RBA Happy To Keep US Guessing

The lack of any overt rhetoric re: forthcoming easing from the RBA and a reiteration that the labour market is not faring as bad as feared has provided the space with little reason to go meaningfully bid post-RBA.

• However, the Bank included a passage which pretty much said wait until the budget has been issued this evening (that we highlighted in full earlier), as well as underscoring the need for both fiscal and monetary policy to underpin the labour market, while "continuing to consider how additional monetary easing could support jobs as the economy opens up further."
• We should also stress that the Bank outlined that the ACGB space has stated to price in the chances of further RBA easing, without any pushback.
• YM trades +0.5, with XM -2.5 after the space corrected off early steeps pre-RBA on the dip buying in U.S. Tsys/ahead of the notable local risk events.
• Bills unchanged to -1 through the reds.
• Focus now moves to the aforementioned release of the federal budget, due for release this evening, which rounds off super Tuesday in Australia.