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Subdued Session As Jackson Hole Vigil Continues

AUSSIE BONDS

ACGBs (YM +1.0 & XM +0.5) are slightly stronger on a data-light session.

  • Outside of the previously outlined Judo Bank PMIs, there hasn't been much in the way of domestic drivers to flag.
  • Cash US tsys are little changed across benchmarks in today’s Asia-Pac session. The market’s focus now turns to advance PMIs and initial jobless claims later today, ahead of the Jackson Hole economic symposium, which will be held Aug. 22-24. Fed Chairman Powell will speak at 1000ET Friday morning.
  • Cash ACGBs are flat to 2bps richer, with a steeper 3/10 curve and the AU-US 10-year yield differential at +9bps.
  • Swap rates are 1-2bps lower, with the 3s10s curve steeper.
  • The bills strip shows pricing flat to +3.
  • RBA-dated OIS pricing is flat to 2bps softer across meetings. A cumulative 21bps of easing is priced by year-end.
  • Tomorrow, the local calendar is empty apart from the AOFM’s planned sale of A$700mn of the 2.75% 21 November 2028 bond.
  • CPI Monthly data for July will be released next Wednesday.
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