The Australian bond market has been moving sharply against a rate cut in the past 24 hours with yields up sharply across the curve:
The curve has been steepening as well as the long end sells hardest:
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Part of this is the global sell off in bonds, which has actually seen Australian spreads to the US and Germany contract. All markets appear to be suddenly pricing marginally stronger growth which makes sense with the US likely to rebound from its Q1 slump, Europe traveling OK and China aiming to stabilise things.