BOND_11.07.25.csv
| Close | Previous Close | Change | |
|---|---|---|---|
| Australian 3-year bond (%) | 3.434 | 3.404 | 0.03 |
| Australian 10-year bond (%) | 4.33 | 4.292 | 0.038 |
| Australian 30-year bond (%) | 5.006 | 4.968 | 0.038 |
| United States 2-year bond (%) | 3.885 | 3.86 | 0.025 |
| United States 10-year bond (%) | 4.38 | 4.346 | 0.034 |
| United States 30-year bond (%) | 4.904 | 4.8795 | 0.0245 |
Overview of the Australian Bond Market
Australian government bond yields rose, with the 10-year yield up 4 basis points to 4.32%, and the 15-year up 4 basis points to 4.66%, following the RBA’s steady 3.85% rate.
The 2-year yield increased 2 basis points to 3.40%, reflecting short-term adjustments. The RBA’s hold, defying earlier cut expectations, drove the yield uptick. Markets price four cuts (100 basis points) by mid-2026, with the timeline under review.
Global yields were stable, with a focus on the OBBBA’s fiscal impact and the August 1 tariff deadline. The AUD/USD fell 0.12% to 0.6581, pressured by commodity volatility.
Overview of the US Bond Market
The yield on the benchmark 10-year Treasury note settled at 4.41%, up 1 basis point daily. The 30-year yield rose to 4.95%, up 1 basis point, as markets adjusted to fiscal and trade dynamics.
The 2-year yield increased to 3.88%, up 1 basis point, while the 5-year yield rose to 3.97%, unchanged daily. The yield curve steepened slightly, reflecting cautious sentiment amid the OBBBA’s stimulus. Market expectations price two Fed cuts by year-end, favouring September, with the August 1 tariff deadline in view.
