Yeah, absolutely. Thanks Matt. It's been another complex week for financial markets with central banks and government dominating sentiment. Now after the RBNZ hiked 25 basis points and cut their projections indicating a rate pause. Through this year and most of next, a higher than expected CPI print in the UK drove concerns of a renewed series of rate hikes for the Bank of England and aggressively hawkish repricing from the market. We would take a more cautious view of the Bank of England activism at this stage. But it is clear the UK has the worst growth inflation trade-off in developed markets at the current juncture. The CPI print the day before the June 22nd MPC rate decision and likely a clarification of their definition of inflation persistence will be critical going forward. Finally, this week's focus and market sentiment has revolved around the US debt,ceiling deliberations, and the risk premia priced into short end rates and the dollar. Next week all of these factors will remain part of market sentiment, but we have a few things we are keeping an eye on.

Firstly, it is, as you mentioned, Matt a slow start to the week with the UK and the US on holiday. However, with the debt limit fast approaching and with it, the technical solvency of the US the weekend, or if we are lucky late this Friday will be key for the partisan negotiations. Positive headlines might signal a more relaxed weekend but failure to agree the details likely leads to a very nervous start to next week. The official X date is not clear, but Treasury Secretary Janet Yellen has been clear that it could be as soon as June 1st, that's this coming Thursday. Taking the debate or negotiations to the wire may be optimal from a partisan political perspective, but for market sentiment, it is quite the opposite.

Secondly, we get the ECB minutes next week. While the narrative around the Bank of England is incredibly complex and the views on the FOMC still relatively broad, the governing council of the ECB remain more unanimous in the view that more tightening is required. As we pass the 25th anniversary of the ECBs formation this week. The focus of markets will be around any acknowledgement of slowing growth or areas of economic concern. A topic brought into focus this week with the downward revision and thus recession signal from German Q1 GDP. However, while retrospectively driven wage bargaining, keeps wage pressures and by extension core inflation, high hikes will continue in the Euro Zone for now, likely through this summer.

And then lastly, it's that time again. Next week after an important JOLTS and manufacturing ISM releases we get the non-farm payroll reading on Friday. Now, last week we discussed what we described as a watershed moment for US monetary policy. As the Fed or Chair Powell indicated a likely pause and made a move towards a more data dependent focus. For future monetary policy iterations. Now due to the idiosyncrasies of the current cycle and following on from pandemic demand and supply shocks the central focus of market remains inflation. And at this stage of the cycle, increasingly wage inflation and growth and its implications for employment. That likely leaves CPI and non-farm payroll as the critical data in the Fed's data focus. Hence, we expect a huge focus on payrolls next Friday.