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BONDS: NZGBS: Cheaper With US Tsys After An Uneventful NY Session

BONDS
BulletMarketsFixed Income Bullets

In local morning trade, NZGBs are 1-3bps cheaper after US tsys bear-steepened, with yields 1-4bps higher. 

  • Many listened from the sidelines as Fed Chairman Powell repeated his January FOMC press conference at his Senate Banking Committee testimony today. Expect similar at Wednesday's testimony to the House.
  • Treasury futures bounced briefly but finished weaker after the $58bn 3Y note auction drew a 4.300% high yield vs. 4.312% WI.
  • Focus on key CPI inflation data today at 0830ET.
  • The ANZ light traffic index rose 1% m/m in January, while the heavy traffic gauge jumped 4% m/m.
  • “Westpac sees NZ inflation accelerating to a peak of 2.7% in the 3q this year, according to new forecasts published Wednesday. Previously saw inflation peaking at 2.3% in 3q.” (per BBG)
  • Swap rates are flat to 2bps higher.
  • RBNZ dated OIS pricing is unchanged. 49bps of easing is priced for February, with a cumulative 121bps by November 2025.
  • Today, Treasury Chief Economic Adviser Dominick Stephens will deliver a presentation titled ‘The State of the Economy’ at 0930 NZT. The next data release is Card Spending tomorrow.  
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In local morning trade, NZGBs are 1-3bps cheaper after US tsys bear-steepened, with yields 1-4bps higher. 

  • Many listened from the sidelines as Fed Chairman Powell repeated his January FOMC press conference at his Senate Banking Committee testimony today. Expect similar at Wednesday's testimony to the House.
  • Treasury futures bounced briefly but finished weaker after the $58bn 3Y note auction drew a 4.300% high yield vs. 4.312% WI.
  • Focus on key CPI inflation data today at 0830ET.
  • The ANZ light traffic index rose 1% m/m in January, while the heavy traffic gauge jumped 4% m/m.
  • “Westpac sees NZ inflation accelerating to a peak of 2.7% in the 3q this year, according to new forecasts published Wednesday. Previously saw inflation peaking at 2.3% in 3q.” (per BBG)
  • Swap rates are flat to 2bps higher.
  • RBNZ dated OIS pricing is unchanged. 49bps of easing is priced for February, with a cumulative 121bps by November 2025.
  • Today, Treasury Chief Economic Adviser Dominick Stephens will deliver a presentation titled ‘The State of the Economy’ at 0930 NZT. The next data release is Card Spending tomorrow.