 and Michelle from FIG joining us now live Simon well that was always one item of interest that would potentially have held sway but all a bit kind of anticlimactic was it not in the event? Good afternoon Carson look certainly was just before the US session closed we had the release of the written testimony you know a smoking gun I suppose you might say and so we saw the US curve up a couple of basis points. Now again test wise beyond that you've got the ECB that's going to be juggling its calendar of announcements now quite close up to this election in the UK so how do we get some clarity because the markets on the one hand going to be diverted by politics but then worries about upgrades to growth from you know from the ECB itself do you think that will be the one that will really move the market? I think it's certainly looking that way at the moment Carson because I think as we draw closer that UK election you know the polls are showing that it's probably not going to be as tight as what they expected and I think you're right I think you know although we're not expecting any significant change to the ECB policy tonight what we are looking for as you suggest there is any change to forecasting by the ECB we'll hear from Mario Draghi that could lead to the start of an unwinding of that quantitative easing program a bit of a pullback maybe in the volume of bond buying later this year so while you know not likely have any immediate impact I think people are really keen to see how Mario Draghi is going to play the recent data we're seeing out of Europe into those forecasts for the ECB because that's the point is it is entirely possible he could still cut the inflation forecasts but leave risk assessments unchanged that would in turn trigger selling not a rally? Well that's the truth I mean we've certainly seen that elsewhere as well I mean you know it's really what's leading these yields lower in the US-Australia for example is those continued downgrades of growth and inflation both those data points moving away from where the central banks would like to see them and leading to in the US obviously a delay on their height program and you know keeping the RBA pretty steady she goes here the the notion of China being blindsided by a ratings downgrade is kind of laughable but we do give it more credence possibly than it's worth given it's you know it's self-funding to that extent why again do we fall back on these you know after the event of observations by Moody's et al? Well this is the thing I mean I think you know credit rating agencies tend to be reactive so you know they they rate to that I'll make an assessment you know you tend to see markets move reflecting concerns and you know we've certainly seen that over in China you know things over there seem to be you're improving a little bit and you know we're certainly seeing some improved capital flows or or the cessation of capital flows out of China less support of the one you know maturity of their debt markets over there is certainly likely to lead to some defaults but you know I think it's all about you know basically sending the message that the Chinese government's not going to support every bond issue so you know I think that's all quite positive you know we know there's been some concerns around China around growth levels but you know they seem to have subsided over the last month or so yeah let's hope there's not a flare up has to be said to blindside even potentially the Fed we've seen that before today thank you Simon and talk to you soon thank you Kasem Simon Michelle from Fig we take your break and update you at the top of the hour with every move this market's been making but after the short break it's Foxtel's CEO Peter Tonner joining Jay