 camera there to the minute. Simon, welcome to you. Back on the US, UST's firming overnight, the yield perspective has weakened off, has lowered. Really, were you in that three further hike camp for 2017 or were you away from the fray leading into this announcement overnight? Good day, Carson. Leah, look, I think, and we spoke about this a couple of days, that the ability for the Fed to continue to increase rates at a fast, rapid pace is really inhibited by the still, you know, quite soft growth and inflation data they're seeing over there. So I think while the market did get a little ahead of itself and, you know, a lot of commentators were looking for an adjustment of the dock points or, you know, adjustment of forecast of future rate increases, they stuck to their guns and they haven't adjusted that. So while they've increased now, they don't feel that the situation has changed or the euro's economy has strengthened enough for them to build in a more rapid succession of increases. Yeah, the stock market is pricing in stronger growth. So do we see problems brewing a kind of another misread on the outlook scenario or when will the two align? Bill, this is interesting, isn't it? I mean, you definitely had that exuberance in the equity market coming through. It just hasn't been matched in the long end of the bond market and if you look at the 10-year rates, there are about, you know, 10 basis points in Australia and about five in the US. So, you know, they're certainly not buying into this story of higher growth. Now, something to have a look at the Aussie market, which is quite interesting as well, if you're talking about exuberance, is credit spreads or credit, the value you get or the risk premium you get on bonds. Now, I've had a look at that over the last nine years. So since 2008, that peaked at 440 basis points. The low point has been 78 basis points. We're now at 81. And the average over that time has been 145. So we are getting down to the lowest point for credit that we've had pretty much since the GFC. Now, that reflects, you know, that investors are happy to take on more risk, take on a higher return, but it also means the credit's getting very expensive. So that very does match the moves you're seeing in the equity market. We've seen China lifting us into back rates in the wake of the Fed hike. What sort of a risk might that present for the tiger economy? Yeah, look, it's interesting. I mean, you know, we've had a lot of sort of conflicted data out of China. We know that there's been some sell down of treasuries that they hold as well. They're certainly trying to bring in some support for their markets. And, you know, we know that we're concerned about credit and lending volumes over there as well. You know, I think that really, you know, it's starting to slow down. I think the focus is moving more on the US. And that's really starting to be the key driver. I think the market's already building at a lower growth for China. Certainly, some areas are concerned in relation to China. I don't think that that situation's changed. And Japan's sitting back. I mean, this target of, you know, some kind of an inflation heading scenario looks altogether elusive. Again, remind of that today. Well, it does. And I think it reminds us, you know, there's still a lot of global support by central banks. You know, we tend to focus on the US, which is starting to raise rates. But, you know, look at Europe, who just, you know, lowered the amount they're buying, but still 60 billion euros a month. You've got Japan still sitting on that same bond buying as well. You know, there's a lot of money hitting the global economy, supporting a lot of this exuberance as well. So, you know, let's not forget, but not out of the woods yet. You know, let's not forget that a month ago, the US decided they would continue to hold the four and a half trillion treasuries they hold, continue to reinvest dividends of maturity. So, you know, we're not really on the other side of this at this point yet. All right. And for the Fed to say the data has not noticed that we strengthened during that press conference, you know, go figure. Yeah, exactly. Absolutely. And I think that's, it's a bit of a tale of two stories at the moment. We are now, but certainly no change on the forecast. Simon, thank you so much. Simon Michelle there from FIG in Sydney. We must