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BONDS
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
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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