Taper Tantrum, Aussie Style

Taper Tantrum, Aussie Style

In case it wasn't clear enough that some manner of policy shift is in the offing Down Under, the RBA declined to defend yield-curve control on the target April 2024 bond on Friday. Although the bank stepped in a week ago, it was obvious by Thursday -- when Aussie rates staged an encore after Wednesday's fireworks -- that YCC is dead. Or at least in its current incarnation. On Friday, the bond sell-off accelerated meaningfully. Australian 10-year yields jumped as much as 27bps to the highest si
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