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The Australian two year bond just hit another record low yield of 1.66%, now well and truly into pricing a third rate cut:
The 5 and 10 year are both still above previous lows so we’re seeing a little curve steepening (supposedly good growth) at least for today.
The entire curve will most likely shunt lower this afternoon at 2.30pm.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.