YieldReport - Your Income Advantage @YieldReport

Weekly Term Deposits Update Over the past week, ending August 7, 2026, the strongest opportunity across the deposit curve remains concentrated around 6 months to 1 year, where average rates are highest and competition is deepest. The standout tenor is 1 year, with an average rate of 4.94% (unchanged from last week), median 5.18%, and top rates of 5.35% from AMP Bank, ME Bank, RACQ Bank, Suncorp Bank and Judo Bank. Marginal median decline from last week signals softening in mid-market 1-year rates, though topend rates hold firm. The quartile spread remains stable at 0.44%, indicating consistent dispersion in this market. For shorter terms, value remains uneven. 1–2-month deposits have low average rates of 1.54% and 1.79%,  with wide ranges driven by a few high-rate outliers. Great Southern Bank and in1bank lead at 3.50%–4.00%, but most institutions are materially lower. These terms suit liquidity parking only. Read more - zurl.co/TNNU6 #YieldReport #TermDeposits #DepositRates #InterestRates #AustralianBanking #FixedIncome #YieldCurve #InvestmentStrategy #FinancialMarkets #MarketInsights

Chart of the Week - U.S.–Japan Joint Yen Intervention Pushes USD/JPY Japan spent JPY 8.45 trillion, or about USD 52.8 billion, buying yen on July 30, marking the largest single-day foreign-exchange intervention on record. The New York Federal Reserve also conducted a rate check, signalling possible U.S. involvement and triggering a sharp decline in USD/JPY. On July 31, the U.S. Treasury reportedly instructed Goldman Sachs and Morgan Stanley to sell euros and buy yen, pushing USD/JPY back toward 157. Japan later confirmed that the two countries had coordinated their response to excessive and disorderly currency movements. Read more - zurl.co/yj0Xj #YieldReport #USDJPY #FXIntervention #JapaneseYen #Forex #GlobalMarkets #Macroeconomics #CurrencyMarkets #FinancialMarkets #Japan #ChartOfTheWeek

Weekly Overview of the ETF Markets. Miners and Energy Extend Gains as Crypto Rebounds Australia's exchange-traded fund market continues to run hot, and the momentum shows little sign of easing. After a record year of inflows, the industry is bracing for further growth as changes to capital gains tax rules push investors toward vehicles that net gains and losses internally, a structural advantage ETFs hold over many alternatives. Fund managers are responding in kind, with a steady pipeline of new launches spanning thematic and specialist strategies, from quantum computing and semiconductors to rare earths sourced outside China. With the number of ASX-listed ETFs continuing to climb and total assets under management pushing higher, issuers expect both the fund count and industry AUM to keep setting records over the next few years. Notably, the flood of new active ETFs from well-known managers hasn't translated into proportional investor interest. Despite dominating new listings, active funds have captured only a small share of inflows, as underwhelming performance keeps retail money flowing toward cheaper, passive index options. Thematic investing remains where the real energy lies, with AI and semiconductor strategies leading both performance and demand, even as some crowded themes, such as space, remind investors that enthusiasm doesn't guarantee returns. Read more details - zurl.co/g4gkj #AustralianMarkets #ETFs #ExchangeTradedFunds #Investing #InvestmentInsights #FinancialMarkets #PassiveInvesting #ThematicInvesting #AIInvesting #Semiconductors #WealthManagement #CapitalMarkets #MarketAnalysis #Finance

Overview of the Australian Daily Bond Market Australian government bond yields fell broadly on Wednesday, August 5, 2026, as progress toward an Iran-Oman agreement on Strait of Hormuz shipping rights drove oil prices sharply lower, easing near term inflation expectations and reducing the perceived urgency for further Reserve Bank of Australia tightening. The 2-year yield declined six basis points to 4.49%, the 5-year fell six basis points to 4.52%, the 10-year eased six basis points to 4.90% and the 15-year slipped five basis points to 5.15%. The move was broad-based and consistent with the thesis at work across global markets, where lower energy prices relieve central banks of pressure to act. The Australian dollar strengthened to 0.7048 US cents on Wednesday from 0.7014 the previous day, supported by rising metals prices and a broadly weaker US dollar, which itself retreated as the prospect of a Hormuz deal reduced safe haven demand for the greenback. Copper’s proximity to record highs and gold’s 4.2% advance to $4,248 an ounce reinforced the currency’s commodity linked foundations. The AUD’s resilience on a day of strong domestic equity performance reflects a market increasingly comfortable pricing a soft landing scenario for Australia, particularly if oil prices remain contained and the RBA pauses its tightening cycle next week as expected. Read more: zurl.co/6WQwq #AustralianMarkets #RBA #GovernmentBonds #FixedIncome #InterestRates #AustralianDollar #Inflation #OilPrices #Commodities #GlobalMarkets #EconomicOutlook #MarketUpdate #InvestmentInsights #MacroStrategy #MarketCommentary

