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Resumption Of FI Cheapening Pressure Ahead Of CPI

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  • Shortly after the post-holiday open, GoC yields sit 9-10bps higher from Friday’s close, with the 5Y marginally leading the cheapening.
  • It sees the 2YY of 4.24% (+9bps) come close to cycle highs of 4.28% from Oct’22 but 5Y and 10Y tenors are more firmly off Oct-Nov highs.
  • It coincides with BAX implied yields also climbing in early trading with the front Mar’23 +3.5bps, Dec’23 +11.5bps and Jun’24 +14bps. Yields are at or earlier today have touched new cycle highs out to and including Mar’24 contracts.
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  • Shortly after the post-holiday open, GoC yields sit 9-10bps higher from Friday’s close, with the 5Y marginally leading the cheapening.
  • It sees the 2YY of 4.24% (+9bps) come close to cycle highs of 4.28% from Oct’22 but 5Y and 10Y tenors are more firmly off Oct-Nov highs.
  • It coincides with BAX implied yields also climbing in early trading with the front Mar’23 +3.5bps, Dec’23 +11.5bps and Jun’24 +14bps. Yields are at or earlier today have touched new cycle highs out to and including Mar’24 contracts.