-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI US CPI Preview: Setting The Tone For 2025
RBA Preview - March 2021: Stabilising After Test Of Resolve
- The RBA is set to leave its monetary policy settings unchanged at its March meeting, although recent financial market swings have boosted interest in the event, after it was initially seen as a placeholder.
- We had been pointing to the difficulties that an outperforming economy may pose to the RBA's 3-Year yield target moving forwards, but hadn't been expecting such a dramatic test of the Bank's resolve at this time, with the impact of onshore economic outperformance bolstered by the global reflation/reopening narrative and last week's global core bond market volatility, which extended the cheapening/steepening pressure on ACGBs. Still, the space has recovered from last week's extremes, aided by the stabilisation witnessed in the U.S. Treasury market at the tail end of last week and upsized, but scheduled, ACGB purchases from the RBA on Monday of this week. Relative ACGB movements vs. global counterparts would have been of concern for the RBA. However, the Australian-U.S.10-Year yield spread has moved back from multi-month wides. The backend of last week also saw the AUD move back from multi-year highs in trade weighted terms, but the RBA will be particularly cognisant of the potential for a resumption of the upward push in AUD owing to any extension in the recent moves of relative yield spreads.
- With its options relatively limited, especially in the medium term, we suggest that the Bank will deploy more forceful guidance around its ACGB purchase rhetoric given the recent gyrations in markets, although it will be pleased that the yield on ACGB April '24 is back at 0.115%, well within its tolerance band. While this is by no means a certainty it would allow the Bank to follow the path of least regret.
Please use the following link to access the full preview:
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.