- Today's steps came partly as a result of rising US long-term rates
- Strength of inflation, wages still not sufficient
- Inflation outlook is slightly improved but can't say with full confidence that it can be sustained
- But we are getting gradually closer to achieving the price target
10-year JGB yields are already at 0.95% so that is a bit naive of him to try and play down the situation. That especially as he acknowledges that the global bond rout is also to do with Treasuries, which in all likelihood could extend further as 10-year yields are sitting just under 5% still for now.
