 Wouldn't you know it was a volatile night on Bond markets alongside. It's got a Jonathan Sheridan for you at fig Welcome into the show net net more dovish right the statement but perhaps no surprise in light of all the Global events which did find their way in as well to the statement. Good afternoon Carson. Yeah, you're right I think from my read anyway at least it was it was an overall bit more dovish statement than expected with the With the addition of the consideration of the global events and yet we saw the equity markets sell off And we saw bonds rally after the statement was published So obviously the market took that to be to be the opposite which I found a little bit surprising because you know if you If you've spent a year saying that you're going to write raise rates Then you know it doesn't hesitate one one month for you to turn around on that view And when you put in you know things that you've not put in before about global markets and weakness and so on then I think that's a bit dubious and what was equally bizarro was that economists learned economists are still Pointing to those four hikes this year The likes of Westpac indeed even saying we will see At least one before the end of the first half Yeah, I look I mean I don't want to comment on it on other people's forecasts and so on I try not to give those kind of forecast myself, but the markets definitely not pricing in four hikes this year It's more like sort of one and a half I think that the point that one of those commentators made about they need to look at the data And it's probably going to take longer than than two or three months for them to get a clearer picture I think that's very valid and you know you you don't want to run the risk of going too early I think they're very aware of that that the economic recovery is still fragile We're looking at a potential GDP number of less than one for the US economy when they come out in the next few days And you know that really just doesn't give you any case to raise rates in the short term Let's talk about the issuance locally and the spread and the doubling of it since last year so banks Coming to the table are at least with their own issuance, but it really is it's only looking at less attractive than it might have a year ago Absolutely from the issuance perspective I mean January has been the worst year the worst sorry the worst January for about six or seven years in terms of primary issuance We've only had and this sounds like a big number, but we've only had about 300 billion of issuance in January So far which is as I said the worst year for about six years and that really kind of puts a lid on the banks funding program So you know they need to get these things done because they've got other bonds rolling off So we saw what CBA do a one and a quarter billion euro covered bond Which is the highest place in their capital structure So triple A rated and last year when they issued bonds They paid a spread of 17 basis points and this one that they recently did they paid 35 basis points So you know from point one seven to point three five percent may not sound a lot But when you're doing you know half a billion euros, that's that's a decent amount of money to come off your P&L Anything else that you're watching with avidly in terms of even data pending. I Don't think there'll be any surprises really like I said, we're looking at a low US GDP number I think that's the big one that we'll be looking at coming up that obviously supports lower longer bond rates And you know, we've been on that to a low off a longer theme for a while here But we also do actually like inflation trades at the moment You know inflation is pretty benign at the moment But history tells us that you need to get in early on that in that score because you know It'll come on and bite you in the bum before you know it That will be something that you would not wish to submit to thank you so much Thanks, Carson Jonathan that's Sharon live from FIG