Australian short term and fixed income markets settled into a calmer rhythm in the week to 31 July 2026, as the swap curve's rally lost momentum while the BBSW strip maintained its pattern of uneven, front end led pressure. Where the previous week saw both segments move sharply and in unison, this period was marked by a clear cooling: swap tenors advanced only fractionally after four weeks of steep gains, even as monthly figures continue to confirm the broader upward re-pricing that began in mid May remains firmly intact. Across the BBSW strip, the divergence between tenors persisted, with the longer end again driving most of the movement. The 1 month rate was essentially unchanged, ticking up less than 1 basis point to 4.31 per cent, with its monthly change equally negligible reinforcing its position as the strip's most stable point. The 3 month tenor rose 4 basis points to 4.50 per cent, matching that gain over the month. The 6 month rate again posted the largest weekly move on the strip, climbing 11 basis points to 4.82 per cent, though its monthly increase of just 2 basis points suggests this latest push has been a largely standalone weekly event rather than part of a sustained trend. Read more details - zurl.co/Q58y1 #BBSW #SwapRates #InterestRates #FixedIncome #YieldReport #AustralianMarkets #Bonds #RBA #FinancialMarkets #foresightanalytics

Overview of the US Treasuries Market The bond market finished July with a decisive sell off as investors reassessed inflation risks, geopolitical uncertainty and the outlook for global monetary policy. U.S. Treasury yields rose sharply across the curve, led by long dated bonds, reflecting expectations that persistent inflation and elevated government borrowing costs could keep interest rates higher for longer. The 10-year Treasury yield climbed to 4.74%, its highest level since January 2025, while the 30-year yield reached 5.27%, marking a 19-year high. The primary catalyst was a renewed surge in oil prices following escalating tensions in the Middle East. Crude oil gained more than 20% during July, reviving concerns that energy driven inflation could derail the disinflation trend seen earlier in the year. Investors became increasingly concerned that central banks, particularly the U.S. Federal Reserve, may need to maintain restrictive policy settings for longer if inflation proves more persistent. Economic data also contributed to the move. U.S. consumer and business confidence improved, while employment costs exceeded expectations, reinforcing the view that the economy remains resilient despite elevated borrowing costs. These indicators reduced expectations for imminent policy easing and supported higher Treasury yields and a firmer U.S. dollar. Globally, bond markets reflected similar themes. Eurozone government bonds experienced volatility as investors balanced hopes for moderating inflation against ongoing geopolitical uncertainty. Barclays described European rates markets as caught in an "endless cycle of hope and fear," with Middle East developments continuing to drive expectations for growth, inflation and central bank policy. U.K. gilt yields eased briefly when oil prices retreated on reports of progress towards a Middle East ceasefire, illustrating the strong relationship between energy markets and fixed income pricing. Looking ahead, attention will shift to key U.S. labour market data and the Treasury's quarterly refunding announcement. Analysts expect the Treasury to leave issuance sizes unchanged, arguing that already elevated long-term yields reduce the incentive to increase bond supply. Market participants also remain focused on Federal Reserve communications, with many viewing inflation linked securities as an effective hedge against persistent inflation risk. Overall, July reinforced that geopolitical developments, energy prices and inflation expectations remain the dominant drivers of global bond markets and yield movements. #USTreasuries #BondMarket #FixedIncome #TreasuryYields #InterestRates #FederalReserve #GlobalMarkets #Investing #MarketUpdate

