FILE PHOTO: The Fearless Girl statue is seen outside the New York Stock Exchange in New York, U.S., February 12, 2021. REUTERS/Brendan McDermidWhat happened to keeping borrowing costs in check? All of a sudden, central banks are grappling with rising bond yields that could threaten recovery prospects.
The RBA tried to defend its 0.1per cent target on three-year yields. If Tuesday's euro zone data shows inflation ticking higher, pressure will grow on the ECB, too.Graphic: Bond yield surge and central banks - https://fingfx.thomsonreuters.com/gfx/mkt/rlgvdeekopo/themeTHISONE2602.pngThe bond rout poses a test for the RBA's yield-curve control policy when it meets Tuesday.
So he'll be thinking of ways to plug rather than enlarge budget holes. Expectations are for the corporation tax rate to be upped from the current 19per cent. With oil prices at 13-month highs, the OPEC+ producers' meeting on March 4 is expected to discuss a modest easing of supply curbs from April. Russia is keen to raise supply. Saudi Arabia's voluntary 1 million bpd cut also expires in March, and that supply may return from April.
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