Macro and Government Bond Commentary: Yields fall with a perceived doveish RBI MPC meeting outcome • The 10Y benchmark (6.79 GS 2034) opened slightly higher at 6.48% tracking a sharp rise in treasury yields overnight and edged further in the morning session. The MPC cut rates by 25 bps and changed the stance to accommodative – as largely expected. Moves higher in yields continued through the morning session. However, yields started falling early in the afternoon after RBI governor noted that growth was more of a concern than inflation at this point. This allowed treasury yields to fall quickly, with assurance to keep liquidity sufficient also helping. The 10Y point closed trade at 6.44% vs 6.47% prev
