RBA guides to lift-off in 2023; AUD 5y5y is high outright & v. USD

The RBA dumped YCC at their Nov’21 meeting but leant dovish against market pricing. Gov Lowe emphasized that the first hike might still be after April 2024 and said very clearly that hikes aren’t on the table in 2022. So, the short end is fully priced. I am cautious about following RBA promises, so I prefer the long end: AUD 5y5y seems high both in outright terms and against the US.