With inflation continuing to remain under control, the central bank felt it had an opportunity to support growth, and delivered a second consecutive rate cut of 25 basis points (bps).
Despite the 50-bps rate cut since February, the 10-year government security (G-sec) and bonds of longer maturity have not rallied. “This segment of the bond market is affected more by factors like fiscal deficit, which has been rising, and the government’s borrowing calendar, which is heavy in the first half of the fiscal year. Shorter-term bonds, on the other hand, have rallied on account ...
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