RBA’s Debelle tackles term premia puzzle

Guy Debelle

The behaviour of the fixed-income market in the past year is difficult to explain, Reserve Bank of Australia (RBA) assistant governor Guy Debelle said today, but the low level of term premia could be explained by the shortage of risk-free assets across the globe.

Speaking at a conference in Sydney today, Debelle noted the 10-year Treasury yield in the US had fallen from around 3% at the start of 2014 to just 1.64% a year later, meaning "investors were getting little or no compensation for term

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