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Steady Start, NAB Business Survey & Consumer Confidence On Tap

AUSSIE BONDS

ACGBs have opened dealing ~1bp cheaper across the major benchmarks in a steady start to Tuesday's dealing. On Monday US Tsys bull steepened, the session was muted for the most part as the proximity to this evening's US CPI print kept participants on the sidelines.

  • Futures remain well within recent ranges, XM sits -0.005 YM is 0.01 lower in early trade.
  • RBA dated futures are stable pricing a terminal rate of 4.50% in May 24 with ~10bps of cuts by Dec 24.
  • Goldman Sachs noted this morning that they see a near-term upside side of higher inflation and rates but see the RBA on hold before gradual easing in Q4 2024 (BBG).
  • On the wires this morning we have Nov Westpac Consumer Confidence, there is no estimate and the prior read was 82.0, and the October NAB Business Survey which also has no estimate.
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