 Well, let's bring in Jonathan Sheridan now, live from big securities in Sydney. This volatility, what's it doing to bond markets at the moment? Good morning Ingrid. Yesterday was a very interesting day on our local market. We had just a huge rally in government bonds. The tenure was down 18 basis points, which is just a massive move for a government bond market. We've actually seen this morning, we've given back some of those gains. We're up about three basis points today. We've had another volatile session overnight in risk assets, so you can see why people are moving their funds into the relative safety of the bond market. So again, are you saying it's expected that Japan might lead this market even further into our own childhood territory, and the chatter, as we've been talking about this morning, somewhat on-john at Yellen, drawing up plans for negative rates. What do you expect that might amount to in some testimony even in the next few hours? Yeah, look, obviously, the Yellen press conference in light of what's happening in markets at the moment is going to be very interesting. They've started the hiking process. Clearly no one believes that they'll do anything more on that. Japan are leading the way. Their tenure year went into negative territory yesterday for the first time. That's added a vast amount to the global $7 trillion or thereabouts of bonds with negative yields, which is just a crazy statistic when you think about it. I can't see Yellen coming out and saying something really at odds with their view. The real economy is no doubt what she'll talk about, and the labour force data was pretty strong, actually, apart from the headline number and the payrolls on Friday. So I think much of the same from Yellen. It would be a big surprise if she did an about face. Let's talk the corporate bond market, because it's all about Deutsche Bank, isn't it? What are we hearing there? Yeah, Deutsche Bank, their equity obviously has got hammered the last few sessions in particular, but we've seen their COCOs or the new style tier ones, as we call them in Australia. They've sold off about 25 to 30% in the last couple of days on worries that Deutsche won't pay those coupons. As you know, those tier one hybrids have deferrable coupons that can be effectively just cancelled if they don't pay them, they don't have to make them up. And obviously investors looking at a real risk of that happening. So those COCOs now trading at a margin of about 950 points over the asset swap rate in Europe there, which is interesting for our market, CBA, have just gone through the process of calling their pearls three hybrids and they're going to reissue a new deal in the next couple of weeks. The rims we've been hearing about 500 points over. So, you know, they look really tight. You know, we've been saying this for a while that these new style tier one hybrids look really, really tight in their pricing, and even at 500 over from a strong credit like CBA, seems to still be the case. The issue would be though, they only come to effect, don't they, when the capital of that issue in banks falls below a certain level. Realistically, are we even within sight of that? No, I guess that's the point. You know, CBA and all four of our major banks, in fact, are much stronger credits than Deutsche. That's one of the reasons that they've sold off so much, because they have this regulatory, as you say, clause in there, which means that the regulator can deny them the ability to pay those coupons. And those margins are getting a bit fine for Deutsche Bank now, and not so with us. All right, John Sheridan, appreciate those insights. Thank you. Thanks very much. John Sheridan from The Fig.