If that were to be sustained, it would naturally be accompanied by a reduction in the search for yield and some increase in spreads, which would tend to weigh on issuance. While there’s nothing that guarantees that the path of adjustment will be smooth and pain free, the forces that might push the US economy in that direction are not unwelcome in of themselves.
And while other advanced economies are further from that point, including in Australia, the expectation is that these same forces will come into play as spare capacity is gradually eaten into and inflation rises. Thank you for your attention. I look forward to answering questions you might have.