Absolutely. Yeah. Thanks Matt. To put it into perspective it is going to be another complex week for financial markets with markets divided between the US soft and hard landing camps, against a backdrop of uncertainty with debt ceiling negotiations, threatening to go right to the wire. In this environment, markets are more acutely sensitive to data and policymaker comment. And there are a few things in particular we'll be looking out for next week.

Firstly, we get the global flash PMI data for May. Now the May data will be watched very closely, especially in the manufacturing sector and in Europe after some signs in the April data that the stability of Q1 is starting to falter. This focus on the global growth narrative will likely be further emphasized by new projections from the OECD and their economic outlook. Of particular focus will be the updated forecast for China as recent data suggests a modest slowing of economic momentum, underwhelming market expectations of the reopening growth rebound. We discussed the global growth, inflation and policy outlook further in this week's blog. And give our macro thoughts on the implications for bonds, equities, and for the dollar.

Secondly, next week will be an important week for the U K as you said, Matthew having implied a desire to pause rates at current levels contingent on the absence of further inflation resistance, the Bank of England will be hopeful of a significant inflation drop next week. Market expectation is for a 4 to 8.1% year on year in for April, and that's down from 10.1% in March. A drop that if validated, will question the interest rate curves that currently price almost too further 25 basis point rate hikes from the Bank of England. Now on Friday, we also get an update on the consumer with retail sales data for April. We've made our views very clear for a while now that the Bank of England have likely tightened further than warranted and as a function of inflation risks, putting ourselves in the Tenreyro and Dhingra camp on rates. Next week will be very important for expectations, forward path of Bank of England policy rates, and we'll be paying very close attention.

Lastly, we get the FOMC minutes from the May, the second and third meeting of this month. Now as we suggested earlier, markets are divided in the US about the growth trajectory a projection that is made more complex by the monetary policy lags by the small bank credit shock, and of course by the uncertainty around the current debt ceiling debate. At the main meeting, Powell implied that the Fed will pause policy in June. Thus the minutes will be very keenly watched for clues about the divergence of views on the committee, on inflation, on growth, on the impact of the small bank credit shock on aggregate demand and ultimately on the collective propensity to tighten policy further. Our view remains clear that the inflation's decline through the rest of 2023 will quickly push real rates beyond sufficiently restrictive, and thus a policy easing bias likely emerges. The Fed Minutes and the new employment and inflation data at the start of June will shape expectations for the Fed's response at the June FOMC.