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The front end of the curve comes under fresh pressure as Westpac Chief Economist Bill Evans notes that he now expects "that the RBA will begin it's tightening cycle in the first quarter of 2023. By then, we expect that the conditions for that first rate increase around full employment and inflation will have been met while wages growth will be close to 3%." YM trades -8.0 ticks at typing, 1.0 off lows. The bill strip sees some aggressive bear steepening, with contracts in that space unchanged to 10 ticks lower on the day.