 Well, for more on the reaction that we saw in bond markets and also in anticipation of that RBA decision tomorrow, I'm joined live by Simon Michele from FIG Security. Simon, a very warm welcome to you this morning. Thanks for joining us. Good morning, Matt. We'll get to the RBA decision in just a moment, but the Bank of Japan certainly now their turn to provide that support by applying those negative rates. I saw Australian bonds actually affirmed pretty strongly off the back of that decision. It looked very positive as global yields fell on the back of that announcement by the Bank of Japan. It'll cast our mind back to December and we had both the Bank of Japan and the ECB come out and say they weren't going to make any changes to their stimulus packages. So we're happy to hold them. That was before the US moved and obviously, you know, at the end of January, we've seen the Bank of Japan have to jump into the driver's seat again. So, you know, the market took that very well. A lot of positive sentiment on that. But, you know, just pushing global yields down into new territory. US yield curve down about 25 basis points from its peak since that tightening in December. Absolutely. And I guess really significant that we have seen those rates moving into negative territory. The other question is how long the impact is actually going to last, whether it will have sort of a limited impact or a lasting impact? Well, this is the thing. I mean, we've seen this strategy used by Europe. You know, it's all very well to try to force banks to push that money into the general economy, lending it through to small and medium businesses. But, you know, those businesses need to be confident that they're going to have the ability to generate some growth from that lending. So, you know, I think the corporate sector has been reluctant to take advantage of this. And, you know, until you get that movement down in the cold trenches, it's going to be very difficult for central bankers to continue to use these policy measures. Risk spreads as a result of the Bank of Japan action. Take us through what they've done. Well, there's been interesting because, you know, it's been a the periphery story in the market here has been widening credit spreads or widening risk premiums. And we've seen a lot of selling out after the US movement of high yield bond funds, a lot of high yield bond funds selling out of their bonds. And that's pushed these spreads wider as well. They got up to about one and a half percent. The Australian index sits down now at about one point three eight. So, you know, we have seen that start to ease back. And that reflects that more positive sentiment as well. So not only, I guess, markets reacting to the Bank of Japan. We also saw those growth figures coming out of the United States, fourth quarter GDP, slower growth, though, coming through. I mean, does that actually reduce the chances of the Fed now actually raising rates some in March? Well, it certainly makes it more difficult for them now. And I think you spot on, you know, the markets just really discounting any further increases this year, you know, possibly one at the end of the year. But, you know, you look at the two year US Treasury, you know, it's down at, you know, it's at about 25 basis points from where it was post the increase by the Fed in December. So the markets really moving away from those dot points, essentially, that the Fed gave us. It's going to be very tough. I mean, you know, when you've got an environment where you've got Bank of Japan, ECB, Bank of China, People's Bank of China, obviously all trying to stimulate, all trying to keep rates low. It's very hard to run against that. And I think that's a challenge that's going to be further accentuated over the coming months from the US. In light of that, because I was noting this morning, investors pulled a net almost three billion US dollars out of stock mutual funds. That was the seventh week of outflows in the past eight weeks. So really that continuing theme, I suppose, of investors flocking to those safe haven assets, such as bonds. In light of those comments and those expectations are reducing for rate hikes this year. I mean, is that likely to continue being the theme of 2016? Look, I think it is. I mean, it's been a really interesting start to the end. Investors are looking for where to park their money to get a decent return. And, you know, as you see, equity markets and other markets struggle to generate any growth and return and lowering dividends as well. You know, we are seeing investors move back into the bond market, say, well, look, I'm happy to take four and a half, five percent return in the bond market because I just don't think I'm going to get that. I didn't get it last year. And so we're getting a lot of unwinding of those positions on the back of not only that move by the US, but this slowdown, these lower inflation and growth forecasts coming through really pushing down the potential for growth through 2016. Very much a central bank focus. It seems that the moment we speak of Bank of Japan, the Fed, but of course the RBA in focus this week as well. Their first meeting of 2016 happening tomorrow. Given Simon that we're seeing, you know, such a strong jobs market at the moment and obviously the lower Aussie dollar, is it likely that we'll see the RBA on hold tomorrow? Look, I think so. I think if, you know, if I was a central banker anywhere in the world at the moment, Glenn Stevens jobs looking pretty good. You know, if you look at this local data, nice, solid improvement, good, solid trends both in the labor market, as you say. Also in consumer demand, we're seeing good positive as well. Confidence is looking positive also. If anything, I think that what we're starting to see on the back of these global yield movements is the Australian yield curve start to price in the possibility of a further rate cut. I think that's possibly where the greater risk is rather than any increase in rates. But look, I think pretty steady as she goes while they sort of keep the rose of what's happening elsewhere in the world at the moment. So you said pricing in further rate cut. I mean, how many any expectations at this stage about one, you know, quarter of a percent down. So that would bring the cash rate down to about 1.75. That's really merged just with that yield curve falling over the last week or so. So, you know, market now pricing in lower rates than this current 2 percent cash rate. So I think definitely risk that, you know, the RBA may have to follow other central bankers if they see further action. But I think at the moment, all that's working pretty much in the RBA's favour. So they're pretty comfortable with that dollars at attractive level as well. So I think they're pretty happy to hold at this point. All right, fantastic, Simon. Really appreciate all your thoughts there this morning. Thanks so much for joining us. Morning, Leanne. Thank you.