Australia’s government bond yield fell to 4.71%, retreating from an over two-year high as investors reassessed the outlook for monetary policy following a mixed jobs report. Employment declined by 23,100 in November, following a 41,000 increase in October and undershooting expectations for a 20,000 gain. This points to a cooling labor market, which reduces pressure on the RBA to tighten policy. Unemployment rate, however, was unchanged at 4.3%, slightly below forecasts of 4.4%. Markets now assign only a 23% probability of a rate hike in February, while the odds of a move in May have dropped from nearly 100% to around 70%. The labor-market figures came after the RBA kept its cash rate at 3.6% on Tuesday and ruled out further rate cuts while leaving the door open for future hikes as inflationary pressures show signs of rebuilding.

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