Another fairly uneventful session......>

AUSSIE BONDS: Another fairly uneventful session for Aussie bonds with volumes

picking up slightly from yesterday but still thin despite the release of the RBA

minutes. YMU7 has seen around 92k traded against the contract average of 202k.

- The RBA minutes came and went with little fanfare, the bank sticking to their

broadly neutral tone which has been confirmed multiple times in the interim by

speeches from several RBA members and the Summary of Economic Projections

(SoMP). - RBA Governor Lowe has given Parliamentary Testimony recently and noted

that the market expectation was that the next rate move would be a hike and that

it was a long way off, and said both of these would be reasonable assumptions.

The minutes did nothing to change this view.

- The minutes were also positive on the labour market, the wage and labour

market data later this week will be closely watched.

- Bonds dropped at the start of SFE trade, tracking the move lower in US tsys as

North Korea tensions waned with North Korea backtracking on their Guam missile

attack threats. The curve steepened with the 10-Yr yield rising 3bp to 2.684%,

3-/10-Yr spread 2.1bp wider; short end anchored on the steady RBA outlook.