Daily Flows

• Yesterday was quiet, with minimal flow in term deposits. In contrast, today has seen a pickup in activity, with ADIs offering 4.80% for 6-month TDs.
• NCD pricing remains steady, with outright levels at 4.51% for 3 months, while one issuer has increased to 4.56% today.
• NAB has launched a 5-year FRN/FXD, with initial price guidance at +86, while Agricultural Bank of China has also entered the market.

Trump’s Short-Term Pain & Consumer Confidence Rebound

• Equities are in the red, as markets adopt a risk-off stance due to political uncertainty in the U.S..
• Growth concerns have surfaced amid tariffs and increased government layoffs, adding to market caution.
• Trump signalled his willingness to endure short-term economic pain, suggesting that an economic downturn may be necessary for long-term  changes.
• Domestically, consumer confidence rebounded sharply, rising 4.0% MoM to reach a three-year high, supported by slowing inflation and the first rate cut of this cycle.
• Despite the improvement, concerns persist, with global market volatility weighing on consumer sentiment.