It has been a while since we last uploaded a video from one of our U.S. research trips. The question we asked in March as to whether the Fed would hike interest rates this year or not has still not been conclusively answered. Although a 2015 hike is not completely off the table, as we are entering the final two months of the year it seems a lot less likely than it did back then. Nonetheless, from a macro-economic point of view, the U.S. economy has since continued to recover. We are particularly focused on the labour market at this point in time, which is painting a more benign picture of the U.S. economy than many other areas. On the credit side, USD denominated investment grade corporate bonds as whole now offer distinctly more attractive credit spread levels than in the first quarter of the year.