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Bear Steepening

AUSSIE BONDS

Bear-steepening impetus from U.S. Tsy space has spilled over into the ACGB space in early trade, as local participants have digested Wednesday's beat in U.S. CPI. Australian yield curve runs steeper, with yields last seen 0.9-4.1bp higher. YM trades -1.5, while XM last sits -4.0, both rangebound after overnight moves. Bills trade 1-3 ticks lower through the reds.

  • In local news, Health Min Hunt said that Australia wants to manufacture Moderna Covid-19 jabs locally. Elsewhere, Fitch said that Australia's strong economic and labour market recovery has improved public finances, reducing downside risks to the country's AAA credit rating.
  • Melbourne Institute will publish Australia's latest inflation expectations data today.
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