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Free AccessInflation Beat Delivers Blow To ACGBs, 3-Year Yield Hits 3-Year High
Aussie bonds take a hit from above-forecast inflation data released out of Australia. Headline CPI rose 3.5% Y/Y in December, beating the consensus estimate of +3.2%, while the RBA's preferred metric of underlying inflation (CPI trimmed mean) printed at +2.6% Y/Y, topping the median estimate of +2.3%. The trimmed mean gauge also crossed above the mid-point of the RBA's target range of +2.0%-3.0% for the first time since Jun 2014.
- Firmer than expected inflation figures may spark some hawkish RBA repricing, after a solid jobs report published last week prompted revisions to tightening calls.
- ACGB yields shot higher after the release, they last sit 2.5-7.5bp higher across the curve. 3-Year ACGBs lead losses, with the yield on that tenor hitting the highest point since Apr 2019. The main futures contracts have lost ground, YM last -7.5 & XM -3.5. Bills run 3-7 ticks lower through the reds.
- Inflation data overshadowed December business sentiment data from NAB. Business Confidence Index fell to -12 from 12 prior, while Business Conditions slipped to +8 from +11.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.