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Slightly Stronger After CPI Monthly Prints In-Line

AUSSIE BONDS

ACGBs (YM +3.0 & XM +3.0) are slightly firmer after the CPI Monthly for August prints in line with expectations at +5.2% y/y, up from +4.9% in July. This is the first re-acceleration in inflation in 4 months, with prices of insurance and financial services gaining the most across all categories. Transportation re-accelerated from +0.3% y/y to +7.4%.

  • (Bloomberg) Australia’s monthly inflation gauge accelerated, reflecting global trends amid higher oil prices, bolstering the case for the Reserve Bank to hike at least one more time. (See link)
  • US tsys are holding richer in early trade in Asia, ranges remain narrow and little meaningful macro news flow has crossed. This leaves cash tsys ~2bp richer across the major benchmarks.
  • Cash ACGBs are 3-4bps richer on the day, with the AU-US 10-year yield differential unchanged at -15bps.
  • Swap rates are 3-4bps lower on the day.
  • The bills strip is richer, with pricing flat to +4. This marks a dramatic shift from this morning's bear-steepening.
  • RBA-dated OIS pricing is flat to 2bp softer across meetings after the CPI data.
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