 And of course on dollar moves Simon Michelle from FIG live for you at the camera there in Sydney Simon I mean in terms of in terms of the pace of this next wave of fed tightening any meat on the bones this week you suspect or it's too soon to chart that course and it will be more still an explainer of the action from last week how do you sum it all up. G'day Carson look I think that's that's the key point of the moment we do hear from Ted 10 fed officials this week including Janet Yellen and I think it will be about explaining why we didn't see any adjustment to those future projected forecast of further rate increases. We saw the increase we didn't see any building in a higher growth forecast in the future and that really goes against what we've been seeing apart from today in the in the equity market so you know I think you're absolutely right I think people are starting to wonder what's happening there why we're not seeing that sort of growth inflation forecast start to be reflected in long-term rates and you've had just overnight long-term yields the 30 year rate back down to 3.03 percent about 20 basis points below where we've seen the peak this year. Which is counterintuitive on every level is it not and understanding it what does it what does it come down to how do you put that into your into your frame of reference. Look I think what we do when we look at long-term rates is we see you know around the 10 years really a bit of a proxy for growth and inflation it really gives us a bit of an idea of what the market is building in over a long period of time. Now you've had the equity markets they've been very much running off the back of you know policy expectations through the US of significant infrastructure spending that that would flow through to higher growth you know the Dodd-Frank laws you know providing more growth in the banking sector as well. We're starting to see a little bit of that unwind and you know we've spoken over the last couple of weeks how the bond market just wasn't buying into the same irrational exuberance and we're now seeing the equity market come back and we're just not seeing any movement in those long term rates so that means that the debt market the bond market is not convinced on these higher growth forecasts that you have seen commentators use. How does it square with the banks saying that they are facing in an offshore sense elevated funding costs. Now when you're talking of that static story is that aligning with the banks commentary. Well I think you've got two things as well I mean you know if you have a look beyond the US you know you're certainly seeing some higher levels come through and some support being pulled back as well and that is certainly impacting. There's been a lot of issuance as well so investors are demanding a little bit of a higher return for that. You know we are sort of getting you know to the point where you know we only have four major banks so you know your exposure to that does reach a limit at some point. You know we've seen a lot of refunding we've seen a lot of bond buybacks refinancing. You know at some point you know the market does sort of pull back you know a lot in sovereign as well like here in Australia for example a lot of government debt issuance. You've seen the demand start to pull back as those volumes have increased. On top of that you've got China selling out of its treasuries as well so you've got a lot of global movements of cash being influenced by movements in rates. On the China story you know you're highlighting and you're pulling out some under the bonnet concerns about small lenders and the interbank market and does that snowball. Does that actually have the potential to become a you know from something peripheral to something core concern. Look it's something we've known about for a while and we know that the Chinese government and central bank has been pulling money and using that to throw into its financial markets and support liquidity. We know that as part of the maturing of the debt markets in China they want people to experience default. They don't want to jump in and support all of these lenders when they get into problems. You know learning that there is a default mechanism is part of the development of the bond market. So I don't think at this point Carson I think you know we've seen an increase in short-term lending rates money market rates that reflected tightening liquidity. So where these lenders aren't able to pay their loans back the government is throwing some money into the system to provide some credit availability. I think it's certainly something we're watching but I don't think at this point we think it's going to lead to you know beyond expectation because you say I mean on the one hand you know they've got to learn from their mistakes. Let the market be the market. On the other hand if they're putting some money their way it's kind of you know it's a it's a mixed message. It's a mixed commitment to the market. You either with us or you're not with us. Well that's true. I think what you're saying is you know the investor is learning that you know you have to take care and there are going to be defaults and that is something you have to be aware of and that the central bank is not going to step in and support those smaller lenders. However they will support the institutional system to ensure that there is liquidity in there to compensate for these for these defaults essentially. Okay let's go into I was the issuance because I'm interested in auto developments as much as on the Rezzi front. So let's look at the Hyundai connection first off shall we. Yeah Hyundai so they're looking to do a kangaroo bond. So this is a Hyundai capital out of South Korea coming to Australia issuing an Australian bond in Aussie dollars. We've seen a lot of that happen recently as investors diversify their exposure to global markets. I've also heard this morning that A and P are looking going around having a bit of a chat to some of the banks about an issue. But as you mentioned there Carson also just in the last week quite a lot of residential mortgage backed security issuance. So this is an ability for the banks to remove mortgages from their balance sheet and sell them as individual bond assets. And we've seen a lot of issuance in that space right across a range of issuers recently and no surprise given where the housing market is. And just briefly as well if you touch on the South Korean connection all the political instability of late has that fed through into money markets in terms of the funding. And do you see do you sense that that could be an added spur to have come down under if there's been a domestic tightening of conditions even. I mean what's been the prevailing attitude through that crisis of domestic lenders. Look absolutely look a very interesting point. I must admit I'm not across South Korean rates so unfortunately I can't contribute to that conversation. But I think what you are seeing is you're seeing both a maturing of the Australian debt market. So there is strong demand here and that's been reflected by our domestic issuers being able to get a lot of debt away. And you know we don't have a very mature debt market in Australia. Our allocation to direct bonds is very very low. So there's a huge amount of upside there. But I think at the end of the day you know US market European market you know generally they'll be fairly swamped there and it is about you know diversifying through different sovereign tax areas as well just to diversify where it's part of your businesses. And we saw this with Apple a couple of years ago coming into Lendersville. So it sort of just matches where their business flows as well. Indeed. Follow the money. Talk to you soon Simon. Follow the business. Thank you. Do stay with us.