• Global bonds are rising at their fastest pace since the 2008 financial crisis.

Bloomberg's gauge of global government and corporate bonds returned 4.9% in November, the biggest monthly gain since a 6.2% premium recorded in December 2008.

November's rally is driven by growing expectations that the Fed and other central banks have largely finished raising interest rates and will start lowering them next year.

Fed Governor Christopher Waller on Tuesday helped bolster that view by saying that the current policy level is well-positioned to slow the economy and bring down inflation.

James Wilson, Senior Portfolio Manager at Jamieson Coote Bonds Pty, said: "Waller was a hawkish member, so it was important for him to speak in a dovish tone. The Fed's rate hike cycle seems to be over."

U.S. bonds extended their gains this month on Wednesday. The U.S. 10-year yield fell four basis points to 4.28%, while the two-year yield fell five basis points to 4.68%.

Weaker-than-expected inflation data in Australia supported investors' expectations that the tightening cycle is over. After the data, Australian 10-year bond yields fell 14 basis points. BBG

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