Daily Flows

• Heartland Bank (BBB) continues to seek short-term funding via its 4.70% introductory special for 3–6 months, with consistent investor demand.
• NCD demand remains steady across the curve, keeping pricing firm at current levels.
• With today marking the last day of the month, ADIs may look to secure final funding, creating an opportunity for more negotiable rates.

Is ‘Sell America’ Retracing? 

• Market action shows signs of a partial reversal in the recent ‘Sell America’ trend, with Commerce Secretary Lutnick mentioning a pending trade deal with an unnamed country, while Treasury Secretary Bessent highlighted progress in trade negotiations with South Korea and Japan.
• This shift in sentiment comes as U.S. 10-year Treasury yields eased 4bps to 4.18%, following a sharp drop in job openings and a near five-year low in consumer confidence, reinforcing weaker growth expectations.
• Local focus is on Q1 CPI at 11:30am, with consensus expecting 0.8% q/q (2.3% y/y) headline and 0.6% q/q (2.8% y/y) trimmed mean — supportive of a return to the RBA’s target.
• A busy global data agenda today includes, U.S. Q1 GDP, Eurozone GDP, and Japan retail sales, setting the tone into month-end.