RDP 9808: What Moves Yields in Australia? Appendix C: 25 Largest Movements in Yields During Five-minute Intervals[22]

Frank Campbell and Eleanor Lewis

July 1998

Bill Yields

Table C1: Episode I
  Movement
(Basis points)		 Date
 		 Interval
 		 News item
 
1. −18.0 31 Mar 95 11.30 – 11.35 am Retail sales & GDP
2. 16.0 14 Dec 94 9.30 – 9.35 am Monetary policy announcement
3. −15.0 25 Jan 95 11.30 – 11.35 am CPI
4. −15.0 1 Feb 95 11.30 – 11.35 am Retail Sales, building approvals & balance of payments
5. 14.0 14 Dec 94 9.35 – 9.40 am Monetary policy announcement
6. 13.0 11 Aug 94 11.30 – 11.35 am Labour force
7. −12.0 7 Dec 94 9.30 – 9.35 am Post-Board dealing intentions
8. 11.0 24 Oct 94 9.30 – 9.35 am Monetary policy announcement
9. 11.0 12 Jan 95 11.30 – 11.35 am Labour force
10. 10.0 30 Nov 94 11.30 – 11.35 am GDP
11. 9.0 30 Jun 94 11.30 – 11.35 am Building approvals & balance of payments
12. −9.0 17 Aug 94 9.30 – 9.35 am Monetary policy announcement
13. −9.0 30 Mar 95 11.30 – 11.35 am Balance of payments
14. −9.0 27 Jul 94 11.30 – 11.35 am CPI
15. 8.0 28 Jun 94 9.05 – 9.10 am –
16. −8.0 12 Dec 94 9.30 – 9.35 am –
17. 7.0 29 Sep 94 11.30 – 11.35 am Building approvals & balance of payments
18. 7.0 15 Mar 95 3.25 – 3.30 pm –
19. 7.0 28 Jun 94 8.40 – 8.45 am –
20. −6.0 5 Apr 94 8.35 – 8.40 am –
21. 6.0 27 Jun 94 8.50 – 8.55 am –
22. −6.0 29 Jun 94 4.15 – 4.20 pm –
23. 6.0 1 Dec 94 8.40 – 8.45 am –
24. −6.0 1 Mar 95 11.30 – 11.35 am Building approvals & balance of payments
25. 6.0 9 Feb 95 11.30 – 11.35 am Labour force & AWOTE
Table C2: Episode II
  Movement
(Basis points)		 Date
 		 Interval
 		 News item
 
1. −18.0 27 Apr 95 11.30 – 11.35 am CPI & AWOTE
2. −13.0 4 May 95 11.30 – 11.35 am Building approvals & balance of payments
3. −11.0 27 Apr 95 11.35 – 11.40 am CPI & AWOTE
4. 10.0 11 Jan 96 11.30 – 11.35 am Labour force
5. 9.0 11 May 95 11.30 – 11.35 am Labour force
6. 8.0 30 Jun 95 11.30 – 11.35 am Building approvals & balance of payments
7. 7.0 25 Oct 95 11.30 – 11.35 am CPI
8. 7.0 26 Jul 95 11.30 – 11.35 am CPI
9. −6.0 11 Mar 96 Open – 8.35 am –
10. −6.0 18 Apr 95 2.15 – 2.20 am –
11. 6.0 21 Apr 95 11.30 – 11.35 am Merchandise imports
12. −5.0 7 Jul 95 Open – 8.35 am –
13. 5.0 13 Jul 95 11.30 – 11.35 am Labour force
14. −5.0 19 Oct 95 11.30 – 11.35 am Merchandise imports
15. 5.0 28 Mar 96 2.00 – 2.05 pm Governor's speech to Australian Business Economists
16. −5.0 11 Apr 96 11.30 – 11.35 am Labour force
17. −5.0 24 Apr 96 11.30 – 11.35 am AWOTE
18. −5.0 11 May 95 11.35 – 11.40 am Labour force
19. 5.0 11 May 95 11.40 – 11.45 am Labour force
20. −5.0 9 May 95 7.30 – 7.35 pm Federal Budget
21. 4.0 20 Apr 95 Open – 8.35 am –
22. 4.0 24 Apr 95 11.05 – 11.10 am –
23. −4.0 29 Sep 95 11.30 – 11.35 am Building approvals & balance of payments
24. −4.0 29 May 95 11.30 – 11.35 am Building approvals & balance of payments
25. −4.0 19 Sep 95 11.30 – 11.35 am Merchandise imports
Table C3: Episode III
  Movement
(Basis points)		 Date
 		 Interval
 		 News item
 
