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AUSSIE BONDS: A narrow SYCOM session for both YM & XM, with both operating away
from SYCOM highs, 0.5 tick lower than yesterday's settlement levels at writing.
- Highlight of Monday's session came in the form of comments from RBA Governor
Lowe who pointed to the limited capabilities of monetary easing on a global
level, while reiterating the need for fiscal stimulus. This initially pressured
the space on Monday, although the move was faded as the comments were
contextualised. The space also drew support from Westpac altering their RBA cut
call "from August to July. We are surprised that we have to do this, given that
a pause between cuts might have allowed for a smoother transmission process but
cannot deny the explicit signals provided in the Governor's more recent speech.
This includes: that it would "... be unrealistic to expect that lowering
interest rates by 0.25% of a percentage point will materially shift the path we
look to be on"; that "the possibility of lower rates remains on the table"; and
that it "is not unrealistic to expect a further reduction in the cash rate."
- Nothing to inspire on the domestic docket today, but participants look for the
pricing of TCorp's latest round of issuance.