‘Mayhem’ In Aussie Rates As YCC Breaks

‘Mayhem’ In Aussie Rates As YCC Breaks

Yield-curve control snapped in Australia Thursday. I'm insistent on the notion that it's never a matter of capacity, but a matter of will when it comes to central banks and yields. To the extent the bond vigilantes of yore still exist out there somewhere -- nomads roaming the badlands after being banished from walled-off metropolises decades ago -- periodic attacks on the cities amount to aiming slingshots with rocks at turrets manned by soldiers with machine guns. In the era of central bank do
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