 to him let's go now straight for bond market reaction then to those minutes so Michelle from big securities joins us and Simon what did you take out of the minutes in terms of I guess any bond yield reaction at all to RBA rate cuts going forward good afternoon look it looks like they've really sort of discounted I suppose those global factors it sounded quite positive and I think the markets reacted by pushing yields up yields up around about seven basis points and if you have a look at the two-year has been down around 1.75 up around 2% so market really starting to discount the possibility of another easing by the RBA what about globally I mean obviously we've seen a recovery in oil prices that no doubt helped global yields very much so and good old prices very much driving yields at the moment we saw that last week when we had that positive rally in the oil prices all people moving out of bonds back into more risky assets that was reversed yesterday when we had that volatility on the Doha inability to come during agreement and then obviously we've had this issue come out now around strike action which has pushed that all price back up and and so it is just happy to move back into this guess it's so quite a bit of volatility out there at the moment and just before we go tonight obviously we hear from Glenn Stevens he's speaking in New York I think the speech hasn't been titled yet but what we be watching for in that speech well I think something I'm going to be looking for is how he's looking at those global factors I mean the ability for the RBA to maintain its current interest rate settings is very much going to be driven by how quickly the US moves up its interest rates and that's going to be due to external factors so I'm looking to for Glenn Stevens start bringing a bit of that into the conversation we know that we've seen by the ECB in Bank Japan continue to push rates down he's held firm is he going to be able to continue to do that is he going to have to follow them down and that's going to be driven by those external factors