Fed taper talk pushes yields higher
Thursday 20th May 2021The FOMC minutes gave away more than expected, with the Fed suggesting it might be appropriate at some point to discuss a plan to adjust the pace of asset purchases, if the economic recovery continues. Lots of caveats there, but markets responding pushing 10 year Treasury yields up 5 basis points quickly afterwards. NAB\u2019s David de Garis says the mere mention of tapering was enough to evoke a response, with inflation also back in full focus. Also today, Bitcoin lost almost a third of its value, before making most of it back again, after China announced a ban on financial institutions facilitating any transactions into or out of the currency. There\u2019s also discussion on today\u2019s Aussie employment numbers \u2013 NAB is more bullish than consensus on this, expecting the unemployment rate today.
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