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Muted Start, Local Docket Thin, Market Awaits US CPI

BONDS

NZGB's have opened dealing little changed across the major benchmarks, this occured after Tsys had a mixed session but ultimately finished also finished marginally richer with light bull steepening apparent in the curve.

  • Swap rates are little changed at Tuesday's open.
  • RBNZ dated OIS are flat from yesterday's closing levels across the meetings with an expected terminal rate of 5.63%.
  • The RBNZ has published an article noting that levels of settlement cash is expected to decline in coming years as its balance sheet reduces. If settlement cash becomes too scarce there would be upward pressure on short term interest rates relative to the cash rate. More here.
  • On the wires today we have April Net Migration, there isn't expected to be any market impact from the print.
  • Today will be dominated by todays May US CPI print, the market expects headline CPI to tick lower to 0.1% M/M from 0.4% M/M prior. The MNI preview is here.
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