and jimus, alan krueger paulsen.worried about high risk tolerance, but that shakeup that has happened in treasuries, bunds, yields, what do you make of that? jim: i think we are turning the corner. this has been a bull market where the least risk assets have been some of the best performers throughout. trim therue in bonds, stock market. but i think in the balance of the recovery, we are going to shift to where risk assets do better relative to risk averse. we are starting to see that here in the last year, where in the stock market, for example, the favorable dividend aristocrats have underperformed a fair amount. we are starting to see more cyclical sectors take leadership. growth andontinue if interest rates dominate in the balance of this recovery. i think that is what we are seeing and probably will deal with. jonathan: if you asked someone about yesterday's big move, they may pick a soft french auction. europeanou think the central bank has learned from 2013 and how likely are they to apply it? alan: first of a

one of the things, alan krueger did this, i think it was new jersey raised the minimum wage rate, heersey and pennsylvania and studied the wage differential or the employment differential he did not find much impact from the higher minimum wage. there were a lot of studies out there, and we have another natural experiment going on right now. >> washington wages are -- i mean the hours worked are actually down a little bit >> they're down. >> because the wages have gone up >> thanks, steve thanks, steve. stick around >> stick around? >> stick around. >> oh, lindsay is there. >> joining us now, chief economist at stiffle fixed income did steve get anything right, lindsay, that you can tell >> actually, he made some very good points. i think at this point, it is very clear that businesses are still heavily reliant on part-time, temporary, low-wage labor. so that's continuing to pull down the wage growth in fact what we're seeing is that the vast majority of the modest wage growth that we are seeing is very segmented in the economy. these are particular areas that are looking for specifi