This rise in yields reflected the better outcomes in the Australian and global economies. The rise also reflected a rise in the market's expectations for future inflation. [16] Yields rising because economic conditions are improving is a desirable outcome. It is not one that the RBA and other central banks would seek to resist.
The bond purchases are still working to ensure that yields were lower than they otherwise would be, and continue to provide stimulus to the economy. But the bond purchases are not intended to hold the whole structure of yields down at any particular level.