The week ending 31 July 2026 brought a broadly steady tone to ASX-listed hybrids, with the standard segment showing a wider spread of moves than recent weeks while the non-standard pair again shifted only slightly. The sector's median trading margin, measured against 3-month BBSW, tightened further to 1.50% a fresh low for the series and well shy of both the 20 March 2020 spike of 7.34% and the 29 February 2016 peak of 5.61%, confirming that spreads remain unusually compressed by historical standards. Yield rankings held their shape. Nufarm (NFNG) again led the non-standard cohort, easing slightly to 10.57%, ahead of Ramsay Health Care (RHCPA) at 9.14%. Among standard issues, Judo Capital (JDOPA) stayed on top at 9.97%, with Latitude (LFSPA) at 9.26% and Macquarie Bank Capital Notes 2 (MBLPC) at 9.12% preserving their premium over the major-bank cluster. Read more - zurl.co/CiLPr #YieldReport #WeeklyHybrids #HybridSecurities #ASXHybrids #IncomeInvesting #FixedIncome #AustralianMarkets #InvestmentResearch #PortfolioManagement #CreditMarkets #MarketUpdate #YieldStrategies #WealthManagement #FinancialMarkets #InvestorInsights

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Overview of the Australian Equities Market Australian equities finished July on a positive note, extending their winning streak to four consecutive months despite a late-session pullback as investors locked in profits ahead of the historically weaker August–September period. The S&P/ASX 200 closed up 0.1% at 8,976.8 after surrendering most of an early 92-point rally, while the All Ordinaries gained 0.16% to 9,137. Although momentum faded into the close, July once again proved to be the Australian market's strongest seasonal month, supported by favourable capital flows and improving investor sentiment. Several factors underpinned the market's resilience throughout the month. New financial year investment inflows, softer than expected inflation data and growing expectations of interest rate cuts improved confidence in Australian equities. Strong earnings from Rio Tinto further lifted sentiment, while the ASX's relatively defensive, low-beta composition attracted investors seeking stability amid heightened volatility across Asian markets. Mining stocks were the standout performers on Friday, with the materials sector rising 1.4% as investors continued to seek exposure to the artificial intelligence investment theme through copper and diversified mining companies. Australia's limited technology sector has increasingly positioned major resource stocks as an indirect beneficiary of global AI driven infrastructure spending. AI related infrastructure companies Megaport and NextDC also recorded strong gains, reflecting renewed enthusiasm after Wall Street's technology sector rebounded. Read more - lnkd.in/gSf5FhhD #AustralianEquities #ASX200 #MarketUpdate #InvestmentInsights #GlobalMarkets #FinancialMarkets #EquityMarkets #Inflation #InterestRates #CentralBanks #OilPrices #Geopolitics #PortfolioStrategy #MarketOutlook #WealthManagement

Australian interest rate market pricing shifted more decisively dovish over the week to 31 July 2026, with the 31-Jul curve pulling back below both the 24-Jul and 17-Jul profiles across most of the forward horizon. Rather than a mild consolidation after a hawkish fortnight, this week's move was driven by a specific and material catalyst the release of Australia's June quarter CPI data which delivered a decisive re-pricing across the curve and all but closed the door on an August rate hike. At the front end, implied rates for July and August 2026 remain anchored directly on the prevailing cash rate of 4.35%, with all three curves sitting almost identically at shorter tenors. That near-term convergence now reflects near-certainty of a hold at the August meeting, with market-implied hike odds for that meeting collapsing from around 21% heading into the week to approximately 3-4% following the inflation release a shift large enough to remove August as a live decision in any practical sense. Further out, the 31-Jul curve retains the familiar hump shape seen in prior readings but at a materially lower level than the 24-Jul profile through late 2026 and into early 2027. Pricing through this stretch has stepped down noticeably, reflecting the broader reassessment of the tightening path prompted by the softer inflation print. From around March 2027 onward the three curves converge more closely, with implied rates settling toward 4.35-4.45% by mid 2027, suggesting any residual tightening premium is now concentrated in the near to medium term rather than sustained across the full horizon. The catalyst was unambiguous. June headline CPI eased to 3.8% year-on-year, coming in below both the prior month's 4.0% reading and market expectations a result that prompted all four major banks to revise their August forecasts to a hold. With the inflation impulse from the Middle East energy shock now visibly fading, and three rate hikes already in the system, markets are increasingly treating the RBA's pause as something more durable than a temporary wait and see stance. Whether that conviction holds will depend on the August meeting statement and whether the Board retains or softens its explicit tightening bias. Read more - zurl.co/NAAwU #Australia #RBA #InterestRates #MonetaryPolicy #Inflation #CPI #AustralianEconomy #BondMarket #FinancialMarkets #MacroEconomics #MarketOutlook #MarketAnalysis

