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RBA: On bond purchases, "globally, financial markets are working more
effectively than they were a month ago, although conditions have not completely
normalised. This improvement reflects both the decline in infection rates and
the substantial measures undertaken by central banks and fiscal authorities.
Credit markets have progressively opened to more firms and long-term bond rates
remain at historically low levels. In Australia, the functioning of the
government bond markets has improved and the yield on 3-year Australian
Government Securities (AGS) is at the target of around 25 basis points. Given
these developments, the Bank has scaled back the size and frequency of bond
purchases, which to date have totalled around $50 billion. The Bank is prepared
to scale-up these purchases again and will do whatever is necessary to ensure
bond markets remain functional and to achieve the yield target for 3-year AGS.
The target will remain in place until progress is being made towards the goals
for full employment and inflation."
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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