ACGBs move away from best levels in lieu of the latest RBNZ decision which saw the Bank deliver the widely expected 50bp rate hike alongside hawkish revisions to its OCR track and discussions re: the prospect of a larger than 50bp rate hike (which the MPC chose not to deploy, as they believe that “the recent pace of tightening remains the best means by which to meet their Remit,” with the early start to tightening and higher low point in rates providing the RBNZ with extra room when compared to some of its global counterparts). The MPC also “agreed to continue increasing the OCR until it is confident that monetary conditions are sufficient to maintain expectations of low inflation in the longer term and bring consumer price inflation to within the target range” after noting increased inflationary pressures. YM -4.5 last and XM is -4.0, while Bills run flat to -7 through the reds.
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