Australian businesses are still quite happy with conditions they currently face, as well as with the immediate outlook, despite some slippage during February. According to NAB’s latest monthly business survey of 400 firms, its Business Conditions Index fell 7 points to 9 while its Business Confidence Index fell 3 points to 7. The latest figures are still at elevated levels, even after they have dropped back.
Bond and cash market yields were higher by the end of the day. 3 year and 10 year bond yields were both 1bp lower at 2.14% and 2.96% respectively as markets paid little attention, being focussed on the FOMC decision coming later in the week.
