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NZGBS: Subdued Session With The Local Calendar Light & US Tsys Closed

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NZGBs closed little changed after dealing in narrow ranges in today’s session. Local participants were content to stay on the sidelines with the domestic calendar empty and cash US tsys closed for Memorial Day.

  • The swap curve bear-flattened, with rates flat to 2bps higher.
  • RBNZ dated OIS pricing is little changed today across meetings but 23-36bps firmer for meetings beyond October compared to levels before last week’s RBNZ Policy Decision. At that Policy Meeting, the RBNZ said it expected to keep monetary policy tight for longer due to domestic inflation pressures.
  • The projected terminal OCR is around 5.50%, with a cumulative easing expected by year-end at 20bps. It was around 45bps before RBNZ Decision.
  • Tomorrow, the local calendar will Filled Jobs data.
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NZGBs closed little changed after dealing in narrow ranges in today’s session. Local participants were content to stay on the sidelines with the domestic calendar empty and cash US tsys closed for Memorial Day.

  • The swap curve bear-flattened, with rates flat to 2bps higher.
  • RBNZ dated OIS pricing is little changed today across meetings but 23-36bps firmer for meetings beyond October compared to levels before last week’s RBNZ Policy Decision. At that Policy Meeting, the RBNZ said it expected to keep monetary policy tight for longer due to domestic inflation pressures.
  • The projected terminal OCR is around 5.50%, with a cumulative easing expected by year-end at 20bps. It was around 45bps before RBNZ Decision.
  • Tomorrow, the local calendar will Filled Jobs data.