RBA skips government bond purchases again

The Reserve Bank of Australia (RBA) skipped purchasing bonds in the secondary market for the ninth conseuctive trading day on Thursday. 

The central bank has winded things down of late, probably because the three-year yield has stabilized near the target of 0.25%. 

The redcued bond buying makes RBA relatively hawkish than its global peers like the Federal Reserve, which is expanding its balance sheet at a frantic pace. The RBA cut interest rates to a record low of 0.25% and launched the bond buying program in March to contain the economic fallout from the coronavirus outbreak.