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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessNZGBS: Sharply Richer After Q3 GDP Miss, US Tsy’s Post-FOMC Rally Adds To Strength
In local morning trade, NZGBs are 9-14bps richer across benchmarks, with the 5-year leading, after Q3 GDP surprises on the downside printing -0.3% q/q (-0.6% y/y) versus expectations of +0.2% (+0.5%).
- Swap rates are 12-16bps lower on the day, 2-8bps lower after the release of the data.
- The strong performance from the local market has also been supported by a strong post-FOMC rally by US tsys. US tsys finished 13-30bps richer, with the curve steeper, after Fed held the funds rate steady, acknowledging inflation has eased. However, the Fed Chair Powell reiterated the Fed is "prepared to tighten policy further, if appropriate".
- FOMC-dated OIS for March fell 8.5bps to 5.108%, back to pre-payrolls levels pricing in a cumulative 22.4bp of easing.
- RBNZ dated OIS pricing has shunted 8-18bps softer across meetings beyond Apr’24.
- Today, the NZ Treasury plans to sell NZ$200mn of the 4.5% May-30 bond, NZ$225mn of the 3.5% Apr-33 bond and NZ$75mn of the 2.75% May-51 bond.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.