Wonderful w/e thread. Thanks to all contributors. I thought I'd...

Wonderful w/e thread.  Thanks to all contributors.

I thought I'd throw up a chart of Aussie bonds.  Below is the term structure of Australian interest rates.

We should remember that bond yields are highly serially correlated both in maturity and geographically.

Here's some 3d term structure.




Another perspective:




In conclusion...  I have NFI why this money exited (FX / interest rate risk and duration risk all seem a okay?), why it was there in the first place to the extent it was and where it's going.  I don't think it will find its way to risk assets (equities or HY credit) any time soon.

I will throw up the bund soon (and probably just throw up anyway).  It looks crazy to say the least.