ACGBs are at Asia-Pac bests (YM +7.0 & XM +5.5) despite some pressure on U.S Tsy yields in early dealings alongside a bid for e-minis. 2-year and 10-year U.S. Tsys closed respectively 7bp and 5bp richer in trade ahead of the weekend following another retreat in European bank stocks. They did however close off bests as U.S equity indices recovered in late trade.

• Ahead of a heavy week of economic data (February Retail Sales tomorrow and CPI Monthly on Wednesday) cash ACGBs are 5-7bp richer with the 3/10 curve 3bp steeper and the AU-US 10-year yield differential -5bp at -21bp.
• Swaps curve bull steepens with rates 4-7bp stronger and EFPs slightly wider.
• Bills strip pricing is +5 to +8bp with whites leading.
• RBA dated OIS is 2-5bp softer for meetings beyond April with 38bp of easing priced by year-end.
• Elsewhere, an AFR article stated that the Review of the RBA (due to report by Friday) is poised to recommend shaking up the board with the governor devolving powers to RBA directors, who would take more responsibilities beyond setting interest rates.