we are bringing in simon freakley with alixpartners. they have advised many partners as well as high-profile restructuring. the reason for these rates are due to higher inflation, potentially sticky inflation. when you speak to ceos, how much is inflation pinching margins? simon: inflation is probably top of everybody's agenda. they are focused on how to thrive in an inflationary environment, it is tough. sonali: how much of is coming from the wage picture, and you expect more upward pressure? simon: it is like a layer cake, every layer is a problem in itself. while wage inflation is an issue, material inflation is an issue. the talent market is still a very tight, the skills market is even tighter. to get critical skills to pivot business models, particularly in a digital era, is becoming a real challenge. sonali: this meeting comes before another jobs report soon after. when you talk to ceos across the globe, especially in the u.s., do you expect there would be more pressure on the job market in terms of layoffs and firings? simon: we