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Richer With US Tsys, Light Local Calendar, PM To Consider COL Support

AUSSIE BONDS

ACGBs (YM +3.0 & XM +6.5) sit richer and at or near the Sydney session’s best levels. This comes despite the domestic data calendar being empty. Tomorrow, the local calendar sees NAB Business Confidence.

  • With domestic catalysts light on the ground, local participants appear to have been content to tie the local market's performance to developments in US tsys in today’s Asia-Pac session. Cash US tsys are currently 1bp cheaper to 2bps richer, with a flattening bias. There has been little by way of meaningful newsflow today.
  • (AFR) PM Anthony Albanese has called ruling-party lawmakers to Canberra for an unscheduled meeting on cost-of-living pressures, as part of a renewed drive to combat inflation that the government hopes will reverse its slide in opinion polls. On Thursday, the PM will address the National Press Club, where he is expected to make policy announcements to help ease cost-of-living pressures. (See link)
  • Cash ACGBs are 3-6bps richer, with the AU-US 10-year yield differential unchanged at +12bps after being at +15bps earlier in the session.
  • Swap rates are 3-6bps lower, with the 3s10s curve flatter.
  • Bills are slightly richer, with pricing flat to +2.
  • RBA-dated OIS pricing is little changed. A cumulative 35bps of easing is priced by year-end.
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