 A little more now with Mark Bailey who joins us live from Fig Securities. Mark, if we look at the market reaction, those treasuries, those yields relatively unchanged, the US dollar seems to be faltering at the moment. Investor's a little bit confused about the outlook for rate hikes this year. Yeah, good morning Leigh, and I guess it kind of boils back down to whether that CPI Prince that we have had for the last couple of months is kind of transitory, which is what the Fed was keen to highlight in its commentary. It does expect inflation to be low, that 2% target for the next 18 months or so before kind of rising above that. And there's that big debate and what those regional Fed presidents comments do highlight is that kind of split that you do have on the FRMC between those that think that inflation is transitory, the low inflation is transitory, and those that think it's actually weak data that will potentially persist and therefore you don't need to have the hikes. And I think at the moment the market is certainly in the camp where it's believing that the Fed will not have to hike as maybe as rapidly as expected, maybe not in 2017 but in 2018 and beyond. It probably doesn't see those three or four hikes coming through that the blue dot plots to do suggest. And I think it's a much more kind of dovish outlook. And I think you're seeing that in terms of treasury yields at the moment. At the moment on Friday, the 10-year US Treasury fell one basis points to 214%. And that is at the low point of the range that we've been trading in the last six months. So I think the market is certainly positioned for a fairly dovish outlook from the Fed. It believes that probably the CPI data, despite the tightening labour markets, and let's not forget that unemployment did fall again last month and is projected to continue to fall. But we're not seeing any kind of wage price inflation coming through or inflation in terms of the CPI. And that is what is causing some regional Fed presidents to say, we can take a pause and maybe delay some of the future hikes until we see some strength in the data. John Williams, President CEO of San Francisco, Fed President here speaking tomorrow. Is it a market mover? Do you think what would you be expecting to hear him say as it relates to the Fed and its cause for hikes? I think he'll be pretty, keep his cars close to his chair, so I don't think he'll be a big mover. Again, I think it's that classic debate that the future rate hikes are always data dependent as Yellen just continue to point out. I think he'll probably continue to push his point of view a bit further in terms of the data. I mean, obviously Neil Kashkari was the only one that dissented in terms of the hikes. I don't think Williams will do that. And again, it would be probably focusing around the inflation targets and the inflation data that has been soft and whether that is likely to continue as the comments have been over the weekend from the two of the regional Fed presidents. We have an interesting chart here just on that US inflation. It's hit the Fed's goal only in one month since 2012, I believe. So I guess raising concerns that it's headed for a potential mistake there. But as you were sort of pointing out there, Fed Chair Janet Yellen, she remains confident, I suppose, at the strong labor market that will rejuvenate those price pressures. That's right. Do you are seeing conflicting sides strengthen the labor market? The other data outside the CPI has also been a bit weak and we saw that again on Friday actually in terms of the market PMIs, both the manufacturing and services PMIs, both came under expectations below consensus. If you look at industrial production capacity utilization, that's been soft as well, which also leads to a kind of a weaker GDP in Q2 expected to come through. So I think the data outside the job market has become a bit softer over the last couple of months and that will be a cause for concern for those FRMC members. But having said that, they're still seeing strength in the labor market, but the key is whether that will drive inflation. And it certainly doesn't seem to be the case at the moment. And there's also the debate about whether the jobs data is actually encapsulating what is actually really happening in the job market, whether people are moving more to part-time, are actually underemployed, whether people are dropping out. Because the participation rate, although it did improve last month in the U.S., is still pretty low by historical standards. So I think there's a lot of underemployment in the market. And I think in terms of what we're actually seeing in the job market, is actually maybe a bit more weakness than the headline unemployment rate is suggesting. Can we talk about Europe in particular, in particular Italy in this 17 billion euros that's been set aside to essentially buy and prop up some of these failing lenders? I mean, you already had such an increased level of fragility when it comes to confidence in the Italian banking sector. Does this shore that up? Or does this add to concerns? In my view, James, I think it adds to the concerns. But what the key takeaway is for, I guess, investors in Australia and bond investors in Australia and hybrid investors in Australia is how they've actually gone through the insolvency process. So it's different to what happened in Spain with Banco Populare. It's different in that sense that they've had to pass new insolvency laws over the weekend in Italy so that they could do this under national laws rather than going to the single resolution board and the European Union's regulations. And what they've allowed them to do is allow the Italian government, as you say, to have 17 billion could be more capital to inject into those two failing banks so that the second largest banking in Italy can buy them out. But in terms of the bondholders, the equity in those two regional banks in Northern Italy have been wiped out, as have the subordinated debt bondholders as well. So that's exactly the same as we've seen in the Spanish situation. However, there is some small amount of junior bondholders in the Italian banks, around about 60 million. And they can claim up to around about 80% recovery. And what they've said is that Banco Intessa can actually support that and actually make sure that they are whole. So it looks like the junior retail bondholders will actually not lose any money as well, which is completely different to what we saw in Spain. So in terms of the lessons that we're getting, that doesn't seem to be a blueprint for how investors can think and strategize in terms of where to invest in the capital structure. So we're still kind of no closer to getting any kind of guidance in terms of what is the actual bail in, bail out structure, insolvency procedures in European banks. So at the moment it's a very, very difficult situation for investors to get their heads around.