Aussie bond yields break out

It ain’t just China! Aussie bond yields are hitting new highs today as well as the back-up marches hand in hand with falling commodity prices. A full rate hike priced now:

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The curve is flattening again though:

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But we’re now outstripping US bonds:

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Frankly, the US steepening still looks very unconvincing:

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But the yield spread has widened a little:

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Not sure what the driver is today. Didn’t we save the AAA?!?

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