The Aussie 10-year yield may be forming a head-and-shoulders top:
![](https://api.macrobusiness.com.au/wp-content/uploads/2023/11/1-77.png)
The Aussie curve is still inverted in the belly suggesting endless per capita recession:
![](https://api.macrobusiness.com.au/wp-content/uploads/2023/11/2-55.png)
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I am bullish on duration in Australia because global forces will pull down yields. I am much less confident on the short end of the curve which is being elevated by persistent Alboflation.