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Free AccessSlightly Richer, US Tsys Slightly Richer, RBA Bullock Speech On Climate Change
ACGBs (YM +1.0 & XM +1.0) are slightly higher after US tsys kicked off the last week of a bearish month with a modest richening. US tsys finished the session 1-4bp richer after see-sawing off midmorning lows. Solid 2- and 5-year auction results helped extend Monday's gains. A light bull steepening was apparent.
- Rate hike fears, a "higher for longer" policy stance and supply concerns have made August tough for US tsys. Nevertheless, with yields having climbed to 16-year highs and much of the threat from still-hawkish monetary policy priced in, short covering and dip buying emerged ahead of Friday's August employment report. JOLTS Job Openings are due later today.
- Cash ACGBs opened 1-2bp richer, with the AU-US 10-year yield differential flat at -8bp.
- Swap rates are 1-2bp lower.
- The bills strip is basically unchanged.
- RBA-dated OIS pricing is flat to 1bp softer across meetings. a 6% chance of a 25bp hike in September is priced, with terminal rate expectations at 4.21%.
- Today the local calendar sees a speech from RBA Governor-Elect Bullock, titled “Climate Change and Central Bank”, ahead of the CPI Monthly for July tomorrow.
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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.