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AUSSIE BONDS: Little Changed, Measured Response To FOMC Minutes From US Tsys

AUSSIE BONDS
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ACGBs (YM+1.0 & XM +0.5) are slightly stronger.  This follows a modest rise in US equities and a twist steepening in US tsys as investors reacted to President-elect Trump's planned imposition of tariffs on Mexico, Canada, and China early in his term.

  • The FOMC minutes were met with a measured market response.
  • Today's US economic calendar will feature Q3 GDP revisions, October's monthly PCE data, and initial jobless claims, all released earlier due to the Thanksgiving holiday. Additionally, there will be a 7-year Treasury auction later in the day.
  • Cash ACGBs are1bp richer with the AU-US 10-year yield differential at +13bps.
  • Swap rates are 1bp lower.
  • The bills strip is flat to +2.
  • RBA-dated OIS pricing is flat to 3bps softer across meetings. A 25bps rate cut is not fully priced until July.
  • Today, the local calendar will see October’s CPI data.
  • The RBNZ policy decision is due today, with all economists surveyed by Bloomberg looking for at least a 50bp cut.
  • RBA Governor Bullock will deliver a speech at the CEDA Conference tomorrow.
  • The AOFM plans to sell A$800mn of the 3.50% 21 December 2034 bond today. A$700mn of the 1.50% 21 June 2031 bond will be sold on Friday. 
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ACGBs (YM+1.0 & XM +0.5) are slightly stronger.  This follows a modest rise in US equities and a twist steepening in US tsys as investors reacted to President-elect Trump's planned imposition of tariffs on Mexico, Canada, and China early in his term.

  • The FOMC minutes were met with a measured market response.
  • Today's US economic calendar will feature Q3 GDP revisions, October's monthly PCE data, and initial jobless claims, all released earlier due to the Thanksgiving holiday. Additionally, there will be a 7-year Treasury auction later in the day.
  • Cash ACGBs are1bp richer with the AU-US 10-year yield differential at +13bps.
  • Swap rates are 1bp lower.
  • The bills strip is flat to +2.
  • RBA-dated OIS pricing is flat to 3bps softer across meetings. A 25bps rate cut is not fully priced until July.
  • Today, the local calendar will see October’s CPI data.
  • The RBNZ policy decision is due today, with all economists surveyed by Bloomberg looking for at least a 50bp cut.
  • RBA Governor Bullock will deliver a speech at the CEDA Conference tomorrow.
  • The AOFM plans to sell A$800mn of the 3.50% 21 December 2034 bond today. A$700mn of the 1.50% 21 June 2031 bond will be sold on Friday.