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Cheaper, RBA Minutes Due

AUSSIE BONDS
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ACGBs (YM -4.0 & XM -2.5) are cheaper after a subdued NY session for US tsys. US tsys saw tight ranges and light volumes, with very little to drive the market.

  • Attention seemed to have already turned to the KC Fed-hosted Jackson Hole economic symposium "Reassessing the Effectiveness and Transmission of Monetary Policy," which will be held Aug. 22-24. Fed Chairman Powell speaks at 1000ET Friday Morning.
  • Before then, the US calendar will see the FOMC minutes, jobless claims and PMI data.
  • It is a relatively light week for local data/news flow, with today’s release of the RBA’s August 6 meeting minutes as the highlight. With the statement and Governor Bullock sounding slightly more hawkish, the minutes will be scrutinised, especially around the rate hike discussion to determine how serious it was. Upside risks to inflation will be another area of focus.
  • Cash ACGBs are 2-3bps cheaper, with the AU-US 10-year yield differential at +6bps.
  • Swap rates are 1-2bps higher.
  • The bills strip is -3 to -4 beyond the first contract.
  • RBA-dated OIS pricing is 1-5bps firmer across meetings, with Jun-25 leading. A cumulative 18bps of easing is priced by year-end.
  • Tomorrow, the AOFM plans to sell A$800mn of the 3.00% 21 November 2033 bond.
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ACGBs (YM -4.0 & XM -2.5) are cheaper after a subdued NY session for US tsys. US tsys saw tight ranges and light volumes, with very little to drive the market.

  • Attention seemed to have already turned to the KC Fed-hosted Jackson Hole economic symposium "Reassessing the Effectiveness and Transmission of Monetary Policy," which will be held Aug. 22-24. Fed Chairman Powell speaks at 1000ET Friday Morning.
  • Before then, the US calendar will see the FOMC minutes, jobless claims and PMI data.
  • It is a relatively light week for local data/news flow, with today’s release of the RBA’s August 6 meeting minutes as the highlight. With the statement and Governor Bullock sounding slightly more hawkish, the minutes will be scrutinised, especially around the rate hike discussion to determine how serious it was. Upside risks to inflation will be another area of focus.
  • Cash ACGBs are 2-3bps cheaper, with the AU-US 10-year yield differential at +6bps.
  • Swap rates are 1-2bps higher.
  • The bills strip is -3 to -4 beyond the first contract.
  • RBA-dated OIS pricing is 1-5bps firmer across meetings, with Jun-25 leading. A cumulative 18bps of easing is priced by year-end.
  • Tomorrow, the AOFM plans to sell A$800mn of the 3.00% 21 November 2033 bond.