i'm joined by meg mcclellan. welcome back. it is good to see you again.ow would you describe the overall tone of the october minutes? >> we are still just parsing through them. a lot of the questions we had coming in up to at been addressed. our primary questions were around inflation. the minutes are a big concern about inflation. lastabor markets -- the set of federal leases was much more hawkish around the labor markets and underutilization. this seems to reinforce that idea that labor markets are strong in the pet is confident in that. deal when youed have weakness in japan and additional weakness in europe? how does that filtered through to expectations in the u.s.? says things like lower oil prices will help the consumer. inflation still remains below the fed's threshold of 2%. is that a cause for concern? >> great question. there is a couple of issues here. to get inflation, you need spending. because we have not seen wage inflation, it has been difficult to raise prices on wages that are fairly stagnant. we see the commodities complex continue to