 And for that, we have Simon Michelle. He's joining us from FIG Securities. Welcome to the program. Good to see you on this Friday afternoon, a Friday afternoon in which we continue to see US Treasury yields rising. Any sign that this is going to stop anytime soon? Hi, Nadine. Look, I don't think so. I think this is really the market positioning itself for a tightening in December. Fed futures showing a 98% chance. The yield curve up probably about 10 basis points across the curve there. And the US yield curve is pretty much where it was just after the last increase we got in December last year. And off of lows back in July-August, up from about 1% from those lows we saw in July-August. So significant movement in that yield curve. And what it says to me is the market's really starting to believe what the US Fed's saying and that we will see that tightening in December. Well, why not? I mean, we're watching signs that inflation is rising. We had that consumer price data coming through last night showing consecutive, you know, further gains in consumer prices, particularly when it comes to the housing market. So when it comes to inflation, it's interesting to note that Trump's policies have been touted as inflationary, but it certainly seems as if the groundwork is already laid for rising inflation going forward. I think you're absolutely right with that, Nadine, because we were certainly seeing, although off a very low base, we were starting to see inflation creep up, and that was on that movement we saw in the oil price a couple of months ago. I think we're building on that. There is also always a view that there is going to be significant infrastructure spending, more significant under a Trump presidency, and I think that's starting to be priced into markets as well, and you're starting to see that movement up in longer rates as I spoke about on the back of that inflation. That really ticks off the last box for the Fed. You know, that low inflation was always a concern. If you look at the breakeven rate, which is where we assess the level of inflation in the markets anticipating by looking at the price of inflation-linked bonds, the US is now up about 1.97, so very close to that 2% mark. Now, how about Australian government bond yields? Are they moving higher in tandem because no signs of inflation in this economy? No, absolutely not, but with that increase in US yields, it's certainly taken some pressure off the RBA to need to lower our rates, and the margin now between US treasuries and Australian Commonwealth government bonds very, very tight. If you look at our two-year or 10-year, I should say, for example, the difference between the US and here in Australia is only 37 basis points. So that certainly takes a bit of pressure off. It makes US yields much more attractive, and that's why you're seeing that dollar start to lower a little bit on softer demand. A lower bit, when watching the Australian dollar continue to seek for new bottoms. I mean, how? I'm curious to know sort of what demand is like in the areas that you're working in, in this environment, Simon? We're seeing very strong demand, really. It's interesting. I mean, you know, these higher yields, certainly, are driving more people to the market. If you have a look at the issuance side of it as well, you know, Aussie issuers from the banks to the corporates doing very well at getting their bonds away also, I think people are happy to lock in yields. They're just not happy to take duration. So we're certainly not seeing demand along the yield curve out to that 10 or that new 30-year Aussie bond we now have, but certainly in the shorter end and also in inflation. You know, inflation-linked bonds are quite cheap at the moment because inflation is low, but we know it is increasing, and we've certainly seen an increase in demand both here in Australia and in the US for inflation-protected securities. In my view, I think that's a really good place to be at the moment. I'm curious as well, now that we have pretty much a 98% chance of seeing a US-fed rate hike come December, what, you know, does that, I guess, scenario stop becoming so much of an influence on prices for the next couple of weeks? What then sort of supersedes that, if anything? Well, what you're going to see, should we get this tightening, is quite a bit of volatility come through the market. We experienced that last year as well, and what that is, it is the rest of the market getting used to these higher US yields on a comparative basis. So if I'm invested in a higher yield space and I'm a leveraged investor, the cost of my funding through US is going to be more expensive. So all of a sudden that a lot of those positions start to unwind. You're going to see that, I mean, there's also a lot of talk in relation to looking at other asset classes and how they're performing, in comparison to, you know, a US-tenure rate that's already sort of 1% higher than sort of five months ago. So you're going to see a revision of a lot of those positions, and certainly it's not only about the investing side and the fact that investors can lock into higher yields, it's also the lending side and, you know, people that are leveraged having to get used to a high cost of funds as well. That's likely to see some volatility. All right, that's likely to make for some interesting times ahead. Appreciate your time. Have a great weekend. We'll speak soon. Have a lovely weekend. Thanks, Nadine. I'm Michelle there, joining us from Fig Securities.