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Daily Alert: Frothy developments

  • Financial markets have continued to consolidate over the past 24 hours following the bond market craziness of late last week.
  • Helping keep a lid on yields yesterday was RBNZ Assistant Governor Hawkesby who joined the chorus of central bankers hitting the wires recently to lean against the big rise in bond yield.
  • Locally there’s a bunch of second tier data that markets will largely ignore (ANZ commodity prices & building consents), but in Australia fourth quarter GDP will be in focus.

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