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Daily Flows
Reference Rate volatility has been limited with reduced levels in trading across the markets.
Domestic CPI is released tomorrow, this event could have significant impact on short term interest rate expectations.
TDs continue to climb across the yield Curve, levels of 5.00%+ are common place from 6 months – 2 years.
NCD activity was limited yesterday, +45 is the 3 month level to attract new funds.
Meandering Markets ahead of Debt Vote and Data Releases
A very quiet start to the week with US, UK and a number of markets across Europe all closed for respective holidays.
That left the remaining markets that were open with little in the way of drivers to trade off.
The focus for market remains the passage of the recent debt ceiling agreement though congress over the next couple of days.
Should the agreement to suspend the debt ceiling until 2025 after the next election get up we could see a boost to sentiment follow.
It still is far from a done deal though which will keep markets somewhat on edge as politicians potentially hold up the progress of the agreement.
Domestic data releases will kick off today with building approvals before more key data comes through tomorrow.
Tomorrow we get the monthly CPI data which will be closely watched along with the first of the GDP partials for Q2.
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Curve Team
Jack Pedersen
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