 Mark Bailey from Fixed Securities. Mark, good morning to you. As the feature there just suggested, FMMC really in focus. Walk us through sort of some of the bond-yield movement that we're seeing as investors seek to position themselves for the Fed. Yeah, good morning. I think that's exactly right as the previous commentator on that little clip did state that the Fed action on Thursday is priced in. We're going to get a 25 basis point hike in terms of how investors have been positioning. We have seen that steepening of the yield curve coming through and again on Friday that was no difference as well. You know the 10 years was up around about seven basis points to just under two and a half percent. Similar moves as well in the 30 year up to 3.17 percent as well. So I think that steepening is going to continue into next year and all eyes are going to be on those blue dots and that path of future rate hikes in 2017-2018. I think probably the market is pricing in around about two to three. Maybe the Fed does indicate four but it's still you know going to be very very much dated dependent and I'm sure Yellen will again stipulate that in her commentary as well which will also you know follow the updates in some economic forecasts as well so we'll get a really good understanding in terms of how the Fed is seeing 2017 and beyond and more importantly how it's going to position its interest rate policy to accommodate those forecasts as well. So it's going to be a really important meeting on Thursday not necessarily for the action but more for the future guidance that the markets are going to get. Let's shift focus slightly and also look at Europe. The ECB Mark I wanted to ask you first regarding their QE program. Was it tapering? Was it not tapering Mr. Mario Draghi seemingly saying no? Yeah I think that's right I mean I think in the initial read was yes you're cutting you know purchases from 80 billion to 60 billion from March but they also extending that by nine months to December 2017 at the earliest and so I think we'll we get to this time next year and the ECB will have already looked to extend the game because there's there's no real good economic news coming out of that euro zone inflation's well below their forecast growth's very anemic as well. In addition you I think the ECB as well what you again you're seeing there is the steepening of the curve because they would as part of that policy change they were allowed to purchase bonds that were trading below the deposit rate minus 0.4% so that allowed some of the shorter dated bonds to outperform whilst actually they some of the longer dated bonds continue to underperform in terms of the asset purchasing so again you saw yield curve steepening in Europe as you have done globally and I think that ECB decision and announcement just added to that steepening pressure and again you gonna see that continuation especially in terms of how the market is positioned in terms of the US and Trump election and the fiscal spending which potentially and the fear is will lead to inflation I'm not convinced but the market is certainly positioning for that. Well elsewhere sort of also within the ECB's jurisdiction they've refused to extend the bailout deadline for Monty Paskey we've got a board meeting coming through on Sunday again what are your anticipations here surrounding perhaps new plans for recapitalisation. Yeah there's lots of moving parts with Monty Paskey shares were down around about 10% on Friday I think that we were down as much as 16% at one stage that news of the ECB saying like you know you need to get your recapitalisation done by the initial deadline which was the end of December we're not going to extend that to the 20th of January there's been rumours in the press that maybe the Middle East and kind of sovereign fund the Katari Investment Authority may be looking to kind of put in a billion euros to help that recapitalisation Monty Paskey needs to raise five billion there's also some talk as well that as you say the the board meeting that's taking place now and probably get maybe get some headlines in the next few hours is considering reopening an offer to do a debt for equity swap so that's a subordinated retail bondholders kind of very similar to the hybrids that are issued the bank hybrids that are issued domestically in terms of allowing them to participate in a debt for equity swap so that again may provide some kind of blueprint some kind of guidance in terms of how a bank bailing may happen in other countries as well although you know there's a lot of moving parts it's still not clear whether our retail bondholders would would go for that I think they've already rejected that offer one so they'll have to be some kind of sweet in terms with the regard to there but again you know it's that important European banking sector which is still causing concern at the start of the year we'll be said Deutsche Bank and its capital position there but I think in Europe there's a lot of hidden loan losses that banks just aren't taking and you know typical European way of sticking the head in the sand hoping that growth and inflation will reduce the debt pile and that is just not happening in the current economic climate so yeah there's gonna be a few headlines out of Italy Montipaschi in the next few hours and few days but this is going to continue to roll on and on as they try and search for that additional five billion of equity injection that the ECB needs before it will allow additional funds to be injected by the Italian government and obviously not helped by the political uncertainty that we've seen there over the last couple of weeks yep that board meeting taking place on Sunday there's still plenty of time between now and then for for the headlines to continue to emerge from that story mark thank you so much your time this morning thank you have a good one