let's bring in brendan ryan. strikes me that when we read much of the copy about oil, the world seems much more carnage and about the risk of demand destruction than they were in previous bouts. brendan: i think that's true. the big issue in the background there, shale oil. also,g at the middle east the trump administration made clear several weeks ago that they are not looking very at continue saudi or opec production cutbacks. doingwhat the u.s. is now for saudi and other countries you would expect saudi to move in that direction. we've seen a little downward movement but i was in the case of the last few months when oil prices were going higher, partly as an effective what they have been doing with production levels. i wonder what inflation impact you expect to see. this takes us back to the tariff story. aluminum very specific year. the u.s. expecting to pay more for aluminium. how do you see the inputs to brendan: i always see the commodity input story into aflation being very much subplot, not a dominant th