goodwages at 2.5%, it is off of 1.8% but it is not what we have seen in the past. we would have to see real wages up and businesses investing capital. strongerneed to see a economic recovery and better real wage growth. scarlet: we talked about the emerging markets and the rally they have been saying. with brazil kicking off the olympic opening ceremony tonight, i want to talk about their debt and their stocks. does that mean they will start faltering before the rest of the emerging markets? -- there is are still a lot of value in emerging markets, even more so in brazil. there are certain bonds i like if you want to search for that and take that currency risk. july, itird week of was a record week. $4.5 billion flowed into the sector. searching for yield. brazil is going to continue to be a chief beneficiary because we are seeing a change in terms of policy. the market is loving the new administration and the advancement of some reforms. what has grown from a fall from grace in the market has now become more interesting for investors. joe: thank you for joining us