Hello, this David's on with the european fixed income update now, the main focus of markets as the baby. And what are they going to do with their strategic review? Are they going to move to a uh inflation target that they can go above and below? Are they going to um adjust what things become permanent as far as their tools besides interest rates is that QE can become permanent. Is T ltros can become permanent. And all of these discussions will be happening over the next couple of weeks and months. And the reason this is important is because I believe they're not going to make any major changes to policy until they've kind of had this review done and they've announced their findings and then we could actually see them probably look to reduce some of the accommodation that we have in the economy. So given that the European economy is going to grow it over 4% this year and next year inflation is close to 2% this year and next year now is their time to actually reduce accommodation. They won't become restrictive by any stretch of the imagination, but they will need to start reduce that. And the real question is how does the market deal with that? How does it deal with the fact that there will taper Keeley program? And I think that's really the key, as we've seen in the past, sometimes tapering creates a bit of a problem for markets. Is how does it impact that? I think that's what we will be focusing on the next couple of quarters.