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Slightly Softer, Ranges Narrow, Bullock Due Tomorrow

AUSSIE BONDS

ACGBs sit ~1bp cheaper across the major benchmarks, holding cheaper after early spillover from Friday's cheapening in Tsys. Narrow ranges were observed for the most part as the move lower didn't follow through.

  • XM (-0.015) and YM (-0.02) are both marginally lower however both remain well within recent ranges.
  • The Australian government will introduce legislation to facilitate the revamp of the RBA this week (BBG). Included in the bill is mandating that the RBA’s overarching objective is to “promote the economic prosperity and welfare of the people of Australia, both now and into the future”. The Federal Treasurers power to overrule monetary policy decisions will be repealed.
  • RBA dated futures are steady pricing a terminal rate of ~4.50% in Jun 24 with ~20bps of cuts by Dec 24.
  • Looking ahead, RBA Governor Bullock is participating in a panel in Hong Kong tomorrow. We also have October Retail Sales on the docket.
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