No Notable Reaction To GDP

Aussie bond futures have eased further away from overnight highs, with U.S. Tsys on the defensive in early Asia dealing. Domestic GDP data didn’t provide much impetus for the space, with a 0.1ppt miss for the headline Q/Q read, while the Y/Y metric revealed a 0.1ppt beat (general expectations had been revised higher ahead of the release). The household savings ratio moderated vs. Q3, but remains in double digit territory, while household spending rose by over 6% in Q/Q terms. There hasn’t been much in the way of net reaction to the GDP data, with YM +7.0 & XM +8.5 at typing. The 7- to 12-Year zone of the cash ACGB curve continues to outperform.