Mecklai Graph: 10-yr yield slips to 9-month low of 8.0754%

Mecklai graph of the day - Intraday spike in 10-yr yield

It has been a roller coaster movement amongst domestic bonds so far today. The benchmark 10-yr G-Sec, which normally moves in an average band of 5 - 8 bps, has been quite volatile since morning especially since the RBI monetary policy meeting. With the central bank unexpectedly cutting the Cash Reserve Ratio (CRR) by 50 bps, the 10-yr yield fell in a knee-jerk reaction to its 9-month low of 8.0754%.

However, with RBI governor Subbarao stating that

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