The RBA was far more dovish than we expected last week. After starting off her role as RBA Governor from a very conservative standpoint, Michele Bullock appears comfortable with where inflation and the economy are headed. With local bonds trading on a firmer footing than their US counterparts, all bodes well for the relative performance of the ASX in the coming year.
- We believe the RBA will cut rates a few more times in 2025, which should keep the 10s trading around 4%.
MM remains cautiously bullish about Australian 10-Year Bonds (yields lower)
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