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Slightly Stronger, US Tsys Richer On Weaker Data

AUSSIE BONDS
ACGBs are stronger (YM +2.0 & XM +1.0) after US Tsy yields pushed lower in NY trade assisted by weaker-than-expected tier-two data that included Philly Fed, jobless claims and existing home sales. The Philly Fed Manufacturing Index declined to -31.3 (-19.3 expected) with the price component also weaker at -3.3, the first negative print since Jun’19.
  • After the bell, US Tsys had bull steepened the 2-year and 10-year benchmarks respectively 10bp and 6bp richer. Fed’s Mester endorsed a potential rate hike in May and expressed readiness to adjust her views on the extent and duration of rate hikes based on the evolving economic and banking conditions. There was little movement in tightening expectations for the May FOMC, but additional year-end easing was priced.
  • Cash ACGBs opened 1-3bp richer with the 3/10 curve 2bp steeper and the AU-US 10-year yield differential +3bp at -5bp.
  • Swap rates opened 3-4bp lower with EFPs unchanged.
  • Bills strip is flatter with pricing +2 to +4.
  • RBA dated OIS pricing opened flat to 2bp softer across meetings with 24bp of cumulative tightening priced by August.
  • The Antipodean is light today with Australia's preliminary Judo Bank PMI release as the highlight.
  • Elsewhere, Japan is scheduled to release Mar National CPI.
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