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3s Reluctant To Move Meaningfully Below 3.00%

AUSSIE BONDS

ACGBs operate off of best levels, with 3s seemingly reluctant to push meaningfully below the 3.00% yield level in any meaningful manner (lows of 2.9925% thus far, in what was the first foray below 3.00% since June 6, the day before the RBA’s surprise 50bp rate hike). Wider cash ACGB trade sees the major benchmarks running 2.5-10.0bp richer, bull steepening, with the 20-/30-Year yield spread still inverted, although back from extremes (last at -1bp). YM +10.5 & XM +5.0 last. The 3-/10-Year EFP box is twist flattening.

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ACGBs operate off of best levels, with 3s seemingly reluctant to push meaningfully below the 3.00% yield level in any meaningful manner (lows of 2.9925% thus far, in what was the first foray below 3.00% since June 6, the day before the RBA’s surprise 50bp rate hike). Wider cash ACGB trade sees the major benchmarks running 2.5-10.0bp richer, bull steepening, with the 20-/30-Year yield spread still inverted, although back from extremes (last at -1bp). YM +10.5 & XM +5.0 last. The 3-/10-Year EFP box is twist flattening.