 Donald Trump thinks that the Federal Reserve is in total control of the Obama government, and he thinks that as long as Obama is in the office, there will be no rate hike. When Bernanke yesterday said that when recession strikes in the United States, then the Fed should use negative rates to stem against any weakness in the whole, in the economy actually. So when you look at the U.S. economy, is it stable? Is it not? Is there a recession coming? Is there not? Then there is one fact you can say that the industry, manufacturing sector in the United States is in recession, and that has been the case for many, many months. And industrial production, as we've seen yesterday, dropped by 0.4% because of lower demand and lower growth in the economy. Then there was the ISM index, the index for supply managers at 49.4, dropping below the threshold of 50 in August from 52.6 in July. So there is also bearish data coming from that. Slowdown in growth is the signal that you can read from that ISM index. Then there was business inventories in July, which were flat, which was a bit of a disappointment because there was an outright drop in inventory investments that subtracted almost 1.3% points off of the GDP growth in the second quarter. So everybody hoped that companies would invest in the build up of inventories because if they invest in inventories to build them up, they produce more, which is resulting in more growth. And it's also a signal that they expect more demand in the coming months, which is not the case. Business inventories were flat in July, and that's actually a very bearish signal because sales also went down again. So the Atlanta Fed is actually expecting that the US economy is growing by above 3.5% for the current quarter, and those data just don't point into that direction. So to summarize that, the industry in the United States manufacturing sector is still in recession. The only pride spot has been the consumer by now. But yesterday there was concerning data that has been released that was retail sales in August in the United States, which fell more than expected, which raises some eyebrows with regards to the strength of the US consumer. Then there was Bank of America, making a survey amongst global fund managers, and they found out that 54% think that bonds and stocks are too high in their valuation, that they are too expensive. That's a record level never before in that survey have fund managers on a global basis thought that bonds and stocks are that expensive. But the reason for that is the low rates and the specter of lower rates for longer, and actually yesterday the Treasury yield curve steeped to its steepest level in about two and a half months. And that just signals that rates are going higher on the long term, but they stay low on the short term. And that just means that the inflation risk that the markets are pricing long term are going up. So inflation risk on long term are going up, and that is a result of no hike. So if the Federal Reserve, that's the understanding of the markets right now, if the Federal Reserve will delay any rate hikes just by half a year, for example, then there is more risk on the long term that there will be inflation coming to the market. So that is a clear signal from the yield curve in the Treasury, and it's also the Fed fund futures which have priced in even less probability than at the start of the week. We were at 15%, now we are below 15% probability of priced in for a rate hike next week.