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Cheaper, Subdued Trading Ahead Of US CPI

AUSSIE BONDS

ACGBs (YM -4.0 & XM -3.0) are weaker and at Sydney session lows as US tsys cheapen in early Asia-Pac trade. Tsys are sitting at session lows, with no obvious headline driver. The move aligns with JGBs moving lower. This leaves cash tsys ~1bp cheaper across the major benchmarks. TYU3 deals at 111-09, -0-03+, a touch off the base of the 0-04 range.

  • MI consumer inflation expectations ease in August to 4.9% from 5.2% prior.
  • Cash ACGBs are 2-3bp cheaper with the AU-US 10-year yield differential 3bp wider at +2bp.
  • The 3s10s swaps curve bear flattens, with rates 2-3bp higher.
  • The bills strip bear steepens, with pricing -1 to -4.
  • RBA-dated OIS pricing is flat to 3bp firmer, with terminal rate expectations at 4.22%.
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