At the moment, I think it's too early to sort of have any firm views as a result of that. Oil's gone up a bit, but the bigger question is, does oil stay up or does it come back down? And that, of course, will depend on how things play out.

I think that attitude is a little bit of fighting the last war, and I think that the Federal Reserve for decades has had the view that headline inflation shocks like oil are best looked through and you sort of focus on core inflation because it's indicative of where inflation is going to go in the future.

For me, we've got two years of a trend, two plus years of a trend of gradually weakening labour markets. It's way too early to reject the notion that that trend continues based on one or two labour market reports. And when you look at the totality of labour market data, there's still evidence to me that it needs more support from monetary policy.