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Cheaper, Limited Reaction To RBA Bullock’s Appearance In Parliament

AUSSIE BONDS

ACGBs (YM -3.0 & XM -1.0) are cheaper and in the middle of today’s Sydney session ranges. There has been limited market reaction to RBA Governor Bullock's appearance before the House of Reps Economics Committee (Q&A is still ongoing).

  • (BBG) Australia’s central bank won’t wait for inflation to return to the midpoint of its 2-3% target before cutting interest rates, Governor Michele Bullock told a parliamentary panel on Friday, suggesting the board is open to beginning an easing cycle later this year. (See link)
  • Cash ACGBs are 2-3bps cheaper, with the AU-US 10-year yield differential 3bps tighter at -2bps.
  • Swap rates are 2-3bps higher.
  • Bill strip pricing is -1 to -4.
  • RBA-dated OIS pricing is flat to 4bps firmer. A cumulative 43bps of easing is priced by year-end.
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