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Marginally Richer Start, RBNZ's Silk OnTap, Food Prices Fall In October

BONDS

NZGB have opened dealing ~1bp richer across the major benchmarks. On Monday US Tsys bull steepened, the session was muted for the most part as the proximity to this evening's US CPI print kept participants on the sidelines.

  • 10 Year NZ US Swaps remain stable and last print at +51bps.
  • RBNZ dated OIS currently price a terminal rate of ~5.53% in Feb 24 with ~30bps of cuts by Oct 24.
  • On the wires a short time ago October Food Prices fell 0.9% M/M, the prior read was -0.4% M/M.
  • Goldman Sachs noted this morning that they see a near-term upside side of higher inflation and rates but see the RBNZ on hold before gradual easing in Q4 2024 (BBG).
  • In ~90 mins RBNZ's Silk speaks about the bank's balance sheet at a conference.
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