The bond market seems to be no longer taking cues from the economy but is happy with the daily dose of liquidity infusion by the Reserve Bank of India (RBI). The bond yields hardly moved when the government announced its stimulus measures last Thursday, and any adverse movement was checked by the central bank’s announcements of open market operations (OMOs) to buy and sell bonds from the market.
On the same day, the central bank had conducted another OMO where it simultaneously purchased and sold Rs 10,000 crore of bonds on each side. Through these OMOs, and ...
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