Australia’s 10-year government bond yield steadied near 4.80% after hitting a two-week low in the previous session, as the RBA reaffirmed its hawkish stance. Governor Michele Bullock, speaking before parliament, said the central bank is prepared to tighten policy further if price pressures persist, saying that inflation “with a three in front of it” is unacceptable. The RBA projects both headline and core inflation to remain above target this year. Bullock’s remarks echoed those of Deputy Governor Andrew Hauser, who earlier warned that inflation remains too high and continues to pose a major challenge for policymakers. Data out today showed consumer inflation expectations rose to an eight-month high of 5% in February, adding to the case for a hike. The RBA raised its cash rate to 3.85% last week, becoming the first major central bank to resume tightening this year. Traders are now pricing in an 80% probability of a follow-up hike in May and a 60% chance of a third move later this year.

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