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End of RBA Tightening But Less Easing Priced

STIR

In a significant development, as flagged earlier, RBA-dated OIS signalled, at least temporarily, an end to the tightening cycle when it moved April meeting pricing to around -2bp and priced in more than a 25bp easing by the RBA by end-23.

  • Since then, market pricing has moved substantially higher for late 2023 meetings, even though April meeting pricing of a small easing remains.

Figure 1: RBA Dated OIS: Now Vs. Lows

Source: MNI - Market News / Bloomberg

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