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Inflation

Yields sink further

Mixed data out of the US sees the slump in US yields extended, the NZ 2-10 curve back at 50 bps on local flattening

Sinking yields

Boost from surprise US Q3 strength not sustained as latest consumer confidence reading underwhelms

Slowing Chinese growth prompts response from PBOC

Australasian currencies initially reacted positively to Chinese stimulus; realisation hit market this was a sign of real problems facing China; PBoC move to ease financing difficulties for small companies

NZ long govt bonds look attractive

German business confidence shows surprising gain, US services confidence high but sagging, NZ swaps basically unchanged

The NZ 2-10s swap curve "remarkably flat"

NZ borrowers can expect low short end swaps until well into 2015; Draghi wants to raise inflation expectations 'as fast as possible'

Volatility in US treasuries

US treasury yields flicking up and down on data; Federal Reserve acknowledges downside risks to global growth and substantial improvement to domestic US labour market

Surplus this year 'challenging,' English says

Finance Minister Bill English says returning to surplus 'challenging' with dairy prices falling and inflation low

German and US yields push higher

NZ swap curve steepens; Fitch raises LGFA ratings outlook, markets await Fed minutes

What happened Wednesday

A review of things you need to know before you go home on Wednesday; dairy angst, low birth rate, taxpayers finally shake guarantee; mortgage approvals stir, swap rates fall

NZ 2yr swaps below fair value

BNZ expects the rate curve to steepen through 2015. Disappointing GDT auction result will keep markets subdued