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STIR: RBA Dated OIS Pricing Firmer Than Pre-RBA Decision Levels

STIR
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RBA-dated OIS pricing is slightly firmer across meetings today, up 1-8bps from yesterday’s pre-RBA levels, with late 2025 leading the rise.  

  • Yesterday, RBA Governor Bullock emphasised that while high interest rates have been effective, inflation is not yet fully under control. She noted the labour market’s unexpected strength and cautioned that market expectations for further rate cuts are not guaranteed.
  • A 25bp rate cut in April is given an 18% probability, with a cumulative 45bps of easing priced by year-end. 

 

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RBA-dated OIS pricing is slightly firmer across meetings today, up 1-8bps from yesterday’s pre-RBA levels, with late 2025 leading the rise.  

  • Yesterday, RBA Governor Bullock emphasised that while high interest rates have been effective, inflation is not yet fully under control. She noted the labour market’s unexpected strength and cautioned that market expectations for further rate cuts are not guaranteed.
  • A 25bp rate cut in April is given an 18% probability, with a cumulative 45bps of easing priced by year-end. 

 

Keep reading...Show less