The RBA’s panic-busting QE is doing a great job of restoring order. Bonds have been bid almost without cease since the great dislocation:
I expect spreads to come in further yet. The curve is still far too steep for the massive deflation and growth bust that is at hand:
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The 10 year at 50bps and 15 year at 75bps seems reasonable. Beyond that it’s in the lap of the gods. Could Aussie yields go negative? Who knows!