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Slightly Richer, Narrow Ranges, Light Local Calendar Until CPI Monthly On Wednesday

AUSSIE BONDS

ACGBs (YM +2.0 & XM +2.5) are slightly richer, after dealing in relatively narrow ranges in the Sydney session. With the local calendar light today, local participants have likely sought direction from US tsys. Cash US tsys are dealing flat to 2bps cheaper across major benchmarks in Asia-Pac trade.

  • Cash ACGBs are 3bps richer, with the AU-US 10-year yield differential unchanged at -15bps.
  • Swap rates are 2-3bps lower.
  • Bills pricing is +1 to +4 across the strip.
  • RBA-dated OIS pricing is 2-4bbps softer for ’24 meetings.
  • (Bloomberg) Australia is considering a “broader definition” of full employment. Monday’s white paper follows an independent review of the Reserve Bank that recommended the central bank give equal consideration to price stability and full employment in its decision-making. (See link)
  • (AFR) Chris Richardson believes tax cuts will keep RBA on interest rate sidelines for longer. Noting that in less than 10 months’ time there is A$21 billion of personal tax cuts coming due. (See link)
  • Today sees panel participation by RBA Assistant Governor Jones at a Conference on Financial Technology and Climate Change (0700 BST).
  • The local calendar is light until the release of the CPI Monthly for August on Wednesday.
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