 And welcome to FIG's weekly economic and trading update. I'm Mark Bailey and this is newly promoted Jonathan Sheridan. So welcome, John. Hi, Mark. So there's been a lot of political news, particularly with the Trump failure to get the healthcare reform through and the formal triggering of the Brexit article 50. How has that impacted the economic data that you're seeing this week? Yeah, look, it's been a really interesting week. I think that probably the main factor hasn't been actually Brexit. That kind of got priced into the markets a long, long time ago. And there's just kind of a formal passing of paper with a few signatures on from the UK to the European bureaucrats. Didn't really shake the markets. Probably the more important political impact was on the Trump's kind of failure to get the healthcare reform through. And what impact is that going to have on his tenor in terms of his tax implications and also his fiscal expenses, quite a lot of market ructions there. In terms of economic data, it's actually been a pretty light week, not much happening in Australia. One of the key interesting factors going forward will actually be how cyclone Debbie, which is obviously torn through Queensland, will actually potentially impact some food prices and whether you'll see an uptick in CPI. Now, from an RBA point of view, as was seen when the cyclone Larry went through 2008 and the banana prices shot up and Glenn Stevens was obviously worried about those because he buys his bananas at the shop across the road. But they look through that in terms of their monetary policy target and interest rate settings. But what it's actually going to be more important for is some of the bonds that we trade, some of the index link bonds that do actually link to the actual CPI, which will probably increase. So that's an important thing domestically. Offshore, it's been pretty quiet. We got kind of a bit of a final read on GDP, which is actually slightly better than expected. Consumer spending was slightly better than expected as well. But again, a reasonably light week in terms of what was happening in the States. There was a bit of Fed talk, Janet Yellen did talk, but again, not about monetary policy. There was a couple of other Fed officials as well that came out and just said, look, we're probably expecting to see three or maybe more hikes in interest rates from the FOMC this year. So it was probably quite a hawkish tone there, but apart from that, a reasonably quiet week. So John, what have your clients been interested in this week in terms of bond trading? It's been very much this week a story of early calls that either have been announced or happened or haven't happened as the case may be. With the Royal Women's Hospital nominal bond, we saw that that wasn't called on the date as expected. But what we've seen is when the owner made their announcement to the UK listed market, they said that they would look to complete that refinancing by the end of June. So investors are looking to get their money back shortly there. They have actually been in receipt of a number of different bonds that have paid back early. So MacPherson's called 60% of their floating rate note. I am Gold, a US high yield bond called their 2020 issue which we had clients invested in and also Swiss Rea which most clients would have been invested in at some stage over the last three or four years have announced the call of their bond from the 25th of May. So lots of cash coming back to clients at the moment. Finding really good value investment opportunities for that cash has been the theme of the week and we've had some clients using their US dollar proceeds bringing it back to Australian dollars investing in some inflation linked annuities where we saw some supply this week but other than that they seem to be just sitting on the sidelines probably waiting for the next big new issue. We had IMF Bentham retap their existing 7.4% 2020 bond which closed at the end of last week with an upsize in that deal due to the huge demand that we saw from our investor base. And I guess in terms of the RWH, I guess we've had a few research notes out there talking clients through what was likely to happen and I think from a research point of view we've certainly got a lot more comfortable in terms of that timeline that we should expect to see some kind of formal announcement and some refinancing on those bonds hopefully by June this year. So again, yes they've missed the scheduled maturity date but I think it's hopefully in process of being refinanced so investors unfortunately are going to actually get more cash which is going to lead to more problems down the line. Yeah, that's right. Having cash available to take advantage of good investment opportunities is a double-edged sword. You've got cash to work and it's not working for you at the moment but we try and keep putting good value opportunities in front of clients both in Australian dollars and US dollars and back by research we see that we can find some value for our clients. So Mark, what are you looking forward to next week in terms of key economic data? It's going to be actually a bit more interesting than last week. So in Australia we've got retail sales coming up and also the RBA cash rate is announced as well. No change expected there. Offshore it's all going to be about Friday's non-farm payroll number. Expectations are around about 175,000 jobs to be added with an unemployment rate of around about 4.7%. So again that's going to be the key focus going into the back end of next week. Thanks Jonathan. Thank you Mark. And thanks for watching. If you need any more information please go to the wire.