 Jessica Russett from FIG Securities. Jessica, thanks very much for joining us. Now, tell us about the US yields because they were flat overnight, just up slightly. Good afternoon, Helen. Thanks for having me. That's right. We had some weak manufacturing data out of the US. It was expected to come in at 7.5 and it came in at negative 1, so it's significantly lower. And on the back of that, you'd usually expect to see the yields move lower. But as a matter of fact, they actually were unchanged or higher. So we had the two-year unchanged at 1.3%. And that 10-year was a basis point higher at 2.34%. So why did that happen, unusually, you say? Yeah, it is quite unusual. I think the main cause of that was actually from a bit of issuance coming out last night. There was actually US$13.5 billion worth of issuance across 10 different names. And so I think that supply hitting the market just moved those yields slightly higher or unchanged. All right. Now, what about the Aussie government bond yields? They also were a bit flat, were they? That's right, Helen. They were relatively unchanged. They were a basis point higher this morning, pre-the RBA Minutes. And then after those RBA Minutes came out, we had them at basis point each lower. So we had the five-year at 2.09%. And that 10-year is just hovering around 2.58% at the moment. All right. So why did the Minutes change the view? There were no major surprises in there, although they were dovish in tone. There were concerns on wage growth and also inflation that they spoke about in there. And so I think that just has put expectations that will have bond yields lower for longer. Yeah, although they are still, you know, they're a bit concerned about the low wage growth and also the unemployment numbers. That's right, Helen. We have those, that data due out this week as well. Tomorrow we have wage growth and that's expected to come in at 0.5%. And that's an annual rate of 1.9%. So no change there. And also with the unemployment number on Thursday, that's supposed to remain at 5.9%. So there is still this under-utilisation in the labour market at the moment. Yeah, so Jessica, just back to the US situation, what is the bond market telling us about this possibility of a June Fed rate hike? It seems to be saying that the expectation is actually cooling a bit there. It's eased the probability to 67% and that expectation was supposed to be 75%. That came in with the weak data on Friday night. And so we also saw PIMCO last night, an analyst from PIMCO, readjusted their core inflation expectations to 2% down from 2.3% for year-end. And so we're really questioning if the Fed will go ahead with this Fed hike come June because we're just not seeing the growth in the inflation coming through in the data that's really necessary to justify it. Yeah, but it's interesting because the Fed has been pretty bullish itself and they don't seem to have been swayed by recent, perhaps slightly weaker data. So have there been any real clues from the Fed itself? You're right there, Helen. In fact, most of the Fed speakers that we have heard from lately have actually come out in support of continuing with those rate hikes on trend with a 2 and expected 3 for this year. So it does seem to be there. The Fed is saying one thing and we're seeing the markets pricing and something completely different. It will be interesting to see what comes June if they actually do go ahead with it. Yeah, so it's interesting. Sorry, you say PIMCO, what was the reasoning behind their view? It was also the weak CPI that had come in and that just the data at the moment coming out of the US has been quite weak. They also questioned if the Fed would hike in June just saying that it certainly would put pressure on them if there were to go ahead because the market's really not seeing that at the moment. Alright, now in Australia the wage price index on Wednesday what are you expecting the impact on bonds to be? I think if it comes in in line with expectations which is 0.5 I think yields will remain low. We might see a little bit one or two basis point lower. If they came in any higher I think we would see those yields move slightly higher so I think it does depend what does eventually but even if it does come in line with their expectations which are quite muted, they're quite benign I think we will still see yields move slightly lower. Jessica Russett from Fig Securities, thank you. Thanks Helen. Looking over.