mary nicola joins us for the breakdown. let's start with the auction and to what extent this is well absorbed. a positive, it seems. mary: yesterday i was on your show saying there were headwinds for the two-year auction, but the 5% coupon is attractive. it could signal a good one for the five-year and the seven year , but the run-up into these auctions and how treasuries are playing out, momentum right now looks precarious when you have gdp data and of course pce on friday as well. tom: australia, a reminder inflation is not just sticky in the u.s., it is sticky in australia and markets are pushing back from the central bank. talk about the relevance of the inflation dater out of australia. >> it resolute's -- resonates from the fed and rba. it shows the stickiness of inflation and you have the resilience in oil prices, they remain high. there are still upside risks to inflation to keep central banks on the sideline. rba is the perfect case heading into the data. swap markets were looking at a 70% chance of a cut, now less