And that the Reserve Bank of Australia will not extend the yield target to November 2024 bond.
- The RBA Board is likely to decide that there will be no extension of the YCT to the November 2024 bond at the July Board meeting because such action would imply no tightening till 2025. We expect the Governor to announce an open ended $5 billion per week QE program follow the completion of QE2. We continue to expect that the ultimate level of additional purchases will reach the $150 billion which we have for some time.
NAB made a similar forecast, I'll post up separately