 FIG securities Simon Michelle for more and Simon the Fed minutes obviously released next week It is it is a big one just to keep pricing it or getting any idea of when or if we'll see another rate hike from the Fed What are you saying? Absolutely angry. Good afternoon and look markets at the moment the Fed futures are showing that Investors don't expect the Fed to move again until December So it'd be really interesting to see from those Fed minutes What the consensus was at the last meeting and we've had a couple of the governors coming out in the last 24 hours Suggesting that they were keen to stay on a tightening cycle. So we're all eyes on the minutes What about here at home because obviously CBA coming out today saying they're expecting another two rate cuts now this year Has that had any sort of impact on yields here at home? Look yields here at historic loads, you know the two years down at down at 1.57 percent So that's certainly suggesting with the cash rate at 1.75 that we will see lower rates the 10 year as well at 227 You know never been this low before so we're a new uncharted borders And I think if you have a look at that inflation you have a look at that growth You have a look what's going on around the rest of the world with further quantitative easing Not unlike the recent rate cut the RBI may be forced to lower rates just to remain In that same Part of the sphere is the rest of the central banks Yeah, you'll grow even lower from here and talking about Aussie banks. They're issuing some tier two bonds offshore What are you saying? Yeah, we're seeing a lot of issuance. So these are tier two bonds These are subordinated bonds. I said beneath senior bonds, but above the hybrid bonds And as I think banks have to go offshore because it's just not the depth of market here to get the volume that they need Issued so we've seen the ANZ Issue over there in the US and we've seen nab issue in Singapore And they've both got good volume good demand and got those bonds away at good levels So that's a positive sign for Australian issuers. All right, all the banks in negative territory share price wise though today Simon Michelle appreciate your time. Thank you. Thank you Ingrid