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BONDS: NZGBS: Closed Slightly Richer, Gov. Orr Weighs On OIS Pricing

BONDS

NZGBs closed 1-2bps richer. Benchmarks finished off their worst levels but ranges were narrow.

  • Outside of remarks at the Peterson Institute by RBNZ Governor Orr, there hasn't been much by way of domestic drivers to flag.
  • To recap, Governor Orr stated that the MPC is still considering lingering price pressures, even as it cuts interest rates to reflect a lower inflation outlook. “In New Zealand, uncertainties about firms’ price-setting behaviour and the persistence of inflation continue to influence the MPC’s thinking,” Orr said. He added, “However, these uncertainties are now set against a lower central outlook for inflation.”
  • RBNZ dated OIS pricing closed 3-8bps firmer across meetings. A cumulative 99bps of easing is priced by February, with 54bps by year-end.
  • New residential mortgage lending rose 6.9% m/m after seasonal adjustments: RBNZ.
  • Cash US tsys are 2-3bps richer in today’s Asia-Pac session after yesterday’s heaviness. Today's focus in the US will be weekly jobless claims, flash PMIs, New Home Sales, regional Fed data from Chicago and Kansas City.
  • Swap rates closed flat to 2bps lower, with the 2s10s curve flatter.
  • Tomorrow, the local calendar will see ANZ Consumer Confidence data.
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