ALSO READEconomic Survey primer: Here are short notes on key economic policy issues References from Eliot to Tagore, Survey's pink cover draws varied reactions Economic Survey: Link tax sharing to resource mobilisation by state govts Economic Survey: Low success rate in resolving direct tax disputes Economic Survey: Banking sector performance remains subdued in current FY
Yield on the 10-year bond jumped 13 basis points after Chief Economic Adviser (CEA) Arvind Subramanian said the scope for monetary easing was limited, considering rising inflation. The yield closed at 7.44 per cent on Monday.
Local bonds were also under pressure as the US 10-year treasury yield rose to a multi-year high in European trades. The 10-year yield rose to 2.7 per cent, its highest level since early 2014, while the two-year treasury yield rose to 2.14 per cent, its highest since 2008, Reuters reported.