[1] Taking just one example, 10-year government bond yields, which had increased through 2016 were moving in a relatively narrow range over most of 2017 and 2018 (Graph 1).
Yields were drifting a little higher in the United States, to just above 3 per cent, they were stable within the range of 2.5 to 3 per cent in Australia, much lower than that but still positive and stable in Germany, and little changed around zero in Japan. Graph 1  Meanwhile, stimulatory monetary policies were gaining traction.