 Welcome to the show and this downgrade by IMF, no real surprise so the moves that we saw overnight is the market really just sort of saying, well look, we could have told you this a month or so ago at least and so we're not going to be swayed on the pricing. Good morning Carson, yes you're absolutely right. I don't think anyone was surprised by the IMF being last to the party on downgrading global growth forecasts. They seem to be the ones that just come along at the end and confirm what everyone else has said some time ago so I think more interesting perhaps was the other bit of that which talked about the UK having 0% inflation in 2015 which is representative of what we're seeing in most western economies, the US being the exception I suppose. Locally it's interesting, you've got the banks again somewhat predictably but still importantly going through with a three-year AUD offering so what are we looking at there in terms of the spread and what this is going to really amount to? Yeah that's right, ANZ coming out with a self-led three-year senior unsecured offering. The ITRAX which measures the typical sort of five-year investment grade credit spread has blown out in recent months currently at about 1.45% so that's very representative of the kind of spread that ANZ will be paying there so probably on a three-year maturity looking at about three and a half to 3.7% as a yield to maturity so they're not very attractive although of course very low risk from ANZ. What are you making of the moves by JP Morgan and DB which have obviously cut their US 10-year yield forecasts by 50 and 30 basis points. What does that mean I guess about what they're seeing the Fed do this year? Yeah it's interesting that obviously the two houses have got a differing view of what the potential raises in the short-term Fed funds rate will do to the longer bond yields. Both of them obviously cut their forecasts but JP Morgan have their forecast at 1.75% for the end of the year which is about 30 points under where we are now. Deutsche Bank have theirs at 2.45 so you know there's 70 point divergence in their views there and obviously we see that Deutsche Bank thinking that short-term rate rises are going to feed into the long end of the curve whilst JP Morgan seeing the opposite. Well someone's going to be right, someone's going to be egg on their face, correct? And that will be something to maybe chuckle these semi-shared and Freudesque over. Thank you Jonathan. Talk to you soon. Thanks very much guys. Time for a quick break but coming up next the International Energy Agency calling for further falls for the already depressed oil price. It seems like everybody's continuing to make these falls. Yeah but no one's