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retail inflation yesterday, 3.4%, which is still a heck of a lot better than the 9.1% it was running at about 18 months ago but lo and behold, wholesale reflation report comes out, these are the prices before the prices they get to us, and that was showing virtually no growth at all, about a 1% pick up year-over-year, which would technically be below the fed's target. this is way over my comprehension and ability to understand, but fortunately i've austan goolsbee with us, chicago federal reserve bank president, kind enough to help us out with this. austan, good seeing you. >> thanks for having me back, neil. >> neil: no, thank you. today's wholesale report, which to a lot of people kind of evened out the retail report. >> well, its bad news and there's good news. this highlights there are a lot of good measures of inflation. the bad news is, the producer price index probably the most noisy, least predictive of the inflation measures, so i don't