Macro and Government Bond Commentary: Yields reverse early downside with first advance estimates for FY25 real GDP higher than expected • 10Y benchmark (7.10 GS 2034) opened little changed at 6.79% in absence of fresh cues. Yields fell early in the afternoon on positioning ahead of FY25 real GDP forecasts (first advance estimate). This downside in yields reversed, with real GDP estimates coming higher than anticipated. The 10Y point closed trade at 6.79%. • As on 6th Jan, system liquidity deficit widened to INR 978bn (without adjusting for daily CRR imbalances).
