Daily Flows

• 6-month BBSW continues to rise gradually, now up 9 basis points from its February low.
• While it’s difficult to pinpoint the exact drivers, the move may reflect delayed rate cut expectations and tightening systemic liquidity.
• With just two days remaining in the quarter, we’ve seen pockets of bespoke TD and NCD rates emerge as banks aim to meet funding targets.

Trump Tariffs Continue

• Trump’s ‘America First’ trade agenda continues, with the announcement of a 25% tariff on vehicles manufactured outside the U.S.
• The tariffs will initially apply to fully assembled vehicles, with plans to expand to include auto parts, such as engines and transmissions.
• Trump has warned of further tariffs if countries are “working together to do economic harm” to the U.S.
• Market concerns over a renewed trade war are escalating, with attention turning to “Liberation Day” on 2 April, when a wave of tariff-related announcements is expected.