 Let's bring in Mark Bailey over at FIG Securities and I suppose looking at the picture that is the US economy at the moment, some arguably weak data out of the US on Friday, obviously pointing to that retail sales numbers, your thoughts on what we saw on Friday and how it fits into the commentary that we're getting from various members like the Chicago Fed presidents. Yeah, good morning, James. I think, you know, the Chicago Fed presidents kind of pretty much on the ball in terms of the CPI. We saw a headline in the States coming in at 0.2% in line with consensus, but the underlying CPI was actually below consensus at 0.1 versus 0.2, so you did see a bit of softness there. And as we've seen in Australia, I mean, as you were talking about Orison Group before we came on, you know, the retail sales in the States were soft and they expected both the headline and also the underlying excluding energy and food as well. So, you know, it's weakness coming through there in the retail sales. You did see a bit of repricing as mentioned in terms of the Fed hike for June that dropped down to 67% chance if you look at the Fed future funds from around about 78% prior to the data. And also you saw a pretty significant move as well in US Treasuries. You saw that 10-year yield dropping down around about six basis points to close it around about 233. And that was exactly at the same time as you saw that weaker CPI print and also retail sales. In addition, you did see a bit of interesting moves in the curves. You did see a bit of steepening as that short end, the short end kind of repricing lower on the expectation that maybe actually June is not locked in certainty as much as it was probably two or three weeks ago. And also maybe September is looking potentially a more likely chance for a hike there. But you saw a bit of curve steepening as well. So quite significant moves there in the US market. And I think that's right. I think we got too much focus and too much money flowing on that June hike. And I don't think that's locked in. And if we continue to see some mediocre economic news out of the States, I'm not sure whether the Fed will move in June. I think the Fed will continue to position the market for that potential of a hike. But as we've always said, it's always data dependent. I think Janet Yellen will continue to play that card. If they don't hike in June, do we need to start seriously revising the probability of two hikes this year if they don't move in June? Yeah, I think so, James. I think it's going to be really difficult for them to do that second one, you know, both in the second half of the year. So whether it's September and December, I think probably if you're looking at June, you know, and you don't hike there, then you're probably looking at September for the next one. And then I think December is probably maybe going to be a bit too soon. So you're going to see a very gradual path, which the Fed has already talked about. But I don't think we're going to see, you know, two or three potentially hikes, which some of the more hawkish regional feds have continued to say, look, we think almost two is baked in. And we may even see three future hikes this year. And I'm not sure we're there yet in terms of the data if it continues to be, you know, kind of mixed and soft as it was on Friday. We talk China briefly, Mark, as well. Some interesting comments from President Xi over the weekend as he meets with some big global leaders, Italy's, Turkey's and Russia's presidents and prime ministers, but $124 billion in terms of infrastructure on the Silk Road, describing it as the project of the century. I mean, this is some big, big spend. We talk about $75 billion here in Australia over 10 years. It dwarfs us somewhat. Yeah, look, I think, you know, the Chinese regulatory authorities and the government will continue to support that growth target of, you know, six to six and a half percent. And, you know, fiscal spend and infrastructure spends is a good way to do that as any. Interestingly, in terms of what we're actually seeing in the bond markets and the reaction to some of the weaker data, and maybe some of the, I guess, probably more hawkish monetary policy actions, we haven't seen any kind of fiscal easing at all, where, you know, I think the markets were certainly expecting some slight changes there. We've actually seen, you know, the Chinese government bond market sell off now for eight weeks in a row, and that's the longest run of declines that we've seen since the fourth quarter of 2013. So, you know, there's just a few signs there that, you know, investors are taking a bit of risk off the table on China. But again, you know, this fiscal spend will probably help to appease those nerves and, you know, kind of give credence to the view that, you know, whether it's the government or the regulatory authorities, they've got their financial firepower to make sure that you do manage your way to a more market-based rational allocation of capital and more market-based economy through a soft landing than a hard landing. And they've got that, you know, the firepower to make sure that happens. Staying overseas and looking at Europe, obviously a lot of interest in the political situation there. Merkel, she's doing well ahead of the big general elections. Yeah, absolutely. She looks like she's won the state election for only the second time in 50 years, and that's in the most popular state in Germany that's got one-fifth of the population there, you know, kind of beat her rival. So that's going to give her a big positive boost with the national elections, you know, only four months away there. So again, you know, I think you'll probably see a bit of a boost to the euro, probably see a bit of a rally in terms of the government bond yields in Europe as well in the core states and member states there, as, you know, a bit of risk is again taken off, added to the table, you know, the risk appetite is certainly probably stronger given that result and the positive boost for Merkel, given what we've seen as well in France as well, kind of getting rid of the Le Pen threat as well, you know, maybe we see a bit more stability. Although, you know, I see in the news as well, Greece is still negotiating and trying to sort out what kind of write-downs will happen there and is palatable for both the IMF and the ECB as well and the European Union more broadly and also Italy is never far off the table in terms of potential risks in that area. And look, flagged a little bit earlier, big week of data here in Australia, of course, we've got some job numbers and wages numbers. For you, what's going to be key and how much of an impact do you see it having particularly, you know, I suppose, Aussie dollar, also government bonds? Yeah, look, I think both those data points are pretty key. My big focus is probably on wages because that is the one that will potentially feed through into the CPI. So I think we're expecting kind of 1.9% print on wages. Anything either side of that would have the potential to move both the government bond markets and the currency market. My expectation is you're still going to see fairly constrained wage growth. I don't think you're seeing a particularly robust jobs market, you know, as you say, kind of retailers do seem to be really struggling in Australia. And more broadly, I still don't see, you know, companies doing particularly well. You know, it's not dire, but I think it's a real struggle for retailers and the more broader economy to try and generate the growth that's needed to really start to see some significant hiring coming through. And in actual fact, I've probably seen more kind of companies announcing layoffs and redundancies than I have on hiring, but that's always the case in the press. So we'll actually wait until the official numbers. And I think the consensus at the moment is expecting around about 5,000 jobs to be created in the month. Again, you know, there's fairly swing big swing potentials there as well with any job numbers. So I guess we'll have to wait and see when the data comes. But again, my expectation is that we're going to see a fairly tough jobs market, no wage inflation coming through. And again, that will probably, you know, put the RBA maybe on a slightly back foot and maybe look towards having an easing bias further down the line. Obviously not yet, but if that softness continues, I certainly expect to see that coming back. All right, Mark Bailey, appreciate it. Thank you. Thanks, James. Have a good day. You too.