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AUSSIE BONDS: Space traded at the whim of U.S. Tys on SYCOM, with the early bid
more than unwinding as market started to question how much of a systemic issue
the Coronavirus is. This leaves futures softer than settlement in early Sydney
trade, YM -4.0, XM -5.5, as the curve bear steepens. 10s sit ~1.0bp wider vs.
U.S. Tsy counterparts.
- Bills printing 3-5 ticks lower through the reds.
- Domestic focus falls on today's Q4 CPI print. Last week's labour market report
has seemingly taken the edge off of next week's RBA decision (at least if you
ask market, with IBs pricing a ~20% chance of a cut, back from the ~80% seen in
October), although some still maintain their calls for a cut in Feb (with most
acknowledging the risk that the move is deferred). Consensus looks for a steady
headline reading of +1.7% Y/Y, with risks seemingly skewed higher, albeit
marginally. Trimmed mean measure seen slowing to +1.5% Y/Y from +1.6% in Q3,
while the weighted median measure is seen steady at +1.2%. Expect focus to fall
on the underlying measures.