Yields end the day flat • The 10-year benchmark government bond (6.33% GS 2035) opened 1bp lower at 6.53% on Wednesday. • The market participants remained focused on tonight’s FOMC policy decision, with range bound movement in IGB 10Y bond yield. • Federal Reserve is expected to cut federal fund rate by 25bps to 3.75-4.00% from current 4.00-4.25% on the back of dismal labour market. • Indian rupee ended stronger at 88.1950/$ on hopes of a trade deal between US-India. • The 10Y point ended flat at 6.54% vs 6.54%.
