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NY Fed Weekly Economic Index (WEI)


May 31 5Y/10Y BTP And CCTeu Details

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AUSSIE BONDS: Lead Bond futures have ticked lower in recent trade after they
struggled to follow through at/around contract highs on the early round of risk
off flows witnessed today.
- The YM/XM spread trades a touch flatter at 50.5, while the cash 3-/10-Year
yield differential trades ~1.7bp flatter at 51.3bp. Tsys have outperformed AU
paper on the latest leg higher, with the AU/U.S. 10-Year spread last ~40.5bp.
- Comments from the RBA's Kent hit early today. Kent noted that the Australian
economy is making some progress on unemployment and inflation but highlighted
that it is gradual. Kent also reiterated that the next move in the cash rate is
likely up but didn't rule out a cut if warranted. Kent also noted that there is
a risk that bank credit supply tightens unnecessarily and seemed worried that
banks have tightened loans to small firms.
- The white & red Bill contracts trade 1 tick lower to 1 tick higher at writing.
RBA conducted 65-day reverse repos at 2.082%, while 3-Month BBSW fixed 0.04bp
higher today.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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