adam posen steals the show.people like you that really disagree with flow analysis. it has to do with folks who stock and flow. i'm not going to get into it. i want to say the overlay is an for market. you have confidence that central banks can find a stable trajectory from where interest rates are now both on a nominal and real basis. two things. i'm sorry to be overstepping. first thing is that in the short term forecast and that was where i was primarily distinguishing in that i just don't think they're going to do very much. in the second point if things prove unstable it will be because of real reasons like the collapse of productivity growth in the u.k. for the collapse of wage growth in the u.s. and many other countries. do you see wage growth occurring and will we observed that friday in the jobs report. interview after interview i don't see people talking about appropriate wage growth for politicians or central-bank heads. it is sort of stock and flow. on a rate asus there's a legitimate case to be made