 Well, let's get more now on how the commodity prices are rippling through the fixed income space. Joining us live is Simon Michelle from Fixed Security. Simon, good morning. Good morning, Dan. Now, I've read today just on this topic that Australian corporate bonds are actually the worst performers in the developed world in 2015, given we've had slowing growth in China, which is driving a collapse in commodity prices. Your thoughts on that first up? Yeah, look, obviously, a very short period at the moment and, you know, we've been fairly sort of flat yield curve. We have seen a bit of a drift up in some of the longer term yields as well, just as people start to move out and move into the equity market. We've seen that improving. So, you know, after a very, very positive year through 2014, it has been a little bit of a bumpy start to 2015. That's really an anticipation of this ECB announcement that we're likely to get later today and the impact that that's going to have on global markets. And, of course, US yields are higher as investors move into equities, as you just mentioned, ahead of that ECB QE announcement. Now, we have had reports overnight of the potential size and scope of the plan. What do you make of this talk of a 50 billion euro move? Yeah, look, that works out for under a one trillion for the year and that's similar to the packages we saw through the US and the UK and that's really what people are judging because we have heard comments out of the ECB that the packages would have to be of similar size. So, that would tend to match up with that. Look, a lot of speculation out there at the moment. I think, you know, if the package doesn't meet expectation size-wise around that one trillion, it could see a little bit of a pullback. I think the market has certainly built that in. But, you know, we also want to get details of what that bond buying program will contain, whether it's also going to involve investment-grade corporate bonds, for example, sovereign bonds. And we're not going to know that until we hear from the ECB. So, you know, I think it's still very much a weight and see. We have seen some pre-positioning for people that expect that, you know, a significant bond buying program is going to throw a lot of cash into the system and that's likely to push yields a little bit lower. But it all depends on the size, Dan. So, let's assume that this policy is indeed correct, the one that's being reported. And it is a trillion dollars. Do you think that shoots the lights out? And is it credible and sufficient in your view? I think the market would see that, yes. I think the market would see 50 billion a month as quite sufficient. They would see that on an equal par with what we've seen in other QE programs through the US, the UK, Japan as well. So, I think they'd be happy with that figure. I think if you see it much below that, you know, there would be some disappointment. You know, the ECB, it's been talking quite strongly and now it's got to match that talk with action. And that's what the market's looking for. The other big news, of course, the Bank of Canada surprising the market by lowering its cash rate. What was the impact? Yeah, look, and this is, again, a flow-on effect from this fall in the oil price. And, you know, we've also seen the IMF come out and drop growth expectations as well. Pull them back a little bit. So, we're starting to see central banks adjust their inflation and growth expectations. And that was the key driver behind Canada dropping their cash rate. It was sitting at 1%. They've dropped it down to 0.75. So, all of the developed economies are now have a cash rate below 1% except for us, Australia. Our cash rate is still at 2.5. So, significantly higher than the rate settings we're seeing from the other major economies. So, what do you think it all means for the US Fed? The fall in the oil price translates to lower global growth forecasts. Do you think it could push the Fed move out to, say, December 2015? Look, I think that's absolutely on the card stand. I mean, you know, definitely just on the basis of a drop in inflation expectations, you know, significantly below the 2% target that the US has over there. Certainly, it takes a bit of pressure off from those that are calling for rates to be adjusted higher sooner and, you know, gives the Fed a bit more room. And what we're seeing is the market's pushed down. Last figure I saw was around 68% chance of a December increase in the Fed funds rate. So, that's moved out from September where we were sitting pretty much for sort of four months leading into the start of this year. Simon Michele, live for us at FIG. Always appreciate it. Thank you. Thank you, Dan.