torsten, thank you so much.onomist. >>> after the break, a sharp move higher for alphabet after yesterday's a.i. announcement. shares on pace for their best days since july. we'll break down why wall street is so bullish. >>> never in our wildest dreams did we think a pop star would alter the economics of summer. we're talking swiftnomics. "time's" person of the year. she's more than just a pop icon. she's a business powerhouse. julia boorstin at post 9 to break down some swiftnomics. something we've known for a while, but you looked into the numbers and they're pretty amazing. >> i'm so excited to be here to talk about this with you. you and i have been interested in the business implications of taylor swift for some time. $2.2 billion in north american ticket sales. her tour is estimated to have generated $5 billion in consumer spending in the u.s. alone. then there's the concert film, which amc distributed grossing record $250 million at the global box office. next wednesday, her birthday, she's offering the

in fact, the majority of the countries that torsten was comparing us to, we've grown faster than themlow growth paradigm and what can we do to get out of it? but i don't think this is something that we are uniquely in a bad situation. i think this is affecting all western nations and you have to have a plan to get out of it. the only thing we have to go on for your plans for the next five years, where you do have them would be the autumn statement. and if you look there, you actually have real public investment declining. is it sensible to have declining public investment? i don't think you want declining public investment. and i very much hope we'll be able to get back into a place where we don't have to do that. but i think it's also important to say, that in 2020, the capital budget, which is the closest proxy you have to public investment, went up by its highest ever level by 21% from £70 billion to £100 billion. so we are now spending in terms of public capital spending, £30 billion a year more in real terms. but it's still it's risen as a share of gdp.

torsten: i do think it has.think about the market interpretation of what the fed was trying to tell us, it has been very one-way, meaning that the market is clearly now, as you are saying, latching onto every indicator that suggests we will have a soft landing. but there are still a number of risks to the dual mandate. there are risks to inflation. it was also risks to growth. most important, we are beginning to see a recovery in the housing market. member, housing makes up 40% of the cpi. up 5% year-over-year. if we do get another boom in the housing market, if rates are going down, if credit spreads are tightening, if mortgage rates continue to decline -- now at the lowest level since may -- if that creates a boom in housing, that will create a boom in inflation. it is premature to come to the conclusion we can declare victory over inflation here. kailey: it is interesting to hear you talk about upside risks to inflation, because i feel like after the last few prints we have seen, and when you look at the fit

from that, but that's torsten's job now.rstood . i go that this needs to be understood .1 go back that this needs to be understood . i go back to the 1970s, growing up in an ordinary working class household , a working class household, a decade where we had our fair share of cost of living crisis . share of cost of living crisis. i know what this feels like. i know when you're struggling to make ends meet and we were that the natural response of working people to work harder and harder can feel like you're running fast and faster into a brick wall that rising prices create this kind of what next anxiety , this kind of what next anxiety, a fear and it really is that of going to the shops because of the decisions you might have to make and yet that graph shows unequivocally that this is worse than the 1970s. we worse than the recessions of the 1980s and 1990s. worse even than the global crash of 2008 and before anyone ventures the pandemic and the war in ukraine as explanations, big shocks undoubtedly , we i point to the undou

jonathan: which is the reason -- lisa: which of the reason torsten slok said the market is underestimatingation. this is what we are feeling from guest after guest. where is the market most mispriced to what you and so many others say is the reality, which is the fed will not cut rates aggressively. sarah: we think they are mispriced for march. chair powell is looking at the six-month, the 12 month annualized pace. he said the six-month pace is 2.5%. if you look at the path ahead, core pce six month annualized pace will be accelerating and it is not into the second quarter it starts to fall again. we will get the data of core pce pushing up and we think that could push march pricing further out. tom: picking up a tent the 1% come is it a pickup that will upset our viewers and listeners? sarah: you have this negative airfare prints from earlier in the year falling out of the mix. you have upward pressure on car insurance. we will need to get into april to get it back down to 2.5%. tom: i was just reading david rosenberg. there are single items within the inflation report that will push up t

manus: coming up on bloomberg tv at 11:00 a.m., torsten slok of apollo global management. ♪ an ever-changingop-ten real estate manager, we harness the power of a 360° perspective, delivering local insights and global expertise across public and private equity and debt. our experienced team and vast network uncover compelling opportunities giving our clients an exclusive advantage. principal asset management. actively invested.