 markets are trading. Simon Michelle joins us now live from FIG Securities. Simon hello to you. Certainly markets positioning themselves not only ahead of US Fed Chair Janet Yellen's speech this evening in the US, but also as we have emerging commentary of increasingly commentary surrounding that US Fed possible move even in March. Absolutely. Good afternoon Natalie. And yeah, we've certainly seen the odds of increase in March, which would be on the back of the March 15 meeting of the US Fed increase around 90% chance of an increase there. That's on the back of those very low jobless rates that we had jobless numbers we had released over night as well. They pushed that up and I think as you mentioned the Janet Yellen speaking Friday US time and look we expect her commentary to pretty much match what we're seeing from a lot of the deputy chairs and other members of the Fed and likely possible lock in that additional 10% and make it a dead cert I would imagine. So talk us through how investors are positioning themselves. Certainly if we look at some of the bond yields of late there's been that suggestion coming through from bond traders at least that equity markets have gone a little bit too far and a little bit too fast for their liking. Well yes, we've certainly seen that rally in equity markets and I think you're definitely seeing a bit of profit taking. We haven't seen that real surge in bond yields I must admit. We've seen a bit of reflection in the short end of the US curve but you're not seeing a major move out in the longer end of the curve. So you know while you're seeing the markets prepare for a march increase they're not really adjusting their long-term view on upward movements in rates. I think that it's going to be very positive for the RBA. They'll be very happy to see a US move upward and take a bit of pressure off their yields and obviously the Aussie dollar as well. So yeah I mean it's interesting I think definitely getting ready for March tightening but not really adjusting long-term views at this point. We're also seeing very much that that search for yield taking place domestically also if we take a look at the Aussie bank hybrids also just give us a bit of colour around what you're seeing here. Absolutely well I spoke yesterday about the narrowing of the credit spreads or risk premium on bonds which reflects people happy to invest in riskier issuers and I also mentioned that we had the Macquarie Bank issue a US dollar tier one hybrid security was paying 6.12 percent 750 million US dollars they issued but they had bids on that issue of over 11 billion dollars which is just phenomenal. We've had quite a bit of rally in those securities and an A and Z tier one hybrid that was issued middle of last year in US dollars as well and it just reflects this view that investors are feeling comfortable they're happy to do a search for yield and lock into some higher yielding opportunities and that's obviously the banks are benefiting from that on the issuance of their tier one stock. So I'm Michelle many thanks for the update. Thanks Natalie have a good day.