Yeah, thanks very much, Matt. After a relatively quiet week in the macrospace least from a data perspective next week looks set to be much of the same. However, there are a few areas of distinct interest over the course of next week with geopolitical development, the known unknown. Firstly in the US the debate over the underlying strength of aggregate demand or economic activity, continues to dominate Fed Minutes from midweek highlighted a more balanced view of economic development noting economic risks remain to the downside but markets discounted this relative to recent better than expected economic data payrolls and retail sales notably. We've remained more cautious on the underlying US economic trajectory and the non-linear downside risks to demand that we have discussed regularly in recent blogs. In noting that several of the more high frequency sentiment and activity data have dropped to very depressed levels of late, this week's manufacturing on Wednesday and Services ISM on Friday will be a key focus. Now we have to wait until the following week for payrolls, which contrary to popular belief is not on the first Friday of every month, but on the third Friday after the conclusion of the reference week which must include the 12th. And so a small lesson for us there and to bring us a better take on the seasonal adjustments and other distortions, and thus a clearer view of the underlying trajectory in the US economy.

Secondly Japan will continue to be a sharp focus next week with retail sales and industrial production. Data following the rise in the core CPI to 4.2% year on year in January released at the end of this week. In reality while these prints contribute to the monetary policy debate, the core focus of markets will be on the evolution of the monetary policy itself. Under the guidance of the new Bank of Japan, Governor nominee Ueda and deputies Uchida and Himino. Testimony at the end of this week struck a slightly more balanced tone with a continuation of monetary easing central to the narative. But perhaps more uncertainty or open-mindedness, perhaps about the role of yield curve control in the toolbox and the criteria for ultimate policy normalization in Japan. Data will be a focus, but so too will any further commentary in this regard.

Then finally, to the UK no real data of note but we do get a steady stream of Bank of England MPC speakers, including Governor Bailey and Chief Economist Pill. With the growth versus inflation dilemma for monetary policy, perhaps the most complex in the UK the commentaries will be important barometers particularly set against a notable bank analyst this week, offering projections for 2% UK inflation by the autumn noted in the FT. To add to the complexity for the UK government negotiations with the EU over the Northern Ireland protocol will be important and potentially critical for Sunak. We are expecting something early next week. Negotiations with the public sector workers may be just as tricky as the government tries to restrain expenditure despite energy cap savings to the deficit ahead of the budget on the 15th of March. Where the chancellor will already have his hands full defending the corporate tax rise after public criticism from BT and AstraZeneca. That is not to mention that a burdening deficit that the government face in the polls lots to watch out for in the uk politically, economically, and monetarily.