 Let's check in and see how bond markets are trading. We're live with Simon Michele from Big Securities. Simon, take us through the latest. What are you watching? Yeah, good morning. Well, I suppose in the lead up to a bit of data expected later this week, both by the RBA, Minutes of the Last RBA meeting, and also from the Federal Open Markets Committee in the US as well. The rules are pretty quiet, drifting a little bit lower, I think, as people park a bit of money in bonds. So, fairly quiet at the moment. And, of course, the big focus is over in the United States. How are you getting ready for the FOMC meeting? And, of course, what are you expecting? Well, a bit of commentary around possibly the moving the reference to being patient and, you know, getting the market ready for anticipated upward movement in the Fed Funds Rate. I wouldn't be supposed to stay a little bit on message there. We've seen some good strong job starter. People seem to be getting excited about that. But they've seen a little bit softer on the consumer side in retail trade, for example, coming through later last week. So, you know, I think it certainly gives the Fed some room to stay on message and keep that expected move towards the latter part of this year. I think given what's happening in the European market with that ECB stimulus package launching last week, you know, there could be a bit of pressure on them to keep rates low to protect the US dollar. And, of course, there's lots of green shoots coming out of the US economy. What did you make of those, I guess, softer than expected retail sales figures that we did see last week? Not necessarily something that the Fed would look at, but it does give you, I guess, a broader indication of how consumers are feeling. Look, and that's absolutely right. I think, you know, the Fed has been very open about saying, you know, it's more than just looking at the job starter. It's more than just looking at the inflation data. We're looking across the broader economy and the economy in relation to, you know, where the global economy is as well at the moment. And, you know, what we've really done over the last six months is just transition quantitative easing from the US economy to the European and Japanese economies. So, you know, they do have to look at interest rates setting in that context. We're still seeing a lot of other central banks still lowering their rates, trying to protect their currency. So, you know, I wouldn't be surprised if they wanted to keep a bit of a status quo and just, you know, not raise any expectation that they could move a little earlier than expected. And, of course, the hunt for yields also in focus as it often is around this time of year. The foreign demand for US treasuries continuing, of course, money leaving Europe in search of higher yields. That's exactly right. And, you know, some very, very big volumes moving across. We've seen that as the euro falls against the strengthening US dollar. People sell out of euros, move into US markets and try to access what are much more attractive interest rate yields in US treasuries than you're seeing through the European region. So, people, it's a real yield chase. People are looking for where that value is. Australia's there as well. We saw our dollar drifting a little higher this morning. You know, I would suggest that since we see a little bit of those offshore inflows come through as well. So, you know, it's going to be a bit tough with all of that stimulus still hitting the global economy at the moment. So, in your view, where do you see the best opportunities at the moment? Look, I think it's about locking in some good income. I like inflationing bonds. I think it's a good time to be buying those. We know that central banks are looking to build some inflation in. You get that as a precursor to higher rates. So, I think good value there. We've had a good Aussie ASX listed company, Dickadata. They're out doing a five-year, $40 million floating rate issue. That's about 4.4 over the 90 of BBSW. So, it comes in around the high sixes. So, there's good value there. I'd say, you know, I wouldn't be going too long, but I think some inflation protection and some nice fixed-rate yield is where you want to be at the moment. And just to explain to us some of the moves that we've also seen in the dollar. I guess, drifting lower at a far more, I guess, comfortable level. That's what the RBA would like to see it at, currently sitting around 76 US cents. That's right. So, you know, this has been a key driver for interest rate settings. And look, you know, the RBA was forced to lower the cash rate here in Australia at the beginning of February, really to just protect the value of the Aussie dollar and stop it from increasing as we got inflows from offshore, trying to take advantage of our interest rates. So, the fact that we're seeing a lot of that European stimulus moving to the US is strengthening the US dollar. And obviously, our dollar is falling on the back of that, back down towards that sort of 75 level that the RBA would be more comfortable with. So, it does take a little bit of pressure off the RBA for imminent further rate cuts. They can certainly sit on their hands for a little bit. And I think that'll be what people are looking for in the RBA minutes we get out this week. Some of Michelle from Big Securities. Thank you. Thank you very much.