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MNI BRIEF: RBA Admits "Reputational Damage" From Yield Target

MNI (Sydney)
SYDNEY (MNI)

The Reserve Bank of Australia has conceded that the “disorderly” exit from its yield target program in November 2021 “caused some reputational damage to the bank.”

The RBA on Tuesday released an internal review of the success of its yield target program, which saw the central bank buy three year government bonds with the aim of keeping the yield at 0.10% to match the record low level in official interest rates. The RBA abandoned the yield target after yields on the bonds surged to 0.8% under sustained pressure from the market, (See: MNI: RBA Reviews Set To Kick Off On Policy, Targets).

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The Reserve Bank of Australia has conceded that the “disorderly” exit from its yield target program in November 2021 “caused some reputational damage to the bank.”

The RBA on Tuesday released an internal review of the success of its yield target program, which saw the central bank buy three year government bonds with the aim of keeping the yield at 0.10% to match the record low level in official interest rates. The RBA abandoned the yield target after yields on the bonds surged to 0.8% under sustained pressure from the market, (See: MNI: RBA Reviews Set To Kick Off On Policy, Targets).

Keep reading...Show less