The Fed meets this week which will probably add some volatility to bond markets but we actually think most of the action for 2021 is now behind us. The shorter dated 2-years don’t look unlike our own 3-years showing the RBA wasn’t just fighting a local move i.e. globally rates are being flagged to rise sooner than previously expected as the global economy led by individual companies recovers from COVID faster than many predicted.
MM is now neutral US short dated bond yields into Christmas
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