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AUSSIE BONDS: Richer But Off Bests After RBA Governor’s Speech

AUSSIE BONDS

ACGBs (YM +3.0 & XM +2.0) are stronger but near Sydney session lows after RBA Governor Bullock’s Anika Lunch speech. 

  • Outside of the previously outlined merchandise trade surplus, RBA Governor Bullock stuck to her view that it is “premature to be thinking about rate cuts” despite Treasurer Chalmers saying that current rates were “smashing the economy”, which she didn’t comment on.
  • Her tone was unchanged from the August 6 meeting and press conference that underlying inflation is moderating slower than the Board expected and its priority remains to bring it down while preserving job gains, as it hurts everyone and disproportionately those on low incomes.
  • Cash US tsys are ~1bp cheaper across benchmarks in today’s Asia-Pac session after yesterday’s solid post-data rally.
  • Cash ACGBs are 2-3bps richer, with the AU-US 10-year yield differential at +16bps.
  • Swap rates are 3bps lower.
  • The bills strip is still holding a bull-flattener, with pricing flat to +4.
  • RBA-dated OIS pricing is little changed across meetings. A cumulative 19bps of easing is priced by year-end.
  • Tomorrow, the local calendar will see Home Loans and Foreign Reserves data. 
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

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