Bonds spike higher in the wake of......>

AUSSIE BONDS: Bonds spike higher in the wake of the labour market print as the

uptick in the unemployment rate to 5.3% vs. exp of 5.2% (partially owing to a

marginal uptick in participation) outweighs the favourable rotation out of

part-time employment and into full-time employment, which comes on the back of 2

strong months for part-time job gains. This will be seen as keeping the RBA

decisions live. Underemployment moved higher, printing at 8.6% from 8.3%, while

underutilisation moved up to 13.9% from 13.4%. It should be noted that trend

measures of both these metrics were unchanged.

- As an aside the ABS noted that "there was no notable impact on Labour Force

statistics from recent bushfires."

- YM +2.5, XM +1.0 last, Bills unchanged to 1.0 tick higher through the reds.

- IBs now pricing a ~30% chance of some easing by the end of the RBA's April

decision.