Daily Flows

• Semi-government paper has been attracting attention from investors this morning, continuing interest in issuers including QTC and TCV.
• NCD margins are sitting at the +45 mark domestically, with some A1 foreign branches still setting the pace at +50 for 3 months.
• An A1/A foreign subsidiary are offering rates approaching 5.35% for 12 month funds today, which remains the high water mark for term deposits today.

Markets Biden Time as Presidential Race Blows Up

• A very quiet week ahead domestically with Judo Bank’s PMI indicators the only data point to watch, due out on Wednesday.
• President Biden’s decision to withdraw as the Democrat candidate for the 2024 US election is set to dominate media this week, as attention turns to his alternatives, led by Vice President Kamala Harris.
• US Core PCE is due out on Friday, with expectations of a monthly rise in prices of 0.1% for a 2.5% annual increase.
• Personal income and spending data will also be data points to watch on Friday, with incomes expected to come in softer amidst an 0.1% rise in spending.