Macro and Government Bond Commentary: Yields mildly lower, India headline CPI lower than expected, though core CPI inflation spurts • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.69% despite a rise in treasury yields overnight (after stronger than expected US BLS nonfarm payrolls). Yields fell in the morning session on positioning ahead of India CPI inflation along with strength in the INR. Yields were ranged through the afternoon but fell again after India Feb CPI inflation came in lower than expected at 3.61% (vs 3.8% anticipated). This downside in yields was shortlived following a pickup in core inflation at 4.08%. The 10Y point closed trade at 6.68% vs 6.69% prev
