Australia’s 10-year government bond yield held above the 5% mark, after climbing off a ten-week low reached on November 6th, tracking a broader selloff in global bond markets. US Treasuries led the move after a hotter-than-anticipated US inflation report and hawkish remarks from Federal Reserve officials boosted expectations for an interest-rate hike of half a percentage point next month. Meanwhile, a series of weak economic surveys pointed to a deteriorating outlook for the Australian economy. Consumer sentiment fell to a four-year low in November, while business conditions remained stuck in negative territory, a level not seen in six years. The reading reinforced expectations that the Reserve Bank of Australia has finished its tightening cycle following five interest rate increases this year that brought the cash rate to an eighteen-year high of 4.85%. Markets now imply an 82% probability that rates have peaked, with a quarter-point rate cut fully priced in by the end of 2027.