The reality of having Australia's two largest cities back into lockdown is beginning to hit.

Earlier today:

Commonwealth Bank of Australia's Head Interest Rate Strategist Martin Whetton:

  • "The lockdowns in both Sydney and Melbourne are set to sharply impact the Australian economy
  • We see the market reaction to move ahead of this, and see the ACGB 10Y (Nov 31) trading towards 1% as a result.
  • Markets are likely to push back on the timing of rate hikes as well."

The second wave is looking like the good old days ....

Australia coronavirus sign