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Curve Flattens On Monday

AUSSIE BONDS

ACGBs sit 4-6bps cheaper across the major benchmarks, light bear flattening is apparent.

  • XM (-0.06) and YM (-0.06) are both softer however the contracts remain well within recent ranges.
  • AGGBs were pressured in early dealing as local participants digested Friday's US Tsys cheapening. Aussie bonds held cheaper through the session dealing in narrow ranges for the most part.
  • RBA's Kohler noted today that CPI in Australia is still too high and that the return to target is likely to be drawn out (BBG).
  • CBA Household Spending fell 1.0% M/M in October, the prior read was revised lower to 0.3% M/M from 0.5%.
  • RBA-dated futures remain stable, a terminal rate of 4.50% is seen in Jun 24 with ~10bps of cuts by Dec 24.
  • Looking ahead, Thursday's October Labour Market Report is the highlight of the local docket. Participants have tomorrow's US CPI print firmly in view.
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