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The ACGB Apr '24/Nov '24 yield spread has flattened by 3.3bp today and sits the best of 6bp shy of its intraday steeps. The softer than expected Q1 CPI reading has been the driving factor here. A reminder that this spread is often used to gauge market pricing of the chances of the RBA extending its 3-Year yield targeting measure to ACGB Nov '24 from ACGB Apr '24.
Fig. 1: ACGB Apr '24/Nov '24 Yield Spread (%)
Source: MNI - Market News/Bloomberg