Hi, one thing you haven't mentioned is the plummeting "SBD print rate". now at 35%. I suspect, as you say, that the SBD=$1 level is a function of the overall markets, hence I wonder why that print rate is being dropped so much when the external market is doing the "necessary" work anyway? It means if that lever is needed, it has very little room left to go lower.

Indeed, if SBD drops well below $1 and the print rate is increased back again, will we see the desired effect? We wait and see.