 Let's get across more of these comments with Mark Bailey who joins us live from FIG Securities. Mark good morning to you. Do appreciate your time this morning. Now a couple of dovish comments you would say there. I mean most officials recently have been very hawkish, sort of thinking that interest rate rises is the right decision. We could even see more than the market is expecting. Where to from here? Because it does seem like there are a couple of doves among them. Yeah, good morning Leanne. I think that's right and that's certainly the way that the market reacted to these comments on Friday and probably will be in terms of the week ahead which will probably be fairly light trading. Obviously we've got the non-farm payrolls on Friday. But in terms of those specific comments, obviously if they are thinking about reducing that balance sheet that will also play into any hiking decision as well. Because I think if they start to reduce the balance sheet which is kind of continue to be maintained after QE where they've been reinvesting those bonds that have matured and those coupons have been reinvested as well. If they do start to reduce the balance sheet that will also kind of be a pseudo tightening. So that will also potentially impact the pace of hike that it's going to happen in 2017 and 2018. And also you had William Dudley as well again saying look he certainly isn't seeing the economy overheating. Inflation is still below their core target and again you had that print on Friday in terms of the Fed's preferred inflation measure, the core PCE. And that again illustrated it came in at 0.2% in line with expectations for February. So again I think you're right in terms of those dovish comments. I think the market has maybe got itself too far ahead. We've been talking that lower for longer is probably still the mantra. There's a lot of people that would dispute that. But in the first quarter we did see those 10-year deals trade from around about 2.3% to 2.63% in the 10 years. And closed on Friday around about 2.4%. So towards the lower end of that range. And I think that's probably right in terms of what we're seeing with the Trump presidency. The failure to repeal Obamacare turns his attention on to tax and fiscal stimulus. And there's a big question mark about whether he can get those through the Senate and the House in terms of actually implementing those into the US economy. So still lots of question marks. I think that's why you're seeing a bit more cautious in the market. And the market is actually only pricing in about 1.7 times in terms of the hikes this year. Slightly less than the two times that's probably most of the board members are predicting if you look at the blue dot plots. With regards to how many hikes we could see how dependent is the Federal Reserve. They're their path for tightening. How dependent is that on those fiscal measures getting through. At the moment they've been very keen to state that the future projections aren't really placing any significance on any fiscal stimulus that may or may not happen. So if they do get the fiscal stimulus through then there is a potential chance that those hikes may come through a lot quicker. Personally I don't really see that you're going to see the fiscal spend a have a big impact on the economy. I don't think you're going to see a significant increase in inflation. But that's going to take probably about three to six months for the market to realize that that is the case. And but in the meantime you probably still see a steepening and still probably higher yields across that US Treasury curve as a market still expects that to be the case. But if you think about it we saw vast amounts of QE in the preceding years after the GFC and still didn't see inflation. So we're meant to believe that you're going to see inflation from fiscal spend in one country. Personally I don't buy it. So but I think at the moment the market is certainly certainly still believing that. And I think the Fed will obviously have to react if there is a major fiscal stimulus that does actually get passed. Let's talk about other sort of measures stimulus measures there in place or lack thereof. I suspect that I mean bringing it back to Australia we heard there on on Friday that APRA is really clamping down trying to slow this lending growth to 30 percent of new mortgage loans investor only loans there. A couple of analysts sort of commenting saying that they believe the measures will have a meaningful impact on housing demand and we could see you know a rain in growth there in housing property you know housing prices. What is your view on how much this will have an impact more broadly on the housing market. Yeah. And I think that's exactly right. I mean that's that's what the regulatory authorities want. They want to target where they see potentially an asset bubble. You know most global asset prices have increased largely through share prices in Australia. It's the lower interest rate policy is manifesting itself in higher property prices. As you say there are limiting the growth in terms of the interest only sector to 30 percent of mortgage is written. And I think historically in the last 12 to 18 months that was over 40 percent. So there's going to be a fairly significant reduction in terms of the types of loans the ADIs are going to have to write. And also you know they didn't whilst they didn't change the investor only growth rates of less than 10 percent. They did say that it now needs to be comfortably below that figure as well. So that will all feed back into the into the housing market. And one of the problems is as everybody is aware of the housing market in Australia. It is it's very localized. So you know the significant growth in house prices that you've seen in Sydney and to a lesser extent Melbourne. Yes they do probably need to be tempered and attempted to slow down. But elsewhere you know particularly in Western Australia in Perth you're starting to see maybe a slight recovery in house prices after a fairly significant slump. And it's concerned that those types of markets where maybe the recovery hasn't been established and you haven't seen fairly significant house price growth over the last two or three years. It's going to really impact those markets. So it's very very localized in terms of the Australian market and it's in terms of the different centers. You know you've probably got Brisbane that's had a decent run but you know nowhere near in terms of the house price appreciation that you've seen in Sydney and Melbourne. So it's quite difficult to target those types of different different market conditions by using a fairly blunt tool. You know obviously the the regulatory APRA macro potential tools it's slightly better than the broader interest rate tools which do impact other parts of the economy. And so it's attempt to try and control and calm down the housing market by using those rather than interest rates which can impact your business loans for example as well. So it's going to be really interesting to see the impact. I think there will be some impact and that's going to be fairly significant because I think some of the banks are going to have to change some of their lending criteria and their growth areas more to that principal and interest product and more into our own occupied. So there's going to be competition there whilst I think you're already seeing interest rates increasing in those other sectors because banks are trying to maybe get people to refinance off their books and with somebody else. So I think it's going to be really interesting in terms of how that plays out in terms of the Australian housing market and also it will actually reduce a bit of pressure from the RBA in terms of their potential hikes that they're feeling because I think they're going to want to see how those macro potential rules work. And I think the RBA potentially broader economy is still pretty soft. It may even allow them to cut rates later this year. All right fantastic. Certainly comments from the RBA tomorrow will be closely watched as well. Mark will leave it there but to do appreciate you joining us this morning. Thanks so much. Leanne have a good day. We will take