Daily Flows

• Activity was quiet on Friday, with TD and NCD flows deriving mainly from the rolling over of funds.
• In the security space. A Semi-Government floater was offered and snapped up quickly by market participants.
• The last week of the quarter usually prompts bespoke offerings as banks are looking to meet their funding targets for the quarter.
• Market participants quick to act will be rewarded with above market returns.

The Week Ahead

• It is a quiet start to the week with the RBA presenting a paper on inflation at the RBA 2023 Conference on Tuesday.
• In the U.S. Durable Goods Orders, GDP and PCE will gather significant attention from the markets.
• Considering quite hawkish rhetoric from the Fed last week, any data that reflects sticky inflation could see a significant market reaction.
• In Europe, multiple countries have their inflation rates released.
• Most central banks have stated their current monetary policy is at its peak restrictive level. Any persistence of inflation will have central banks globally nervous.
• Domestically, the crucial point of the week will be the monthly CPI indicator.
• Although it in only an indictor and the full picture is not clear until the quarterly print, this CPI data will show the direction and give a sense of how the battle against inflation is going.