forget unplofmente and wages -- unemployment and wages. carries on pushing higher.eople watching this show now wonder why on earth would a high rate mean anything about a higher labor market. do you attach much weight to those kind of things? >> the rate is on the transmission. ultimately for the majority of -- if that means higher wages and higher core inflation, not withstanding everything else then it is going to be important. given it is the retail sector, con sention -- higher g.d.p. growth than anything else is significant as well. they are going to need benefits evidence of sustainable wage gains, transmitting into high consumption and price gains. it is not exactly orthodox but they will concur on inflation and i'll be seeing signs in the u.s. >> it depends what they use the money for. they could use it to pay down debt. are we moving to a place where last year we said rates could be garagal? -- grad wall? are we moving down that road now? >> i think the fed is inclined to moving down that road. again, talking about stagnation all the time. i think that is w