Daily Flows & Insights – U.S. PMI Takes a Back Seat as Debt Ceiling Negotiations Continue 

Daily Flows

  • The demand for funds have left market participants with an array of placement options. Bespoke rates across credit ratings are available to those with funds to place and the ability to act quickly.
  • The TD yield curve is: 3 months 4.75%, 6 months 5.10%, 9 months 4.95% and 12 months 5.15%.
  • The NCD market is following suit, with most ADIs on the bid levels of +45 for 3 months is the going rate.

U.S. PMI Takes a Back Seat as Debt Ceiling Negotiations Continue

  • Where the debt ceiling negotiations go so does sentiment at the moment.
  • With no further progress being made markets were largely softer.
  • The ongoing negotiations meant that the data took a backseat once again.
  • There is general positivity in the US PMI data which was dominated by the services sector while the manufacturing PMI softened.
  • We also had PMI data out in Australia which saw the services PMI soften but remain in expansionary territory above 50 while the manufacturing PMI remained below 50 indicating a call in activity.
  • This morning the Westpac leading index was out and it remained negative.



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Curve Team
David Flanagan