CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

NZGBS: Closed Slightly Richer Ahead Of US Payrolls Later Today

BONDS

NZGBs closed well off session cheaps, 2-3bps richer across benchmarks. With the domestic calendar empty, local participants were content to sit on the sidelines ahead of US Non-Farm Payrolls later today.

  • Bloomberg consensus sees payroll growth of 200k for February, but two-month revisions will likely be closely watched. Please find the MNI's Preview here.
  • Swap rates closed 5-7bps lower, with implied swaps spreads 3-4bps tighter.
  • RBNZ dated OIS pricing closed flat to 4bps softer across meetings, with Feb-25 leading. A cumulative 55bps of easing is priced by year-end.
  • Recently released quarterly indicators that feed into Q4 GDP have resulted in BNZ Economics nudging up its estimate to +0.1%. Against strong population growth of 0.6% for the quarter, this would represent another significant contraction in GDP per capita, with the economy experiencing conditions similar to the depths of the GFC on this basis.
  • Next week, the local calendar sees Card Spending on Tuesday, Food Prices on Wednesday, Net Migration on Thursday and BusinessNZ Manufacturing PMI on Friday.
  • Also, RBNZ Governor, Adrian Orr and Chief Economist, Paul Conway will speak about the February Monetary Policy Statement at separate events over 12-14 March 2024.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.