NAB – The Morning Call · Bond yields switch direction as volatility continues
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Bond yields switch direction as volatility continues

By phildobbie — 3 months ago

Monday 1st March 2021

Friday saw a reversal in the bond sell-offs earlier in the week, seeing 10 year yields in the US falling back top 1.4%. Phil Dobbie asks NAB’s Rodrigo Catril whether the RBA can ignore this volatility this morning, particularly as they were arguably slow to respond last week, eventually buying up $7 billion of bonds. What impact will Biden’s $1.9 trillion stimulus package have, even if it does get whittled down by $400 million or so this week? And there’s rising concerns about inflation, particularly in Europe. If we are to keep volatility under control we really need to see data which shows a gradual economic improvement, without upside surprises.

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Phil Dobbie
phildobbiePhil Dobbie@phildobbie·
13 May

Equities bounced back in the US today, as attention switches beyond temporary inflation to the US getting back to work. All the signs we are seeing are that the US is reopening, say David de Garis. https://t.co/PGhGeZ6DH2

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phildobbiePhil Dobbie@phildobbie·
12 May

US CPI numbers came in much higher than expected, with a swift market reaction. NAB’s David de Garis says the bond market reaction has been mature, but you could argue that the equity market has overreacted. Listen to why: https://t.co/UbdAjb9zja

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