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ACGB Curve Bull Flattens On Lead From U.S. Tsys

AUSSIE BONDS

There has been a fairly aggressive round of bull flattening early doors, with cash ACGBs taking their cue from U.S. Tsys, which rallied in reaction to data suggesting that the U.S. economy might be starting to feel the impact of Fed rate hikes. House prices fell more than forecast, as did consumer confidence, generating a drop in U.S. Tsy yields.

  • When this is being typed, cash ACGB yields sit 8.3-16.0bp richer across the curve. Aussie bond futures have edged higher, with YM +10.0 & XM +15.5. Bills run 2-13 ticks higher through the reds.
  • Australian FinMin Gallagher told BBG that economic challenges escalated faster than expected, while praising the budget delivered yesterday by Treasurer Chalmers.
  • Monthly & quarterly CPI figures will take focus later today. Headline inflation is expected to have quickened to +7.0% Y/Y in Q3 from +6.1% prior, according to a Bloomberg survey of analysts.

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