Last week the Reserve Bank of Australia bought April 2024 Australian government bonds to defend their 0.1% yield target.

The Bank had been absent the market for a long time, which allowed the yield to climb to circa 0.17%.

Yields have risen again, very notably since yesterday's CPI data:

At 11.15am Sydney time (0015 GMT) we'll see if the RBA is back in the market once again buying the target April 2024 bond.

ps. Plenty of discussion about locally this morning in Australia that the RBA will drop its QE program by February 2022. This would be a bit of a surprise, but not nearly so much as after last night when the Bank of Canada binned its QE program immediately.