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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
The New Zealand bonds closed on the upside Thursday, following a global debt market rout after the Federal Open Market Committee (FOMC), signalled in its meeting minutes that central bank remains on a gradual approach to raise interest rates and reduce its bond reinvestment.
At the time of closing, the yield on the benchmark 10-year bond, which moves inversely to its price, remained flat at 2.88 percent, the yield on 7-year note fell 1 basis point to 2.53 percent and the yield on the short-term 2-year note too remained 1 basis point lower at 1.95 percent.
Both Fed staff and FOMC participants held similar views of the incoming data flow as well as the economic outlook. Both saw the labour market as having improved, on balance, even as real GDP slowed in Q1. The weaker March employment figure was viewed as being held down by weather, as warmer temperatures early in the year may have brought hiring forward and adverse weather in other parts of the country constrained hiring.
The Fed left the door for further rate increases in the coming months, despite the growth slowdown in the first quarter. Traders expect the next hike at its June 13-14 meeting, according to interest rates futures, Reuters reported.
Lastly, in New Zealand’s latest 2017 Budget, unveiled today by the country’s MoF, the Government has introduced a Family Incomes Package to support those on lower and middle incomes. This includes an adjustment to tax thresholds, an increase in Working for Families, as well as increases in accommodation support. Spending is being increased in a range of areas, including public and social services, as well as much needed infrastructure investment.
Meanwhile, the New Zealand’s benchmark S&P/NZX 50 Index closed 0.17 percent higher at 7,434.47 while at 05:00GMT, the FxWirePro's Hourly NZD Strength Index remained highly bullish at 103.24 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
