It’s all coming true today. The 10 year bond yield just cracked support at 2.69%:
It is now in an established downtrend that could take it all the way back to 2.4% and lower. Broader yields are also falling with half a rate cut now priced into the 2 year:
It’s inevitable now that the RBA will move again, probably this year, as the commodity rout spreads, with iron ore yet to crack, with housing under macroprudential and foreign laws pressure, with the dollar stuck owing to the Fed.
US yields are narrowing somewhat:
And German yields are coming in on oil:
If we get to $40 Brent these moves will grow.