 Simon welcome to the show this is the kind of irony at play here you know the Fed on the one hand being hawkish and yet the data being what? Certainly running away from them and Carson at the moment moving the opposite direction they'd like to see it that's for sure and oil obviously you know as that continues to fall that's having quite an impact on those inflation forecasts going forward so we really are seeing a lot of demand in bonds especially the longer end of the curve as people position their exposure to benefit from falling rates so certainly if you follow the money they're not looking at any sort of further rate increased by the Fed possibly for the rest of this year. And this flatness in the yield curve now on a hawkish Fed you know the flatness we've seen in the decades what typically does that portend? Well it basically says that you know the rate of increases that the Fed has suggested to the market which was basically another increase this year three more for 2018 the market's just pricing those out it's keeping the short end of the curve the two-year rate for example is only three basis points from its peak this year but the 10 year and now the 30 year are pretty much half a percent below where they've been at the peak which was back in March so it's really about accommodating the Fed's recent action by holding that two-year high but discounting the probability of successive interest rate increases and we're seeing that reflected in the yield curve moving lower and we're seeing a lot of investors larger investors certainly hedge for that movement as well and it's been a quite a successful play for them so far over the last couple of months. What do we make of overnight action Westpac printing a one and a half billion US dollar five year and as well a fixed billion USD two? That's right I mean if you're on any clear indication of demand for bonds over there they actually got two times demand for that they got about 3.3 billion dollars demand for a one and a half billion dollar bond issue bear in mind also only a few couple of weeks ago we had Moody's come out and downgrade 23 Australian banks including the four majors that's had no impact obviously so I just go to show you that you know even though we're seeing a very active equity market there is a lot of demand and a lot of money moving into that bond market at these current yields. Yeah okay and meanwhile domestic issuance what's on the radar there perhaps even to round out the week if anything? Yeah look a little bit quite on the domestic issuance side we did see police bank come out and do about 25 million dollar issue but the big news was really that Westpac US dollar one we expect to see maybe a little bit of a flurry next week before the end of the financial year but I think most of the issuance was pretty much said at this point. Yeah and you said it so well of course Moody's they were in a mood to move but certainly money markers well the bond markers kind of said say what and bought up big time thanking you talk to you soon. Thanks Carson. Simon Michele from FIG