 markets are trading with Simon, Michelle from Fig Securities and Simon. Yields look to be steady as the market awaits some more clarity and certainty after this Friday's presidential inauguration. Good afternoon. Yes, absolutely. So fairly quiet in the bond space. Just to give you a bit of context. Yields are around about 20 basis points below where they were back in December when we reached those peaks. The US 30 year back below 3%, around 2.99%. So a little of that exuberance, if I can just say it word again, out of the market. And I think pretty steady she goes, not seeing a lot of action as we await. What I anticipate will be a little bit more clarity through the next time we hear from what will then be President Trump on Friday. And then a little bit more clarity, obviously, after the press conference last week when they created a little bit more uncertainty. So I think people want a bit of clarity. They want some certainty over exactly what are likely to be the first policies we see out of the New Year as President. Now I think we're also awaiting a speech from Janet Yellen this week. So the Fed is also in focus. There's a lot of macro risk events happening at the moment. But what's the bond market telling us if we look at that market pricing in relation to the Fed's possible next move? Yeah, look, interesting, actually. We're not seeing the market price in any move in March, but we are seeing significant future pricing for a move in June. So that's really interesting. And I think that reflects the market saying, look, we're just going to sort of see what plays out here. They're not getting too overdone and they're going to wait and see. We could see that change. I think if you see some immediate action from the New Year as President, you could see that move forward to March. But I think that pretty reflects the general mood of the markets at the moment. What about Aussie yields? So how are we seeing them trading? Yeah, look, they're down a little bit as well. Our peak for Aussie yields was really sort of around that March, April, last year. So they've drifted a little bit lower. Our yield curves are down about 20 basis points from their peak in 2016 as well. So not too dissimilar to the US. Interestingly, here in Australia, though, we have seen credit spreads or the yield premium drop. And iTracks, which is our index here, is down below 100 basis points. That was about 108 in December. So people seem to be pretty comfortable. All right, excellent. Simon, we might wrap it up there. It's been great talking to you as always and welcome back to the New Year. Thank you very much. Have a good day. You too. Simon Michele joining us there from FIG Securities.