 Let's check in on how bond markets are trading. Go live now to Simon Michele from Big Securities. Simon, hello to you. Hi, Dan. How are you? Very well. Thank you. Now, of course, we did see that soft US data pushing investors into bonds. What's the impact on yields? Yeah, it looks interesting. We saw yields start to drift a little bit lower as we saw that money come in. It's only to see that pull back a little bit. Just looking at trading today in Australia yields up a couple of basis points. That's already reflected in the equity markets there as people are positioning for a better return, locking in some growth. And also, I guess, demand for inflation-linked bonds increasing as well. That's right, Dan. So, in this low-yield environment, we're seeing people look at going longer for yield and also going down and taking on a bit more risk. But also, we're seeing people lock into inflation index security. So, these are bonds that pay you a fixed margin over and above the rate of inflation. So, you get the protection of against inflation and an income or yield above that paid to you directly. So, investors are looking to lock some of these in. Given where we are in the cycle, so we've seen deterioration in inflation expectations on the back of that oil price falling. But we do know that you will see inflation start to re-enter these global economies on the back of some of this stimulus we're seeing. So, investors are looking to take advantage of that and lock in some additional return and that's seen a demand increase on these inflation-linked bonds. And also, you did hint at that RBA meeting tomorrow. What are Aussie yields doing in the lead-up in anticipation of tomorrow's announcement from the RBA? Yeah, Dan, pretty quiet really. It's an interesting one. I think you've had that move by the People's Bank of China over the weekend where they lowered their deposit rates and lending rates. We've seen a number of central banks, I think it's up to about 20 now dropping rates so far this year. So, you know, it really is a real area of concern for the RBA. Australia still has some of the highest normal interest rates compared to any other developed nations. So, as investors globally look for yield, Australia is a nice place to put it if you want to do some return. And that keeps demand for our dollar quite strong and keeps the dollar higher than where the RBA would want it. So, you know, we could see them move tomorrow. More likely they might move in the next couple of months, but so long as you've got central bankers around the world lowering rates, the RBA is going to have to follow suit. Have we seen the right data and do you think we have the momentum to actually see the RBA cut tomorrow? Just how live is tomorrow's meeting for you? Yeah, look, I think given the action this in February, I should say, last month, I think they might hold. You know, I think, you know, they might just sort of wait and see what the outcome of some of the moves by other central banks will be. You know, I think the dollar is hovering around that sort of high 70s. So, you know, they haven't seen too much volatility in that. They've got to be very careful, you know, obviously dropping rates down further. We've had the impact of a low oil price hitting the boughs. So, people have more money in the pocket. They're just not spending at the moment. They're putting it into savings. They're holding back and that's more of a confidence issue. So, you know, I would be... I'm going to say that the RBA will hold tomorrow. Let's also touch on the PBOC rate cut as well. First of all, did you expect to see this cut? And secondly, what is the PBOC looking at in China if you could, I guess, just focus on one issue? What would it be? Well, I think it's growth over there. You know, they've been running very high growth targets over recent years, generally around the 7.5%. It's likely to come in at 7. And to maintain that even at 7, we have seen action by the Chinese government over, you know, all of last year, essentially, just trying to tidy up some of the areas of concern in the economy, some of the, you know, the bubble areas, some of the overlending or maybe risky lending, try to pull back that a little bit. I think this flows into that ongoing narrative that they're just trying to ensure that the economy has the tools it needs and the settings it needs to maintain that higher growth target, even as we do see that pair back from historical averages. And also, over in Europe, do you think, I guess, some of the commentary, some of that news flow that we've seen coming out of Greece is beginning to slow. We might see a reduction in some volatility. Look, we seem to be. Everyone seems to be happy with the Greece situation. Look, we just have kicked it down the road a little bit. Conversation, you know, negotiations continue. I think people are very comfortable with the quantitative easing that's about to hit there. Rates are very, very low. Most rates in Europe are in negative territory at the moment. So, you know, it becomes a global issue there because, you know, as that money hits the eurozone, a lot of it's going to flow out into the U.S., into countries like Australia, looking for a better rate of return than you can achieve in Europe. I think the biggest issue in Europe now is how do you get that money going down into the smaller, medium businesses that generate some activity, generate some growth in the relative economies over there? You know, you can incentivize the banks as much as you want to lend it out, but unless the companies have prepared to step up and are confident they're going to be able to put that money to good use and stimulate some growth, then it's going to be an ongoing problem for the ECB. Simon Michele, live for us at Fixed Securities. Always appreciate it, Simon. Thank you. Thank you very much, Dan.