When central banks panic, markets stop panicking is a phrase used by Michale Hartnett at BofA.
It is my view that this neatly captures where Australian yields are today. With the RBA likely to hike at least once more and probably twice amid a very weak economy, the Aussie yield curve is likely to flatten.
Also, US bonds are going through a topping process for yields which will filter through to a bond bid in Australia when the time is right.