Summary: Business conditions deteriorate slightly in May; business confidence also deteriorates, now well below average; NAB: suggests subdued economic activity continues; ACGB yields generally modestly higher; rate-cut expectations soften; NAB: inflation will continue to moderate only gradually; capacity utilisation rate ticks up, at elevated level. NAB’s business survey indicated Australian business conditions were robust in the first half of 2018, with a cyclical-peak reached in April of that year. Readings...