This concern suggests it will take a lot of strength to get the Fed to tighten beyond 5 per cent.

It will be a while yet before we are printing better numbers.

Recovering equities and still overall strong commodity markets suggests that there is little broad-based concern that central bank policy tightening will curtail global economic growth and there is still adequate global liquidity chasing higher risk assets and capping risk premiums,

Pass protection didn't look good, and we looked sluggish. Anytime you don't do well it's a concern, but it is the first time out and we had a lot of people in there.

There is concern about the strength of the U.S. employment report, in that if the Fed has to move it will move on the upside.

What we have to do is get out there and get focused. Our concern is our team. When you focus on another team, you get in trouble.