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RBA Dated OIS Still Sharply Softer Versus Pre-RBA Decision Levels


RBA-dated OIS pricing is flat to 3bps firmer today, reflecting the strengthened expectations for Fed tightening, spurred by the release of the US CPI data for September.

  • Furthermore, comments made by former RBA Governor Ian Macfarlane, suggesting that bond traders might be incorrect in anticipating interest rate cuts by the central bank before the end of the next year, also appeared to have an impact. However, this influence has somewhat diminished over time.
  • Despite today’s firming, RBA-dated OIS pricing remains 7-20bps softer across meetings versus pre-RBA decision levels in early October.

Figure 1: RBA-Dated OIS – Today Vs. Pre-RBA

Source: MNI – Market News / Bloomberg

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