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Slightly Mixed, Inflation Expectations Ease

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ACGBs (YM -1.0 & XM +1.5) are slightly mixed and near Sydney session highs after today’s data.

  • Melbourne Institute Inflation Expectations ease to 4.1% in May from 4.6%.
  • Earlier, May’s Judo Bank Preliminary PMIs printed unchanged to weaker.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s modest cheapening.
  • Cash ACGBs are 1bp cheaper to 2bps richer, with the 3/10 curve flatter and the AU-US 10-year yield differential at -15bps.
  • Swap rates are flat to 2bps higher, with the 3s10s curve flatter.
  • The bills strip has cheapened, with pricing flat to -2.
  • RBA-dated OIS pricing is 1-3bps firmer for meetings beyond September. Only 7bps of easing is priced by year-end.
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ACGBs (YM -1.0 & XM +1.5) are slightly mixed and near Sydney session highs after today’s data.

  • Melbourne Institute Inflation Expectations ease to 4.1% in May from 4.6%.
  • Earlier, May’s Judo Bank Preliminary PMIs printed unchanged to weaker.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s modest cheapening.
  • Cash ACGBs are 1bp cheaper to 2bps richer, with the 3/10 curve flatter and the AU-US 10-year yield differential at -15bps.
  • Swap rates are flat to 2bps higher, with the 3s10s curve flatter.
  • The bills strip has cheapened, with pricing flat to -2.
  • RBA-dated OIS pricing is 1-3bps firmer for meetings beyond September. Only 7bps of easing is priced by year-end.