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Flat, Narrow Range, Debt Ceiling Impasse Dominates

AUSSIE BONDS

ACGBs are sitting flat in the middle of a relatively narrow range (YM +1.0 & XM flat) after US tsys open 2-4bp richer in Asia-Pac trade as the debt ceiling impasse continues. Staff-level talks have resumed, and President Biden and House Speaker McCarthy are due to meet on Monday.

  • The local calendar has been light today with the next scheduled highlight being RBA Jacobs, Head of Domestic Markets, speaking at a Fixed Income Forum in Tokyo tomorrow.
  • Cash ACGBs are flat to 1bp richer with the 3/10 curve steeper and the AU-US 10-year yield differential -2bp at -6bp.
  • Swap rates are 1bp lower with EFPs slightly tighter.
  • Bills strip twist steepens with pricing +3 to -2.
  • RBA dated OIS pricing is 1-3bp softer across meetings with a 16% chance of a 25bp hike priced for the June meeting.
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