Daily Flows

• Today, there’s an opportunity to lock in 5.15% on 6-9 month term deposits from unrated issuers.
• NCD margins have edged up to +45 for 3 months ahead of mid-month inflows.
• It appears some banks are taking a cautious approach, bolstering cash holdings ahead of a seasonally busy December period.

Trump Trade Momentum Continues

• Yesterday, markets were somewhat subdued, with Remembrance Day observed here and Veterans Day overseas.
• The U.S. Treasury bond market was closed, but U.S. equities continued their climb, reaching a new record high.
• With a strong U.S. dollar, troubling data out of China, and rising potential for trade tensions, oil prices have fallen.
• Domestically, we have consumer and business sentiment data mid-morning for markets to digest.