 Under half an hour's time, let's bring in Mark Bailey from Fixed Securities for his thoughts and analysis on that upcoming decision. Mark, good to see you there today. Thanks very much for joining us. Now, I think it's fair to say we're expecting rates to remain on hold today, but as always, it will be the outlook commentary, expecting any sort of deviation from Philip Lowe's comments recently, which have actually been relatively upbeat. Good afternoon, Leigh Ann. I think that's certainly been the RBA's point of view that Glass is certainly half full and Philip Lowe has been, as you say, very upbeat in terms of some of the data points. I'm reading it as fairly mixed. You have seen some kind of weakness coming through in construction. In CapEx, house price data seems to be tapering off slightly, so it seems to be some cooling in the housing market. But on the flip side, there has been some positives as well. If you look at the employment data, it was actually a bit stronger than expected. The unemployment rate fell, participation was up. Still not seeing any wage growth coming through. And then on the mixed side of things, you saw very weak April retail sales, but that was actually counteracted by strong retail sales in May, so I see mixed data points there. But I think the RBA, as you rightly say, has been very keen to emphasise the positives, kind of almost ignoring the negatives, and I'll be looking to see if there's any kind of change in that. We do have the GDP print tomorrow. I think you've just seen Westpac downgrade their forecasts as well. NAB is looking for a negative print, but maybe that's looking less likely after a couple of data points that we had yesterday as well. So I think that's all in the mix, but as you rightly say, the RBA is still keen. My view is I think as we get towards the back end of the year, I think the RBA will probably have to acknowledge that the economy is growing a bit slower than expected, there's no wage growth coming through, no inflation pressures coming, and maybe we're looking towards an easing bias, maybe a cut in November of this year towards the back end. So that's what I'll be looking for. I think we'll probably get a pretty much straight back from Philip Low in the statement that accompanies the decision in terms of the positive outlook that's on balance. You're still seeing some pleasing signs in terms of the economic indicators. Yeah, you mentioned those company profits yesterday, which were pretty strong, and I think that's probably alleviated some of the pressures there, but on the flip side of that, we did see wages growth, which does still remain exceptionally weak. You have the flow-through effect then in terms of inflation, which still does remain below the RBA's target and still really a key concern for them. That's right, and that's a key indicator, whether you're looking in the Australian economy or the US economy, to whether you're going to see inflation coming through. If you look at the US economy in terms of Trump and what he was meant to drive in terms of the fiscal stimulus and jobs, but you're not seeing that coming through in terms of the wage pressures and wage inflation there, or domestically as well. So until you see that wage inflation coming through, and as you rightly point out, there's no indication that that's happening, I can't really see that you're going to see any kind of significant uptick in inflation. And at the moment, whether you're the FOMC or the RBA, you're pretty relaxed on the inflation side of things. I don't think you're feeling that you're going to fall behind the curve if you don't hike or if you maintain rates in the RBA's case for a bit longer than how the economy plays out. So I think on the inflation side of things, the central banks globally are pretty relaxed. And in actual fact, probably the only sign of inflation starting to uptick is probably in the euro zone as well. But that's again starting from very, very low levels. So the ECB is going to be pretty relaxed at current levels as well. Now, Mark, you mentioned there about the RBA having to start thinking about their next move in rates, if in fact we do start to see more weakness in that growth coming through. That read tomorrow, of course, is going to be really, really important. But just from a bond market perspective in terms of those yields, what is it telling us about the RBA's next move in rates? Yeah, look, I think the market's pretty relaxed. And we're starting to see a bit more of pricing coming in that potentially the RBA may cut. So that's increased in the last month since the RBA last met in May. And those chances have increased to around about 20% of a cut later on this year. Still very low levels, but that's increased from 10% at the start of May when the RBA last met. So the markets are still pretty much pricing no change for the foreseeable future. But there's a bit more of a groundswell starting to build that potentially if the data continues to be weak and the economy continues to underperform and not grow strongly as expected, then at the back end of this year you may see the RBA starting to maybe implement an easing bias and maybe even cutting if the economic data is considerably worse than expected. I just want to get your view on that growth print tomorrow. And I think you mentioned Westpac there coming through with that downgrade to 0.2% rise for the quarter. I think CBA is at 