 Let's check in on how bond markets are trading with Jessica Russett from FIG Securities. Jessica, thanks for joining us. Now, there's quite a lot of economic data and meetings coming out of the United States, the FOMC meeting, the US jobs data on Friday, weaker sort of vehicle sales data overnight. How are you seeing this play out in US bonds? Good afternoon, Helen. Thanks for having me. That's right. We have had last night, we had a weaker growth come through. They're expecting 1%. It was at 0.7%. Vehicle sales were softer as well. And so it seems that the most recent data sets out of the US have come in weaker than what has been expected. And that concern is also creeping in for the jobs data. Due out on Friday, that too is going to miss expectations as well. And this caution we're seeing come through in bond yields and that there's demand for US Treasuries and those yields are moving lower. The two and 10 year US Treasury yields were two and three basis points, respectively, lower overnight. We have the two year at 1.27%. And the 10 year is at 2.29%. Yeah, so what are you expecting out of the FOMC meeting? Yeah, I think it's very much going to be a matter of not much of a change. I think if anything, the opening statement might be a bit more cautious taking into consideration this weaker data that we have been seeing. I think they will also keep the door open to this rate hike in June. The market is expecting a 70% chance of it going ahead. And that's up from 30% about a month ago. So it very much does see that they are going to sit, wait and see what the data is. But I think that they will go ahead and the rhetoric will be, we're on track for two more rate hikes this year. All right. So just when you say, you know, still on track and that's relatively unchanged, is this latest economic data going to make them think twice about particularly the June rate hike? Potentially, yeah. I think one of the big data points is actually that the jobs wage growth and also the jobs as well. And so on Friday, I think they'll have a better indication. However, they have really set the market up and themselves for a rate hike in June. So I think it would have to be significantly on the weaker side for them not to go ahead with it. As I said with the market expect chances of a rate hike, the market's saying 70%. There would be quite a knee-jerk reaction if they weren't to go ahead or that have to very much communicate to the market that they were pulling back on that if they weren't to go ahead. All right. Now just back home, Aussie yields. What's happening there? Yeah, sure. So Aussie yields we've had relatively steady this week. They've come off their lows on Monday and traded high yesterday, but at the moment have been lower. We've got the five year at 2.12 and the 10 year at 2.59%. We had RBA statement yesterday. There was no cut and no change at all. So the statement was pretty much a carbon copy of the last month as well. And on the back of that, bond yields have been relatively steady as well. Yeah. So what do you think that took out of the RBA meeting? To be honest, there wasn't much of a take out at all, to be honest. Like I said, even this very statement was very similar to the prime month as well. I think the real big thing here domestically that will have any impact on bond yields and also rate changes will be the budget on May 9th that's coming out next week. I think there's quite a bit in there that looks at infrastructure spending. Scott Morrison has really been talking about this good debt. And I think the growth in the spending that we will see come through that or hopefully see come through that, I think that will put pressure on the RBA to maybe potentially increase rates sooner than what they had expected. All right, Jessica Russett from Fig Securities. Thanks for joining us. Thanks, Helen. And on that very note...