Macro and Government Bond Commentary: Yields rise with global benchmark, RBI’s auction of 2-day VRRR; FOMC minutes awaited • The 10Y benchmark (6.33 GS 2035) opened higher at 6.32% tracking a rise in treasury yields overnight along with RBI’s 2-day VRRR auction of INR 1 trillion (despite outstanding VRRR of INR 1trillion). Yields were ranged for the rest of the day and traded with a mildly downward bias. This allowed the 10Y point to close trade at 6.31% vs 6.29% prev.
