rosenberg, with jeff jonathan bienner, and harry issued our.ope, north of expectations, just, the highest in almost four years. it president draghi -- does he have the right approach? jeff: it is a risky approach because you are setting up a division. we will say. -- we will see. the chart is saying that the reflationary theme is dominant and showing up nicely in the european data. john, is the ecb falling behind the curve? will the state away as the months progressed? the fed is behind the curve of the ecb is not. we are believers in the fact that this is transitory. they have had an uptick in inflation. although their mandate is clinic the headline, obviously, they look at core, and from our perspective, we do not see the inflationary pressures there element the corporate go anywhere close to what he wanted to be. you look at wage inflation here, there is higher wage inflation. you look at iraq -- you look at europe and you still have slack. in germany, you still don't have inflation because of the migration. ecb'sisagrees with the long-term

we are back with jeff rosenberg, jonathan bienner, and harry ishihara.ant to begin with euros -- eurozone inflation. this friday, in europe, north of expectations and jeff, the highest in almost four years on the core print. president draghi -- does he have the right approach? jeff: it is a risky approach because you are setting up a split between the data and what you are telling the market, and putting central-bank credibility on the line. so we will see. clearly looking at the chart, it is telling you a clear message that the reflationary theme is predominant throughout most markets is showing up nicely in the european data. the tune from the ecb will have to evolve. jonathan: john, is the ecb falling behind the curve? is this just early data and the effects are going to fade as the months progressed? jonathan b.: the fed is behind the curve and the ecb is not. we are believers in the fact that this is transitory. they have had an uptick in headline inflation, a small pickup in core inflation. although their mandate is clinic the headline, obviously,