Yeah, absolutely. Thanks very much Matt. As you say another hugely volatile week for global markets as financial or banking concerns in both the US and Europe triggered memories of 2008, despite some very clear differences. Ultimately concerns about bank funding has driven markets to price higher credit risk. Which has ultimately led banks to tighten lending criteria to businesses and households and thus tighten financial conditions going forward. Developed market central banks now have to weigh these tighter financial conditions via the lending channel and their knock on implications for aggregate demand and therefore for growth, versus their prior intentions to tighten financial conditions through the monetary channel or through higher rates. This has led to huge volatility in rates markets, and as a topic we discuss further in this week's blog. Next week, there are a few areas that deserve our attention against this complex backdrop.

Firstly in the UK not only do we get important house price data from Rightmove for March on Monday. A very important CPI print for February on Wednesday and retail sales data for February on Friday. But we also get the Bank of England's rate decision on Thursday. Now, recent volatility has reduced market pricing for the Bank of England next week, but market still prices equal probability of unchanged versus 25 basis points. While headline inflation in the UK remains, it is already lower than the Bank of England estimates which itself projects inflation significantly below the 2% target at the forecast horizon. The data this week will have some bearing on the decision, especially the CPI print, but despite the fact that recent growth data have been better than expected, the tightening of bank financial conditions or financial conditions through the banking channel should balance the distribution of NPC member views around unchanged next week, from our perspective. Even in that instance, the decision and any commentary in the statement will be essential viewing.

Secondly, we get some more global data next week. Global flash PMI data for March at the end of the week will be a key gauge of the ongoing resilience of global demand and perhaps further evidence of the emergence of signs that cumulative global monetary tightening is impacting the real economy and not just the financial economy. Furthermore, we also get ZEW economic sentiment indicator from Germany where the balance between current conditions and expectations may be more telling against the current uncertainties. And lastly, we also get Japanese inflation data for February, expected to fall back somewhat, but either way, an important data point to inform the policy debate as the new governor, Ueda begins his stewardship of Japanese monetary policy.

And then lastly, and perhaps most importantly, we get the Fed next week. Now, despite the volatility in the financial space, markets are still 80% priced for a 25 basis point rate hike. Growth has held up well so far, at least. Inflation while clearly peaked is still too high, and some labor market measures show persistent tightness. However, US rates are already in restrictive territory. The extent and duration of the tightening of financial conditions is as yet unclear. And thus the reduction in requisite monetary tightening is also unclear. Furthermore, while cumulative monetary tightening has not yet dented growth, we continue to see non-linear downside risks to that growth, risks that will likely be exacerbated by the recent credit tightness. And of course, the cumulative tightening is the dominant cause of the US banking system difficulties and thus further rate hikes from the Fed risk extending or exacerbating that problem. For us, that means suspending the prospect of a rate hike in March and also possibly the accompanying SEPs and dots as a result, that's something to look out for that it isn't expected. All in all, a very busy week and further volatility expected.