Daily Flows & Insights – The Week Ahead

Daily Flows

  • Friday, there was flow to Semi-government fixed securities with levels above 4.00% locked in for 2 year terms.
  • Investors are flocking to Judo Bank as they consider their new credit rating of A-2/BBB and 6 month standout rate of 5.15%.
  • NCD levels remained steady with outright offerings ranging from 4.80-4.90%.

Non-Farm Payrolls & The Week Ahead

  • US non-farm payrolls surged by 275k in February, surpassing expectations and indicating robust labor market conditions.
  • Despite the strong job growth, the unemployment rate ticked up to 3.9%, suggesting a nuanced perspective on the labor market’s strength.
  • While non-farm payrolls exceeded expectations, job gains were mainly concentrated in healthcare, government, and construction sectors, with minimal changes in other major industries.
  • US bond yields experienced a slight decrease, while market expectations for a Federal Reserve rate cut by June remained unchanged.
  • The US 2-year treasury yield hit its highest level since December, with the 10-year yield also rising, reflecting heightened expectations for interest rates.
  • It is a relatively quiet week. In the U.S. the CPI print will be watched closely by markets where a 0.3% MoM increase is expected.
  • In Australia, Consumer confidence Index and NAB business confidence is released.
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Curve Team
Jack Pedersen