Absolutely. Yeah. Thanks Matt, as you say. So another complex week for global financial markets and the global macro narrative. This week ahead of a slightly quieter week next week. We saw Republicans and Democrats finally reaching a compromise to facilitate a lifting of the US debt ceiling, at least, until after the presidential elections at the end of next year. And this has removed a significant risk premium at the front end of US rate markets leaving us to focus on data and upcoming events, a few of which we will be keeping a close eye on next week.

Firstly, China will continue to be an acute focus for financial markets, both from a geopolitical perspective as Sino US relations continue to follow an uncertain path and from an economic perspective. Now, recent data has been disappointing as the demand recovery has failed to keep up the reopening momentum and manufacturing momentum earlier in the year. The weak data has however, brought with its incrementally smaller reactions from the bond market as market participants look for government stimulus to support aggregate demand. This is particularly significant in the global macroeconomic terms as it is very unusual for policy cycles to be so out of sync between the US and China. China looking likely to increase stimulus further as the US policy appears to be approaching the peak of its tightening. Interesting potential connotations from financial markets. And we'll be watching closely for developments on all fronts.

Secondly, we get central bank action from Canada and Australia. In both instances, policy makers are expected to keep rates unchanged, but markets have recently grown nervous about the prospects for further tightening. As demand growth remains stronger than expected and prices still hang it around above Target. Commentary about expected growth and inflation paths will be an acute focus and potentially a barometer for a wide range of central banks who currently face uncomfortable growth inflation dynamics themselves, despite historically fast monetary tightening. RBA on Tuesday, Bank of Canada on Wednesday, likely interesting focal points.

And then lastly, and perhaps most importantly, our focus will be on the US after jobs and manufacturing data last week. Next week brings services ISM, key as services account for around three quarters of the US economy to add to the mix of data upon which the most recent Fed meeting applied its dependence. We discuss our views on the US rate and inflation trajectory further in this week's blog, but it has been very clear going into the blackout window that the Fed speakers are inferring a pause in policy in June as the inflation and growth trajectory suggests Fed policy is very close to, if not already sufficiently restrictive. Any further weakness in the services ISM, especially in prices and or new orders, will have significant implications for US policy, the curve and the dollar, and from our perspective another interesting week for financial markets.