i'm tom mckenzie in london.lamping down on inflation has set the stage for policy makers and is posing a test for markets. fed minutes will give investors a read on price pressures and the economic recovery. joining us is the head of global credit at royal london asset management. thank you for joining us this morning. what are you going to be looking at this terms of the data out of the u.s. that is going to form your view and the fomc's view about where they need to be when it comes to rates? >> clearly we have had -- the data is quite clear in terms of some of those elements. oil is down but it is a demand shock element which is more important at this juncture. so it's really -- we're trying to get a -- how much we have transmitted through. will wages really increase? tom: ok. so looking at wages, is there any data that you're seeing that suggests that wage inflation is for -- stateside? >> we haven't got the details. a lot of data is -- you have to look at some of the employment. the rate of the five million