Inflation fears ticked briefly higher last week as crude oil spiked, but it didn’t last long and bonds continued with their recent recovery (yields lower) into Friday. We believe bond markets “want to go higher” which will provide a tailwind for stocks but the Middle East and oil price may make it a rocky journey.
- We continue to believe that credit markets are too hawkish and the RBA won’t hike rates again in 2026.
MM is bullish on Australian 3s, i.e., yields lower.
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