 Tim Larkworthy from FIG joining the show. Tim, a warm welcome into the program. That momentary uplift for Crude, do you see that it's something of a dead-cap balance and an otherwise path of least resistance to the downside story pushing out this week? Yeah, good to be with you, Carson. I think at this stage it's interesting to see, you know, the talk of inflation, certainly in the Bank of England's mind. Carson Forbes in her last appearance as a member of the Monetary Policy Committee made a statement to the fact that she felt that inflation was going to rise to 3% or thereabouts, which is well above the 2% top of the band that the Bank of England is targeting. She felt that it could stay at that level for some time and that was one of the reasons why she decided to vote for a hike in rates at the June meeting earlier this month. Is that frankly why she's coming off the committee? Well, she's coming off the committee. For good reason, though, because what on earth is she saying that for? Well, look, I think her comments were also supported by the Bank of England chief economist Andy Haldane. Not the Governor himself, he said that's rubbish. Sorry? The Governor himself stood on that one. He stamped on it a night later. Yeah, no, I think when the Bank is all the chief economist is also making a comment and he's now made a comment earlier this week that he feels that he would vote for a rise in rates at some stage over the next six months as a possibility. I think it's still worth keeping in mind. So where is that likely inflation emanating from, pray tell? Well, I think inflation, they're targeting the inflation coming through the weakness of the sterling as being the main protagonist as the issue to causing a rise in inflation there. Do you see that as kind of the root and branch type, though, of inflationary bill that they would have expected to be occurring about now? I mean, in terms of the bigger picture economy? Well, look, I think it's interesting. I think, you know, certainly central banks around the world talk to each other. And I think there's a general jaw-boning, if you like, of the market at the moment. I think we've seen that from a number of the central banks just talking with more of a positive outlook towards where things are. And I don't think that's a great surprise that they do talk and they do have a bit of a consensus of thought coming through at any time. And again, Fed funds futures, if we bring it all back to the US, are determinedly outside of that group think, are they not, inside the Fed, such as it might exist to keep on a raising path? We are seeing, again, it's kind of year-on-year discrediting of Fed projections. Yeah, look, I think the market is, you know, a battle between where the market sees things going and certainly where the Fed would like to see things going. You know, having said that, I think the market is coming to the conclusion that there is more of a likelihood that they will be a tightening of monetary policy over the next six months. That'll be December rather than September. But it certainly will be dependent very much on the data that we see going through. And I think it was interesting last night in the US, they had an auction of of $5.6 billion of the 30-year tips, which are the inflation-linked bonds. They went particularly well. A 0.88% issued. There was a coverage rate of 2.84%, or 2.84 times, which suggests that there is good solid demand for inflation bonds at the moment over there, which is indicative of what the banks are saying at the same time. That looks like the kind of trickle before the real gusher as of next week, though. Does it not? 88 Bill of USTs coming to town, 26 of which the two-year notes on a Monday release slated. What's the expectation there? Look, I think there's a lot of supply coming through. The indications at this stage that the market's pretty well inclined to pick those bonds up. I don't think they're going to see any sort of real blowout in rates. The interesting thing is that the Australian 10-year, US 10-year spread is still holding around that 20-point mark. I guess the risk is that these are historical lows. We haven't seen these. We've only seen these lows on two occasions over the last 30 years. I think if there is a risk that we could actually see the Australian 10-year bond go through the US 10-year bond, which would be the first time for a long time. That certainly raises the spectre of Australia being a high-yield currency. And just from thoughts as well, Westpac are tapping US bondholders earlier this week, right? So are we expecting that's the kind of the latest but not certainly the last in that story? Oh, look, I think we'll continue to see, you know, the Australian corporates continuing to tap into that market very much so, yes. Because I mean it's just intriguing as they're not with banks themselves moving on the mortgage book. Determinally, they've got even more reason. Do they not to be augmenting that kind of a cover on margins with what they are doing offshore with funding? Yeah, look, certainly offshore funding is attractive and will continue to remain attractive, particularly if our rates stay where they are at the moment. Do we see euro-denominated issuance, though, as maybe now saying to Trump the idea of a default to the US, to US even MTNs, given what we're seeing with the Fed? Look, I think that's, you know, I don't think that's forefront of people's thinking at the moment, no. Okay, all right. Tim, thank you. Appreciate it. Tim Lackley from Fig in Sydney.