RBA governor Philip Lowe (Image: AAP/Joel Carrett)

In another demonstration where highly paid screen jockeys will see what monetary policy they want to see, yesterday's announcement by the Reserve Bank about tapering its quantitative easing program saw bond markets embrace a "rate rise looms” stance for 2023 (and 2022 in a couple of cases) instead of 2024.

And by doing so they yet again ignored what RBA governor Philip Lowe actually said in both his post-meeting statement and a rare media conference afterwards.

With the bank committed to paring back its bond buying program by 20% and not extending it to the November 2024 bond, Lowe indicated it was broadly happy with the state of the recovery but still committed to a highly accommodative monetary policy of near-zero interest rates and continuing quantitative easing until its goal of inflation sustainably within its target band of 2%-3% had been reached.