NZGB curve bull-steepened, with yields closing flat to 3bps lower. The market also closed at the session’s best levels. With the local market closed at the time of today’s RBA Policy Decision, any spillover will come early in tomorrow’s session.

• With the domestic calendar light today, the local market largely tracked developments in its $-bloc counterparts. The NZ-US and NZ-AU 10-year yield differentials finished ~1bp tighter.  
• Cash US tsys are flat to 1bp cheaper in today’s Asia-Pac session. Today’s US calendar will see the House Price Index, Consumer Confidence and Regional Fed Mfg data.
• Swap rates closed flat to 2bps lower, with the 2s10s curve steeper.
• RBNZ dated OIS pricing closed 1-2bps softer across meetings. A cumulative 85bps of easing is priced by year-end.
• Tomorrow, the local calendar is once again empty.
• On Thursday, the NZ Treasury plans to sell NZ$250mn of the 3.00% Apr-29 bond, NZ$225mn of the 4.50% May-35 bond and NZ$25mn of the 2.75% Apr-37 bond.