| Close | Previous Close | Change | |
|---|---|---|---|
| Australia 3-year bond* (%) | 4.06 | 4.06 | 0.00 |
| Australia 10-year bond* (%) | 4.46 | 4.46 | 0.00 |
| Australia 20-year bond* (%) | 4.70 | 4.70 | 0.00 |
| United States 2-year bond (%) | 4.99 | 4.93 | 0.06 |
| United States 10-year bond (%) | 4.70 | 4.64 | 0.06 |
| United States 30-year bond (%) | 4.81 | 4.77 | 0.04 |
* Implied yields from June 2024 futures. As at 25 April.
LOCAL MARKETS
Markets closed for ANZAC Day.
The next RBA Board meeting ends on 7 May. May futures imply an average cash rate of 4.32% for the month and thus a zero probability of a 25bp rate cut at the meeting. May 2025 futures imply 4.165%, 15bps below the current cash rate, or a good chance of a 25bp cut between now and next May.
US MARKETS
US Treasury bond yields rose moderately across the curve. Data releases included Q1 GDP figures, March wholesale inventories and initial jobless claims.
The next FOMC meeting ends on 1 May. May federal funds futures implied an average cash rate of 5.32% for the month and thus an almost-zero probability of a 25bp rate cut at the meeting. However, April 2025 contracts implied 4.815%, 52bps less than the current rate.
