Australian 10-Year Bond Yields

The local 10s drifted back towards 4% last week, the bottom of 2025’s range, as credit markets focused on likely RBA rate cuts. Helped by supportive economic data, local futures markets are now pricing in at least three cuts before Christmas, with the outside possibility of a fourth.

• We can see the local 10s rotating around 4% into Christmas; the lower they move, the more supportive it is for stocks.