 And the G20 came and went and perhaps there's been little reaction on global markets to what came from that gathering Let's go live to fig securities mark Bailey is standing by good morning to you mark great to see you there So yeah G20 came and went did we expect anything? Are we disappointed or were expectations low going into it regardless? Yeah, good. Good. Good morning Nadine. I love the new set and just hope you've got some comfortable shoes on But to the DG 20, yeah I mean, I guess nobody really expects anything to come out of these meetings these days It's you know It's kind of a gathering where they put together kind of a communique which is almost always been kind of pre-agreed There'd be maybe some slight tweak in at the edges as I was with this one with with regards to global trade and and protectionism and the G20 working against that You know, there was some kind of appeasing of the US and it looks like we managed to kind of get some Sort of but was that appeasing of the US or is that the new US administration? Bullying members into submission. Oh look, I think I think it's a middle ground I think if the the US had their way there would be there wouldn't have been any kind of talk about the global trade You know kind of trying to boost economies rather than you know There was the the rhetoric was actually turned down as you as you rightly point out to to the more Kind of me first America first rhetoric from from Trump and that but again, you know, it looks like through Australia's Scott Morrison has managed to get other wording put in there to kind of bring the balance a bit more But it is it is the middle ground, but at the end of the day, you know, nobody really follows these Communicates nobody really is bothered by them You know, it's just it's just words and we're trying to continue to move forward in terms of the real economies and you know For me the more important statistics were out on Friday night where you actually saw some kind of weaker Economic data industrial production and capacity utilization of the stuff out of the US which will probably lead to Probably a slightly weaker GDP print, which is probably more worrying than anything the G20 it has to offer Okay In US rates sort of ended the week. I guess better than what we might have expected as the week opened Why was that? Yeah, look, I think you know in terms of that that the week that was it was a very interesting week Obviously with the Fed and I think a lot of the movement that we had in in for example in the 10-year part of the curve And also the five-year was pre-positioning that the market was very very short US treasuries I think is that some of the largest short positions that we've seen in around about six or seven years so that meant that if the Statement wasn't particularly hawkish and the Q&A session wasn't hawkish and the dot blue dot plots weren't hawkish Then the market would probably rally and that's exactly what we saw close the week at around about 2.5 percent in in ten years, but in terms of the the forecast going forward We are seeing a huge diversions in terms of where it will end You know mid-year through the through this year at the end of June we're seeing forecasters Low as 2.2 up to 3% with the median of around about 50 Economists are around about that 2.65 percent level so slightly higher than we are now We will get a good steer in terms of what we should be thinking from the Fed as nine Fed speeches are scheduled this week six of which are voting members. So that's what I was going to ask you mark I mean, we've had the dot plots. We had Janet Yellen's press conference What more do we want to hear coming from these Fed speakers or will they just start to muddy the water once again? I mean, this was a very well telegraphed rate hike the market responded What what can they add now? Yeah, I mean, I guess it typically I generally agree with that statement, but I think what was interesting for the upcoming March meeting was that you actually started to see the change in time from some of the regional Fed presidents and then that was kind of reinforced by Yellen about a week Before the actual FOMC meeting so they did actually indicate some slight subtle changes in terms of some of the language that they were using Now it'd be what the market will be specifically looking for will be if there's any tone to Right towards a more hawkish stance because they didn't as you say didn't change those dot plots In the economic projections update So they're still only expecting another two rate hikes this year to complete it for three this year So if there's any subtle changes in the language, I think that's what the markets will react to right mark Bailey Always great to have you on. Thank you so much for joining us. Thanks Nadine Now we're going to take our viewers live to Sydney ASIC is holding its annual conference called future focus and the chair Greg Medcraft is being introduced by Kelly O'Dwyer at this stage of the