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europe. we've got remarkably low unemployment. we've got wages continuing to increase. where are we right now in this economy? >> i think what you just described is an important place to start which is this virtuous cycle of a tight labor market generating employment, employment generating wage growth, and that helping to spur, to fuel consumer spending. i noticed you mentioned retail sales from this week. that came in well ahead of expectations. and look, consumer spending in this country is close to 70% of gdp. and europe it's more like 55%. so with the american consumer has a strong labor market behind her, that virtuous cycle, that flywheel of gdp, is going to deliver. you mention inflation, which has, of course, been elevated. it actually is growing considerably less quickly here than in europe at this point, but probably more importantly it is down about five points from its peak, so it's slow down a great deal here.