Weekly Term Deposits Update Over the past week, ending July 31, 2026, the strongest opportunity across the deposit curve remains concentrated around 6 months to 1 year, where average rates are highest and competition is deepest. The standout tenor is 1 year, with an average rate of 4.94% (down 0.04% from 4.98% last week), median 5.20%, and top rates of 5.35% from RACQ Bank, ME Bank, AMP Bank, Suncorp Bank and Judo Bank, down significantly from 5.40% last week. This represents a notable pullback at the top end, as Military Bank has dramatically retreated from 5.40% to 3.80% a sharp 1.60% decline. The quartile spread has widened to 0.44% from 0.25%, indicating increased dispersion in the 1 year market. For shorter terms, value remains uneven. 1-2 month deposits have low average rates of 1.54% and 1.79%, with wide ranges driven by a few high-rate outliers. Great Southern Bank and in1bank lead at 3.50% - 4.00%, but most institutions are materially lower. These terms suit liquidity parking only. Read more - zurl.co/TNNU6 #YieldReport #DefensiveIncome #TermDeposits #FixedIncome #InterestRates #InvestmentStrategy #IncomeInvesting #WealthManagement #AustralianMarkets #FinancialMarkets #MarketInsights #YieldReport #Investing

Chart of the Week - Fed Funds Rate Vs 2 Year Treasury Yields The macro message from recent data suggests upside risks to inflation now outweigh downside risks to the labour market. When that is the case, a rate hike is warranted from a risk management perspective. The bond market appears to agree. The two year note yield, which is highly sensitive to Fed policy expectations, is now almost 75bps above the federal funds rate. That suggests that the market expects the Fed to reverse all three “insurance cuts” delivered last year, which were predicated on inflation moderation and labor market softening. Two year government yields are also signaling rate hikes by the other major central banks. Read more - zurl.co/yj0Xj #YieldReport #ChartOfTheWeek #FederalReserve #Fed #InterestRates #TreasuryYields #BondMarket #FixedIncome #Inflation #MonetaryPolicy #USMarkets #Macroeconomics #FinancialMarkets #MarketInsights #Economy #Investing

Weekly Overview of the ETF market. Australia's ETF Boom Shows No Signs of Slowing Australia's exchange-traded fund market is on a tear, and the momentum looks set to build rather than fade. After a record $62 billion flowed into ETFs last financial year, the industry is bracing for even more growth as changes to capital gains tax rules push investors toward vehicles that net gains and losses internally a structural advantage ETFs have over many alternatives. Fund managers are responding accordingly. VanEck alone plans to launch three new products in early August, including the ASX's first quantum computing fund, a global semiconductors ETF, and a rare earths fund targeting companies outside China. With 72 new ETFs launched last year and 460 now trading on the exchange, VanEck expects the count to hit 530 by year's end, with total assets under management climbing from $362 billion toward the $400 billion mark and potentially $500 billion within two to three years. Interestingly, the flood of new active ETFs from well-known fund managers hasn't translated into proportional investor interest. Despite making up roughly 60% of new listings, active funds captured just 9% of inflows, as underwhelming performance kept retail money flowing toward cheaper, passive index options instead. Read more - zurl.co/9G3si #YieldReport #ETFs #Investing #AssetManagement #ThematicInvesting #ArtificialIntelligence #Semiconductors #PortfolioManagement #GlobalMarkets #MarketInsights #PassiveInvesting

Overview of the Australian Daily Bond Market Treasuries sold off broadly on July 29, 2026, as the Federal Reserve’s decision to hold its target rate unchanged at 3.50 to 3.75% was overshadowed by three dissenting votes in favour of an immediate hike and by Chairman Kevin Warsh’s conspicuously sparse communication style, which left markets without a clear policy anchor. The 10-year yield rose seven basis points to 4.68%, while the 30-year climbed to 5.21%, its highest level since 2007. The 2-year yield settled at 4.27% and the 5-year at 4.40% as the curve steepened modestly on the uncertainty surrounding the path of future rate moves. The Federal Open Market Committee voted 9 to 3 to leave rates on hold, with Dallas Fed President Lorie Logan, Cleveland’s Beth Hammack, and Minneapolis Fed chief Neel Kashkari dissenting in favour of a quarter-point increase. Warsh’s post-meeting press conference did little to resolve the ambiguity, as he declined to offer forward guidance and instead pointed to a tightening in financial conditions since the June meeting as evidence that markets were doing some of the work for policymakers. Read more: zurl.co/6WQwq #YieldReport #FederalReserve #BondMarket #USTreasuries #FixedIncome #InterestRates #YieldCurve #Inflation #MacroEconomics #GlobalMarkets #JacksonHole

