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VIEW: TD Don't Exp. RBA To Buy ACGB Apr-24 Pre-CPI, Firm On YCT Shift View

RBA

TD Securities note that they "don't expect the RBA to buy the Apr '24 bond in the lead up to the Q3 CPI release on Wednesday. A weak CPI outcome will provide the RBA with time to assess the data. However, if CPI is strong but the RBA remain absent from buying back the line with yields trekking higher, the market will interpret this as a shift in the Bank's forward guidance and a precursor to the Apr '23s as the potential new target bond."

  • "While the RBA's central forecast may be for a gradual pick-up in inflation over the medium term, the risks to the central scenario could be tilted to the upside. This would warrant a serious consideration in shifting the target bond to the Apr'23s at next month's RBA meeting. This is our core view."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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