 Welcome to FIG's inaugural weekly economic and trading update. My name is Mark Bailey and this is Jessica Russett. So Mark, it's been quite a big week. We've got economic updates. We have got reporting season, quite a bit going on. Will you talk us through it? So a few key points for this week that the markets were following was geopolitical uncertainty in France where we actually had Marine Le Pen's National Front Party gaining in the opinion polls, holding 27% of the primary votes. The other part is at 20%. Still very, very unlikely that you will get elected after the secondary vote. But as we've seen with Brexit and Trump, markets get nervous about that. So that was a key issue for this week. Also we had indications about the Fed and whether they're going to hike in March. Janet Yellen had a couple of meetings in front of the Senate and continued to talk about the regional presidents saying that March is live. Current expectations are around about a 1 in 3% chance that they do hike in March. A bit higher in June. There's various commentators coming out and saying, look, it should be higher than that. I still think we'll get to March and we probably don't see a hike. And then finally as well, domestically, we saw a pretty weak wage growth inflation number again, which again is slightly different to the picture that the RBA is painting of a more upbeat economic outlook domestically. But that wage growth number is certainly not going to make them force them to hike rates in the future. And actual fact, I still think the economic outlook domestically is quite depressing. It's not great and still quite soft. And I think we've still probably got one or two interest rate cuts going down the line this year, which again doesn't help investors chasing yield. You know, the continued search for income is one that's going to be throughout this year. So Jess, in terms of your weak investors still chasing yield, I guess. They're always chasing yield. Especially actually at the moment in that there isn't much paper actually around. There seems to be a bit of scarcity in the market and that's not just for figure as well, that's the institutional market as well. So what we're actually doing to try and counter that is look offshore in the USD space. So the Aussie dollar has actually been quite high. It's actually spiked up over 77 cents again this week again. And as our expectations, we do expect that to actually come off a bit. So this gives an opportunity now to lock in a good rate and get into some USD bonds. So we recently over the past month also added some new high yield USD bonds to our direct bonds list, which is the process of finding bonds that can actually be broken down from $500,000 institutional parcel sizes down to $10,000 parcels and so on. That is probably a bit more digestible by clients to add to their portfolio. And so three bonds in particular that were added was Tallinn, Frontier and Kindred. And what was really good about this is that these were in industries that previously we haven't had a product offering in the USD space. So Frontier is network and communications. Kindred is the healthcare for post-acute care. And we have Tallinn, which is the power generation and electricity company. So they also have shorter maturity dates. So it ranges from 2023 maturity to 2025 between the three of them. So clients that were previously holding maybe longer dated bonds were able to switch out of those and then shorten their duration on their overall portfolio by moving into these shorter dated bonds which worked out quite nicely. I think maybe in terms of like the week ahead and what I'm going to be looking for. So if you start off offshore, you know, there's the GDP figures coming out and also personal income and personal spending out of the States, which are probably the key ones. And what are they expecting for that? The GDP is around about 2.1% and personal income and spending is 0.3%. And interestingly domestically as well, we have the GDP figures out and the Bloomberg consensus there is for Q4 of 0.7, so year over year of 1.9. So I think the domestic figures are pretty important. Again, setting the RBA in terms of is the economy weak or is it actually starting to show a bit more strength? It's probably the former, but there will be the key statistics this week. And what about yourself? Well, my job's always tough looking for a new offering and new paper especially with the landscape at the moment where it's all quite tough to get your hands on. But we will continue to try and get some USD supply. There's been a couple of bonds this week that we haven't been able to get. Also with earlier in the week was President's Day in the US so we had a public holiday and a lot of the traders we deal with were on leave. So hopefully we'll be able to get some of those tougher names that we were chasing and also in the retail offering as well just trying to see what we can get out there. So we'll continue to search for supply. Alright, thanks Jess. No, thank you Mark. And thank you and we'll see you next week. So tin hats on and enjoy. Thank you.