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Free AccessMNI BRIEF: Economy To Continue Recovery - NBS Spokesperson
MNI DATA TABLE: China Fixed-Asset Investment (Jan-Aug 2023)
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NZGBs Flatter Post-Fed, No Movement In RBNZ OIS
The post-FOMC flattening in U.S. Tsys and pullback from session highs in benchmark U.S. yields has provided some support for the NZGB space in early Thursday trade. NZGB yields run 1-4bp lower across the curve as a result, bull flattening.
- There has been no tangible change in RBNZ dated OIS post-Fed, with ~50bp of tightening priced for the Bank’s October meeting, with a terminal rate of ~4.50% still eyed.
- Today’s Westpac consumer confidence reading showed a bounce to 87.6 (prev. 78.7), but that measure remains comfortably below the breakeven 100.0 mark. The survey collator noted that “consumer confidence has picked up over the past few months. Even so, it’s hard to describe the mood in the country as anything but grim. Households’ finances are being squeezed by high consumer prices and increases in borrowing costs. Against that backdrop, spending appetites remain subdued.”
- The monthly trade balance print rounds off the domestic data docket on Thursday.
- Also note that RBNZ Deputy Governor Hawkesby will speak, although the address will be geared towards the Bank’s evolution to meet the increased expectations placed on it as a modern central bank and prudential regulator, which limits the scope for meaningful policy discussion.
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