RBC note that “at this juncture, and particularly given the acceleration in stickier components of CPI there are two adjustments we feel the need to make to our trades portfolio. First, we exit our AU/US 10-Year spread compression trade at 2bp, the same level that we entered. We find it difficult to justify staying in outperformance trades with some risk core inflation is yet to peak in AU just as there is a risk of a step-down in the pace of Fed hiking.”

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RBC Unwind AU/U.S. 10-Year Compression Trade Post-CPI