I hope u fully understand that Bond market is also like equity market which overshoots on both sides of reality based on the trend and current perceptions . Bond market wisdom is also subject to reality and can be very wrong at times .
But I agree that at present Higher rates forever is the theme but still Equity market is not that disturbed as its not fully convinced that OCR will reach 5.5% and stay there FOREVER
Though great long term opportunities in Bond Markets to lock in great yields .
Actually having a 100bips OCR rise in Nov is a good idea then by Feb RBNZ will have a better idea how the Xmas went for public so it can react accordingly in FEB
Will it have the courage to do that ...I very much doubt but should do
PS : Many buying REITS now can consider Bonds with 7.5% yields with capital appreciation opportunity when rates fall eventually ...maybe more safer thats why REITS are falling