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NZGBS: Richer After US Tsys Extend Their Post-FOMC Rally

BONDS

In local morning trade, NZGBs are flat to 6bps richer, with the 2/10 curve flatter, after longer-dated US tsys extended the post-FOMC rally following the latest round of data. Non-Farm Payrolls data is due for release today.

  • Unit Labor Costs printed lower than expected (-0.8% vs. 0.3% est, 2.2% prior), while Initial Jobless Claims gained (217k vs. 210k est, 210k prior), Continuing Claims (1.818M vs. 1.800M est, 1.790M prior).
  • US tsys exhibited a twist-flattening of the curve during the NY session, yields 5bps higher to 13bps lower.
  • The BOE left the base rate unchanged at 5.25% for the second consecutive month which was in line with expectations. The central bank expects that policy settings will need to remain at restrictive levels for an extended time.
  • Swap rates are 1-5bps lower, with the 2s10s curve flatter.
  • RBNZ dated OIS pricing is little changed, with terminal OCR expectations at 5.55%.
  • RBNZ Assistant Governor Karen Silk will speak Nov. 14 about the bank’s balance sheet at UBS Australasia Conference.
  • The local data calendar is empty today. Late yesterday RBNZ Governor Orr spoke about how the central bank is responding to climate change, but the speech didn't contain any guidance on the future path of monetary policy.
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