Barring some new and nasty shock, it appears the bond bear market is over. It has been the steepest sell-off through May since the foundation of Terra Australis:
Aussie bonds were even more dramatic. Most notably after the Ukraine war:
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There was little sense in this. Despite the rip-roaring surge in the Aussie terms of trade, it was never going to trigger an investment surge given so much of the price action was in coal. Moreover, the gas benefits were actually damaging as poor regulatory structure collapsed local energy markets.