Absolutely. Yeah. Thanks very much, Matt. The start of 2023 is very interesting. Markets have hit the ground running with some important ,albeit subtle evolutions ,to the dominant macro economic drivers. Now, if we leave the Russia, Ukraine, and wider Geopolitical issues to one side for just a moment. China reopening and inflation are both dominant in the current market dynamic and macroeconomic debate. This is the debate around growth, inflation and the interaction with monetary policy, as you say. Now, this week we've had the release of the inflation data for December from the US and while the indicators came in exactly in line with expectations that the market reaction was significant. Lower inflation expectations, lower terminal rate expectations, lower nominal rates, higher risk assets, and a lower dollar. Now, we discussed this dynamic further in this week's blog, but essentially the central macro debate is between the market's view on inflation, which is that it's coming down faster than we'd previously expected. And the Fed's view on inflation, which is that inflation is more persistent going forward. Underlying growth is likely the key differentiator between these two views with the Fed still in soft landing as their central scenario. Next week, we will get the start of Q4 earning season, with a host of banks, tech and industrials reporting and that will be very important and watched very closely, particularly with reference to any forward guidance or earnings projections, the implications of which for forward growth expectations will be significant for the market and the current macro debate.

Secondly from a more global perspective, the growth dynamic will also be brought into focus by the data from China and Germany next week. The monthly data sweep from China will be considered old news in some respects in light of the CCPs U-turn on Covid reopening, regulatory interventionism and support for the property sector. But the data will give an insight as to the base from which the reopening bounce can scale. Now in Germany, the ZEW index for January, will be closely watched to see how much better than expected growth as a function of lower energy costs over the winter has impacted forward-looking sentiment offset of course against a significantly more hawkish ECB.

And then lastly it's an interesting week for UK data with the latest employment report inflation reading and retail sales data. UK economic activity will be back to the four. In this week's blog, we touch on the monetary policy stance suggesting, that is not a zero probability prospect for rates to have already reached terminal levels in the UK as two MPC members Tenreyro and Dhingra voted for in December. And as would be my bias. However, markets are still pricing somewhere around a further a hundred basis points of hikes in 2023. So a very interesting dynamic there. The growth and inflation trajectories will be key going forward and this week's data will therefore provide an interesting and important insight.