(Bloomberg) -- The Reserve Bank of Australia chose not to defend its bond-yield target Thursday even as the rate soared following data Wednesday that showed the fastest core inflation in six years.

The RBA announced it would buy A$1.6 billion ($1.2 billion) of longer-dated securities but declined to also buy April 2024 government securities. The yield on the notes climbed above 0.25%, widening the gap to its 0.1% yield target. 

The central bank stepped in last Friday to buy the target note for the first time since February after its yield had reached 0.18% amid growing bets in global markets for faster inflation.

The yield on the three-year government bond that matures in November 2024 jumped to 1.10%, the highest in more than two years, soon after the RBA’s purchase announcements. It then came back to 1.02%, still 10 basis points higher on the day. 

The RBA is facing increasing skepticism regarding its dovish outlook. Wednesday’s price data showed third-quarter underlying inflation jumped back inside the 2-3% target range for the first time since 2015. 

Markets are increasingly wagering that global inflation pressures will force central banks to accelerate the unwinding of emergency support earlier than they expected or would like.

RBA Governor Philip Lowe has repeatedly pushed back against bets on early rate rises, pointing out that Australia’s wages growth remains subdued and there are few obvious alternative sources of inflation pressure. 

The RBA’s board holds its November policy meeting on Tuesday and releases updated quarterly economic forecasts three days after that.

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