? is it not too early to say we are out of secular stagnation, if we were into it? >> the theme over the last few years was slow growth, low inflation, low interest rates. this has been going on for six, seven years. and if you look at the data since the election, it's striking that it actually shows a jolt that we moved to a higher level -- consumer confidence, durable goods, retail sales. all that suggests that we have unleashed some animal spirits, at least here in the early phase, which gives us some hope that we are leaving the secular stagnation theme behind. >> well, confidence index, that's a feeling for how to look towards the fire the future, but you have seen a move since the election? >> we have seen a move. but if you correlate it with consumer spending, it shows a strong correlation. so, it is a quite significant move we have seen this week and what that means for consumer spending bodes well. >> steven wieting, is the stronger u.s. dol

tom: torsten slok always making any, saying yesterday under deutsche bank scenario, equities up, equitiese bank equities time-out shery echo peter: all fundamentals seem to be in that direction right now. tom: guy johnson? guy: i want to come back to this position in energy costs. we have a new energy secretary come into place. saudi trying to boost the price. what do thendering, next few years look like for corporate america? what will they look like in terms of energy input? input, yes, i think prices gradually are going up there. there will be limits depending on what happens in the energy production sector in the u.s. shale has not gone to sleep and its price is rising. you will see more production limiting some price increases down the road. at the same time you have the dollar going up. that will be working the other way, and the cost to capitalize interest rates go up. cost to capital is going to be less important than tax cuts. other factors will affect the overall corporate revenue seen here. -- the corporate revenue scene here. revenue is in for a boom given the whole picture. g

think you hear enough talking about is women can be terrible to women and i've had more mail and torsten female by far. and i don't know what that's about. is it about competition, people have to fight hard to get where they are and it makes them nervous, is it not taking time to reach out and mentor younger women? but we need to be better about that, that's not escalating in the meeting but that is something you can do in your daily life . and that's been frankly, a disappointment for me as i've gone through the last 15 years of my career in terms of what i've experienced and i'm sure i'm not alone and i hope that people who are 22 now the experience that but that's probably on people who are in their 30s and 40s to change so that's the next weekend. >> i'm glad you brought that up because that's one of the challenges of having a conversation likethis . you can have the effect of oversimplifying something well like great, you got these terrific jobs and you are talking about the progress that we've made in the obama administration and great, why do we need to have a conversation? i thin