- Investors snapped up stock of the Newcastle Greater 5 year FRN in the secondary market yesterday, topping up allocations from the primary round.
- The A1/AA- leading the market this week continued to attract flows yesterday with rates of 5.10% for 6 and 9 months, setting the benchmark for other ADIs.
- Despite a general trend for shorter-term deposits so far this week, we have seen investors lock in yields for up to 5 years with attractive rates available at the longer terms.
Another Grilling for the Governor Today After Tuesday’s “Well Done”
- A quieter day today to round out the week for most, but not Michele Bullock, who fronts up to the House of Representatives today for the Standing Committee on Economics’ biannual public hearing with the RBA Governor.
- The line of questioning will focus on how the RBA is factoring in future data, as well as evolving risks, into its quest to return inflation into the 2-3% target range.
- Annual US CPI revisions to seasonal adjustment factors will be released overnight and will be more-closely watched than usual.
- Last year’s revisions erased what looked to be positive progress towards fighting inflation, and Fed officials are anxiously waiting tonight’s release with hopes the revisions confirm the progress shown in CPI data to date.