1. −40.0 11 Dec 96 9.30 – 9.35 am Monetary policy announcement
2. −32.0 23 May 97 9.30 – 9.35 am Monetary policy announcement
3. −28.0 31 Jul 96 9.30 – 9.35 am Monetary policy announcement
4. −14.0 24 Oct 96 11.30 – 11.35 am AWOTE
5. −13.0 11 Sep 97 11.35 – 11.40 am Labour force
6. −10.0 30 Jul 97 9.30 – 9.35 am Monetary policy announcement
7. 8.0 1 May 97 11.30 – 11.35 am AWOTE & building approvals
8. −8.0 11 Sep 97 11.30 – 11.35 am Labour force
9. 7.0 20 Aug 96 7.30 – 7.35 pm Federal Budget
10. −6.0 7 Aug 96 2.00 – 2.05 pm –
11. 6.0 4 Dec 96 9.30 – 9.35 am Post-Board dealing intentions
12. 5.0 6 Feb 97 11.30 – 11.35 am AWOTE
13. −5.0 10 Jul 97 11.30 – 11.35 am Labour force & financial aggregates
14. 5.0 4 Sep 96 9.30 – 9.35 am Post-Board dealing intentions
15. 5.0 5 Sep 96 2.00 – 2.05 pm Governor's BZW Australia Day Seminar in Tokyo
16. −5.0 16 Oct 96 3.00 – 3.05 pm RBA commentary (Bulletin)
17. 5.0 25 Jun 97 4.10 – 4.15 pm –
18. 5.0 2 Jul 97 11.25 – 11.30 am Building approvals & retail sales
19. −5.0 24 Jul 97 11.30 – 11.35 am AWOTE
20. −5.0 19 Aug 97 3.00 – 3.05 pm RBA commentary (Bulletin)
21. 4.0 17 Oct 96 8.40 – 8.45 am –
22. 4.0 29 Jan 97 11.35 – 11.40 am CPI
23. −4.0 1 Apr 97 8.30 – 8.35 am –
24. 4.0 23 Apr 97 11.30 – 11.35 am CPI
25. 4.0 4 Jun 97 9.30 – 9.35 am Post-Board dealing intentions

Bond yields

Table C4: Episode I
  Movement
(Basis points)		 Date
 		 Interval
 		 News item
 
1. 12.5 11 Aug 94 11.30 – 11.35 am Labour force
2. −11.0 25 Jan 94 11.30 – 11.35 am CPI
3. 11.0 1 Jun 94 11.30 – 11.35 am GDP
4. −10.5 17 Aug 94 9.30 – 9.35 am Monetary policy announcement
5. −10.5 24 Oct 94 9.30 – 9.35 am Monetary policy announcement
6. −9.5 30 Jun 94 8.40 – 8.45 am –
7. −9.5 1 Feb 95 11.30 – 11.35 am Retail sales, building approvals & balance of payments
8. 9.0 9 Mar 95 11.30 – 11.35 am Labour force
9. −9.0 31 Mar 95 11.30 – 11.35 am Retail sales & GDP
10. −8.5 27 Jul 94 11.30 – 11.35 am CPI
11. −8.5 25 Jan 95 11.30 – 11.35 am CPI
12. 8.5 10 May 94 7.30 – 7.35 pm Federal Budget
13. 8.0 30 Nov 94 11.30 – 11.35 am GDP
14. 8.0 29 Sep 94 11.30 – 11.35 am Building approvals & balance of payments
15. 8.0 7 Dec 94 2.00 – 2.05 pm –
16. −8.0 1 Jul 94 2.40 – 2.45 pm –
17. 8.0 4 May 94 4.25 – 4.30 pm –
18. 7.5 13 Oct 94 11.30 – 11.35 am Labour force
19. 7.5 4 Mar 94 2.35 – 2.40 pm –
20. −7.5 10 May 94 10.15 – 10.20 am –
21. 7.0 7 Dec 94 9.35 – 9.40 am Post-Board dealing intentions
22. −7.0 29 Jun 94 4.15 – 4.20 pm –
23. −7.0 5 May 94 3.40 – 3.45 pm –
24. 6.5 17 Mar 94 2.00 – 2.05 pm –
25. −6.5 29 Nov 94 11.30 – 11.35 am Building approvals & balance of payments
Table C5: Episode II
  Movement
(Basis points)		 Date
 		 Interval
 		 News item
 
