Is that no longer the case, or...?

Yeah, let's talk about this guy.

So he was a member of the Fed, I think, 15 or 20 years ago.

And I've got to tell you, he used to write some really, really great stuff.

He used to make some incredibly good speeches and was really a leading thought or a leading thinker of the Federal Reserve.

That's not to say he's not now, but he's got a long history.

Anyway, the nature... with which he was appointed as a very clear favourite of President Trump, sort of led the market to think, well, look, maybe he's gonna be, as we describe on the beautifully named Avery scale, he was expected to be more on the dovish end, so less likely to raise rates or more likely to cut rates.

Talk us through what the Reserve Bank's currently thinking.

Is that your sense of it?

Yeah, that's certainly part of it.

The market has thought really since the war began in March that it would be over relatively quickly.

And after the initial very sharp moves back in March, whether it was the sharp move in the oil price, sharp move in interest rates, Upwards, chart moved down in equities.

The market walked that back, if I can use that terminology, really since sort of mid-March.

So to some extent, it's a continuation of that.

But what really moved, certainly in bonds, was this break-even inflation rate.

Can you talk to those two aspects before we get to Australia?