Here's our summary of key economic events overnight that affect New Zealand, with news global markets are putting upward pressure on interest rates and that is spilling over to our local markets. In another very well supported US Treasury bond auction, this one for the five year maturity, the median yield fell to 4.48% pa from the prior event's 4.59%. It seems financial markets are persuaded that inflation is decreasing now and higher yields are not required. But the US Treasury two year bond auction was considered 'soft' by market observers despite its even better support levels. The Australian 10 year bond yield is now at 4.39% and up +7 bps.
