| Close | Previous Close | Change | |
|---|---|---|---|
| Australia 3-year bond* (%) | 3.79 | 3.83 | -0.02 |
| Australia 10-year bond* (%) | 4.21 | 4.23 | -0.02 |
| Australia 20-year bond* (%) | 4.56 | 4.57 | -0.01 |
| United States 2-year bond (%) | 4.12 | 4.10 | 0.02 |
| United States 10-year bond (%) | 4.19 | 4.16 | 0.03 |
| United States 30-year bond (%) | 4.38 | 4.34 | 0.04 |
* Implied yields from December 2024 futures. As at 9 December.
LOCAL MARKETS
Australian Commonwealth Government bond yields declined modestly across the curve. There were no economic reports of note released on the day.
The next RBA Board meeting ends on 10 December. December futures implied an average cash rate of 4.33% for the month, thus pricing in a low probability of a 25bp cut at the meeting. November 2025 futures implied 3.62%, 72bps below the current cash rate, thus inferring two 25bp cuts and a high probability of a third one between now and next November.
US MARKETS
US Treasury bond yields rose by increasing amounts across a steeper curve. There no especially notable economic reports released on the day.
The next FOMC meeting ends on 18 December. December federal funds futures implied an average cash rate of 4.49% for the month and thus a high probability of a 25bp rate cut at the meeting. November 2025 contracts implied 3.74%, 84bps less than the current federal funds effective rate.
