The formal undershooting of some.......>

AUSSIE BONDS: The formal undershooting of some sell side exp. re: the costs of

the extended JobKeeper/Seeker schemes has perhaps provided some support for the

space, while the RBA was keen to stress the the importance of the longstanding

principle of separating monetary policy from the financing of government in the

minutes of its most recent monetary policy decision. This matter (along with the

points flagged in earlier bullets) will seemingly be discussed by RBA Governor

Lowe later today.

- The economic assessment was broadly as expected, while there was little in the

way of overt worry evident re: COVID-19 matters in Victoria (although the lag in

the rebound in the state's consumer spending was noted).

- Elsewhere, the Bank pushed back against the need for FX intervention. YM +0.5,

XM +3.0.