The Governor of the Reserve Bank has announced the intention to reduce the weekly purchases from $5 billion to $4 billion and not to extend its Yield Curve Target from the April 2024 bonds to the November 2024 bonds – two clear signs that policy is tightening…..<\/p>\n
The decision to not extend the Yield Curve Target program to the November 2024 bonds….Giving up the option to extend the purchases at 0.1% to a 3 year 4 month bond from a 2 year 9 month bond, is effectively tightening policy.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"
From Bill Evans at Westpac: The Governor of the Reserve Bank has announced the intention to reduce the weekly purchases from $5 billion to $4 billion and not to extend its Yield Curve Target from the April 2024 bonds to the November 2024 bonds – two clear signs that policy is tightening….. The decision to … <\/p>\n
Continue reading “RBA tapers”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,31],"tags":[2827,2860,3329,3667,4967,4968],"class_list":["post-26676","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-the-fed-banks-interest-rates","tag-qe","tag-rba","tag-taper","tag-westpac","tag-ycc","tag-yield-curve-control"],"yoast_head":"\nRBA tapers - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBA tapers - the patient investor\" \/>\n<meta property=\"og:description\" content=\"From Bill Evans at Westpac: The Governor of the Reserve Bank has announced the intention to reduce the weekly purchases from $5 billion to $4 billion and not to extend its Yield Curve Target from the April 2024 bonds to the November 2024 bonds – two clear signs that policy is tightening….. 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An already torrid week for debt got even worse when the Reserve Bank of Australia\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":28677,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/11\/05\/rba-monetary-policy-and-the-housing-market\/","url_meta":{"origin":26676,"position":1},"title":"RBA monetary policy and the housing market","author":"Colin Twiggs","date":"November 5, 2021","format":false,"excerpt":"Stephen Bartholomeusz writes that the RBA was forced to abandon its efforts at yield-curve control (YCC) because of bond market resistance: ...Confronted with market rates for the 2024 bonds that made a mockery of its yield target, the RBA had some options. It could have changed the maturity targeted; it\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":28639,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/11\/02\/australia-inflation-coming\/","url_meta":{"origin":26676,"position":2},"title":"Australia: Inflation coming","author":"Colin Twiggs","date":"November 2, 2021","format":false,"excerpt":"The latest Roy Morgan consumer survey shows Australians expect inflation of 4.8% annually over the next two years, up 0.3% points, and the highest in seven years. Roy Morgan CEO Michele Levine: \"Inflation Expectations have increased rapidly over the last year and are now up 1.6% points since August 2020\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14843,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/02\/18\/bond-spreads-bullish-for-us-less-so-australia\/","url_meta":{"origin":26676,"position":3},"title":"Bond spreads bullish for US, less so Australia","author":"ColinTwiggs","date":"February 18, 2017","format":false,"excerpt":"Yield Curve The yield curve is one of the best predictors of US economic recessions. Every time the yield curve has turned negative in the last fifty years, a recession has followed. First of all, what is a yield curve? It is the plot of yields on bonds, normally Treasuries,\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24386,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/03\/05\/powell-upsets-the-bond-market-again\/","url_meta":{"origin":26676,"position":4},"title":"Powell upsets the bond market again","author":"Colin Twiggs","date":"March 5, 2021","format":false,"excerpt":"Fed Chairman Jerome Powell unsettled bond markets with his responses during a Wall Street Journal webinar on Thursday. The 10-year Treasury yield climbed to a close of 1.54% on Thursday. As the economy reopens this spring and summer, and vaccines are distributed and the coronavirus retreats, many economists expect a\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18049,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/03\/30\/inverted-yield-curve-is-no-cause-for-panic-yet\/","url_meta":{"origin":26676,"position":5},"title":"Inverted yield curve is no cause for panic….yet","author":"Colin Twiggs","date":"March 30, 2019","format":false,"excerpt":"10-Year Treasury yields continue to fall. A Trend Index peak below zero signals strong selling pressure (purchases of bonds).\u00a0 Target for the decline is primary support at 2.0%. The spread between 10-Year and 3-Month Treasury yields is at zero, warning that the yield curve is about to invert. 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