The Reserve Bank of Australia has dumped its policy of yield curve control, becoming one of the first large central banks to act against a post-pandemic surge in prices.
The central bank said on Tuesday it would no longer try to keep the yield on three-year bonds at 0.1 per cent, following a week of turmoil in short-term bond markets during which yields soared after the RBA declined to defend its cap.
The shift makes the RBA one of the first advanced economy central banks to tighten monetary policy in the wake of the pandemic and will heighten pressure on the Bank of England to consider an interest rate rise when it meets on Thursday.
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