 For more let's bring in Mark Bailey from Fig Securities. He joins us now live from Sydney. Mark, good morning to you. Certainly it is all about that March meeting. We are seeing investors certainly positioning themselves for an interest rate hike in just a couple of weeks' time. Give us your take on that commentary coming through from Yellen. Yeah, good morning, Natalie. I mean, I guess to kind of reiterate John's points from earlier, Janet Yellen has certainly positioned the market for that hike. She's certainly expecting it in terms of the language that she used as well. She said that monetary policy is now moderately accommodative and that's changed from modestly before. So that's a subtle change as well. Again, positioning the market and again Stanley Fisher as well speaking at a separate function on Friday night basically said look over the last three months hasn't been any economic data that's coming week. I mean I've seen the economic data that's coming week but again it's the Fed talking you know up the strength of the US economy positioning the market as it's being priced in now for that interest rate hike next week and it's going to take some really really kind of off target data from either the non-farm payrolls on Friday or CPI or retail sales to kind of blow the Fed off course for that first hike next week. So I think the markets have strangely accepted that and as John highlighted you know the equity markets have taken that in their stride which is quite quite strange and even the bond markets you know after you know pricing in you know increasing that probability during last week you know even on Friday the two years was fairly unchanged at current levels and the 10 year was only a maybe a couple of basis points further higher as well. So the markets have reasonably relaxed I think the Fed has got the market positioned exactly right. Interestingly though in Janet Yellen's commentary as well and one thing that I think the you know the longer end of the bond markets certainly did look for there wasn't really any hawkish commentary in terms of how the future interest rate hikes would would follow through so you know the market's still pricing in three this year I've still got a sneaking suspicion it's probably going to be a bit less and also as well Janet Yellen was very keen to stress that none of her economic forecasts or none of her commentary did incorporate any positive impact from a Donald Trump fiscal stimulus she still sees that as very much in the air and very difficult to ascertain what will actually get finalized after passing through the the various houses on Capitol Hill so you know there is potential upside but she still thinks that the Fed is certainly in front of the curve with regards to interest rate hikes and but it looks like March is pretty much a done deal Natalie. Well certainly on that idea of commentary surrounding the Trump White House Fed chair Janet Yellen saying that at this point there is a great deal of uncertainty about just what policy changes will be put into effect saying we should be patient to see what happens and it's certainly interesting to note that we do have this data coming into March where at the March meeting for the first time the US Federal Reserve will in fact be publishing data pertaining to policy uncertainty. That's right and I think it's going to be interesting to see how they interpret that and how they incorporate that it's going to be something new for I guess the market watch is very similar to when they started to publish the blue dots in terms of some of their forecasting as well it's obviously going to be of interest and give the market a bit more transparent transparency in terms of the internal workings of the FOMC and the committee and how it comes up to the decisions and with all the information that's provided so I think it'd be one that you know the economists and market commentators will watch closely and it probably adds to the flavor and potential changes down the line with this additional information. How crucial is it and you've already flagged this in terms of all members of the FOMC sort of singing from the same hymn sheet but there's also been some additional commentary coming through separate to US Fed Chair Janet Yellen's comments particularly from Stanley Fisher saying if you look at what's been happening to the economy since the 8th of November into the asset markets and if you take into account the operation of what people of my age call animal spirits you will realize that there has been a substantial wealth effect in this economy also saying that if there has been a conscious effort to raise expectations for a rate hike I'm about to join it how crucial is it that we do in fact have all members of the FOMC seemingly in coordination and certainly Mark I'd go as far to suggest that that really does raise that the feds credibility which has previously been in question. Yeah I mean I think everybody comments that the Fed's credibility has been damaged I mean my view is that they've always said that the interest rate hikes are always data dependent they've always pointed to the data when they get there has not been strong enough so in terms of credibility it would it be would it have been better for the Fed to continue to hike last year and in 2015 when the economy was weak and then send the economy back into recession no so I think the feds credibility is actually still pretty robust as you as you rightly point out you know the regional fed presidents you know a couple of weeks ago started to talk about you know the the positive kind of strength of the US economy and the increasing likelihood of a march hike and that again as you say was reiterated again on Friday night with Yellen and Fisher both as you say singing off the same hymn sheets you know talking about the hikes that are most likely to to come through if the data allows it and as I said I think the data is is probably going to be close enough to where the market is expecting to allow the Fed to hike and once it gets that first one under under its belt you know then it can maybe sit back and relax a bit more you know we're not going to get to June and September and say well it still hasn't hiked very similar to 2015 2016 you know probably have a bit more time to assess the economy assess what impact trumps policies may have on the fiscal side of things and as Yellen says she's got really no visibility in terms of that and try and figure out you know what how strong the US economy really is and whether it you are going to start to see inflation coming through because at the moment it's that that part of the equation is still pretty low and you're still not seeing a huge amount of pressure coming through on the wages side of things and so whether you're going to see inflation coming through and how that feeds into the fiscal policy as well is going to be really interesting but if they do hike in March you'll give the Fed a bit more time just to sit back and relax and just see how that all plays out. Just lastly Mark I wanted to touch on China cutting its growth target to six and a half percent in 2017 this coming through alongside a series of other targets coming through particularly around CPI around the budget deficit target and also in terms of what it will be coming through with in terms of reforms just start to get your take on this briefly. Yeah I mean I think there's a whole swathe of information there I think the key part that you know the bond markets and economists are probably focusing on is a slight change in terms of the wording used for monetary policy look at the moment they're saying it is now prudent and also neutral that neutral language is new and is likely to indicate that they're probably going to move towards a slight tightening bias and we may start to see some interest rates rises on the nominal side of things just to try to take a bit of steam out of the economy and also just try to manage that transition a bit more appropriately. There's a lot of focus in terms of managing the risks in the economy rather than just going all out for growth and that's why you've seen that growth forecast cut from six and a half to seven to around about six six and a half percent and higher which is still from an Australian point of view very very good growth they are looking to maybe reduce and pay back some kind of loss making or marginally profitable businesses on the steel and coal side of things as well so that's all going to be into the mix in terms of how that feeds through into commodity prices as well but again you know I think it's just China managing the transition from to a more market-based economy more rational allocation of capital pretty well and I think they've done a reasonable job so far you know it's not saying there isn't risks out there but you know they seem to have a handle on that and also I think they've got the you know the financial reserves to manage kind of any fallout that should arise in the future. Mark thank you very much for your time this morning much appreciate it. Thanks Natalie have a good day.