mellon, derrick at bny and the senior economist at berenberg, good to have you with us. let us bring you our mliv question of the day. libor is at its highest rate, signs of funding stress across the globe. what will surging libor due to markets? let us know your thoughts on the bloomberg terminal, where you can read the latest from the team and join the conversation. ♪ >> there are a few considerable issues in relation to the northern ireland backstop. i'm committed to working with eu leaders to resolve these as quickly as possible. there is a lot of hard work ahead. there will be more difficult moments as we enter the final stage in the talks. i am convinced we will secure a good deal in the interest of the u.k. and the european union. >> leaders express a full trust in michel barnier and ask our membership to continue to achieve an agreement. convene they to european council on brexit if negotiator reports signs of progress have been made. >> time is of the essence. we do not have the solution on all fronts. we still have to deal with the ireland situation. there is n

the chief economist at berenberg is still with us.s the jobs data and wage growth data today going to show us that perhaps inflation could still be the missing piece of the puzzle of all the various things that push 10 year yields up? >> we have been looking for so long for inflation to go up. we have been watching signs of it. it is a gradual process. whatever the data reveals today, we should not read very much into it. first, we have the florence. world gotnuary, the excited about what seemed to be an unexpected acceleration in u.s. earnings. the next month it was revised away. i would not react very much to whatever the data are today. uptrend is intact, but whatever the data show, i would only react to a quarterly average rather than the precise data. wages should be going up. laboris underutilized still in the u.s.. the participation rate is rising. that suggests even with a strong economy, we should not get a sudden acceleration of wage growth bad enough to scare markets for long. >> does that mean it is too early to put the cu