1. 16.0 18 May 95 9.50 – 9.55 am –
2. 13.5 26 Jul 95 11.30 – 11.35 am CPI
3. 12.0 9 May 96 3.45 – 3.50 pm –
4. −12.0 18 May 95 9.55 – 10.00 am –
5. 11.5 11 May 95 11.30 – 11.35 am Labour force
6. 10.5 31 May 95 2.40 – 2.45 pm –
7. 10.5 30 Jun 95 11.30 – 11.35 am Building approvals & balance of payments
8. −10.5 24 Apr 96 11.30 – 11.35 am AWOTE
9. −10.0 9 May 96 3.50 – 3.55 pm –
10. −9.0 27 Apr 95 11.30 – 11.35 am CPI & AWOTE
11. 8.5 13 Jul 95 11.30 – 11.35 am Labour force
12. 8.5 11 Jan 96 11.30 – 11.35 am Labour force
13. −8.0 4 Mar 96 8.50 – 8.55 am –
14. 8.0 29 May 96 11.30 – 11.35 am GDP
15. 7.5 25 Oct 95 11.30 – 11.35 am CPI
16. 7.0 21 Apr 95 11.30 – 11.35 am Merchandise imports
17. 7.0 21 Feb 96 9.00 – 9.05 am –
18. −7.0 4 May 95 11.30 – 11.35 am Building approvals & balance of payments
19. −7.0 23 Apr 96 11.30 – 11.35 am CPI
20. 6.5 25 Oct 95 11.35 – 11.40 am CPI
21. −6.5 9 May 95 7.35 – 7.40 pm Federal Budget
22. 6.0 10 May 95 3.15 – 3.20 pm –
23. −6.0 21 Jun 95 10.25 – 10.30 am –
24. 6.0 21 Feb 96 8.45 – 8.50 am –
25. −5.5 29 Sep 95 11.30 – 11.35 am Building approvals & balance of payments
Table C6: Episode III
  Movement
(Basis points)		 Date
 		 Interval
 		 News item
 
1. −26.5 11 Dec 96 9.30 – 9.35 am Monetary policy announcement
2. −13.0 11 Sep 97 11.30 – 11.35 am Labour force
3. −12.5 31 Jul 96 9.30 – 9.35 am Monetary policy announcement
4. −12.0 12 Jun 97 11.30 – 11.35 am Labour force & financial aggregates
5. 9.0 13 May 97 7.30 – 7.35 pm Federal Budget
6. 8.0 3 Sep 96 11.30 – 11.35 am Retail sales
7. −8.0 24 Oct 96 11.30 – 11.35 am AWOTE
8. 7.0 24 Jul 96 11.30 – 11.35 am CPI
9. −7.0 23 May 97 9.30 – 9.35 am Monetary policy announcement
10. −6.5 10 Apr 97 11.30 – 11.35 am Labour force & financial aggregates
11. 6.0 2 Jul 97 11.25 – 11.30 am Building approvals and retail sales
12. −6.0 30 Jul 97 9.30 – 9.35 am Monetary policy announcement
13. 6.0 4 Sep 97 11.30 – 11.35 am Retail sales
14. 5.5 8 May 97 11.40 – 11.45 am Governor's Semi Annual Statement & labour force
15. 5.5 26 Aug 96 4.25 – 4.00 pm –
16. −5.0 21 Aug 96 2.05 – 2.10 pm –
17. −5.0 30 May 97 11.30 – 11.35 am Retail sales
18. 5.0 20 Aug 96 7.30 – 7.35 pm Federal Budget
19. 4.5 29 Nov 96 8.45 – 8.50 am Comments by the Governor at the CEDA AGM dinner
20. 4.5 6 Feb 97 11.30 – 11.35 am AWOTE
21. −4.5 10 Jul 97 11.30 – 11.35 am Labour force & financial aggregates
22. −4.0 25 Jul 96 11.30 – 11.35 am AWOTE
23. 4.0 30 Jan 97 9.30 – 9.35 am –
24. −4.0 13 Mar 97 11.30 – 11.35 am Labour force
25. 4.0 23 Apr 97 11.30 – 11.35 am CPI

Footnote

When one of the 25 largest movements can not be attributed to a particular news item from Table 1, it is represented by ‘–’. [22]