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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.
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Free AccessSlightly Cheaper After The RBA’s Policy Decision
ACGBs (YM -3.4 & XM -3.9) sit a little cheaper and at session cheaps after the RBA Policy Decision. The last two paragraphs of the RBA statement were little changed from the last meeting. To summarise:
- The RBA Board prioritises returning inflation to target, aligning with its mandate for stability and full employment. While inflation has eased slowly, it remains high. The Board remains vigilant to risks, relying on data to guide interest rate decisions, and will closely monitor economic developments.
- Cash ACGBs are slightly cheaper after the decision, with yields 3bps higher on the day. The AU-US 10-year yield differential is at -13bps after being at -15bps earlier in the day.
- Swap rates are 1-2bps higher after the decision.
- The bills strip has shifted cheaper, with pricing -2 to -5.
- RBA-dated OIS pricing is flat to 2bps firmer across meetings after the decision. Currently, the market is pricing approximately 13bps of easing by year-end from an anticipated terminal rate of 4.34%. In the run-up to the RBA’s May Policy meeting, the market was pricing no easing by year-end from an anticipated terminal rate of 4.42%.
- Tomorrow, the local calendar is empty part from the AOFM's planned sale of A$800mn of the 2.75% Jun-35 bond.
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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.