Macro and Government Bond Commentary: Yields higher across the curve with weakness in INR, rising oil prices amid escalating geopolitical worries • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.33% in sync with steady moves in treasury yields (with FOMC meeting outcome largely along expected lines). Yields were ranged, with a slightly upward bias tracking weakness in INR (which depreciated to 86.8 levels with stop losses being hit along with importers’ rising demand on rising oil prices, though further upside was capped on chatter of RBI intervention). The pace of selloff picked up pace in the afternoon with escalating geopolitical tensions. The 10Y point closed trade at 6.38% vs 6.33% prev. In addition, paying in OIS also resulted in selling across the curve
