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RBA: The RBA does not offer to buy ACGBs today, the first day of actual
"inaction" since QE was launched (based on schedules and including semi
government bond purchases).
- As a reminder, the minutes of the Bank's April meeting noted that "the Bank
would continue to do what was necessary to achieve the three-year yield target,
with the target expected to remain in place until progress was being made
towards its goals for full employment and inflation. The Bank would also
continue to promote the smooth functioning of these important markets. Members
noted that, if conditions continued to improve, it was likely that smaller and
less frequent purchases of government bonds would be required."
- A subsequent speech from Governor Lowe noted that "with conditions more
settled at the moment, our plan for the immediate future is to schedule any bond
auctions we conduct for three days each week - Mondays, Wednesdays and
Thursdays. That does not mean that we will necessarily purchase bonds on each of
these days. Whether or not we do so will depend upon the yield on 3-year
government bonds and on market functioning."
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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