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NZGBS: Quiet Start To The Week

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In local morning trade, NZGBs are unchanged after the US tsy 2/10 curve finished Friday at its most inverted level since December at -48bps. The curve twist-flattened, with yields 1bp higher (2-year) to 1bp lower (20-year). The intraday rise in yields was unwound after a downward revision for U.Mich inflation expectations. The 10-year yield met firm resistance at 4.50%, last seen May 14, closing at 4.465%.

  • The US market is closed for the Memorial Day holiday today.
  • Fed Funds implied rates extended their post-PMIs jump higher on Friday in what was a thin data week, with 20bp of cumulative cuts for Nov (25bp before PMIs) and 34bps for Dec (38bps prior).
  • Swap rates are little changed.
  • RBNZ dated OIS pricing is unchanged. A cumulative 19bps of easing is priced by year-end.
  • Today, the local calendar is empty ahead of Filled Jobs data tomorrow.
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In local morning trade, NZGBs are unchanged after the US tsy 2/10 curve finished Friday at its most inverted level since December at -48bps. The curve twist-flattened, with yields 1bp higher (2-year) to 1bp lower (20-year). The intraday rise in yields was unwound after a downward revision for U.Mich inflation expectations. The 10-year yield met firm resistance at 4.50%, last seen May 14, closing at 4.465%.

  • The US market is closed for the Memorial Day holiday today.
  • Fed Funds implied rates extended their post-PMIs jump higher on Friday in what was a thin data week, with 20bp of cumulative cuts for Nov (25bp before PMIs) and 34bps for Dec (38bps prior).
  • Swap rates are little changed.
  • RBNZ dated OIS pricing is unchanged. A cumulative 19bps of easing is priced by year-end.
  • Today, the local calendar is empty ahead of Filled Jobs data tomorrow.