Little Changed In Early Trade

Aussie bond futures have nudged back towards unchanged levels after paring the bulk of a modest uptick during post-Sydney dealing, leaving YM at unchanged levels, while XM is +1.0. Wider cash ACGB trade sees the major benchmarks running flat to 1.5bp richer.

• EFPs are little changed.
• Bills run somewhere between 1bp cheaper to 1bp richer through the reds.
• Late on Thursday we received an update on the Reserve Bank of Australia's Review, which noted that feedback provided to the panel overseeing matters showed the bank's inflation target was "about right." Still, the RBA's focus on achieving the inflation target "on average over time" was considered "a little bit vague, no-one knows what that means.”
• Looking ahead, Friday will bring the release of the weekly AOFM issuance slate and A$700mn of ACGB Apr-25 supply.