In your mind, are we closer to fair value there now? And what does that mean for where 10-year yields go from here?

Yes, so relative to where we are now, it's much closer to our initial assumptions.

Let me maybe re-outline what was behind the view.

So the rationale really rested on the fact that if you look at what drove the decline in equilibrium rate post-GFC, it was primarily a shift in the supply and demand of savings because ultimately interest rates is the price of money and therefore impacted by the supply and demand of savings.

And again, I'm not going to go through all of them.

We covered that ground, I think, last time.

But if you look at every single factors that led to lower equilibrium rates, each one of them is actually going in the other direction.

that's the net international investment position?