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NZGBS: Cheaper, US Tsys Bear-Steepen As Month / Quarter-End Flows Dominated

BONDS

In local morning trade, NZGBs are 1-2bps cheaper after US tsys finished the week, month and quarter on a bearish note despite bond-friendly data.

  • It appeared month/quarter-end positioning outweighed Friday's dovish reaction to Core PCE inflation that was on balance a little softer than expected in May, printing 0.08% m/m vs consensus of 0.1% that had tilted higher with an average unrounded 0.13% m/m.
  • The long end of the Treasury curve underperformed in a bear steepener as duration was shed right into the close. The US 10-year finished 11bps cheaper at 4.40%. The 2-year yield was up 4bps to 4.75%. The curve finished at -38bps from -43bps on Thursday.
  • US equities gave up early gains with the NASDAQ leading the day's losses. It finished down -0.7% with the S&P 500 down -0.4%. The Dow dipped -0.1%.
  • NZ filled jobs unchanged m/m in May following a revised 0.1% decline in April.
  • Swap rates are 1-3bps higher.
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