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NZGBs Richer, Curve Little Changed, Food Prices Shortly

BONDS

In local morning trading, NZGBs are 1-2bps richer, with the curve is little changed. Post the Asian session on Friday, US Tsys yields rose on weaker-than-expected U. of Mich. Sentiment at 67.4 vs 76.2 expected, while inflations expectations ticked higher.

  • US Treasury futures reversed the Thursday rally, post U. of Mich. Sentiment trading down (- 12+) at 108-22+, additionally, 1Y inflation expectations increased to 3.5% (cons 3.2) after 3.2%, its highest since November, while 5-10Y expectations increased a tenth to 3.1% (cons 3.0) after 3.0%, also its highest since November but still within the 2.9-3.1% typically seen since Aug 21.
  • Earlier we had Performance Services Index, which came in at 47.1 slightly lower than a revised 47.2 from March.
  • The NZGB curve his little changed in early morning trading, the 2Y is +1.3bps at 4.806%, 10Y is -1.3bps at 4.726%.
  • Swap rates are 2bps lower to 4 bps higher, curve steeper.
  • RBNZ dated OIS is unchanged this morning, with a cumulative 45bps of easing is priced by year-end
  • Looking Ahead: Food Prices & 2Yr Inflation Expectation Today
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