Daily Flows

• BBB-rated Heartland Bank remains the highest in the market, being at 4.70% across 3–6 month terms, with consistent demand as it continues to build its funding profile.
• NCD issuers remain active across the curve, with steady interest keeping pricing stable at current levels.
• After two holiday-shortened weeks, the market returns to a fuller calendar, and a busier week is expected as liquidity and flows normalise.

Markets Eye Key CPI as Yields Ease on Softer U.S. Tone

• U.S. 10-year Treasury yields fell 5bps to 4.25% on Friday, down 7bps for the week, as markets responded to slower U.S. growth signals and easing geopolitical tension.
• President Trump backed away from threats to fire Fed Chair Powell and struck a calmer tone late last week, helping ease pressure on rates and support risk sentiment.
• Focus now shifts to Australia’s Q1 CPI on Wednesday. Trimmed mean inflation is expected at 0.6% q/q and 2.8% y/y — slightly below the RBA’s February forecast and key to rate outlooks.
• Also in focus this week: A speech from the RBA’s Kent on Tuesday and retail sales data Friday, rounding out a full domestic calendar.