A muted session for Aussie FI, with....>

AUSSIE BONDS: A muted session for Aussie FI, with futures tracking T-Notes owing

to a lack of headline domestic developments. Benchmark bond futures contracts

operate around worst levels at writing, threatening a clean break below SYCOM

lows. YM last -2.0 ticks, with XM unch. YM/XM deals at 53.0 ticks, with the cash

equivalent at 48.7bp.

- NAB CEO Chronican pushed back on the idea that rate cuts from the RBA would

deliver any tangible economic benefit, stating "whether or not there is an

interest rate cut I don't think it will have much effect and I don't think that

the last two had much effect either.

- Bills trade 1-2 ticks lower through the reds. RBA repo ops were plentiful

again, as the Bank allotted A$2.025bn across 12-, 36- & 90-Day repo operations,

at average yields of 1.614%, 1.614% and 1.629% respectively.

- Focus on Friday will turn to domestic building approvals data and the AOFM's

weekly issuance announcement.