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Firmer On RBA Speak, Wednesday Catch Up & NZGB Bid

AUSSIE BONDS

ACGBs have continued to squeeze higher into the bell, running 13-16bp richer across the curve. YM & XM both finished +15.0. The 3-/10-Year EFP box pushed wider as 10s pushed wider. Bills were 4-21bp richer across the curve.

  • The bid was aided by RBA Deputy Governor Bullock stating the probable need for interest rates “to go up a little bit further” in front of the Senate Economics Legislation Committee, as she highlighted the idea that Bank is getting closer to a level whereby it could pause to assess the tightening implemented.
  • Elsewhere, catch up to Wednesday’s bid in U.S. Tsys, some trans-Tasman spill over from the bid in NZGBS and a move in the COVID warning level in the state of Queensland provided upside impetus ahead of Bullock’s comments.
  • The COVID situation in China, with tighter COVID restrictions deployed in a couple of districts in the city of Chongqing, would also have been supportive.
  • Melbourne Institute inflation expectations data nudged higher in the latest print, but remained shy of their cycle peak.
  • The release of the weekly AOFM issuance slate headlines a light domestic docket on Friday, with post-U.S. CPI adjustment set to dominate the early rounds of Friday’s Sydney trade.
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ACGBs have continued to squeeze higher into the bell, running 13-16bp richer across the curve. YM & XM both finished +15.0. The 3-/10-Year EFP box pushed wider as 10s pushed wider. Bills were 4-21bp richer across the curve.

  • The bid was aided by RBA Deputy Governor Bullock stating the probable need for interest rates “to go up a little bit further” in front of the Senate Economics Legislation Committee, as she highlighted the idea that Bank is getting closer to a level whereby it could pause to assess the tightening implemented.
  • Elsewhere, catch up to Wednesday’s bid in U.S. Tsys, some trans-Tasman spill over from the bid in NZGBS and a move in the COVID warning level in the state of Queensland provided upside impetus ahead of Bullock’s comments.
  • The COVID situation in China, with tighter COVID restrictions deployed in a couple of districts in the city of Chongqing, would also have been supportive.
  • Melbourne Institute inflation expectations data nudged higher in the latest print, but remained shy of their cycle peak.
  • The release of the weekly AOFM issuance slate headlines a light domestic docket on Friday, with post-U.S. CPI adjustment set to dominate the early rounds of Friday’s Sydney trade.