Aussie bond futures were flatter on....>

AUSSIE BONDS: Aussie bond futures were flatter on the day, XM off best levels.

YM +1.5, XM +5.5 at the bell.

- Worth noting that the RBA tapered the purchase size of today's ACGB buying

operations, down to A$1.0bn (prev. A$1.5bn) in a sign that the Bank remains

comfortable with the way the operations are going/market is functioning. The

Bank will be buying ACGBs with maturities between Apr '25 - Apr '27 today.

Meanwhile local labour market data was much stronger than exp., but that was

owing to a sample period that evaded the real onset of the COVID-19 worries

(ending Mar 14). Expect things to get (much) worse in that particular series as

we move forwards. Elsewhere, PM Morrison noted that the government will be

reviewing social distancing restrictions in the next 4 weeks, but stressed that

a broader testing regime is required before restrictions can be lifted. Also

pointed to economic hardship in the coming months.

- Bills -1 to +1 through the reds, overnight cash rate edged lower to 0.16%,

with ES account surpluses rebounding after yesterday's ACGB maturity related

dynamics.