In a month filled with central bank decisions and notable political events, yields on 10-year benchmark bonds fell in January across sovereign bond markets. The biggest move came from Australia's 10-year note, whose mid-yield plunged 48.5 basis points to finish January at 0.91%. Despite the economic disruption caused by the country's bushfires, the Reserve Bank of Australia left the cash target rate at 0.75%, following three prior cuts in 2019.
Canada's 10-year government bond yield experienced the second-largest drop, ending the month nearly 43 basis points lower at 1.27%. The Bank of Canada maintained its