Last Friday was quiet across the NCD and TD space.
Those that were active gravitated towards the 1 year space, with an ‘A’ rated bank offering 5.46% 1 year TD.
With economists now forecasting 1-3 more hikes in the cash rate, significant upward pressure will be placed on shorter term deposits.
NCD margins held firm at +50 for 3 months last Friday.
Quiet Week Ahead
Compared to last week, it is a relatively date quiet week ahead.
Tomorrow, the RBA Minutes are released. The markets will look for any clues in regards to future monetary policy decisions.
Overseas, The United Kingdom inflation rate is printed. Markets are expecting a YoY reading of 8.4% a considerably higher level compared to the EU & U.S.
The Bank of England will meet on Thursday to make a decision on monetary policy.
In The U.S. Jerome Powell has a testimony before the House Financial Services Committee.
It is expected that he will restate similar rhetoric to the Post-Fed meeting press conference.