Global bond markets finally found some relief last week after the US Federal Reserve raised interest rates, helping restore confidence that central banks are serious about bringing inflation under control. But with oil prices still high and inflation risks lingering, the pressure hasn’t disappeared.

Michael Thompson speaks with economist Stephen Koukoulas about why the Fed’s move calmed bond markets, what it means for the Reserve Bank, and why this week’s Australian labour force figures could complicate the outlook for interest rates. 
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