torsten, welcome to you. great to have you here on set. what do you make of the jobs report and how does that set up the cpi report for next week? >> well. >> i do think that. >> the soft. >> data going. >> into today's number. >> has been deteriorating, both. >> when. >> it comes. >> to. >> consumer confidence. we had. >> on wednesday. >> last week and also. >> when it. >> comes to corporate confidence. >> we're seeing the capex plans from. >> the regional fed districts. >> are. >> beginning to. >> roll over. >> so the. worry you can have is that the soft data is saying that both. >> consumers and. >> corporates are beginning to worry about the outlook. the issue is in. >> the data today. >> is, of course, that that was measured. >> in the 12th. >> of the month, meaning. >> the 12th. >> of. >> february. >> that week. >> and that was. >> just. >> before things. >> really started to begin to become more intense on. >> the. >> trade war front. >> and also on the. >> dovish front. >> so from that perspective, the data today. >> at 151,000, it

annmarie: torsten slok puts it this way, we are in a moderate phase.s that you believe inflation is accelerating in an environment where unemployment is rising. i don't see unemployment rising. 4.1% is still below the natural rate. where do we have to be before they say the labor market is tight? the reality is the labor market is healthy. inflation is at three, not two. is that the end of the world? no. does it suggest bond yields are expensive? yes. is not the end of the world in terms of average individuals out there in the country. 2% versus 3% inflation, not the end of the world. that is the other thing to look at in terms of payroll numbers coming out on friday, the hourly earnings number, besides the slowdown that we will see in employment. very consistent with trend gdp. question is how much of that is a function of the weather, forest fires, doge. we don't know. the reality is when you look at the moving average of these things, they are all looking healthy, especially on a year-over-year basis. jonathan: you acknowledge in their trip that we