Consumer Sentiment Slips

• Westpac consumer sentiment slipped 2.9% to 80.6, reversing part of May’s rebound to 83, as softer growth and weaker housing prices likely weighed on respondents.

• In Senate testimony on Friday, the RBA reiterated that inflation remains a concern even as economic activity has softened.

• Oil prices edged higher on Monday despite Israel and Iran signalling they would avoid further escalation following a day of hostilities, though neither Brent or WTI breached $100/bbl.

• US bond yields rose on Friday after a stronger than expected US payrolls print, with the beat and upward revisions driving a hawkish repricing of the Fed. Yields have held those gains into the start of the week.

• Looking ahead, it shapes up to be a big week for US data, with the trade balance, CPI and PPI all due.