RBA’s Bullock Rules Out Further Rate Cuts, Sends Yields Soaring

Australia’s central bank Governor Michele Bullock called an end to a truncated easing cycle as policymakers gauge whether a pickup in inflation requires an extended interest-rate pause or a switch to tightening.

Bond yields spiked to a 13-month high after the governor on Tuesday said that price risks have “tilted to the upside” following the Reserve Bank board’s widely-expected decision to hold the cash rate at 3.6%.

“I don’t think there are interest rate cuts on the horizon for the foreseeable future,” Bullock told reporters. “The question is, is it just an extended hold from here or is it the ...