Daily Flows

• Heartland Bank continues to lead, holding 4.80% for 3–6 months. As a new player in the wholesale market, their rates standout, drawing strong flows from yield-focused investors.
• NCD activity is steady across the curve, with +45bp still the clearing level. Slight steepening has created value further out, though short-end demand continues to lead flows.
• We’ve seen a c pickup in interest for fixed-rate lines, especially in the 1–3 year space, as investors look to lock in current levels ahead of any potential shift in pricing.

Markets Watch Softer U.S Rhetoric

• A shift in tone from President Trump helped ease tensions, as he stated post-close on Tuesday that he has “no intention” of firing Fed Chair Powell and that tariffs on China could drop, though not to zero.
• U.S. data continues to show broad weakness in business and consumer confidence. The slowdown appears global, with early Q2 indicators flagging risks beyond the U.S.
• For Australia, softer global growth and a more cautious global outlook support the case for RBA cuts, with some in the market expecting a cash rate of 2.85% by early 2026.
• Looking ahead, Australian labour force and payroll data will be released, alongside weekly U.S. jobless claims. With the ANZAC Day holiday tomorrow, market activity and liquidity are expected to be lighter.