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Little Changed, US Tsys Supported By Fed Waller’s Comments

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ACGBs (YM +1.0 & XM +0.5) are slightly richer after US tsys finished the NY session with modest gains following comments from the Fed’s Waller. The long end outperformed slightly with the 10-year sliding -3bps to 4.41%. The 2-year was -2bps lower at 4.83%.

  • Recent U.S. economic data indicate high interest rates are helping to cool off demand and disinflation has likely resumed, but the Federal Reserve needs to see several more months of good inflation data before cutting rates, Governor Christopher Waller said Tuesday.
  • Decent corporate debt issuance climbed over $12B, rate lock hedging helped constrain short cover/position squaring support.
  • (MNI) It will take more time than previously believed for inflation to return to the Federal Reserve’s 2% target, Boston Fed President Susan Collins and Cleveland Fed President Loretta Mester said Tuesday aftermarket. (See link)
  • Cash ACGBs are flat to 1bp richer, with the AU-US 10-year yield differential 2bps higher at -17bps.
  • Swap rates are flat to 1bp lower.
  • The bills strip is flat to +1.
  • RBA-dated OIS pricing is flat to 1bp softer across meetings. A cumulative 11bps of easing is priced by year-end.
  • Today, the local calendar is empty apart from the AOFM's planned sale of A$300mn of 4.75% Jun-54 bond.
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ACGBs (YM +1.0 & XM +0.5) are slightly richer after US tsys finished the NY session with modest gains following comments from the Fed’s Waller. The long end outperformed slightly with the 10-year sliding -3bps to 4.41%. The 2-year was -2bps lower at 4.83%.

  • Recent U.S. economic data indicate high interest rates are helping to cool off demand and disinflation has likely resumed, but the Federal Reserve needs to see several more months of good inflation data before cutting rates, Governor Christopher Waller said Tuesday.
  • Decent corporate debt issuance climbed over $12B, rate lock hedging helped constrain short cover/position squaring support.
  • (MNI) It will take more time than previously believed for inflation to return to the Federal Reserve’s 2% target, Boston Fed President Susan Collins and Cleveland Fed President Loretta Mester said Tuesday aftermarket. (See link)
  • Cash ACGBs are flat to 1bp richer, with the AU-US 10-year yield differential 2bps higher at -17bps.
  • Swap rates are flat to 1bp lower.
  • The bills strip is flat to +1.
  • RBA-dated OIS pricing is flat to 1bp softer across meetings. A cumulative 11bps of easing is priced by year-end.
  • Today, the local calendar is empty apart from the AOFM's planned sale of A$300mn of 4.75% Jun-54 bond.