The Fed has made it’s final rate announcement under the stewardship of Janet Yellen and, as expected, there has been no movement on interest rates. Phil Dobbie asks NAB’s Gavin Friend what we can glean from the commentary. They also discuss rising US Treasury yields, Trump’s State of the Union address, Governor Kuroda’s announcement on the continuance of QE at the Bank of Japan, the fall in the Aussie dollar, mixed data from Europe and whether positive ADP employment data has any bearing on Friday’s non-farm payrolls in the US.