Market are sure determined to call the RBA’s bluff. I guess they know a bunny when they see one. Following another lukewarm labour market report, bonds have sold again with the 2 year now pricing half a rate hike at 2.13%:
Very amusing!
The longer end is harder to judge and is more influenced by international forces but I’d say both are also very mispriced at 2.36 and 2.98.