eci is very important. it is yellen's favorite stock indicator.g in the same direction. you have seen all these u.s. companies on the back of u.s. tax reform plan and announce bonuses and wage hikes. we do think labor market pressures are finally coming to the labore are seeing market lead to higher wage pressures. phillips curve, missing in action, you think it will be found. >> i'm going to go with that. goodfriend was interviewed for congress. his fed chair role, clearly the market got the levels wrong. it is just lower than we thought. yet we do think that is coming through now. manus: that goes to the debate of, what does technology due to the economy? ringing it back to the basics, anna had a look at raising the taper ofing about duration. where are we in that cycle? is the struggle over growth priced in at 2.69%. david said, take your mind back to 2010 when bond yields were at 3.85% -- i can't remember the exact levels. so, have we still got a distance to run in bond markets on the downside? >> i believe we have, maybe not quite to the 3.8%