Australian Yields Spike to Join Global Push Toward 2022 Peaks

Australian bond yields jumped to the highest this year as global investors’ confidence that the worst is behind the debt markets buckled in the face of central banks determined to tame inflation.

Benchmark 10-year Australian yields rose as much as 13 basis points to 4.14%, a level last seen in October when global bonds reeled after then-UK leader Liz Truss’ tax-cut set off a meltdown in gilts. British markets were again at the fore this week, as 10-year gilt yields came close to their 2022 highs with swaps traders betting on more aggressive Bank of England moves.