Cooling Signals at Home as Markets Eye FOMC Minutes

• Domestic job advertisement data softened in June, with the ANZ-Indeed series dipping 0.2% over the month – a reversal of the upwardly revised 2.0% gain recorded in May and the third monthly fall so far this year.
• Separately, the Melbourne Institute’s monthly inflation read came in lower for a second straight month, shedding 0.4% in June after a 0.3% decline in May.
• Taken together, the two prints add to a growing body of evidence that both labour demand and price pressures are gradually losing momentum across the domestic economy.
• Offshore, markets were content to tread water in a quiet post-holiday session, with the FOMC Minutes due later this week the next key focal point for US rate expectations. The 10-year Treasury yield nudged 1bp lower to close at 4.47%.