Bond traders keep probing the limits of central banks’ patience, and nowhere is that clearer than in Australia, where policymakers are struggling to defend their yield target. The Reserve Bank of Australia bought A$5bn ($4bn) of bonds on Thursday, matching the record last March when it began quantitative easing. That eventually brought the targeted three-year yield down, but only after it hit a two-month high. A selloff that began in New Zealand also widened to Treasuries and Japanese debt, as the world’s sovereign bonds head for their worst month since April 2018. “The Australian bond market is in many ways caught in the crossfire of what’s happening in US Treasuries,” said Chamath De Sil
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