Overview of the US Equities Market Wild Week Ends on a Softer Note as Markets Digest AI Selloff and Rising Yields US financial markets ended a volatile week on a relatively subdued note, but major indices still posted weekly losses as investors grappled with weakening sentiment toward AI stocks, rising bond yields and renewed inflation concerns. The S&P 500 finished Friday little changed, while the Dow Jones Industrial Average gained 0.5% and the Nasdaq Composite fell 0.6%. Over the week, however, the Nasdaq declined 2.1%, with the S&P 500 and Dow falling 0.6% and 0.4%, respectively the first consecutive weekly declines for the S&P 500 and Nasdaq since March. Technology stocks bore the brunt of the selling. The “Magnificent Seven” collectively lost approximately US$890 billion in market value, led by Tesla, which plunged 18%, its worst weekly performance since late 2022. Amazon, Alphabet and Meta each declined more than 6%, while newly listed SpaceX fell 7.2% during the week and remains more than 40% below its post IPO peak. The selloff reflects growing investor fatigue with stretched AI-related valuations after an extended period of market leadership. Not all sectors weakened. Energy, industrials, materials and real estate outperformed as oil prices surged and investors rotated toward more cyclical and value oriented segments. Energy stocks rose 3.8%, while Brent crude gained almost 10% for the week to US$96.78 per barrel amid escalating geopolitical tensions. Bond markets also remained under pressure, with the 10 year US Treasury yield climbing to 4.68%, briefly exceeding 4.7%, its highest level since early 2025. Stronger than expected US economic data, including robust business activity and stronger new home sales, reinforced expectations of resilient growth and delayed monetary easing. Despite heightened volatility, corporate earnings remain supportive, with second quarter S&P 500 earnings tracking well above expectations, providing investors with an important counterbalance to concerns surrounding valuations, inflation and geopolitical risks. Read more - lnkd.in/gisvqUcG #USEquities #StockMarket #SP500 #Nasdaq #DowJones #MarketUpdate #InvestmentInsights #FinancialMarkets #ArtificialIntelligence #TechStocks #BondYields #Inflation #FederalReserve #MarketVolatility #EconomicOutlook

Featured Macro Insight – More Jobs, More Slack: Reading Between the Lines of June’s Labour Data The June Labour Force Survey surprised markets, with employment rising by 76.3k, well above expectations and reversing recent weakness. However, the unemployment rate remained at 4.4% as labour force participation jumped to 67.0%, its highest level in over a year. Strong labour supply matched strong job creation, keeping unemployment steady. The ABS also noted many people who had jobs lined up in May only started work in June, boosting both employment and labour force figures simultaneously. Read more - foresight-analytics.com/more-jobs-more… #MoreJobsMoreSlack #MacroMatters #LabourMarket #EconomicOutlook #MarketInsights #Economics #Employment #AustraliaEconomy #Finance #InvestmentInsights

The week ending 24 July 2026 delivered a more mixed tone for ASX-listed hybrids, with gains and losses spread fairly evenly through the standard segment while the non-standard pair moved only marginally. Against this backdrop, the sector's median trading margin tracked against 3-month BBSW sits at just 1.64%, its narrowest reading in the series and a long way below both the 20 March 2020 spike of 7.34% and the 29 February 2016 peak of 5.61%, underscoring how compressed valuations have become relative to history. Yield leadership stayed in familiar hands. Nufarm (NFNG) topped the non-standard cohort, firming to 10.66%, ahead of Ramsay Health Care (RHCPA) at 9.03%. Among standard names, Judo Capital (JDOPA) again led at 9.99%, with Latitude (LFSPA) at 9.24% and Macquarie Bank Capital Notes 2 (MBLPC) at 9.10% continuing to offer a clear premium over the tightly bunched major-bank issues. Price movement was more evenly balanced this week. Bank of Queensland Capital Notes 2 (BOQPF) led advancers at +0.50%, followed by CBA PERLS 13 (CBAPJ) at +0.43%, Challenger Capital Notes 4 (CGFPD) at +0.34%, and both Macquarie Group Capital Notes 6 (MQGPF) and CBA PERLS 14 (CBAPK) at +0.39%. On the downside, Macquarie Group Capital Notes 4 (MQGPD) stood out with a sharp –7.56% fall, likely distorted by its approaching September call date, while Latitude (LFSPA) eased –0.56% and Macquarie Group Capital Notes 5 (MQGPE) slipped –0.38%. Non-standard movement was negligible: NFNG edged up +0.03%, RHCPA eased –0.08%. Trading margins were broadly stable, with MBLPC at 2.22%, LFSPA at 4.42%, and major-bank spreads still clustered tightly AN3PL at 1.61%, WBCPM at 1.43%, CBAPM at 1.41%. Closing prices held firmly above par across most of the curve, led by JDOPA at 111.40 and WBCPM at 107.42, while NFNG eased to 83.60. The hybrid market's historically tight margins continue to reflect strong income demand, even as spreads sit well inside their long-run range. Read more - zurl.co/CiLPr #YieldReport #ASX #HybridSecurities #FixedIncome #InvestmentInsights #FinancialMarkets #CapitalMarkets #IncomeInvesting #MarketAnalysis #Banking #TradingMargins #Yield #PortfolioManagement #AustralianMarkets #Finance

