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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessCheaper On The Day But Slightly Richer After CPI Monthly Miss, Retail Sales Tomorrow
ACGBs (YM -1.0 & XM -3.5) have strengthened slightly since the release of CPI Monthly data.
- January CPI inflation printed below expectations holding steady at 3.4% y/y, with ex-volatile items & holiday travel dipping 0.1pp to 4.1% and the trimmed mean 0.2pp to 3.8%.
- The first month of the quarter doesn’t include updates for the services component.
- RBA Governor Bullock noted recently that the help from falling goods inflation is probably behind us. January goods inflation was only 0.1pp lower at 3.1% y/y and non-tradeables 0.1pp higher at 0.9%.
- Cash ACGBs are flat to 3bps cheaper on the day, with the AU-US 10-year yield differential 2bps higher at -13bps.
- Swap rates are flat to 2bps higher on the day, with the 3s10s curve steeper.
- The bills strip is little changed, with pricing flat to -1.
- RBA-dated OIS pricing is little changed across meetings on the day. A cumulative 37bps of easing is priced by year-end.
- Tomorrow, the local calendar sees Retail Sales and Private Sector Credit for January and Private Capital Expenditure for Q4.
- TCorp issued A$600mn of its 1.75% 20 March 2034, 4.75% 20 February 2035 and 4.25% 20 February 2036 Benchmark bonds via Yieldbroker tender.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.