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U.S. Fiscal Matters In The Driving Seat

AUSSIE BONDS

Not much outside of the pressure in U.S. Tsys and uptick in e-minis (which we flagged earlier and was linked to U.S. fiscal rhetoric) to explain the drift lower/steepening for the space, with YM -1.0 and XM -3.5. This is outweighing the impact of the aforementioned ACGB coupon payments, a strong ACGB '30 auction and prospect of deeper RBA easing.

  • Bills were un-reactive to the all-time low 3-month BBSW fixing, after their reaction to yesterday's comments from RBA Assistant Governor Kent. Note that 3-Month BBSW fixed at 0.06bp, with implied rates of the white contracts already trading below that level (0.03-0.05%). The space trades unchanged to -1 through the reds.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets

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