Global markets have pulled back on central bank uncertainty. The yield squeeze in the bond markets pushed yield up from the lows and put pressure on stretched equity market valuations. We continue to expect all central banks except the US Fed to remain in an easing bias, while the US Fed is expected to push back the rate rise outlook to December. Next week we are expecting RBA minutes and updates from both the BOJ and US Fed to provide clarity for the markets to move higher. (VIEW LINK)