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Well Off Bests As U.S. Tsys Cheapen in Asia-Pac

AUSSIE BONDS

ACGBs remain richer on the day (YM +7.0 & XM +5.0) but off bests as U.S. Tsys cheapen in Asia-Pac trade as local participants perhaps take the opportunity to close out long positions after the Fed decision. Cash ACGBs are 5-7bp richer on the day but 5-6bp off bests and at cheaps for the Sydney session.

  • AU/US 10-year yield differential is +7bp at -15bp.
  • Swaps are 6-8bp stronger but similarly off Asia-Pac session bests with the 3s10s curve +2bp and EFPs 1-2bp tighter.
  • Bills strip twist flattens with pricing -1 to +13.
  • RBA dated OIS is flat to 1bp firmer for meetings out to September and 2-6bp softer beyond. April meeting firms slightly to pricing an 8% chance of a 25bp hike. Year-end easing expectations are at 26bp versus 34bp earlier.
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