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Cheaper Start, RBA's SoMP On Tap

AUSSIE BONDS

ACGBs have opened dealing 7-10bps cheaper across the major benchmarks, light bear steepening is apparent in early trade. Spillover pressure for US Tsys is weighing this morning. Tsys were pressured after weak demand at yesterday's 30-Year auction which saw losses extended after Chair Powell noted that the Fed won't hesitate to tighten if needed. Whilst participants interpreted Powell's remarks as hawkish they were very much in line with last week's post-FOMC press conference.

  • 10 Year AU US Swaps spreads remain stable and sit flat this morning.
  • RBA dated futures are also stable pricing a terminal rate of ~4.45% with ~10bps of cuts by Dec 24.
  • XM (-0.1050) and YM (-0.08) have both opened dealing marginally softer however we remain well within recent ranges.
  • RBA Statement on Monetary Policy is due this morning, the central bank's updated forecast profile will be eyed following Tuesday's +25bps hike.
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