dr. mishkin, thanks for being here. the trigger ha a lot of people have been looking to what caused severe downdraft in the market was the jobs report that showed wage inflation up. would you agree with that? >> yes, i think might have been the trigger, but, i guess to me it is not as gloomy or problematic as people think. david: that's good news. >> first of all the wage growth numbers are more reliable than eci numbers and they have shown some slow increase but i would also argue that this is not a bad thing. this is actually a good thing. that the biggest problem that central banks are facing in recent years is that they can't get inflation up. inflation has been too low. and that is not a good thing for the economy in the long run. that you really want a stable inflation around the target level. in this case under 2%. david: let me read some of your own words, dr. mishkin, in 2013, five years ago in a piece that was favorable what the fed was doing, you wrote, that the fed needs to clarify the threshold of 2.5% infl