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Daily Alert: Don’t Fight the Fed, NZD/USD hits 2-year lows

  • The old adage above has been the driving narrative in global financial markets over the past 24 hours, producing some unsettlingly large moves
  • One and two-year NZ swap yields both leapt around 25bps yesterday, to the highest level since early 2009 in the case of the former (4.04%) and 2010 the latter (4.4%)
  • There’s a good chance these moves in NZ yields extend on our open given offshore yields have continued to press higher overnight

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