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AUSSIE BONDS
AUSSIE BONDS: Aussie bond futures have edged higher today with the 10year
briefly breaking above its Dec 10 highs as the relief rally in global stocks
unwound. The lack of constructive comments from President Xi's speech regarding
trade and a number of digs at the US administration ('no golden principles or
arrogant teachers for reform') disappointed risk assets which had gone into the
speech on a solid footing. 
- 10year cash yields trade down 2.8bps at 2.416%, pressured by the ongoing drop
in breakevens. The curve seen some bullish steepening with the 3s-10s spread at
48.0bps, recovering from recent lows but remaining in its broad downtrend. 
- The AU-US 10year spread sits at -43.3bps, remaining in its tight trading
range. 
-RBA minutes released today showed that that board agreed that the next move is
likely to be an increase, but this seems a long way off. 
- Rate markets are currently pricing in a long pause, with a similarly small
change of a hike or a cut over the course of 2019. Attention will turn to
tomorrow's US FOMC ahead of Thursday's Aussie unemployment data.

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