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Free AccessRicher After Core CPI Prints Lower Than Expected
ACGBs move as much as 2-5bp higher (YM +15.0 & XM +12.5) after trimmed mean CPI prints a lower than expected +1.2% Q/Q and +6.6% Y/Y in Q1 versus expectations of +1.4% and +6.7%. Headline inflation printed a slightly higher than expected 7.0% Y/Y (6.9% estimate), but was down from +7.8% in Q4. Services annual inflation however recorded its largest increase since 2001 driven by higher prices for holiday travel, medical services, rents and restaurants.
- Cash ACGBs are 2-3bp richer after the data with the 3/10 curve 2bp steeper.
- The AU/US 10-year yield differential is -3bp at -9bp.
- Swap rates are similarly 2-3bp lower to be 11-13bp lower on the day.
- Bills shunt 3-5 richer after the data with the strip flatter and pricing +7 to +14.
- RBA-dated OIS builds on the morning softening to be 1-2bp softer after the data. The cumulative tightening by August has been reduced to 10bp from 12bp ahead of the data and 22bp ahead of the ANZAC day holiday.
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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.