Macro and Government Bond Commentary: Yields fall with global benchmarks; liquidity surplus widens ahead of GST outflows • The 10Y benchmark (6.33 GS 2035) opened little changed at 6.31% despite a fall in treasury yields overnight (after softer than expected US PPI inflation). Yields were ranged in the morning session but started drifting lower early in the afternoon. The 10Y point closed trade at 6.30% vs 6.31% prev. • As on 16th Jul, liquidity surplus was at INR 3.11trillion.
