Domestic money market interest rates continued to trade lower in September in response to a surprise 1% easing in monetary policy. However, most of the movement occurred at the short end of the curve with the rate on the 3-month NCD falling by 120 basis points to 9.2% during the month. The rate on the 12-month NCD fell by 80 basis points to 8.8% suggesting that money market investors anticipate more easing within the next 6 months.