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BONDS: Little Changed, Light Local Calendar

BONDS
BulletMarketsFixed Income Bullets

ACGBs (YM flat & XM +1.0) are slightly stronger after a subdued start to the trading week for global bonds. cash US tsys were closed for Columbus Day. 

  • With no US data on the calendar, Fed Speakers took centre stage: While Minneapolis's Kashkari added little new to previous comments, Fed Gov Waller triggered an initial hawkish reaction with his call for "more caution" on the pace of rate cuts in contrast to his relative dovishness last month.
  • US equities were higher, with the S&P 500 and the Dow Industrials starting the trading week with record closing highs. Renewed demand for tech stocks, in particular semiconductor chipmakers and related firms such as Nvidia, Qualcomm, and Arm Holdings, drove the gains in New York.
  • Cash ACGBs are1bp richer with the AU-US 10-year yield differential at +16bps.
  • The bills strip is richer with pricing +1 to +2 across contracts.
  • RBA-dated OIS pricing is little changed. A cumulative 6bps of easing is priced by year-end.
  • The CBA’s household spending measure fell 0.7% m/m in September.
  • Today, the local calendar is empty apart from the AOFM’s planned sale of A$100mn of the 0.25% 21 November 2032 Index-Linked bond. The AOFM also plans to sell A$700mn of the 3.75% 21 May 2034 bond tomorrow.     
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ACGBs (YM flat & XM +1.0) are slightly stronger after a subdued start to the trading week for global bonds. cash US tsys were closed for Columbus Day. 

  • With no US data on the calendar, Fed Speakers took centre stage: While Minneapolis's Kashkari added little new to previous comments, Fed Gov Waller triggered an initial hawkish reaction with his call for "more caution" on the pace of rate cuts in contrast to his relative dovishness last month.
  • US equities were higher, with the S&P 500 and the Dow Industrials starting the trading week with record closing highs. Renewed demand for tech stocks, in particular semiconductor chipmakers and related firms such as Nvidia, Qualcomm, and Arm Holdings, drove the gains in New York.
  • Cash ACGBs are1bp richer with the AU-US 10-year yield differential at +16bps.
  • The bills strip is richer with pricing +1 to +2 across contracts.
  • RBA-dated OIS pricing is little changed. A cumulative 6bps of easing is priced by year-end.
  • The CBA’s household spending measure fell 0.7% m/m in September.
  • Today, the local calendar is empty apart from the AOFM’s planned sale of A$100mn of the 0.25% 21 November 2032 Index-Linked bond. The AOFM also plans to sell A$700mn of the 3.75% 21 May 2034 bond tomorrow.