Industrial metals are performing well. About to have a bit of a breakout on copper, by the looks of things as well. Gold has been performing very strongly, central banks buying, limited supply, used as protection against currency debasement.

We've been pricing in something like six cuts by the end of next year. If not, then perhaps that sort of puts a little bit of a floor under the short term yields. Recently the curve has started to flatten a little bit. PIMCO saying maybe that trade has gone far enough for now. Short term interest rates are going to stay a little bit more rigid from here.