On signs of accelerating wage increases: Paul Krugman: "Bloomberg reports on signs that wages may be accelerating. It’s worth bearing in mind that we’re talking about modest stuff — if the employment cost index accelerates to 2 percent, that’s still just productivity growth, and hardly a sign of runaway inflation [as it is consistent with price inflation of zero]. Still, this isn’t what I expected to see, and I will be watching developments.... [Nevertheless,] the invisible bond vigilantes are intensifying their invisible attack: 10-years down to 3.06 percent, and the TIPS spread falling..."