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There has been some interest in the activity seen in ACGB Apr '24, which is the bond that the RBA's 3-Year yield targeting mechanism is applied to. The yield on that particular line printed as low as 0.0555% today (per BBG prices), nearly 5bp through the 0.10% 3-Year yield target but has backed off from extremes to last print at 0.0830%. Hard to outline anything in the way of standout drivers for the initial leg of richening, with the bulk of the action taking place ahead of the previously flagged (and well received) round of ACGB Nov '24 supply. Thin conditions and RBA ownership is perhaps exacerbating the moves.