 and Mark Bailey from Fig Securities. So Mark, I mean, even if Janet Yellen wanted to pull the trigger, could she, given the data dependency of the Fed, yes, we saw that read on inflation looking pretty good on Friday, but that consumer is not appearing to be very confident at all. Yeah, good morning, Nadine. I think it's important to point out in terms of the CPI print on Friday that that figure of 0.3% only was just slightly higher than the 0.2%, and if you kind of delve into the details, that was only kind of rounded up from 0.255%. So it's only just above expectations there. So I don't think that gives the Fed the smoking gun to hike this week. And if you want to go back even to Thursday, as you rightly pointed out, the consumer, the retail sales figures were weaker than expected along with capacity utilization, industrial and manufacturing production figures all below what was expected. So I just don't think that the Fed has the data there as you pointed out in terms of the data dependency to hike, and that's certainly what the market is pricing in here, kind of one in five chance of a hike later this week. Not only that, but we have considerable uncertainty still looming with the US election cycle, and those presidential debates will get going the week after this one. And I was listening to some commentary this morning saying that the US Fed does not want to be a topic of conversation at those debates that are coming up at all. One thing we haven't sort of talked about a lot on the channel this morning are some of the unfortunate, I guess, terror-related incidents in the States, not only that bomb blast in New York where we still don't know the cause, but also in Minnesota there's been some sort of an attack in a shopping mall. How is this likely to impact sentiment as we head toward some of these central bank meetings? Yeah, I think it just adds to the geopolitical risk, whether it is the elections or those, as you rightly pointed out, those unfortunate events, the bomb blasts in the States as well. It just adds to the feeling of uncertainty amongst consumers and also businesses as well, maybe in terms of the election, and depending on how those debates go. And if Donald Trump does perform well in those and that kind of predictions of a tight election kind of do go through, then obviously that uncertainty continues to build. And again, it just holds back businesses and consumers from spending big capital outlays, and that will eventually lead to a slowdown in the US economy, which we are seeing, especially on the business side in terms of business investment, which has been incredibly slow because of that uncertainty. And at the moment, although consumers are still spending, it is slowing down a bit, but again, the consumers are the driving force of the US economy as we always talk about. Yeah, and it seems as if consumers are a little bit confused as to whether good times are coming or bad times. We have a chart from Bloomberg really showing, I guess the conundrum in consumer confidence. The number of US consumers, the percentage of US consumers saying it depends, which is a quote, rose to the highest on record in September, according to that University of Michigan monthly survey. So again, they're pointing to the upcoming presidential election really perhaps leading to increased uncertainty about the outlook in the United States. Let's turn away, though. Can we mark from the US? Talk about the ECB. Over the weekend, we had ECB policymaker, Jens Wiedemann saying that the ECB cannot solve all problems, adding that interest rates should absolutely not stay so low for longer than is needed to deliver price stability. So this seems to be adding to some of the rhetoric that was coming from the ECB at its previous meeting the week before last. What is your sort of take on what's happening in Europe right now? Keeping Brexit, of course, in mind as well. That's right. And I think it does just continue that rhetoric that we have seen more globally in terms of central banks since their meeting in Jackson Hole where they're trying to put the onus back on governments in terms of their fiscal spending to try and drive the economy forward in terms of GDP and jobs growth and taking it off the central banks, monetary stimulus. And again, this rhetoric, as you would probably expect from the German member, is again saying, look, we don't want to have rates so low. And in terms of his economy and the German economy, which is probably performing one of the best in Europe, that's the right position to take. But again, the ECB does have to set rates for that broader economic region. And certainly in the periphery, it's still a very difficult high unemployment, so again, I think the ECB will have to hold rates low. But again, that's the continuing rhetoric that they're trying to push the stimulus idea back onto governments, whether the governments will respond is another question because their backs are against the wall in terms of the amount that they can spend in terms of debt to GDP, especially in Europe. They've got those additional constraints in terms of the fiscal spend, the deficit can only be 3% of their GDP before they do break the Maastricht Treaty. So it's a very difficult situation, but certainly since Jackson Hole, you've seen the Bank of England, the ECB come out and say, look, it's time for the governments to step up and help drive growth. Broader view on what's happening in Europe. Do you think, Mark, that once we get past the central bank meetings that we could be sort of heading toward a more volatile year end in Europe, we do have Italian elections looming. We have obviously the conversation continuing around Brexit. I know that we've been talking for years about the problems with Europe being kicked down the road. Do we see any waning of some of the uncertainties in Europe at all? No, absolutely not. And the European situation continues to be one of my key risks going into 2017 as well. Everybody thinks that the Greek situation is resolved. You look at the European banks, whether it's the ECB's plan to address some of the 1.1 trillion euros of bad non-performing debt on the bank's balance sheets. On Friday as well, you had the Deutsche Bank announcement that it had been fined 14 billion US dollars in terms of its trading in RMBS-related products. Obviously Deutsche Bank will fight that amount and probably settle somewhere close to four or five billion US dollars. But you saw that shares for eight or nine percent along with their bank hybrids again, which were down seven or eight percent to the high seventies. So again, you just highlight some of the concerns that are still bubbling away below the surface in Europe. I think it's going to be one of the key drivers of that volatility going into year end and into 2017. And speaking of, the data coming from China has been quite positive as of late, but we did have that Bank of International Settlements warning about banking stress in China. I was speaking with John Nunez from Thompson Reuters earlier this morning. He said, look, that's not a big issue now, but that could be a very big issue when we come to, again, looking out through 2017, 2018 even, what do you make of that red flag warning coming from the Bank of International Settlements in relation to China? Yeah, I think the BIS is kind of highlighting that and has been highlighting that metric for a while in terms of the amount of leverage that is in the banking system. It's certainly one to keep an eye on. And again, China is another key risk going forward as well for investors to keep a handle on in terms of whether they can manage that in terms of a smooth transition and whether or not they can have the reserves to allow a more market-based, more rational allocation of economic capital within that economy. I think they can. I'm still very much in that soft landing camp, but again, there will be bumps along the road as corporates and potentially some state-owned enterprises do go into bankruptcy. But again, I think it would be managing such a way that the process has been so far that it's allowed some to default, so it's showing investors that all investments are not created equal. There's not always an implicit government guarantee there, and I think it does lead to the more rational allocation of capital from investors, and that's the right way to position the market going forward. So Mark, last week, a real hallmark of the markets that you operate in was, you know, bumper investment grade issuance in the US in particular. Is that expected to continue this week? Are we going to see these corporates really trying to get ahead of these central bank meetings later in the week? Yeah, I think so. I think you'll see quite a bit of issuance at the start of the week, you know, ahead of any potential moves for the BOJ, lesser extent to the Fed. But again, what is driving that issuance is huge investment demand. We're seeing amongst our investor base and also in the institutional investor base as well, that search for yield, that drive for income, you know, it's pervasive across all markets and whether, you know, you're seeing them extend duration or extend down the credit risk spectrum to try and grab that additional yield. You're seeing that across the curve, and that's why you're seeing a lot of issuance stepping up because it's a very, very attractive time for corporates to issuer into this market. It's very positive in terms of the technicals, and that I think for the moment is likely to continue for the next few weeks or few months, although as we all know, technicals can change very quickly on quick changes in sentiment, but at the moment it's very positive for issuers. And just quickly, does that hold true in Australia as well? Absolutely, yeah, yeah. It's not just a global phenomenon, we're also seeing that domestically as well. Okay, Mark, always a pleasure, thank you. Thanks, Annette, have a good one. Barely there from fake securities, and we'll check