We think the bar for another major sell-off in markets amid continued noise around US tariffs is quite high. And our base case remains that, in aggregate, US effective tariff rates will remain around their current levels. For now, we are sticking with out view that the US dollar will rebound a bit this year. That's because we think the FOMC will stay on hold for longer than, and won’t cut as far as, investors currently discount, in turn shifting interest rate differentials back in favour of the dollar. We also think that some of the gap between the dollar’s exchange rate and what interest rate differential imply it “ought” to be will close as the recent damage to confidence in US assets and the dollar starts, at least partially, to fade.