This recovery trend has been supported by pent-up demand on the back of household savings that had accumulated during the pandemic and by the government's domestic travel discount program. Next, the corporate sector. Exports and production have increased as a trend, supported in part by high levels of order backlogs, with the effects of supply-side constraints waning (Chart 3).
Indeed, since the start of the year, the US 5-year yield has risen by more than threequarters of a per cent, to over 3 per cent, while the 10-year yield has climbed by a similar amount, to about 3.1 per cent.