Long overdue, but I’ll be putting out a full market analysis on the dashboard today. I’m going to dig properly into what’s driving the current moves, where liquidity and credit are heading, and what I think comes next. One of the more interesting things has been how closely price has continued to follow credit flows. The relationship hasn’t disappeared, but the reaction from price has become more delayed as the transmission mechanism has slowed and risk appetite has remained weak. The liquidity can be there and generally it has been, but if it isn’t transmitting efficiently into markets, or investors aren’t willing to take risk, price doesn’t necessarily respond immediately. I’ll break down the CLI, GLI, transmission, risk appetite and the broader macro picture on the dashboard today. Been a while since we dug deep into the bigger picture.