Our European team already put a 50:50 chance on additional European Central Bank easing before Brexit, and the probability has certainly not decreased with the vote. Our Tokyo team expects more Bank of Japan easing at the next policy meeting on 29 July and sees a high probability of currency intervention to weaken the yen in the near future. And in the U.S., a July hike is now completely off the table, September is not impossible but a low probability because the dust from Brexit may not have settled yet and the U.S. presidential race will be in full swing, and even a December hike looks increasingly questionable at this stage.