Australia’s 10-year government bond yield fell around 5%, hitting its lowest level in ten-weeks as the Reserve Bank of Australia’s less hawkish-than-expected policy guidance dampened expectations for further interest rate hikes. Although the central bank raised its cash rate by 25 bps to 4.85% on November 3, the split 6–3 decision, with three policymakers favoring no change, and the removal of explicit language on further tightening pointed to a possible pause in December. Governor Michele Bullock also indicated that policymakers would assess the impact of previous rate increases before making further decisions. Elsewhere, Democratic victories in the US midterm elections fueled hopes of progress toward ending the US-Iran conflict, contributing to a sharp drop in oil prices. This eased concerns over energy-driven inflation and helped reinforce the decline in global bond yields.