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NZGBS: Slightly Richer With US Tsys After A News Flow Light Session

BONDS

In local morning trade, NZGBs are 4bps richer after US tsys finished a news flow light NY session 1-2bps richer. The Fed remains in blackout ahead of its May 1st decision.

  • (MNI) Former Dallas Fed President Robert Kaplan told MNI the central bank needs to refrain from cutting interest rates perhaps all the way through this year depending on incoming data, blaming the lack of relief on loose fiscal policy he says is propping up services inflation. (See link)
  • Job ads experienced a slight decline of 0.4% in March compared to February, indicating a notable slowdown in the rate of decline since the beginning of the year.
  • Swap rates are 4bps lower.
  • RBNZ dated OIS pricing is 1-2bps softer for late-2024/early 2025 meetings. A cumulative 51bps of easing is priced by year-end.
  • NZ Treasury plans five nominal bond auctions in May. Each weekly auction will offer NZ$500mn bonds. A syndicated tap of the existing May 2028 bond is expected to be undertaken in June.
  • Today, the local calendar is empty ahead of Trade Balance data tomorrow. Also tomorrow, Australia will release Q1 CPI data.
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