Yeah, absolutely. Thanks, Matt. As markets digest this week's ECB decision, formally ending its QE program and embarking on a normalization journey, as opposed to just a step as Lagarde was clear to point out, central banks and their respective reaction functions remain front and center next week. We outlined some further thoughts on the ECB in this week's blog. But the narrative was clear the decision unanimous. A series of rate hikes are in train to address the above target inflation throughout the forecast horizon. A reaction function understandable in light of the ECB singular mandate, that is specifically inflation, and the underlying market dynamic leads us to a very few clear focal points for next week. Next week brings the return of the Bank of England while it's not a quarterly inflation report month or a monetary policy report month in new money, and thus, no new forecasts or indeed press conference. The action of the Bank of England and the accompanying statement will be closely watched. Governor Bailey is expected to propose a 25 basis point rate hike at the meeting. And while ahead of the previous meeting, we highlighted the potential for a three way split, ie votes for unchanged, 25 and 50 basis points on the uncertainty of the growth and inflation trajectories, this time round, we're inclined to see more unity.

Firstly, the fiscal boost announcement by the Chancellor a couple of weeks ago to address the cost of living squeeze likely puts paid to the unchanged by us and some of the members. However, the persistent global supply uncertainties and broadening inflation pressures, meaning the 9% annual CPI print in April is unlikely to be the top, likely keep a hawkish tone to proceedings. At least in the near term that is and a 25 basis point hike to 150 (one and a half percent) in the UK thus seems likely.

Secondly, sentiment continues to be a key driver of markets in the near term, heightened sensitivity to more negative economic developments amid a more audible commentator recession narrative mean a continued acute focus on COVID cases in China, the war in Ukraine, and obviously, inflation are three dominant shocks, prominent in different global economic regions. Markets likely remain more defensive while we retain a more positive outlook in general, more so in some specific cases. Data evolution therefore and news headlines continue to be a key focus. And on that front, the suite of China data for May will be very closely watched least for signs of bottoming out and the reopening from the zero COVID lockdowns that we've seen. In the UK retail sales for May an employment and industrial production for April will be a key focus alongside Germans ZEW.

Then lastly the dominant focus for next week, given the importance of the market sentiment and global economic evolution on the central bank reaction functions is the fed. The FOMC is expected to raise rates by 50 basis points to a 1.25 to 1.5% target range. However, the dominant focus will continue to be around the fear of persistent or a more pernicious inflation, and thus, a more growth unfriendly fed reaction function. Focus therefore will not just be on the rate announcement and the accompanying statement or indeed the press conference, but also on the updated summary of economic projections from the Fed and the rate forecasts or dots. The ECB meeting this week, will retrospectively be viewed as a milestone, the announcement of an effective end to the negative interest rate policy within the Eurozone. But the Fed narrative likely continues to dominate global sentiment.