Small tick lower in the space in the...>

AUSSIE BONDS: Small tick lower in the space in the wake of the RBA MonPol

decision which saw the Bank leave the cash rate unch. at 1.00%.

- The Bank highlighted downside risks to the global economy economy, as well as

further easing measures employed by Chinese policymakers. There was a very

nuanced changed in the concluding paragraph, to broaden the focus outside of the

domestic labour market, but that shouldn't really alter the assumed trajectory

for policy. The assessment of the housing market noted the upturn in prices in

established housing markets, although noted that new dwelling activity has

weakened. Language on inflation is a little more downbeat, although that is a

bit of a given in the wake of the SoMP. The RBA noted that "inflation pressures

remain subdued and this is likely to be the case for some time yet."

- YM & XM -0.5, a touch below pre-decision levels. YM/XM sits at 23.5. Bills

unchanged to 2 ticks lower.

- Local data was mixed earlier in the day, with retail sales weak and the

current account providing a wider than expected surplus.

- Focus now turns to  the Q2 GDP print, due tomorrow.