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Australian short-term and fixed income markets shifted decisively higher in the week to 24 July 2026, as both the BBSW strip and the swap curve moved in lockstep for the first time in months. Where the prior week showed the BBSW strip fracturing while swaps firmed independently, this period was defined by broad-based alignment: every tenor across both segments closed higher, and monthly figures now confirm the re-pricing lower that dominated from mid-May has been comprehensively reversed. At the front end, the BBSW strip pushed higher across the board, with the move most pronounced further out the curve. The 1-month tenor edged up 1 basis point to 4.32 per cent, a modest gain that nonetheless doubled its monthly change to 2 basis points, underscoring the anchor tenor's gradual drift upward. The 3 month rate advanced 3 basis points to 4.49 per cent, similarly adding 2 basis points over the month. The 6 month tenor delivered the strongest move on the strip, jumping 10 basis points on the week to 4.81 per cent, though its monthly gain of under 1 basis point shows this re-pricing has been concentrated almost entirely in the past five trading days. The swap curve extended its firming trend into a fourth consecutive week, with gains this time far steeper than the modest single-digit moves of recent sessions. The 1-year rose 15 basis points to 4.70 per cent, while the 3-year and 5-year each climbed 21 basis points to 4.68 and 4.96 per cent. The 10-year added 17 basis points to 5.14 per cent and the 15-year gained 14 basis points to close at 5.26 per cent. Monthly gains have widened accordingly, ranging from 17 basis points at the short end to 34 basis points at the 5 year point. The accompanying swap-to-bond spread chart shows this move consistent with the gradual widening evident since late 2025, as 5-year, 3-year and 10-year spreads have all climbed off their 2024–25 lows. Read more details - zurl.co/sGed5 #YieldReport #AustralianMarkets #FixedIncome #InterestRates #BBSW #SwapMarkets #BondMarkets #CapitalMarkets #FinancialMarkets #MarketAnalysis #InvestmentInsights #MacroEconomics #YieldCurve #Finance #InstitutionalInvesting

Australian interest rate market pricing has extended its hawkish trajectory over the week to 24 July 2026, with the 24-Jul curve edging above both the 17-Jul and 10-Jul profiles across the bulk of the forward horizon. Rather than pausing after two consecutive weeks of upward adjustment, this week's move adds a further, if modest, layer to the re-pricing already underway the gap between the 24-Jul and 17-Jul curves is slim but consistent, suggesting markets are continuing to build conviction around a firmer rate path rather than fading the recent trend. At the front end, implied rates for August and September 2026 remain anchored close to the prevailing cash rate of 4.35%, with the three curves converging tightly at shorter tenors. The immediate outlook stays firmly on hold, with markets attaching little probability to any near-term RBA move. Further along the curve, the divergence becomes more pronounced. The 24-Jul curve extends the hump shape carried over from the 17-Jul and 10-Jul readings, with pricing nudging toward 4.55–4.60% through late 2026 and into early 2027 a slight but steady advance on the prior week's peak. The tightening premium embedded in recent weeks is not only retained but marginally deepened, reinforcing the view that markets see scope for the cash rate to move above 4.35% before this cycle is complete. This week's incremental firming suggests the underlying catalyst be it resilient data, external rate pressures, or RBA guidance continues to shape expectations, keeping the balance of risks tilted toward at least one further tightening move before the cycle concludes. Read more - zurl.co/NAAwU