Australia’s 10-year government bond yield held around 5.0%, its highest level since July 2011, as investors continued to price in the likelihood of further monetary tightening. Data released on Thursday showed that, although unemployment unexpectedly rose in February, it remained relatively low as the economy added more jobs than anticipated. This points to a still-tight labor market, supporting the Reserve Bank of Australia’s view that the economy is resilient enough to hold up with higher interest rates. Earlier in the week, the RBA raised its cash rate for a second consecutive time, citing persistent inflation, with elevated energy prices stemming from the war in the Middle East adding further cost pressures. Currently, traders imply a 56% chance of another quarter-point increase in May, with an additional 50 basis points of tightening expected over the rest of the year. A move in May would fully reverse last year’s rate cuts.

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