NAB Look For RBA Guidance In Feb Re: Bond Purchases

NAB note that "the complicating factor for the Australian market is the RBA's unconventional policies whereby its current QE program has an end date while it is also conducting Yield Curve Control. It is the YCC policy and more measured QE program relative to other Central banks which has likely been a factor keeping the Australian 3-/10-Year bond curve steeper in a global context. Our expectation is that the RBA will provide some guidance in terms of its QE program and YCC in its February Board meeting which has the potential to impact the shape of the Aussie curve relative to our peers."