Both Bank of England Governor Mark Carney and Federal Reserve Chair Janet Yellen have dropped many hints in speeches and public policy statements over the past several months that wage inflation likely will play an important role in any decision to raise interest rates.
Carney also made clear in parliamentary testimony on Tuesday that his interest rate rise warning last month that took so many off guard was a deliberate attempt to inject some volatility back into a very sleepy and complacent interest rate futures market.
It was old school, and it worked.
Much like a central banker would do in the days before the financial crisis, now Carney says the data will dictate where rates will go.
And judging by the data, the first rate hike from record lows is still a long way off.