NZGBs: Muted Start, Q1 GDP On Tap

NZGB's have opened dealing on Thursday little changed across the major benchmarks. This comes after the US Tsy curve flattened as the Fed kept rates steady, as expected. There was a hawkish tilt to the forward guidance with 12 out of 18 Fed officials expecting another 50bps of hikes later this year.

• Swaps are little changed in early dealing across the curve. RBNZ dated OIS are stable, a terminal rate of 5.64% is seen in October.
• REINZ House Sales for May were on the wires early in the session falling 0.4% Y/Y, the prior read was -15.3% Y/Y.
• On the wires today we have Q1 GDP, a fall of 0.1% Q/Q is expected rising from the prior read of -0.6%.