joining us by skype is university of oregon professor raise -- doesed jerome powell job fundamentallyhange and his outlook on is iny change now that he charge versus janet yellen given the selloff and turmoil we have seen in the last couple of days? i don't think we have seen enough in the market have an impact on policy at this point. i don't think that -- as far as margins is concerned, that it is going to do rail the federal funds. julia: talk to me about the data we got on friday about wage growth, and i know you have to stories analyzing it. if you look at the annualized reading and four of the last five months, the story here is the significant increase or exhilaration and wage growth, and surely that is expected that is playing to the reassessment in the rates market in the past several sessions, not just today. we had ahink that wake-up call in the last week, we are betting against the the fed is going to have three rate hikes this year, and it is evident now that that chances higher than last week. , anddata is moving along you are pushing to a point where you can arguably sa