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NZGBS: Slightly Richer After In-Line US PCE Deflator Data On Friday

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In local morning trade, NZGBs are 1bp richer after US tsys finished the week 2-5bps stronger, with a flattening bias across benchmarks. The move was underpinned by an in-line PCE Deflator for March.

  • The core PCE deflator, which is Federal Reserve’s preferred inflation gauge, increased 0.3% m/m and 2.8% y/y. The annual rate was marginally above expectations and unchanged from the previous month. Quarterly PCE deflator data, released on Thursday, had signaled risks of a higher print. Real consumption increased 0.5% on the month.
  • Looking ahead, the focus is on the FOMC Policy Decision on Wednesday.
  • Swap rates are 1-2bps lower.
  • RBNZ dated OIS pricing is unchanged. A cumulative 25bps of easing is priced by year-end.
  • NZ's filled jobs were 2.41m in March, +0.4% m/m.
  • Tomorrow the local calendar will see ANZ Business Confidence & Activity Outlook, ahead of the Q1 Employment Report on Wednesday.
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In local morning trade, NZGBs are 1bp richer after US tsys finished the week 2-5bps stronger, with a flattening bias across benchmarks. The move was underpinned by an in-line PCE Deflator for March.

  • The core PCE deflator, which is Federal Reserve’s preferred inflation gauge, increased 0.3% m/m and 2.8% y/y. The annual rate was marginally above expectations and unchanged from the previous month. Quarterly PCE deflator data, released on Thursday, had signaled risks of a higher print. Real consumption increased 0.5% on the month.
  • Looking ahead, the focus is on the FOMC Policy Decision on Wednesday.
  • Swap rates are 1-2bps lower.
  • RBNZ dated OIS pricing is unchanged. A cumulative 25bps of easing is priced by year-end.
  • NZ's filled jobs were 2.41m in March, +0.4% m/m.
  • Tomorrow the local calendar will see ANZ Business Confidence & Activity Outlook, ahead of the Q1 Employment Report on Wednesday.