0.1%. Capital Economics just coming through as well. They are expecting it now to dip into negative, a negative half a percent growth, I think. Is there a real chance that we could see a negative print tomorrow? Yeah, I mean, I think there is. There's been a couple of economists that have said that it may well dip slightly into negative territory. I think the current Bloomberg consensus is around about 0.3% for the quarter and 1.6% year on year. So, again, it's under probably what the RBA and the government would height for in that 2% to 3% growth target and banned in terms of what they would like to see. And we do continue to underperform and it's whether that first quarter is transitory, whether it's temporary factors and whether we actually started to see a bit of more of an uptick going into Q2 and the back end of the year, because if that doesn't happen, then potentially we'll have to see the RBA looking to maybe ease policy and support the economy from the monetary side of things. Do you think we'll see a fairly big market reaction because the Aussie dollar, it's sort of trying to grapple with a couple of things going on at the moment. Obviously, we've got the weaker greenback, which is at play. We've got some commodities also, which is on the weaker side of things, but with that print tomorrow, do you think we can expect to see some volatility around trading in the Aussie dollar? Yeah, I think so. I don't think if you do see a significantly negative print, I mean, if capital economics is predicting, you know, minus half a percent and it does come in close to that, then obviously you're going to see fairly considerable weakness in the Australian dollar. But as you rightly point out, you know, you've got to kind of strengthen the greenback. You've got falling commodity complex, especially I&O, which hasn't really impacted the Australian dollar as much as people would expect. In addition, as well, you are seeing compression in terms of the yields. You know, the 10-year Australian government yield versus the 10-year US yield is, you know, probably about a 10 to 11-year record, low in terms of the differential. And that should impact the relative strength of the Australian dollar. But again, it seems to be fairly resilient, you know, still trading in that $0.70 to $0.75 band. And, you know, from my point of view, I think we're probably still going to see it in there in about a year's time, even though, you know, all the fundamentals are points to some fall, maybe down to the $0.65 a level, you know, if you're looking at pure fundamentals, but that just doesn't seem to be happening. And I think, you know, the market's almost positioned for a weakening Australian dollar. And as we all know, you know, if the market's positioned one way, unfortunately it tends to stay or move the other way. It always moves in the direction of most pain. And, you know, that's certainly been the case for the Australian dollar over the last year or so, where, you know, if you look at the pure fundamentals at various different data points as you point out, you know, you would expect to see, you know, the Australian dollar depreciated, and that certainly hasn't happened. Now, Mark, just to kind of wrap things up, I just want to extend the conversation outside of Australia, because there are a lot of key macro events taking place this week, notably on Thursday. I think I read a note this morning from the NAB saying that it's going to be a stormy Thursday. Potentially we've got the ECB, we have the UK election, of course, coming up, and then James Comey's testimony, all sort of happening there on the same day. So we do still have a number of those risk events coming up for the market to, you know, key off from. Yeah, I mean, I think probably two out of those three are probably more important, I think, from the market's perspective. I think the ECB's going to be pretty standard, and I don't think there's going to be too much excitement there. I think, obviously, the UK election, anything could happen, as we've seen previously in the UK. And, you know, it's going to be really critical in terms of the actual number of MPs that the Tories actually managed to put back into the House of Parliament and the majority there. That'll be a key driver in terms of the impact of sterling and also in terms of their negotiating position with the EU on Brexit. And also, as you point out, the U.S. economy's a testimony in the U.S. Senate as well will have potential to move the markets in terms of what specifically he says, whether it, you know, potentially down the line, it is the start of potential impeachment of Trump presidency and what that would actually mean, whether we get, you know, Vice President Pence becoming the president and what that actually means for the U.S. economy and his pro-business agenda and whether that would actually maybe actually lead to a more sustainable growth path for the U.S. and a bit more stability than we've seen since Trump was elected. So, you know, there's obviously huge amounts of kind of data points later on this week globally and, you know, that could certainly add a significant volatility to the market. All right. Fantastic. Mark, we do appreciate you taking across all of those events, but notably the RBA decision, which is happening now in about 20 minutes' time. Thank you so much for joining us this afternoon. Mark Bailey joining us there from FIG Securities.