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The RBA minutes came and went with.....>

AUSSIE BONDS
AUSSIE BONDS: The RBA minutes came and went with little fanfare, the bank
sticking to their broadly neutral tone which has been confirmed multiple times
in the interim by speeches from several RBA members and the Summary of Economic
Projections (SoMP).
- RBA Governor Lowe has given Parliamentary Testimony recently and noted that
the market expectation was that the next rate move would be a hike and that it
was a long way off, and said both of these would be reasonable assumptions. The
minutes did nothing to change this view.
- The minutes did mention that housing credit growth has outpaced household
income and said there was a need to balance these risks, though the positive
economic outlook held by the RBA is likely to mitigate any negative sentiment in
this area.
- The minutes were also positive on the labour market, the wage and labour
market data later this week will be closely watched.
- Aussie bonds unmoved, futures 2-4 ticks lower with yields up 2bp-3.7bp
steepening the curve.

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