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Yields Lower, CPI Wednesday, Min Wage To Rise

AUSSIE BONDS

ACGBs (YM +4 & XM +3.5) are richer today tracking moves higher made by US treasuries. There is little in the way of eco data today, with the major focus on Wednesday's CPI data. President Of the Federal Reverse Bank of Atlanta now see's just one cut for the year down from two and the cut happening much later in the year than previously expected.

  • (Bloomberg) -- Australian economy has 'rare trifecta': treasurer (see link)
  • (Reuters) -- Australia to recommend minimum wage rise in line with inflation (See Link)
  • Cash ACGBs are 2-4bps cheaper, the curve is flatter with the 2yr -3.5bp at 3.776%, the 10y now back below 4.0% down 3.7bps at 3.994%, while the 2y10y is -0.110 to 20.220
  • The AU-US 10-year yield differential is back unchanged from Friday opening levels after pushing higher during the US session on Friday to -16bps and now trades back to at -21bps, while AU swap rates are 1-2bps lower.
  • RBA-dated OIS pricing is 1-5bps softer for meetings beyond June. A cumulative 48bps of easing is priced by year-end.
  • Looking ahead: The calendar is empty on Monday, while Tuesday we have Westpac Consumer Confidence
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