 Well joining us for more on that and the bond market movement Simon Michele from Big Securities. Good morning Simon, thanks for joining us. We've certainly seen no last minute deal as markets were potentially hoping for Greece now officially missing that payment to the IMF. Suggestions are though that the bigger concern is the contagion on markets, not the fact that it's now missed this payment. Yeah, good morning Leanne and that's certainly what we've been looking at just how the markets have been behaving as we drift past that timing for that payment to the IMF. And we're not seeing a huge reaction, obviously we're not seeing any trading in Greek bonds that would be expected most of those exchanges closed. European periphery nations faring pretty well as well and if you have a look at global yields up a few basis points. So I think we've seen the worst of it at the beginning of the week where we saw a massive adjustment in interest rates globally in preparation after the weekend deliberations didn't lead to any solution. I think now we could just see it fairly steady into that referendum on Sunday Leanne. It certainly is interesting that those yields are up and markets do seem to be relatively calm given all of this Greek saga continuing. Do you think that's a result of the fact that it's all now being priced in a lot of this uncertainty and the news? Look I think you're absolutely right there you know I think the market was well aware of this pretty much for the entire month of June we were heading to this date of the 30th for that payment you know as we saw most of the deliberations negotiations exhausted I think the market sort of accepted that you know we were likely to lead in then we saw the Greek referendum called over the weekend so I think you know people sort of drew a line in the sand that until we get past that point not likely to see any movement. Obviously if we do see any positive outcomes of those negotiations later this week that would be a positive and I think you'd see some market reaction on that but I think as long as there's no sort of further deterioration people will be waiting for that referendum on Sunday. Certainly will be on those US markets we did see a strong performance in equities some saying that you know the focus is now on other catalysts such as the Fed's next move we have those non-farm payroll numbers do out this week. We have seen an increase in volatility though why do you think this is what can this be put down to do you think it's in the lead up to the US Fed move? Well I think so yes I think it's people just repositioning their portfolios around the expectation of when that Fed move is going to be. You know we've seen some pretty big movements in yields since the beginning of this year the US 30 year for example has been trading in a range of about 2.22 to 3.24 so that's about a 1% range that's quite a bit of volatility and the yield curve has really ended the first half of this year at quite a high so we're starting to see those longer yields drift up substantially if you have a look at our Aussie 10 year range about 90 basis points and that's ending up at close to year highs as well so we are seeing that longer than the yield curve now reflecting a view of higher rates emerging but I think it's still down to timing of when we're going to see that Fed move and you know with moves by China to lower their rates still the quantitative easing still coming through the European ECB program you know I think it could be tougher on the US to get that move in 2015 it's possible we could see that drift into next year. Simon you mentioned there the move out of high yield what is this doing to those credit spreads? Yeah that's interesting we've seen a bit of a widening in the credit spreads the Australian eye tracks which is our credit index is up to 99 basis points that's been hovering around I suppose 80 recently so that does reflect a bit of a move and I think what you're seeing is people are just de-risking I suppose their fixed income so they're moving out of some of that high yield seeking the safety of more government or more lower risk bonds taking some profit I think as well and that's seen a little bit of widening in those spreads some of that would be coming through obviously Europe as well as they've seen a little bit of a little bit more widening in in credit spreads over there as well so that's interesting that you know as we have seen more volatility come through we're seeing that reflecting in reflected in a widening of risk spreads as well. Fantastic Simon we'll leave it there thanks so much for joining us. Morning Leanne.