More record lows for bond yields

After a weak stimulus Budget the short end of the Australian curve has been bought bigly with the three year yield sinking to all-time lows:

Other durations are also bid:

But here has been a little steepening of the curve post-China data:

The short end spreads are keeping the pressure on the AUD:

Rate cuts are still not priced, demarcating the bull case.

David Llewellyn-Smith
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