 Mark Bailey is joining us now from FIG Securities. Mark, good morning to you. It certainly appears as if there's nothing to bring the US Fed out from under their rock, at least when it comes to September. What are the chances now for a December hike? Yeah, good morning, and Dean, as you kind of summarized there, lots of negative or weaker than expected US data out on Friday. And in terms of that prospect of a hike in December, that's decreased from around about 49% to 41%. So you've got to go all the way out to March 2017 when the market is pricing in a better than 50-50 chance of a Fed hike. And again, the Fed has consistently said it's always going to be data dependent. The Fed has always kind of positioned the market to expect that hike going forward and then pulling back and not hike. And I think that's exactly the right way. I think this economic data confirms that September, as is priced in terms of the market, expectations is really off the table now. And we're looking towards the back end of this year and even into March 2017 before there's a real chance of a hike. Let's just take a quick listen to what John Noonan from Thompson Reuters is expecting now when it comes to the US Fed. My belief all along was the Fed would find and excuse not to do it. And they're going to be very, very careful. So I think that caution that the Fed has had up until now and that's why even though at the beginning of the year they said they were going to raise rates four times, they haven't done any. And I think that caution will continue until they're really confident that the US economy is really standing on its own two feet and doing really well. And or inflation starts to show that it's coming through. As I said, the PPI numbers suggesting that inflation pressures still just aren't there. So Mark, do you think that there's going to be a credibility problem with the US Fed or an increased credibility problem with the US Fed if we don't see a hike come this year? No, I don't indeed. And they've, as I said before, they've always said it's going to be data dependent. And in terms of that inflation that John just talked about, we're going to get CPI this week, industrial production, capacity utilization, which feeds into the GDP figures, a leading index. So again, another pretty data heavy week for the US and the Fed. But I don't think in terms of the credibility, yes, it has been a bit more, I guess, hawkish than the market has expected. But again, as I said before, I think the Fed has done a really good job in terms of positioning that market to expect a hike and then not delivering rather than the other way around, which was really spooking the market and investors in particular. So I think it's done a very good job. And I don't think it's got a credibility issue. You know, it's just dependent on the data. Yeah. And when you talk data, I mean, one thing that the US Fed has been very clear about is that while it's not, you know, it's obviously making policy for the US economy, it has used these global events as an excuse or a reason not to hike. First was Brexit. Now you sort of get the sense that we need to keep a good eye on China because we had a bunch of weak data last week, import, export, as well as fixed asset investment, as well as industrial production on Friday. We have the IMF saying that it sees Chinese economic growth can slow to as much as 6% in the next four years. So we're definitely on China watch, aren't we? That's right. And to add to that, you had retail sales and very weak credit growth as well. In addition, you know, in terms of that lower for longer thing that we've been talking about for a long time, you know, Chinese 10 year bond yields, they dropped to 266%, which I think is the lowest in around about 10 years. And you know, that, you know, back drops nicely into the IMF's kind of forecast for Chinese growth around about 6% over the next few years. And you know, I think that's kind of ballpark where most people expected to be six to six and a half percent, you know, whether we believe the Chinese data or not. I mean, I think that's still a pretty good figure in terms of global comparisons and a lot of governments and a lot of countries would be more than happy with 6% growth. And China, it seems to be managing that transition to the new economy very well. You know, it's got the regulatory authorities that are not only capable and willing to support and lend a kind of a steady hand to that transition as well as we become more rational in terms of the allocation of capital within the Chinese economy, more default rates coming through in the corporate bond market, which is an unnatural progression to a more open, more broad-based economy. And I think they're doing a pretty good job. Okay, but there's no getting beyond the fact that we have seen weak data points as of late from China, from the US. So how does this all fit in with, I guess, the markets that you're operating in? I mean, we continue to see equities hitting all-time record highs, but as this global hunt for yield continues. That's right. And I mean, I think a really good kind of synopsis of what's actually happening in the bond market is what happened when the Bank of England tried to repurchase some guilt, some longer data guilt. It couldn't find sufficient demand and it actually had the first failed kind of tender for bonds since it started QE way back in 2009 because both investors and the banks were unwilling to sell their bonds because there seems to be a scarcity around investors chasing yield. And that's why you're seeing, you know, guilt yield hit record lows and record lows in Spanish yields and generally very, very low yield around the global economy for sovereign debt as investors not only chase yield, but also a safe haven asset in these times. And that's kind of a huge difference in terms of market outlook from equities, as you say, are hitting all time highs in the bond market, which is very, very conservative and very scared about low growth, low inflation, low inflation coming through in terms of those forecasts. And they're not seeing that growth going forward. So it's a very different views in terms of their outlooks for 2017 and beyond whereas equities seeing a lot of blue sky in the bond market is much more conservative. Okay, so as far as events that you're watching this week, what is looming the largest on your horizon as far as its impact likely on global bond markets? I think we've got to look at the US data. I mean, obviously there's gonna be some critical data out of the UK and the post-Brexit kind of first prints in terms of CPI on employment. I think there'll be a key in terms of assessing the impact of Brexit going forward. Also, speaking in the UK, there was a Sunday Times article now saying that the UK will probably not leave the European Union until 2019. The government departments don't have the necessary people into start negotiating those contracts in terms of the exit. So they're probably not gonna invoke article 50 until the best part of 2017, the latter part of 2017. So in terms of those points, I think the UK and obviously always the US information and the data that comes through there is gonna be key. Leaning index, as we've talked about before, industrial production, capacity utilization, and also the CPI print will be pretty key for US data and bond points and more global markets more broadly. Okay, well, we'll chat with you about it later in the week, Mark. Thank you. Thanks, Nadine, have a good one. Mark Bailey there from FAKE Securities. Well, we'll pick up on that economics.