 Good morning. Because the Brazilian Real was the strongest FX currency from the emerging markets in the past year and the Mexican peso has closed at an all-time low this week, everybody who comes from the United States and pays in US dollars can buy a Big Mac at McDonald's in Mexico at $2 while the same Big Mac costs $5 in Sao Paulo. So there is border tourism and border shopping going on between the United States and Mexico. That is something that is comparable to the Swiss franc and Germany. They also go shopping or the Swiss people go shopping in the Baudenci area because the euro is so weak and the Swiss franc is so strong. So there are real developments behind what Trump might do next. The Federal Reserve has also some eyes on Trump and the uncertainty coming from what he wants to do. So yesterday the Federal Reserve, so that was in the minutes, has been written in the minutes from the last meeting in December where the Fed actually hiked rates again and the Fed presidents there said that they fear that there might be a growth overshoot by those fiscal stimulus programs from Trump and this might actually also hinder German government, the German government from doing more in regards to investing in infrastructure. Right now the German government is consuming a lot because of that plaque zero that we have. So German government actually has windfall profits coming from the low rates from the ECB. So we right now do not have any losses in the government coffers but we're not investing it. And one argument for explaining why we don't or why the German government doesn't do it is they want to prevent an overheating of the German economy which is quite strong already. In the United States the same counts. The United States economy is quite strong. The labor market is relatively strong. We have rising inflation expectations already and that is what the Federal Reserve yesterday said. They fear that with Trump if he goes into that relative strong growth and puts in place some infrastructure programs on a large scale they could be overheating and that should be prevented and so the Fed could hike rates faster. And if you compare Donald Trump to Ronald Reagan who was president in the 80s, the debt to GDP ratio back in Reagan times was 30%. And today we are near 109% and so inflation could spike fast if Trump isn't doing the right things. But if you look at the markets we are at 105, 53 for the euro dollars so we got a weaker US dollar in reaction to the Fed minutes so nobody really believes that the Fed is really going to hike rates very fast. Or there might also be some profit taking after the dollar rally in the past days. So there is still a lot of uncertainty in regards to Trump. Another development which is of note is that the LIBO rates have gone above 1% again. That was the first time since I guess the year 2009 or 2010 that the LIBO has gone above 1%. And the Fed I must say is quite slow to follow that market reaction on short term rates. They are below that of course. And yeah, there is some real economic results and developments and results are coming out of that. 20% of the US mortgage rates are coupled to the LIBO. Private US student credits in the United States are coupled or they go with the LIBO. And so now that is above 1% again means that the next mortgage rates and student credit payment for the yield on that credit will be higher. And that means that it is very probable that the free disposable income of US consumers is going down. And that might be also detrimental for growth in the coming weeks and months in the United States.