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Market Update: Australia 10Y Bond Yield Hits 21-week Low
The yield on the Australian 10-year bond retreated to 1.3% in July, moving further below 2-year highs of 1.8% touched early in 2021 and tracking a global trend, as investors weigh concerns over global growth, rising inflationary pressures and the eventual need of an early monetary policy tightening. Early in the month, the yield edged up to 1.46% after the RBA started tapering its emergency stimulus but pledged to keep interest rates at record low until 2024. The central bank did not extend its yield-target horizon beyond April 2024 and reduced the amount of long-dated bond purchases to A$4 billion a week from A$5 billion. [/s2If]
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