A relatively subdued session for.......>

AUSSIE BONDS: A relatively subdued session for futures thus far, with a stronger

than expected domestic retail sales print noted. YM & XM trade around unchanged

levels, with YM/XM last 51.50 as the cash 3-/10-Year yield differential deals at

48.0bp. AU/U.S. 10-Year yield spread last -41.8bp. - Dovish commentary from Fed

Vice-Chair Clarida and threats from President Trump re: the use of emergency

powers to fund a border wall underpin.

- Lack of any fresh long end issuance in the AOFM's latest weekly issuance

schedule noted after the MYEFO saw the AOFM note that "at the time of the

2018-19 Budget, the AOFM planned to establish new bond lines maturing in

September 2023 and December 2030. These lines are no longer planned to be

issued. A syndication of an existing ultra-long bond line may still be

considered."

- Bills last trade unchanged to 1 tick lower in the whites and reds.

- Inflation expectations & consumer confidence headline next week's AU docket.