Absolutely. Yeah. Thanks Matt. After a brief quiet period while the U S and Japan take a break for Thanksgiving . Inflation is back on the agenda with the US release of the PCE data for October. Now ,with the C PI missing substantially to the downside in the October print at the core PCE, the Fed's preferred inflation gauge will be watched very closely. And our fore handle on the announcement on the annualized, likely exacerbates the current ebbing of the inflation risk Premier and can certainly see recent financial market trends extend. However, as we discuss, as you say, Matthew, in the blogs this week more specifically for the US under their dual mandates for monetary policy, the impact of the trajectory of growth, on monetary decisions is likely increasing as the top side tail risks to inflation appear to have diminished significantly, with forward supply and demand projections coming back into better balance. If as we expect inflation continues to trend lower towards target, we expect the resultant higher real yields thus the restrictiveness of monetary policy to weigh on the new focus of Fed monetary policy, the terminal rate expectation.

Secondly, in terms of global growth we get some interesting data next week. Retail sales in Australia and Japan may give more clarity on the strength of discretionary spending in the face of higher prices and higher rates in Australia, and more organically in Japan, given still low inflation and extreme monetary policy settings. Next week also brings unemployment and CPI from Germany, while US inflation is showing clear signs of topping out ,inflation in Europe looks a little bit more persistent in the near term and markets will be keen to see if a higher unemployment rate is the pressure release in Germany. Finally China PMI for November will be very keenly watched for the net impact of conflicting macro impacts at the moment at the current juncture. More support for infrastructure and property sectors on the one hand, and the impact of near term COVID case rises to new pandemic highs on the other. Lots of watch for with growth emerging as the new dominant focus.

And then lastly we get the dominant factor of the week. The big data of the week is the US employment. Now this comes in three parts this week. ADP on Wednesday may give an indication of the momentum of the labor market going into the end of the year. However, is not always had a reliable correlation to payrolls, jolts job openings will be keenly watched, to gauge the prospects of US soft landing. The thesis being that if the labor market adjustment can come in the form of reduced demand for labor via reduced job openings, then wage pressures can be brought back into line without significant layoffs. So jolts will be key to that. And finally we get the flagship high frequency US data release, the non-farm payrolls. Markets are expecting an unchanged unemployment rate at 3.7% and for the economy to have created 200,000 jobs with the average hourly earnings ticking down to 4.6% annualized. Now, recent headlines may suggest downside risks to the headline and to upside risks to the unemployment rate, we will be watching very closely. Huge focus, potentially huge implications for the Fed, and it's dual mandate and for markets globally.