Thursday 7th April 2022Bond markets have reacted sharply and briefly to the FOMC minutes this morning, which suggested the Fed might start slashing its balance sheet sooner rather than later. This added to the sentiment expressed by Lael Brainard earlier in the week, which saw the yield curve steepening a little. Phil Dobbie asks NAB’s Gavin Friend what these moves are telling us, and why the impact has cut short the strengthening of the Aussie dollar. Maybe strong trade numbers today will turn it around again. There’s also discussion about German factory orders and tonight’s ECB minutes.

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