 on how bond markets are trading. Simon and Michelle joining us live now from FIG Securities. Simon, great to see you there. Thanks very much for joining us. Now, we've been watching a lot of the volatility in the oil price at the moment. Higher oil prices once again that we're observing. That is raising those inflation expectations and subsequently pushing yields higher. Absolutely, and good afternoon. And that's certainly what we're seeing in the long run of the curve. Yields have continued their move upwards as we approach that Fed move on the 15th. Interestingly, 30-year U.S. Treasuries are now at 3.1%. That is 1% higher than the low they reached back in July-August. So fairly significant movement on that long 30-year curve. And of course, we have been watching a lot of this data that's coming through in the United States. That all-important jobs figure, the non-farm payrolls figure is being released tonight. What are we expecting? And if this sort of widely varies, do you think we will get quite a savage market reaction? Well, I think we've seen some fairly solid data coming through, both in the labour market, also in spending and in manufacturing. So I think it would take a fairly disappointing result to... I suppose to make people think that the Fed might hold back. I think there's been a flurry of fairly good results. And I think, more importantly, really is that inflation assumption. You know, the base rate of inflation now around the 2% in the U.S. That was really the key issue that has eluded them for quite a while. So I think, you know, unless it's something way out of expectation, I don't think it's going to have much of a difference, Leanne. So if we do continue to see those oil prices moving higher, I mean, of course, a lot of those big moves coming after the OPEC meeting this week, do you expect inflation expectations to continue on the rise? Well, I think they certainly could in the U.S. I mean, this is all really based on two things. I mean, you've got the first, this, you know, Trump surge, which is really about, you know, infrastructure investment borrowing. And then you've also got what's happened in relation to the oil price pushing up as well. So you've got a growth factor there on, you know, the Trump policies and inflation. I think, you know, it's a wait and see. I'm not really in bed with the policy expectations and whether they'll play out. I think that growth expectation might have been overdone. You could see some pullback on the long end of the curve there. Inflation-wise, I mean, absolutely, you know, if this oil price continues and we get that further with commodities, you're certainly going to see that increasing over time, as well, Leanne. Simon, I think you sort of alluded to it earlier. I don't think there's any question about whether the Fed will move in December. I think there is, well, almost 100 per cent chance that they will hike rates in December. I think the question now is what happens going forward into 2017 and whether March, say, for example, will be on the cards. What is the expectation? What is the bond market telling us at the moment for those expectations going forward? Absolutely, Leanne. That's a really good question because remember when we got the tightening in December last year, we then had the Fed create four dot points through 2016, of which they had four further rate increases. Of course, none of those have happened, and here we are in December expecting the first one for this calendar year. So it's going to be really interesting to see, you know, the yield curve certainly is moving upwards and certainly, you know, is starting to build in further increasing increases by the US Fed. But it's really going to be interesting to see what the Fed's view is and how they want to position the market, you know, whether they want to be familiar, whether they're going to wait and get that election, that, you know, wait for the new president in January and wait to see some of those policy initiatives come through. Look, I think we're all sort of waiting to see that from the Fed. Yeah, watch and wait. I suppose. Does that go for Aussie yields as well? We're seeing them higher? Look, we are. Absolutely. I mean, interestingly, if you have a look at the Aussie two year at the moment, and that was down about 1.45, then that's now at 1.8%. So, you know, certainly, our yield curve is not suggesting any downward moves by our RBA. That's largely on the back of the fact that if USU moved their yields up, that takes a lot of pressure off of our yields comparatively so. So, the RBA would be very happy with that. But fairly significant moves on our curve as well. So, are they sustainable? That's the big question. Yeah, it certainly is. Now, domestic bond issuance. Tell us what you've been watching. Look, it's interesting. There's not a lot happening out there at the moment. In fact, I just checked in with our traders. They said it's a bit quiet, maybe in the lead up to that Fed move. But we are seeing some good issuances by some of the regional banks. We've had Suncorp Metway issue. We've had Bendigo and Adelaide Bank out there as well. So, you know, I think people topping up. They've seen these upward movements and they're just topping up a bit of issuance before they move any higher perhaps. All right, excellent. Simon, we'll wrap things up there, but it's been great talking to you as always. Thank you so much. Have a good day. Thank you, Leanne. Simon and Michelle joining us there from Fig Securities. Well, let's...