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NZGBS: Richer, Closed Mid-Range, Hawkish Comments From Officials

BONDS

NZGBs closed flat to 4bps richer, with the 2/10 curve flatter.

  • Bloomberg reported that NZ Finister Minister Willis responds to questions in parliament stating that annual inflation of 4.7% in Q4 is an improvement but “is still far too high”. She added that on tradables inflation has stayed stubbornly high indicating domestic factors rather than global factors are playing the greatest role in driving inflation.
  • (Bloomberg) ANZ forecasts the RBNZ will start cutting interest rates from August but doesn’t rule out the chance of a rate hike next month, following comments from the central bank’s chief economist today.
  • ICYMI, RBNZ Chief Economist Conway said in a speech today in Wellington that “we still have a way to go to get inflation back to the target midpoint.”
  • Swap rates closed 1bp higher to 3bps lower, with the 2s10s curve flatter.
  • RBNZ dated OIS pricing closed flat to 3bps firmer across meetings, with July-August leading. A cumulative 92bps of easing is priced by year-end.
  • Tomorrow, the local calendar sees ANZ Business Confidence. Australia sees the release of Q4 CPI data.
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