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CPI Day

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The U.S. Tsy space dragged futures flatter overnight, with YM unch. and XM +3.0.

  • Early speculation is doing the rounds re: the NSW COVID case count, with some suggestions that the state could record 200+ new cases today.
  • Elsewhere, Q2 CPI will catch the eye. Consensus looks for a headline uptick to 3.7% Y/Y and 0.7% Q/Q, with the trimmed mean readings seen at +1.6% Y/Y and +0.5% Q/Q. The readings aren't expected to have any meaningful impact on RBA policy, given the broader views re: the transitory nature of the current inflationary impulse, but that does not mean that they cannot have an intraday impact on the ACGB space. As a reminder, the RBA has pencilled in 3.25% Y/Y for headline CPI and 1.5% Y/Y for trimmed mean inflation in Q2.
  • Further afield, Chinese equity market matters will catch the eye.