 for that. In the meantime, let's turn to the bond market, get a reaction there. We're joined by Simon Michelle from Fig Securities in Sydney. Simon, great to have you company on the show today. Just want to talk bond markets in terms of firstly the local economic data we're seeing, we've heard NAB today bring forward their expectations for a rate cut, also pricing in a 30% chance for a third cut in the year. So we would have obviously seen one and then another one to come in 30% chance for the one after that. In terms of what the bond markets are pricing in, is there any difference over the last couple of days, you know, with this political instability we've been seeing in the markets? Look, I think the key driver really was that announcement last week where we saw that rate cut and we saw the yield curve drift up. And currently today, our five-year Commonwealth government rates up about 20 basis points from the lows of last week and the tenure up about 30 basis points. So they're pretty steady around that sort of level. And, you know, I think the yield curve is very, very flat with only, you know, a few points differential between along the five and the tens over the official cash. So I think, you know, what's driving this is obviously we're still getting a lot of stimulus coming through Europe. That's looking for home. That's pushing global rates down. The US is certainly experiencing that. You've got Japanese stimulus as well. You know, the peak of both the Japanese and European stimulus is going to be about the same level or higher than what the peak of the US stimulus was. So on a global basis, you've still got a lot of money hitting the economy and providing stimulus. That money's got to find a home and it's doing a yield search. And that's why Australian and US rates are benefiting from that. Well, obviously you can't talk global without talking Greece at the moment. It's high on the agenda, growing expectations that Greece is on the verge of leaving the Eurozone. How is that impacting the broader Eurozone? Given the fact that they are in this deflationary environment, they are pumping money into the economy. Just put that in context for us in the wake of, I guess, the risk of Greece. Sure. Look, I think at the moment, markets don't like uncertainty. So they're sitting on the sidelines. You know, we're not seeing a huge amount of movements in yields. People are waiting to see what the outcomes are going to be, you know, after we get past these sort of political argy-bargy. And I think they'll react on certainty. So I think, look, you know, we've sort of been down this path before. You know, I think that the markets aren't as concerned or building as as much volatility potential as we have in the past. You know, I think there's a little bit of, you know, a better situation over in Europe with the action by the ECB that I don't think the market would see the Greece situations causing a huge problem. It would be more sort of isolated to Greece, essentially. So I think it's just the uncertainty. People just want to see what the outcome is. You know, at the moment, you know, it's a little bit of a player words. We need to get a little bit more certainty of and, you know, around the action that that's going to lead to. Is that risk-flowing through to U.S. Treasuries or is U.S. still sort of priced in terms of Fed-high timelines going forward? Look, they're still benefiting from that money coming across looking for that safety. You know, rates still very, very low. Expectation is still around 59% for the September quarter of this year that we see an increase in the Fed funds rate. But look, they could be hampered if this quantitative easing keeps pushing lots of cash into their yield curve as well. We've seen some corporate starting to take advantage of that Microsoft AAA issuer over in the U.S. issued $10.8 billion U.S. of debt overnight. Right across the curve, they issued 5, 7, 10, 20, 30 and 40 year debt. So they're taking advantage of low rates. The U.S. government is pushing its issuance out to the longer dated Treasuries as well. So, you know, you're getting some activity or reaction that would be seen as positive by the corporate sector there as well. Is there still a lot of volatility though in the bond market over in the U.S. in terms of, I guess, any data that is released? Look, absolutely. You know, as we get closer to an expectation of a move by the Fed, you're going to see a lot more volatility and a lot more voices at play there as well. The other greater concern really is that, you know, as people, as corporates in the U.S. is pushing their investment out in the longer end of the yield curve, investors buying those longer dated bonds are going to see a significantly higher impact once those longer rates start moving up. So, you know, the longer you go, the higher your interest rate risk, those rates start to move higher. You're going to start to see a bit of a downward movement in the value of your bonds. So, you know, that push out to take advantage of those low rates does have consequences for investors as well. That's very likely to see some increasing volatility emerge as we get closer to that move by the Fed. All right, Simon, we'll leave it there. Thanks so much. Thank you and good. So, Michelle, from Figus.