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NZGBS: Closed On A Positive Note, US Tsys Richen In Today’s Asia-Pac Session

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NZGBs closed near the session’s best levels, flat to 1bp richer across benchmarks. With the domestic calendar light, the move away from the morning’s cheaps was linked to a 1-2bps richening in US tsys across benchmarks in today’s Asia-Pac session.

  • US investors now keenly await two key events on Wednesday: the latest US CPI data and the latest thoughts from Federal Reserve Chairman Jerome Powell following the FOMC Decision.
  • The Federal Reserve is widely expected to keep borrowing costs steady for the seventh consecutive meeting.
  • Consumer spending is likely to be weak this year as households temper their spending to cover higher mortgage costs and purchase necessities, the Treasury Dept. says in a Fortnightly Economic Update (per BBG).
  • Swap rates closed 3-4bps lower, with the 2s10s curve steeper.
  • RBNZ dated OIS pricing closed 2-4bps softer for meetings beyond October. A cumulative 23bps of easing is priced by year-end.
  • The local calendar will see Net Migration tomorrow, ahead of Card Spending data on Thursday.
  • On Thursday, the NZ Treasury plans to sell NZ$250mn of the 3% Apr-29 bond, NZ$200mn of the 2% May-32 bond and NZ$50mn of the 2.75% Apr-37 bond.
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NZGBs closed near the session’s best levels, flat to 1bp richer across benchmarks. With the domestic calendar light, the move away from the morning’s cheaps was linked to a 1-2bps richening in US tsys across benchmarks in today’s Asia-Pac session.

  • US investors now keenly await two key events on Wednesday: the latest US CPI data and the latest thoughts from Federal Reserve Chairman Jerome Powell following the FOMC Decision.
  • The Federal Reserve is widely expected to keep borrowing costs steady for the seventh consecutive meeting.
  • Consumer spending is likely to be weak this year as households temper their spending to cover higher mortgage costs and purchase necessities, the Treasury Dept. says in a Fortnightly Economic Update (per BBG).
  • Swap rates closed 3-4bps lower, with the 2s10s curve steeper.
  • RBNZ dated OIS pricing closed 2-4bps softer for meetings beyond October. A cumulative 23bps of easing is priced by year-end.
  • The local calendar will see Net Migration tomorrow, ahead of Card Spending data on Thursday.
  • On Thursday, the NZ Treasury plans to sell NZ$250mn of the 3% Apr-29 bond, NZ$200mn of the 2% May-32 bond and NZ$50mn of the 2.75% Apr-37 bond.