The NZGB curve bear-steepened today, with benchmark yields ending the day flat to 3bps higher, though below their session highs.

• With the domestic calendar light, local investors were content to sit on the sideline ahead of a heavy US calendar later today. Today’s US calendar will see Weekly Claims, GDP, PCE, Cap Goods, Durables, and Pending Home Sales data alongside a flurry of Fed speakers: Barr, Cook, Kashkari, Williams and Chairman Powell.
• Cash US tsys are ~0.5bp richer in today’s Asia-Pac session after yesterday’s bear-steepening.  
• “New Zealand faces rising debt in coming decades as an ageing population exacerbates a structural budget deficit, in a major challenge for fiscal policy, a top Treasury adviser said. Government debt is projected to climb to more than 100% of gross domestic product by 2050 from about 43% now, Dominick Stephens, chief economic adviser at the Treasury.” (per BBG)
• The swap curve twist-steepened, with rates closing 2bp lower to 2bps higher.
• RBNZ dated OIS pricing closed little changed across meetings. A cumulative 87bps of easing is priced by year-end.
• Tomorrow, the local calendar will see ANZ Consumer Confidence, ahead of ANZ Business Confidence on Monday.