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AUSSIE BONDS: Westpac expect "to be either long or neutral YM & XM in both a
tactical and strategic sense over coming weeks. It is too early to expect yields
to rise on an improving economic outlook. We are neutral at current levels but
tactically we would be better buyers on dips, especially those led by US price
action. The curve is very long end directional given how much RBA easing is in
the forward profile, fade any US-led steepening back toward the 50bp level. We
think they will eventually trend higher from current levels. We are
contemplating how much more AU outperformance vs. U.S. Tsys is likely on a near
term and medium term basis. The response of the curve to a FOMC-induced UST
shift will further inform our view. BEIs are low but are awaiting confirmation
that RBA policy is effective off current levels."