a overallk it is positive backdrop for the economy. >> it suggests the job market is going to heal and would be surprised if the bond market didn't take us to account. we havee last 70 years never seen unemployment rate at 4% when the deficit spending is 4% deficitease from to five, so this is an economy running caught right now. >> wages are gradually beginning to pick up and there is evidence we are closing in on full employment and this is the start of a more pronounced acceleration and wages. thisere's volatility in aid a and the rush to judgment is a little too soon. it is probably pulled in from the folks in the top and. end. taxt is the impetus for our plan to create real sustainable wage growth. this something that was missing from the country for a long. time.od of coming to us from boston -- codirector of global income. it is great to have you on the program. is it make sense for the treasury to be woken up to the world around us? nothing to me has fundamentally changed in the last couple of weeks, this story existed for months, and the treasury woke up, why? >> focused on in