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1.Market Observations, 8.Was Sticky

8 Aug 2019 (AFR) – ‘Whatever it takes’: NZ’s turn in bond market’s race to the bottom

(8 August 2019, AFR, p1, Vesna Poljak and William McInnes)

‘The Reserve Bank of New Zealand has joined the global race to the bottom, declaring it will do “whatever it takes” and echoing the famous promise by European Central Bank president Mario Draghi that preceded an era of zero per cent interest rates that Europe has never escaped from. RBNZ governor Adrian Orr’s shock move to cut rates by half a percentage point and get in front of the escalating global currency war sent Australian 10-year bonds to a fresh record low 0.96 per cent. It is the greatest rally in Australian bonds since at least the 1980s, when Paul Volcker snapped the force of high inflation.’

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