gained, not necessarily from wages, which is what janet yellen is watching seriously as one more hikehaseft in the year, probably december. jonathan: joining me is aniistian on money -- am and robert tipp, head of global bonds. chris, let's start with you. does payroll support change anything at all for the federal reserve? >> not really. the fed was committed to tighten policy anyway and this gives them more support. whether that is the right policy or not, we can certainly talk about, but at the moment they are doing something either on the balance sheets or on the policy front. jonathan: a guy from new zealand road in 1958 about the relationship between unemployment and inflation. the phillips curve came out of that. we all talk about it. where is the wage growth and inflation getting driven lower? >> that is the big question. remember a couple things. what we are looking at is a broad synchronicity in terms of a global growth recovery. we will continue to see that and of the headline number today supports it further. that is perhaps what is driving the broader easing of financial con