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Cheaper After US Tsys Weaken Modestly, RBA Minutes Today

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ACGBs (YM -2.0 & XM -2.5) are cheaper after US tsys finished Monday’s session with moderate losses.

  • With US data light, the focus was on Fed speak from Jefferson, Barr, Bostic, Daly, and Mester. All reiterating the "high-for-longer" stance, suggesting that it is too soon to tell if inflationary pressures are moving down sustainably to the 2% goal. They want more evidence that they are making progress.
  • Mester also said she no longer believed the 3 rate cuts she had pencilled in for this year were appropriate.
  • It is a quiet start to the week with no data until mid-week. The focus is on the minutes from the May 1 FOMC on Wednesday.
  • Bitcoin surged late in NY’s trading day after Ether leapt, Bloomberg reported, amid growing speculation that opposition is easing among regulators toward one or more exchange-traded funds that invest directly in the second-biggest cryptocurrency.
  • Cash ACGBs are 2bps cheaper, with the AU-US 10-year yield differential at -17bps.
  • Swap rates are 2bps higher.
  • The bills strip is cheaper, with pricing -1 to -3.
  • Today the RBA minutes from the May meeting as well as Westpac consumer confidence for May are released.
  • RBA-dated OIS pricing is flat to 2bps firmer. A cumulative 11bps of easing is priced by year-end off an expected terminal rate of 4.34%.
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ACGBs (YM -2.0 & XM -2.5) are cheaper after US tsys finished Monday’s session with moderate losses.

  • With US data light, the focus was on Fed speak from Jefferson, Barr, Bostic, Daly, and Mester. All reiterating the "high-for-longer" stance, suggesting that it is too soon to tell if inflationary pressures are moving down sustainably to the 2% goal. They want more evidence that they are making progress.
  • Mester also said she no longer believed the 3 rate cuts she had pencilled in for this year were appropriate.
  • It is a quiet start to the week with no data until mid-week. The focus is on the minutes from the May 1 FOMC on Wednesday.
  • Bitcoin surged late in NY’s trading day after Ether leapt, Bloomberg reported, amid growing speculation that opposition is easing among regulators toward one or more exchange-traded funds that invest directly in the second-biggest cryptocurrency.
  • Cash ACGBs are 2bps cheaper, with the AU-US 10-year yield differential at -17bps.
  • Swap rates are 2bps higher.
  • The bills strip is cheaper, with pricing -1 to -3.
  • Today the RBA minutes from the May meeting as well as Westpac consumer confidence for May are released.
  • RBA-dated OIS pricing is flat to 2bps firmer. A cumulative 11bps of easing is priced by year-end off an expected terminal rate of 4.34%.