• Market participants can anticipate the upcoming launch of a 3-year FRN MTN, with the mandate announced earlier this morning.
• Yesterday, RaboBank’s long-term 5-year rate of 5.05% remained notably attractive, encouraging market participants to extend their duration.
• Recently, the focus has shifted to the short end of the curve, as investors prioritise liquidity ahead of the Christmas season.

Markets look to FedSpeak during a quiet period

• Markets were quiet on the data front, leaving Fed commentary to drive trading sentiment.
  
• The multitude of Fed speakers allows the central bank to test its rhetoric and gauge market reception.
  
• Yesterday, Fed Speaker Daly stated she did not see a need for rate cuts to halt, citing a restrictive environment sufficient to return inflation to target.
  
• Dallas Fed President Logan also viewed a gradual reduction as an appropriate approach.
  
• The overall rhetoric appears to favour a measured 25 basis points reduction moving forward, though any positive economic surprises could put future cuts into question.