when you look at the reports, you look at the eci, the momentum on eci data is strong, as they have beenor the last few years. labor market at surveys, you see strong signs that the u.s. labor market is starting to get quite tight. 22% of the participants are saying labor shortages are the biggest constraint to their business right now. when you look at the jobs data, it paints a very similar picture. ultimately, we have not seen 22% of the participants are this wholesale tightening the labor market in the u.s. we're seeing right now. secondly is the fiscal stimulus. you are getting this fiscal stimulus at a point where the u.s. is in the late cycle. one has to assume that when you combine these things, the risks are to the upside when looking at u.s. inflation. jonathan: what are the risks for treasuries? we caught up with bill gross. take a listen to what he had to say about when next for the 10 year yield. >> i think we will see fed funds somewhere around 2% or 2.25% ass opposed to 2.5% or 3%, which is what the market expects until a tenure at 2.87 is probably positioned. not well-pos

when you look at the reports, you look at the eci, the momentum on eci data is strong.re strong as they have been for the last few years. when you look at the labor market surveys, you see strong signs that the u.s. labor market is starting to get quite tight. jonathan: yeah. diana: 22% of the participants are saying that labor shortages are saying that biggest constraint to their business -- that labor shortages are the biggest constraint to their business right now. when you look at the jobs data, it also paints a very similar picture. so ultimately, we have not seen this wholesale tightening in the labor market in the u.s. that we're seeing right now. secondly is the fiscal stimulus. you are getting this fiscal stimulus at a point where the u.s. is in the late cycle. so one has to assume that when you combine these things, the risks are actually to the upside when looking at u.s. inflation. jonathan: so what are the risks for treasuries? we caught up with bill gross. take a listen to what he had to say about when next for the 10 year yield. bill: i think we are going

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an acceleration in wage growth, especially when you combine greet we saw in the jobs report with the eci came out a bit earlier. so i think there is some reason to say, hey, maybe we have shifted into a higher gear you see it across a broad away of indicators. i don't think anybody is talking about raising five times as austin mentioned i think the question is, should we raise four times rather than three? reasonable question and, you know, i think, look at inflation expectations and looking at the excellent jobs report to see if wage growth is starting to look like a trend rather than a one-month thing. i think there could be of the next month's report a strong argument made for four increases rather than three. >> austin, are we in terms of the labor mark, are we at full employment or is there a par tisbation rate up tick or are we hyped because we don't have workers trained for the jobs that are available will that eventually mean wage increases good and bad, i guess? >> probably all of those are true i think we're for conventionally skilled workers, we're probably close to full emplo