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Flat Start, Oct CPI Headlines Docket

AUSSIE BONDS

ACGBs have opened dealing ~1bp cheaper across the major benchmarks in a flat start to Monday's session. XM (-0.005) and YM (-0.01) are marginally lower this morning however ranges remain narrow.

  • The Australian government will introduce legislation to facilitate the revamp of the RBA this week (BBG). Included in the bill is mandating that the RBA’s overarching objective is to “promote the economic prosperity and welfare of the people of Australia, both now and into the future”. The Federal Treasurers power to overrule monetary policy decisions will be repealed.
  • RBA dated futures are steady pricing a terminal rate of ~4.50% in Jun 24 with ~20bps of cuts by Dec 24.
  • The local docket is empty today, the highlight of the week is Wednesday's October CPI print. Inflation is expected to moderate to 5.2% Y/Y from 5.6%.
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