Wednesday 31st March 2021US 10 year Treasury yields hit a 14 month high overnight, as the US dollar rose higher. Phil Dobbie asks NAB’s Ray Attrill how much of today’s movement can be attributed to end of month and end of quarter rebalancing? And how much of a reaction can we expect after Joe Biden announces his infrastructure plan later tonight – which could cost anything from US$2.2 to 4 trillion. There are plenty of moving parts to influence markets, from the total size of the package to how it will be funded – government debt or taxation. There could also be a response to jobs numbers from the US today and on Friday. The Fed’s Raphael Bostic has predicted a million jobs a month over summer, if that happens sooner it could put pressure on bond yields over the long weekend.

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