"RBA is in a difficult position ... its forward guidance ... not credible"

A snippet from NAB on the Reserve Bank of Australia

This in relation to RBA not buying the 2024 government bond to attempt to control the yield (the RBA YCC program)

• The RBA's decision not to enforce the target, coming off the back of Tuesday's higher-than-expected core inflation number, led to renewed speculation the RBA may change its forward guidance at next week's meeting and drop the Yield Curve Control policy.
• ... The RBA is now in a difficult position, because the market clearly sees its forward guidance, that it is unlikely to raise its cash rate until 2024, as not credible, so even if it defends the target in the future, the market may continue to take it on.