澳大利亚10年期政府债券收益率升至4.4%左右，投资者继续评估澳大利亚储备银行的利率前景。正如预期的那样，央行周二保持利率不变，但对通胀是否会继续放缓表示谨慎。澳大利亚储备银行行长米歇尔·布洛克还建议政策制定者避免仓促决策，并指出董事会没有讨论降息或决定5月份的举措。尽管如此，在强劲的GDP数据和工厂活动强劲增长的情况下，市场预计5月份降息的可能性约为70%。澳大利亚各大银行今年也继续预计将多次降息。与此同时，由于美国即将推出额外关税，收益率可能面临风险偏好降低的压力。

Australia’s 10-year government bond yield rose to around 4.4%, as investors continued to assess the Reserve Bank of Australia’s interest rate outlook. The central bank kept interest rates unchanged on Tuesday, as expected, but expressed caution about whether inflation will continue to moderate. RBA Governor Michele Bullock also advised policymakers to avoid rushing decisions, noting the board did not discuss a rate cut or decide on a May move. Nevertheless, markets are pricing in around a 70% chance of a rate cut in May, amid strong GDP data and robust factory activity growth. Major Australian banks also continued to project multiple rate cuts this year. Meanwhile, yields may face pressure from reduced risk appetite due to the impending rollout of additional US tariffs.

澳大利亚总理安东尼·阿尔巴内塞表示，澳大利亚将“捍卫国家利益”，以回应特朗普总统最近对所有美国贸易伙伴征收报复性关税的计划。Albanese强调，堪培拉不会在其法规上妥协，这可能是华盛顿的目标。值得注意的是，澳大利亚对美国保持贸易顺差，并受益于允许美国出口免税进入的自由贸易协定。Albanese重申，他的政府不会以互惠关税进行报复，并指出美国不是澳大利亚的主要贸易伙伴，澳大利亚出口到美国的商品不到5%。他还强调，与亚洲市场贸易关系多样化的努力将支持当地企业。

Australian Prime Minister Anthony Albanese said that his country will "stand up for national interests" in response to President Trump's recent plans to impose retaliatory tariffs on all U.S. trade partners. Albanese emphasized that Canberra would not compromise on its regulations, which may be targeted by Washington. Notably, Australia maintains a trade surplus with the U.S. and benefits from a free trade agreement that allows U.S. exports to enter duty-free. Albanese reiterated that his government would not retaliate with reciprocal tariffs, pointing out that the U.S. is not a major trading partner for Australia, with less than 5% of Australian goods exports going to the U.S. He also highlighted that efforts to diversify trade relations with Asian markets would support local businesses.

周三，尽管美国总统唐纳德·特朗普的关税计划存在不确定性，但澳元兑美元汇率仍连续第二个交易日上涨至0.63美元左右。虽然澳大利亚经济严重依赖出口，但其对美国的直接敞口仍然有限。与此同时，正如预期的那样，澳大利亚储备银行周二将现金利率维持在4.1%不变。澳大利亚储备银行承认，核心通胀正在按照预测缓解，但强调需要对这一趋势的持续性有更大的信心。值得注意的是，央行取消了之前关于对进一步宽松持谨慎态度的说法，这表明了温和的转变。在其他地方，新的数据显示，由于美国关税和国内政治的不确定性，澳大利亚3月份的工业活动进一步萎缩。

The Australian dollar strengthened to around $0.63 on Wednesday, marking its second consecutive session of gains despite uncertainty over US President Donald Trump’s tariff plans. While Australia’s economy is heavily export-dependent, its direct exposure to the US remains limited. Meanwhile, the Reserve Bank of Australia kept its cash rate unchanged at 4.1% on Tuesday, as expected. The RBA acknowledged that core inflation was easing in line with forecasts but stressed the need for greater confidence in the trend’s persistence. Notably, the central bank removed its previous reference to being cautious on further easing, signaling a slight dovish shift. Elsewhere, fresh data showed that Australian industrial activity contracted further in March, weighed down by uncertainties surrounding US tariffs and domestic politics.

澳大利亚储备银行（RBA）助理行长Christ Kent在一次演讲中表示，自2025年4月9日起，澳大利亚储备银行将把所有新的公开市场操作（OMO）回购的价格比现金利率目标提高5个基点至10个基点。OMO将保持浮动利率，在周三上午继续进行的每周拍卖中，除了现有的28天期限外，还将引入新的7天期限。肯特指出，向充足储备的过渡正在进行中，由于疫情时期的债券购买，储备水平仍在提高。随着澳大利亚储备银行债券持有量的下降，预计储备将逐渐下降，直到与银行的需求相一致，届时银行对OMO的参与应增加，以抵消储备的进一步下降。如果银行在非OMO日或OMO发生后面临意外的流动性需求，并且无法在私人市场找到流动性，澳大利亚储备银行希望他们使用其隔夜常备贷款。肯特补充说，这些变化对货币政策立场没有影响。

The Reserve Bank of Australia (RBA) will raise the price of all new open market operation (OMO) repos by 5bps to 10bps over the cash rate target, effective April 9, 2025, Assistant Governor Christ Kent said in a speech. OMO will remain at a floating rate, with a new seven-day term introduced alongside the existing 28-day term in weekly auctions, which will continue on Wednesday mornings. Kent noted that the transition to ample reserves is ongoing, with reserve levels still elevated due to pandemic-era bond purchases. As the RBA’s bond holdings decline, reserves are expected to gradually drop until they align with banks’ demand, at which point banks' participation in OMO should increase to offset further reserve falls. If banks face unexpected liquidity needs on a non-OMO day or after OMO has taken place and cannot find liquidity in private markets, the RBA expects them to use its overnight standing facility. Kent added that these changes have no impact on the monetary policy stance.