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Analysts at the National Australian Bank (NAB) express their take on the Reserve Bank of Australia’s (RBA) other major central banks’ response to the surging yields.

Key quotes

 “While the RBA has pushed back against higher yields through its QE purchases, it’s worth noting that other central banks are seeing the rise in longer-dated yields as a more positive sign.”  

“Officials from the US Fed and the BoE have said yield moves largely reflect markets pricing in a better economic outlook, with little pushback apart from re-affirming current policy guidance to remain accommodative.”  

“The ECB has been a little more circumspect. warning that a rise in yields could tighten financial conditions and impede progress on its policy goals.”